Program:

9:00 a.m.

Registration and Welcome

9:30 a.m.

Opening Remarks by:

• Gary Gensler, Chairman, Commodity Futures Trading Commission

10:00 a.m. – Noon

Session 1: Automated, Algorithmic and High Frequency Trading

• Chair: Pradeep Yadav, University of Oklahoma

10:00 a.m.

Andrei Kirilenko, Commodity Futures Trading Commission:

• The Profitability of High Frequency Traders

10:30 a.m.

Robert Webb, University of Virginia:

• The Impact of Co-location of Securities Exchanges' and Traders' Computer Servers on Market Liquidity

11:00 a.m.

Cheng Gao, Rutgers University:

• Market Quality Breakdowns in Equities

11:30 a.m.

Q&A

Noon – 1:00 p.m.

Break for lunch

1:00 - 3:00 p.m.

Session 2: The Economics of Swaps Markets

• Chair: Andrew Lo, Massachusetts Institute of Technology

1:00 p.m.

Sayee Srinivasan, Commodity Futures Trading Commission:

• Developments in Futures and Swaps Markets: An Overview

1:30 p.m.

Michael Fleming, Federal Reserve Bank of New York:

• Trading Activity and Price Transparency in the Inflation Swap Market

2:00 p.m.

Dale Rosenthal, University of Illinois at Chicago

• Market Structure, Counterparty Risk, and Systemic Risk

2:30 pm

Q&A followed by a Break

3:00 - 5:00 p.m.

Session 3: The Financialization of Commodity Markets

• Chair: Wei Xiong, Princeton University

3:00 p.m.

Laura Tuttle, Securities and Exchange Commission:

• Predatory or Sunshine Trading? Evidence from Crude Oil ETF Rolls

3:30 p.m.

Brian Henderson, George Washington University:

• New Evidence on the Financialization of Commodity Prices

4:00 p.m.

Joseph Gruber, Federal Reserve Board of Governors:

• Interest Rates and the Volatility and Correlation of Commodity Prices

4:30 p.m.

Q&A

5:00 p.m.

Closing Remarks by:

• Andrei Kirilenko, Chief Economist, Commodity Futures Trading Commission

5:30 p.m.

Adjourn