2015 GELC Showbook and Agenda

Program & Speaker Biographies
2015 Convene Conference Center
New York City
8th
Annual
Global Exchange Leader Conference

Panel Descriptions Thursday, October 8, 2015
 9:35 am - 10:25 am
 8:05 am - 9:05 am
 11:40 am - 12:25 pm
 1:30 pm - 2:30 pm
Wharton Ballroom
Wharton Ballroom
Wharton Ballroom
Wharton Ballroom
Rarely has the asset management industry been more in a state of flux since the rise of mutual funds to mass prominence in the 1980s. With end
investors increasingly flocking to low-cost, passive investment vehicles, an industry predicated in large part on open-ended, actively managed funds
faces unprecedented challenges. Index providers, ETP sponsors and so-called robo-advisers seek to capitalize on what could be a fundamental shift in
how individuals and their fiduciaries invest for the future. At the same time, assets continue to pour into alternatives. Listen to thought leaders and
innovators from the various facets of the industry discuss these trends and offer their perspective on what the future holds. 
• [Moderator] Joe Gawronski — President, Rosenblatt Securities
• Mark Makepeace — CEO, FTSE Russell, London Stock Exchange Group 
• Jon Stein, CFA — CEO & Founder, Betterment 
• Jonathan Steinberg — CEO & President, WisdomTree Investments 
• Bill Yun, CFA — EVP, Alternative Investment Strategies, Franklin Templeton Investments
Nearly 20 years into a sweeping transformation, US equity market structure continues to be a source of heated industry debate. Will rising criticism
and awareness of market structure in recent years yield any substantive legislative or regulatory changes? Does the pending two-year pilot program to
widen the tick size for small-cap stocks amount to a moratorium on other major market-structure reforms? How will the recent wave of enforcement
actions involving dark pools affect behavior and outcomes? What is the industry doing on its own to cope with two decades of massive changes that
make today’s structure far more difficult to comprehend and navigate than the old NYSE-Nasdaq duopoly? Our distinguished panel presents the views
of a wide array of market participants on these issues.
• [Moderator] Justin Schack — Managing Director, Rosenblatt Securities
• Mark Campbell — SVP/Head of Order-Flow Management, Fidelity Capital Markets
• Jonathan Clark — CEO, Luminex Trading & Analytics
• Dave Cummings — Chairman, Tradebot Systems
• Mett Kinak — Head of Global Equity Market Structure and Electronic Trading, T. Rowe Price
• Joe Mecane — MD, Electronic Equities & Credit Products, Barclays
Even though they’re not likely to mandate fundamental change in the near future, regulatory agencies remain deeply engaged in the issues that
affect exchanges and trading. The US Securities and Exchange Commission is considering a series of rules regarding dark-pool and broker-routing
disclosure, and has been busy with several dark-pool enforcement cases. The Financial Industry Regulatory Association is expanding its transparency
program for off-exchange trading, in addition to continuing to focus on best execution in today’s complex markets. This interview-style session will
explore these and a host of other issues with the two most important on-the-ground regulators in US equities. Daniel Gallagher, who just ended a
four-year tenure as an SEC commissioner marked by strong engagement on market-structure issues, will serve as a special guest moderator. 
• [Special Guest Moderator] Daniel Gallagher — Former Commissioner, SEC
• Rick Ketchum — CEO, FINRA
• Steve Luparello — Director, Division of Trading & Markets, SEC
The multi-year process of revising the EU’s Markets in Financial Instruments Directive is nearing an end, with regulators busy this autumn working on final rules in
advance of scheduled implementation in January 2017. A range of marketplace behaviors, including dark-pool trading, using commissions to pay for research and open
access to clearinghouses, is due for major revamping under these and related measures. Meantime, the threat of dislocation from other regulatory and legislative initia-
tives, including financial transaction taxes and restrictions on algorithmic trading, looms large throughout the region. Hear the very latest developments — and how
they’ll affect exchanges, investors and trading firms — from senior European market participants.
• [Moderator] Anish Puaar — European Market Structure Analyst, Rosenblatt Securities
• Kjelle Blom — Head of Market Structure, Optiver Europe
• Dave Howson — COO, BATS Chi-X Europe
• Hans-Ole Jochumsen — President, Global Trading & Market Services, Nasdaq
• Arjun Singh-Muchelle — Senior Adviser, Regulatory Affairs, The Investment Association
US Equity Market Structure & Regulation
The Future of the Asset‐Management Industry
Regulatory Leaders Forum
EU Market Structure & Regulation

Speaker Biographies Global Exchange Leader Conference
Moscow Exchange
Alexander
Afanasiev
Chief Executive
Officer
Alexander Afanasiev has
been Chairman of the Executive Board
and CEO of Moscow Exchange since June
2012. During that time, he oversaw the
integration of the MICEX and RTS ex-
changes, led MoEx’s initial public offering,
and has been a driving force behind a pro-
gramme to upgrade the Russian financial
markets infrastructure.
Prior to joining Moscow Exchange, Mr
Afanasiev spent 13 years at Bank WestLB
Vostok, a subsidiary of the German bank-
ing group WestLB AG, most recently as a
Deputy Chairman of the Executive Board.
Prior to his work at WestLB, he was an
Executive Board member of Bank Imperial.
From 2005 to 2011 Mr Afanasiev was
Chairman of the MICEX FX Market Coun-
cil. From 2009 to 2013 he co-chaired the
National Foreign Exchange Association and
from 2011 to 2014 the National Securities
Market Association.
Mr Afanasiev has been working in the
Russian financial sector since 1991. Earlier
in his career he worked at the Bank of
Russia, and was among the founders of
the Russian Project Finance Bank, the first
investment bank with foreign capital in
Russia. He subsequently served as Execu-
tive Director of this bank.
He graduated from the Moscow Financial
Institute with a degree in international
economic relations and holds a PhD in
economics.
Optiver Europe
Kjelle Blom
Head of Market
Structure
With more than eight
years’ experience in the
industry of financial markets, Kjelle Blom is
currently Head of Market Structure Optiver
Europe.
After earning his Business Administration
degree at the University in Groningen,
Kjelle started at Optiver as a screen trader
in derivatives and equities in 2007.
In 2010 he took on the role of team lead
for the Fixed Income and FX team, com-
prising of twelve traders.
2012 was a year of change, Kjelle was
asked to become Partner and together
with his wife, he relocated to the US to
head up the Fixed Income, FX and Com-
modities team within Optiver Chicago LLC,
accountable for twenty-five traders.
After 18 months in Chicago, Kjelle re-
turned to Amsterdam as Senior Partner
and continued to manage the European
Fixed Income and FX team.
Stepping up to become Head Market
Structure Europe in January of 2015, he is
currently responsible for interaction with
exchanges, clearing organisations and
other financial institutions.
Since this most recent appointment, Kjelle
has also become a member of the Board
of Directors and the Local Management
Team.
Fidelity Capital
Markets
Mark Campbell
Senior Vice President
of Order Flow
Management
Mark Campbell is a Senior Vice President
of Order Flow Management for Fidelity
Capital Markets (FCM), the institutional
trading arm of Fidelity Investments provid-
ing trading, products and services to a
wide array of clients and Fidelity busi-
nesses. Fidelity Investments is the larg-
est mutual fund company in the United
States, the No. 1 provider of workplace
retirement savings plans, a leading online
brokerage firm and one of the largest
providers of custody and clearing services
to financial professionals. Mr. Campbell
is responsible for the routing and execu-
tion quality of retail customer equity and
option order flow on behalf of over 200
correspondent broker/dealers of Fidelity
Clearing and Custody including Fidelity
Brokerage Services.
Mr. Campbell joined Fidelity in 1998 as a
Senior Business Analyst in Finance. In ad-
dition to his roles in Order Flow Manage-
ment and Finance, he has held a variety
of positions within Fidelity’s organization
including Strategy & Business Planning
and Regulatory Reporting. Prior to joining
Fidelity, Mr. Campbell spent 6 years at Sa-
lomon Brothers serving in various roles in
Operations, Sales Management, and was a
Business Manager in Global Cash Equities.
Mr. Campbell received a Bachelor of Arts
degree in Economics from Florida State
University in 1991. He is FINRA Series 7,
24, 63 licensed and serves on various
industry committees at FIF, SIFMA and STA.
Virtu Financial
Douglas A. Cifu
CEO
Douglas A. Cifu has been
our Chief Executive Of-
ficer and a member of
the board of directors of
Virtu Financial, Inc. since November 2013
having previously co-founded the firm in
2008. Virtu Financial, Inc. (NASDAQ: VIRT)
is a technologically-enabled electronic
market maker that has offices in New
York, Austin, Dublin and Singapore. At
Virtu, Mr. Cifu has led and managed all
key strategic and operational decisions,
including its recent initial public offering
that closed in April, 2015, the strategic
investments by both Silver Lake Partners
and Temasek Investments into Virtu Finan-
cial and the 2011 acquisition of Madison
Tyler Holdings, LLC. Mr. Cifu frequently
speaks on global market structure issues
and concerns at industry conferences and
in private settings. He previously served as
Virtu Financial’s President and Chief Oper-
ating Officer and has served on its board
of directors since co-founding the firm in
April 2008.
Prior to co-founding Virtu, Mr. Cifu was
a partner at the international law firm of
Paul, Weiss, Rifkind, Wharton & Garrison
LLP, where he practiced corporate law
from 1990 to 2008, served on the firm’s
Management Committee and was Deputy
Chairman of the Corporate Department.
At Paul Weiss, Mr. Cifu specialized in
complex merger and acquisition transac-
tions for private equity sponsors and other
Fortune 500 companies.

Mr. Cifu also serves on the board of direc-
tors (as the lead independent director) of
Independent Bank Group, Inc. (NASDAQ:
IBTX), a regional bank holding company
and the Board of Directors of Eastern
Airlines Group, Inc. a privately-held airline
based in Miami, Florida. Mr. Cifu is also
Vice Chairman and Alternate Governor
of the Florida Panthers, an NHL hockey
franchise.
Mr. Cifu completed his J.D. at Columbia
Law School in 1990 and received his B.A.
from Columbia University in 1987, from
which he graduated magna cum laude
and was elected to Phi Beta Kappa.
Luminex Trading
& Analytics
Jonathan A. Clark
CEO
Jonathan A. Clark has
extensive trading, compli-
ance, risk management and portfolio
management experience and most
recently has served as Managing Director
and Co-Head of Equity Trading Americas
at BlackRock, Inc. Prior to that role, Mr.
Clark served as Vice President, Portfolio
Manager and Chief Compliance Officer for
a number of BlackRock funds. Mr. Clark
joined BlackRock upon its acquisition of
Merrill Lynch Investment Management
(MLIM) where he served as a Vice Presi-
dent from 1999 to 2006. During his time
at MLIM, Mr. Clark was part of the
quantitative team where he served as a
Portfolio Manager and Derivatives Special-
ist for MLIM’s quantitative funds and
structured investments. Mr. Clark was also
responsible for developing and implement-
ing strategies for portfolios that utilized
derivatives and structured investments.
Prior to joining MLIM, Mr. Clark co-man-
aged the trading desk at MLC Investments.
Additionally, Mr. Clark spent four years at
Bankers Trust with the global investment
management group and began his career
at Salomon Brothers. Mr. Clark earned a
B.S. degree in Finance from Lehigh
University.
kcg
Daniel B. Coleman
CEO
Daniel Coleman is Chief
Executive Officer of KCG,
responsible for manag-
ing day-to-day operations and leading
the strategic direction of the firm. Daniel
has more than 25 years of professional
experience and leadership in trading and
financial services.
KCG is a leading independent securities
firm offering investors a range of ser-
vices designed to address trading needs
across asset classes, product types and
time zones. The firm combines advanced
technology with exceptional client service
across market making, agency execution
and venues. KCG has multiple access
points to trade global equities, fixed
income, currencies and commodities via
voice or automated execution.
Prior to KCG, Daniel was CEO of GETCO
responsible for leading the company
through its merger with Knight Capital
Group to become KCG in July 2013. Dan-
iel joined GETCO, a global market maker
in the fixed income, FX, equities and com-
modities asset classes, in 2010. His most
recent roles were Global Head of Equities
and Global Head of Client Services. As
Global Head of Equities, Daniel led initia-
tives to enhance the firm’s core market
making business. As Global Head of Client
Services, Daniel oversaw the expansion of
GETCO’s product offerings in the U.S. and
abroad. He was named CEO of GETCO in
February 2012.
Prior to joining GETCO, Daniel spent 24
years with UBS and its predecessor firms.
Daniel served as Global Head of Equities
for UBS and was a member of the Invest-
ment Bank’s Executive Committee and
the Group Managing Board. In addition,
he served on the boards of NASDAQ,
OCC and BOX. Daniel began his career at
O’Connor & Associates, a market-making
firm focused on equity options.
Daniel holds a B.A. from Yale University
and an M.B.A. from the University of
Chicago.
BATS Global
Markets
Chris Concannon
President & CEO
Chris Concannon is Presi-
dent and Chief Executive
Officer of BATS Global Markets, a leading
operator of exchanges and provider of
services for financial markets around the
world. Mr. Concannon joined the com-
pany as President in December 2014 and
immediately made an impact by playing a
lead role in the acquisition of the Hotspot
FX market. Appointed CEO on March 31,
2015, he has more than 20 years of expe-
rience as an exchange executive, trading
participant and regulator.
A noted global market structure expert,
Mr. Concannon previously spent six years
at Nasdaq as executive vice president,
transaction services. During his influential
tenure from 2003 to 2009, he helped to
transform the company. He was respon-
sible for Nasdaq’s U.S. equity and options
markets and also led numerous acquisi-
tions and integrations, including Brut, Inet
and the Philadelphia and Boston Stock
Exchanges. A chief liaison with customers
and regulators, he also directed the launch
of the Nasdaq Options Market.
Immediately prior to joining BATS, Mr.
Concannon was president and chief op-
erating officer of Virtu Financial, a global
electronic market maker, from 2009 to
2014. He was instrumental in growing
Virtu into one of the world’s most influ-
ential market makers, providing liquid-
ity on over 200 different exchanges and
market centers in more than 30 countries
in equities, fixed income, currencies and
commodities.
Mr. Concannon served as a director on the
BATS Exchange board from March 2012 to
November 2014 and the Depository Trust
& Clearing Corp.’s board from April 2010
to November 2014. Early in his career, he
was a staff attorney at the Securities and
Exchange Commission in the Division of
Market Regulation from 1994 to 1997
before joining the law firm of Morgan,
Lewis and Bockius LLP. In 1999, he moved
to Island ECN, one of the innovative firms
that dramatically changed the U.S. market
landscape, as special counsel and vice

president of business development. From
Island, he became president of Instinet
Clearing Services before joining Nasdaq in
2003.
Mr. Concannon holds a bachelor’s degree
from Catholic University, an MBA from St.
John’s University and a JD from Catholic
University’s Columbus School of Law. He
also holds Series 7 and 24 licenses.
Tradebot Systems
Dave Cummings
Chairman
Dave Cummings is the
owner of Tradebot Systems
and Tradebot Ventures.
Tradebot uses computer algorithms to
provide liquidity to the stock market. Dave
started Tradebot in 1999 out of a spare
bedroom with a $10,000 investment.
Some days Tradebot accounts for up to
5% of the total U.S. stock market volume.
In 2008, Dave started Tradebot Ventures
to help Kansas City build the next genera-
tion of high-growth technology compa-
nies. Dave is the founder and former CEO
of BATS Trading. Since its start in 2005,
BATS has grown to become one of the
three largest stock markets in America,
providing competition to NASDAQ and the
NYSE.
Dave holds a degree in Computer &
Electrical Engineering from Purdue
University. He is a life-long member of
Platte Woods Methodist church. He lives in
Parkville, Missouri with his wife and two
kids.
TMX Group
Lou Eccleston
CEO
Lou Eccleston is Chief
Executive Officer of TMX
Group Limited. He joined
TMX Group on November 3, 2014. Mr.
Eccleston is a member of the TMX Group
Board of Directors; he is also a member
of the Board of Directors of several TMX
Group subsidiaries, including TSX Inc., TSX
Venture Exchange Inc., Montreal Exchange
and NGX.
Mr. Eccleston has more than 30 years of
extensive experience gained in senior lead-
ership roles in the information services,
financial technology and capital market
services sectors.
Prior to joining TMX Group, he was Presi-
dent, S&P Capital IQ and Chairman of the
Board, S&P Dow Jones Indices, which are
business lines of McGraw Hill Financial. He
was with that organization for six years.
While there, Mr. Eccleston was named
to the Institutional Investor “Tech 50” in
2012, 2013 and 2014.
Previously, Mr. Eccleston was at Thomson
Financial for four years in the roles of
President of Global Sales, Marketing &
Services and President of the Banking and
Brokerage Group. Mr. Eccleston was at
Bloomberg LP for 14 years, where he held
a number of roles including chief executive
of Bloomberg Tradebook for 6 years. He
also served as Chairman and CEO of Pivot
Inc., a capital market software services
company.
Mr. Eccleston earned a BA in Economics
from Drew University in Madison, NJ as
well as a MBA from La Salle University in
Philadelphia, PA.
SEC
Daniel M.
Gallagher
Former
Commissioner
Daniel M. Gallagher, Jr.
was confirmed by the United States Sen-
ate as a Commissioner of the Securities
and Exchange Commission on October 21,
2011 and sworn in on November 7, 2011.
He stepped down as a commissioner effec-
tive October 3, 2015.
Commissioner Gallagher has had the
honor and privilege of serving the agency
in several capacities throughout his profes-
sional career. He first joined the Commis-
sion as a summer honors program intern
while pursuing his law degree, focusing
on enforcement matters. In January 2006,
he rejoined the agency, serving first as
counsel to SEC Commissioner Paul S.
Atkins, and later as counsel to SEC Chair-
man Christopher Cox, working on matters
involving the Division of Enforcement and
the Division of Trading and Markets.
In 2008, he joined the Division of Trad-
ing and Markets as Deputy Director and
served as Co-Acting Director of the Divi-
sion from April 2009 until January 2010.
During this period, Commissioner Galla-
gher was on the front lines in the agency’s
response to the financial crisis. He rep-
resented the Commission in the Lehman
Brothers liquidation, and helped lead the
agency in addressing other crisis-related
issues, including the move to central
clearing of swaps and matters involving
SIPC. In his role as Co-Acting Director of
Trading and Markets, he also served as the
inaugural Chairman of Committee 6 of
the IOSCO Technical Committee, respon-
sible for addressing matters related to the
regulation of credit rating agencies.
Since returning to the agency in 2011,
Commissioner Gallagher has focused on
initiatives aimed at strengthening our capi-
tal markets and encouraging small busi-
ness capital formation, including staunchly
supporting the changes introduced by
the JOBS Act. Commissioner Gallagher
has also been an outspoken and frequent
advocate for conducting a comprehensive
holistic review of equity market struc-
ture issues; increasing the Commission’s
focus on the fixed income markets, both
corporate and municipal; addressing the
outsized power of proxy advisory firms;
and eliminating special privileges for credit
rating agencies. He has also addressed the
creeping federalization of corporate gover-
nance matters as well as the concerted ef-
forts of special interest groups to manipu-
late the SEC’s disclosure regime to advance
their political agendas. He also has been
instrumental in educating the markets and
investors about the shortcomings of the
Dodd Frank Act and the encroachment of
bank regulatory measures and prudential
regulators into the capital markets. In ad-
dition, Commissioner Gallagher has been
an outspoken critic of the disturbing trend
toward empowering supranational groups
to enact “one world” regulation outside
established constitutional processes.
While in the private sector, Commissioner
Gallagher advised clients on broker-dealer
regulatory issues and represented clients in
SEC and SRO enforcement proceedings as
a partner with the Washington, D.C. law
firm WilmerHale, where he earlier began
his career in private practice. Commis-
sioner Gallagher also served as the General

Counsel and Senior Vice President of Fiserv
Securities, Inc., where he was responsible
for managing all of the firm’s legal and
regulatory matters.
Commissioner Gallagher earned his JD
degree, magna cum laude, from the
Catholic University of America, where he
was a member of the law review. He
graduated from Georgetown University
with a BA degree in English.
Rosenblatt
Securities
Joe Gawronski
President & Chief
Operating Officer
Joe is the President and
Chief Operating Officer of Rosenblatt
Securities. He has advised exchanges
and regulators throughout the world on
market structure issues and has delivered
Congressional testimony on the subject
as well. Joe is formerly a securities lawyer
with Sullivan & Cromwell, a Vice President
in the equities division with Salomon Smith
Barney and COO of Linx, a block trading
ATS. He received his B.A. in Public and In-
ternational Affairs at Princeton’s Woodrow
Wilson School and his J.D. from Harvard
Law School. He is a member of the Advi-
sory Board of the Journal of Trading and
a member of the Board of the National
Organization of Investment Professionals.
Nasdaq
Robert Greifeld
CEO
Bob Greifeld assumed
leadership of Nasdaq in
2003, when the company's
primary business was op-
erating one equity market
in the U.S. Today, Nasdaq is a leading par-
ticipant in the exchange and technology
sector, delivering trading, listing, intelli-
gence, and public company services across
six continents.
During his tenure, Mr. Greifeld has led
Nasdaq through a series of complex,
innovative acquisitions that have ex-
tended the company’s footprint across
the world, spanning all asset classes. In
2008, he led the Exchange's combination
with Stockholm-based OMX AB, as well
as acquisitions of the Philadelphia Stock
Exchange, the Boston Stock Exchange and
Nord Pool, Europe's largest power market.
Nasdaq owns and operates 26 mar-
kets, one clearinghouse and five central
securities depositories across the U.S. and
Europe. Its technology drives more than 70
marketplaces worldwide. In January 2009,
Nasdaq was named "Company of the
Year" by Forbes magazine. Also in 2009,
Nasdaq was ranked as one of the best per-
forming companies in the U.S. as part of
the BusinessWeek 50, and it was named
to Fortune Magazine's annual list of 100
Fastest Growing Companies.
Mr. Greifeld has been a strong advocate
for modernizing exchanges and finan-
cial regulation to keep America's capital
markets competitive. He has also called for
CEOs to embrace sound, modern regula-
tion as consistent with good business
practices. Mr. Greifeld has been outspoken
on a number of issues, including long-term
U.S. fiscal debt, corporate tax reform, and
the nation’s outmoded immigration policy,
citing each as harmful to U.S. innovation
and business growth.
Prior to joining Nasdaq, Mr. Greifeld was
an Executive Vice President at SunGard
Data Systems, Inc. (“SunGard”), where he
was responsible for all of SunGard’s
sell-side businesses and its buy-side
transaction routing businesses. Mr.
Greifeld joined SunGard in 1999 through
SunGard’s acquisition of Automated
Securities Clearance, Inc. (“ASC”). From
1991-1999, Mr. Greifeld was the President
and Chief Operating Officer at ASC.
BATS Chi-X Europe
David Howson
Chief Operating
Officer
David Howson joined BATS
Chi-X Europe as Chief
Operating Officer in June 2013, bringing
nearly 15 years of experience in European
and North American financial markets
technology to oversee BATS Chi-X Europe’s
software engineering, infrastructure, and
operational teams.
Previously, Mr. Howson was Chief Tech-
nology Officer at Equiduct Systems Ltd.,
where he was one of the founders respon-
sible for establishing Equiduct in 2006 as
a pan-European Regulated Market. Mr.
Howson spearheaded the design and
implementation of the company’s technol-
ogy platform and market structure and
was responsible for technology strategy,
market structure, and post-trade services.
Prior to Equiduct, Mr. Howson was solu-
tions architect and principal consultant
at Reuters Consulting. His work included
implementing and integrating a pan-Euro-
pean equities trading platform for NAS-
DAQ Europe, as well as the architecture
and implementation of the Super Mon-
tage Hybrid trading system for NASDAQ
Deutschland. Later, as principal consultant
to the NASDAQ Stock Market based in
the U.S., he managed the redesign and
deployment of several NASDAQ Market
Site systems.
Mr. Howson graduated with honors in
Mathematics and Computer Science from
Newcastle University.
Nasdaq
Hans-Ole
Jochumsen
President
Hans-Ole Jochumsen is
the President of Nasdaq,
with responsibility for
Global Trading and Market Services, which
comprises all transactions, clearing, and
settlement services at Nasdaq, including
equities, equity derivatives, fixed income,
currency, and commodities (FICC).
As President, Mr. Jochumsen’s responsi-
bility is to maintain and further develop
Nasdaq’s strategic position in the equi-
ties and FICC space. He is responsible
for ensuring that Nasdaq’s network of
exchanges, which spans 26 markets, 1
clearing house, and 5 central securities de-
positories, continue to operate efficiently
and transparently.
Prior to the merger between Nasdaq
and OMX in 2008, Jochumsen served as
President and member of the OMX execu-
tive team. Before OMX, Mr. Jochumsen
served as President and CEO of Copenha-
gen Stock Exchange and FUTOP Clearing,
spearheading the merger of the Copenha-
gen and Stockholm exchanges in 2005.

Throughout his career, Mr. Jochumsen has
played an active role in shaping securities
industry policy. He served as the Chairman
of the Federation of European Securities
Exchanges (FESE) from 2010 -2013. From
1990 to 1998, Mr. Jochumsen served on
the Management Board of some of the
largest Danish financial institutions, includ-
ing GiroBank and BG Bank.
Mr. Jochumsen is a graduate of Copenha-
gen University with a Master of Science
(MSc), Economics.
FINRA
Richard Ketchum
Chairman & CEO
Prior to becoming CEO of
FINRA, Mr. Ketchum was
CEO of NYSE Regulation
from March 2006 to March 2009. He
served as the first chief regulatory officer
of the New York Stock Exchange, a posi-
tion he began in March 2004. From June
2003 to March 2004, Mr. Ketchum was
General Counsel of the Corporate and
Investment Bank of Citigroup Inc., and
a member of the unit’s planning group,
Business Practices Committee and Risk
Management Committee.
Previously, he spent 12 years at NASD and
The Nasdaq Stock Market, Inc., where he
served as president of both organizations.
Prior to working at NASD and NASDAQ,
Mr. Ketchum was at the Securities and
Exchange Commission (SEC) for 14 years,
with eight of those years as director of the
division of Market Regulation.
In January 2015, Mr. Ketchum was named
to the SEC Equity Market Structure Advi-
sory Committee, which will focus on the
structure and operations of the U.S. equi-
ties markets. In February 2014, Mr. Ket-
chum was appointed by President Obama
to serve on the President’s Advisory
Council on Financial Capability for Young
Americans. In October 2010, he was
appointed by President Obama to serve
on the President’s Advisory Council on
Financial Capability—a group established
to promote and enhance financial literacy
and capability among Americans. He also
served on the Joint Advisory Committee
on Emerging Regulatory Issues, a commit-
tee created by the SEC and CFTC to review
emerging regulatory issues, starting with
the market events coming out of the May
2010 so-called “flash-crash.”
Mr. Ketchum is Chairman of the FINRA
Investor Education Foundation. He also
serves on the Board of Directors of Ap-
pleseed, a non-profit network of 16 public
interest justice centers in the United States
and Mexico dedicated to advancing the
rule of law, promoting effective govern-
ment and creating opportunities for indi-
viduals’ economic advancement.
Mr. Ketchum earned his J.D. from the New
York University School of Law in 1975 and
his B.A. from Tufts University in 1972. He
is a member of the bar in both New York
and the District of Columbia.
T. Rowe Price
Group
Mehmet S. Kinak
Vice President
Mehmet Kinak is a vice
president of T. Rowe Price
Group, Inc. He is the head of Global Equity
Market Structure and Electronic Trad-
ing. Mehmet's primary focus is electronic
and program trading, market structure
analysis, and transaction cost analysis. He
joined the firm in 2000 and worked as a
portfolio accounting associate, investment
liaison, portfolio implementation manager,
and electronic trader before assuming his
current role in 2014.
Mehmet earned a B.S. in finance from
Virginia Polytechnic University.
Hong Kong
Exchanges &
Clearing
Charles Li
CEO
Charles Li has served as
Chief Executive of Hong Kong Exchanges
and Clearing (HKEx) since 2010. In this
role, Mr. Li has orchestrated some of the
most significant strategic initiatives in
HKEx’s history, including the expansion
into fixed income, currency and commodi-
ties through the acquisition of the London
Metal Exchange in 2012 and the launch
of OTC Clear in 2013, as well as enhanced
mutual market access with Mainland
China through Shanghai-Hong Kong Stock
Connect and other cooperation.
Mr. Li’s career in financial services spans
over 20 years. Before joining HKEx, he
was Chairman of JPMorgan Chase China,
prior to which he was President of Merrill
Lynch China. Before joining Merrill Lynch
in 1994, Mr. Li practiced law in New York
with Davis Polk & Wardwell and Brown &
Wood.
Before moving to the US for his stud-
ies, Mr. Li had worked as an offshore oil
worker in the North China Sea, and as a
newspaper editor-reporter for China Daily
from 1984-86.
Mr. Li obtained a BA degree in English lit-
erature from Xiamen University of China in
1984, a MA degree in journalism from the
University of Alabama in 1988, and a JD
degree from Columbia University School of
Law in 1991.
SEC
Stephen I.
Luparello
Director, Division of
Trading and Markets
In March 2014, Steve
Luparello became Director of the SEC’s
Division of Trading and Markets.
Before returning to the SEC, he was a
partner at WilmerHale, specializing in
broker-dealer compliance and regulation,
securities litigation, and enforcement.
Mr. Luparello joined WilmerHale after 16
years at the Financial Industry Regulatory
Authority (FINRA) and its predecessor, the
National Association of Securities Dealers
(NASD) where he most recently served as
Vice Chairman of FINRA. As FINRA’s Vice
Chairman, Mr. Luparello was responsible
for its examination, enforcement, market
regulation, international, and disclosure
programs. He played a key role in the cre-
ation of FINRA’s Office of the Whistleblow-
er and its Office of Fraud Detection and
Market Intelligence, and led the develop-
ment of its Order Audit Trail System (OATS)
and SONAR, technology used to monitor
securities markets and detect suspicious
trading. From 1994 to 1996, Mr. Luparello
served as Chief of Staff and legal counsel
to then-CFTC Chairman Mary Shapiro. He

began his career with nine years at the
SEC, serving as Branch Chief in the Office
of Inspections in the Division of Market
Regulation, now the Division of Trading
and Markets.
Mr. Luparello received his law degree from
Washington and Lee University in 1984.
He received his B.A. in history from
LeMoyne College in 1981.
London Stock
Exchange Group
Mark Makepeace
Group Director
of Infomation
Services &
CEO of FTSE Russell
Mark is Group Director of Information
Services of London Stock Exchange Group
(LSEG) and Chief Executive of FTSE Russell,
the global index provider. He is a member
of LSEG’s Executive Committee.
Mark started his career in financial services
in 1985, when he joined the London Stock
Exchange to coordinate “Big Bang” (the
deregulation of securities trading in the
City of London). In 1995 he founded FTSE
International and grew the index busi-
ness from a small UK start up with nine
staff to become one of the largest and
most successful global index providers
today. He has over 20 years’ experience
of developing successful joint ventures.
He has successfully forged alliances with
stock exchanges, academics and leading
industry groups around the world. He was
a founding member of the Index Industry
Association and its first chairman.
Mark has been a long‐time supporter of
the children’s charity UNICEF.
Barclays
Joseph Mecane
Managing Director
Joe Mecane is a Managing
Director in the Electronic
Equities and Credit Product
Business.
Based in New York, he is responsible for
the development of the firm’s electronic
product offering, with a particular focus
on the equities and credit markets. He is
a member of the Securities and Exchange
Commision’s recently formed Equity
Market Structure Advisory Committee, a
Member of the Finra Board of Governors,
and serves on the Board of Directors of
BIDS Trading.
Previously, Mr. Mecane was an Executive
Vice President and Head of US Equities for
New York Stock Exchange (NYSE) at In-
tercontinentalExchange Group. He joined
NYSE in 2008, having previously worked
for four years at UBS Investment Bank
as a Managing Director in the Equities
business.
Mr. Mecane has an MBA from The
Wharton School of Business and is a
Certified Public Accountant. He is married
with three children and resides in Rye,
New York.
CME Group
John W. Pietrowicz
Chief Financial
Officer
John W. Pietrowicz has
served as Chief Financial
Officer of CME Group since January 2015.
His responsibilities include oversight of the
company's corporate finance, accounting,
investor relations, treasury, real estate and
procurement functions. Before assuming
his current role, he served as Senior Man-
aging Director, Corporate Development
and Finance, where he had day-to-day
oversight of and responsibility for identify-
ing, negotiating, financing and manag-
ing ongoing investments in new business
opportunities. He also served as Managing
Director, Corporate Finance and Deputy
Chief Financial Officer since joining the
company in 2003.
Before joining the company, Pietrowicz
served as Chief Financial Officer for The
Merchants’ Exchange, an electronic com-
modities exchange based in Chicago, from
2001-03. He also held financial leadership
positions for Ameritech from 1988-2001,
most recently serving as Controller of the
company’s SecurityLink subsidiary. He also
had responsibility for Ameritech’s corpo-
rate budgeting and financial planning
functions and held other key positions in
technology, accounting and finance. He
began his career as an auditor for Arthur
Andersen LLC from 1986-88.
Pietrowicz earned a bachelor’s degree in
accounting from the University of Notre
Dame in 1986 and an MBA degree in
finance from Loyola University in 1992. He
is a Certified Public Accountant.
CBOE Holdings
Edward L. Provost
President & Chief
Operating Officer
Edward L. Provost is the
President and Chief Op-
erating Officer (COO) of CBOE Holdings,
Inc., Chicago Board Options Exchange
(CBOE) and C2 Options Exchange (C2). He
also serves as the President of the CBOE
Futures Exchange (CFE). Provost assumed
these roles in May 2013, after heading
CBOE's business development efforts for
12 years, a period during which CBOE
trading volume tripled.
Most recently as Executive Vice President
and Chief Business Development Officer,
Provost oversaw an expanded Business De-
velopment group, including Institutional,
Retail, International and Internet Market-
ing, Trading Operations, Business Analysis
and Market Data Sales.
He also spent ten years in CBOE's Regula-
tory Division and headed the exchange's
Operations Planning Division for fifteen
years, rising through the ranks before tak-
ing over the business development area.
He sits on the Governing Board of the
Illinois Council on Economic Education
(ICEE), an affiliate of the New York-based
Council for Economic Education, and is ac-
tive in church and community affairs.
Provost holds a bachelor's degree from
Loyola University of Chicago and an MBA
from the University of Chicago Graduate
School of Business.

Rosenblatt
Securities
Anish Puaar
Market Structure
Analyst
A market structure analyst
for Rosenblatt Securities, covering market
structure, trading and regulatory issues in
Europe. Puaar joined Rosenblatt's market
structure analysis group in October 2014.
His role includes responsibility for the
firm's European Let There Be Light report,
a monthly analysis of dark pool trends
across the region. Prior to joining Rosen-
blatt, Puaar was a journalist for over seven
years, most recently at Dow Jones' Finan-
cial News, where he worked as a reporter
on the Trading and Technology desk.
SGX
Muthukrishnan
Ramaswami
President
Muthukrishnan Ramas-
wami joined SGX as Senior
Executive Vice President and Chief Op-
erations Officer on 1 July 2007, and was
appointed Co-President in July 2010 and
President in May 2012.
In this role, Mr Ramaswami works closely
with the CEO and manages SGX’s core
businesses – Securities, Fixed Income,
Derivatives, Commodities, Market Data &
Access and Depository Services.
Mr Ramaswami worked with Citigroup
from 1996 to 2007 and was based in
Mumbai, Singapore, Hong Kong, London
and New York. Immediately prior to SGX
he was Chief Information Officer with
the International Consumer Business of
Citigroup’s Global Consumer Bank, based
in New York. Prior to this he held progres-
sively senior executive positions in Citi-
group’s international and regional offices,
working in Operations, Technology and
Transaction Banking.
Mr Ramaswami serves on the board of
the Infocomm Development Authority of
Singapore and is Chairman of its Audit
Committee. He is also on the board of the
Energy Market Company, the operator of
Singapore’s wholesale electricity market,
and a member of the Global Markets Ad-
visory Committee of the U.S. Commodities
Futures Trading Commission (CFTC).
Mr Ramaswami holds a Master’s Degree in
Mathematics (Honors) from Birla Institute
of Technology and Sciences, and a Post
Graduate Diploma in Management Studies
(Masters in Business Administration) from
the Indian Institute of Management,
Ahmedabad.
Rosenblatt
Securities
Justin Schack
Managing Director
& Partner
Justin Schack is a Manag-
ing Director and Partner at Rosenblatt
Securities. Schack heads the firm’s Market
Structure Analysis group, which provides
institutional traders, investors, exchange
groups, regulators and other clients with
in-depth intelligence on global market
structure and the exchange industry. Prior
to joining Rosenblatt in February 2008,
Schack spent 14 years as a financial and
public-affairs journalist, most recently as
Assistant Managing Editor of Institutional
Investor, where he authored more than 20
cover stories during his eight years on the
magazine’s staff. His work as a journalist
has been recognized with awards from
the National Press Club, the Society of
Professional Journalists and the American
Society of Business Publication Editors. In
2014 The Trade magazine named him to
its list of the decade's 100 most influential
people in buy-side trading. Schack holds
a BA in history from Seton Hall University
and an MA in history from the University
of Connecticut.
The Investment
Association
Arjun Singh-
Muchelle
Senior Adviser,
Regulatory Affairs
(Institutional & Capital Markets)
Arjun is the Senior Adviser, Regulatory
Affairs (Institutional & Capital Markets) at
The Investment Association, where he
works on all capital market and dealing-
related issues. Prior to this, he was the
Head of EU Affairs at the British Bankers’
Association. Arjun has previously worked
at the European Commission and started
his career at Canada’s financial services
regulator, the Office of the Superintendent
of Financial Institutions. He completed his
PhD and Master’s degree at the London
School of Economics and his Bachelor’s
degree in Canada and Germany.
BM&FBovespa
Daniel Sonder
Chief Financial
Offcer
Until June 2013, Mr. Daniel
Sonder served as a
Managing Director and was responsible
for the Structured Credit Funds area in the
Asset Management Division of Credit
Suisse, which he joined in 2006. Previously,
between 2003 and 2006, he was a
member of the senior staff of the São
Paulo State Secretary of Treasury. Earlier,
between 2002 and 2003, he was assistant
to the Director of Structured Products at
the Brazilian National Bank for Economic
and Social Development (Banco Nacional
de Desenvolvimento Econômico e Social),
or BNDES, and held several positions at J.P.
Morgan from 1999 to 2001. Mr. Sonder
holds a bachelor's degree in Economics
and International Relations from Tufts
University and a master's degree in
International Relations from the Fletcher
School of Law and Diplomacy. In July
2013, Mr. Sonder became Chief Financial
and Corporate Affairs Offcer of the
Company.
Betterment
Jon Stein
CEO
Jon Stein is the CEO and
founder of Betterment.
Passionate about making
life better, and with his experience from
his career of advising banks and brokers
on risk and products, he founded Better-
ment in 2008. Jon is a graduate of Harvard
University and Columbia Business School,
and he holds Series 7, 24, 63, and is a
CFA, Chartered Financial Analyst. His
interests lie at the intersection of behavior,

psychology, and economics. What excites
him most about his work is making
everyday activities and products more
efficient, accessible, and easy to use.
WisdomTree
Jonathan
Steinberg
CEO
Jonathan Steinberg
founded WisdomTree and
has served as our Chief Executive Officer
since October 1988 and since August
2012, he has also served as our President.
He has been a member of our Board of
Directors since October 1988, serving as
Chairman of the Board of Directors from
October 1988 to November 2004. He also
served as Editor-in-Chief of Individual
Investor and Ticker, two magazines
formerly published by our Company. Mr.
Steinberg, together with Mr. Siracusano,
was responsible for the creation and
development of our proprietary index
methodology. Prior to founding Wisdom-
Tree, Mr. Steinberg was employed as an
analyst in the Mergers and Acquisitions
Department of Bear, Stearns & Co. Inc., an
investment banking firm, from 1986 to
1988. Mr. Steinberg is the author of Midas
Investing, published by Times Books, a
division of Random House, Inc. He
attended The Wharton School of Business
at the University of Pennsylvania.
London Stock
Exchange Group
David Weisbrod
CEO, LCH.Clearnet
LLC
David Weisbrod was
appointed by LCH.Clearnet Group Ltd as
Chief Executive Officer of its U.S. subsid-
iary in February 2013. Additionally, in June
2015, Mr. Weisbrod was appointed as
London Stock Exchange Group’s USA
country head. Previously, he was Vice
Chairman of Risk Management at JPMor-
gan Chase & Company. Mr. Weisbrod
served as a member of the New York
Federal Reserve Bank’s Payments Risk
Committee, as a Director of the Depository
Trust and Clearing Corp (DTCC) and as a
Director of CLS Group Holdings and CLS
Bank International. He currently serves as a
member of the Commodity Futures
Trading Commission (CFTC) Global
Markets Advisory Committee. Mr. Weis-
brod has a BA degree from Cornell
University and an MBA from New York
University.
Franklin
Templeton
Investments
William Y. Yun
EVP, Alternative
Investment
Strategies
William Y. Yun is executive vice president
of Alternative Investment Strategies for
Franklin Templeton Investments. He is
responsible for the firm's specialized and
alternative investment groups, including
the hedge fund and alternative investment
solutions of K2 Advisors, the emerging
markets private equity and mezzanine
finance capabilities of Darby Private Equity,
the target date retirement funds and risk-
based asset allocation funds of Franklin
Templeton Solutions, the global property
and real asset offerings of Franklin Real
Asset Advisors, and the company's asset
management joint ventures in China and
Vietnam, as well as our commodities spe-
cialist Pelagos Capital.
Mr. Yun is an officer of Franklin Resources,
Inc. and serves on the investment manage-
ment and risk management committees.
He also serves on the board of directors of
Fiduciary Trust Company International. He
joined Fiduciary Trust in 1992 and was a
portfolio manager for eight years prior to
becoming executive vice president over-
seeing Fiduciary Trust's global equity divi-
sion. He served as president of Fiduciary
Trust from 2000 to 2005. In 2002, he also
became president of Franklin Templeton
Institutional, the global business develop-
ment group responsible for Franklin Tem-
pleton's institutional business. In this role,
he was responsible for the activities of
Franklin Templeton's defined benefit and
investment-only defined contribution busi-
nesses, as well as for Franklin Templeton
Portfolio Advisors, which provides separate
account management to individual and
institutional clients via investment advisers
and consultants. In 2008, he assumed his
current role.
Prior to joining Fiduciary Trust, Mr. Yun
worked in both asset management and
investment banking at Blyth Eastman Paine
Webber, First Boston, and CB Commercial
Holdings.
Mr. Yun holds an M.B.A. from the Amos
Tuck School of Business Administration
at Dartmouth College, and a B.A. from
Harvard University. He is a Chartered
Financial Analyst (CFA) Charterholder and
a member of the New York Society of
Security Analysts. Mr. Yun is a trustee of
The Commonwealth Fund in New York
and The China Medical Board, and on the
President's Advisory Council of the Girl
Scouts of Greater New York.

About Rosenblatt Securities. True Agents. Real Difference.
Rosenblatt Securities was founded more
than 35 years ago with a simple goal: help
institutional investors prosper by providing
them with trusted, conflict-free advice and
expert trade-execution services. The mar-
kets are far more complex now than they
were in 1979, but we still believe in our
straightforward, founding principles. Today,
as yesterday, we strive to safeguard clients’
anonymity, minimize information leakage
and provide hands-on, customized service
that the bulge bracket cannot match. But we
also have developed a unique understanding
of the ever-changing global market structure,
so that we can help customers maximize
the alpha capture in both single-stock and
program trades. Rosenblatt functions like a
boutique and feels that way to clients, yet
frequently ranks as a top broker by volume
and consistently lands in the top tier of bro-
ker execution quality rankings.
Market Structure Analysis:
Helping Investors Navigate
a Complex Marketplace
Rosenblatt is a hands-on execution consul-
tant for institutional investors. Our market
structure analysis — including our Trading
Talk reports, regular conference calls, events
and forums — helps clients make sense of
the revolutionary changes that continue to
re-shape markets in the US and globally.
Unlike consultancies and other firms that
analyze market structure from a distance, we
are practitioners.
We constantly evaluate new tools and ven-
ues to attain best execution for our clients,
and share our knowledge of routing conflicts
and other pitfalls with them. Our monthly
report on non-displayed trading venues, Let
There Be Light, is the industry’s most recog-
nized source of information about dark-pool
volumes, trends and issues in North America
and Europe. Additionally, portfolio manag-
ers and analysts who track publicly traded
exchanges find unique value in our deep
domain expertise, as well as our unparalleled
access to senior management and key deci-
sion makers in the exchange industry.
Embracing the Latest
Trading Tools and
Empowering the Buy Side
Rosenblatt prides itself on helping clients
achieve best execution for all their trades,
not just the ones we execute. Our trading
desk and NYSE floor team are early adopt-
ers of cutting-edge tools and venues, and
we facilitate direct market access (DMA) for
clients. In 1989, for example, we were the
first NYSE member firm to offer institutions
direct access to the exchange’s DOT order
delivery system. Today we continue to spon-
sor DMA access, in addition to offering an
array of sophisticated algorithmic tools and
access to all major venues. Through our deep
industry relationships we provide sponsored
buy-side access to several leading dark pools,
including BIDS Trading, IEX, LeveL ATS and
Liquidnet. Rosenblatt can also facilitate
the unbundling of research and trading by
administering CSA programs to fit clients'
needs.
Execution Analytics,
Visualization & Consulting
Another hallmark of the firm is our first-rate
execution analytics team. Rosenblatt com-
bines unique visualization tools with deep
analysis of execution outcomes, including ex-
amining relationships between PMs and trad-
ers, to help clients change behavior in ways
that reduce costs and maximize returns. Our
highly advanced cloud-based technology
allows our world-class IT and Visual Analytics
teams to create customized tools and ser-
vices that improve the investment process for
our clients. We have jumped past traditional
TCA and increasingly focus on predictive
analytics tools.
Portfolio Implementation
Advice and Understanding
the Quantitative Investor
Rosenblatt provides a comprehensive suite of
services for quantitative investors, includ-
ing expert advice for portfolio managers
on portfolio optimization, re-balancing
frequency and alpha-extension strategies.
Our team, led by a veteran buy-side quant,
weaves these services with our unique
market-structure expertise, superior analytics
and cutting-edge portfolio-trading platform.
We are proud to be among a handful of
brokerage firms admitted to the Institute for
Quantitative Research in Finance, also known
as the Q Group.
Technology, Media &
Telecom Research
Our team of highly respected analysts brings
investors unique insights about public com-
panies in the technology, media and tele-
communications industries. In keeping with
our approach to exchange-sector research,
our TMT analysts focus on delivering differ-
entiated industry intelligence and manage-
ment access, not maintenance research.
We cover not only blue-chip and emerging-
growth companies in the US, but also an
array of firms in Asia that are important to
these sectors.
International Markets
Research
Rosenblatt has leveraged exclusive relation-
ships to offer a unique viewpoint of select
international markets. Acting as a trusted ad-
visor, we run a fully staffed international desk
with global trading capabilities. Supporting
the sales and trading effort is a series of
exclusive foreign broker relationships which
give us access to local color, companies, and
fundamental research. Our research part-
ners are best in class brokers with dozens of
analysts covering more than 1500 companies
in 18 countries. Today, our local broker part-

Global Exchange Solutions
Rosenblatt: Your Edge in the
Global Exchange Industry
We’ve been students of market structure
since our founding more than 35 years ago.
Our knowledge of constantly changing
regulations, new venues, order types and
pricing gives our customers a tangible trading
edge in a complex market. But over the past
decade — amid a global market-structure
revolution that has triggered a wave of
exchange IPOs, an explosion of new trading
venues and a corresponding uptick in merger
and acquisition activity — the demand for
our expertise has grown. Today, we count
buy-side analysts and portfolio managers,
private-equity investors, exchange executives,
proprietary trading firms, banks and regula-
tory authorities among the array of clients
who rely on our unique analysis to make the
best-informed decisions in a dynamic industry.
The Only Independent,
Practitioner-Led Analysis for
Exchange-Industry Investors
There’s nothing like trading every day in all
major market centers to help one truly un-
derstand market structure. Being in constant
contact with important industry figures and at
the center of the debate on market structure
reform doesn’t hurt either. Our CEO, Richard
Rosenblatt, is one of just two NYSE Senior Ex-
ecutive Governors and has been included on
SEC and IOSCO roundtables. Our President,
Joe Gawronski, serves on the board of the
National Organization of Investment Profes-
sionals and has testified before Congress
on market structure issues. And the head of
our market structure group, Justin Schack,
has served on industry groups examining
institutional routing and execution transpar-
ency, as well as the Market Structure Advisory
Committee of the Toronto Stock Exchange.
Our granular understanding of how market
structure and regulation affect volumes and
trading outcomes is second to none. One
form in which we bring this expertise to the
marketplace is our Trading Talk reports for
clients. For example, our monthly report on
dark-pool volumes and trends, Let There Be
Light, is widely recognized as the industry’s
premier source of information about non-dis-
played liquidity. We’ve also armed our clients
with seminal reports on such topics as high-
frequency trading and exchange order types
in recent years. Additionally, Trading Talk is
an independent, alternative and authoritative
source for investors in the exchange industry.
Because we eschew the buy-sell-hold ratings,
earnings estimates and price targets that
characterize traditional Wall Street “mainte-
nance” research, we aren’t preoccupied with
quarter-to-quarter noise. Instead, we provide
the deepest, most thorough and most accu-
rate analysis of how market structure affects
the competitive dynamics of the industry and
the fortunes of its individual companies.
Superior Access to
Senior Management and
Operating Executives
We supplement our written analysis with
a regular stream of exclusive events — in-
cluding our hyper-focused annual Global
Exchange Leader Conference, which features
investor presentations from the world’s fore-
most exchange CEOs alongside educational
panels and Q&A sessions on critical industry
topics. Additionally, Rosenblatt’s Inves-
tor Luncheon Series regularly presents top
management from leading companies such as
ICE, LSE and Nasdaq, and tackles hot topics
such as regulatory changes affecting OTC
products. And our conference calls on market
structure issues provide yet another way to
communicate our views to clients and allow
for free-flowing Q&A. Finally, our team of in-
house experts is available to drill down with
bespoke analysis on any topic that requires a
deeper dive.
Expert Strategic Advice
and Consulting
Our unparalleled domain expertise, extensive
relationships and reputation for discretion
position us perfectly to provide strategic
advice for exchanges, brokers, HFTs, regula-
tors, financial technology firms, and other
market structure-related companies. Our
services range from consulting on new prod-
uct development and strategic operational
assessments to acting as a trusted adviser for
parties interested in raising capital and buying
or selling assets in the space. If you’re looking
for an edge in the exchange industry, look no
further than Rosenblatt — a trusted, focused
practitioner who can help you find your win-
ning strategy.
ners include Cardinal Stone in Nigeria, Old
Mutual in Kenya, Global Investment House
in the Middle East and North Africa, Attijari
Intermediation in Morocco, Ak Investments
in Turkey, SinoPac in Taiwan and China
Merchants Securities in China, however we
are constantly and diligently working on ex-
panding our partners and geographic reach.
These local relationships furnish our clients
with differentiated insight into the inefficient
world of emerging and frontier markets.
Options Agency Execution
Our options desk differs from those run by
traditional inter-dealer brokers in several
important ways that help us better serve
customers. As in the equity markets, finding
liquidity at the best price is our only goal.
Our team fully understands client objectives
and sensitivities around order handling, such
as price slippage and market impact. Most
important, however, is what we won’t do.
We won’t shop client interest just to get
a commission on both sides of the trade.
We won’t accept payment for order flow.
And we won’t hold orders to avoid paying
exchange fees. Because finding liquidity
without impacting price has become more
challenging in recent years, we also have
developed relationships with leading market
makers, whom we can contact to poten-
tially offer price improvement and additional
liquidity for our clients.
Rosenblatt: True Agents.
Real Difference.
For more than 35 years we’ve had one simple
goal at the heart of our firm: to help insti-
tutional investors prosper. We’re constantly
adjusting our approach to keep up with the
times, but we never lose sight of that goal.
Contact Information
Joe Gawronski
President & COO
(jgawronski@rblt.com)
212-607-3100
Joe Benanti
Managing Director & Partner
(jb@rblt.com)
212-607-3100
www.rblt.com

Banking Transactions & Consulting Projects
Banks/Prop Firms Private Equity Firms
Corporate Finance
Private Capital Raise Corporate Share Repurchase
Public Capital Raise
Consulting Projects
Regulators/Industry Bodies Exchanges/Venues
Strategic Growth
Investment supporting
the merger of Strategic Partnerships
with North American
Exchanges, including
Acquisition of
Minority Stakes in
&
&
Share Repurchase
Program
Execution SpecialistIndustry Advisor
Industry Advisor to
BM&F BovesspaExclusive Advisor
Valuation Advisor
Execution Specialist
Corporate Valuation
Share Repurchase
Program
Recapitalization
Share Repurchase
Program
Strategic Advisor
Execution Specialist
Mergers & Acquisitions
Sale to
Sale to
Exclusive AdvisorExclusive Advisor Exclusive Advisor
Acquisition ofAcquisition of
Introducing Agent
Initial Public
Offering
$13,420,000
Co-Manager*
Secondary American
Depositary Shares
Offering
$116,000,000
Co-Manager
*Denotes transactions completed by Wedge Securities, subsidiary of Wedge Partners, prior to Rosenblatt Securities’ hiring of the entire TMT team
Initial Public
Offering
$188,000,000
Co-Manager*
Initial Public
Offering
$390,000,000
Co-Manager
Initial Public
Offering
$361,000,000
Co-Manager
Secondary Offering
$11,000,000 Primary
$7,000,000 Secondary
Co-Manager*
ASIC
Australian Securities &
Investments Commission)

+1 (212) 607 3100 | rblt.com | 20 Broad Street | 26th Floor | New York, NY 10005

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