83, “On the Origins of Predictable Behavior,” American Economic Review 73,560-595.Hong, Harrison and Jiang Wang, 2000, “Trading and Returns Under Periodic MarketClosures,” Journal of Finance 55, 297-354.Kyle, Albert S, 1985, “Continuous Auctions and Insider Trading,” Econometrica 53, 13151336.
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Lo, Andrew, Harry Mamaysky and Jiang Wang, 2000, “Foundations of Technical Analysis:Computational Algorithms, Statistical Inference, and Empirical Implementation,” Journal ofFinance, Volume 55, 1705-1770.Lo, Andrew and A. C. MacKinlay, 1988, “Stock Market Prices Do Not Follow RandomWalks: Evidence From a Simple Specification Test,” Review of Financial Studies 1, 41-66.Lockwood, Larry and Scott Linn, 1990, “An Examination of Stock Market Return VolatilityDuring Overnight and Intraday Periods,” 1964-1989, Journal of Finance 45, 591-601.Ozenbas, Deniz, 2002, “Intra-Day Price Volatility: A Reflection of Trading Friction,”unpublished doctoral dissertation, Zicklin School of Business, Baruch College, CUNY.Pagano, Michael S. and Robert A. Schwartz, “A Closing Call’s Impact on Market Quality atEuronext Paris,” Journal of Financial Economics, forthcoming, 2003.Schwartz, Robert A. and James E. Shapiro, “The Challenge of Institutionalization for the EquityMarkets,” in Recent Developments in Finance, Anthony Saunders, editor, Business One Irwin,1992, 31 - 45.Schwartz, Robert A. and David K. Whitcomb, “The Time-Variance Relationship: Evidenceon Autocorrelation in Common Stock Returns,” Journal of Finance, March 1977, 41 - 55.Stoll, Hans, 2000, “Friction,” Journal of Finance 4, 1479-1515.Weinberg, Neil, “Fear, Greed and Technology,” Forbes Magazine, May 15, 2000.Werner, Ingrid and Allan Kleidon, 1996, “UK and US Trading of British Cross-Listed Stocks:An Intra-Day Analysis of Market Integration,” Review of Financial Studies 9, 619-664.Wood, Robert A, Thomas McInish, and Keith Ord, 1985, “An Investigation of TransactionsData for NYSE Stocks,” Journal of Finance 40, 723-741.
Participant Biographies
TheodoreAronson,(MBA,BS,Wharton),foundedA RONSON+J OHNSON+O RTIZ(formerlyAronson+PartnersandAronson+Fogler) in 1984. ARONSON+JOHNSON+ORTIZ manages $7 billionfor a few dozen institutional investors.Ted joined Drexel Burnham Lambert in 1974 while still a graduatestudent.He was a member of the Quantitative Equities Group,which provided innovative practical applications of Modern PortfolioTheory and quantitative portfolio management. This group managed theRevere Fund, the first actively managed fund registered with the SEC toemploy Modern Portfolio Theory. Prior to forming A+P, Ted foundedAddison Capital Management.Ted is a Governor (vice chairman) of the Association for InvestmentManagement and Research (AIMR) and both a CFA charter holder andChartered Investment Counselor. He was a Lecturer in Finance at TheWharton School and is a frequent speaker on Wall Street issues, especiallyinnovations in trading methods to minimize transaction costs — including asession at Salomon Brothers’ training program. (Salomon’s trainingprogram was immortalized in Michael Lewis’ Liar’s Poker. When Tedspoke, however, he was not pelted by spitballs!).Paul Bennett joined the New York Stock Exchange as senior vicepresident and chief economist in June 2001. Mr. Bennett manages theNYSE’s Research division. He also supports the Exchange’s business linesand Office of the Chairman by developing and supporting research into thestructure of equity markets, supervising analysis within the Exchange relatedto its various business and public-policy activities, participating in andhosting conferences, and supporting Exchange-related research. Mr. Bennett
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also is responsible for the NYSE’s ongoing interaction with the academiccommunity. He holds a Ph.D. in economics from Princeton University and aB.A. in economics from the University of Chicago. He has publishednumerous papers on finance, economics, and securities markets.George Bodine is currently Director of Trading for General MotorsInvestment Management Corporation (GMIMCo). He is responsible forworldwide equity and derivative trading relating to GMIMCo’s internalinvestment funds. Prior to assuming his current position in September,1996, Mr. Bodine was Vice President of Schwab Institutional overseeingequities and options trading for the small to mid-tier investment advisors.Preceding that he spent his career with Equitable/Alliance Capital starting in1972.Mr. Bodine received his BS in Psychology in 1972 from SyracuseUniversity and MS in Business Management in 1979 from Central MichiganUniversity. Mr. Bodine is currently a member of the National Organizationof Investment Professionals and is a former member of both the NYSE andthe AMEX Institutional Traders Advisory Committees.Andrew Brooks is a Vice President and Head of Equity Trading for T.Rowe Price Associates. Joining the firm in 1980, Andy serves as a VicePresident of the T. Rowe Price Equity Income, Value, Capital Appreciationand High Yield Funds. Andy earned a B.A. from Union College inSchenectady, New York. He is a past President of the Baltimore SecurityTraders Association and a past Governor of the Security TradersAssociation. He also has served on both the New York Stock Exchange’sInstitutional Traders Advisory Committee and Market PerformanceCommittee, as well as NASDAQ’s Trading Committee. Andy currentlyserves as a member of the Investment Company Institute’s Equity MarketsTask Force and is on the board of NOIP.Thomas Cardello is a Managing Director with Morgan Stanley, andresponsible for Global Electronic Derivatives Market Making within theInstitutional Equity Division. He has been responsible for this businesssince its inception in late 1999, and has led its growth into a position ofrecognized national leadership.Prior to joining Morgan Stanley in 1999, Dr. Cardello owned andmanaged a consultancy specializing in the structuring of large alternativeasset portfolios. Before then, he was Executive Director at the hedge fundPaloma Partners responsible for investment strategy analysis anddevelopment, fund-wide risk analysis, and management of a ForeignExchange fund. As Managing Director of the consultant firm IPS, he wasresponsible for development and structuring of hybrid financialderivative/insurance products. Other positions held include Principal atTimber Hill Inc.; New Product Development Manager at Bank of
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America/Security Pacific; Oil Options Manager, Trading SystemsDevelopment Manager and Senior Research Analyst at Standard CharteredBank/Mocatta; and Associate in Fixed Income Risk Management atGoldman Sachs.Dr. Cardello, a New York native, holds Ph.D. and M.Phil. degrees inphysics from Yale University, New Haven and B.Sc. degrees in mathematicsand physics from The Cooper Union, New York. He is also a Director of theKurt Forrest foundation.Minder Cheng is Global Head of Equity and Currency Trading andManaging Director at Barclays Global Investors. Minder Cheng has overallresponsibility for BGI’s equity and currency trading activities worldwide,leading our trading research effort and serving as the senior owner of BGI’sbroker relationships globally. Prior to joining BGI in 1999, he held roles asresearch analyst, proprietary trader and senior strategist at ConvergenceAsset Management, Sumitomo Finance International and Salomon Brothers.He worked in New York, London, and Tokyo with these firms. His directtrading experience covers equity, fixed income, currency and derivatives inthe U.S. and international markets. Minder also managed several projectsfor the research and planning division of the New York Stock Exchange. Hereceived his Ph.D. in finance and M.B.A. from the University of Californiaat Berkeley and his B.A. from National Taiwan University in Taipei,Taiwan.Michael Cormack is President of Archipelago Holdings LLC, the parentcompany of the Archipelago Exchange and the Archipelago ElectronicsCommunications Network (ECN). In March of 2002, trading began on theArchipelago Exchange, the nation’s first totally open, all-electronic nationalstock exchange. At the same time, Archipelago closed on its merger withcompetitor REDIBook to combine the two fastest growing ECNs into onetrading platform.Mr. Cormack oversees client relation efforts including sales, tradingsupport, and strategic initiatives. Prior to his position as president, Mr.Cormack served as National Sales Manager. He came to Archipelago fromAmerican Century Investments where he was manager of Equity Trading.Mr. Cormack has a strong background in both trading and technology.His technical experience is exemplified by his prior position as co-head ofthe executive committee for the Financial Information Exchange (FIX) – anemerging electronic communications standard in the global financialmarketplace. He has also participated as a member of the Nasdaq Quality ofMarkets Committee, a group that helps to shape Nasdaq policy. Hecurrently serves on the TransactTools Advisory Board.Mr. Cormack holds a bachelor’s degree in economics from The JohnsHopkins University.
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Viktoria Dalko is a professor, currently teaching finance at HarvardUniversity and in the Executive Master of Science in Finance program of theZicklin School of Business. At the age of 27, Dalko became the Chief ofStaff for the Committee of Budget, Tax and Finances of the first democraticHungarian parliament. She was a member of the advisory committee to thePresident of the National Bank of Hungary, at the outset of the transition tothe market economy. Dalko, an outstanding teacher with 5.0/5.0 evaluationsfrom executive students, taught extensively in the U.S., Taiwan, Hong Kongand China in M.B.A. and Executive M.B.A. and M.S.F. programs, includingThunderbird, The American Graduate School of International Business(Phoenix, Arizona) and the University of Illinois at Urbana-Champaign. Shereceived her Ph.D. in economics from the University of Pennsylvania.Paul Davis is a senior managing director at TIAA-CREF InvestmentManagement LLC in New York. The TIAA-CREF group of companies,with $260 billion in assets under management, includes the premierretirement system for people employed in education and research in the U.S.,serving 2.9 million participants at 15,000 institutions. The organization iswidely recognized as a major voice for shareholder rights and improvedcorporate governance. Additionally, it offers after-tax annuities, mutualfunds, insurance and trust services to the general public. TIAA-CREFTuition Financing, Inc., a subsidiary of TIAA, manages 13 state-sponsored,‘529’ college savings plans, more than any other company. Davis joinedTIAA-CREF in 1983 after working at Prudential Securities in New York.Before his career on Wall Street, he taught mathematics at LehighUniversity, Manhattanville College and West Virginia University. Davis hasan undergraduate degree from West Virginia University and a doctorate inmathematics from Carnegie Mellon University.Fred Federspiel is CEO of Pipeline Trading Systems. Fred has morethan 15 years experience developing and selling high-technology hardwareand software systems. Fred earned a Ph.D. in Experimental Nuclear andParticle Physics from the University of Illinois at Champaign/Urbana. Heworked for six years at Los Alamos National Laboratory as a nuclearphysicist. He was the second employee hired by the BiosGroup, acomplexity science-consulting firm founded by Ernst & Young. In his threeyears at the BiosGroup, Fred led the conceptual development and sales ofseveral pioneering projects in electronic markets. He founded e-XchangeAdvantage Corporation (eXA) (of which Pipeline Trading Systems is awholly owned subsidiary) in 1999, and has received financial backing fromBiosGroup, Nasdaq and Instinet to develop solutions to the problem oftrading institutional-sized blocks electronically.Luca Filippa is Director of Research and Development at Borsa Italiana.In this position he is involved in the definition of the Exchange’s
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development strategy and leads the activity of statistical production andeconomic analysis for market support. In 1996 and 1997 he was a memberof the team for the implementation of a strategy to restructure and repositionthe Exchange after privatisation. In 1997 and 1998 he led the Euro projectof the Exchange and was a member of the Italian Euro Committee and of theFederation of European Securities Exchanges Euro Steering Committee. In1999 and 2000 he was the Italian member of working groups for the StockExchanges European Alliance. He graduated in economics. Prior to joiningBorsa Italiana in 1994, he worked for five years in the Economic ResearchDepartment of CONSOB, the Italian Securities Commission, where he dealtwith capital markets analysis, econometrics and taxation. An author ofvarious articles and working papers on capital markets, he is vice-Chairmanof the Economics and Statistics sub-Committee of the Federation ofEuropean Securities Exchanges and he is a lecturer of market microstructureat the Cattolica University of Milan.William Freund served as the New York Stock Exchange’s Senior VicePresident and Chief Economist for 18 years (1968-1986). He was the NewYork Stock Exchange Professor of Economics at Pace University’s LubinSchool of Business from 1986 to 2001. He was Chairman of the PaceUniversity’s Graduate Department of Economics and International Businessfrom 1986-1993. Since 1993, he has been, and remains, Director of the PaceUniversity Center for the Study of Equity Markets (now renamed theWilliam C. Freund Center for the Study of Securities Markets)From 1952 to 1962, he was Economist for the Prudential InsuranceCompany of America. From 1962 to 1965, he was Associate Professor ofFinance at NYU’s Graduate School of Business. He returned to Prudentialas Chief Economist and Director of Investment Research between 1965 and1968. His Ph.D. degree is from Columbia University. For twenty years, hewas an economic adviser (pro bono) to four governors of New Jersey. Hehas served on a number of corporate boards of directors, most recently U.S.Life Corp. where he was involved in merging that company with theAmerican General Insurance Company. He is author of several booksincluding Investment Fundamentals, and co-author of People andProductivity. He has written chapters for numerous other books and hasauthored a large number of articles.Marc Gresack is a pioneer and successful business executive with 22years experience in the field of global electronic agency brokerage. He hasbeen a contributor to the profession of securities trading of such significanceas to change the direction of the industry. His expert knowledge of thepractices of institutional investors, plan sponsors, portfolio managers andequity traders has enabled him to translate the potential applications of newconcepts to revenue throughout his career. Significant accomplishments
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include: he is the inventor of the industry’s first ‘peer to peer’ institutionalcrossing system, The Crossing Network, at Instinet in 1985; he is a foundingpartner of the Marshall Plan, an innovative quantitative institutional fundmanager, where he developed ‘rules-based’ implementation systems toenhance the value of portfolios; he was a tenured senior executive in Instinet,successfully contributing to the drive to export their still controversialelectronic brokerage services in the U.S. and later the highly protectionistEuropean markets; he participated in the development of an institutionalportfolio trading group and the strategic acquisition of Lynch, Jones & Ryan,the leading provider of independent research and commission recaptureservices; he was President of Universal Trading Technologies, a nascentelectronic trading company, and an executive consultant on the use ofcrossing to facilitate portfolio transitions at Chase Manhattan Global Trustunit; he was a strategic consultant at Sungard/BRUT and currently isconsulting on the feasibility of acquiring a U.S. regulated securitiesexchange on behalf of an international group.Sanjiv Gupta is Director of Research and Strategy for BloombergTradebook LLC. Mr. Gupta is responsible for electronic trading research,development of new strategic trading solutions, transactions cost analysis,and training. The research group writes several monthly publicationscovering global equity trading, fixed income, energy, and foreign exchange.The group also contributes to other industry publications, and educatescustomers and sales personnel on Tradebook’s innovative electronic tradingsolutions.Mr. Gupta has been with Bloomberg since 1992. Prior to joiningBloomberg, Mr. Gupta was an Instructor of Finance at New YorkUniversity’s Stern School of Business. He holds a B.Sc. in ManagementScience from the University of Manchester in England, an M.B.A. fromLehigh University, an M.Phil. from New York University, and a Ph.D.A.B.D. in Finance from New York University.Nari Jote’s recent experience includes the following: Vice President –Business Development – Eliot & Carr Associates, Inc. (executive searchfirm); Management Consultant and Global Business Coordinator - Jote &Associates; Adjunct Teacher, International Business and InternationalMarketing, Baruch College, City University of New York (CUNY); AdjunctTeacher, International Trade Operations, Zicklin School of Business, NewYork University. Over the past 30+years, he has held management positionswith multinational corporations for Business, Marketing, IT, Joint ventures,Customer Care and high tech projects, in the U.S.A., U.K. & India.Companies he has worked for include, Matsushita Electric Corporation ofAmerica, AT&T / Bell Labs / Lucent, York (U.K.-marketing div), London,Chief Export Executive for LHS Co. Ltd. London (U.K.) and coordinated
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with the BOT Tatas in India for Joint Ventures, Marketing & BusinessPlans. He is proficient in: Global Strategic Business Development, Marketand Business Research, Process Improvements, Joint ventures, andCompliance, Cost Analysis, Finance & Profitability.Nari Jote’s educational accomplishments inlcude: Fellow, Institution ofEngineers (India); Member, Project Management Institute; M.B.A. inBusiness / International Marketing (distinction), L.I. University, New York –1981; M.S. in Technology Management, Polytechnic University (PINY),New York, NY – 1980; D.E. in Mechanical and Electrical Engineering,India. + (Elect. Eng.- C&G Institute, London); Masters in ProjectManagement, Washington University, Washington D.C.; Corporate Financeand Valuation, Investment Banking, Basic Corporate Finance and manyother continuing study courses completed at Baruch College, City Universityof NY (CUNY).Christopher Killeen is Senior Trader of Domestic Equities. He joinedTIAA-CREF in 1990 after working at Lebow, Weksel & Co., a leveragedbuyout firm. Prior to that he worked at Long Island Trust in the BankInvestments division. He graduated from Hofstra University with a degreein Banking and Finance and holds an M.B.A. from St. John’s University inInternational Finance.TIAA-CREF is a leading, national, nonprofit financial servicesorganization serving the general public, and is also the premier pensionsystem for people employed in education and research in the U.S. It offershigh quality, low-cost mutual funds, annuities, IRA’s, insurance, and trustservices, and also manages several state-sponsored college financingprograms. The TIAA-CREF pension system ranks as the world’s largest,based on assets under management. In total, the organization managesalmost $300 billion. TIAA-CREF is headquartered in New York City, withregional offices throughout the United States.David Krell is a founder and President & CEO of the InternationalSecurities Exchange. From 1997 to 1998, he was Chairman and co-founderof K-Squared Research, LLC, a financial services consulting firm. From1984 to 1997, Mr. Krell was Vice President, Options and Index Products, ofthe New York Stock Exchange where he managed marketing, systems andnew product introductions for the division. From 1981 to 1984, Mr. Krellwas First Vice President at the Chicago Board Options Exchange,responsible for the management and operation of the Marketing and SalesDivision. Mr. Krell was also a Vice President of Merrill Lynch from 1978 to1981 and founded its Managed Options Service.Active in numerous industry groups, Mr. Krell was formerly a Directoron the Board of the International Federation of Technical Analysts, a former
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president of the Market Technicians Association and a past Director on theBoard of The Options Clearing Corporation.Mr. Krell formerly was an Adjunct Professor at Rutgers UniversityGraduate School of Management and at the Graduate School of BaruchCollege. He has also taught, coordinated and directed numerous seminarsand workshops at the New York Institute of Finance.Ananth Madhavan is the Global Head of Trading Research at BarclaysGlobal Investors. He leads BGI’s trading research team in San Francisco andLondon, with a focus on execution research and trading strategies acrossdifferent asset classes worldwide. Ananth also works closely with the globaltrading team and BGI’s alpha research and product groups to design andimplement trading strategies capturing liquidity-driven market opportunities.Before joining BGI in 2003, Ananth was formerly Managing Director ofResearch of ITG, Inc., a leading provider of technology-based equity-tradingservices and transaction research to institutional investors and brokers. Hewas also a member of the management and executive committees of ITG,Inc. Previously, he was the Charles B. Thorton Professor of Finance at theMarshall School of Business at the University of Southern California, andAssistant Professor of Finance at the Wharton School of the University ofPennsylvania. He received his Ph.D. in Economics from Cornell Universityand B.A. from the University of Delhi, India.Mark Madoff is the Director of Listed Trading at Bernard L. MadoffInvestment Securities. Educational Background: BS Economics, Universityof Michigan, 1986. Professional Activities: President, Security TradersAssociation of New York (STANY); Securities Industry Association (SIA)Operations Committee; Member, Securities Traders Association (STA)Trading Committee; Member, Securities Industry Association (SIA)Telecommunications and Information Management Committee; Member,Securities Industry Association (SIA) Decimalization Committee; Director,Security Traders Association of New York (STANY); Member, SecuritiesIndustry Association (SIA) Market Data Entitlement Subcommittee;Member, Security Industry Association (SIA) NASDAQ Committee.NASDR Service: Member, National Adjudicatory Council (NAC);Chairman, NASD Regulation, Inc., District 10 Business ConductCommittee. NASD Service: Chairman, National Association of SecuritiesDealers, Inc. (NASD) InterMarket CAES/ITS Sub-Committee; Member,National Association of Securities Dealers, Inc. (NASD) TradingCommittee; Member, National Association of Securities Dealers, Inc.(NASD) Unlisted Trading Privileges (UTP) Sub-Committee.John Malitzis is currently a Senior Vice President and Associate GeneralCounsel for Citigroup Global Markets, Inc. (formerly know as SolomonSmith Barney). In his current role, John provides legal counsel to senior
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management and trading personnel of the Equities Division in a number ofareas, including: cash trading (Nasdaq and listed), equity derivatives,convertibles, program trading, connectivity, soft dollar/introducing broker,and equity capital markets.Prior to joining Citigroup, John was Vice President, in Nasdaq’sTransactions Services Department (NTS) focusing on policy and strategy.John was involved in developing regulatory policy related to NTS businesses(e.g., trading rules for Nasdaq systems, marketplace rules, and trading ofNasdaq securities by other exchanges), and worked with senior managementon market structure and strategic initiatives as well as Nasdaq’s corporatestrategy. John also worked closely with the Data Products Business Line, onthe Nasdaq UTP Plan, and related issues.Prior to joining NTS, John worked in the Nasdaq Office of the GeneralCounsel for approximately five years in the position of Associate VicePresident and Associate General Counsel. In OGC, John focused on theareas of broker/dealer regulation, market regulation and market structure. Inparticular, John worked with Nasdaq senior management and industrycommittees (Quality of Markets, Institutional Traders Advisory Counsel,Market Operations Review Committee, etc.) to develop legal policy andtrading rules for the Nasdaq and the over-the-counter markets. John workedon major market-structure initiatives, including the SuperMontage tradingsystem; SuperSOES trading system; NASD short sale rule; trade-reportinginitiatives (riskless principal trade reporting); national market system plans(CTA/CQ, ITS, and Nasdaq UTP); and Nasdaq Europe. Prior to NasdaqOGC, John worked as a senior attorney in NASD Regulation’s Office of theGeneral Counsel, Appellate/Disciplinary Practice Group. While withNASDR OGC, John was responsible for all aspects ofenforcement/disciplinary matters considered by the National AdjudicatorCouncil and the NASDR Board. Before joining the NASD, John was a TrialAttorney with the U.S. Commodity Futures Trading Commission, Divisionof Enforcement, and served as a visiting law fellow at Catholic University’slaw school.John is a member of the bars of Massachusetts, New York, and theDistrict of Columbia, and a graduate of Boston College Law School wherehe was a member of the commercial law review.Seth Merrin is Founder & Chief Executive Officer of Liquidnet. Sethfounded Liquidnet in January 2000 and launched the service in April 2001.Liquidnet has become the fastest launching and growing ECN or ATS inhistory. In less than 2 ½ years Liquidnet is currently averaging over 13million shares per day ranking Liquidnet in the top 30 institutional brokers inthe U.S. Seth is known as being the pioneer of the Buy Side ordermanagement system industry. Seth founded Merrin Financial Inc. in 1985 to
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develop the Merrin Financial Trading Platform (MFTP) the first buy-sideorder management system. Merrin Financial also invented the first real-timepre-trade compliance and electronic order routing systems for the investmentmanagement industry. These components represent most of the criticalinfrastructure necessary to enable electronic trading in general and Liquidnetto introduce its unique design. Merrin Financial was sold to ADP in 1996.Seth’s innovations have been profiled in over 100 articles in a variety oftrade and business publications, including Forbes and Crain’s New YorkBusiness. Mr. Merrin was also recognized by Wall Street & Technology asone of the ‘Top 10 Financial Technology Innovators of the Decade’ in itsDecember 1999 issue. Seth has a BA from Tufts UniversityAnthony Neuberger is Associate Dean for the Full-time Masters inFinance Programme at the London Business School. His research interestsinclude the microstructure of financial markets, and financial derivatives.He has written widely for both academic and practitioner journals, and hasco-authored, with Professor Richard Brealey, a report on brokers’commissions for the U.K. Investment Management Association. Prior tojoining the London Business School, he worked for the U.K. Department ofEnergy and for the Cabinet Office.Deniz Ozenbas is an Assistant Professor of Finance at Montclair StateUniversity’s School of Business. Her research is mainly in the field ofmarket microstructure and has been published in journals such as EconomicsLetters, International Finance and the International Journal of Business andEconomics. She also has been awarded the Nasdaq Dissertation Fellowshipby Nasdaq for the 2001-2002 academic year, and received the Oscar LasdonAward for best dissertation in the area of Finance from Baruch College, CityUniversity of New York for the 2002-2003 academic year. In addition, herjoint work with Robert A. Schwartz and Robert A. Wood has received theOutstanding Paper award at the Global Conference on Business andEconomics 2003 annual meeting. Dr. Ozenbas holds an M.B.A. and a Ph.D.from Baruch College, City University of New York, and a B.A. fromBogazici University, Turkey.Brett Redfearn is Senior Vice President, Business Strategy and EquityOrder Flow, for The American Stock Exchange (Amex). Redfearn leads theAmex’s strategic development and research initiatives focused on positioningthe Exchange to respond to new competition, changes in market structure,technological developments and the globalization of trading. His efforts atpresent are focused on leading the Amex’s program to trade Nasdaq listedsecurities. In that capacity, he is the Amex’s representative to the NasdaqUTP Operating Committee. Overseeing the Equity Order Flow sales team,Redfearn manages customer relationships with buy-side and sell-side tradingdesks, helping to develop and execute strategies to bring order flow to the
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Amex trading floor. Redfearn also manages the Amex’s Best Executionreporting and market quality analysis. Since joining the Amex in 1995, healso served as Managing Director of Equity Research, where he led marketresearch and business analysis. Redfearn is a regular speaker at industryconferences and is a member of the Security Traders Association of NewYork. When he’s not working, Brett will most likely be found rockclimbing, mountain biking, skiing or kayaking.Richard Repetto is Associate Director and Sandier O’Neill & Partners.Prior to that he was a Managing Director at Putnam Lovell, heading up thefirm’s eFinance/eBrokerage Research team. Selected by the Wall StreetJournal to its ‘Best of the Street’ 2003 All Star Analyst Team, Mr. Repettowas one of six analysts to be cited for stock picking in two industrycategories, both Securities Brokerage and Internet. He also ranked #2 from auniverse of more than 2,900 analysts in the 2002 Overall Stock Pickingawards by StarMine, a leading provider of objective ratings of securitiesanalysts. Mr. Repetto was named to the Wall Street Journal’s ‘Best of theStreet’ 2001 All Star Analyst Team. Prior to joining Putnam Lovell NBF,Mr