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2017 Market Structure Conference: Market Microstructure and Capital Formation
Call For Papers

October 26 - 27, Washington DC

FINRA and Columbia University are pleased to again jointly host a conference on market structure issues to be held in Washington DC on Thursday, Oct 26 and Friday, Oct 27. The conference brings together leaders in academia, industry, and the regulatory community to explore original research and the current body of policy governing market structure and trading. Specifically, the gathering will focus on the intersection of market microstructure and capital formation.

Thursday's program will be academically oriented and will have a broad theme, encompassing all of market microstructure, with a focus on topics of interest to both academic researchers and to FINRA. The format on Thursday will consist of paper presentations followed by academic discussions.

The Thursday dinner and Friday conference will focus on the intersection of market microstructure and capital formation. This part will include paper presentations, panel discussions and keynote speeches, and it is designed to bring together leaders in academia, industry and the regulatory community to explore research and its relevance for policy.

TOPICS: Our goal is to facilitate discussion around important topics related to market structure design and oversight. A few examples come to mind:
- Alternative methods for raising capital: The JOBS Act opened up new avenues for raising capital, including Reg A+ offerings, 506(c) offerings and equity crowdfunding. Have these alternatives changed issuers' ability to access capital markets? Have they impacted more traditional new issuance markets? Do the new alternatives result in effective market structures to facilitate trading after issuance?
- Secondary market trading and the cost of capital: How do conditions in the secondary market affect the costs and/or ability of issuers to issue certain types of securities? Is there evidence that changes to market structure have affected capital formation?
- Impact of innovation on market microstructure: How has the rise of electronic trading, particularly in fixed income and other non-equity securities, affected issuers' cost of capital? Has market fragmentation affected trading costs and liquidity? Have these changes affected primary offerings?
- Regulatory impacts on microstructure affecting cost of capital: We know that regulation has impacts on market quality. For example, the US move to a minimum tick of one cent in equity markets had broad impacts on liquidity and the nature of trading. A tick size pilot is currently underway to explore different minimum price increments and tick-related trading restrictions. Is there evidence that these and other regulatory changes to market structure have affected capital formation?

PAPER SUBMISSION PROCEDURE: Researchers are kindly invited to submit original, unpublished work consistent with the aims outlined above. We welcome studies addressing any financial market(s), including equities, debt, foreign exchange, futures or options. Papers or abstracts should be submitted to LECM@law.columbia.edu for consideration by August 21, 2017. We will evaluate submissions on, among other criteria, their relevance to the public discussion of the workings and effective regulation of financial markets.

Posted: 28 Jul 2017