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Liquidity Risk in Asset Management: Financial Stability Perspective Conference

September 10-11, 2015

Session #1: Funds Management and Financial Stability
Russ Wermers, University of Maryland, “The Stability of Money Market Mutual Funds”
José Tessada, Universidad Católica de Chile, “Price Pressure from Coordinated Noise Trading”

Session #2: Liquidity
Lucian Taylor, University of Pennsylvania, “Do Funds Make More When They Trade More?”
Russell Jame, University of Kentucky, “Do Hedge Funds Create Value from Liquidity Provision?”

Keynote Address: Itay Goldstein, University of Pennsylvania, “Mutual Fund Liquidity” 

Panel Discussion: Changes in Fixed-Income Liquidity Dynamics and Potential Liquidity Risk Mitigants (moderated by: Paul Chilcott – Advisor to the Governor, Bank of Canada)
Jean Michel – President, Air Canada Pension Investment
Michael Quinn – Partner & CIO, RP Investment Advisors
Chris Kresic – Partner and Executive Committee Member, Jarislowsky Fraser
Mike Fisher – Managing Director & Global Head of Fixed Income Trading, BMO Capital Markets

Session #3: Active Management
Nicolae Garleanu, University of California Efficiently Inefficient Markets for Assets and Asset Management
Andrea Vedolin, London School of Economics, “International Illiquidity”

Session #4: Volatility
Rabih Moussawi, Villanova University, “Do ETFs Increase Volatility?”
Zhen Shi, Georgia State University, “Funding Liquidity Risk of Funds of Hedge Funds”
Si Cheng, Queen’s University Belfast,“The Multiple Facets of ETF Investing: A World-Wide Analysis” 

Keynote Address: Dave Nadig, FactSet, “ETF Trading & Liquidity: A Skeptical Perspective ”

Panel Discussion: Fixed-Income ETFs - Liquidity Enhancers or Illusionists?  (moderated by: Richard Nesbitt – President and CEO, Global Risk Institute)
Greg Walker – Managing Director and Head of iShares Institutional Business, BlackRock
Philip Mesman – Portfolio Manager, Picton Mahoney
Marty Gillespie – Director and Head of ETF and Program Trading, RBC Capital Markets
Nicholas Thadaney – President & CEO Global Equity Capital Markets, TMX Group

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