2021 Plato Market Innovator (MI3) conference: Market Structure in Europe and Beyond

Now in its fourth year, the Plato Market Innovator (MI3) academic conference is where the leading academics and practitioners meet to discuss the most pertinent topics in the Capital Markets.

The Plato Partnership is delighted to share with you the 2021 agenda which, due to the ongoing Covid-19 pandemic, will be held online on the following dates/times:

Tuesday 29th June: 10:00-12:00 and 13:00- 15:00 UK time zone

Wednesday 30th June: 10:00 – 12:00 and 13:00- 15:00 UK time zone

Each session will have the scheduling:

  • Presenter for 30 minutes
  • Discussant for 10/15 minutes
  • Q&A for 10 minutes

Please note registration is now closed and confirmations have been sent by email.


Tuesday 29th June
UK time zone
Topic and research paper link:Presenter:Discussant:Paper authors:
10:00-10:10Welcome and introductionProfessor Carole Comerton-Forde UNSW and Mike Bellaro, CEO, Plato Partnership
10:10-11:05Competition and Exchange Data FeesJames Brugler, University of MelbourneGiovanni Cespa, Cass Business School– James Brugler, University of Melbourne
– Jonathan Brogaard, University of Utah
– Dominik Roesch, State University of New York
11:05-12:00Informed Trading and the Dynamics of Client-Dealer Connections in Corporate Bond MarketsRobert Czech, Bank of EnglandLaurence Daures-Lescourret, ESSEC– Robert Czech, Bank of England
– Gabor Pinter, Bank of England
12:00 – 13:00BreakBreakBreakBreak
13:00 – 14:151. Who trades at the Close? Implications for Price Discovery, Liquidity and Disagreement (US research)

2. Trading @ the close (European Research)
Vincent Bogousslavsky, Boston College
Barbara Rindi, Bocconi University
Bjorn Hagstromer, Stockholm Business School1. Vincent Bogousslavsky, Boston College
– Dmitriy Muravyer, Michigen State University

2. Barbara Rindi, Bocconi University
Carole Comerton-Forde, UNSW
14:15-15:10Quantifying the High-Frequency Trading “Arms Race” : A Simple New Methodology and Estimates

Eric Budish, University of ChicagoJoel Hasbrouck, New York University– Eric Budish, University of Chicago, USA
– Matteo Aquilina, FCA and Financial Stability Board
– Peter O’ Neill, Financial Conduct Authority
Wednesday 30th June
UK time zone
Topic:Presenter:Discussant:Paper authors:
10:00-11:00Panel Discussion – Market structure and Trading developments in 2021 and beyond– Dr Robert Barnes, Turquoise Global Holdings, LSEG
– Chris McConville, UBS
– Simon Steward, Capital Group
– Paul Humphrey, BMLL
– Rebecca Healey, Redlap Consulting
– Stephen Hanks, FCA
–  Mike Bellaro, Plato Partnership
– Anita Karppi, Plato Partnership [Moderator]
11:00-11:55Drivers and Effects of Stock Market Fragmentation – Insights on SME StocksBenjamin Clapham, Goethe Universitat, FrankfurtSophie Moinas, Toulouse School of Economics– Jens Lausen, Benjamin Clapham, Peter Gomber, Micha Matthias Bender, Goethe Universitat, Frankfurt
11:55 – 13:00BreakBreakBreakBreak
13:00 – 13:55On the Effects of Continuous TradingAndriy Shkilko, Wilfrid Laurier University, CanadaPamela Moulton, Cornell University– Andriy Shkilko, Wilfrid Laurier University,
– Ivan Indriawan, Auckland University of Technology,
– Roberto Pascual, University of the Balearic Islands
13:55 – 14:50The Cost of Clearing FragmentationAlbert J. Menkveld, Vrije UniversiteitDarrell Duffie, Stanford University– Albert J. Menkveld, Vrije Universiteit Amsterdam,
– Evangelos Benos, University of Nottingham, – Wenqian Huang, Bank for International Settlements,
– Michalis Vasios, European Securities and Markets Authority
14:50- 14:55
Plato MI3 Best Paper Conference AwardCarole Comerton-Forde, UNSW
14:55 – 15:00Plato Market Structure Practitioner Award

Nominee & Firm
* Eleanor Beasley, Goldman Sachs
* Anish Puaar, Rosenblatt
* Matthew Coupe, Barclays
* Maria Salamanca, JP Morgan
* Rebecca Healey, Redlap Consulting
* Niki Beattie, Market Structure Partners
* Mathew Szeto, Peel Hunt
* Rudolf Siebel, BVI
Mike Bellaro, CEO Plato Partnership


“With support from the Plato Partnership last year, we have undertaken a comprehensive study on how machine learning techniques are being used to enhance and create new information processing flows in electronic trading. By providing access to its wide network of industry practitioners, the Plato Partnership’s involvement was crucial in getting useful insights about the gaps between theory and practice in this area and identifying important future trends. This study will enable new types of academic-industry partnerships leading to more innovation in this area.” University Professors Fethi Rabhi and Nikolay Mehandjiev.

“The Plato Market Innovator Conference has established itself as a leading platform for the European financial market structure discussion. It’s a great place for academics and practitioners to interact.” Bjorn Hagstromer professor of finance Stockholm Business School.

“The Plato events are a rare opportunity to listen to and engage with a diverse community of people and ideas, in a friendly forum. Daniel Hulme CEO Satalia

“At the crossroads of academia and market practice: an ideal platform where independent research engages with the industry to design a more efficient and fairer market” Associate Professor Barbara Rindi at Bocconi University

“Given the significant changes in our economies and markets, it is absolutely vital to ground decisions by policy-makers, regulators and by the financial industry itself in independent academic research. It is great that the industry, both buy-side and sell-side, has joined forces in the Plato Partnership to enable independent research on European market structure. We are very grateful that Plato supported our research, both with financial resources and with access to very valuable data via their co-operation with BMLL” Professor Peter Gomber, Professor of e-finance, Co-chair E-Finance Lab, University of Frankfurt.

“It was a pleasure to participate in the 2020 Plato Conversations event. Financial services is an obvious place for artificial intelligence to be deployed, as it generates and depends on oceans of data, and many of the participants have the scale and the resources to be able to afford it. But we are still in the early days of the process of applying AI to the process of allocating capital, and the more we can accelerate the process, the more efficient the markets will become, which is ultimately to everyone’s benefit. The Plato Conversations are an important part of that process. Calum Chace The AI guy