2023 Plato Market Innovator (MI3) Conference
Working with academia to improve the markets of tomorrow
On Wednesday 21st of June 2023, Plato Partnership hosted its seventh Market Innovator (MI3) Academic Conference at One Moorgate Place in London.
MI3 is where the leading academics and practitioners meet to discuss the most pertinent topics in capital markets.
The conference will took place on:
Wednesday 21st June: 09:00 AM - 17:00 PM (UK time)
2023 MI3 Conference Papers
Quote Competition in Corporate Bonds
Presented by Kumar Venkataraman, Southern Methodist University
Discussant: Yesol Huh, Federal Reserve Board
Authors: Terrence Hendershott, Dan Li, Dimitry Livdan, Norman Schurhoff and Kumar Venkataraman
Trust in DeFi: An Empirical Study of the Decentralized Exchange
Presented by Dr Zhuo Zhong, University of Melbourne
Discussant: Jiasun Li, George Mason University
Authors: Jianlei Han, Shiyang Huang, and Zhuo Zhong
Who Benefits from Securities Exchange Innovation?
Presented by Andriy Shkilko, Wilfred Laurier University
Discussant: Jean-Edouard Colliard, HEC Paris
Authors: Andriy Shkilko, Konstantin Sokolov and Eduard Yelagin
Trades, Quotes, and Information Shares
Presented by Björn Hagstromer, Stockholm Business School
Discussant: Pierre Collin-Dufrense, Swiss Finance Institute of the EFPL
Authors: Björn Hagstromer and Albert Menkveld
2023 MI3 Agenda
Morning
08:30 – Event registrations open & breakfast served
09:00 – Welcome from Mike Bellaro, CEO of Plato Partnership, and Carole Comerton-Forde, Professor of Finance at The University of Melbourne
09:10 – Quote Competition in Corporate Bonds - presented by Kumar Venkataraman, Southern Methodist University, discussed by Yesol Huh, Federal Reserve Board
10:00 – Trust in DeFi: An Empirical Study of the Decentralized Exchange - presented by Zhuo Zhong, University of Melbourne, discussed by Jiasun Li, George Mason University
10:50 – Morning tea
11:20 – Industry panel
12:35 - Lunch
Afternoon
13:35 – Who Benefits from Securities Exchange Innovation? - presented by Andriy Shkilko, Wilfred Laurier University, discussed by Jean-Edouard Colliard, HEC Paris
14:25 – Afternoon tea
14:55 – Trades, Quotes, and Information Shares - presented by Björn Hagstromer, Stockholm Business School, discussed by Pierre Collin-Dufrense, Swiss Finance Institute of the EFPL
15:45 - Closing remarks
15:55 – Drinks reception
MI3 Industry Panel
This year’s MI3 Conference will feature a panel of leading market participants, researchers, FinTechs, and regulators discussing a collection of the most pertinent topics facing the marketplace.
This year’s topics will include:
T+1 settlement – challenges and implications
Retail trading - Improving data access for retail investors, institutional access to retail flow
Impacts of tick size regulation
Impacts / Concerns of regulatory arbitrage between UK and EU, and
Impacts / Concerns of high market data costs on market participants
Meet the Panellists…
Fabio Braga
Manager - Trading Policy at the Financial Conduct Authority
Fabio Braga, CFA manages the Trading Policy team, in the Infrastructure & Exchanges division at the FCA. The team is responsible for the policy on Exchanges, MTFs and OTFs and for investment firms’ obligations in relation to trading, including the requirements relevant for algorithmic and HFT trading. The team is also responsible for the regulatory regime applicable to data reporting services providers like APAs and CTPs and for commodity derivatives.
Before joining the FCA, Fabio worked for Borsa Italiana.
Maria Salamanca Mejia
Head EMEA Market Structure at Morgan Stanley
Maria Salamanca Mejia is an Executive Director in Morgan Stanley’s Institutional Equities Division. Maria joined the firm in 2021 and is based in London where she looks after Morgan Stanley’s EMEA Market Structure practice. Prior to joining Morgan Staley, Maria held Market Structure positions in other organisations. She is also Board member of the Plato Partnership and represents the EMEA equities business in a range of trade association committees. Maria graduated from Imperial College, London with an MSc in Management.
Daniel Mayston
Head of Electronic Trading and Market Structure EMEA at BlackRock
Dr. Daniel Mayston PhD, FRM is responsible for overseeing electronic trading initiatives, adapting the trading platform in the light of market structure evolution, and delivering execution research across all asset classes. His role's mandate includes strengthening the role of quantitative data, modelling and technology in the trading process to drive execution performance. His research responsibilities include the delivery of execution and liquidity models which combine econometric techniques with innovative machine learning approaches. Dr. Mayston partners closely across BlackRock's modelling, risk management and investment teams to provide thought leadership on liquidity and liquidity risk for the firm. He also represents BlackRock externally on various industry bodies and at conferences to advocate for trading and market structure solutions in the interest of the end investor.
Dr. Mayston earned a PhD in Finance with his academic focus on liquidity risk. He is a Financial Risk Manager (FRM) charter holder.
Rebecca Healey
Managing Partner at Redlap Consulting
Rebecca is considered to be a leading industry voice on market structure, regulatory reform, and financial services technology. Writing research since 2011, Rebecca has authored a plethora of qualitative reports and commentaries covering the impact of market regulation on all asset classes, the impact of the rise of fintech in capital markets, the switch to electronic trading and provision of liquidity across all asset classes, as well as the impact of the move to ESG and sustainability in asset management; focusing on how technology can help address current challenges, improving secondary capital markets access both for participants and investors.
Rebecca is the co-chair for FIX EMEA and member of ESMA’s Secondary Markets Standing Committee and a member of the FCA’s Secondary Markets Advisory Committee. In relation to ESG, Rebecca is Co-Chair of the FIX Working Group on ESG; Convenor for the ISO/TC 68 Sustainable Finance Advisory Group; a member of ISO TC 68 Strategic Leadership Group and serves on the ISO Technical Management Board committees of Climate Change Coordination Committee (CCCC) and ISO Positioning and Consultation Responses (CCCC-TG 4).
Anish Puaar
Head of European Equity Market Structure at Optiver
Anish joined Optiver in August 2022 as head of European equity market structure, where his responsibilities include managing exchange relationships, steering advocacy efforts and assisting with public affairs. Prior to joining Optiver, Anish was Head of European Market Structure at Rosenblatt Securities, responsible for the firm’s European market structure reports and events. Anish is a frequent speaker at industry events across the globe and in 2021 he was awarded the Plato Partnership’s MI3 Market Structure Award for Excellence. Prior to joining Rosenblatt, Anish was a journalist covering market-structure topics for over seven years.
Moderated by: Nej D'jelal
Group Head of Workspace Platform at LSEG
Nej D'jelal is Group Head of Workspaces Platform at LSEG (London Stock Exhange Group). Nej has over two decades of experience in building and commercialising digital platforms at leading firms including UBS, Barclays, and Goldman Sachs. Nej is also Co-Founder and former Co-Chairman of Plato Partnership.
Market Innovation
Watch Plato Partnership CEO Mike Bellaro and Carol Comerton-Forde, Finance Professor at the University of Melbourne, discuss Plato Partnership, the MI3 Initiative, its role in the market and how it brings innovative answers to market structure problems by combining the expertise of academics and practitioners.