US Equity Market Structure: The Core Curriculum

Good Morning Friends,

Over the last eight years or so, we have shared our thoughts about markets and their structures / microstructures with you over many different types of medium – such as our white papers, morning notes, blog postings, Twitter (@ThemisSal and @ JoeSaluzzi) and even our book, Broken Markets (which is now available in paperback!).

Today we are trying something new and completely different, for us at least. We have partnered with our good friends at Cowen in the creation of a Market Structure Teach-In, which will take place today at Cowen’s headquarters in NYC. Our joint Teach-In includes five different panels/presentations that will discuss important and timely issues that all of us are dealing with in our daily trading, with those discussions being led by some of our industries very best minds:

–          The ATS and Exchange Models Going Forward – IEX’s Brad Katsuyama

–          Transparency Assisting Execution Optimization – JPM Asset’s Curt Engler, and Tabb Group’s Larry Tabb

–          Fireside Chat on HFT – HRT’s Adam Nunes

–          The Search for Unique Liquidity – Liquidnet’s Adam Sussman

–          Different Tick Sizes for Different Securities – Cowen CEO Jeff Solomon

We hope this will be an outstanding way to continue to all learn from each other, as we jointly tackle best execution in a complicated and often opaque environment. By pooling our knowledge and sharing it among each other, we all can make sure that none of us are ever caught unawares by our ever changing trading industry. To paraphrase the sage Ferris Bueller, if we don’t stop and look around every once in a while, we could miss it…

Attached is our official agenda; we hope to do this again in the future, and we hope to see all of you soon.


PS – While Joe and Sal will be attending the conference mid-morning on, please feel comfortable with the rest of the gang that is manning the fort:


Scott Wilson                                        973-665-9600 

Victor Gonzalez                             973-665-9600

Mark Kepner                                  973-665-9600



Your friends at Themis,

Sal and Joe

Cowen Themis Trading Agenda 7-3-14