Seventh Annual Netcentricity
The Transformation of
April 27, 2007
Robert L. D. Colby
deputy director of the Securities and Exchange Commission’s Division of
Market Regulation, Robert L. D. Colby shares responsibility for the
regulation and oversight of securities firms, clearing organizations, and
the United States securities markets.
Mr. Colby was named Deputy Director in September 1993. Previously, Mr.
Colby was chief counsel of the Division and branch chief of the Division’s
Office of Market Structure.
Mr. Colby received his law degree, cum laude, from Harvard Law School in
1981. He earned his Bachelor of Arts degree, summa cum laude, from Bowdoin
College in 1977. He has authored articles on the national market system,
broker-dealer regulation, and other subjects, and has served as an adjunct
professor with the Georgetown University Law Center.
Dhar is professor and head of Information Systems at New York University’s
Stern School of Business. He has spent several years in the financial
services industry. He continues to maintain industry contacts and work with
a number of businesses, helping them to define their IT and data strategy.
His research interests include predictive modeling in financial markets and
customer modeling. He has done extensive modeling in a number of areas
including predicting customer attrition, customer response to price
increases and incentives, cross selling, and salesforce profiling and
Karen Furst is a policy analyst in the Office of the Comptroller of the
Currency’s International & Economic Affairs division specializing in issues
related to the impact of technology on banking. She has published research
on payments and internet banking in the Journal of Financial Services
Research and the Journal of Financial Transformation. Karen works primarily
on supervisory issues related to payments, and providing support to other
OCC divisions developing regulations and guidance for national banks.
Prior to joining the OCC, Karen was vice president, development at the
Cafritz Group, a commercial real estate development firm in Washington, D.C.
Joel Hasbrouck is the Kenneth G. Langone professor of business
administration and professor of finance at the Stern School of Business,
NYU. His research focuses on the analysis, design and regulation of
securities trading mechanisms (market microstructure). He is the author of
Empirical Market Microstructure (Oxford, 2006) and numerous articles.
He has served as a consultant to the New York Stock Exchange and the
American Stock Exchange, and on advisory boards of Nasdaq and ITG, Inc. He
is an editor of the Review of Financial Studies, an advisory editor
of the Journal of Financial Markets, and associate editor of the
Journal of Financial Econometric, the Journal of Financial
Intermediation, and Finance Research Letters. He holds a PhD from
the University of Pennsylvania and a BS in Chemistry from Haverford College.
is executive vice president of business development at Lime Brokerage LLC, a
NYSE and NASD member firm which focuses on the electronic trading
requirements of computer model based strategies in the equities and futures
markets. Prior to joining Lime Brokerage, Michael was President of Citicorp
Securities Services, a NYSE member firm. His career includes senior
financial and operational management roles at Citibank, Lehman Brothers,
E.F. Hutton, American Express International Bank and Arthur Andersen.
Michael has an undergraduate engineering degree from Rensselaer
Polytechnic Institute and a master's degree from MIT's Sloan School of
Management. He is also a certified public accountant.
Bruce W. Weber
W. Weber is professor and subject area chair of Management Science &
Operations at the London Business School, where he teaches “Information
Management”, “Financial Information Systems”, and “Trading & Financial
Market Structure” in MBA and masters programs. He has an AB from Harvard
University, and a PhD in Decision Sciences from the Wharton School of the
University of Pennsylvania (1991). His research on IT innovations and
markets has been published in a number of academic journals and cited in the
Financial Times, the Wall Street Journal, and the New York Times. He has
been an invited speaker at regulatory hearings and at industry conferences.
He co-authored “The Equity Trader Course” (Wiley, 2006) with Robert
A. Schwartz and Reto Francioni, CEO of Deutsche Börse, and is co-developer
of the market simulation,
TraderEx. He advises on e-finance issues for several major financial
services firms and securities exchanges, and has presented executive
training programs on markets, decision analysis, and technology strategy.
Smith School of Business
Frank is dean of the Robert H. Smith School of Business of the University of
Maryland and also professor of Management Sciences at the Smith School. Dean
Frank has been a member of seven editorial boards, has been a featured
speaker at hundreds of business and professional meetings, and has authored
over 190 articles and chapters in books on technology and the management of
technology. He is a Fellow of the Institute for Operations Research and the
Management Sciences (INFORMS), a Fellow of the Institute of Electrical and
Electronic Engineers, and a recipient of its 1999 Eric Sumner Award. He is a
member of the National Academy of Engineering and a member of the Strategy
Council of the Washington Board of Trade. He also is a member of the Board
of Directors of the Macklin Institute of Montgomery College and a member of
the Federal Advisory Committee of the National Institute of Standards and
Technology's Advanced Technology Program. He has been a Senior Fellow at the
Wharton School's SEI Center for Advanced Studies in Management and currently
serves as a member of the Board of Directors of the Center. He has also been
an adjunct professor of decision sciences at the Wharton School and an
associate professor of electrical engineering and computer sciences at the
University of California at Berkeley. He received his MS and PhD from
Lucas is the Robert H. Smith Chair in Information Systems. His research
interests include the impact of information technology on organizations, IT
in organization design, electronic commerce, and the value of information
technology. A prolific researcher, he has authored 11 books as well as
monographs and more than 70 articles in professional periodicals on the
impact of technology, information technology in organization design, the
return on investments in technology, implementation of information
technology, expert systems, decision-making for technology, and information
technology and corporate strategy. His most recent books include
Information Technology and the Productivity Paradox: Assessing the Value of
Investing in IT (Oxford University Press, 1999) and The T-Form
Organization: Using Technology to Design Organizations for the 21st Century
(Jossey-Bass, 1996) and Strategies for E-Commerce and the Internet,
(MIT Press. 2002).
He was the vice president of publications for the Association for
Information Systems (AIS) from 1995-1998 and editor-in-chief of the AIS
electronic journals, Communications of AIS and Journal of AIS
Albert “Pete” Kyle
Kyle’s research focuses on theoretical market microstructure. His research
involves mathematical modeling of informed trading in speculative markets,
including topics such as insider trader, market manipulation, price
volatility, the information content of market prices, and market liquidity.
His current research also deals with concepts from industrial organization
to model the valuation dynamics of growth stocks and value stocks by
applying techniques used to value real options. His teaching interests
include venture capital and private equity, corporate finance, option
pricing, market microstructure, and asset pricing. After obtaining an
undergraduate degree in mathematics from Davidson College and studying
economics at Oxford University as a Rhodes Scholar, Prof. Kyle received his
PhD in economics from the University of Chicago. Before joining the faculty
at the University of Maryland, he was a professor at Princeton University,
the University of California at Berkeley, and Duke University. He is a
Fellow of the Econometric Society and a board member of the American Finance
Association. He served as a staff member of the Presidential Task Force on
Market Mechanisms (Brady Commission) after the stock market crash of 1987
and is a currently a member of NASDAQ's economic advisory board.