The Future of Market Structure

The 2020 Milken Institute Global Conference featured a virtual "Future of Market Structure" panel moderated by Jared Carney, founder and CEO of Lightdale LLC, focusing on the interplay between technology, regulation, market demand, and flexibility.

Panelists included:

• Annette Nazareth, partner at Davis Polk & Wardwell and former U.S. SEC Commissioner.
• Anya O'Flynn, Head of Global Equity Products and Research at BMO Capital Markets, joining remotely from Canada.
• Rick McVeigh, Chairman and CEO of Market Access, a firm with a $20 billion market cap specializing in global fixed income innovation, and member of the SEC's inaugural Fixed Income Structure Advisory Committee.
• Kim Aron from Jefferies was scheduled to join as Managing Director and Joint Head of Municipal Finance, pending technical resolution.

Annette Nazareth assessed U.S. market performance during the 2020 pandemic with the following observations:

• Markets functioned "extraordinarily well" and demonstrated greater robustness than anticipated despite calls to close trading.
• The pandemic drove a significant surge in retail participation, particularly among young investors entering via online brokerage platforms.
• Investor confidence in market infrastructure remained stable throughout the economic disruption.

Rick McVeigh was introduced as a key perspective on the "paradox" of the pandemic market:

• He is poised to discuss how market performance created "the best of times" for specific segments while failing others.
• His focus involves creating liquidity for vast swathes of the global fixed income market, including the U.S., Europe, and international markets.