2020 Trading and Best Execution Summit

An Examination of Issues Impacting Equities, Fixed Income, and ETFs

PROGRAM Virtual Event / June 18, 2020

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SPONSORS SPONSOR LIVE RULES OF PRESENTATIONS ENGAGEMENT Trading and Best Execution Summit

AGENDA

10:00-10:30am Opening Remarks and Fireside Chat

Hester M. Peirce, Commissioner U.S. Securities and Exchange Commission Gail Bernstein, General Counsel Investment Adviser Association (MODERATOR)

10:35-11:20am Examining the Impact of Regulatory Developments and the COVID-19 Pandemic on Equities, Fixed Income and ETFs • Update on key regulatory proposals and changes affecting trading and best execution • How the markets have functioned during the COVID-19 pandemic • How investment advisers are adapting to keep pace with changes and ensure compliance with regulations Ari Burstein, President Capital Markets Strategies (MODERATOR) Gregg E. Berman, Director, Market Analytics and Regulatory Structure Citadel Securities Stephanie Dumont, Senior Vice President and Director of Capital Markets Policy FINRA Louis A. Gracia, Associate Regional Director, Chicago Regional Office, OCIE U.S. Securities and Exchange Commission Melissa Hinmon, Director of Equity Trading Glenmede Investment Management Mehmet Kinak, Global Head of Systematic Trading and Market Structure T. Rowe Price Joe Wald, Managing Director, Co-Head of Electronic Trading BMO Capital Markets Group

11:20-11:30am Break – Explore Virtual Exhibit Hall

11:30-12:15pm A New Way of Looking at Best Execution in the Equities Markets - Changes and Advancements in Execution Tools and Services • New trade execution tools and services to assist investment advisers when trading and analyzing best execution, broker arrangements, and execution policies • How to best use algorithms and other technology-driven trading tools Ari Burstein, President Capital Markets Strategies (MODERATOR) Will Geyer, Managing Director Invesco Roman Ginis, Founder IntelligentCross Miles Huffman, Senior Manager of Equity Quantitative Analytics, TCA Vanguard Timothy Lang, CEO Global Liquidity Partners Chuck Mack, Head of US Equities Nasdaq

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12:20-1:20pm “Fireside Chat” With Former SEC Division of Trading and Markets Directors Robert L. D. Colby, Chief Legal Officer, FINRA, will moderate a panel of former Division Directors that will examine whether the current regulatory environment works for today’s market structure; upcoming challenges for the markets; and lessons for the industry from past missteps.

Panelists: Brandon Becker, Managing Director & Deputy General Counsel The Depository Trust & Clearing Corporation (DTCC) Richard Lindsey, Managing Partner and Chief Investment Officer Windham Capital Management Steve Luparello, General Counsel Citadel Securities Annette L. Nazareth, Partner, Head of Trading and Markets Practice Davis Polk & Wardwell LLP John Ramsay, Chief Market Policy Officer IEX

1:20-1:50pm Lunch Break

1:50-2:35pm Developments in ETF Trading and Market Structure – Specific Issues to Consider for Investment Advisers • Innovations in trading platforms and trading tools • How to trade ETFs more efficiently • Evaluating the ETF trade and metrics for gauging liquidity

Ari Burstein, President Capital Markets Strategies (MODERATOR) Eric M. Pollackov, Global Head of ETF Capital Markets Invesco Kimberly Russell, Vice President, Market Structure Specialist State Street Global Advisors Bart Smith, Head of ETF and Portfolio Trading Susquehanna International Group Douglas Yones, ChFC®, Head of Exchange Traded Products New York Stock Exchange

2:40-3:10pm “Fireside Chat” Brett Redfearn, Director, Division of Trading and Markets U.S. Securities and Exchange Commission Ari Burstein, President Capital Markets Strategies (MODERATOR)

3:10-3:25pm Break – Explore Virtual Exhibit Hall

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3:25-4:10pm Managing Data Around Order Routing and Execution – An Examination of Transaction Cost Analysis for Equities, Fixed Income and ETFs • Challenges to measuring and analyzing execution quality and trading performance • Tools and services available for the buyside to more easily analyze and consume trading data • Implementation of recent transparency initiatives • Issues surrounding the outsourcing of trading functions

Monique Botkin, Associate General Counsel Investment Adviser Association (MODERATOR) Nanette J. Buziak, Managing Director, Head of Equity Trading Voya Investment Management Frank Grampone, Executive Vice President, Business Development & Strategy BXS Justin Schack, Partner/Managing Director Rosenblatt Securities Jason Vedder, Director of Trading and Operations Driehaus Capital Management Andrew Volz, Chief Operating Officer JonesTrading Institutional Services

4:15-5:00pm Trading and Best Execution in the Fixed Income, Options and Derivatives Markets • Specific issues to consider when trading fixed income, options and derivatives • How the markets have functioned during the COVID-19 pandemic • Challenges to measuring and analyzing execution quality and trading performance

Monique Botkin, Associate General Counsel Investment Adviser Association (MODERATOR) Reginald M. Browne, Principal GTS Securities David M. Hintz, Senior Vice President Global Trading Analytics LLC Nola Kopfer, Director of Global Trading MFS Investment Management Michael O’Brien, CFA, Director of Global Trading Eaton Vance

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SPEAKER BIOGRAPHIES

KAREN L. BARR is President & CEO of GAIL C. BERNSTEIN is General the Investment Adviser Association. Counsel of the Investment Adviser Before assuming this role in 2014, she Association. She joined the IAA from the served as the IAA’s General Counsel for law firm of WilmerHale in Washington, 17 years, with responsibility for the wide DC, where she had been a Special range of legal and regulatory matters Counsel in the Securities Department affecting the Association and its from 2008 until June 2017. Prior to that, members. Prior to joining the IAA, Ms. Ms. Bernstein was a partner at Wilmer, Barr was in private practice at Wilmer, Cutler & Pickering (now WilmerHale). Cutler & Pickering (now WilmerHale), where she represented While in private practice, Ms. Bernstein counseled clients on all clients in securities regulatory matters. Ms. Barr received her aspects of financial and securities regulation, with a special B.A. from the University of Pennsylvania and her law degree focus on the Dodd-Frank Act and securities and derivatives from the University of Michigan Law School. She is a frequent law and compliance. Ms. Bernstein grew up in South Africa speaker on investment adviser issues. and earned her B.A. from the Hebrew University of Jerusalem in 1982 and her law degree from Harvard Law School in 1988. BRANDON BECKER is a Managing Director and Deputy General Counsel at MONIQUE S. BOTKIN is Associate DTCC. In this role, he is responsible for General Counsel of the Investment clearing agency rulemaking, among Adviser Association. Prior to joining the many other matters. Previously, he was IAA in 2004, Ms. Botkin was an Chief Legal Officer for TIAA, Chair of the associate in the financial services WilmerHale Broker-Dealer Practice groups at Dechert LLP in Newport Group, and served as Director of the Beach, CA and Alston & Bird LLP in Division of Market Regulation (now Washington, DC. While in private Trading & Markets) at the SEC. Mr. Becker received his LL.M. practice, Ms. Botkin represented from Columbia Law School; his J.D. from University of San investment advisers, registered investment companies, private Diego; and his B.A. from the University of Minnesota. funds, and broker-dealers in corporate, securities and investment management matters. Ms. Botkin also served as GREGG BERMAN is director of the an attorney in the SEC’s Division of Investment Management market analytics and regulatory disclosure review office from 2013 to 2014. She earned her structure unit of Citadel Securities B.A. in government and politics from the University of where he focuses on utilizing data and Maryland at College Park and her J.D., cum laude, from analytics to better inform on a host of Southwestern University School of Law in Los Angeles, where advanced topics at the crossroads of she was an editor of the Law Review. market structure, rules, and regulations. From 2009 to 2015 Mr. Berman served REGINALD M. BROWNE is a Principal at the U.S. Securities and Exchange and Head of ETF Market Making at Commission in Washington, DC, where he established and GTS-Mischler. Mr. Browne is a 15-year was associate director of the office of analytics and research ETF Industry veteran with a core focus in the division of trading and markets. Mr. Berman was also a on market-marking and institutional founding partner of New York-based RiskMetrics Group where sales. Prior to joining GTS, he was a he primarily served as its head of the risk business (1998- Senior Managing Director at Cantor 2009). Before joining RiskMetrics, Mr. Berman co-managed a Fitzgerald and Co. Before that, he was number of multi-asset hedge funds within New York-based Managing Director of the ETF Team and ED&F Man. Mr. Berman is a physicist by training and holds Global Co-Head of The Listed Derivatives Group at Knight degrees from Princeton University (Ph.D. and M.S.), and the Capital Group, Inc. Other previous firms include Newedge USA Massachusetts Institute of Technology (B.S.). and O’Connor & Associates. Mr. Browne holds a B.S. in Finance from La Salle University.

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ARI BURSTEIN is President of Capital the Division, Mr. Colby was Chief Counsel, and Chief of the Markets Strategies, representing Market Structure Branch. Mr. Colby received his J.D. cum laude investment advisers, broker-dealers, from Harvard Law School and his undergraduate degree summa hedge funds, securities exchanges and cum laude from Bowdoin College. trade associations before regulators and policymakers, in the U.S. and globally, STEPHANIE DUMONT is Senior Vice and providing advice on trading, best President and Director of Capital execution, and capital markets issues. Markets Policy for FINRA’s Office of Prior to starting Capital Markets General Counsel, where she is Strategies, Mr. Burstein was Head of US Regulatory Affairs for responsible for developing and Kreab, a leading global consulting firm. He also was Senior interpreting FINRA rules and providing Counsel for capital markets issues for the Investment legal and policy advice to FINRA Company Institute (ICI) and ICI Global, the global trade management and staff. In particular, Ms. associations for the regulated fund industry. Prior to joining Dumont is responsible for managing the ICI, Mr. Burstein was an attorney in the U.S. Securities and policy and rulemaking legal team in areas relating to trading Exchange Commission’s Division of Investment Management and customer order handling practices, market integrity, order from 1997 to 1998 and the Division of Market Regulation from audit trails and market structure for equity, options and fixed 1992 to 1997. income securities. In this role, she also supports the policy, rulemaking and regulatory reporting functions relating to NANETTE J. BUZIAK is a Managing Director and the Head of FINRA’s market transparency facilities and FINRA’s Equity Trading for Voya Investment Management. In this role, participation in various NMS Plans. Prior to this role, Ms. she is responsible for all facets of equity trading and related Dumont was Director of Compliance for a broker-dealer operations, managing a team of four traders that transact compliance consulting firm. Before that, she conducted equities, currencies and futures for their U.S. Equity Team. investigations for NASD’s Market Regulation Department in She is also responsible for the Broker Vote process at Voya areas such as insider trading, fraud, short selling and options. IM. Her previous experience includes roles as Senior Portfolio Ms. Dumont earned her B.S. in Finance and Management from Manager at J.P. Morgan Asset Management, and trader and the University of Virginia, her J.D. from the University of Virginia portfolio manager for First Marathon America, Inc.’s domestic School of Law and her LL.M, with distinction, in Securities and convertible bond arbitrage portfolio. Ms. Buziak holds FINRA Financial Regulation from Georgetown University Law Center. Series 3, 7, 55 and 63 licenses. She is a Board Member of NOIP, the National Organization of Investment Professionals WILL GEYER is the Global Head of and a member of the ICI Equity Markets Advisory Committee, Trading for Invesco US. In this role, he is SIFMA’s Asset Management Group Equity Trading Committee, responsible for the trading desks in Asia C.B.O.E Institutional Advisory Committee and Trader Forum. Pacific, Europe, and the Americas. In his She received a B.B.A. in Applied Actuarial Mathematics from former role, Mr. Geyer oversaw the Bryant University. Affiliated Broker, Securities Lending, and the optimization of Invesco’s trading ROBERT L. D. COLBY is the Chief Legal investment workflows. His posts include Officer of FINRA. He oversees FINRA’s Heading up US Trading for Barclays rulemaking, interpretive, and corporate Global Investors (1995-2001); Global Head of Alternative legal functions, as well as FINRA’s Execution (PT, Algorithmic, DMA, Connectivity and Transition Appellate Office, Office of Financial Management) at Citigroup (2001-2007), President and CEO of Innovation, and Departments of Jones Trading (2007-2009) and most recently at ITG as Global Advertising, Corporate Financing, and Head of the “Workflow Technology” business unit where he led Dispute Resolution. Previously, Mr. Colby the strategy, development and operating business for the firm’s was a partner in the law firm of Davis desktop software and network products which included the Polk & Wardwell LLP, where he advised on regulatory and XIP OMS, Triton EMS & ITG Connectivity Network (2011-2017). compliance matters for financial institutions and markets. Mr. Geyer received a B.A. in Political Science from the Before joining Davis Polk, Mr. Colby served as Deputy Director in University of Southern California and holds FINRA Series 7, 24, the SEC’s Division of Trading and Markets. In that capacity, he SIE, 63, 55, 3 and 2 licenses. was responsible for the regulation of broker-dealers, markets, and clearing organizations. Before serving as Deputy Director of

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ROMAN GINIS is Founder and CEO of Director at UBS Investment Bank where he managed Client Imperative Execution, a financial Services and Operations for its Broker-Dealer Wholesale technology company that engineers Market-Making unit. He is also a successful small business smart trading venues to improve owner having launched, marketed, and operated a chain of market efficiency. He designed environmentally friendly dry cleaners in New Jersey. IntelligentCross, the first AI powered ATS for US equities that minimizes MELISSA HINMON is Director of Equity market impact for institutional Trading for Glenmede Investment investors. Since launching in 2018 the Management LP. Ms. Hinmon has three venue has won multiple accolades from brokers for top decades of experience at buy-side and quality in trade execution. Previously Mr. Ginis was a sell-side firms including positions as a quantitative trader at Point72 and UBS, where he developed Senior Proprietary Trader, Quantitative and traded market making and event-driven strategies. Before Trader, and Customer Facilitation finance, he worked on DARPA projects at BAE and stream Trader. Ms. Hinmon is Co-Chair of the processing technology at IBM Watson Labs. He holds a Ph.D NYSE Institutional Traders Advisory in Computer Science from Caltech, focused on distributed Committee. She is also the NYSE Arca, Inc. participant systems and discrete optimization. selection for the CTA/UTP Advisory Committee. She is also a member of the Nasdaq Quality of Markets Committee and the LOUIS GRACIA is the Deputy CBOE Institutional Advisory Committee. Ms. Hinmon received Associate Regional Director in the the Rising Star Award by Traders Magazine, awarded that year Investment Adviser – Investment to “high-impact women professionals who will continue to lead Company Examination Program in the the industry in the next generation.” SEC’s Chicago Regional Office. Mr. Gracia has been with the SEC for over DAVID M. HINTZ is a Senior Vice 25 years during which time he has led President at Global Trading Analytics, and supervised numerous LLC. With more than 20 years working in examinations of investment advisory financial services, David Hintz entered firms and mutual fund complexes. He has spoken at several the Transaction Cost Analysis (TCA) previous Compliance Outreach events, NASAA conferences, industry in 2002 at Ekins McSherry, a NSCP conferences, IAA workshops and National Examination pioneering firm in the TCA field. While at Program training courses. Mr. Gracia has also represented the Elkins/McSherry, David rose to the level SEC at numerous staff recruitment and investor outreach of Managing Director and was events. He holds a B.S. in Accounting from the University of responsible for relationship management and generating new Illinois at Chicago, a CPA license in the state of Illinois and the business. In 2005, David left Elkins/McSherry to help start CFE designation. Global Trading Analytics and head the sales and marketing team. FRANK GRAMPONE is Executive Vice President of BXS. His focus is on MILES HUFFMAN is a Senior Manager business development, strategic of Equity Quantitative Analytics, TCA for initiatives, and tailoring products and Vanguard. He joined the firm in 2014 as systems to better serve its clients and Senior Manager of Equity Quantitative the capital markets community. He has Analytics and TCA. His global team’s 30 years of experience specifically in focus is on data-driven execution trading, business development, client consulting and strategic research services, and regulatory compliance. regarding market impact and other Before BXS, Frank was a Managing Director at Knight Capital transaction costs for Vanguard’s Group where he oversaw US Operations, managing Client multi-asset passive and active mutual funds and ETFs. Prior to Services and Broker Dealer Sales-Trading. He also joining Vanguard, Miles worked for seven years at Ziff Brothers spearheaded the Best Execution Committee while Investments on the Trade Execution and Analytics team. coordinating all efforts for Rule 605 and Rule 606 regulatory reporting. After Knight, Mr. Grampone was an Executive

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MEHMET KINAK is a vice president of senior position at Swiss American Securities, a subsidiary of T. Rowe Price Group, Inc. He is the Credit Suisse. At SASI, he created and managed an electronic Global Head of Systematic Trading and market making platform that traded over 3000 listed Market Structure. His primary focus is securities. He founded GLP in 2010 with the vision that there electronic and program trading, market was a significant technology void in the equity marketplace structure analysis, and transaction cost due to all of the fragmentation, and his goal was to create a analysis. He is the Co-Chair of the NYSE best in class, performance driven execution services platform. Institutional Traders Advisory Committee and serves on the RICHARD LINDSEY, PhD is a Managing Institutional Traders Advisory Committees of CBOE Global Partner and Chief Investment Officer of Markets, IEX Group, and Nasdaq. Mr. Kinak previously served Windham Capital Management, LLC. as a member of the SEC Equity Market Structure Advisory Previously, he served as the Chief Committee. He is a board member of the National Investment Strategist, Liquid Alternative Organization of Investment Professionals (NOIP) and Chairs Group for Janus Capital. In this role he ICI’s Equity Market Structure Advisory Committee. Mr. Kinak developed and co-managed the liquid earned a B.S. in finance from Virginia Polytechnic University. alternative strategies and was also a member of the Janus Capital Group NOLA KOPFER is Director of Global Trading for MFS Global Allocation Committee. Prior to joining Janus in August Investment Management. In this role, she has oversight of the 2012, Dr. Lindsey was a principal of the Callcott Group, LLC, a firm’s global equity and global fixed income trading functions, quantitative consulting group, where he was responsible for leading a team of trading professionals across the firm’s three directing research activities and advisory services. For eight trading desks in Boston, London and Toronto. Ms. Kopfer years he was president of Bear, Stearns Securities Corporation joins MFS from UBS Securities, LLC, where she most recently and a member of the Management Committee of The Bear was an executive director and head of Americas Equities Stearns Companies, Inc. Before joining Bear Stearns, Dr. Electronic Sales Trading. She previously worked for Goldman, Lindsey served as the Director of Market Regulation for the Sachs & Co. in multiple roles where she helped champion U.S. Securities and Exchange Commission and as the Chief and lead the implementation of electronic trading, including Economist of the SEC. He was a finance professor at the Yale eight years managing the firm’s Boston-based electronic sales School of Management before joining the SEC. trading team. She holds a Bachelor of Arts in Economics from Columbia University and holds the CFA charter as a member STEVE LUPARELLO is General Counsel of the CFA Institute. for Citadel Securities, responsible for legal, compliance, and surveillance TIM LANG, the CEO and Founder of functions in the Americas. Prior to Global Liquidity Partners, is an equity joining Citadel Securities, Mr. Luparello trading professional with 40+ years of was Director of the SEC’s Division of Wall Street experience. He has managed Trading and Markets. Prior to that, he trading desks and served on senior was a Partner at WilmerHale, management committees at Merrill specializing in broker-dealer compliance Lynch, Spear Leeds & Kellogg and and regulation, securities litigation, and enforcement, joining National Discount Brokers. Although his WilmerHale after spending 16 years at the Financial Industry main focus was on the equity Regulatory Authority (FINRA) and its predecessor, the National marketplace, his duties also included the trading of a variety of Association of Securities Dealers (NASD), where he served last other asset classes. His interest in technology, insight into the as Vice Chairman. Mr. Luparello is a member of the Board of potential of electronic trading and entrepreneurial spirit the Options Clearing Corporation (OCC) and a former member motivated his founding of Phoenix Third Market. Phoenix was of the Board of the Depository Trust Clearing Corporation the first automated platform to make markets in listed (DTCC). He received a bachelor’s degree from Le Moyne securities servicing the startup Internet Brokers. Mr. Lang College and a law degree from Washington and Lee University. became an early advocate of NMS committees and served on many through those early years. This experience led him to a

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CHUCK MACK is Head of U.S. Equities Management Company. Previously, he was affiliated with for Nasdaq. In this role, he is Brown Brothers Harriman. He earned a B.A. from Colby responsible for the management, College and an M.S. from the Carroll School of Management operation and strategic direction for at Boston College. He is a member of the Boston Security Nasdaq’s three U.S. Equities Analysts Society and is a CFA charterholder. His commentary exchanges – Nasdaq, BX and PSX. He has appeared in The Wall Street Journal, Financial Times, also oversees the Nasdaq Exchange Risk Magazine, Bloomberg, Reuters, Forbes Magazine, Traded Products (ETP) business, and Euromoney, International Financing Review and Pensions & the over-the-counter Trade Reporting Investments. Facility. He started his tenure at Nasdaq in 2004 via Nasdaq’s acquisition of the BRUT ECN in a market operations role. HESTER M. PEIRCE was sworn is as Throughout his time at Nasdaq, he moved to roles involving Commissioner by Jay Clayton on market structure and strategy which led to various leadership January 11, 2018. Commissioner and management positions in both US equities and options. Peirce comes to the SEC from the Mr. Mack began his career in the securities industry in trading Mercatus Center at George Mason and technology at TD Waterhouse Inc. He holds a Bachelor of University where she served as a Arts and a Masters of Business Administration, both from Senior Research Fellow and Director of Rutgers University. the Financial Markets Working Group. She previously worked for U.S. Senator ANNETTE NAZARETH leads Davis Richard Shelby on the Senate Committee on Banking, Polk & Wardwell’s Trading and Markets Housing, and Urban Affairs, and, prior to that, as counsel to practice. She is an experienced then-SEC Commissioner Paul S. Atkins and as a Staff financial markets regulator, former SEC Attorney in the Division of Investment Management. Commissioner (2005-2008), and Commissioner Peirce earned her BA in economics from Case recognized authority on financial Western Reserve University and her JD from Yale Law School. markets regulatory issues. Ms. Nazareth has been a key player in ERIC M. POLLACKOV is the Global financial services for much of her Head of ETF Capital Markets for career and was a highly regarded financial services Invesco ETFs. In this role, Mr. Pollackov policymaker for more than a decade. She joined the SEC in proactively develops relationships with 1998 as a Senior Counsel to Chairman Arthur Levitt. She sell-side trading desks, implements served as Director of the Division of Trading and Markets capital markets strategies for Invesco’s from 1999 to 2005. She also served as the senior staff ETFs, and develops and measures the member assisting the SEC Chairman on the President’s success of client business plans. Working Group on Financial Markets and served as the Before joining Invesco in 2016, Mr. Commission’s representative on the Financial Stability Pollackov was head of ETF capital markets for Charles Forum. She graduated from Columbia University School of Schwab. Previously, he served as managing director of Law, where she was a Harlan Fiske Stone Scholar, and Brown exchange-traded products at NYSE Euronext. He began his University, where she graduated magna cum laude and Phi career in 1999 as a derivatives trader for Susquehanna Beta Kappa. International Group, specializing in ETFs. Mr. Pollackov earned a bachelor’s degree from The State University of New MICHAEL O’BRIEN, CFA is a vice president of Eaton Vance York at Buffalo and holds the Series 7 and 24 registrations. Management and Director of Global Trading, overseeing a team of traders operating 24 hours per day in global markets. He and his team are responsible for trade execution as well as gathering intelligence on markets and new instruments. He joined Eaton Vance in 2005. Mr. O’Brien began his career in the investment management industry in 2000. Before joining Eaton Vance, he was affiliated with Wellington

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JOHN RAMSAY is Chief Market Policy market structure that impact ETF liquidity. Prior to joining State Officer for IEX. He is responsible for Street, Ms. Russell was a Director at Barclays Capital Inc., where developing and communicating IEX’s she held various roles in the Equities division from 2008-2017. positions on market policy issues, and Ms. Russell started her career at Lehman Brothers as an engaging with governmental and regula- investment banking intern in the Global Real Estate Group. Ms. tory authorities and certain IEX stake- Russell serves as a member of the Security Traders holders on those issues. He also acts as Association’s Market Structure Analyst Committee, SIFMA’s IEX’s representative on governing Equity Markets & Trading Committee, and Nasdaq’s Institutional committees with responsibility for Traders Advisory Council (ITAC). She holds a bachelor’s degree various aspects of the national market system, including the with Honors from Cornell University. securities information processors, the consolidated audit trail, and the Limit Up/Limit Down Plan. Mr. Ramsay joined IEX in JUSTIN SCHACK is a Managing 2014 from the SEC, where he led the Division of Trading and Director and Partner at Rosenblatt Markets, the group responsible for regulating broker-dealers and Securities. Mr. Schack heads the firm’s self-regulatory organizations. Previously, he led SEC efforts to Market Structure Analysis group, which implement significant elements of the Dodd-Frank Act. Before provides asset managers, exchange the SEC, he held senior positions at the Commodity Futures groups, proprietary trading firms, Trading Commission, the National Association of Securities regulators and other clients with in-depth Dealers (now FINRA), the law firm of Morgan Lewis & Bockius, intelligence on global market structure and Citigroup Global Markets. and the exchange industry. Prior to joining Rosenblatt in February 2008, Mr. Schack spent 14 years BRETT REDFEARN was named the U.S. as a financial and public-affairs journalist, most recently as Securities and Exchange Commission’s Assistant Managing Editor of Institutional Investor. In 2014 The Director of the Division of Trading and Trade magazine named him to its list of the decade’s 100 most Markets in October 2017. He joined the influential people in buy-side trading. His work in journalism SEC from J.P. Morgan, where he was has been recognized with awards from the National Press Club, Global Head of Market Structure for the the Society of Professional Journalists and the American Corporate and Investment Bank. During Society of Business Publication Editors. Mr. Schack holds a B.A. his career, he has focused on how in history from Seton Hall University and an M.A. in history from technology, regulation and business the University of Connecticut. trends are changing trading patterns across asset classes and geographic regions. He has been a frequent contributor at BART SMITH is Head of the ETF and policy forums surrounding U.S. equity markets, and has been Portfolio Trading Group at Susquehanna an active participant at several meetings of the SEC’s Equity International Group. As such, Mr. Smith Market Structure Advisory Committee. He served as Chairman is responsible for several ETF-related of SIFMA’s Equity Markets and Trading Committee and was a activities including oversight of the participant on the Security Traders Association (STA) Market Firm’s ETF lead market making and Structure Analysts Committee and the Canadian STA (CSTA’s) exchange-related business, ETF issuer Trading Issues Committee. Previously, Mr. Redfearn earned his relationships, ETF client trading (through M.A. in political science from the New School for Social SIG affiliate Susquehanna Financial Research and his B.A. from the Evergreen State College in Group, or SFG), global equity and fixed income portfolio trading Olympia, Washington. (also SFG), and other strategic ETF initiatives. As of 2014, Bart is also Head of Susquehanna’s Digital Assets business. Prior to KIMBERLY RUSSELL is a Vice President his current role, he helped Emerging Global Advisors launch its and Market Structure Specialist in the EGShares lineup of ETFs. Mr. Smith has also worked at ETF Capital Markets Group at State AllianceBernstein and UBS Wealth Management in a variety of Street Global Advisors. She is responsible sales and consulting roles. Mr. Smith is a graduate of for business development with US Vanderbilt University with a B.S. in Human & Organizational exchanges, evaluating market structure Development. and regulatory developments, and providing analysis on aspects of equity

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JASON VEDDER is the Director of JOE WALD is Managing Director and Global Trading and Operations for Co-Head of Electronic Trading for BMO. Driehaus Capital Management LLC. He identifies and executes on growth He is responsible for directing the opportunities and shares responsibility firm’s domestic and international for the overall growth and success of trading function, which includes the electronic division. Prior to the sale supervising all traders. Additionally, of Clearpool Group to BMO Capital he serves on the firm’s business Markets, Mr. Wald was the CEO and management committee. From 1992 Co-Founder. He was executive vice to 1998 he was a floor specialist and position trader on the president at GAIN Capital where he ran GTX, the institutional Chicago Stock Exchange, as well as a market maker on the electronic FX trading business. Before Gain, he was managing NASDAQ. During this time, he was also a member of the director and head of Knight Direct, Knight Capital Group’s Equity Capital Formation Task force for the US Department institutional electronic trade execution business. Before of the Treasury. From 1998 to 2000 he worked as a founding Knight Capital, Mr. Wald was CEO and co-founder of partner of Smart Bandwidth, LLC. Mr. Vedder received his EdgeTrade Inc., the pioneer developer of agency-only, liquidity B.A. in economics from Albion College in 1992 and his M.B.A. seeking algorithms and direct market access technologies for from DePaul University. He has passed all 3 levels of the the U.S. equities market. EdgeTrade was sold to Knight Chartered Market Technician program (CMT). Capital Group in 2008. He holds a B.S. in Business, Management and Finance from Brooklyn College. ANDREW VOLZ, CFA serves as Chief Operating Office for JonesTrading. Prior to JonesTrading, Mr. Volz spent 6 years DOUGLAS YONES is currently the at Wells Fargo Prime Services, a technology-focused Prime Head of Exchange Traded Products at Services firm that Wells Fargo acquired in 2012, previously the New York Stock Exchange, where known as Merlin Securities. In his role at Wells, he worked he oversees the team responsible for on both the product/consulting side of the business as the delivery of customized, full service well as in sales, where he was a top producer focusing on end-to-end capabilities for ETP and both emerging and large established managers. Spanning Closed End Fund Issuers. Prior to a number of roles and firms, Mr. Volz has over 10 years joining the NYSE, he spent 17 years at experience helping funds both launch and streamline their The Vanguard Group, most recently as business and operations with technology and process. Prior the Head of Domestic Equity Indexing/ETF Product to joining Merlin, Mr. Volz worked in a variety of finance Management. From 2007 through 2015, Mr. Yones worked on and technology related roles including derivative risk the development and launch of numerous ETFs in the U.S., management, hedge fund technology solutions, and algo/ U.K., and Canada. He also spent a number of years in Hong smart order routing product management. He has a B.A. from Kong, responsible for the development and launch of the the University of Connecticut in Management of Information regional ETF business for Vanguard in Asia. Mr. Yones holds systems, is a CFA Charterholder and has the Series 7 and 63 the Chartered Financial Consultant (ChFC) designation with industry licenses. the American College, and an M.B.A. from Villanova University. His undergraduate degree is from the Pennsylvania State University, and he is a registered General Securities Principal with FINRA.

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BEST PRACTICES FOR VIEWING THE VIRTUAL SUMMIT

Overview Best Practices for Viewing The following information is provided to assist you in selecting Video players will play video smoothly if they can receive and testing an ideal location and computer from which to enough data to do so. They can buffer or become choppy if view the Trading and Best Execution Summit. We highly they can’t receive enough data. Here are some video streaming recommend that you review this carefully and test any location best practices: and equipment you plan to use to view the event before 1. Choose a hard line connection over a wireless router Thursday. (WiFi) or Mobile Broadband connection (4G/4G LTE USB Modem). Hard lines are more consistent to carry Device Requirements streaming data. The wireless options may work if Hardware Requirements bandwidth happens to be good but typically do not • Windows Based PC (Windows 7 or newer) or Mac (OS x provide consistent enough bandwidth to watch live 10.7 or newer) streamed video over an extended period of time. • 8GB of System Ram (Memory) or more (at least 4GB recommended) 2. Run a speed test prior to the event with the same • iPad, iPhones, and Android mobile devices are supported. connection you will use to view the event. This can be Please make sure your device’s operating system is up to accomplished by going to http://www.speedtest.net. date. Wait until the page loads and click on “begin test” when it • Soundcard with speakers or headphones appears. Take note of your download speed. A consistent connection speed of 10Mbps (10000kbps) or higher is Software Requirements recommended, lower than 5Mbps is not recommended.

A Browser version of Internet Explorer 9.0 or higher or Firefox 3. Be sure to connect to the event through your local 34.0 or higher, Chrome 42.0 or higher, Safari or Edge. We browser, not through the Cloud. recommend viewing the program in the Chrome browser for best results. 4. Be aware of other users and their network activity during the time of the event. If you can, ask others to limit activity during the event.

5. Close out other running programs while viewing.

6. Reboot your computer if it has been running for awhile.

We recommend going to the location from which you plan to view the event in advance of the actual day and test your Internet connectivity on the device you plan to use.

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THANK YOU TO OUR SPONSORS

Sponsor URL

BMO Financial Group https://capitalmarkets.bmo.com/en/our-bankers/electronic-trading-group/ BXS - Best Execution Solutions https://www.bestxstats.com/ Citadel Securities https://www.citadelsecurities.com/ Global Liquidity Partners https://globalliquiditypartners.com/ Global Trading Analytics https://www.gtanalytics.com/ IEX Group https://iextrading.com/ IntelligentCross https://imperativex.com/intelligentcross/ Invesco https://www.invesco.com/ JonesTrading https://jonestrading.com/ Nasdaq https://www.nasdaq.com/ NYSE https://www.nyse.com/ Rosenblatt Securities https://www.rblt.com/ State Street Global Advisors https://www.ssga.com/

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SPONSOR LIVE PRESENTATIONS

12:00-12:20 PM Global Trading Analytics Effective Strategies for Measuring Best Execution Beyond Equities https://gtanalytics.webex.com/gtanalytics/j.php?MTID=mc54e565f75f687ea834702ba7b184e9e

1:30-2:00 PM Global Trading Analytics Fixed Income & Derivatives Live TCA Demo https://gtanalytics.webex.com/gtanalytics/j.php?MTID=mf8489ba2877ad40d79e4aeaf414eba75

1:20-1:50 PM IntelligentCross Best Execution with a Smarter Trading Venue (1) https://zoom.us/j/93268111263?pwd=R0M4YzM1VlZqcTdVeUhWeDIySUxzUT09 Meeting ID: 932 6811 1263 / Password: TC2020

3:10-3:40 PM IntelligentCross Best Execution with a Smarter Trading Venue (2) https://zoom.us/j/91239018646?pwd=dlY4dTZJNDZIUzBqNWphS2NMTDVGUT09 Meeting ID: 912 3901 8646 / Password: TC2020

1:20-1:50 PM Global Liquidity Partners Best Execution and the Use of Data - What Investment Advisers Need to Know https://us02web.zoom.us/j/89280111984

4:15-4:45 PM Global Liquidity Partners Achieving Best Execution – Finding Liquidity in Today’s Markets https://us02web.zoom.us/j/86793291385

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RULES OF ENGAGEMENT

Prohibition on Use of Summit Video, Audio, or Other welcoming, respectful and productive experience for its Content in-person and virtual conference participants, regardless of Any use of any portion of the Trading and Best Execution gender, sexual orientation, disability, ethnicity, or religion. By Summit, including the use of any audio or video portion of registering for this conference, you agree to conduct yourself the event, is strictly prohibited without the express written in a professional manner as outlined below. consent of both the IAA and Capital Markets Strategies. This includes, but is not limited to, any reproduction, rebroadcast, Expected behavior: retransmission, or distribution of the event in any manner or • Be considerate, respectful, and collaborative. form. In addition, no person may copy, recompile or create • Refrain from demeaning, discriminatory or harassing derivative works of any portion of the Summit and no portion speech and behavior. of the Summit shall be used by any party, directly or indirectly, for any commercial use or benefit without express written Unacceptable behavior: consent of both the IAA and Capital Markets Strategies. • Intimidating, harassing, abusive, discriminatory, Event Registration derogatory or demeaning remarks or behavior. Passwords and other log-in information provided in • Offensive comments related to gender, sexual orientation, conjunction with registration for and participation in the race, religion, disability; inappropriate use of sexual Summit are unique and exclusive to each registrant and may images in public spaces; deliberate intimidation, stalking not be shared with anyone. Access to the Summit may be or following; harassing photography or recording; denied if the IAA and/or Capital Markets Strategies detects or sustained disruption of presentations. suspects unauthorized use of such passwords and/or log-in information. This includes conference-related social events at off-site locations, and in conference-related online communities and Press social media. Discussions with SEC Commissioner Peirce and SEC Trading and Markets Director Redfearn are on the record. All other Consequences of unacceptable behavior: panel discussions, and other portions of the Summit, are for Unacceptable behavior will not be tolerated. Participants background purposes only. asked to stop such behavior are expected to comply immediately. Participants in violation of the Code of Conduct Conference Code of Conduct may be expelled from the conference without a refund, and/ The Investment Adviser Association seeks to provide a or banned from future IAA events, at the sole discretion of IAA.

Please bring any concerns to the immediate attention Lisa Gillette, Director of Meetings and Events, at lisa.gillette@ investmentadviser.org.

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