Speakers

Robert L. D. Colby
As 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.

Vasant Dhar
Vasant 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 management.

Karen Furst

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
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.

Michael Richter
Michael 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
Bruce 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

Howard Frank
Howard 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 Northwestern University.

Hank Lucas
Professor 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 from 1998-2002.

Albert “Pete” Kyle
Professor 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.