What is the role of various types of market makers, commercial banks, proprietary traders, and hedge funds in the listed derivatives marketplace? What does each of these types of market participants bring to the market and how do they impact liquidity and price discovery? What impact, if any, do they have on the underlying market? What regulatory oversight has been implemented by government authorities and exchanges over various market participants?

• How have market makers evolved in an electronic environment?
• How are hedge funds distinguished from vanilla asset managers?
• How does the market benefit when commercial banks use futures and options markets to hedge their credit portfolios?

Chair:
Sayee Srinivasan, Director, Research, Chicago Mercantile Exchange

Speakers:
Theodore Bryce, Managing Director, Susquehanna International Group
Brian Daly, Managing Director, Morgan Stanley
Gedon Hertshten, Chairman, GH Financials
Jeffrey Levoff, Partner, DRW Trading Group