The Future of the Stock MarketOctober 20, 20072:30 p.m.The Philoctetes CenterLevy: Francis LevyNersessian: Edward NersessianFox: Justin Fox (moderator)Madoff: Bernard Madoff Roell: Ailsa RoellSchwartz: Robert A. SchwartzSeibert: Muriel SeibertStampfli: Josh StampfliAudience: Speaker from the audience
Good afternoon and welcome to The Future of the Stock Market. I’m now proud tointroduce Justin Fox. Justin Fox is the business and economics columnist for
magazine,and writes the Curious Capitalist blog at Time.com. Before joining
in January, Fox spentmore than a decade at sister publication
, where he covered a wide variety of topicsrelated to economics, finance, and international business. Fox’s book,
The Myth of the Rational Market
, will be published by Collins in April 2008. Justin Fox will moderate this afternoon’s panel and introduce the other panelists. Thank you, Justin.Fox: Thanks, Frank. I just had a conversation with my book editor the other day and now he’ssaying August at the earliest, so I don’t know if that book is ever coming out. But anyway, we’regoing to talk about the future of the stock market, which I think of necessity will require us totalk about the past and the present. We have a really cool panel, here, of people who—most of them—are extremely specialized in certain areas of the market. I’m a generalist; I assume mostof you guys are generalists, not Market Microstructure experts. So it’s going to be a challenge, but I think it’s going to be this really wonderful opportunity to make a little more sense of thesethings we read in the financial pages than we normally do. So why don’t I just introduceeverybody and then I’ll start asking questions and you’ll see where we’re going to start.To my left is Ailsa Roell, who is Professor of International and Public Affairs at ColumbiaUniversity’s School of International and Public Affairs. Her academic specialty is financialeconomics, and in the past she did a lot of work on regulation of financial markets. Lately, she’sworking more on corporate governance matters.To her left is Bob Schwartz, the Marvin M. Speiser Professor of Finance and UniversityDistinguished Professor in the Zicklin School of Business at Baruch College, CUNY. I have tosay, university titles are even more complicated than magazine ones. His research is in the areaof financial economics, with a primary focus on the structure of securities markets.To his left is Muriel “Mickey” Siebert, who runs Muriel Siebert & Co., a brokerage. She is thefirst woman to own a seat on the New York Stock Exchange and—what year was that?