Conference on Implementing Regulatory Change in the Financial Markets
May 5 – 6, 2011

Thursday, May 5, 2011: Owen School Averbuch Auditorium (8:00am – 5:00pm)

8:00 – 8:45: Continental breakfast
8:45 –9:00: Welcome

  • Hans Stoll, Director, Financial Markets Research Center
  • Jim Bradford, Dean, Owen School

9:00 – 9:45: Maintaining Housing Finance in a World of Uncertainty. Edward DeMarco, Acting Director of the Federal Housing Finance Agency.

9:45 – 10:45: Regulating Risky Banks. Chair: Brett Sweet, Vice Chancellor for Finance, Vanderbilt

  • Mark Flannery, Professor, University of Florida. Maintaining Adequate Bank Capital.
  • Wilson Ervin, Managing Director, Credit Suisse. Fixing Too-Big-To-Fail: The Challenge at the Heart of Financial Reform.

10:45 – 11:15: Break

11:15 – 12:15: Making Rules out of Laws. Chair: Margaret Blair, Professor of Law, Vanderbilt

  • James Overdahl, EVP, NERA. Implementing Dodd-Frank through the Federal Rule
    Making Process.
  • Joanne Moffic-Silver, General Counsel of the CBOE. Dodd-Frank Rulemaking for the
  • Susan Milligan, Senior VP Government Relations, Options Clearing Corp. Commentary

12:15 – 1:15: Lunch

1:30 – 2:30: Regulation of Derivatives Markets. Chair: Robert Whaley, Professor of Finance, Owen School

  • Mike Cahill, President, Options Clearing Corp. Developments in Clearing.
  • Pat White, Senior Associate Director, Division of Research and Statistics, Federal
    Reserve Board. Overview of U.S. Derivatives Legislation..
  • Stefan Mai, Head of Market Policy& European Public Affairs, Deutsche Boerse,Regulatory Changes in Europe.

2:30 – 3:30: Regulatory Issues in Trading Markets. Chair: Rick Kilcollin, Sanborn Kilcollin Partners

  • Andrei Kirilenko, Chief Economist, CFTC. The Flash Crash: Regulatory Implications.
  • Jonathan Sokobin, Deputy Director, Office of Risk and Financial Innovation, Securities
    and Exchange Commission. Regulating High Frequency Trading.

3:30 – 4:00: Break

4:00 – 4:30: Structure of the Financial System and Regulatory Policy.

  • Thomas S.Y. Ho, Research Professor of Financial Markets, Owen School
    (with Miguel Palacios and Hans R. Stoll). Changing Structure of the Financial System
    and Principles of Regulation.

4:30 – 5:00: Wrap-up discussion

Loews Vanderbilt Hotel 6pm Cocktails

7:15: Dinner

Friday, May 6: Owen School Averbuch Auditorium (8:00am – 1:00pm)

8:00 – 9:00: Continental breakfast

9:00 – 10:00: Impact of Regulatory Policy on the Financial Markets. Chair: Jim Cochrane, Senior VP, NYSE, Retired

  • John Damgard, President of the Futures Industry Association. Government Regulation of Derivatives Markets: Are we going too far?
  • Duke Chapman, Actuarial Holdings and former Chairman of the CBOE. The Changing
    Face of Equities Markets: The Role of Regulation.

10:00– 10:30: Break

10:30 – 11:30: Innovations in money management and trading. Chair: Craig Lewis, Professor of
Finance, Owen School.

  • Nick Bollen, Professor of Finance, Owen School. Behavior of Hedge Funds.
  • Bob Whaley, Professor of Finance, Owen School (with Jacob Sagi). Trading Relative Performance with Alpha Indices.

11:45 – 1:00: Luncheon

2:00 – 4:00: Post conference activities: Tennis or hiking.