Participant Biographies

Transcription

1 Program in the Law and Economics of Capital Markets Columbia Business School Program for Financial Studies Participant Biographies Robert Cook Robert W. Cook is a partner based in the Washington, D.C. office of Cleary Gottlieb Steen & Hamilton LLP. Mr. Cook s practice focuses on the regulation of securities markets and market intermediaries, including broker-dealers, exchanges, alternative trading systems and clearing agencies. He also has extensive experience in the regulation of swaps and other financial products. From January 2010 to January 2013, Mr. Cook served as the Director of the Division of Trading and Markets of the U.S. Securities and Exchange Commission. Under Mr. Cook s direction, the Division s 250 professionals were responsible for regulatory policy and oversight with respect to securities exchanges and markets, broker-dealers, security-based swap dealers, clearing agencies and credit rating agencies. In addition, the Division reviewed and acted on over 2000 rule filings and new product listings each year from self-regulatory organizations, including the securities exchanges and the Financial Industry Regulatory Authority. While serving as the Director of the Division of Trading and Markets, Mr. Cook oversaw several significant market structure initiatives including the adoption of enhanced risk controls for traders with access to the securities markets (Rule 15c3-5), large trader registration and reporting rules, and consolidated audit trail rules. He also directed the staff s review of equity market structure and its analysis of the Flash Crash of May 6, 2010, as well as its work on regulatory responses such as single-stock circuit breakers, updated market-wide circuit breakers, and more transparent trade cancellation rules. Mr. Cook received a J.D. from Harvard Law School, an M.Sc. from the London School of Economics, and an A.B. from Harvard College. Jens Dick-Nielsen Jens Dick-Nielsen is Associate Professor of Finance at the Center for Financial Frictions (FRIC), Department of Finance at Copenhagen Business School, Denmark. He obtained his Ph.D. in finance from Copenhagen Business School and his research on liquidity in bond markets has been published in the Journal of Financial Economics and the Journal of Fixed Income. His research on European covered bond markets has been instrumental in changing EU regulation to allow these bonds to be used in regulatory capital. He has recently participated in roundtables at the OECD and IOSCO on the current lack of liquidity in corporate bond markets and the impact of regulatory changes. 1 Conference on Corporate Debt Market Structure, Liquidity and Volatility n November 5 6, 2015

2 Michael Fleming Michael J. Fleming is a Vice President in the Capital Markets Function of the Research and Statistics Group at the Federal Reserve Bank of New York. His primary research interests are market microstructure, financial intermediation, and monetary policy. Recent work examines Federal Reserve liquidity provision during the financial crisis, high-frequency liquidity dynamics in the Treasury market, and trading activity and price transparency in derivatives markets. Michael joined the New York Fed as an economist in He received a Ph.D. in Business Economics from Harvard University in 1994 and a B.A. in Economics from Colby College in Daniel Gallagher, Jr. Daniel M. Gallagher, Jr. was confirmed by the United States Senate as a Commissioner of the Securities and Exchange Commission on October 21, 2011, and sworn in on November 7, 2011 and served until October 2, Commissioner Gallagher has had the honor and privilege of serving the agency in several capacities throughout his professional career. He first joined the Commission as a summer honors program intern while pursuing his law degree, focusing on enforcement matters. In January 2006, he rejoined the agency, serving first as counsel to SEC Commissioner Paul S. Atkins, and later as counsel to SEC Chairman Christopher Cox, working on matters involving the Division of Enforcement and the Division of Trading and Markets. In 2008, he joined the Division of Trading and Markets as Deputy Director and served as Co-Acting Director of the Division from April 2009 until January During this period, Commissioner Gallagher was on the front lines in the agency s response to the financial crisis. He represented the Commission in the Lehman Brothers liquidation, and helped lead the agency in addressing other crisis-related issues, including the move to central clearing of swaps and matters involving SIPC. In his role as Co-Acting Director of Trading and Markets, he also served as the inaugural Chairman of Committee 6 of the IOSCO Technical Committee, responsible for addressing matters related to the regulation of credit rating agencies. While in the private sector, Commissioner Gallagher advised clients on broker-dealer regulatory issues and represented clients in SEC and SRO enforcement proceedings as a partner with the Washington, D.C. law firm WilmerHale, where he earlier began his career in private practice. Commissioner Gallagher also served as the General Counsel and Senior Vice President of Fiserv Securities, Inc., where he was responsible for managing all of the firm s legal and regulatory matters. Commissioner Gallagher earned his JD degree, magna cum laude, from the Catholic University of America, where he was a member of the law review. He graduated from Georgetown University with a B.A. degree in English. 2 Conference on Corporate Debt Market Structure, Liquidity and Volatility n November 5 6, 2015

3 Larry Glosten Professor Glosten teaches at Columbia Business School (where his classes have included Advanced Corporate Finance and Finance Theory) and Columbia Law School (where he has taught Capital Markets Regulation, jointly listed at both the business and law schools). He is the past Chair of the business school s Finance and Economic Division ( ) as well as of the Finance Sub-Division ( ). Prior to joining Columbia in 1989, Professor Glosten taught at the Kellogg Graduate School of Management at Northwestern University. He has also held visiting appointments at the University of Chicago and the University of Minnesota. Professor Glosten s scholarly work has focused on the microstructure and industrial organization of securities markets, the relationship between venture capitalists and entrepreneurs, and the evaluation of the performance of portfolio managers and asset pricing. His work on electronic exchanges in the Journal of Finance won the Smith Breeden Distinguished Paper Prize (Is the Electronic Limit Order Book Inevitable, 1994). He has served as Advisory Editor for the Journal of Financial Markets (2000 present), Editor for the Review of Financial Studies ( ), Associate Editor for the Journal of Finance ( ), Associate Editor for the Review of Financial Studies ( ), and Associate Editor for the Review of Quantitative Finance and Accounting (1990 present). Education: A.B. (Economics), Occidental College (1973); M.S. (Managerial Economics & Decision Sciences), Northwestern University (1977); Ph.D. (Managerial Economics & Decision Sciences), Northwestern University (1980) Gary Goldsholle Gary Goldsholle is Deputy Director of the Division of Trading and Markets at the Securities and Exchange Commission (SEC), where he is responsible for the offices of Chief Counsel, Market Supervision, and Clearance and Settlement. These offices play a critical role in the capital markets and cover a diverse range of topics, including market oversight, equity and fixed income market structure, regulation of exchanges, broker-dealers and clearing agencies, as well as legal and policy matters pertaining to broker-dealers and the operation of the securities markets. Prior to joining the SEC, Mr. Goldsholle was General Counsel of the Municipal Securities Rulemaking Board (MSRB), where he oversaw all legal activities of the MSRB, including market regulation, professional qualifications, enforcement support and corporate governance. Previously, he was Vice President and Associate General Counsel for the Financial Industry Regulatory Authority (FINRA), where he was responsible for regulatory policy and rule development. He also worked in the Office of the Chief Counsel, Division of Trading and Markets at the Commodity Futures Trading Commission (CFTC). Mr. Goldsholle began his legal career as an associate at Steptoe & Johnson. Mr. Goldsholle holds a Bachelor of Science degree, cum laude, from Duke University, with majors in computer science and economics, a general course certificate from the London School of Economics and Political Science, and a law degree from the University of Chicago Law School. 3 Conference on Corporate Debt Market Structure, Liquidity and Volatility n November 5 6, 2015

4 Michael Goldstein Dr. Goldstein holds the Donald P. Babson Chair in Applied Investments and is a Professor of Finance at Babson College. His research specialty is examining the structure of markets, and has published in major finance academic journals. He also received a U.S. National Science Foundation (NSF) grant to study the effects of the change in seasons on the Arctic economy. He has been interviewed by many national and international media groups, including print, television and radio. Dr. Goldstein currently serves as Chair of FINRA s Economic Advisory Committee. Previously, he served as Chair of the NASDAQ Economic Advisory Board for From August 1997 to July 1998, Dr. Goldstein was the Visiting Economist at the New York Stock Exchange, the eighth academic to hold this one-year post. Prior to this position, he advised the Deputy Prime Minister of Poland on Poland s privatization program, and served on three SEC roundtables, including the 2013 SEC Fixed Income Roundtable. He also worked as an investment banker with Merrill Lynch Capital Markets in their Financial Institutions and Japan Banking groups. He also consults and advises major security firms and Fortune 100 companies. Dr. Goldstein received a B.S., an M.B.A., an M.A., and a Ph.D. all in Finance and all from the Wharton School at the University of Pennsylvania. Larry Harris Professor Harris teaches at both the undergraduate and graduate level at the Marshall School of Business at the University of Southern California, where he first joined the faculty in From 2002 through 2004, Professor Harris served as Chief Economist of the United States Securities and Exchange Commission. As Chief Economist, he was the primary advisor to the Commission on all economic issues. He contributed extensively to the development of regulations implementing Sarbanes-Oxley, the resolution of the mutual fund timing crisis, the specification of the then-proposed Regulation National Market System, and the promotion of bond price transparency. Professor Harris currently serves on the board of directors of both the Interactive Brokers, Inc. and the Clipper Fund, Inc. He also is a research coordinator for the Institute for Quantitative Research in Finance (The Q-Group) and a member of the Financial Economists Roundtable. After leaving the Securities and Exchange Commission, he worked at Madison Tyler, LLC (2006), a broker-dealer engaged in electronic proprietary trading in various markets, and UNX, Inc. (2005), an electronic pure agency institutional equity broker. His introduction to the economics of trading, Trading and Exchanges: Market Microstructure for Practitioners (Oxford University Press: 2003), is a seminal book on securities markets and microstructure. He is the former Associate Editor of the Journal of Finance, the Review of Financial Studies, and the Journal of Financial and Quantitative Analysis. Education: B.A., University of California, San Diego (1978); M.A. (Economics), University of Chicago (1980); Ph.D. (Economics), University of Chicago (1982) 4 Conference on Corporate Debt Market Structure, Liquidity and Volatility n November 5 6, 2015

5 Terrence Henderschott Terrence Hendershott currently holds the Cheryl and Christian Valentine Chair as a professor at the Haas School of Business at the University of California, Berkeley. His research interests include information technology s impact and role in financial markets and the structure and regulation of financial markets. His writing has appeared in national newspapers and magazines, and his academic work has been published in numerous scholarly journals. He has consulted for various financial markets and investment firms. Charles Himmelberg Charles Himmelberg is head of Global Credit Strategy. He joined Goldman Sachs in 2005 and was named managing director in Prior to joining the firm, Charlie worked at the Federal Reserve Bank of New York from 2001 to 2005, Columbia University from 1995 to 2001, New York University from 1990 to 1995 and the University of Chicago from 1991 to He has also been a consultant to the Federal Reserve Bank of Chicago and the World Bank, and is a member of the Federal Reserve Bank of New York s Financial Advisory Roundtable. Charlie s research expertise spans macroeconomics, corporate finance, asset pricing, and housing economics. Charlie s research has been recognized with awards from the National Science Foundation and the Western Finance Association, and is published in a number of top academic journals, including the Journal of Monetary Economics and the Journal of Financial Economics. Charles Jones Professor Jones teaches at Columbia Business School, where his recent course offerings include Debt Markets and Introduction to Econometrics (Ph.D.). Before joining Columbia Business School in 1997, Professor Jones held the position of Assistant Professor of Economics at Princeton University ( ). He has served as a Visiting Scholar at the Federal Reserve Bank of New York, a Visiting Economist at the New York Stock Exchange ( ), a member of the NASDAQ Advisory Board ( ), and on the Financial Industry Regulatory Authority Economic Advisory Committee (2011 present). Professor Jones studies the structure of securities markets, liquidity, and trading costs, and he is particularly noted for his research on short sales, algorithmic trading, and the variation in liquidity over time. Rick Ketchum Richard Ketchum is Chairman and CEO of FINRA. Prior to becoming CEO of FINRA, Mr. Ketchum was CEO of NYSE Regulation from March 2006 to March He served as the first chief regulatory officer of the New York Stock Exchange, a position he began in March From June 2003 to March 2004, Mr. Ketchum was General Counsel of the Corporate and Investment Bank of Citigroup Inc., and a member of the unit s planning group, Business Practices Committee and Risk Management Committee. Previously, he spent 12 years at NASD and The Nasdaq Stock Market, Inc., where he served as president of both organizations. 5 Conference on Corporate Debt Market Structure, Liquidity and Volatility n November 5 6, 2015

6 Prior to working at NASD and NASDAQ, Mr. Ketchum was at the Securities and Exchange Commission (SEC) for 14 years, with eight of those years as director of the division of Market Regulation. In January 2015, Mr. Ketchum was named to the SEC Equity Market Structure Advisory Committee, which will focus on the structure and operations of the U.S. equities markets. In February 2014, Mr. Ketchum was appointed by President Obama to serve on the President s Advisory Council on Financial Capability for Young Americans. In October 2010, he was appointed by President Obama to serve on the President s Advisory Council on Financial Capability a group established to promote and enhance financial literacy and capability among Americans. He also served on the Joint Advisory Committee on Emerging Regulatory Issues, a committee created by the SEC and CFTC to review emerging regulatory issues, starting with the market events coming out of the May 2010 so-called flash-crash. David Krein Mr. Krein joins MarketAxess from NASDAQ OMX Global Indexes where he was Head of Research. In this capacity, he led the research and development of index methodologies across asset classes, which were used as benchmarks for active and passive investment funds globally. Prior to this, he held a senior position in product development and analytics at S&P Dow Jones Indices. He also founded DTB Capital to develop trading and investment products for derivatives exchanges and the OTC marketplace within equity, commodity and multi-asset class portfolios. Before establishing DTB Capital, Mr. Krein spent more than 10 years in various trading, structuring and technology positions at leading investment banks, including UBS and Merrill Lynch. Matt Levine Matt Levine is a Bloomberg View columnist writing about Wall Street and the financial world. Levine was previously an editor of Dealbreaker. He has worked as an investment banker at Goldman Sachs and a mergers and acquisitions lawyer at Wachtell, Lipton, Rosen & Katz. He spent a year clerking for the U.S. Court of Appeals for the Third Circuit and taught high school Latin. Levine has a bachelor s degree in classics from Harvard University and a law degree from Yale Law School. He lives in New York. Doug Logigian Doug Logigian is a Managing Director with GSO Capital Partners. Mr. Logigian is the Head Trader for the trading desk for all of GSO s hedge fund products. He is also a member of GSO s Hedge Fund Investment Committee. Since joining GSO Capital in 2006, Mr. Logigian has been involved in the trading of all public securities and derivatives for the GSO family of funds. Before joining GSO Capital, Mr. Logigian worked as an Associate at Citibank where he was responsible for managing a proprietary book of high-yield cash bonds and credit default swaps on the Credit Trading Customer Flow Desk where he traded sectors including healthcare, homebuilders, chemicals, retailers, consumer products, industrials, and food. Mr. Logigian graduated with a BA with honors from Harvard University. 6 Conference on Corporate Debt Market Structure, Liquidity and Volatility n November 5 6, 2015

7 Joseph Mecane Joe Mecane is a Managing Director in the Electronic Equities and Credit Product Business. Based in New York, he is responsible for the development of the firm s electronic product offering, with a particular focus on the equities and credit markets. He is a member of the Securities and Exchange Commision s recently formed Equity Market Structure Advisory Committee, a Member of the FINRA Board of Governors, and serves on the Board of Directors of BIDS Trading. Previously, Mr. Mecane was an Executive Vice President and Head of US Equities for New York Stock Exchange (NYSE) at IntercontinentalExchange Group. He joined NYSE in 2008, having previously worked for four years at UBS Investment Bank as a Managing Director in the Equities business. Mr. Mecane has an MBA from The Wharton School of Business and is a Certified Public Accountant. He is married with three children and resides in Rye, New York. Monique Rollins Monique Rollins currently serves as the Deputy Assistant Secretary for Capital Markets at the Department of Treasury. She oversees the Office of Capital Markets, which advises Treasury officials on the capital markets implications of policy choices and collaborates with other government agencies and offices within the Executive Branch. Areas of focus include housing policy and broader housing finance reform, market functioning, student loans and infrastructure finance. Monique joined Treasury in 2011 as a Senior Policy Advisor, initially concentrating on market structure and small business access to capital where she worked on the passage of the Jumpstart Our Business Startups Act in Prior to coming to Treasury, Monique spent over 10 years at Goldman Sachs serving primarily as an advisor to large corporations on capital markets transactions and liability and risk management strategy. Monique holds a Bachelor of Arts in International Affairs and Economics, magna cum laude, from Brown University and a Masters of Business Administration with honors from the Wharton School of the University of Pennsylvania. Alexander Y. Sedgwick Alex Sedgwick is a market structure analyst in Fixed Income Trading at T. Rowe Price. Mr. Sedgwick is responsible for performing custom research and analysis pertaining to market structure, liquidity, and trade cost/execution analysis across the various fixed income sectors. He is a vice president of T. Rowe Price Associates, Inc. Mr. Sedgwick has 14 years of investment experience, one of which has been at T. Rowe Price. Prior to joining the firm in 2014, he spent eight years at MarketAxess Corp. in New York, where he was most recently head of research. Mr. Sedgwick earned a B.A. in economics and politics from Washington & Lee University. He is a Series 7 and 63 registered representative and has earned his Chartered Financial Analyst designation. 7 Conference on Corporate Debt Market Structure, Liquidity and Volatility n November 5 6, 2015

8 Jonathan Sokobin Jonathan S. Sokobin, Chief Economist and Senior Vice President, oversees the Office of the Chief Economist at FINRA. In this role, he works closely with the Office of General Counsel and other departments in developing new rules, and analyzing the regulatory impact, including costs and benefits, of existing and potential rulemakings. He leads a team of researchers who gather and analyze data on securities firms and markets in order to inform policymaking at FINRA. Previously, Mr. Sokobin was Acting Deputy Director, leading the Research Center in the Office of Financial Research at the U.S. Treasury Department. He joined the U.S. Treasury Department in 2011 as Chief of Analytical Strategy in the Office of Financial Research Prior to joining the Treasury Department, Mr. Sokobin was Acting Director of the SEC s Division of Risk, Strategy, and Financial Innovation. He joined the SEC staff in 2000 and held various positions, including Deputy Chief Economist and Director of the former Office of Risk Assessment. From 1998 to 2000, he was a Senior Research Fellow at the SEC. Mr. Sokobin began his career as a member of the faculty of the Cox School of Business at Southern Methodist University. He received his Ph.D. and MBA in finance from the Graduate School of Business at the University of Chicago, and his bachelor s degree in economics from the Ohio State University. Chester Spatt Chester Spatt is the Pamela R. and Kenneth B. Dunn Professor of Finance at the Tepper School of Business at Carnegie Mellon University, where he has taught since He served as Chief Economist of the U.S. Securities and Exchange Commission and Director of its Office of Economic Analysis from July 2004 through July He earned his Ph.D. in economics from the University of Pennsylvania and received his undergraduate degree from Princeton University. Professor Spatt is a well-known scholar studying financial economics with broad interests in financial markets. He has analyzed extensively market structure and trading, pricing and valuation, and the impact of information in the marketplace. For example, he has been a leading expert on the design of security markets in various settings, mortgage valuation, and taxation and investment strategy. His co-authored 2004 paper in the Journal of Finance on asset location won TIAA-CREF s Paul Samuelson Award for the Best Publication on Lifelong Financial Security. Professor Spatt has served as Executive Editor and one of the founding editors of The Review of Financial Studies, President and a member of the Founding Committee of the Society for Financial Studies, President of the Western Finance Association, and is currently an Associate Editor of several finance journals. He also is currently a member of the Equity Market Structure Advisory Committee of the Securities and Exchange Commission, the Advisory Committee of the Office of Financial Research, member of the Systemic Risk Council, a Research Associate of the National Bureau of Economic Research, 8 Conference on Corporate Debt Market Structure, Liquidity and Volatility n November 5 6, 2015

9 a Senior Economic Adviser to Kalorama Partners and was one of the initial members of the Federal Reserve s Model Validation Council. He is also a Member of the Shadow Financial Regulatory Committee and the Financial Economists Roundtable and a Fellow of the TIAA-CREF Institute. Elisse Walter Elisse B. Walter was appointed Commissioner of the Securities and Exchange Commission (SEC) by President George W. Bush and was sworn in on July 9, She was later designated the 30th Chairman of the SEC by President Barack Obama, and she served as the agency s leader from December 2012 to April She served as Acting Chairman in January Prior to her appointment as an SEC Commissioner, Ms. Walter served as Senior Executive Vice President, Regulatory Policy & Programs, for FINRA. She held the same position at NASD before its 2007 consolidation with NYSE Member Regulation. Ms. Walter coordinated policy issues across FINRA and oversaw a number of departments including Investment Company Regulation, Member Education and Training, Investor Education and Emerging Regulatory Issues. She also served on the board of directors of the FINRA Investor Education Foundation. Prior to joining NASD, Ms. Walter served as the General Counsel of the Commodity Futures Trading Commission. Before joining the CFTC in 1994, Ms. Walter was the Deputy Director of the Division of Corporation Finance of the Securities and Exchange Commission. She served on the SEC s staff beginning in 1977, both in that division and in the Office of the General Counsel. Before joining the SEC, Ms. Walter was an attorney with a private law firm. Ms. Walter is a director of Occidental Petroleum Corporation and SASB; a member of the Academy of Women Achievers of the YWCA of the City of New York; and a member of the inaugural class of the ABA s DirectWomen Institute. She also has received, among other honors, the Presidential Rank Award (Distinguished), the ASECA William O. Douglas Award, the SEC Chairman s Award for Excellence, the SEC s Distinguished Service Award, and the Federal Bar Association s Philip Loomis and Manuel F. Cohen Younger Lawyer Awards. She graduated from Yale University with a B.A., cum laude, in mathematics, and received her J.D. degree, cum laude, from Harvard Law School. Stuart Wexler Stuart Wexler is Regional Chief Operating Officer and General Counsel of the Americas for ICAP North America Inc., responsible for management of the legal, compliance, operations, and risk functions for ICAP s U.S. and Latin American businesses. Those businesses include a number of regulated introducing brokers as well as two Swap Execution Facilities. Prior to joining ICAP in April 2009, Mr. Wexler was with Merrill, Lynch, Pierce, Fenner and Smith, initially as First Vice President and Head of Fixed Income Compliance for the Global Markets and Investment Banking division, and subsequently, Managing Director and Head of Sales and Trading Compliance for that division. From 1999 to 2005, Mr. Wexler served 9 Conference on Corporate Debt Market Structure, Liquidity and Volatility n November 5 6, 2015

10 as Managing Director and Associate General Counsel with Greenwich Capital where he was responsible for providing regulatory and compliance advice to each of the firm s fixed income businesses. From 1997 to 1999 Mr. Wexler was Compliance Counsel with Salomon Smith Barney, and from 1995 to 1997 he was a litigation associate with Simpson, Thatcher & Bartlett. Mr. Wexler was a law clerk to Honorable Charles S. Haight, Jr. Southern District of New York. Mr. Wexler obtained a B.A. in history, magna cum laude, from Yale College, and his J.D., magna cum laude, from New York University School of Law. He was a member of and past Chairman of the FINRA Fixed Income Advisory Committee, and is currently a member of the Treasury Market Practices Group. Steven Zamsky Steven A. Zamsky is currently a Managing Director and Global Head of Credit at Morgan Stanley. Prior to rejoining Morgan Stanley in 2009, Steve was a Managing Director at Pequot Capital Management and portfolio manager of the firm s credit strategies. Steve joined Pequot in 2003 and in his tenure at Pequot ran both long/short and short-dedicated credit portfolios. Before that, Steve was Managing Director and an Institutional Investor #1 ranked credit strategist for Morgan Stanley. Prior to his work as a strategist, he was a credit analyst at Morgan Stanley and worked in a similar capacity at Fidelity Investments in Boston. Steve graduated with a B.S. in Accounting from Oregon State University and received his M.B.A. from the University of Chicago. He is a Trustee of the Oregon State University Foundation. 10 Conference on Corporate Debt Market Structure, Liquidity and Volatility n November 5 6, 2015