2009 WFE Executive Briefing : Exchange Technology Workshop at MIT

MIT Exchange Technology Workshop, 23-25 November 2009, hosted by MIT

group photo from MIT

 

Day 1 - Monday 23 November 

Welcome remarks and introduction

 

  • Thomas Krantz, Secretary General, World Federation of Exchanges
  • Anthony Knopp, Senior Industrial Liaison Officer, MIT

The race to low latency: achievements, goals and limits (1)

Algo trading, Direct Electronic Access, and other innovations have highlighted the need for speed. The IT, once enabling market participants to trade from any location, now pushed to its limit, is now reversing this trend with co-location. More than latency alone, exchanges’ IT systems are also expected to be predictable, while still being highly reliable. What are the current latencies, how are they measured, how can they be compared? What are the implications in terms of risk management? What are the physical limits to latency?

  • Larry Tabb, founder and CEO, Tabb group as moderator
  • Edwin D. Marcial, Chief Technology Officer, IntercontinentalExchange ICE
  • Robert Hegarty, Managing Director – Market Structure, Depository Trust & Clearing Corporation

MIT Session – Don’t waste a crisis: use the economic downturn to lift IT’s business value

George Westerman is a Research Scientist in MIT Sloan's Center for Information Systems Research (CISR) and faculty chair for the course IT for the Non-IT Executive. His research and teaching examine executive-level management challenges at the interface between information technology and business units, such as risk management, innovation, and the strategic role of IT.

  • George F. Westerman, Research Scientist, MIT Sloan’s Center for Information Systems Research

The race to low latency: achievements, goals and limits (2)

  • Larry Tabb, founder and CEO, Tabb group, as speaker/moderator
  • Jochen Biedermann, Senior Vice President Sales / CIS Development, Deutsche Börse AG
  • Mats Andersson, Chief Technology Officer, NASDAQ OMX
  • Paul K. Michaud, Global Executive IT Architect, Financial Markets, IBM Software Group

MIT Session – Innovations for sustainable and disaster-resilient infrastructure

Dr. Sarah Slaughter, Senior Lecturer in the MIT Sloan School of Management, coordinates the Sloan Sustainability Initiative, co-teaches "Strategies for Sustainable Business" and manages the Sustainable Business Laboratory (S-Lab).

MIT Session – Current and recent past economic issues

Simon Johnson, Professor at MIT’s Sloan School of Management, was the chief economist at the International Monetary Fund during 2007 and 2008. He blogs about the financial crisis at baselinescenario.com

  • Simon Johnson, Ronald A. Kurtz (1954) Professor of Entrepreneurship, MIT Sloan School of Management

MIT Session – Future of data base technology  One size does not fit all

Michael Stonebraker has been a pioneer of data base research and technology for more than a quarter of a century. He was the main architect of the INGRES relational DBMS, the object-relational DBMS, POSTGRES, and the federated data system, Mariposa.

  • Michael Stonebraker, Adjunct Professor, MIT Computer Science and Artificial Intelligence Laboratory

 

Day 2- Tuesday 24 November 

New challenges for recent exchanges – A presentation from the Shenzhen Stock Exchange

The Shenzhen Stock Exchange has been facing unique issues in terms of growth and volumes. What technologies are used and what are the future prospects?

  • Dai Wenhua, Vice President, Shenzhen Stock Exchange

MIT Session – Global Financial Crisis: Lessons and Opportunities for International Political Economy

David Andrew Singer is an Assistant Professor of Political Science at MIT. Professor Singer studies international political economy, with a focus on international financial regulation, the influence of global capital flows on government policymaking, international institutions and governance, and the political economy of central banking.

 Stream computing and surveillance

  • Paul K. Michaud, Global Executive IT Architect, Financial Markets, IBM Software Group

Surveillance technology

As markets are more and more fragmenting and volumes and transactions and data have exploded, surveillance is facing new issues. What are the new constraints and how technology can help ?

MIT Session – Security risks in cloud computing and data centers, and means for mitigating them

Professor Rivest is the Andrew and Erna Viterbi Professor of Electrical Engineering and Computer Science in MIT's Department of Electrical Engineering and Computer Science. He is a member of MIT's Computer Science and Artificial Intelligence Laboratory (CSAIL), a member of the lab's Theory of Computation Group and a founder of its Cryptography and Information Security Group.

  • Eran Tromer, Postdoctoral Associate, MIT Computer Science and Artificial Intelligence Laboratory

MIT Session – Information retrieval data base

Professor David Karger’s interests include information retrieval and analysis of algorithms.

  • David Karger, Professor of Computer Science and Engineering,  MIT

Data centers

As a result of low latency, co-location is becoming a key component of services offered by some exchanges. What are the main characteristics of the new data centers currently under construction, and how do they take into account environment issues?

  • Steve Rubinow, Chief Information Officer, NYSE Euronext

 

Day 3 - Wednesday 25 November

New systems vs Legacy systems

What are the main characteristics of the latest platforms, and how they distinguish themselves compared to legacy systems ?

  • Paul Pickup, Director, Trading Technology, as moderator
  • Tony Weeresinghe, Chief Executive Officer Millennium IT, London Stock Exchange Group

MIT Session – Human / computer interface

Professor Cummings focuses on research involving human supervisory control and human interaction with complex, autonomous systems. With the explosion of automated technology, the need for humans as supervisors of complex automatic control systems has replaced the need for humans in direct manual control.

  • Mary Cummings, Assistant Professor, MIT Aeronautics and Astronautics

IT strategies for exchanges

What are the specific needs of exchanges in terms of IT? What are the main drivers to keep IT in-house or outsource it?

  • Brian Healy, Director of Traded Markets, Development, Operations, Irish Stock Exchange
  • Harald Næss, Senior Vice President, Head of IT, Oslo Børs
  • Eldad Herstig, Vice President, Head of Back Office Division, Tel-Aviv Stock Exchange
  • Canan Guven Okan, Chief Information Officer, Istanbul Stock Exchange