Jamil Nazarali
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- Milken Institute1h 0m
Speed to Market: The Evolution of Trading
Chris Brummer, Seth Marin, Jamil Nazarali, Joe Ratterman, Fred Tomczyk, Greg Toussart, Adni DePaulo
A panel of industry leaders debated the dual impact of high-frequency trading, highlighting record-low commissions and faster execution for retail investors against the significant execution challenges and information leakage faced by institutional buyers. While participants agreed that automation and regulatory measures like Limit Up/Limit Down have improved market efficiency, they disagreed on whether the current "arms race" for speed creates a fair environment or merely favors those who can afford co-location infrastructure. The discussion underscored a fundamental tension between the benefits of price discovery for small investors and the need for new liquidity obligations to protect large-scale market participants.
- Milken Institute51 min
The Future of Trading
Bart Chilton, Terry Duffy, Jamil Nazarali, Lou Salkind, Chris Brummer
CFTC Commissioner Bart Chilton and CME Group Chairman Terry Duffy led a panel discussing the regulatory "futurization" of swaps under Dodd-Frank and the complex role of high-frequency trading in equity and futures markets. While proponents like Citadel's Jamil Nazarali and DE Shaw's Lou Salkind argued that fragmented trading structures and algorithmic speed lower costs and increase liquidity, Chilton raised concerns regarding surveillance gaps, the profitability of proprietary traders at the expense of retail investors, and the risks of regulatory delays. The discussion highlighted the contrast between the centralized, circuit-breaker-protected futures market and the fragmented equity landscape, emphasizing the critical need for international harmonization to prevent regulatory arbitrage and maintain market stability.