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- 1 -

2018 Events 82nd Annual Conference and Dinner New York Stock Exchange | 11 Wall Street | New York, NY Thursday, April 19, 2018

STANY Annual Meeting and Bootleggers Tasting OTC Markets | 304 Hudson Street| New York, NY Tuesday, July 10, 2018

2018 Golf Classic & John Harrington Cup Tournament 82Canoe Brook Country Club | Summit, NJ Monday, July 23, 2018

28th Annual International Reception and Holiday Party Location and Date: TBA

Kimberly Unger Chief Executive Officer [email protected]

212.344.0410 www.stany.org - 3 -

Security Traders Association of New York Table of Contents 6 STANY BOARD OF DIRECTORS

8 STANY PRESIDENT’S WELCOME LETTER

10 2017 SPONSORS THANK YOU

12 2018 SPONSORS

14 2018 CONFERENCE SCHEDULE

COMPANY PROFILES 16 Diamond Sponsor 18 Platinum Sponsors 20 Gold Sponsors 22 Silver Sponsors 26 Women in Finance Sponsors 28 Bronze Sponsors 38 Media Partners

5TH ANNUAL HONORS 40 Lifetime Achievement and Dedication to STANY Award 42 Outstanding Contribution to Industry Award

44 EVENT PHOTOS

86 2018 STANY ATTENDEES 100 2018 STANY MEMBERSHIP DIRECTORY 107 2017 STANY MEMBERSHIP DIRECTORY 111 2018 RETIRED AND HONORARY MEMBERS

112 ADVERTISEMENT INDEX

- 5 - Security Traders Association of New York Board of Directors 2018 Officers President BARRY HICKMAN BNY Mellon’s Pershing

First Vice President PATRICIA KOETZNER Siebert, Cisneros, Shank & Co.

Second Vice President RON HOOEY BNY Mellon Capital Markets

Secretary JAMES HYDE NYSE / ICE

Treasurer PETER COCUZZA Global Liquidity Partners

Past President MIKE MODESKI OTC Markets Group

CEO/Executive Director KIMBERLY UNGER, Esq. STANY

Directors Consultants Brian Cashin Adam Inzirillo Thomas Jordan Instinet Bank of America Merrill Lynch Jordan & Jordan

Bill Cody Jennifer Nayar William Karsh Cboe Global Markets Vela OTC Markets Group

Jeffrey Cooper Daniel Strack Brian Kennedy FIS Global Vandham Securities Bank of America Merrill Lynch

Troy Draizen Lisa M. Utasi Sean Klinkowize Cowen Execution Services ClearBridge Investments CFRA

Joanna Fields Daniel Weingarten Bill Vance Aplomb Strategies Sage Trader

David Weisberger Beth Hamburger ViableMkts - 6 - By bringing together people, capital and ideas, Goldman Sachs produces solutions and results for our clients. Our securities division helps clients buy and sell financial instruments on exchanges around the world. From developing trading strategies to the final clearing and execution of transactions, our experts provide insights and strategies to help clients achieve their goals. We understand that by serving our clients well and creating opportunities for economic growth, our own success will follow.

The Officers, Directors and staff of STANY wish to offer our sincere appreciation to the members and sponsors who have so generously supported STANY throughout the year. Your support is invaluable and has enabled the Association to serve the New York, New Jersey and Southern Connecticut trading community for 82 years.

With the help of our members, friends, and the STANY Foundation, we were able to contribute to multiple worthwhile organizations in 2017 & 2018 including: Foundation for Women Warriors, MDA’s Wings Over Wall Street, St. Jude’s Children Research Hospital, Taylor’s Gift Foundation, Wall Street Rides FAR for Autism Research Foundation, Hurricane Harvey Relief Fund, Volunteer Florida’s Disaster Fund, Gotta Luv Them Fund, Toys for Tots, and Cody Strong for a Cure. We are proud of our charitable efforts and of all our members who contributed their time, resources and money to these exceptional causes.

We also wish to thank those of you who participated in, and attended, our programs and events and who supported STANY in countless ways throughout 2017 and 2018. We truly appreciate your continued support and greatly value our relationship with you and your firms.

Special thanks to the following Sponsors & Supporters of STANY in 2017 Annual Sponsors Dinner Half Ways Golf Balls Citadel Securities Citadel Securities Pershing, a BNY Diamond Cowen Mellon Company OTC Markets Group Golf Holes Bank of America Beverage Carts International Platinum Merrill Lynch (2) FlexTrade Reception Cboe BestXStats NYSE Goldman Sachs BIDS Trading, L.P.(2) Silver Nasdaq Canaccord Genuity Golf Carts Canaccord Genuity Cantor Fitzgerald (2) Canadian Securities INTL FCStone 2017 Golf Classic Cboe LiveVol (2) Exchange (2) Virtu Citi Delaware Board of Trade Brunch DataWatch Corporation (2) Bronze CastleOak Securities Jane Street (2) Coolers BIDS Trading L.P. Instinet Lime Brokerage OTC Markets Group Canadian Securities Exchange Presidio Maxim Group (2) Instinet Virtu Pershing, a BNY Croakies Jordan & Jordan Mellon Company (2) LevelATS Pershing, a BNY Cocktails SIG Susquehanna Mellon Company Barclays TMX String Bags Cboe DataWatch Corporation Friend LeveL ATS Hole in One Vela Firm58 - 10 - trade smarter Achieving your trading goals requires a smarter strategy. Optimal trading is powered not just by general strategies and access to liquidity, but also by actionable ideas and insights derived from advanced research and custom analytics.

That’s Trader Instinct®. Smart Trading delivered.

“ Bank of America Merrill Lynch” is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation (“Investment Banking Affiliates”), including, in the United States, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp., both of which are registered broker-dealers and Members of SIPC, and, in other jurisdictions, by locally registered entities. Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp. are registered as futures commission merchants with the CFTC and are members of the NFA. Investment products offered by Investment Banking Affiliates:- Are11 Not -FDIC Insured • May Lose Value • Are Not Bank Guaranteed. ©2018 Bank of America Corporation. ARMRHRNP 05-18-0455

CAD-05-18-0455_01.indd 1 5/25/18 10:02 AM Security Traders Association of New York 2018 Sponsors

Diamond

Platinum

Gold

Silver

Women in Finance

Bronze

Media Partners

- 12 - THE WORLD’S FASTEST TIME SERIES DATABASE

kdb+ The World’s Fastest Time Series Database

A leader in trading technology for over two decades, reach out to us at [email protected] to learn more. www.kx.com Security Traders Association of New York 82nd Capital Markets Annual Conference and Party Transformation in Markets and Investing April 19th, 2018 7:30-9:00 a.m. STANY Women in Finance Breakfast

8:00-8:30 a.m. Fire-Side Chat Kara Stein, Commissioner, United States Securities and Exchange Commission Tom Farley, President, NYSE Group

8:30 – 9:00 a.m. 5th Annual STANY Award Presentation

Outstanding Contribution to the Industry Sue Herera Breaking News Anchor & “Nightly Business Report” Co- Anchor, CNBC with Dominic Chu, Markets Reporter, CNBC

9:20-10:00 a.m. Catalysts for Change in Fixed Income Market Structure and Market Making Moderator: Anthony J. Perrotta Jr., Member, Board of Director, TABB Group Ted Bragg, Vice President, Head of US Treasuries, Nasdaq Dominic Holland, Head of Fixed Income Electronic Markets, BNY Mellon Michael Noto, Managing Director, Markets Product and Platform, Barclays Nicola White, Managing Director, Global COO FICC, Citadel Securities

10:00-10:40 a.m. Blockchain, Cryptocurriences & ICO’s : Changing the Landscape Moderator, Rina Singh, PhD., Co-founder and COO, Truechain Matthew Comstock, Esq., Partner, Murphy & McGonigle Julian Jacobson, Co-Founder, President and COO, Fundamental Interactions Inc. Ron Quaranta, Chairman, Wall Street Blockchain Alliance David Weisberger, Cofounder & CEO, CoinRoute

10:40-11:00 a.m. Networking Break

11:00-11:40 a.m. All Things Data: Big Data, AI, Machine Learning and More Moderator: Michael O’Hara, Global Account Director, ITRS Khody Azmoon, Vice President, Cowen Allison Bishop, PhD., Quantitative Researcher, IEX Michael Friedman, General Counsel Chief Compliance Officer, Trillium Conor Twomey, Managing Director North America, Kx

11:40-12:10 p.m. Keynote: Brett Redfearn, Director, Division of Trading and Markets, United States Securities & Exchange Commission

12:10-12:40 p.m. Washington Update David E. Franasiak, Esq., Principal, Williams & Jensen

12:40-1:40 p.m. Lunch Continues on the next page... - 14 - Security Traders Association of New York 82nd Capital Markets Annual Conference and Party Continued from previous page... 1:40-2:20 p.m. Regulatory Panel Moderator, Scott Schirick, Esq., Partner, Pryor Cashman LLP Mary Jeanette Dee, Esq., Partner, Sheppard Mullin Gene DeMaio, Esq., Senior Vice President, FINRA Hope Jarkowski, Esq., Co-Head of Government Affairs, ICE John Malitzis, Esq., Chief Surveillance Officer & Deputy General Counsel, Citadel Securities

2:20-3:00 p.m. Options Moderator: J. Slade Winchester, Director, Citigroup Derivatives Markets, Inc. David Dooman, Managing Director, PHead of Business Development, Dash Financial Lon Parisi, Director, Global Equity Derivatives Strategy Group, Deutsche Bank

3:00-3:40 p.m. Electronic Market Making & the New Liquidity Landscape Moderator: Joseph Mecane, Head of Execution Services, Citadel Securities Ana Avramovic, Director, Market Structure Strategy, Bank of America Merrill Lynch Tara Muller, Head of Off-Exchange Liquidity, Virtu Financial Joe Wald, CEO, Clearpool Group Sam Yudelvoitch, Director, Electronic Equity Trading, IMC Financial Markets

3:40-4:00 p.m. Keynote: Josh “Downtown” Brown, CEO, Ritholtz Wealth Management

4:00-4:10 p.m. Networking Break

4:10-4:15 p.m. Will Cody, Cody Strong for a Cure

4:15-5:10 p.m. Exchange Panel Moderator, Keith Casuccio, Managing Director, US Electronic Trading Sales, Goldman Sachs Michael Blaugrund, CFA, Head of Equities, NYSE Tal Cohen, Senior Vice President, North American Equities, Nasdaq R. Cromwell Coulson, President & CEO, OTC Markets Group Bryan Harkins, Executive Vice President, Head of US Markets & Global FX, Cboe Global Markets Kevin Sampson, President, Equity Trading, TMX Group

5:10-5:30 p.m. 5th Annual STANY Award Presentation

Lifetime Achievement and Dedication to STANY R. Cromwell Coulson President & CEO, OTC Markets Group with Bob Pisani, On-Air Stocks Editor, CNBC

5:30-8:30 p.m. Cocktails on the NYSE Floor

Raffle to benefit Cody Strong for a Cure Entertainment by Raw Sugar - 15 - Security Traders Association of New York Company Profiles DIAMOND SPONSORS

YSE Group is a subsidiary of Intercontinental Exchange (NYSE:ICE), a leading operator of global exchanges and clearing houses, and a provider of data and listings services. NYSE Group Nincludes exchanges, market data and connectivity services. The equity exchanges — the New York Stock Exchange, NYSE American and NYSE Arca — trade more U.S. equity volume than any other exchange group. NYSE is the premier global venue for capital raising, leading worldwide in IPOs, including technology IPOs. NYSE Arca Options and NYSE American Options are leading equity options exchanges.

To learn more, visit www.nyse.com.

TC Markets Group Inc. (OTCQX: OTCM) operates the OTCQX Best Market, the OTCQB Venture Market and the Pink Open Market for 10,000 U.S. and global securities. Through OTC OLink ATS and OTC Link ECN, we connect a diverse network of broker-dealers that provide liquidity and execution services. We enable investors to easily trade through the broker of their choice and empower companies to improve the quality of information available for investors.

To learn more about how we create better informed and more efficient markets, visit www.otcmarkets.com.

OTC Link ATS and OTC Link ECN are operated by OTC Link LLC, member FINRA/SIPC and SEC regulated ATS. Subscribe to the OTC Markets RSS Feed Platinum Sponsors continues on page 18 - 16 - TORONTO STOCK EXCHANGE Canada’s Market Leader

95% 3X HIGHEST time at NBBO* average size average trade at NBBO vs. size among nearest protected competitor* markets*

tmx.com

*Approximate numbers based on quoting and trading in S&P/TSX Composite Stock over Q1 2018 during standard continuous trading hours. Underlying data source: TMX Analytics. ©2018 TSX Inc. All rights reserved. The information in this ad is provided for informational purposes only. This ad, and certain of the information contained in this ad, is TSX Inc.’s proprietary information. Neither TMX Group Limited nor any of its affiliates represents, warrants or guarantees the completeness or accuracy of the information contained in this ad and they are not responsible for any errors or omissions in or your use of, or reliance on, the information. “S&P” is a trademark owned by Standard & Poor’s Financial Services LLC, and “TSX” is a trademark owned by TSX Inc. TMX, the TMX design, TMX Group, Toronto Stock Exchange, and TSX are trademarks of TSX Inc. Security Traders Association of New York Company Profiles PLATINUM SPONSORS

boe Global Markets, Inc. (“Cboe Global Markets” or “Cboe”) is one of the world’s largest exchange holding companies, offering cutting-edge trading and investment solutions to investors Caround the world. The company is committed to relentless innovation, connecting global markets with world-class technology, and providing seamless solutions that enhance the customer experience.

Cboe offers trading across a diverse range of products in multiple asset classes and geographies, including options, futures, U.S. and European equities, exchange-traded products (ETPs), global foreign exchange (FX) and multi-asset volatility products based on the Cboe Volatility Index (VIX Index), the world’s ba- rometer for equity market volatility.

Cboe’s trading venues include the largest options exchange in the U.S. and the largest stock exchange by value traded in Europe. In addition, the company is the second-largest stock exchange operator in the U.S. and a leading market globally for ETP trading.

itadel Securities is an award-winning global market maker across a broad array of fixed income and equity products. Our unique set of capabilities and tools are designed to drive down the cost Cof transactions, helping to meet the liquidity needs of asset managers, banks, broker-dealers, hedge funds, government agencies, and public pension programs. We strive to provide the most efficient execution and the highest caliber of services, making markets more fair and accessible for all.

he Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified Tclient base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world. Platinum Sponsors continues on page 20 - 18 - Canaccord Genuity is proud to support the Annual STANY Conference

Canaccord Genuity Inc. is a registered broker-dealer regulated by the SEC and FINRA. Member SIPC. Canaccord Genuity Corp. Member IIROC/Canadian Investor Protection Fund. Security Traders Association of New York Company Profiles

PLATINUM continued from page 18

asdaq (Nasdaq: NDAQ) is a leading global provider of trading, clearing, exchange technology, listing, information and public company services. Through its diverse portfolio of solutions, Nasdaq Nenables customers to plan, optimize and execute their business vision with confidence, using proven technologies that provide transparency and insight for navigating today's global capital markets. As the creator of the world's first electronic stock market, its technology powers more than 90 market- places in 50 countries, and 1 in 10 of the world's securities transactions. Nasdaq is home to approximately 3,900 total listings with a market value of approximately $13 trillion.

New to the Nasdaq N.A. Equities product offering is the Midpoint Extended Life Order (M-ELO), which is designed to unite like-minded counterparties with longer-term investment horizons, To learn more, visit: http://business.nasdaq.com/m-elo

GOLD SPONSORS

ank of America is one of the world’s largest financial institutions, serving large corporations, small- and middle-market businesses Band individual consumers in more than 150 countries with a full range of banking, investing, asset management and other financial and risk management products and services. Bank of America Merrill Lynch is a global leader in corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. The company provides, through various banking and broker- dealer affiliates, M&A advice, equity and debt capital raising solutions, lending, risk management, treasury, liquidity, and payments management. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange. For additional information regarding Bank of America Merrill Lynch, please see www.bankofamerica.com/disclaimer.

x Systems is a division of First Derivatives, a global technology provider with over 20 years of experience solving Big Data challenges. Kx sells the world’s Kfastest time-series database, kdb+, as well as an accompanying suite of products and solutions. Kx technology is used by financial institutions around the world for trading and risk management as well as in regulatory and surveillance systems for all asset classes. Visit us at www.kx.com to learn more.

Gold Sponsors continues on page 22 - 20 -

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Security Traders Association of New York Company Profiles GOLD continued from page 20

MX Group’s key subsidiaries operate cash and derivative markets and clearinghouses for multiple asset classes including equities and fixed income. TToronto Stock Exchange, TSX Venture Exchange, TSX Alpha Exchange, The Canadian Depository for Securities, Montréal Exchange, Canadian Derivatives Clearing Corporation, Trayport and other TMX Group companies provide listing markets, trading markets, clearing facilities, depository services, technology solutions, data products and other services to the global financial community. TMX Group is headquartered in Toronto and operates offices across North America (Montréal, Calgary, Vancouver and New York), as well as in key international markets including London, Beijing and Singapore. For more information about TMX Group, visit our website at www.tmx.com. Follow TMX Group on Twitter: @TMXGroup.

SILVER SPONSORS Canaccord Genuity and independent agency broker-dealer delivering Canaccord Genuity is the global capital markets transparency, trust and control in algorithmic trading. division of Canaccord Genuity Group Inc. (TSX: Clearpool’s advanced Algorithmic Management CF), offering institutional and corporate clients idea- System (AMS) is transforming electronic trading driven investment banking, merger and acquisition, with a fully customizable suite of algorithmic trading research, sales and trading services from offices tools, offering visibility and control from strategy to in 10 countries worldwide. Our team of nearly execution. The cloud-based AMS provides pre-trade 1,000 capital markets and advisory professionals compliance and risk checks, custom configurability has industry and transactional expertise in 18 key of algorithmic strategies and routing protocols, and sectors of the global economy. We are committed to advanced analytics for validating best ex protocols. providing valued services to our clients throughout It empowers market participants to manage their the entire lifecycle of their business and operating own algorithmic trading technology at scale, and as a gold standard independent investment bank to achieve quality executions in an evolving equity – expansive in resources and reach, but targeted market microstructure and competitive landscape. in industry expertise, market focus and individual Clearpool’s independent, agency broker-dealer client attention. More information is available at: provides access to liquidity free of conflicts. We www.canaccordgenuity.com do not trade against client flow or conduct any proprietary trading and our routing protocols are Clearpool Group, Inc. completely transparent. Combined with the power Launched in 2014 and based in New York, Clearpool of our AMS, we efficiently source liquidity and secure Group, Inc. is an electronic trading software provider best execution quality for our partners.

Silver Sponsors continues on page 26 - 22 - THE FACT IS PROACTIVE TRADING SYSTEMS BEAT REACTIVE MARKETS

THE LEADING ORDER AND EXECUTION MANAGEMENT SYSTEM, UNIQUE CONTENT, AND AI COME TOGETHER IN FACTSET PERFORMANCE INTELLIGENCE.

Today’s active management means finding opportunity anywhere and moving on openings faster than ever. To succeed, you need data that goes beyond the conventional. You need an intelligent, predictive system that can get from decision to trade first. FactSet’s portfolio management and trading solutions, powered by Portware, combine the best in order and execution management system with the unique company and portfolio insight. Only FactSet can provide to transform the way investment firms discover, decide, and execute.

factset.com/trading

FINANCIAL DATA | ANALYTICS | TECHNOLOGY | SERVICES Security Traders Association of New York Company Profiles

SILVER continued from page 22 FactSet Investment Technology Group, Inc., (NYSE: ITG) has FactSet (NYSE:FDS | NASDAQ:FDS) delivers offices in Asia Pacific, Europe and North America and superior analytics, service, content, and technology offers execution services in more than 50 countries. to help more than 85,000 users see and seize Please visit www.itg.com for more information. opportunity sooner. We are committed to giving investment professionals the edge to outperform, Murphy & McGonigle with fresh perspectives, informed insights, and the Murphy & McGonigle serves the regulatory, industry-leading support of our dedicated specialists. enforcement defense and litigation counseling needs Our robust trade analytics, portfolio performance of clients across the full spectrum of the financial tools, global market data, and order and execution services industry – from national and international management tools enhance communication and securities markets and exchanges to national banks, drive productivity across the portfolio lifecycle. broker-dealers, investment advisers, and hedge We’re proud to have been recognized with multiple funds. Many of the firm’s partners formerly served awards for our analytical and data-driven solutions in senior positions at the Securities and Exchange and repeatedly ranked as one of Fortune’s 100 Best Commission (SEC), the U.S. Department of Justice, Companies to Work For. Subscribe to our thought FINRA, CFTC, and the New York State Department leadership blog to get fresh insight delivered daily at of Financial Services, and several served in senior insight.factset.com. Learn more at www.factset.com executive positions in major financial institutions and follow on Twitter: www.twitter.com/factset. on Wall Street. The increasing use of FinTech in the financial services sector, as well as the explosive IEX growth of investment in cryptocurrencies and digital Founded in 2012 and headquartered in New York tokens, has spurred strong interest from industry City, IEX introduced its first trading venue in 2013 regulators. The Murphy & McGonigle FinTech & and launched as a U.S. stock exchange in 2016. IEX is Blockchain Practice advises broker-dealers, traders, the stock exchange that believes that every investor exchanges, banks, private equity and venture has the right to trade on equal and fair terms, on investors, asset managers, private funds and other every trade. Learn more at: www.iextrading.com. market participants on complex regulatory and legal matters related to the use of technology. The firm ITG recently launched a website devoted to Blockchain ITG is a global financial technology company that developments: www.blockchainlawcenter.com. helps leading brokers and asset managers improve Murphy & McGonigle has been named a National returns for investors around the world. We Tier One law firm in Securities Litigation and empower traders to reduce the end-to-end cost Securities Regulation by a leading industry survey. of implementing investments via liquidity, execution, The Firm operates in New York, Washington, D.C. analytics and workflow technology solutions. and Richmond, VA.

Women in Finance Sponsors continues on page 24 - 24 -

Security Traders Association of New York Company Profiles WOMEN IN FINANCE SPONSORS Aplomb Strategies, Inc. operating both Trillium Trading, a proprietary For more information please intraday equities trading group, and Trillium Labs, Call: +1 646 559 4352 a trading technology development group and the Email: [email protected] creator of Surveyor, a post trade analytics and market Visit: www.aplombstrategies.com surveillance tool designed to detect and eliminate Aplomb Strategies Inc. is a market structure market manipulation. Trillium is headquartered in consulting firm with regulatory financial technology New York City, with trading floors in Chicago, Miami development and management capabilities. and Princeton. Aplomb Strategies helps financial institutions capitalize on global market structure changes. Our Vela focus allows our client partners to understand Vela is a leading independent provider of trading and implement new organizational processes to and market access technology for global multi-asset address global regulatory change, mitigate work electronic trading. Our software enables clients flow inefficiencies and implement cost optimization to successfully execute on their trading strategies to drive opportunities for growth. and manage risk across multiple fragmented Aplomb advises senior management, recommends markets, liquidity pools, and data sources. We help technology solutions, implements regulatory firms successfully differentiate and innovate in an strategies and conducts end to end reviews of ever-changing, increasingly-regulated and fiercely- procedures to support compliance globally across competitive landscape, while also reducing total asset classes (equities, listed options, futures, fx, cost of ownership. fixed income and OTC derivatives). Vela’s ticker plant, execution gateways, trading In a world of rapid market structure change, find platform, and risk and analytics software deliver opportunity. a unique, ultra-low latency technology stack for electronic low-touch and Direct Market Access Barclays (DMA) execution and pricing. We leverage the latest Barclays is a transatlantic consumer and wholesale innovations in technology to deliver cutting-edge bank offering products and services across personal, performance, features and reliability. Our modular corporate and investment banking, credit cards and stack is accessed through a single set of trading, wealth management, with a strong presence in our data and risk APIs and can be delivered as-a-Service two home markets of the UK and the US. from multiple co-location data centers globally. With over 325 years of history and expertise in With access to more than 200 venues, Vela provides banking, Barclays operates in over 40 countries global coverage across all major asset classes. and employs approximately 85,000 people. Barclays Clients are supported by an award-winning team moves, lends, invests and protects money for of technical and business experts available 24x7 customers and clients worldwide. from our multiple offices in the US, Europe, and For further information about Barclays Investment Asia. Vela’s clients include traders, market makers, Bank, please visit our website www.barclays.com brokers, banks, investment firms, exchanges, and other market participants. Trillium Visit us at www.tradevela.com. Trillium is a diversified financial services firm Follow us on Twitter @TradeVela. Bronze Sponsors continues on page 26 - 26 - Honored to sponsor STANY’s 82nd Annual Markets Conference and Reception

As a leading advisor on the cryptocurrency regulatory framework, we are pleased to present our comprehensive report, Cryptocurrency Regulatory Developments www.blockchainlawcenter.com The Blockchain Law Center

1185 Avenue of the Americas 1001 G Street NW 4870 Sadler Road 21st Floor Seventh Floor 3rd Floor New York, NY 10036 Washington, DC 20001 Glen Allen, VA 23060 212.880.3999 202.661.7000 804.762.5320

- 27 - Security Traders Association of New York Company Profiles BRONZE SPONSORS Best X Stats and successful financial services firms rely on Per- Best X Stats is a technology solutions provider shing for clearing and custody; investment, wealth specializing in assisting firms with Best Execution and retirement solutions; technology and enter- Analysis by providing simple and clean reports that prise data management; trading services; prime bro- summarize trade performance and validate a firm’s kerage and business consulting. With a network of Routing & Execution Quality. 23 offices worldwide, Pershing provides business- BXS is committed to helping Market Participants to-business solutions to clients representing more comply with current regulatory requirements. One than 7 million investor accounts globally. Pershing example is we encourage firms to have Best Ex- LLC (member FINRA, NYSE, SIPC) is a BNY Mellon ecution Meetings and provide standardized reports company. which compare month over month results that identify trends and outliers. At BXS we put our cli- The Canadian Securities Exchange ents first, which builds a solid foundation of trust. The Canadian Securities Exchange is one of the Always keeping in mind to stay within the client’s fastest growing equities exchanges because of its budget. ability to lower the cost of Canadian public capital for entrepreneurs. The CSE is designed to facilitate BIDS Trading, L.P. the capital formation process for public companies BIDS Trading, L.P. is a registered broker-dealer and through a streamlined approach to company reg- operator of the BIDS Alternative Trading System ulation that emphasizes disclosure and the provi- (ATS) which was designed to bring counterparties sion of efficient secondary market trading services together to anonymously trade large blocks. Devel- for investors. The CSE is home to more than 360 oped by a consortium of leading financial services uniquely listed companies covering a broad range of firms, the BIDS ATS resolves the classic paradox of industry sectors. the block trader – the need to find legitimate trading counterparties without prematurely revealing trad- Cantor Fitzgerald ing intentions. The BIDS sponsorship model offers Cantor Fitzgerald, a leading global financial services a low-cost alternative and an excellent commission group at the forefront of financial and technological management tool for the buy-side, providing them innovation has been a proven and resilient leader the opportunity to find unique liquidity, while pay- for over 65 years. Cantor Fitzgerald & Co. is a pre- ing their sponsoring brokers for research and other eminent investment bank serving more than 7,000 services. institutional clients around the world, recognized For more information, visit www.bidstrading.com for its strengths in fixed income and equity capital markets, investment banking, prime brokerage, and BNY Mellon’s Pershing commercial real estate finance and for its global dis- BNY Mellon’s Pershing and its affiliates pro- tribution platform. Cantor Fitzgerald & Co. is one vide a comprehensive network of global financial of 23 primary dealers authorized to trade U.S. gov- business solutions to advisors, broker-dealers, fam- ernment securities with The Federal Reserve Bank ily offices, hedge fund and ’40 Act fund managers, of New York. For more information please visit registered investment advisor firms and wealth www.cantor.com. managers. Many of the world’s most sophisticated Bronze Sponsors continues on page 30 - 28 -

Security Traders Association of New York Company Profiles

BRONZE continued from page 28 CODA Markets tive asset management solutions to a global client CODA Markets is an independent, agency-only base and Cowen and Company offers industry fo- FINRA regulated broker-dealer which operates an cused investment banking for growth-oriented com- electronic equity alternative trading system under panies, industry-leading research, a sales and trading SEC Regulation ATS. CODA aims to increase in- platform for institutional investors and prime bro- vestment returns for participants by taking time out kerage services. Founded in 1918, Cowen is cele- of the trading process. We pioneered the develop- brating its 100th anniversary and is headquartered ment of on-demand auction markets that eliminate in New York with offices worldwide. For additional the costs associated with shaving sub-seconds or information, visit www.cowen.com. preventing information leakage in order placement. Our markets facilitate hundreds of thousands of Dash Financial Technologies competitive stock auctions every day, anchored by Dash Financial Technologies is a leading multi-asset billions of shares of unique on-demand aggregated trading technology provider to the institutional liquidity. (CODA Markets is a PDQ Enterprises trading community. With of a suite of highly cus- company.) tomizable tools, Dash designs and delivers intelligent, high performance solutions in four product COR Clearing categories: Trading Technologies, Execution Servic- COR Clearing is a leading independent full-service es, Analytics and Regulatory Technologies. With a clearing firm. We offer a flexible, customized plat- relentless focus on transparency, performance and form, with access to the industry’s most cutting- customization, Dash Financial Technologies caters edge brokerage technologies. COR provides our to institutions that require increasingly specialized, correspondent clients with a comprehensive suite complex and adaptable tools to exceed their goals of offerings including multi-currency settlement and surrounding best execution. reporting in both foreign and domestic securities, portfolio margin, broker workstations and wealth DBOT ATS, LLC management solutions. Our goal is to reduce set- DBOT ATS, LLC, a wholly owned subsidiary of tlement, compliance and legal risks while enhancing Delaware Board of Trade Holdings Inc., is a FINRA your ability to realize the full value of your business Member alternative trading system for trading over- relationships. We serve Introducing Broker-Dealers the-counter equities. DBOT is a fully automated and Registered Investment Advisors. More informa- venue available to the broker dealer community to tion available at www.corclearing.com. display buy and sell orders in active ADRs, ordinar- ies and other OTC securities. Through DBOT ATS, Cowen, Inc. security issuers can issue equity in their respective Cowen, Inc. is a diversified financial services com- companies via regulatory compliant securities fil- pany and provides alternative asset management, in- ings in one easy-to-use interface that is block-chain vestment banking, research, sales and trading, prime enabled. This creates an ecosystem for convention- brokerage, global clearing and commission manage- al trading capabilities of modern electronic plat- ment through its two business segments: Cowen forms, with the added benefits of distributed ledger Investment Management and Cowen and Company. technology. Cowen Investment Management provides alterna- Bronze Sponsors continues on page 32 - 30 - Generating ideas that generate opportunities.

Every trade idea has a level of potential. But in today’s fast-paced, interconnected markets, you need expert analysis and insight to help realize that potential and execute effectively. Barclays knows how to turn ideas into opportunities. Barclays is proud to take part in the 82nd Annual STANY Conference. Learn more at barclays.com/equities.

Barclays offers investment banking products and services to its clients through Barclays Bank PLC. Barclays Bank PLC is authorized in the United Kingdom by the UK Prudential Regulation Authority and regulated by the UK Financial Conduct Authority and the UK Prudential Regulation Authority and is registered in England No. 1026167. Registered Office: 1 Churchill Place, London E14 5HP, United Kingdom. Barclays undertakes its US securities and investment banking business in the name of its wholly-owned subsidiary Barclays Capital Inc., an SIPC and FINRA member. ©2018 Barclays. All rights reserved. Barclays is a registered trademark of Barclays PLC, used under license. - 31 - Security Traders Association of New York Company Profiles BRONZE continued from page 30 DTCC tion, visit FlexTrade Systems at www.flextrade. With more than 40 years of experience, DTCC is com or follow news of the company on Twitter at the premier post-trade market infrastructure for www.twitter.com/flextrade or LinkedIn at the global financial services industry. From operat- http://www.linkedin.com/company/flextrade ing facilities, data centers and offices in 16 countries, DTCC, through its subsidiaries, automates, central- Global Liquidity Partners izes and standardizes the processing of financial Global Liquidity Partners is a technology company transactions, mitigating risk, increasing transparency focusing on delivering superior equity execution and driving efficiency for thousands of broker/deal- strategies. Our success in providing solutions to ers, custodian banks and asset managers. Industry the existing fragmented marketplace is driven by owned and governed, the firm simplifies the com- many unique components. The starting point is the plexities of clearing, settlement, asset servicing, data state of the art technology platform that has been management and information services across asset built and consistently enhanced. Our highly effi- classes, bringing increased security and soundness cient proprietary architecture supports the prem- to financial markets. In 2016, DTCC’s subsidiaries ise of GLP being the TECHNOLOGY TOOL that processed securities transactions valued at more provides SOLUTIONS. Our conflict free – broker than U.S. $1.5 quadrillion. Its depository provides neutral approach to equity execution is another key custody and asset servicing for securities issues ingredient. The absence of internalization or use of from over 130 countries and territories valued at market making wheels contributes to the minimiza- U.S. $49.2 trillion. DTCC’s Global Trade Reposito- tion of information leakage and gaming. Our unique ry maintains approximately 40 million open OTC routing and dark strategies result in highly efficient positions per week and processes over one billion SOURCING OF LIQUIDITY. Rigorous venue anal- messages per month. To learn more, please visit us ysis occurs on a daily basis. at www.dtcc.com or connect with us on LinkedIn Our unique approach to algorithm design and elec- www.linkedin.com/company/dtcc, Twitter twitter. tronic execution strategies have resulted in consis- com/The_DTCC, YouTube www.youtube.com/c/ tent measurable performance. Six years of TCA TheDTCC1973 and Facebook www.facebook.com/ provided by MARKIT have added to our reputation thedtcc. at GLP. Our primary focus from day one has always been the delivery of SUPERIOR EXECUTION FlexTrade Systems Inc. QUALITY. Customization, innovation and adaptive Founded in 1996, FlexTrade Systems Inc. is the in- algorithmic design have become our trademark. dustry pioneer in broker-neutral order and execu- http://www.globalliquiditypartners.com/ tion management trading platforms for equities, foreign exchange, listed derivatives and fixed in- Hudson River Trading come. With offices in North America, Europe and Hudson River Trading (“HRT”) is a multi¬-asset Asia, FlexTrade has a worldwide client base span- class quantitative trading firm based in New York ning more than 200 sell- and buy-side firms, includ- City. Founded in 2002, HRT develops automated ing many of the largest investment banks, hedge trading algorithms that provide liquidity and facili- funds, asset managers, commodity trading advi- tate price discovery on exchanges and alternative sors and institutional brokers. For more informa- trading systems. With offices in New York, Chicago, Bronze Sponsors continues on page 34 - 32 - - 33 - Security Traders Association of New York Company Profiles BRONZE continued from page 32 London, Singapore, and Austin, TX, HRT trades eq- ernmental, nongovernmental and charitable organi- uities, futures, options, currencies and fixed income zations. We also serve institutional investors, bro- on over 100 markets worldwide. kers, professional traders, CTA/CPOs, proprietary trading groups, commercial banks and major invest- IMC ment banks. A Fortune 500 financial services orga- IMC has been active in exchange-based trading for nization headquartered in New York City, we serve more than 25 years. Operating globally, we trade on more than 20,000 customer accounts in 130 coun- more than 100 venues around the world and pro- tries across five continents. vide liquidity in more than 200,000 securities. As one of the world’s leading market makers, we pro- ITRS vide issuers with information about market events ITRS provides industry leading, real-time monitoring in their stock, sectors and the broader markets, and & analytics software to financial services firms, sim- we leverage our scale and expertise to enhance li- plifying information to better understand the inter- quidity in listed companies for market participants. section of technology and business activity. ITRS is proud to provide solutions globally to over 200 cli- Instinet ents, including 9 out of the top 10 investment banks, Instinet provides technologically advanced, agency- as well as exchanges and trading venues, hedge funds, model brokerage services to institutional clients brokers and service providers. Our clients rely on worldwide. As the wholly-owned execution services ITRS to transform ever-growing quantities of busi- arm of Nomura Group, we seek to add value across ness and machine data into actionable insights, sup- the investment life cycle, providing: Research and In- porting peak system and operational performance. sights; Trading Services; Liquidity Venues; and Work- flow Solutions. We help investors create, protect, MCAP LLC and capture alpha, to r educe complexity and lower MCAP LLC is a market maker of American Deposi- overall trading costs, ultimately improving invest- tory Receipts (ADRs), Foreign Ordinary Shares and ment performance. Throughout our history, Instinet Fixed Income securities. We commit capital in or- has been a pioneer in electronic trading, creating der to provide greater liquidity for our customer’s industry-standard technologies and the world’s first orders. Utilizing our proprietary technology solu- major electronic trading venue. For more informa- tions we improve market liquidity, increase execution on how our commitment to being innovative tion speed and foster greater transparency. Our helps clients every day, visit us at instinet.com focus is servicing our customer’s needs in the more challenging sectors of the global markets, where we INTL FCStone, Inc can provide specialized services and customized INTL FCStone, Inc. (Nasdaq: INTL), through its sub- trading solutions. sidiaries, provides clearing and execution, risk management and advisory services, and market intelli- NextShares Solutions gence across asset classes and markets around the NextShares Solutions is a wholly owned subsidiary world. Our clients include the producers, proces- of Eaton Vance Corp. formed in 2011 to develop and sors and end users of virtually every major traded commercialize NextShares. Aspects of the opera- commodity; commercial counter parties; and gov- tion of NextShares are protected intellectual prop- Bronze Sponsors continues on page 34 - 34 - - 35 - Security Traders Association of New York Company Profiles

BRONZE continued from page 34 erty owned by NextShares Solutions. NextShares™ execution for options, equities, and fixed income exchange-traded managed funds are a new way to securities. The Company’s customizable software invest in actively managed strategies. Because they platform provides clients with the data necessary to are actively managed, NextShares offer the poten- understand those factors impacting best execution tial for benchmark-beating returns by applying their and transaction costs in today’s fragmented market manager’s proprietary investment research. landscape. Additionally, S3’s market structure anal- Because they trade on an exchange, NextShares ysis tools include regulatory reporting capabilities may offer cost and tax efficiencies that can enhance that allow customers to better comply with regula- shareholder returns. NextShares may invest across tory mandates, enhancing transparency and ensur- all fund asset classes and are expected to be offered ing a fairer trading environment. by a range of well-known asset managers. Learn more by visiting nextshares.com. Susquehanna International Group, LLC Susquehanna International Group, LLC (SIG) 175 W. Pragma Jackson Blvd., Suite 1700 Chicago, IL 60604 SIG is Pragma is an independent, quantitative trading tech- a global quantitative trading firm founded with an nology provider specializing in algorithmic and ana- entrepreneurial mindset and a rigorous analytical lytical services. Pragma’s broker-neutral, multi-asset approach to decision making. We commit our own trading solutions power traditional asset managers, capital to trade financial products around the world. hedge funds, broker-dealers, global banks, and ex- Building virtually all of our own trading technolo- changes. Pragma does not trade proprietarily or gy from scratch, we are leaders and innovators in internalize order flow. For more information, please high performance, low latency trading. Our industry visit www.pragmatrading.com. leading market makers across equities, options and ETF’s provide a customized execution experience Pryor Cashman with competitive execution quality and tremendous Pryor Cashman is a premier, 170-attorney law firm customer service. For more information, please call with headquarters at 7 Times Square in New York. 312-294-7834. With broad and sophisticated transactional and litigation practices, Pryor Cashman provides a full range TrueChain of services to meet the complex legal needs of in- The global economy is $80 trillion. TrueChain is the stitutions, mid-market businesses, emerging compa- only distributed computing (“blockchain”) platform nies, entrepreneurs and individuals. Our work serv- that can scale. Through our patented encyrption, ing broker/dealers, exchanges and traders is rooted TrueChain resolves for in deep experience; we have former general coun- • privacy & confidentiality; sels, and federal prosecutors and state prosecu- • post-quantum security; tors among our ranks, affording us valuable insight • size (>40kB); into both our client’s needs and the approaches of •speed (500 microseconds/transaction or 2,000 regulators. transactions/second) And having our roots in cyber security, we also S3 provide the most advanced protections for digital S3 provides solutions to monitor and analyze trade assets with its wallet solutions (hard, soft, hot, cold). Bronze Sponsors continues on page 38 - 36 - - 37 - Security Traders Association of New York Company Profiles

BRONZE continued from page 36 The word is that TrueChain “is to DLT what SSL is advice, innovative solutions, execution and compre- to the Web” ; “is the ultimate FAT protocol”; “is the hensive access to international capital markets. It of- one public utility blockchain everyone needs” ; “ne- fers advisory services and provides in-depth cross- gates…the need to launch private or permissioned asset research, along with access to equities, foreign blockchains because [TrueChain] can guarantee the exchange, precious metals and selected rates and privacy of your data on a public network.” credit markets, through its business units, Corpo- Please visit us: www.truechain.net rate Client Solutions and Investor Client Services. The Investment Bank is an active participant in cap- Two Sigma Securities, LLC ital markets flow activities, including sales, trading Two Sigma Securities, LLC is a broker-dealer reg- and market-making across a range of securities istered with the SEC, a member of the major U.S. equity exchanges and a registered market maker in Williams & Jensen over 8,000 U.S. exchange listed equities. Backed by Williams & Jensen is one of the few leading inde- a high performance, proprietary platform, the firm pendent law firms in Washington with a practice facilitates the execution of more than 300 million focused primarily on lobbying. On a daily basis, we shares per day. Two Sigma Securities, LLC is the help companies and organizations in the U.S. and market-making affiliate of Two Sigma Investments, around the world influence legislation and public LP and is a member of FINRA and SIPC. For more policy process in Washington. The firm’s record of information, please visit twosigmasecurities.com. winning in Washington has attracted a clientele of leading companies, trade associations, and institu- UBS tions, many relying on the firm’s services for more UBS’s Investment Bank provides corporate, institu- than three decades. tional and wealth management clients with expert MEDIA PARTNERS Curatia Forefront Communications Group Curatia grew out of a genuine need to cut through Forefront Communications Group is a boutique noisy news cycles and silence the echo chambers marketing and PR firm that services a growing of social media. Curatia’s subject matter experts number of the most influential firms in the capital hand-pick the most relevant news each day. We markets and fintech. Forefront applies deep save you valuable time by keeping you informed industry knowledge, hands-on experience, industry about products, industry trends, personnel moves connections and a client-first approach to ensure and regulatory news across regions and asset that its clients get greater results and value than classes. Launched in 2013, Curatia has steadily from any other agency. For more information, visit grown its readership to include leaders across us at www.forefrontcomms.com or contact us the finance industry. From exchange executives to directly at [email protected]. fund managers, our subscribers represent some of the most senior decision-makers working in the markets today. - 38 - #1 ATS FOR US BLOCK TRADING* *FINRA ATS BLOCK DATA JANUARY 2018, BY VOLUME

TAKE A LOOK AT THE EARLY SUCCESS OF CBOE LIS, POWERED BY BIDS, FOR EU TRADING ACCESSIBLE THROUGH THE BIDS TRADER FRONT-END: http://markets.cboe.com/europe/equities/market_share/market/

(CLICK THE + NEXT TO CBOE EUROPE UNDER NON-DISPLAYED PRICE VENUES

AND YOU WILL SEE OUR VOLUME UNDER CBOE LIS)

GET CONNECTED WWW.BIDSTRADING.COM :: [email protected]

©2018 BIDS Trading® is a FINRA Member Firm. BIDS Trading and the BIDS Trading mark are protected in the United States and countries throughout the world. Security Traders Association of New York 5th Annual Honors Presented on April 19th, 2018 STANY’s 5h Annual Honors were presented to the persons, who in the opinion of the STANY Honors Committee and Board of Directors, have demonstrated exceptional service to the industry and whose contributions have advanced the values and principles upon which STANY was founded.

For Lifetime Achievement and Dedication to STANY R. Cromwell Coulson

R. Cromwell Coulson is Presi- mission to provide a transparent dent, Chief Executive Officer financial market that leverages and a Director of OTC Markets the latest technology to better Group, Inc. (OTCQX: OTCM). serve issuers, Broker-Dealers, Cromwell is a strong advocate Market Data professionals and of improving access to capital investors. for small companies and trad- Prior to OTC Markets Group, ing transparency. He has testi- Cromwell was an institution- fied before Congress and spo- al trader and portfolio man- ken on these and other issues at ager specializing in distressed numerous industry conferences. and value-oriented investments He also supports diverse choice at Carr Securities Corpora- and competition among trading tion, an institutional broker- venues that leverage the power dealer. He received a Bachelor of networks to efficiently con- of Business Administration from nect consumers and suppliers of Southern Methodist University liquidity. in Dallas and graduated from the Owner/President Cromwell is dedicated to OTC Markets Group’s Management Program at Harvard Business School.

- 40 - - 41 - Security Traders Association of New York 5th Annual Honors Presented on April 19th, 2018

For Outstanding Contribution to the Industry Sue Herrera

Sue Herera is Breaking News China and Japan to report on and Anchor for CNBC providing produce groundbreaking series regular news updates through- about the economies of those out CNBC’s Business Day countries. In 2004, she was host programming in addition to and anchor of CNBC’s special serving as the network’s lead international series “CNBC in anchor for breaking news stories. Russia,” which took an in-depth She is also co-anchor of “Night- look into Russia’s economy and ly Business Report,” an award- leadership, contrasting the coun- winning evening business news try’s successes with its problems. program produced by CNBC for She won the first-place prize in U.S. public television. Previously, the National Headliner Awards Sue was co-anchor of CNBC’s for the special. She also hosted “Power Lunch.” “CNBC in India, “which took top Sue was one of the first women honors in the Business & Con- to break into the world of broad- sumer Reporting category. cast business news, earning her Prior to joining CNBC, Sue the nickname “The First Lady of spent seven years as an anchor Wall Street.” In her 25-plus years and reporter with Financial of covering Wall Street, she has provided viewers with News Network, honing her expertise in the areas of a seasoned perspective on the major stories and issues foreign exchange and futures trading. She is the author moving the markets and groundbreaking interviews of “Women of the Street: Making It on Wall Street— with leaders in politics and corporate America. The World’s Toughest Business.” Sue is a founding member of CNBC, helping to launch Sue earned a bachelor’s degree in journalism from the network in 1989. Well-versed in the world of global California State University at Northridge in 1980, economics, she has covered several of the major geo- and in 2003, she was honored with the University’s political summits held overseas. Sue has traveled to Distinguished Alumni Award.

- 42 - ®

THE CSE IS CANADA’S MOST DYNAMIC SECURITIES MARKETPLACE.

New and exciting companies in blockchain, cannabis, technology and mineral exploration are joining the “Exchange for Entrepreneurs.”

With over 350 listed securities, see what’s trading and learn more about the CSE by visiting us at thecse.com.

For further information, please email [email protected] or call (416) 572-2000.

www.thecse.com Canadian Securities Exchange

@CSE_News @canadiansecuritiesexchange

@CanadianSecuritiesExchange CSE TV 82nd Annual Conference and Dinner

Photo Credit: NYSE - 44 - Cantor Fitzgerald, L.P is proud to support the SFDVSJUZ5SBEFST Association of New York 82nd Annual Conference and Dinner

Photo Credit: STANY - 46 - CODA aims to increase investment returns for participants by taking time out of the trading process. We pioneered the development of on-demand auction markets that eliminate the costs associated with shaving sub-seconds or preventing information leakage in order placement. Our markets facilitate hundreds of thousands of competitive stock auctions every day, anchored by billions of shares of unique on-demand aggregated liquidity.

codamarkets.com

CODA Markets®, Inc. Member FINRA, SIPC and wholly owned by PDQ Enterprises, LLC. 82nd Annual Conference and Dinner

Photo Credit: NYSE - 48 -

82nd Annual Conference and Dinner

Photo Credit NYSE - 50 - FOR 100 YEARS, COWEN HAS BUILT A LEGACY THAT WILL STAND THE TEST OF TIME.

WE ARE FULLY INVESTED IN OUR CLIENTS’ SUCCESS.

COWEN.COM # COWEN100YEARS COWEN INC. COWEN COWENRESEARCH 82nd Annual Conference and Dinner

Photo Credit NYSE - 52 - the smartest route

Photo Credit NYSE - 54 - A new kind of marketplace demands a new kind of trading platform

DBOT ATS brings best practices of exchanges to the small cap marketplace with speed, security and seamlessness that goes way beyond today’s conventional tools. z '%27$76R΍HUEURNHUGHDOHUV z All orders have price protection across other anonymity during the settlement process OTC Markets z Maker/Taker pricing structure for member z Fully automated execution and quotation ȴUPV system

Learn more: DBOT ATS [email protected] DBOT FUNDING PORTAL Trade freely

- 55 - 82nd Annual Conference and Dinner

Photo Credit NYSE - 56 - SECURING TODAY’S GLOBAL MARKETS FOR A STRONGER TOMORROW.

With over 40 years of experience, DTCC provides robust processing services across the trade lifecycle that help mitigate risk, reduce costs, increase transparency and promote greater market efficiency. User owned and governed, DTCC serves the needs of clients around the world from initial onboarding through trading, matching, clearance, settlement, asset servicing and data reporting. We process over 100 million financial transactions every day, operate the only global trade repository for the derivatives market, and provide industry leading institutional post-trade solutions. As changes in the market structure and new regulations transform the industry, DTCC is proactively engaged to meet the complex operational challenges of an ever-evolving marketplace.

DTCC.com 82nd Annual Conference and Dinner

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82nd Annual Conference and Dinner

Photo Credit NYSE - 60 - GLP Automating Common Sense TM Delivering measurable and superior equity execution quality

Global’s technolog+'5, broker neutral/conflict free model and unique dark strategiesf4176+0) sets us apart. Eliminating gaming while effectively sourcing liquidity and delivering measurable superior equity execution quality remains our primary focus.

Through innovation, technology, and people, GLP continues to design and provide CUSTOMIZED solutions for clients in its Algorithmic equity execution capabilities.

www.globalliquiditypartners.com · info@#%5':'%76+10T%1/ · 732-204-8999 82nd Annual Conference and Dinner

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82nd Annual Conference and Dinner

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82nd Annual Conference and Dinner

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82nd Annual Conference and Dinner

Photo Credit NYSE - 68 - Global Liquidity At Your Fingertips

With expertise, technology, and capital commitment, our execution services provide access to global markets to you with minimal market impact and better execution.

#1 Ranking Market Maker in OTC ADRs & Foreign Securities* #1 Ranking Market Maker in Approximately 2,600 Securities* Block Liquidity and Algorithmic Global Execution

www.intlfcstone.com * Source: FINRA ORF, Bloomberg RANK [email protected] - 69 - 82nd Annual Conference and Dinner

Photo Credit NYSE - 70 - - 71 - 82nd Annual Conference and Dinner

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82nd Annual Conference and Dinner

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82nd Annual Conference and Dinner

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Photo Credit NYSE and STANY - 78 - - 79 - 82nd Annual Conference and Dinner

Photo Credit STANY - 80 - - 81 - 82nd Annual Conference and Dinner

Photo Credit STANY - 82 - Client-Centric. Innovative. Transformative.

At BNY Mellon’s Pershing, we are passionate about the success of our clients. When you succeed, we succeed. As you look to drive growth, manage costs, stay ahead of regulations and attract the best people, Pershing stands ready as your advocate in today’s evolving marketplace. Power your business with our flexible technology and innovative financial business solutions. Take advantage of our industry expertise and dedication to maximize opportunities to transform your firm—and help you provide a secure financial future for your investors. We are Pershing. Personally Invested® pershing.com

©2018 Pershing LLC. Pershing LLC, member FINRA, NYSE, SIPC, is a wholly owned subsidiary of The Bank of New York Mellon Corporation (BNY Mellon). For professional use only. Not intended for use by the general public. Pershing does not provide investment advice. Trademark(s) belong to their respective owners.

- 83 - 82nd Annual Conference and Dinner

Photo Credit STANY - 84 -

Security Traders Association of New York Attendees Name Firm Name Abelack, Mary CME Group Aberg, Sarah Sheppard Mullin Adamjee, Maria CenturyLink Airo, Bob NYSE Albanese, Anthony NYSE Alter, Daniel Murphy & McGonigle Amari, Greg DCS Amoruso, Len Murphy & McGonigle Anlas, Kelly Clearpool Group Aprigliano, Paul BCS Global Markets Attonito, Erica Hudson River Trading Avedissian, Michael Nasdaq Avramovic, Ana Bank of America Merrill Lynch Azmoon, Khody Cowen Barclay, Mike ITG Bardong, Shawn DeepStream Consulting Barreiro, John Cboe Global Markets Barrer, Michael Wisdom Tree Asset Management Beaver, Mike Corvil Bercovici, Michael American Executions, LLC Bernard, Geoff Oppenheimer Funds Bhagwat, Manasi Pragma Trading Biddle, Alison Silverback Capital Bilello, Jack Newscycle Bilharz, Ted Cboe Global Markets Binstein, Gary Kx Bishop, Allison IEX Bisson, Lindsay Clearpool Group Black, Tom Two Sigma Securities Blaugrund, Michael NYSE Bogen, Jamie Dash Financial Technologies Bohrer, James Thomson Reuters Bond, Michelle Bloomberg Bonora, Vanessa Clearpool Group Bragg, Ted Nasdaq Brown, Ivan NYSE Brown, Josh Ritholtz Wealth Management Bruno, Phil Colt Technologies Buckley, Sean R.W. Baird Bulzomi, Maria NYSE Bunyatov, Arthur ULLINK Burch, Joshua Tower Research Capital

Continues on page 88 - 86 -

Security Traders Association of New York Attendees Name Firm Name Burke, Bill Global Liquidity Partners Burns, Robert BIDS Trading Burrell, Les Bank of America Merrill Lynch Cacciola, Keith Vela Cahill, Dave Wiley Callaghan, Brittnay FXSpotStream Campbell, Mark Fidelity Capital Markets Cannizzaro, Lynn BNY Mellon’s Pershing Capo, Steven BCS Global Markets Cappillo, Chris Paulson Investment Company LLC Caputo, Brendan Liquidnet Holdings Carey, John ICE Carleton, Richard Canadian Securities Exchange Carroll, Lisa Nasdaq Casella, Rick INTL FCStone Cashin, Brian Instinet Castello, Melissa Clearpool Group Casuccio, Keith Goldman Sachs Charlop, Gordon Rosenblatt Securities, Inc. Chayka, Katelyn Omega Securities Inc. Chen, Stephanie Cboe Global Markets Chez, Tami Bloomberg Chirilescu, Simina Clearpool Group Christina, Joe Chu, Dominic CNBC Chung, Sunny ITG Clark, Doug ITG Cocuzza, Peter Global Liquidity Partners Cody, Bill Cboe Cody, Kelly Cody Strong for a Cure Cody, Will Cody Strong for a Cure Coffey, Katie ACTIV Financial Systems, Inc. Cohen, Tal Nasdaq Cohen, Steve Solix Technologies Coicou, Patrick Dash Financial Technologies Coletti, Robert NYSE Colon, Anthony BNY Mellon’s Pershing Comstock, Matthew Murphy & McGonigle Connelly, Tim ULLINK Connolly, Margot Barclays Cooper, Jeffrey FIS Global Cooper, Katherine Murphy & McGonigle

Continues on page 90 - 88 - A HISTORY OF EXCELLENCE & A REPUTATION FOR SUCCESS

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ŝŖŗȱŞȱǰȱǯǯȱȱśŖŖǰȱǰȱȱŘŖŖŖŗȱ ǻŘŖŘǼȱŜśşȬŞŘŖŗȱ Security Traders Association of New York Attendees Name Firm Name Corrao, Mike OTC Markets Group Cortese, Nico State Street Global Advisors Coulson, Cromwell OTC Markets Group Coulson, Capability Coulson, Casimir Coulson, Christine Craig, Stan Cantor Fitzgerald Cross, David Dash Financial Cucciniello, Diana Trillium Cunningham, Stacey NYSE Cusumano, Jennifer Best X Stats D’Alton, Jessica UBS Daly, Bernard ITRS Group D’Angelo-Marks, Angela The Benchmark Company Daniels, Richard ViableMkts D’Antona, John Markets Media Davenport, Petra Davenport Lawyers PLCC Davi, Silvia Thesys Technologies Davidovich, Eugene Cboe Global Markets Davies, Mark S3 de Quillacq, Gontran Navesink International De Santis, Pina Canadian Securities Exchange Dear, Corby Bloomberg Open Symbology Debotte, Sean Omega Securities Inc. Dee, Mary Jeanette Sheppard Mullin Delaney, Laura ITG, INC DeMaio, Gene FINRA DeMaso, Chris Deutsche Borse Group Devin, William IEX Trading Dibble, Mary Curatia LLC DiMaria, Roy COR Clearing, LLC Dix, Adam Kx Dolan, Patrick Cowen Dolce, Terry ITG Dombach, James Murphy & McGonigle Dooman, David Dash Financial Technologies Doran, Brendan Hyannis Port Research Dowd, Mark Forefront Communications Doyle, Aidan Bellweather Capital Management Draizen, Troy Cowen & Company Droessler, A Joseph G1 Execution Services, LLC D’Souza, Mark Clearpool Group

Continues on page 91 - 90 - Security Traders Association of New York Attendees Name Firm Name Duffy, Dan Clearpool Group Duffy, Jim Williams & Jensen Duquette, Claude Andre Baader Helvea Eagan, Nicolle Kx Eck, Bernie Bank of America Merrill Lynch Eisemann, Dan Goldman Sachs Eleby, Shelley Clearpool Group Elmilgi, Mariam Seton Hall University Emmanuel, Phyllis FlexTrade Emmett, Zack Fox River Endo, Geralyn Cboe Global Markets England, Chris Barclays Epstein, Jason Goldman Sachs Esayian, Gary BCS Global Markets Fagenson, Jen Clearpool Group Farley, Thomas NYSE Fazio, Mary Oppenheimer Ferstand, Walter Best X Stats Fields, Joanna Aplomb Strategies Finkenstadt, Ruth CLSA Americas Firmin, David Instinet Fitzpatrick, Mike NYSE Flaming, Steven MATCHNow Foley, Brian IEX Trading Forbes, Patrick Puma Capital Foreman, Dan Olive Tree Global Foster, Jeff TMX Franasiak, Dave Williams & Jensen Francis, Barbara Dash Financial Technologies Franzese, Mike MCAP LLC Friedman, Michael Trillium Gagliotta, Sabrina Thesys Technologies Gandolfo, Andrew BNY Mellon Pershing Garzon, Laura MATCHNow Gawronski, Joseph Rosenblatt Securities, Inc. Geronimos, Chris Bank of America Merrill Lynch Gioia, Annamarie OTC Markets Group Golub, Todd Thesys CAT Gonclaves, Antonio Devexperts Inc. Gott, Allison Citadel Securities Grace, Peter Nasdaq Graf, John Nasdaq

Continues on page 92 - 91 - Security Traders Association of New York Attendees Name Firm Name Gregory, Jim ETF Global Grenier, Jodie Foundation for Women Warriors Griffin, Neal Evercore/ISI Griffiths, David Markets Media Grill, Cary Trillium Gruen, Abby Kx Guerin, Rich Global Liquidity Partners Hagstrom, Karl Credit Suisse Haleem, Ally NYSE Hally, Ray Drexel Hamilton Hamburger, Beth Hanschke, Laura Omega Securities Inc. Harkins, Bryan Cboe Global Markets Harrington, Mike Citadel Securities Hartung, Ryan NextShares Solutions Hauck, Alexandra Clearpool Group Heiman, Benjamin Goldman Sachs Hemeid, Jamilla FIS Global Herera, Sue CNBC Herndon, Chris Vela Herrick, Jon HRT Hessler, George Magma Trading Heuman, Linda Fifth Third Bank - Wealth & Asset Mgmt Group Hewit, Rusty Citadel Securities Hickman, Barry BNY Mellon Pershing Hightower, Jeanine Hochman, Eric Canaccord Genuity Hock, Steve OTC Markets Group Hodge, Janna NYSE Hogan, Nancy Thomson Reuters Hogan, Michael UBS Holland, Dominic BNY Mellon Hooey, Ron BNY Mellon Capital Markets Howell, Andrew IEX Trading Huchro, Ally Goldman Sachs Hyde, James New York Stock Exchange Iacobelli, Luecio INTL FCStone Inzirillo, Adam Bank of America Merrill Lynch Iragorri, Maurice FactSet Jacobson, Julian Fundamental Interactions Jagenburg, Vanessa C.L. King & Associates Jakuboski, Samantha Barnard College

Continues on page 93 - 92 - Security Traders Association of New York Attendees Name Firm Name Janczewski, Jacek HRT Janker, Jeff Credit Suisse Jannace, William Fordham Law School Jarkowski, Hope ICE Jarrett, Mark TMX Jastrzebski, Veronika Seton Hall University Jenkins, Peter CODA Markets Jiganti, Paul IMC Financial Markets Johnson, Christopher FlexTrade Jones, Mary Kx Jones, Mike Pragma Trading Jordan, Tom Jordan & Jordan Judge, Michael FactSet Kailkas, Tommy Bay Crest Partners, LLC Kantor, Danielle NYSE Karsh, Bill OTC Markets Group Kennedy, Brian Bank of America Merrill Lynch Kennedy, Febi Clearpool Group Kenny, Ian E*TRADE Securities Kenny, Peter Kenny & Co. Kenyon, Paul NYSE Kerans, Eugene Dash Financial Kessing, Bailey Trillium Kessous, Dan Nasdaq Kimsey, Jeffrey Nasdaq King, Michael CIBC Bank USA King, Elizabeth NYSE Klinkowize, Sean CFRA Research Koetzner, Patricia Siebert, Cisneros, Shank Kostrinsky, Alan Macola Management Kravetz, Craig Magma Trading Krezalek, Bart OTC Markets Group Krichman, Drew Jane Street Krimmel, Clifford ITRS Group Kruyne, Hugo Select Vantage Inc Kwiatkowski, Ryan INTL FCStone Kyzyk, Andy OTC Markets Group LaGreca, Chris OTC Markets Group Lam, Gerald IEX Trading Larsen, Stephen NYSE Laurenzano, Vito Bank of America Merrill Lynch LaValle, Dave State Street Global Advisors

Continues on page 94 - 93 - Security Traders Association of New York Attendees Name Firm Name Lavin, John Canaccord Genuity Lee, Ryan Boston College Lepore, Louis DTCC Levine, Eric Barclays Lim, Parker Cboe Lindenberger, Michelle Aplomb Strategies Lippitt, Samantha Clearpool Group Loggia, Mike Instinet Lombard, Joseph Murphy & McGonigle Lopriore, Eric Citadel Securities Luciano, Steve Canaccord Genuity Ludvik, Greg RBC Capital Markets Lugay, Chuck Clearpool Group Luongo, Patrick Credit Suisse Lynch, Steve Société Générale Mack, Chuck Nasdaq Maddox, Clifford Novasparks Maglia, Thomas Clearpool Group Mahajan, Aastha Clearpool Group Malitzis, John Citadel Securities Mar, Alyssa Seton Hall University Margulies, David Weeden & Co.LP Marigliano, Don Nasdaq Mariniello, Anthony INTL FCStone Maroun, Damian Trade Informatics Martello, Christine Pragma Trading Martignoni, Devin Barclays Martin, Jonathan NYSE Masone, Michael Citi Masse, Nicole BIDS Trading Matlow, Ira Puma Capital Matregrano, Eric ULLINK Matson, Kevin INTL FCStone McAllister, Kathryn ITG McBride, Charlie INTL FCStone McCloskey, Noreen Barclays McConville, Aisling Paulson Investment Company LLC McDermott, Mark Canaccord Genuity McGovern, Kevin Canaccord Genuity McGuire, Manus Kx McGuire, John Scotiabank McMahon, Daniel Raymond James

Continues on page 95 - 94 - Security Traders Association of New York Attendees Name Firm Name McNees, Stephanie Citadel Securities McNierney, John Citadel Securities McVeigh, James Nasdaq Mecane, Joseph Citadel Securities Mendl, Jeff Delaware Board of Trade Mendoza, Matthew Goldman Sachs Menge, Josette OTC Markets Group Menn, David MCAP LLC Meo, Ryan Instinet Miceli, Megan Canadian Securities Exchange Mingione, William Drexel Hamilton Mitchell, Ryan tZERO Modeksi, Mike OTC Markets Group Monschein, Annemarie New York Life Insurance Company Morie, Chris BCS Global Markets Morrison, Mark Bank of America Merrill Lynch Mostowfi, Sayena Muhlbach, Michael FactSet Mukerjee, Sirimal US Securities and Exchange Commission Mulholland, Darren Hudson River Trading Muller, Tara Virtu Murphy, Kathleen NYSE Murray, Thomas Bloomberg LP Myers, Kelly FIS Global Nayar, Jennifer Vela Nehren, Daniel Barclays Nelson, Stephen The Nelson Law Firm Ngai, James Citadel Securities Night, Nadav XTX Markets Nigro, Tom FIS Global Noto, Michael Barclays Nugent, Siobhan Cowen O’Brien, Bill NYSE O’Connor, Mark Chicago Stock Exchange Oellers, Peter BNY Mellon Pershing O’Hara, Michael ITRS O’Kane, Rory Two Sigma Securities O’Leary, Lauren O’Malley, Ed CODA Markets Onieal, Kathleen Seton Hall University Oppenheimer, Andrew Nasdaq Ordonez, Bea OTC Markets Group

Continues on page 96 - 95 - Security Traders Association of New York Attendees Name Firm Name O’Reilly, James Magma Trading USA LLC Orr, Andrea US Securities and Exchange Commission Osborn, Kevin Jump Trading LLC Ostrover, Bruce OTC Markets Group Oswald, Joel Williams & Jensen Ota Liedtke, Erika Seton Hall University Overbeck, Scott INTL FCStone Padala, Tim Fig Partners LLC Palmer, Scott NYSE Palmeri, Tom COR Clearing, LLC Parisi, Lon Deutsche Bank Park, Ellen SS&C Technologies Parker, Eric ICE Parker, Stefan IEX Trading Patwa, Tanya Nasdaq Paulyson, Mike NYSE Pereira-Salazar, Marisol NYS Comptroller Perrotta, Anthony TABB Group Persson, Ola FINRA Petruso, Antonio NYSE Pieczara, Pawel DTCC Pires, Joseph Scotiabank Pisani, Bob CNBC Pleffner, Joe Cantor Fitzgerald Pohs, Glenn Merrill Lynch Preston, Erin Dash Financial Prugue, Christian INTL FCStone Puopolo, Dan NextShares Solutions Quaranta, Ron Wall Street Blockchain Alliance Quigley, Sean NYSE Rabaglia, John ITG Racette-Aguayo, Nannette Eagle Capital Management Radigan, Bryan Dash Financial Ramsey, Alex Citadel Securities Rappaport, Jacob INTL FCStone Rathi, Kapil Cboe Global Markets Rausch, Anita WisdomTree Redfearn, Brett US Securities and Exchange Commission Reguer, Rafi Forefront Communications Rickmers, Robert UBS Riebling, Michael ITRS Group Robinson, Bernard FIS Global

- 96 - Security Traders Association of New York Attendees Name Firm Name Robson, Jon Kx Roche, Linda Clearpool Group Romeo, Robert Bank of America Merrill Lynch Rosenblatt, Stephen Barclays Rosenstein, Fred Delphian Trading Ross, Ray Clearpool Group Rossi, Johanna Alden Global Capital LLC Rowe, Aaron Bank of America Merrill Lynch Rubin, Jon FIS Global Russell, Kimberly State Street Global Advisors Saglamer, Ari Bank of America Merrill Lynch Saltzman, Bruce State Street Global Advisors Sampson, Kevin TMX Sanan, Abhay Pragma Trading Sanfillippo, Christian ICE Sanford, Cass OTC Markets Group Saperstein, Clare NYSE Saur, Matthew King & Spalding Scaplen, Michael COR Clearing, LLC Schaeffer, Brian Clearpool Group Scher, Joe Goldman Sachs Schirick, Scott Pryor Cashman Schneider, Jon TMX Schouten, Anthony Pryor Cashman Schrader, Jessica Clearpool Group Schroeder, Scott Eventus Systems Schwab, Travis Eventus Systems Schwanewede, William NYSE Seamon, Laura NYSE Sekhon, Simran ION Group Sellitto, Joseph Susquehanna International Group Senzamici, Mark NYSE Sheahan, Matthew Nasdaq Simurra, Vin OTC Markets Group Simurra, Vin OTC Markets Group Singh, Rina Truechain Sjostedt, Gary Canaccord Genuity Sloves, Shawn Fundamental Interactions Smyth, James MCAP LLC Sohos, George Citi Solodukhin, Oleg Devexperts Inc. Spencer, Marselen Fox River Executions

- 97 - Security Traders Association of New York Attendees Name Firm Name Stearns, James CODA Markets Steenbock, Chris Kx Stehli, Mark Bay Crest Partners, LLC Stein, Bill Bank of America Merrill Lynch Stein, Kara US Securities and Exchange Commission Steiner, Richard RBC Capital Markets Steinhaus, Adam FactSet Steiniger, Carl Stephens, Edward Baader Helvea Stogsdill, Samantha Clearpool Group Stone, Chris FINRA Strack, Dan Vandham Securities Stratico, Joe Citadel Securities Sullivan, Peggy Vela Swanson, Eric XTX Markets Sylvestre, Johnathan TMX Szambel, Rick BCS Global Markets Taback, Matthew Cantor Fitzgerald Tan, Kee-Meng BNP Paribas Tatarnikova, Anna FIS Global Taylor, Grant UNTL Capital LLC Tepper, Brandon Nasdaq Tessitore, David NYS Teachers’ Retirement System Thakarar, Dina Goldman Sachs Theisen, Jessie Two Sigma Investments Thomas, Jossy Qtrade Capital LLC Tirello, Michael Bloomberg Toes, Jim STA Toscano, Kevin Jane Street Toth, Stephen Canaccord Genuity Traut, Juliana Goldman Sachs Trezza, Michael Sage Trader Truax, Shannon GoDaddy TRUE, Mac Goldman Sachs Tull, George ICE Turkenkopf, Jim Senvest Tursi, Samantha Muscular Dystrophy Association Turtoro, Robert NYSE Twomey, Conor Kx Tyrrell, Kevin NYSE Unger, Kimberly STANY Utasi, Lisa ClearBridge Investments

- 98 - Security Traders Association of New York Attendees Name Firm Name Vance, Bill Vankawala, Neil Raymond James Ventre, John ION Group Vest, Jeremy S3 Virgilio, Jospeh Vopni, Brad NextShares Solutions Wald, Joe Clearpool Group Walker, Verona ICE Walsh, James Nasdaq Watkins, Sarah Goldman Sachs Watkins, Rick Susquehanna Watson, Michael US Securities and Exchange Commission Weber, Seth Vandham Securities Weingarten, Dan Sage Trader Weisberger, Dave Coinroute Weiss, Matthew TMX West, Mike NYSE White, Nicola Citadel Securities Wiklander, Joacim NEO Stock Exchange Wile, Ellen Lime Brokerage Wilezol, Zack tZERO Williams, Steve Kx Wilson, Tom Hyannis Port Research Winchester, Slade Citigroup Wood, J. Tyler CMT Association Yasin, Samina Bank of America Merrill Lynch Yiu, Vivian Cboe Global Markets Yones, Doug NYSE Yudelovitch, Sam IMC Financial Markets Zanjani, Asad Flow Traders Zinker, Josh Bank of America Merrill Lynch Zinn, Dan OTC Markets Group

- 99 - Security Traders Association of New York 2018 Member Directory Name Firm Name Abelack, Mary CME Group Adamjee, Maria CenturyLink Allingham, J.J. Virtu Amari, Greg Doshi Consulting Solutions, Inc. Anlas, Kelly Clearpool Group Archbell, Chris Vela Arnuk, Sal Attonito, Erica Hudson River Trading Azmoon, Khody Cowen Bailleux, Michael Trafix LLC Bardong, Shawn DeepStream Consulting Barry, Ben Instinet, LLC Beaver, Michael Corvil Bercovici, Michael Amerx America Executions Bernard, Geoff OppenheimerFunds Bilello, Jack Newsedge Billeci, Marta Bloomberg Birch, Larry Bisio, Nicholas Northeastern Bonora, Vanessa Clearpool Group Bou, Sean Virtu Bracco, Joseph Miami International Holdings, Inc. Breault, Ronald ABN AMRO Clearing Bruno, Philip Colt Technologies Buckley, James Global Markets Advisory Group Buckley, Sean R.W. Baird Bunyatov, Arthur ULLINK Inc. Burch, Joshua Tower Research Capital LLC Burrell, Les Bank of America Merrill Lynch Cacciola, Keith Vela Trading Systems LLC Callinan, Thomas TRAFix LLC Cannizzaro, Lynn Pershing LLC Cappillo, Christopher Paulson Investment Company, LLC Caputo, Brendan Liquidne Holdings Carlson, Reed Virtu Casella, Rick INTL FCStone Cashin, Brian Instinet Charlop, Gordon Rosenblatt Securities Inc. Chez, Tami Bloomberg Continues on page 101 STANY 2018 Members as of May 22nd, 2018 - 100 - 2018 Member Directory Name Firm Name Cocuzza, Peter Global Liquidity Partners Cody, Bill BATS Global Coffey, Katie ACTIV Financial Systems, Inc. Cohen, Steven Solix Technologies Connelly, Tim ULLINK Cooper, Jeffrey FIS Global Trading Corrao, Michael OTC Markets Cortese, Nico SSGA SPDR EFTs Corwin, Christopher Abel Noser LLC Coulson, Cromwell OTC Markets Group Inc. Cusumano, Jennifer Best Execution and Surveillance Solutions, LLC Davenport, Petra Davenport Lawyers PLLC Davi, Silvia Thesys Technologies Dear, Corby Bloomberg Open Symbology DeMaria, Nicholas Alternative Execution Trading Group DeMartini, John Buckingham Research Group DeMaso, Chris Deutsche Borse Group DeNichols, Kaitlyn Thomson Reuters Desantis, Jamie Virtu DiTore, Janice DTCC Dolan, Charles Global Markets Advisory Group Dolce, Terence ITG Inc Draizen, Troy Cowen Execution Services DSouza, Mark Clearpool Duncan, Mark Virtu D`Angelo Marks, Angela The Benchmark Company Eleby, Shelley Clearpool Emmett, Zachary FIS Facchine, Thomas Ferstand, Walter Best Execution & Surveillance Solutions, LLC Fields, Joanna Aplomb Strategies Finkenstadt, Ruth Credit Agricole Securities (USA) Fitzgerald, Walter TRAFix LLC Fox, Adam Virtu Gallagher, Kelly Virtu Gallo, Peter IEX Group, Inc. Gandolfo, Andrew Pershing LLC Gawronski, Joseph Rosenblatt Securities Inc. Geller, Scott Cramer Rosenthal McGlynn Geronimos, Chris Bank of America Merrill Lynch Golub, Todd Thesys CAT Continues on page 102 STANY 2018 Members as of May 22nd, 2018 - 101 - 2018 Member Directory Name Firm Name Graf, John Nasdaq Gregory, James ETF Global Grill, Cary Trillium Management Gromadzki, Robert Morgan Stanley Guzman, Margaret Haahr, Pamela Bloomberg LP Hagstrom, Karl Credit Suisse Hamburger, Beth Herger, George TRAFiX Herndon, Chris Vela Trading Technologies Hessler, George Magma Trading Heygate-Browne, James TRADING CENTRAL Hickman, Barry Pershing LLC Hock, Stephen OTC Markets Group Inc. Hogan, Michael UBS “Hooey, Jr.”, Rolland BNY Mellon Capital Markets HYDE, Ashley TCNJ Hyde, James Monmouth U Hyde, James NYSE / ICE Iacobelli, Leucio INTL FCSTONE Inzirillo, Adam Bank of America Merrill Lynch Jagenburg, Vanessa C.L. King & Associates Jakuboski, Samantha Barnard College Jarnot, Danielle Weeden & Co Jastrzebski, Veronika Seton Hall Univ. Jordan, Thomas Jordan & Jordan Kaicher, Mark Buckingham Capital Management Kapogiannis, Bill Depository Trust & Clearing Corporation Karsh, William OTC Markets Kaufmann, Amy EarlyBird Capital Inc. Kay, Stephen Virtu “Kelly, Jr.”, Paul Virtu Kennedy, Brian Bank Of America Merrill Lynch Kenyon, Paul New York Stock Exchange Kessing, Bailey Trillium Khalif, Josh Flow Traders Kimsey, Jeffrey NASDAQ OMX King, Tom DBOT Kirincich, William Klinkowize, Sean CFRA Koetzner, Patricia Siebert, Cisneros, Shank & Co., LLC Continues on page 103 STANY 2018 Members as of May 22nd, 2018 - 102 - 2018 Member Directory Name Firm Name Konstance, Marie Bloomberg Krebs, James Pzena Investment Management Krezalek, Bart OTC Markets Group Inc. Krichman, Drew Jane Street Kukan, Stephen Virtu LaFrance, JP Instinet, LLC Larrain, Claudio Larrain Vial Securities US, LLC Laurenzano, Vito Bank of America Merrill Lynch LaValle, David State Street Global Advisors Lee, Ryan Boston College Lewke, Jay Virtu Lindenberger, Michelle Aplomb Strategies Listor, Steven Bank of New York Mellon Loftus, Joseph Barclays Inc Ludvik, Gregory RBC Capital Markets Lugay, Chuck Clearpool Group Luongo, Pat Credit Suisse Lynch, Steve Societe Generale Macchiarola, Michael Bloomberg Tradebook Mackintosh, Phil Virtu Maddox, Clifford Novasparks Maglia, Thomas Clearpool Group Malandrino, Jill Nasdaq Maldonado, Franklin NYSE Options Mar, Alyssa Seton Hall Universit March, Edward Wellington Shields & Co. Margulies, David Weeden & Co Maroun, Damian Trade Informatics Matlow, Ira Puma Capital Matregrano, Eric Ullink Matson, Kevin INTL FCStone Mc Cabe, John McAllister, Kathryn ITG McLoughlin, Michael Cowen Prime Services McNees, Stephanie Citadel McVeigh, James Nasdaq Mecane, Joseph Citadel Meduri, Michael Virtu Mendl, Jeffrey Mingione, William Drexel Hamilton Modeski, Michael OTC Markets Group Inc. Continues on page 104 STANY 2018 Members as of May 22nd, 2018 - 103 - 2018 Member Directory Name Firm Name Moore, Eric Trade Informatics Moore, Richard S&P Global Platts Morrison, Mark Bank of America Merrill Lynch Mostowfi, Sayena Moustakas, Angela Virtu Muller, Tara Virtu Myers, Kelly FIS Nayar, Jennifer Vela Trading Technologies Neary, Melissa Pershing Neglia, Michael Clearpool Group Nelson, Stephen The Nelson Law Firm, LLC “Noone, Jr.”, Michael BNY Mellon Capital Markets, LLC O’Connor, William Evercore ISI Oellers, Peter Pershing LLC Omori, Yoko Mizuho Securities USA, Inc. O’Reilly , James Ottrando, Michael TRAFix LLC Padala, Timothy FIG Partners LLC Pagliarulo, John Virtu Park, Ellen SS&C Technologies Parker, Eric Intercontinental Exchange - ICE Data Services Pastina, Louis Global Markets Advisory Perry, Christopher Broadridge Financial Solutions Peters, Lindsey Nasdaq Pieczara, Pawel Depository Trust & Clearing Corporation Pires, Joseph Scotiabank Pohs, Glenn Merrill Lynch Polo, Alan Bernstein & Co. Princiotto, Rachele Virtu Quigley, Sean NYSE Rabaglia, John ITG Raquet, Andrew NYSE Rickmers, Robert UBS Investment Bank (NYC) Riordan, Robert Virtu Robinson, Bernard FIS Global Roden, Marty The FGW Group Rodriguez, George Bloomberg Tradebook LP Rogan, Martin Pershing LLC Romeo, Robert Bank Of America Merrill Lynch Rosenberger, George Rosenstein, Frederick Myself Continues on page 105 STANY 2018 Members as of May 22nd, 2018 - 104 - 2018 Member Directory Name Firm Name Ross, Jennica WallachBeth Capital Rossi, Johanna Alden Global Capital LLC Roth, Peter Jefferies LLC Rubin, Jon SunGard Saluzzi, Joseph Themis Trading, LLC Sanan, Abhay Pragma Securities LLC Sandel, Christopher Allly Invest Scaplen, Michael COR Clearing LLC Schifano, Joseph Tower Research Schultz, Nick Clearpool Group Seidita, Stephen The Williams Capital Group, L.P. Sellitto, Joseph Susquehanna International Group Sheahan, Peter Virtu Singh, Tito Thomson Reuters Smith, Andrew Virtu Snyder, Craig Elevation Securities Sohos, George Spencer, Marselen Fox River Execution, (FIS Global) Stamler, Daniel Bank of America Merrill Lynch Stanley, Jeff Allen & Company Stearns, James PDQ ATS, Inc. Steiner, Richard RBC Capital Markets Strack, Daniel Vandham Securities Stratico, Joe Citadel Securities Stush, William Flow Traders sullivan, margaret Vela Technology LLC SWANSON, ERIC XTX Markets, LLC Taback, Matthew Cantor Fitzgerald Tama, Joseph Vandham Securities Corp. Tan, Kee-Meng BNP Paribas Tatarnikova, Anna FIS Global Theisen, Jessie Two Sigma Investments Tierens, Ingrid Goldman Sachs Tirello, Michael Bloomberg Toomey, Patrick Virtu Toscano, Kevin Jane Street Capital Trezza, Michael SageTrader Trimble, Kevin Global Markets Advisory Group LLC Triolo, Anthony DataWatch Tull, George Interactive Data Corp Turkenkopf, James Senvest Continues on page 106 STANY 2018 Members as of May 22nd, 2018 - 105 - 2018 Member Directory Name Firm Name Turner, John Virtu Financial Utasi, Lisa ClearBridge Investments Vance, William Vavilis, Eleni Thomson Reuters Verderese, Robert Virtu Financial Walker, Tonya Virtu Walley, Robert Deloitte & Touche LLP Watkins, Rick Susquehanna Weber, Seth Vandham Securities Corp. Weeks, Caroline Seton Hall Weingarten, Daniel Sage Trader Weisberger, David Exquam LLC Weiss, Larry Instinet, LLC Weiss, Matthew Wilkinson, Jeannette Jefferies & Co. Wilson, Mark Hardcastle Trading USA, LLC Wilson, Peter Virtu Wilson, Thomas Hyannis Port Research Winchester, J. Slade Citi Wunsch, Steve Wunsch Auction Associates, LLC Yiu, Vivian BATS Global Markets Zanjani, Asad Flow Traders US Inst Trading LLC Zinker, Joshua Bank of America Merrill Lynch Zmuda, Anthony Virtu

STANY 2018 Members as of May 22nd, 2018 - 106 - Security Traders Association of New York 2017 Member Directory Name Firm Name Adrion,Edward Miller Howard Investments Ambrosio,Ciro RBC Capital Markets Antonopoulos,Theodora Value Line Aprea,Zachary Cuttone & Co. LLC Aprigliano,Paul BCS Global Markets Asciutto,Robert CME Group Barreiro,John BATS Global Markets Bauer,Scott CLSA Americas Black,Thomas Two Sigma Securities Bogard,Valerie TABB Group Bohm,Stephen Fidessa Bok,Christopher Jordan & Jordan Bond,Andrew RBC Capital Markets Boyle,James FIS Global Buitenhuis,Wouter Flow Traders US LLC Cahillane,Sean Fidessa Calice,Robert ETC Capuano,Brian SpeedRoute LLC Carey,Andrew BATS Global Markets Carpentier,Cynthia Carr,Brian Tullett Prebon Cawley,Kathleen Bank of America Merrill Lynch Christian,Bryan Cboe Global Markets Cioffi,Michael Fidessa Cochrane,Christopher Arxis Securities LLC Connolly,Margot Barclays Coppola,Justin Convergex Curra,Carmine BTIG Curth,Jamison Firm58 Cushman,Matthew Engineers Gate Cuttone,Donato Cuttone & Co. Daniels,Richard Fidelity Capital Markets Davidovich,Eugene BATS Global Markets De Luise,Marc TMX Devarajan,Harish Deep Value Inc Di Maria,Roy COR Clearing, LLC DiNorscio,Thomas Dolan,Patrick ConvergEx Group Donlevy,Mary Ellen Opus Fund Services Duffy,Daniel Clearpool Execution Services Duffy,Keith PineBridge Investments Continues on page 108 - 107 - 2017 Member Directory Name Firm Name Eck,Bernie Merrill Lynch Falce,Anthony DbCom - EQube Favors,Dale CastleOak Securities Feight,Shannon Bank of America Merrill Lynch Flynn,Kerry Security Traders Association Friedman,Michael Trillium Gambhir,Nitin Oceanus Securities, LLC Garrett,Tim DTCC Ghorban,Hooman Canaccord Genuity Ginsberg,Mitchell Gladdis,John Biltmore International Corp. Goodheart,John Pershing LLC Gorder,Mary Vichara Technologies Grazioso,Lauren Cantor Fitzgerald Greenhaw,Paul NYSE Harkins,Bryan BATS Global Markets Harnish,Elizabeth Oppenheimer & Co. Inc Hastings,Paul FIS Hauck,Alexandra Clearpool Hazzard,Alison Northbridge Financial Hempstead,Chris Hurley,Sean Thomson Reuters Hutchinson,Jimmy Group One Trading Hutchinson,Julie Colt Technology Services Infantino,Leandro Jacobs,Allison Jedwab,Joshua Tower Research Capital LLC Johnson Petrakov,Tiffany OTC Global Holdings Joyce,Thomas Arxis Capital Group Kang,Wonyoung Citi Konstance,Marie Bloomberg Kost,Frank SS&C Technologies Kostrinsky,Alan Kreusser,Christopher NICE Actimize Lentini,Alfonso Celadon Financial Lichten,Jason Wolverine Execution Services Lonergan,Lance Weeden Mangan,James Jayman Investments Maragos,Peter Dash Financial LLC Martin,Philip Censible Mason,Frederic JP Morgan Asset Management McCooey,Tim SenaHill Partners McDonnell,Shaun Macquarie Group Continues on page 109 - 108 - 2017 Member Directory Name Firm Name Melchiorre,Morgan BATS Global Markets Miglionico,Frank Fidessa Miller,Jeff Fifth Third Securities Montagnino,Chris Jordan and Jordan Morakis,Jay M Group Strategic Communications Mueller,Michael ArxisCapital Murphy,Ryan Nalval,Thejas WallachBeth Capital Nersten,Tim Liquidnet Neumaier,Paul Fidessa Neyman,Vladimir Ngai,James Citadel Securities Nigro,Thomas FIS Global Norris,Brittaney Pico Trading Oppenheimer,Andrew Nasdaq Panjwani,Mahesh RegSmartSolutions LLC Parise,Janice SD Daniels & Co. Park,HongSup Pasternak,Ronald Delaware Board of Trade ATS Pento,Chris Engineers Gate Market Technologies Pineault,Mitch Pleffner,Joseph Cantor Fitzgerald Post,Roger Best Execution & Surveillance Solutions, LLC Preston,Erin Dash Financial Technologies LLC Pucci,John Radic,Joseph Cidar Group Holdings Ramsey,Alex Citadel Securities Raskin,Barry Jordan & Jordan Redfearn,Brett JP Morgan Reichard,Amy Bloomberg Tradebook Reilly,Tim Remolina,Shane FlexTrade Systems, Inc. Rendinaro,John Evercore Wealth Management Ricciardi,Joseph Arxis Capital Rodrigue,Matt Iberia Bank Rosenblatt,Matthew Berenberg Capital Markets Roth,Jason TMX Russell,Kimberly State Street Global Advisors Sakaris,Thomas DTCC Sanchez,Magaly Fidessa Sanfilippo,Anthony Seppala Financial Scary,Kim Exegy Schwartz,Darian Thomson Reuters Continues on page 110 - 109 - 2017 Member Directory Name Firm Name Schwartz,Henry Trade Alert LLC Schwarz,Chloe RBC Capital Markets Schwarz,Peter Integral Derivatives LLC Sehr,Robert Jefferies & Company, Inc. Seidenstein,Daniel Citi Selit,Howard JP Morgan Senecal,Matthew Hyannis Port Recearch Sheehan,Mike Millington Securities Silverman,Robert Engineers Gate Silvestri,John FIS Global Simmer,Eden PIMCO Simon,Danielle Auerbach Grayson & Co. Snow,Kevin Spenser,Simon Morgan Stanley Stehli,Mark Citadel Securities Susi,Charles Sym,Tara CJC Ltd. Szambel,Rick BCS Global Markets Thorpe,John Datawatch/Panopticon Thurley,Stan UBS Toes,James Security Traders Association Tohir,Brian Upward,Andrew Jane Street Vaidie,Arnaud Ullink Valpone,Christopher Fidessa Van Solkema,Steve Millington Securities Villali,Rose Vopni,Brad NextShares Solutions LLC Whitlock,Charlie ITG Wilder,Matthew FIS Wile,Ellen Lime Brokerage, LLC Yasin,Samina Bank Of America Merrill Lynch Yudelovitch,Sam IMC Financial Markets Zingarelli,Darren Arxis Capital

- 110 - Retired and Honorary Members Name Name Name Name Barker, John Federico, Nicholas Matthews, David Russo, Frank Barrese, Joseph Feltman, Roy Mattis, Robert Russo, Robert Barysh, Arnold Fenton, Gina Mayer, Leonard Ryan, Peter Bauer, Francis Geduld, Buzzy McCarthy, Daniel Rynander, Jr., Arthur Bellucci, Louis Genovese, John McCarthy, John Sabah, William Benizzi, Philip Genovesi, Arthur McCutcheon, William Safferson, Russell Berger, Leonard Gersten, S. William McKinnon, Alice Saladini, Salvatore Berkowitz, James Giesea, John McMahon, Joseph Salamy, Fred Berrie, John Gimenez, Frank McNamee, Margaret Schultz, Paul Bloch, Melvyn Glennon, Garry Mercandino, Robert Shapiro, Norman Bracco, Paul Goldberg, Joel Meyers, Anthony Shaw, Stanley Brancati, Sr., Francis Goldstein, Morris Moran, Vincent Shea, James Brill, Norman Gordon, Joseph Morrissey, Daniel Simon, Leonard Brophy, Martin Gordon, Paul Mullen, James Sorge, III, Joseph Buchanan, Vincent Gravina, Thomas Mullins, Jeremiah Spellane, Francis Cantor, Marvin Hayden, Thomas Neustein, Charles Stanton, Jr., John Cassino, Anthony Howley, Charles O`Brien, James Stoberock, Peter Castellucci, Victor Iriarte, Ralph O`Toole, Sr., Robert Striefler, Herman Ceo, Michael Jacoby, A. James O’Hara, Daniel Suglia, John Cohn, Maurice Jamieson, James Oliva, Judith Suppiger, Richard Collier, Evelyn Kaplan, Irwin Ortiz, Castel Taft, William Comerford, William Kaplan, Robert Padala, Robert Tamuccio, Thomas Concepcion, Antonio Kelly, David Padala, Charles Tarantino, Joseph Connell, Thomas Kennedy, James Parcesepe, Aldo Thompson, Jack Coppotelli, James Kiernan, Jr., Edward Passamonte, Michael Tierney, Richard Cordilione, Linda Kilcooley, Patrick Petrillo, Gerald Tognino, John Curtis, Nicholas Kosmider, Val Pitarresi, John Topol, Robert D`Angelo, John Lafazan, Seymour Ponzio, Jr., Nicholas Unger, Kimberly D’Angelo, John Lasky, George Posner, Edward Valentino, Ralph DaPuzzo, Peter Leopold, Robert Prager, Paul Wahl, Richard Davis, Alice Leung, Dina Quigley, Hugh Whalen, William DiBello, Sr., Phillip Levenstein, Irwin Ramos, Eugene Wien, Stephen Dolan, James Lobosco, Angelo Raphalian, James Williams, Sr., Donald Dolan, Donald LoCicero, Angelo Rasmussen, William Winkler, Steven Donadio, Joseph Lynch, Richard Reich, Carl Wolter, Arnold Donnelly, Peter Lyons, Laurence Reich, Norman Woo, Glenn Drogowitz, Bob Maccrone, Nino Rich, Louis Worsdale, Raymond Dwyer, Jr., Thomas Malespina, James Riveiro, Joseph Wright, Victor Emmett, Gregory Manzo, Anthony Rodier, Edward Yednak, Alexander Eppel, Dudley Marino, Dennis Romano, James Yednak, Paul Ewen, Raymond Marotta, Robert Rosen, Lester Falk, Gregory Masi, Frank Russell, Kenneth - 111 - Security Traders Association of New York Advertisement Index Advertiser Page# Aplomb Strategies, Inc...... 29 Bank of America Merrill Lynch ...... 11 Barclays...... 31 BestXStats...... 37 BIDS Trading, L.P...... 39 BNY Mellon’s Pershing...... 41,83 Canaccord Genuity...... 19 The Canadian Securities Exchange...... 43 Cantor Fitzgerald...... 45 Cboe Global Markets, Inc...... 2 Citadel Securities...... 4 Clearpool Group, Inc...... 21 CODA Markets...... 47 COR Clearing...... 49 Cowen, Inc...... 51 DASH...... 53 DBOT ATS, LLC...... 55 DTCC...... 57 FactSet...... 23 FlexTrade Systems, Inc...... 59 Global Liquidity Partners...... 61 Goldman Sachs...... 7 Hudson River Trading...... 63 IEX...... 25 IMC...... 65 Instinet...... 67 INTL FCStone, Inc...... 69 ITG ITRS...... 71 KX Systems...... 13 MCAP, LLC...... 73 Murphy & McGonigle...... 27 Nasdaq...... 9 Nextshares Solutions...... 75 NYSE Group...... C2 OTC Markets Group Inc...... 1 Pragma...... 77 Pryor Cashman...... 79 S3...... 81 Susquehanna International Group, LLC...... 85 TMX Group...... 17 Trillium Surveyor...... 33 TrueChain...... 87 Two Sigma Securities, LLC UBS Vela Trading ...... 35 Williams & Jensen...... 91 - 112 - Save the Dates We hope you will join us.

Tuesday July 10, 2018 STANY Annual Meeting and Bootleggers Tasting OTC Markets New York, NY

Monday July 23, 2018 STANY Annual Golf Classic and John Harrington Cup Tournament Canoe Brook Country Club Summit, NJ

TBA 28th Annual International Reception and Holiday Party

SAVE THE DATE MONDAY JULY 23, 2018

2018 STANY ANNUAL GOLF CLASSIC

CANOE BROOK COUNTRY CLUB Summit, NJ