Trading Strategy And Systems Nyu

Ray Iwanowski Ray adalah Managing Principal dan Co-Founder dari SECOR Asset Management, LP dan Chief Investment Officer Strategi SECOR Alpha. Sebelum mendirikan SECOR, Ray adalah Co-Chief Investment Officer dari kelompok Strategi Investasi Kuantitatif (QIS) di Goldman Sachs Asset Management (GSAM). Sebelum GSAM, Ray bekerja di Salomon Brothers sebagai kepala Kelompok Riset Klien Derivatif Pendapatan Tetap dan anggota Kelompok Riset Analisis Portofolio Obligasi. Sebelum Salomon, Ray bekerja di Kelompok Strategi Portofolio Basis Pendapatan Tetap Bomone. Dia melayani di Dewan Pengawas di Good Shepherd Services, sebuah agen pelayanan sosial berbasis di New York, serta Dewan Pengawas di Trevor Day School di New York City. Ray juga anggota dewan penasehat Jacobs Levy Equity Management Center di Wharton School of the University of Pennsylvania. Ray memperoleh B. S.E dan B. A. Dari Universitas Pennsylvanias Wharton School dan College of Arts and Science dan M. B.A. dari University of Chicago. Tony adalah Managing Principal dan Co-Founder dari SECOR Asset Management, LP dan Chief Investment Officer SECOR Investment Management, LP dan SECOR Investment Advisors, LP. Sebelum mendirikan SECOR, Tony adalah Chief Investment Officer General Motors Asset Management, di mana tanggung jawabnya adalah pengelolaan 130 miliar pesanan manfaat karyawan global terutama untuk General Motors dan afiliasinya. Saat ini dia menjabat di Dewan Redaksi Jurnal Manajemen Investasi dan Jurnal Konsultasi Investasi. Dulu, dia juga bertugas di dewan editorial Financial Analysts Journal. Pada tahun 1991, dia adalah penerima RL Rosenthal Award untuk Innovation in Investment ManagementCorporate Finance pada tahun 1991. Penghargaan tahunan adalah untuk mengenali kontribusi profesional berusia di bawah 35 tahun ke bidang sastra, kedokteran, pembuatan film dan keuangan di Amerika Serikat. Negara. Dia juga menerima Penghargaan Prestasi Perusahaan Asia-Amerika Nasional pada tahun 1992. Dia memperoleh gelar M. B.A. di bidang Keuangan dari New York University. Artikelnya telah banyak diterbitkan di berbagai jurnal dan buku keuangan. Bo Brownlee Bo adalah Manajer Portofolio di SECOR Asset Management, LP. Sebelum SECOR, Bo menjabat sebagai Direktur Global Equity Strategy and Trading General Motors Asset Management (GMAM), mengawasi lebih dari 15 miliar investasi ekuitas publik. Sebelum GMAM, dia memperdagangkan opsi ekuitas dan indeks ekuitas di Mabon, Nugent Securities. Dia adalah anggota Asosiasi Manajemen Investasi dan Riset (AIMR) dan telah mendapatkan penunjukan Chartered Financial Analyst. Bo menerima B. A nya. Dan M. B.A. dari University of Pittsburgh. Scott Carroll Scott adalah Direktur Operasional untuk SECOR Asset Management, LP. Sebelum ke SECOR, Scott adalah seorang Wakil Presiden Senior di Citco Fund Services selama tiga tahun, bekerja di kelompok Enhanced Middle Office mereka. Scott sebelumnya telah mengelola Operasi Investasi di dua dana lindung nilai makro global yang berbeda, Tudor Investment Corp. dari tahun 2010 sampai 2012 dan QFS, Inc. dari tahun 2005 sampai 2007, dan juga untuk dua dana pensiun besar, General Motors dari tahun 2007 sampai 2010 dan DuPont dari 2001 sampai 2005. Scott memperoleh AS-nya Di bidang Akuntansi, B. S. Dalam Manajemen Keuangan dan M. B.A. di bidang Keuangan dari Goldey-Beacom College. Kam adalah Manajer Portofolio di SECOR Asset Management, LP. Sebelum ke SECOR, Kam adalah Manajer Portofolio di Multi-Asset Investment Strategy Group di General Motors Asset Management (GMAM). Kam pindah ke London pada bulan Januari 2009 untuk mendirikan kantor GMAM8217 di London. Kam adalah Manajer Portofolio yang bertanggung jawab untuk mengawasi hampir 6 miliar aset sebelum pindah ke London. Dia juga mengelola mandat ruang lingkup GMAM8217s in-house yang luas, portofolio alokasi discretionary asset kelas aset multi aset. Kam menerima B. S. Di bidang Keuangan dari New York University, tahun 1982 Stern College of Business dan M. B.A di bidang Keuangan dan Manajemen dari Graduate School of Management Samuel Curtis Johnson, Cornell University. Andrew Colantonio Drew adalah anggota tim Manajemen Produk Alternatif di SECOR Asset Management, LP. Sebelum bergabung dengan SECOR pada tahun 2016, Drew adalah Direktur Pengembangan Bisnis untuk Investasi RS. Sebelum RS, Drew bekerja di BlackRock dan Barclays Global Investors sebagai Institutional Client Relationship Manager untuk pensiun, wakaf dan yayasan. Sebelumnya, ia bekerja di MFS Investment Management dan Citigroup. Drew memperoleh B. A. Dari Universitas Villanova dan M. B.A. dari Boston College. Florence Fong-Lopez Florence adalah Manajer Portofolio di SECOR Asset Management, LP. Sebelum ke SECOR, Florence adalah seorang Direktur di Credit Markets Group di General Motors Asset Management (GMAM), yang mengawasi imbal hasil tinggi, hutang pasar yang sedang berkembang, convertible dan strategi yield tinggi lainnya. Sebelum mengasumsikan kepemimpinan Kelompok Kredit, Florence adalah Manajer Portofolio yang mengawasi strategi pendapatan tetap kelas investasi yang jumlahnya mencapai lebih dari 10 miliar aset. Selama tahun 2002 sampai 2007, Florence adalah Senior Portfolio Manager di Ambac Financial. Florence menerima B. A. Dalam Ilmu Lingkungan dari Barnard College dan M. B.A. di bidang Keuangan dari Wharton School, University of Pennsylvania. Dia juga memegang penunjukan Chartered Financial Analyst (CFA). Scott Freemon Scott adalah seorang ahli strategi investasi di SECOR Asset Management, LP. Sebelum menjadi SECOR, Scott adalah Manajer di Multi-Asset Investment Strategy Group di General Motors Asset Management (GMAM) di mana dia mengembangkan model Asset-Liability GMAMs, proses konstruksi portofolio, dan pelaporan risiko. Sebelumnya, dia adalah Manajer Solusi Strategis dan Pendapatan Tetap Berkualitas Tinggi di mana dia mengawasi 10 miliar Aktiva Pendapatan Tetap dan mengembangkan strategi pendapatan tetap untuk klien penasihat. Scott memperoleh gelar B. S. Di bidang Ekonomi dari University of Rochester dan M. B.A. di Analytical Finance dari Kellog School of Management. Dia juga memegang penunjukan Chartered Financial Analyst (CFA). Kenneth Frier Kenneth Frier, CFA, adalah mitra dan Co-Head kantor SECOR8217s Palo Alto. Dia adalah Chief Investment Officer dari Atlas Capital Advisors di San Francisco sebelum bergabung dengan SECOR. Mr Frier memiliki pengalaman lebih dari 30 tahun sebagai investor institusional, sebelumnya menjabat sebagai Chief Investment Officer di The Walt Disney Company, Hewlett-Packard, Stanford Management Company dan UAW Retiree Medical Benefits Trust. Dia telah banyak menulis dan berbicara mengenai strategi pengelolaan risiko dan alokasi aset, dan berasal dari perangkat manajemen risiko yang banyak digunakan oleh investor institusional saat ini, seperti lindung nilai kewajiban, perlindungan sisi bawah ekuitas dan pengelolaan mata uang. Matt Gillis Matt adalah Manajer Portofolio di SECOR Asset Management, LP. Sebelum ke SECOR, Matt menghabiskan lima tahun di General Motors Asset Management (GMAM) di New York. Baru-baru ini, dia adalah seorang analis investasi yang bertanggung jawab atas strategi obligasi korporasi investment grade. Sebelum peran ini, dia adalah manajer operasi investasi untuk Global Public Markets di GMAM. Matt memulai karirnya di Trust Trust State Street Bank di Boston di mana dia menghabiskan lima tahun di Defined Contribution Services. Pada posisi terakhir di State Street, dia mengelola sebuah kelompok yang bertanggung jawab atas penilaian harian beberapa rencana iuran pasti. Matt memperoleh gelar B. S. Di bidang keuangan dari University of Massachusetts di Amherst dan M. B.A. dari New York University, tahun Stern School of Business. Pattie Hand Pattie adalah Chief Compliance Officer dari SECOR Asset Management, LP. Dia juga menjabat sebagai General Counsel for SECOR Capital Advisors, LP. Pattie mempraktikkan hukum selama lebih dari sepuluh tahun di firma hukum besar dan sebagai Associate Counsel untuk Alternative Investments Group di Oppenheimer Asset Management Inc. Dia memiliki A. B. Dari Stanford University dan J. D. dari University of California, Berkeley, School of Law (Boalt Hall). Pinar Ilgar Pinar Ilgar adalah Chief Financial Officer SECOR Asset Management, LP. Sebelum SECOR, Pinar adalah Chief Financial Officer of Sixty Capital, hedge fund netral pasar yang sistematis dan sistematis, di mana dia bertanggung jawab atas fungsi keuangan, akuntansi dan kepatuhan. Sebelum tahun enam puluh, Pinar adalah Chief Financial Officer Partes Capital, Mountain Lake Investment Management dan Aslan Capital. Dia telah menjadi anggota pendiri dari tiga dana, membangun semua kerangka kerja keuangan, operasional dan kepatuhan terkait di perusahaan-perusahaan ini. Pinar menerima dia B. S. Di bidang Administrasi Bisnis, Keuangan dan Akuntansi dari Universitas Teknik Timur Tengah di Ankara, Turki. Dia adalah seorang Akuntan Publik Bersertifikat. Michael Jin Mike adalah Manajer Portofolio dan Peneliti di SECOR Asset Management, LP. Sebelum menjadi SECOR, Michael adalah Manajer Portofolio dan Peneliti senior di grup Strategi Investasi Kuantitatif (QIS) di dalam Goldman Sachs Asset Management (GSAM). Di QIS, Michael bertanggung jawab untuk penelitian dan manajemen portofolio untuk strategi pendapatan tetap, kredit dan komoditas. Michael juga telah menjabat sebagai co-head dari bisnis komoditas group8217s. Sebelum Goldman Sachs, ia bekerja sebagai insinyur di industri perangkat lunak. Michael meraih gelar M. B.A. dengan pembedaan dari Stern Business School di New York University pada tahun 2008. Dia juga menerima gelar M. S. Dalam Ilmu Komputer dari University of Maryland dan B. S. Dalam Ilmu Komputer dari Universitas Peking, China. Michael adalah pemegang piagam CFA. Rakesh Joshi Rakesh adalah Chief Technology Officer SECOR Asset Management, LP. Sebelum SECOR, Rakesh mendirikan dan mengelola EigenSystems, LLC, sebuah perusahaan produk dan layanan peranti lunak butik yang berfokus pada integrasi model, komputasi paralel dan kinerja tinggi yang diterapkan pada analisis frekuensi dan risiko tinggi. Sebelum mendirikan EigenSystems, dia adalah Chief Technology Officer Archeus Capital, di mana dia merancang dan membangun infrastruktur TI untuk mendukung pertumbuhan aset yang cepat dalam strategi nilai relatif kompleks di pasar pendapatan tetap dan korelasi kredit. Sebelumnya, Rakesh adalah Direktur Teknologi di Citigroup untuk EM Sales amp Trading, di mana ia memulai karirnya dengan membangun dan mengelola dukungan teknologi untuk bisnis derivatif global di Eropa. Dia memegang M. S. Dalam Ilmu Komputer dari Birla Institute of Technology amp Science, Pilani, India. Brian Kearney Brian adalah Manajer Portofolio di SECOR Asset Management, LP. Sebelum ke SECOR, Brian adalah seorang Analis Aktuaria di Lucida PLC, sebuah perusahaan asuransi yang berfokus pada skema pensiun yang mengambil risiko pasar, di mana dia bertanggung jawab atas penilaian kewajiban, transaksi reasuransi dan pembelian kembali. Sebelum bergabung dengan Lucida, Brian adalah Konsultan Pensiun dalam Praktek Manfaat di Watson Wyatt. Brian meraih gelar BSc di bidang Ilmu Aktuaria dan Statistik dari UKZN, Afrika Selatan. Anoop Kumar Anoop adalah Kepala Sekolah di SECOR Asset Management, LP. Anoop memiliki pengalaman manajemen industri selama lebih dari 20 tahun. Sebelum ke SECOR, Anoop adalah Kepala Ekuitas Global di IBM senilai 53 miliar dana pensiun. Sebelum IBM, Anoop adalah manajer portofolio senior di SEI Investments and GM Asset Management. Sementara di SEI, dia bertanggung jawab atas program ekuitas internasional dan ekuitas SEI. Sementara di GMAM, dia mengelola portofolio ekuitas nilai Eropa dan juga mengawasi 15 miliar program ekuitas non-AS. Anoop memiliki gelar BS di bidang Teknik Elektro dari BITS, Pilani, India dan menerima MBA (Stern) dan MS (Courant) dari NYU. Dia juga memegang penunjukan Chartered Financial Analyst (CFA). Eric adalah pengembang perangkat lunak di SECOR Asset Management, LP. Sebelum SECOR, Eric adalah pengembang perangkat lunak untuk grup Kuantitatif Investasi Strategis (QIS) dalam Goldman Sachs Asset Management (GSAM). Di QIS, Eric membantu merancang dan menerapkan platform canggih yang digunakan untuk konstruksi portofolio, riset strategi, pengoptimalan, dan backtesting. Sebagai tambahan, Eric membantu pengembangan platform perdagangan algoritme low-latency high-throughput yang diperdagangkan di beberapa kelas aset. Dia memegang B. S. Dalam Ilmu Komputer dari Northeastern University dan M. S. Dalam Sistem Informasi dari New York University. Dan Mannion Dan adalah Kepala Pedagang di SECOR Asset Management, LP. Sebelum menjadi SECOR, Dan adalah Head Trader untuk strategi Strategi Investasi Kuantitatif (QIS) di dalam Goldman Sachs Asset Management (GSAM), perdagangan lebih dari selusin strategi makro di berbagai pasar. Selain strategi pelaksanaan, dia menyumbangkan proyek TI dan infrastruktur COO-style untuk meningkatkan efisiensi operasional. Sebelum 7 tahun di GSAM, Dan menukar pasar internasional untuk tim makro yang didorong secara fundamental di Caxton Associates. Dia memulai karirnya di Baltimore, Maryland, bekerja di zona waktu Eropa dan Asia untuk mengikuti Commodity Trading Advisor Campbell amp Company. Dan memegang B. S. Di bidang Keuangan dari Penn State University. Parth Purohit Parth adalah anggota tim solusi portofolio di SECOR Asset Management, LP. Sebelum SECOR, Parth adalah Analis Pendapatan Tetap di Grup Klien Institusional untuk Buku Hasil di Citigroup. Sebagai anggota The Analytical Desk Yield Book selama lebih dari lima tahun, Parth memberikan dukungan kepada manajer aset terkemuka dunia dan pialang asuransi yang mencakup berbagai jenis keamanan pendapatan tetap. Dia juga bertanggung jawab untuk melakukan pengaitan kembali pada indeks Citigroup dan Barclays, menciptakan portofolio lindung nilai multi-mata uang dan mempertahankan portofolio hipotek untuk menguji dan memvalidasi model hipotek. Dia juga membantu merancang skrip otomatis untuk menghasilkan kesalahan pelacakan harian dan bulanan dan laporan atribusi kembali untuk banyak pengelola aset besar. Parth menerima B. S. Di bidang Ekonomi Terapan dan Manajemen dari Universitas Cornell. Tej adalah Manajer Portofolio dan Peneliti di SECOR Asset Management, LP. Sebelum menjadi SECOR, Tej adalah Manajer Portofolio dan Peneliti dalam kelompok Strategi Investasi Kuantitatif (QIS) dalam Goldman Sachs Asset Management (GSAM). Di QIS, Tej memusatkan perhatian pada pengembangan strategi sistematis di berbagai kelas aset seperti komoditas, mata uang, makro global dan ekuitas single-name. Dia juga memberikan kontribusi signifikan terhadap pengembangan produk berbasis aset dan produk berbasis risiko. Tej lulus summa cum laude di tahun 2006 dengan B. S.E. Di Teknik Elektro dan B. S. Di bidang Ekonomi dari Program Jerome Fisher di Management amp Technology di University of Pennsylvania. Craig Reeson Craig adalah Manajer Portofolio dan Peneliti di SECOR Asset Management, LP. Sebelum menjadi SECOR, Craig adalah Manajer Portofolio dan Peneliti untuk strategi Strategi Investasi Kuantitatif (QIS) di dalam Goldman Sachs Asset Management (GSAM). Di QIS, Craig bertanggung jawab atas penelitian dan penerapan strategi Alokasi Aset dan Komoditas di dalam kompleks Dana Alfa dan Dana Reksa Dana di seluruh dunia. Craig membantu pengelolaan sehari-hari sejumlah dana lindung nilai Reksa Dana Taktis, reksadana, dan akun terpisah, dengan aset yang dikelola melebihi 5 miliar. Craig memegang B. S. Di Statistik dan Ekonomi dari Duke University. Gino Reina Gino adalah Manajer Portofolio di SECOR Asset Management, LP. Sebelum ke SECOR, Gino adalah Wakil Presiden dan Direktur Riset di Segal Advisors, sebuah perusahaan penasehat pensiun Top 25 yang mengelola 70 miliar aset. Pada tahun 2001 Gino bekerja sebagai analis riset manajer dengan UBS Paine Webber8217s Investment Management Research Group. Tahun berikutnya, Gino menjabat sebagai manajer portofolio untuk Platform Reksa Dana Neuberger Berman8217, di mana dia bertanggung jawab atas pengelolaan 200 juta di antara 18 model alokasi aset reksa dana. Dia sebelumnya bekerja untuk Penasihat Segal dari tahun 1997 sampai 2000. Gino lulus dari Universitas Hofstra dengan B. B.A. Di bidang perbankan dan keuangan. Sebagai tambahan, dia adalah pemegang CFA Charter dan anggota New York Society of Security Analysts. Ryan Samson Ryan adalah Manajer Portofolio dan Peneliti di SECOR Asset Management, LP. Sebelum menjadi SECOR, Ryan adalah Manajer Portofolio dan Peneliti dalam kelompok Strategi Investasi Kuantitatif (QIS) dalam Goldman Sachs Asset Management (GSAM). Di QIS, Ryan bertanggung jawab untuk penelitian dan pengelolaan sehari-hari dari strategi Corporate Credit and Macro Event group0117 di kompleks Global Alpha Fund. Sebagai tambahan, dia memberikan kontribusi besar untuk pengembangan model strategi Volatilitas dan Stock Selection kelompok 2.817 di seluruh dunia. Ryan lulus dengan Honours dari Caltech pada tahun 2005 dengan B. S. Di bidang Ekonomi. Ia menjadi CFA Charterholder pada tahun 2009. Dmitri Smolansky Dmitri adalah Manajer Portofolio di SECOR Asset Management. Sebelum SECOR, Dmitri menghabiskan 11 tahun di industri hedge fund, di mana dia mengelola portofolio makro global untuk Citigroup dan Man Financial dan kemudian mendirikan Bleecker Street Capital, LLC, CTA makro global, mengelola akun terpisah untuk dan memberikan layanan konsultasi kepada klien institusi . Sebelum Citigroup, Dmitri bertanggung jawab atas portofolio Global Asset Allocation (GTAA) di GM Pension Plan, mengawasi alokasi eksternal GM di ruang GTAA dan mengelola Dana Seimbang multi-aset. Dmitri menerima B. S. Di Statistik dari University of Illinois dan memperoleh gelar M. B.A. dari New York University, Stern. Sharanya Srinivasan Sharanya adalah Manajer Portofolio dan Peneliti di SECOR Asset Management, LP. Sebelum menjadi SECOR, Sharanya adalah Manajer Portofolio dan Peneliti dalam kelompok Strategi Investasi Kuantitatif (QIS) dalam Goldman Sachs Asset Management (GSAM). Di QIS, Sharanya memusatkan perhatian pada penelitian dan pengembangan strategi sistematis dalam ekuitas single-name global. Selain itu, dia secara aktif terlibat dalam pengelolaan portofolio berbagai akun yang berinvestasi di ekuitas Jepang dan Pasar Berkembang. Sharanya memegang B. S.E. Di Teknik Elektro dan B. S. Di bidang Ekonomi dari Program Jerome Fisher di Management amp Technology di University of Pennsylvania. Edgar Sullivan Ed adalah ahli strategi senior di tim penasihat dan solusi di SECOR Asset Management, LP. Sebelum SECOR, Ed adalah Managing Director di General Motors Asset Management, di mana tanggung jawab utamanya meliputi pengelolaan studi kelayakan dan pengawasan program Alokasi Aset Taktis Global, pengelolaan campuran aset dan RUPS Mandat Lingkup Luas, sebuah multi miliar dolar terpisah Portofolio DB menggabungkan konsep investasi mutakhir. Selama karir GMAM-nya, yang terbentang 25 tahun, Mr. Sullivan membantu meluncurkan program ARS (Absolute Return Strategies) dan GTAA (Alokasi Taktis Global) dan berpartisipasi dalam upaya yang berfokus pada berbagai strategi investasi dan pemantauan risiko. Sebelum bergabung dengan GMAM, Mr. Sullivan memegang berbagai jabatan di GMs Economics and Financial Staffs. Ia menyelesaikan studi sarjana di Iona dan meraih dua gelar sarjana di bidang ekonomi dan keuangan, sebuah MBA dari New York University dan Ph. D. Dari Universitas Kota New York. Dia adalah Chartered Financial Analyst. Gretchen Tai Gretchen Tai adalah mitra dan Co-Head kantor SECOR8217s Palo Alto. Sebelumnya, dia menjabat sebagai Presiden dan Chief Investment Officer anak perusahaan manajemen aset Hewlett-Packard Inc., Shoreline Investment Management Company, yang mengelola sekitar 45 miliar dari berbagai aset program amal untuk Hewlett-Packard dan perusahaan afiliasinya. Inovasinya dalam alokasi aset dinamis dan manajemen risiko memimpin rencana Hewlett-Packard A. S. untuk memimpin kinerja selama masa jabatannya. Dia juga menciptakan dana dana khusus dalam lima kategori aset yang berperan dalam meningkatkan kinerja investasi dari rencana pensiun Hewlett-Packards non-A. S.. Reha Tutuncu Reha adalah Chief Risk Officer di SECOR Asset Management, LP. Sebelum menjadi SECOR, Reha adalah Managing Director di tim Seleksi Saham Global di AQR Capital Management, dengan fokus pada riset konstruksi portofolio dan manajemen risiko. Sebelumnya, dia adalah Managing Director di tim Strategi Investasi Kuantitatif di Goldman Sachs Asset Management (GSAM). Di GSAM, Reha mengelola tim ahli strategi dan merupakan arsitek utama dari platform konstruksi portofolio kuantitatif yang digunakan untuk mengelola semua portofolio ekuitas. Sebelum GSAM, Reha adalah seorang Associate Professor di Departemen Ilmu Matematika di Carnegie Mellon University. Dia adalah anggota dewan editorial Journal of Computational Finance dan rekan penulis buku Metode Optimalisasi di bidang Keuangan serta 25 artikel di jurnal akademis dan praktisi termasuk Journal of Asset Management and Quantitative Finance. Reha memperoleh nilai B. S. Di bidang Teknik Industri dari Universitas Bilkent sekaligus Ph. D. Dalam Riset Operasi dari Universitas Cornell. Christina van Beelen Christina van Beelen Christina adalah Kepala Manajemen Produk Alternatif di SECOR Asset Management, LP. Sebelum ke SECOR, Christina adalah Chief Operating Officer Global Distribution di Citadel Investment Group. Sebelum Citadel, Christina menjabat sebagai ketua tim pelelangan Fund Fund di Amerika Utara di Goldman Sachs Asset Management (GSAM), di mana dia bertanggung jawab untuk mengelola hubungan dengan nasabah dan prospek Dana Fund Fund di seluruh hedge fund langsung GSAM8217, ekuitas pribadi dan nyata Strategi real estat. Sebelum menjabat di GSAM, Christina adalah Associate Director di Quellos Group, LLC, sekarang merupakan bagian dari Blackrock Alternative Advisors. Christina menerima B. A. Dalam Ilmu Politik dari Northwestern University dan M. B.A dari Wharton School of University of Pennsylvania. Bernard Yoo Bernard adalah Manajer Portofolio dan Peneliti di SECOR Asset Management, LP. Sebelum menjadi SECOR, Bernard adalah manajer portofolio senior di grup Strategi Investasi Kuantitatif (QIS) di dalam Goldman Sachs Asset Management (GSAM). Di QIS, Bernard bertanggung jawab untuk penelitian dan pengelolaan strategi komoditi dan Volatilitas kelompok sehari-hari dalam kompleks Global Alpha Fund, serta pengelolaan dan alokasi risiko secara keseluruhan untuk Global Alpha Fund. Sebagai tambahan, dia telah menjabat sebagai manajer portofolio utama untuk kompleks Dana Commodity GS, GS Global Volatility Fund, dan berbagai akun terpisah yang memperdagangkan strategi GTAA. Sebelum bergabung dengan GSAM, Bernard bekerja di Buck Consultants, sebuah perusahaan konsultan pensiun, di mana dia terlibat dalam penilaian dan analisis rencana aktuaria untuk situasi khusus. Dia lulus Phi Beta Kappa dengan B. S. Dalam Matematika dari Universitas Yale pada tahun 1999 dan menerima M. Phil-nya. Dalam Matematika dari New York University8217s Courant Institute of Mathematical Sciences di tahun 2005.Discussion Questions - Kant: 1.Does Kants kerangka rasional memiliki daya tarik khusus bagi manajer perusahaan multinasional Apakah memungkinkan manajer untuk berdebat, tanpa menarik bagi agama tertentu, bahwa ada Beberapa hal buruk yang harus dilakukan oleh eksekutif perusahaan (bahkan jika tindakan ini dapat ditunjukkan untuk menguntungkan pemegang saham dalam jangka pendek), seperti membunuh, mencuri dan berbohong Bisakah kategoris ini menjadi panduan yang berguna saat isu keselamatan produk atau pelaporan pendapatan dinaikkan 2 Apakah Kant membiarkan cukup kompleksitas situasi di mana manajer perusahaan modern menemukan diri mereka Sebagai contoh, Kant akan melarang kebohongan putih yang menyelamatkan muka karena baginya kebenaran itu mutlak. Namun dalam berurusan dengan rekan bisnis di budaya tertentu di mana menabung wajah sangat penting, dapatkah sebuah penolakan untuk menaungi kebenaran dengan cara apa pun adalah pemecah masalah. Apakah selalu jelas di mana kewajiban berada? Biasanya ada pilihan di antara dua kejahatan atau dua alternatif yang ada. Beda manfaatnya. Adalah keharusan kategoris dalam praktik sehingga panduan yang berguna Apakah Kant menyediakan cara untuk menyelesaikan konflik di antara tugas Pertanyaan Diskusi: Masalah Penunggang Bebas Anda memutuskan sebagai manajer sebuah bank kecil untuk menerapkan standar yang lebih tinggi dari yang dipersyaratkan oleh undang-undang AS untuk mengungkapkan persyaratan Pinjaman dan tabungan. Anda menemukan bahwa bank yang kompetitif menawarkan persyaratan yang kurang menguntungkan namun menyamarkan mereka melalui praktik yang disebut menyelimuti (tidak menekankan aspek negatif dari suatu kesepakatan). Apa saja pilihan Anda untuk mengatasi masalah Free Rider ini (yaitu pesaing Anda menarik pelanggan dengan mengikuti standar periklanan yang tidak etis). EMPAT PENDEKATAN ETIS: VIRTUE, TUGAS, KONSEKUENSI DAN RELATIVISME Empat pendekatan etis telah berkembang sebagai fokus mereka yang mempelajari filsafat moral: etika kebajikan, etika tugas, etika konsekuensial dan etika relativistik. Etika kebajikan, mengaitkan etika dengan kebiasaan pribadi, dikaitkan dengan Aristoteles. Etika kerja dikaitkan dengan kepercayaan agama, meski Kant mencoba menciptakan sistem tugas yang independen terhadap kepercayaan pada Tuhan. Etika yang konsekuen dikaitkan dengan pencarian rasionalisme selama Pencerahan, dan terutama dengan Kaum Utilitarian. Etika relativistik didasarkan pada apresiasi terhadap pentingnya lingkungan budaya dan memungkinkan bahwa etika orang lain merupakan faktor kunci dalam menentukan apa yang benar bagi individu. 1 1. Etika Kebajikan Plato dan terutama kemudian Aristoteles menggambarkan perilaku moral seperti yang dilakukan orang moral atau saleh. Orang bajik mengembangkan rasa benar dan salah. Ide ini bertahan. Kita melihat orang-orang yang kita anggap etis memberi saran tentang masalah etis karena orang-orang seperti itu memiliki rasa benar dan salah. Aristoteles mencoba untuk mengambil ide lebih lanjut, dengan sedikit keberhasilan. Dia berpikir bahwa perilaku bajik berarti orang-orang menyadari potensi mereka. Dia menyarankan agar kebajikan dikaitkan dengan moderasi, jalan tengah antara kelebihan dan kekurangan. Gagasan ini dalam praktiknya tidak terbukti sangat membantu karena di mana titik tengahnya tergantung pada tempat kita meletakkan yang ekstrem. 2 Misalnya jika peminum yang ekstrem adalah seseorang yang minum enam liter sehari vodka, berarti tiga liter sehari peminum moderat yang beroperasi tanpa bergantung pada orang-orang bisnis yang melakukan perdagangan di dalamnya. Namun dalam praktiknya perilaku etis dikagumi. Pelaku politik ingin fokus pada kekurangan etika bisnis, sementara bisnis mengolok-olok kekurangan etika para pemimpin politik. Contoh Bisnis: Sebuah perusahaan memiliki DNA tertentu. Jika memiliki kode budaya permisif yang kehilangan pandangan tentang siapa pelanggannya, ia bisa kehilangan kepercayaan investor, pekerja dan pelanggan. Mengapa seseorang harus berinvestasi dalam dana atau perusahaan jika tampaknya manajernya memaafkan akuntansi palsu atau perdagangan orang dalam Mengapa merendahkan kasino yang diketahui memberi peluang lebih buruk daripada yang lain pada jalur perjudian yang sama, kecuali jika itu adalah satu-satunya permainan di kota jika saya memiliki Pilihan, mengapa bekerja untuk atau membeli dari perusahaan yang diketahui tidak memperlakukan pekerjanya secara adil 2. Etika Tugas (Deontologis) Sistem etika paling primitif tampaknya didasarkan pada sistem kewajiban. Anak melakukan apa yang diinginkan orang tua karena orang tua mengatakan demikian. Dengan demikian deontologis (dari kata Yunani 948949959957964959962, deontos, tugas, yang berasal dari kata Yunani untuk mengikat), etika dimulai dari gagasan bahwa beberapa hal salah dan tidak boleh dilakukan. Gagasan utamanya di sini adalah bahwa niat untuk mematuhi peraturan lebih penting daripada hasilnya. Kebaikan adalah kemampuan untuk memahami dan bertindak atas kewajiban moral. Prinsip pengikatan mendasar harus mengatur perilaku individu atau perusahaan dalam situasi apapun. Dua sumber utama prinsip tersebut adalah agama dan etika Kantian. Agama memiliki peraturan yang dikaitkan dengan wahyu dari Tuhan atau nasihat yang diturunkan dari para pemimpin agama. Agama memiliki peraturan yang berbeda tentang apa yang orang harus makan atau lakukan pada hari-hari suci tertentu, namun banyak yang mendasarkan panduan umum mereka untuk bertindak. Banyak Prinsip Keagamaan Memaksimalkan Konsekuensi Sosial. Tapi Mereka Juga Mendorong Etika Relativistik Yudeo-Kristen Kasihilah sesamamu manusia seperti dirimu sendiri - memiliki konsekuensi yang baik untuk tetangga Orang Amerika Asli Berjalan di moccasin orang lain - membantu melihat sudut pandang orang lain. Hindu Apa yang terjadi di sekitar datang sekitar (karma) - jadi jangan jahat. Konfusianisme Timbal Balik (untuk menjadi orang yang lebih baik) - apa yang Anda cita-citakan adalah orang yang terintegrasi secara sosial. Pada prinsip timbal balik dan simetri. Agama memiliki keuntungan bahwa peraturan mereka disertai dengan maksim dan perumpamaan untuk membimbing perilaku. Keyakinan umum memberi dukungan dan motivasi dari sesama orang percaya untuk menindaklanjuti perilaku yang diinginkan. Alat motivasi utama agama adalah kurangnya pengetahuan kita tentang apa yang terjadi, jika ada, setelah kematian. Agama menawarkan wortel penghargaan besar di dunia berikutnya atau tongkat neraka. Perilaku etis secara historis diatur oleh praktik agama atau kesukuan. Bahkan orang-orang Yunani yang terkenal rasional membawa pelipis mereka dengan sangat serius. Adam Smith, terlepas dari reputasinya yang tinggi di antara mereka yang mencari prinsip etika non-religius, menganggap dirinya sebagai orang beriman dan tujuan penelitiannya sebagai Profesor Filsafat Moral adalah altruistik. Peristiwa menghasutnya untuk menulis The Wealth of Nations adalah kebingungan tentang mengapa bisnis secara keseluruhan melakukan pekerjaan yang baik untuk memenuhi kebutuhan masyarakat meskipun pengamatannya bahwa banyak orang dalam bisnis dimotivasi oleh pertimbangan egois. Undang-undang awal dikaitkan dengan agama, dari Sepuluh Hukum ke hukum kanon ke Alquran. Raja mengambil mantel religius dengan mengklaim hak ilahi untuk memerintah. Secara bertahap aturan raja di Barat menjadi aturan hukum (rex menjadi lex). Hukum modern adalah seperangkat aturan, dengan seperangkat aturan yang berhubungan dengan bagaimana kita mengenali peraturan yang berwenang. Aturan untuk mengenali apa yang berwibawa adalah melihat apa yang dipraktikkan orang agar menjadi peraturan semacam itu. Etika Kantian dikembangkan oleh Immanuel Kant (1724-1804) berdasarkan imperatif kategoris (absolut) yang berasal dari analisis rasional, bukan wahyu atau ajaran imam dan nabi. Dengan cara ini Kant berusaha menggabungkan etika moral rasional para filsuf Yunani dengan etika tugas agama-agama Yahudi-Kristen. Kant menggunakan dua tes tindakan untuk membedakan benar dari yang salah: Apakah universal Motif yang mendasarinya harus berlaku secara universal, yaitu tindakan untuk menjadi moral, itu harus menjadi tindakan yang akan kita lakukan dan itu akan diinginkan jika semua orang Lain berperilaku dengan cara yang sama. Apakah reversibel Tes ini serupa dengan timbal balik. Manusia harus dipandang layak menghormati diri sendiri dan bukan sebagai sarana untuk tujuan lain. Tidak masuk akal dan tidak bermoral untuk menganggap diri kita layak untuk dicapai (pantas dihormati) dan menolak rasa hormat seperti itu kepada orang lain. 3. Etika Konsekuensi (termasuk Utilitarianisme) Etika konseptual atau teleologis meninggalkan kriteria motif dan memusatkan perhatian pada hasil tindakan. Jika hasilnya bagus, tindakan terkait mungkin bagus terlepas dari motivasi aktor individual. Fakta bahwa seseorang memiliki motif bagus untuk bertindak tidak cukup untuk memastikan hal itu etis baik. Utilitarians are that large group of consequentialists who believe that the outcomes of government and business policies can be predicted and measured. As John Stuart Mill said: Public policies should be judged by their consequences. Actions are right as they tend to promote happiness the greatest good of the greatest number and wrong as they tend to produce the reverse of happiness. A large part of the activity of economists is showing how public policies produce unintended consequences that are bad. Sometimes economists can even show that the consequences are the opposite of those intended. But utilitarians are split over the issue of who is to decide what the greatest good is. Those who seek to use government power to give people what they ought to want whether or not they realize that it is good for them are called managerial liberals . Those who are more interested in addressing what people actually do want whether or not obtaining this will, objectively speaking, turn out to be good for them are called subjectivists . Those who believe that businesses should respond without questions to NGOs that are active on behalf of consumers or investors might be described as subjectivists. Those who disagree on the grounds that government should be the ones to decide how businesses respond might be managerial liberals. Walter Lippmann favored governing simplicity. In the old days people could understand Go fetch a goat. The peasant could understand the obligation to make a goat sacrifice. The gods must be appeased. The philosophers maximize utility doesnt quite resonate so well. 3 Deontological tends to be defined among philosophers as the position that some acts are morally binding independently of utility calculations. That doesnt exclude the idea that utility calculations might produce moral binding directives. It just includes more than this under what is morally binding. Chart 1-1. Brands of Ethics Kantian Rules derived rationally from universality and reversibility principles. Social Contracts Agreements on human rights, fairness. Why are social contracts identified with doing the right thing rather than the best thing Because a contract is a promise with the added feature that if formally drawn up it is legally enforceable. Someone who is a believer in promise-keeping is more likely to insist on honoring a contract. Also, if someone does not intend to honor a contract, signing it is a lie if the contract is broken after the fact, it is theft. Utilitarians disagree about how to behave in practice. But they tend to agree that people should keep their promises because society works better if they do. So a rule-utilitarian would allow for some duty-based guidance because it is useful. The utilitarian might be a little more flexible than a duty-based ethicist (certainly more flexible than Kant) when it turns out that the best consequence might flow from ignoring the contract (i. e. the overall good would be maximized by not fulfilling the obligation). Rule-utilitarians would be more rigid than act-utilitarians in individual cases. Even a duty-bound ethicist must think twice in the classic example in Platos Republic in which a man leaves weapons with you for safe-keeping, and then wants them back when he is in a drunken state and seems ready to kill himself or someone else. 4 The point of this example is that ethical issues can be complex. 4. Relativistic Ethics Relativism is only possible where there are ethical disagreements. Then ethical teaching interprets the Golden Rule as mutual respect for ones neighbor, which means allowing the norms of a persons peer group to govern their ethical choices. Many have criticized the golden rule George Bernard Shaw said that The golden rule is that there are no golden rules and Do not do unto others as you would expect they should do unto you. Their tastes may not be the same. ( Maxims for Revolutionists ). The golden rule is a good standard which is further improved by doing unto others, wherever possible, as they want to be done by. Karl Popper. The Open Society and Its Enemies , Vol. 2. A key element of the ethic of reciprocity is that a person attempting to live by this rule treats all people, not just members of his or her peer group with consideration, which leads to a tolerant if not relativistic outlook. So what is a communitys ethical outlook Some ethical theories are more concerned with institutional and society-wide issues than about individual morality. Three brands of ethics are worth summarizing in this context: egalitarianism, libertarianism and consensus-building. John Rawls 5 argues that people should judge the rules of a society by interposing a veil of ignorance about where they are placed in the social hierarchy. If you dont know in advance which social class you would be born into, which society would you prefer He says people will choose a maxi-min society (the least fortunate are the least unfortunate), based on two principles: Equal Liberty . Each person has an equal right to the most extensive liberties compatible with similar liberties for all. Difference . Social and economic inequalities are arranged to (a) to provide the greatest benefit of the least advantaged persons, and (b) keep offices and positions equally open to all. S ociety may fairly give some people more income and power than others if this (1) makes life better off for the worst off by raising the living standards of everyone, and (2) provides access to positions of power without discrimination other than by criteria related to the success of the effort. Business Application: An egalitarian philosophy would appear to lead to a compensation system in businesses that is flat - i. e. the top executive earns a low multiple of the least-well-paid employees. Question 1. Are people as totally risk-averse as Rawls suggests Might people prefer less of a safety net in return for a higher productivity of the society Question 2. Warren Buffett in his 2005 annual report has complained that executives are paid exorbitant salaries with no evidence of superior performance. Are the executives taking money from the shareholders or the workers, or both In your view, which would be a more serious ethical issue Robert Nozick 6 responded to Rawls by building on the idea of basic individual property rights to argue for a minimal state. Libertarianism has also been argued from the perspective of ethical egoism the view that if all agents act equally in their own self-interest, the marketplace will ensure maximum prosperity (this goes far beyond Adam Smiths belief that the Invisible Hand creates benign consequences from predatory or amoral business practices). An ethical egoist is in principle opposed to altruism, in the belief that the attempt to help others fails because (1) it makes them dependent and (2) it ignores the fact that needs are specific to the individual. 7 Business Application: It is appropriate for businesses to lobby governments in two areas: (1) To reduce regulation, because businesses are defending their basic rights to a sphere of action without government interference. (2) To defend an inventors right to the reward for the invention. Question 1. Is there really a free-market case for patents and copyrights The right to the fruits of property, including invention, is actually conferred and protected by government. Patents and copyrights rest on a web of government data collection business without government protection would be no paradise. Question 2. In fact, people dont behave as if they believe anyone has absolute property rights. During wars, business people who raise their prices are considered exploitative. If a member of a tribe of primitive fishing people invents a fishhook, custom will not allow this person rights in perpetuity to the use of the fishhook idea. Mustnt property rights always yield to the right of people to stay alive Social Contracts Based on Rights or Fairness Fairness Contracts (Consensus)Mission of The Investors Exchange Paul Bauccio Head of Market Operations Paul has 15 years of experience in Exchange operations. He previously served as Senior Vice President of Operations at the New York Stock Exchange where he was responsible for overseeing day-to-day operations of the NYSE and NYSE cash equity businesses, including the trading floor. He also provided strategic leadership and direction for trading system technology upgrades, drove the development of operational policies and procedures, and served as a primary contact on the trading floor for NYSE customers. Claudia Crowley Chief Regulatory Officer As Chief Regulatory Officer, Claudia oversees the Investors Exchange regulatory and compliance programs. She has over 30 years of regulatory and legal experience in the financial services industry, with extensive experience as a securities industry regulator and significant expertise in complex regulatory programs and market structure issues. She was previously the Chief Executive Officer of NYSE Regulation and the Chief Regulatory Officer of the New York Stock Exchange, NYSE ARCA, and NYSE MKT. More recently she provided advisory services to exchanges and financial services firms, including IEX. She also served on the CBOE, C2 and CFE Business Conduct Committee with decision-making authority concerning enforcement matters and an advisory role on disciplinary procedures and regulatory policies. Earlier in her career, she held a variety of legal and regulatory positions with the American Stock Exchange, including Chief Regulatory Officer. Adrian Facini Head of Product Management As Head of Product Management, Adrian leads product development from conception through implementation to delivery. Adrian has over 12 years of experience in front-office trading technology. Adrian was formerly the Head of Project Management for Electronic Services Technology at Bank of America Merrill Lynch. In this role, he was responsible for a global portfolio across the equities business, including delivery of BAMLs next generation electronic trading platform and the Merrill Lynch acquisition. Adrians prior roles at Bank of America included technology project management for equity derivatives, portfolio trading, prime brokerage, and securities lending business lines. Adrian also spent 4 years as a software developer for Global Credit Technology at Citigroup. Sara Furber Head of Listings Sara brings tremendous experience and leadership to IEX with nearly 20 years in financial services across wealth management, investment management and investment banking. Prior to joining IEX, she was a member of Morgan Stanleys Management Committee and responsible for driving digital innovation within Wealth Management. During her tenure at Morgan Stanley, she served in a number of senior executive roles including Chief Operating Officer of Morgan Stanley Wealth Management and Chief Operating Officer of Morgan Stanley Investment Managements long-only business. Sara started her career as an investment banker at Merrill Lynch and was Head of Investor Relations for Merrill during the credit crisis in 2007-2008 and through its merger with Bank of America. Post-merger, she served as Chief Operating Officer for Global Corporate and Investment Banking at Bank of America Merrill Lynch. Brad Katsuyama Chief Executive Officer Brad has over 13 years of experience in the securities trading industry. Brad was formerly the Global Head of Electronic Sales and Trading at RBC Capital Markets. In this role, he was responsible for multiple global teams including: electronic sales, electronic trading, algorithmic trading, market structure strategy, client implementation and product management. Brads prior management roles at RBC were Head of US Cash Equity Trading, Head of US Hedge Fund Coverage, and Head of US Technology Trading. Joe Kondel Head of System Reliability Engineering Joe has over 19 years of experience in the technology space, with a focus on the design, building, and operation of large complex distributed systems. Prior to joining IEX in 2013, he worked on the credential sharing detection program at HBO, where he also managed the team responsible for the data infrastructure behind HBO GO during a critical period of growth. Over the course of his career, Joe has contributed to enterprise-level solutions across the government, financial, entertainment, and e-commerce sectors, including at NASDAQ and NASA. Sophia Lee General Counsel Sophia has a combination of 18 years of legal experience in the financial services industry and private law firm practice. Sophia was previously deputy general counsel of block trading venue Liquidnet, where she served as liaison with global regulators regarding equity market structure issues, set up an ATS in each of the US, Canada and various countries in Asia Pacific and advised on strategic partnerships, acquisitions, financings, and intellectual property and technology matters. Between 2000 and 2004, Sophia served as associate general counsel at agency-only broker ITG. Sophia also spent 4 years as a mergers amp acquisitions associate at Paul, Weiss, Rifkind, Wharton amp Garrison. Chief Technology Officer Rob has over 12 years of experience in the field of quantitative and algorithmic trading. Rob was previously the Head of Global Algorithmic Trading for RBC Capital Markets, where his team was instrumental in the creation of client-facing algorithms and smart order routing strategies. Prior to working at RBC, Rob co-founded Quantera Financial Corp. a proprietary high frequency trading firm that specialized in statistical and machine learning algorithms. John Ramsay Chief Market Policy Officer John has 25 years experience in positions that concern the regulation and oversight of securities markets and intermediaries. While at the SEC since 2010, John led the staffs response to numerous significant market events, its participation in global regulatory initiatives, the development of new analytical tools for equity market oversight, and the proposal for Regulation SCI. He also led SEC efforts to implement significant elements of the Dodd-Frank Wall Street Reform and Consumer Protection Act, including the Volcker Rule and derivatives reform rules. From December 2012 to February 2014, John oversaw the Division of Trading and Markets, the group responsible for regulating broker-dealers and self-regulatory organizations, such as securities exchanges and FINRA. Previously, he worked in senior roles at the Commodity Futures Trading Commission and the National Association of Securities Dealers (now FINRA), as a partner at the law firm of Morgan Lewis amp Bockius, and as a Deputy General Counsel at Citigroup Global Markets. As Chief Market Policy Officer at IEX, he oversees the development of market structure policy positions, the companys engagement with governmental and regulatory authorities on these issues, and the companys participation in various exchange committees. Ronan Ryan Ronan has over 9 years of experience in the financial services industry and over 17 years of experience in networking infrastructure. Ronan previously was the Head of Electronic Trading Strategy at RBC Capital Markets, where he used his prior experience in network, hardware, and co-location technology to generate client-facing solutions. Prior to working at RBC, Ronan was the Head of Financial Services Development at Switch and Data and Head of DMA and Co-location solutions at BT Radianz where he serviced some of the largest trading firms in the financial industry. John Schwall Chief Operating Officer John has over 19 years in financial services leadership roles in front-office trading, capital markets technology, and brokerage operations. From 2009 to 2011, John served as the Global Head of Product Management at RBC Capital Markets. Prior to working at RBC, John spent 9 years at Bank of America Merrill Lynch, which included various roles as Global Equities Head of New Products, Program Trading Product Manager, and Senior Technology Manager in Brokerage Operations. John also spent 2 years as a Supervising Consultant in Grant Thornton LLPs Financial Services Management Consulting practice and 3 years at the Pershing Division of DLJ. John is Six Sigma certified. Chief Information Security Officer Ben has over 21 years of information security experience with the last 15 years exclusively in the financial sector. Ben was the first Chief Information Security Officer at BlackRock responsible globally for all information security and access management programs. Prior to BlackRock, Ben was the global Information Security Officer and Security Architect for FXall, a multi-bank FX trading portal. Ben spent the last half of the 1990s with Collective Technologies as a Senior Consultant, Security Officer and Security Practice Manager bringing information security solutions to telecom, manufacturing, healthcare, pharmaceutical, information security, banking, trading and co-location companies. He started his career with SAIC at the US Naval Air Warfare Center, China Lake where he selected their first firewall. Eric Stockland Chief Strategy Officer As Chief Strategy Officer, Eric represents IEX in industry and regulatory policy discussions, guides product strategy, and serves on several internal management committees. Eric has more than 15 years of experience in trading, capital markets technology, and exchange operations. Prior to joining IEX, Eric served as an execution consultant at KCG, where he advised clients on strategy selection and tactical order management to minimize market impact and execution costs. Eric joined KCGs predecessor company, GETCO in 2007 as an exchange relationship manager before transitioning into a quantitative trader role where he built valuation models and exchange execution logic for equities amp futures. Eric began his career at Archipelago in 2001 (now NYSE Euronext) as a Quality Assurance Engineer where he was responsible for testing trading amp routing algorithms. While at Archipelago and NYSE Euronext Eric held various positions in market data and the equity options division. Brad Katsuyama IEX Group, Inc. Co-Founder and CEO Investors Exchange Chairman and CEO Brad Katsuyama is the Co-Founder and Chief Executive Officer of IEX Group, Inc. and has over 15 years of experience in the securities trading industry. Brad was formerly the Global Head of Electronic Sales and Trading at RBC Capital Markets. In this role, he was responsible for multiple global teams including: electronic sales, electronic trading, algorithmic trading, market structure strategy, client implementation and product management. Brads prior management roles at RBC were Head of US Cash Equity Trading, Head of US Hedge Fund Coverage, and Head of US Technology Trading. Jeff Charney Progressive - Chief Marketing Officer Jeff Charney joined Progressive as Chief Marketing Officer in 2010 and drives the strategic, integrated marketing efforts for the 20 billion company. His range of responsibilities includes: marketing strategy, national advertising, internalexternal communications, broad market insights, newsocial media content initiatives, and retention marketing and consumer insightsresearch. In addition to driving the companys external advertising, marketing and PR Agency roster, he also leads the companys award-winning internal creative agency96 Octane. His team also provides marketing field support and drives the communications efforts for Progressives 35,000-agent sales force. Previously, he was with insurance company, Aflac, where he was Senior Vice President and Chief Marketing Officer. He previously held CMO posts at multimedia retailer QVC and Homestore (now Move) and was President of Fringe Ventures, an experiential digitalmarketing and consulting company he founded. Since joining Progressive, he has been named Brand Genius: Marketer of the Year by Adweek, was honored as one of the nations Top 100 Creative People in Business by Fast Company and was named to the Creativity 50 by Advertising Age. Jeff holds a bachelors degree in journalism with a focus on advertising and public relations from the University of South Carolina and a masters degree in journalism from The Ohio State University. William H. Donaldson Donaldson Enterprises Chairman and CEO 27th Chair of the Securities and Exchange Commission William H. Donaldson is the Chairman and CEO of Donaldson Enterprises. He served as Chairman of the U. S. Securities and Exchange Commission during 2003-2005. He previously served as Chairman and CEO of the investment banking firm Donaldson, Lufkin Jenrette and Alliance Capital, both of which he co-founded Chairman and CEO of the New York Stock Exchange and Chairman, President and CEO of Aetna. William co-founded the Yale University School of Management and served as its first dean and tenured professor. His government service spans five Presidential administrations, and includes service as U. S. Under Secretary of State and as a first lieutenant in the U. S. Marine Corps (Far Eastern Theatre, Japan-Korea). Brian T. Levine Goldman Sachs - Partner and Co-Head Global Equities Trading and Execution Services Brian Levine is co-head of Goldman Sachs Global Equities Trading and Execution Services. He serves on the Firmwide Risk Committee, Firmwide Technology Risk Committee, Securities Division Executive Committee and Securities Division Americas Operating Committee. Before returning to New York from London in 2014, he served on the European Regulatory Reform Committee, was co-chair of the EMEA Senior Diversity Council, and represented Goldman Sachs on the Equities Division Board of the Association of Financial Markets in Europe (AFME). Brian joined Goldman Sachs as a Shares trader in 1994 and was responsible for the Internet sector, participating in the trading of more than 100 Goldman Sachs-led IPOs. He became head of the US Program Trading desk in 2005 and co-head of US One Delta Trading in 2007. In 2010, Brian relocated to London as co-chief operating officer of Global One Delta Trading and in 2012 he became co-head of Global Equities One Delta Trading and EMEA Equities Trading. He was named managing director in 2002 and partner in 2006. Brian earned a BSBA from the University of Florida in 1992 and an MBA in Finance from Emory University in 1994. Brian serves on the New York City Board of Directors of Success Academy Charter Schools. Jonathan Mariner TaxDay - Founder and President Former Executives VP and CFO, Major League Baseball Jonathan Mariner recently retired from Major League Baseball, Office of the Commissioner, effective May 31, 2016, having previously served as Executive VP and CFO from March 2002 to December 2014 and, as Chief Investment Officer, from January 2015 until May 2016. The Office of the Commissioner is primarily engaged with overseeing all aspects of Major League Baseball, including baseball operations, labor relations, broadcasting and sponsorships, licensing, and financial oversight. MLB is a private, 501(c)6 (trade association), and has no affiliation with the Company. Jonathan currently serves on the following boards of directors, none of which is listed on a national securities exchange, or is required to file periodic reports to the SEC: McGraw Hill Education (Audit Committee, Chair), FM Global Insurance Company (Audit Committee, Chair), MPOWERD (Compensation Committee), Technology Frontiers (private, based in Chennal, India), Little League International (Audit Committee, Chair Investment Committee, Co-chair). Wade I. Massad Cleveland Capital Management L. L.C. - Co-Founder and Co-Managing Member Wade Massad is the Co-Founder and Co-Managing Member of Cleveland Capital Management L. L.C. a registered investment advisor and General Partner of Cleveland Capital L. P. a private investment fund focused on micro-cap public and private equity securities. Previously, Wade was an investment banker with Keybanc Capital Markets and RBC Capital Markets where he was the head of U. S equity institutional sales from 1997 to 1998 and the head of U. S Capital Markets business from 1999 to 2003. He also served on the firms executive committee at RBC. Wade has served on multiple public and private company boards and currently serves as a special advisor to the board of Matador Resources. Wade received a Bachelor of Arts in business management from Baldwin-Wallace College in 1989 and currently serves on its Board of Trustees. Joseph Scafidi Brandes Investment Partners, L. P. Director of Trading and Member of Board of Directors Joseph Scafidi serves as the Director of Trading at Brandes Investment Partners, L. P. Mr. Scafidi is responsible for managing the day-to-day operations of the global trading desk. In addition, Joseph oversees the global trading strategy, including the execution of all institutional, private client and sub-advisory wrap portfolios, as well as program trading. He served as Co-Head of U S Equity Trading - Bank of America Securities of Bank of America Corporation since April 2003. He was also responsible for the financials, utilities and energy sectors and the ADR product. He joined Bank of America from Lehman Brothers, where he headed telecom trading and was also the New York head of U. K. and European trading. He has a vast experience on the sell side, as the Head of the International Trading Desk for a New York-based global financial services firm. Joseph has extensive product knowledge in both foreign and domestic equity markets as well as 12 years of experience managing trading professionals and building positive relationships with institutional clients. He has worked on Wall Street since 1986 and has been a senior position trader for 13 years. He serves as Member of Board of Directors of Brandes Investment Partners, L. P. Joseph earned his bachelors degree in economics from Montclair State University. Helen S. Scott New York University School of Law Professor of Law and Co-Director, Jacobson Leadership Program in Law and Business Helen S. Scott is Professor of Law and the founder and Co-Director of the Mitchell Jacobson Leadership Program in Law and Business at the New York University School of Law. In that capacity, she has participated in the development of innovative Law and Business courses, including Investing in Microfinance, Law and Business of Corporate Governance, and Professional Responsibility in Law and Business. The Program also coordinates programming with the Stern School of Business, including the JDMBA Program. Professor Scott oversees the competitive Leadership Scholars program, and runs the capstone seminar for the Program, Law and Business Projects. She has been a member of the NYU School of Law faculty since 1982 and teaches a wide variety of business law courses, including the basic Contracts and Corporations courses. From 1999-2004, Professor Scott co-chaired the Listing and Hearing Review Council of the NASDAQ Stock Market, Inc. an independent advisory committee to the Board of Directors, with primary responsibility for formulating and recommending corporate governance and quantitative listing standards for that market. Professor Scott speaks regularly on corporate governance topics. In 1997, Professor Scott received the Legal Advocate of the Year award from the U. S. Small Business Administration in recognition of her participation in the development of the Angel Capital Electronic Network (ACE-Net) project to increase financing available to early-stage entrepreneurial enterprises. Before joining the law faculty, Professor Scott practiced law in Washington D. C. and New York. Jeffrey Sonnenfeld Yale School of Management - Senior Associate Dean for Leadership Programs and Lester Crown Professor in the Practice of Management Jeffrey Sonnenfeld served as full tenured professor at Emorys Goizueta Business School for a decade and a professor at the Harvard Business School for a decade, and is currently the senior associate dean of leadership programs as well as the Lester Crown Professor in the Practice of Management for the Yale School of Management, as well as founder and president of the Chief Executive Leadership Institute, a nonprofit educational and research institute focused on CEO leadership and corporate governance. Professor Sonnenfelds related research has been published in 100 scholarly articles which appeared in the leading academic journals in management such as Administrative Sciences Quarterly, the Academy of Management Journal, the Academy of Management Review, the Journal of Organizational Behavior, Social Forces, Human Relations, and Human Resource Management. He has also authored eight books, including The Heros Farewell, an award-winning study of CEO succession, and another best seller, Firing Back, a study on leadership resilience in the face of adversity. At the same time, his work is regularly cited by the general media in such outlets as: BusinessWeek, Fortune, Forbes, the Wall Street Journal, the New York Times, Newsweek, Time, the Economist, the Financial Times, the Washington Post, CBS (60 Minutes), NBC (The Today Show), ABC (Nightline, Good Morning America), CNN, and Fox News, as well as PBS, where he is a regular commentator, and CNBC, where he is a regular commentator. BusinessWeek listed Sonnenfeld as one of the worlds 10 most influential business school professors and Directorship magazine has listed him among the 100 most influential figures in corporate governance. He is the first academician to have rung the opening bells of both the New York Stock Exchange and the Nasdaq Stock Exchange. Jatin Suryawanshi Jefferies LLC - Managing Director and Head of Global Quantitative Strategy Jatin Suryawanshi is the Head of Global Quantitative Strategy at Jefferies. He has been with Jefferies in this capacity for almost six years and is responsible for the Global Algorithmic Trading product. During this time, Jatin has been at the forefront of market structure developments and has leveraged his expertise to build dynamic institutional trading algorithms for Jefferies clients. He has also published multiple white papers reflecting his research on the topic. His prior experience in the field of Electronic Trading includes being the Head Strategist of the Goldman Sachs Algorithmic Trading (GSAT) team of which he was a member of from the year 2000 to 2006 and also the Head of Algorithmic Trading, North Americas at UBS from 2006 to 2009. Jatin has also held the position of FX trader at BNP Paribas for a period of five years from 1994 to 1999. Jatin holds an MBA (Finance) from the Indian Institute of Management and an MS (Financial Markets and Trading) from the Illinois Institute of Technology, Chicago. Lead Director Joseph Scafidi is the Lead Director among the Boards Independent Directors. The Lead Director may be contacted at: Email: Joe. Scafidibrandes Tel: 858-523-3496 IEX Group Board Buy-Side Trading Advisory Committee Sell-Side Quality of Markets Committee Frequently asked questions