Roland Bellegarde Member of the Executive Committee, Deputy CEO, Euronext Cash Markets Roland BELLEGARDE is deputy CEO of the global Euronext cash markets, responsible for all aspects (operating the NSC trading system, product development and member relations). Roland holds an advanced studies degree in Economics, finance and Banking from the University de Paris II Sorbonne. During the course of his career at Paris Bourse (since 1986) and Euronext, he has acquired a great deal of international experience in the development of electronic trading systems for the exchange. He defined the functionalities of the NSC trading systems which currently operates on all Euronext markets. Roland has been leading the process to integrate the NSC trading platform across the Euronext markets and has as such defined and developed the global Euronext market model for securities trading. Roland gained international authority for his in depth understanding of the global markets. He is spearheading the taskforce for Euronext regarding its positioning in these markets. Roland is fluent in English and French and has extensive contacts at senior level with global banks and understands their trading objectives. The required understanding of regulatory and legal requirements are as such core to his day to day management of the Euronext Cash market activities. Richard Block Managing Director, Head of Global Trading, Putnam Investments Richard Block is a Managing Director and Head of Global Equity Trading at Putnam Investments, a global money management firm with $179 billion in assets currently under management. In this role, he oversees the daily operations of equity and derivatives trading at Putnam and is responsible for charting the department's long-term direction. Mr. Block joined Putnam in 1998 following 12 years at Morgan Stanley with stints in New York and London where he traded equity derivatives and programs. Mr. Block, who has over 19 years of investment experience, serves on Putnam's Advisory Council and Executive Committee. He holds series 3, 7, 24, and 63 registrations with the NASD and is a Certified Public Accountant. He is a member of NASDAQ's Quality of Markets committee, is serving his second term on the New York Stock Exchange's Institutional Traders Advisory Committee, and sits on the ICI's Advisory Committee. Mr. Block holds a B.S. degree in accounting from Albany State University. Meyer (Sandy) Frucher Chairman and CEO, Philadelphia Stock Exchange Meyer (Sandy) Frucher was appointed Chairman and Chief Executive Officer of the Philadelphia Stock Exchange (PHLX) in June 1998. Under his leadership, the PHLX has emerged as a technology and product innovator among U.S. marketplaces. Under Mr. Frucher's leadership, the PHLX built an advanced trading system that has set new industry standards for exchange trading technology. He also led the effort to demutualize the Exchange making the PHLX the first floor-based exchange to convert from a seat-owned, mutual cooperative institution to a for-profit, shareholding Delaware company. In 2005, Mr. Frucher enhanced the PHLX's competitive position by striking strategic alliances with six key Wall Street and derivatives firms including Citadel Derivatives Trading Group LLC, Citigroup, Credit Suisse, Merrill Lynch, Morgan Stanley and UBS. Each firm made significant investments in the PHLX and are now key shareholders in the Exchange. Mr. Frucher also spearheaded the revitalization of the Philadelphia Board of Trade (PBOT), the futures market subsidiary to the PHLX. Before Mr. Frucher came to the PHLX, he gained extensive experience in business, government and labor relations. Among other positions, he has served as a Management Consultant to major organizations including World Financial Properties Inc., formerly Olympia and York. He served as Executive Vice President of Development for Olympia and York from 1988 to 1996, where he coordinated and oversaw all development projects in the U.S. Mr. Frucher led two major, quasi-public authorities in New York where he was responsible for the development, financing and construction of complex, large-scale public and private facilities. He served from 1984 to 1988 as President and CEO of the Battery Park City Authority in New York City. Mr. Frucher was Chief Labor Negotiator for the state of New York from 1978 to 1983. In addition to his responsibilities at the PHLX, Mr. Frucher is the founding chairman and current member of the Board of the Massachusetts Museum of Contemporary Art, an institution responsible for developing the largest contemporary art collection in the world. Mr. Frucher received a Bachelor's degree in Government from Columbia University. He earned a Master of Public Administration degree from the John F. Kennedy School of Government, Harvard University. Floyd Coleman Head Trader, AXA Rosenberg Floyd joined AXA Rosenberg as a Trader in 1988 and has been Head Trader since 1999. Prior to joining AXA Rosenberg, Floyd was an Associate at Citicorp Investment Bank in New York, working with the sales and trading teams. From 1982 to 1986, he was a Systems Engineer at New York Telephone. He earned a B.S. from the Northwestern University, an M.S. from Polytechnic Institute in New York and an M.B.A. from Harvard Business School. Floyd has worked in various aspects of AXA Rosenberg including Marketing, Client Service, Portfolio Management and Programming. He currently serves on the advisory panel for a number of trading organizations including Liquidnet, NASDAQ ITAC , ITG's Posit and Pipeline. John Wheeler VP and Director of US Equity Trading, American Century John Wheeler is vice president and director, U.S. equity trading, for American Century Investments, a premier investment manager headquartered in Kansas City, Missouri with over $100B in assets currently under management. Mr. Wheeler oversees a team of traders that executes domestic equity trades for the company's stock funds. Previously, he was the U.S. equity trading manager for American Century. Mr. Wheeler joined the company in 1991. Mr. Wheeler holds a bachelor's degree in economics from the University of Wisconsin--Milwaukee. He is currently serving his second term on the New York Stock Exchange's Institutional Traders Advisory Committee and he sits on the ICI's Equity Trading Advisory Committee. Mr. Wheeler is a past president of the Wisconsin Security Traders Association and the Milwaukee Bond Club. Tony Mackay President and Managing Director, Instinet Europe As Managing Director of Instinet Europe, Tony Mackay has operational and strategic responsibility for Instinet's European business. Mr. Mackay joined Instinet in 1995 as Dealing Director for Asia Pacific based in Hong Kong. In 1999, he moved to London to establish Instinet's Asian operations in Europe and, in 2001, moved back to Asia, where he has served as President and CEO of Instinet Japan and Head of Instinet Asia, where he was actively involved in improving the development of an alternative market for Japanese equities and the sponsorship of independent research boutiques. Mr. Mackay began his stockbroking career in 1980 in Australia and has worked for both traditional and electronic brokerage firms in Sydney, Hong Kong, London and Tokyo. Alfred R. Berkeley, III, Chairman and CEO, Pipeline Trading Systems LLC Mr. Berkeley has over 25 years of experience in the financial industry. Prior to joining Pipeline, from June 1996 until August 2003, Mr. Berkeley served as President and then Vice-Chairman of the NASDAQ Stock Market, Inc. Before Nasdaq, Mr. Berkeley was a General Partner and then a Managing Director of Alex. Brown & Sons, an investment bank. Mr. Berkeley co-founded the Firm's Technology Group in 1975. The Group completed about 500 financial offerings for clients while he was associated with the firm. Mr. Berkeley is a graduate of the Wharton School of Finance of the University of Pennsylvania (MBA) and the University of Virginia (BA). He served as an officer in the United States Air Force. Andrew F. Brenner Managing Director International Securities Exchange Mr. Brenner is the Head of the ISE Stock Exchange, LLC, a subsidiary of the International Securities Exchange, Inc., an innovative securities market that includes the worldis largest equity options exchange. ISE Stock Exchange was created to deliver an equity trading platform built specifically for today's electronic trading strategies. The exchange offers continuous price improvement through MidPoint Matcho (MPM), a proprietary platform that trades equity securities at the midpoint between the National Best Bid and Offer (NBBO). Mr. Brenner is a twenty-five year industry veteran and most recently served as Senior Vice President and Manager, Portfolio Trading and Analytics of Fidelity Investments. He also has held senior positions in derivatives and program trading at Credit Suisse First Boston and Morgan Stanley. He is a graduate of Northwestern University. Gary Maier Chief Technology Officer, Five Mile Capital Mr. Maier's career spans over 18 years on Wall Street, serving in senior business and technology roles at major firms, like Drexel Burnham, Blackrock, Nomura and KPMG. At Blackrock, Mr. Maier founded and led the highly regarded Blackrock Trading Systems Department, where he designed and developed one of the industry's first and most highly regarded, real-time, multi-product, trading and portfolio management systems, later commercialized through Blackrock Solutions. He has extensive buy-side and sell-side experience in the trading, analysis, risk management and operations of fixed-income, equities and derivatives. He is also especially well versed in the architecture, implementation and deployment of large-scale distributed systems. Prior to joining Five Mile, Mr. Maier served as Managing Director and Head of Global Financial Services for middleware vendor and NASDAQ-listed IONA Technologies. A noted expert and thought leader on the application of Web Services and other integration technologies within financial services, he has been a frequent lecturer at major industry conferences, in the US and abroad. He has been regularly interviewed by the financial technology press and has authored numerous articles and white papers, published worldwide. Mr. Maier is a graduate of Duke University, with a BA in Economics, International Public Policy and Computer Science. Joe Gawronski President, Rosenblatt Securities Joe Gawronski is the President of Rosenblatt Securities, an agency-only execution boutique founded in 1979. The firm represents traditional institutions, quants and portfolio trading customers in the listed and over-the-counter markets both through its trading desk and via direct access to the NYSE floor, a service that it pioneered in the late 1980s. In addition, it has been at the forefront of embracing automation to enhance trading efficiency and the self-sufficiency of the buy-side, from creating DOT for non-member firms over fifteen years ago to offering DMA for ECN access and sophisticated algorithmic tools today. The firm believes that its responsibility lies not only in executing orders that are entrusted to it, but also helping clients identify the best tools for when they are trading themselves, use appropriately the tools selected, and navigate an increasingly complex equity marketplace. Mr. Gawronski is formerly a securities lawyer with Sullivan & Cromwell, a Vice President in the equities division with Salomon Smith Barney and COO of Linx LLC, an alternative block trading system. He received his B.A. in Public and International Affairs at Princeton's Woodrow Wilson School and his J.D. from Harvard Law School. He is an Allied Member of the NYSE, a member of the NYSE Hearing Board, a member of the Advisory Boards of both the Journal of Trading and Wall Street & Technology magazine, a term member of the Council on Foreign Relations and the co-author of several published papers on equity market structure. Robert Gauvain Director of U.S. Trading, Pioneer Investments Robert F. Gauvain directs all equity trading operations for Pioneer Investment Management USA Inc. including domestic and international markets. He joined Pioneer Investments in 1984 as an equity trader covering NASDAQ and small cap issues. Earlier in his career, Mr. Gauvain was a floor trader at Hawthorne Securities and a specialist in NASDAQ and unlisted securities at Moors & Cabot. With over 30 years of experience, he is regularly sought out by the media including The Wall Street Journal and recently appeared on the cover of Advanced Trading (Mar-Apr 2006). Mr. Gauvain has also been a guest speaker at a number of industry conferences on order management systems, cash ECN's and algorithmic trading. He is a member of both the Boston and National Security Traders Associations and holds a B.S degree from Suffolk University (1981). Brian Carr CEO, NYFIX Millennium Brian Carr is the CEO of NYFIX Millennium, an anonymous real-time matching system (ATS) for U.S. Equities. Mr. Carr joined NYFIX in 2000 as vice president of sales. In 2001, he became senior vice president running Brokerage Operations for NYFIX Millennium and NYFIX Transaction Services. Prior to joining NYFIX, Mr. Carr held senior sales management roles at Bridge and ADP Brokerage Services since 1991. He holds a bachelor's degree in Finance/Economics from Muhlenberg College. Justin Kane Director of Trading, Rainier Investment Management Justin Kane serves as Director of Equity Trading for Rainier Investment Management Inc., a fundamental research based investment manager located in Seattle, WA. Justin has been working in the industry since 1997. His career in equity trading began in Jersey City, NJ with Sherwood Securities/NDB Capital Markets, a major NASDAQ wholesaler/market maker acquired by and merged under Deutsche Bank in 2000. Prior to joining Rainier, Justin's buy-side equity trading experience began in 2002 with Westpeak Global Advisors, a quantitative research based asset manager located in Boulder, Colorado. He later served as the Head Trader for Safeco Asset Management, a fundamental research based money manager previously located in Seattle, WA. Marianne Fearon Head Equity Trader, Columbus Circle Ms. Fearon joined Columbus Circle Investors in March, 2004. Prior to this, she was a Senior Equity Trader at Times Square Capital Management. Ms. Fearon also worked at Fortis Advisers and AIG Global Investment Corporation as a Senior Equity Trader. Ms. Fearon brings more than nineteen years of trading experience to our trading desk. Stamford, Conn.-based Columbus Circle has approximately $7 billion in assets under management. Jeffrey R. Grieb Head Trader, Select Equity Group, Inc Jeff Grieb is Head Trader of Select Equity Group, Inc. where he has been employed since 2002. He oversees a total staff of four including 3 executing traders. His major responsibilities involved coordinating firm-wide best execution efforts, communicating with portfolio managers and research analysts, managing Select Equity's 40+ broker relationships, identifying new strategies/technologies/partners for the desk, and evaluating and maintaining overall execution quality. Select Equity manages over $6bln in small-mid cap equities in a long only managed account product and two hedge funds. Prior to Select Equity, Jeff was an Institutional Sales Trader at Schwab Capital Markets in Jersey City, NJ where he began in their undergraduate Trading Associate Program. Jeff is a graduate of Duke University where he majored in Public Policy Studies with a certificate in Latin American Studies and a minor in Economics. As a member of Trader Forum he has presented and moderated discussions about current topics of interest in equity trading as well speaking at Cutter Associate's Technology Alliance. He is a member of the Executive Committee of the Duke University Young Alumni Leadership Council, and a board member of The Drilling Company, an Off-off Broadway theater company. Kerry Massaro Editorial Director, Advanced Trading Kerry has covered Wall Street for ten years. The last seven years of her career was as Editor in Chief of Wall Street & Technology, where, in addition to revamping the magazine, she helped launch a successful event business and co-founded Advanced Trading. Larry Tabb Founder & Chief Executive Officer of TABB Group Larry is the Founder and CEO of TABB Group, an advisory firm focused on helping financial services firms, vendors, and technology integrators better understand, create and execute their technology visions. Subsequent to its founding in April 2003, TABB Group has worked on helping both the large (global investment banks) and the small (new technology start-ups) better plan, articulate, and hone their technology and business strategies. Prior to founding TABB Group, Larry was the Vice President of TowerGroup's Securities & Investments Practice where he managed research across the Capital Markets, Investment Management, Retail Brokerage, and Wealth Management segments. Larry was the founding member of TowerGroup's securities and investments business and instrumental in growing the business into a global brand representing over 150 research clients around the world. From 1988 though 1992, Larry managed business analysis for Lehman Brothers' Trading Services Division and was responsible for overseeing the specification, testing, and implantation of dozens of major systems. He is also credited with developing the one and three year technology plans while in charge of capital markets technology. Larry began his career managing various operations for the North American Investment Bank of Citibank. He culminated his six year Citibank career when he managed Citibank's Proprietary Trading clearance and settlement operations for US Treasury Debt. Mr. Tabb is a contributing editor for Wall Street and Technology where his monthly Perspectives column discusses technology issues germane to the global securities industry and a frequent contributor to FinExtra.com an industry website dedicated to informing the global financial services industry key breaking issues. He has published research analyzing ECNs; electronic bond trading systems; fixed income, equity, and foreign exchange trading systems; back-office trade processing systems; broker workstations; analytical trading tools; infrastructure development tools; and foreign and emerging market technologies. He has also written extensively on new technology trends in straight-through processing, cost management, and advances in emerging technologies. Eric M. Karpman VP and Head of Electronic Trading, BNY Asset Management Eric Karpman has over 15 years of a broad financial industry experience and is currently a Vice President at BNY Asset Management, an investment management unit of The Bank of New York, with more than $112 billion in assets under management offering equity, fixed-income and alternative investment products. Eric has worked on the equity trading sell-side at Fuji Bank, on the fixed income trading sell-side at JJKennyDrake trading unit of Standard & Poor's, on various trading desks at Bear Stearns as well as on the buy-side at his current position with BNY Asset Management. Throughout his career, Eric and his teams have successfully implemented electronic trading systems with direct interfaces to the Street as well as the algorithmic, program and direct market access trading platforms for instant market analysis, decision-making capabilities and straight-through processing. In 2004, Eric was elected a Chair of the FIX Protocol Technical Committee where he is involved with the future direction and the strategy of this messaging standard developed specifically for the real-time electronic exchange of securities transactions. In addition, Eric has taught various technology and business-oriented courses at a number of colleges and universities in New York (Eric is a graduate of The City University of New York with a BA in Economics, a Masters and a Ph.D. in Computer Science and just started the Executive M.B.A. program in Finance at the New York University Stern School of Business). Rob Hegarty Managing Director, Securities and Investments, TowerGroup Rob Hegarty is managing director of TowerGroup Securities & Investments Group, the umbrella for three practice areas: Securities & Capital Markets, Investment Management, and Retail Brokerage & Investing. Rob's group focuses on technology trends and strategies in the brokerage, capital markets, investing, and asset management industries. Rob has over 20 years of experience in the financial services technology industry. Before joining TowerGroup in 1999, he was vice president of trading systems at Putnam Investments in Boston. Prior to Putnam, he was with Fidelity Investments in Boston for eight years. As vice president of technology of the institutional broker-dealer arm of Fidelity Investments, Fidelity Capital Markets, he had overall responsibility for technology for this $300 million company. His responsibilities included strategic technology planning, business analysis, project management, trading floor support, market data, and telecommunications. He also had overall technology responsibility for building FCM's 230-position trading floor as well as managing the technology integration for acquisitions FCM was undertaking. Earlier he held positions in product development for electronic trading and in technology consulting to the many internal companies at Fidelity. Previously, he was division vice president at Drexel Burnham Lambert in New York and was with the IT management consulting division of Coopers & Lybrand's Boston office. Rob holds an M.B.A. with a finance/marketing concentration from Babson College and a B.S. in computer science from North Adams State College. He is also NASD Series 7 and 63 registered. Manny Villar Credit Derivatives Trader, Bear Stearns Asset Management Mr. Villar heads up CDS Trading and Hedging at the Bear Stearns High Grade Structured Credit Strategies Hedge Fund. He joined the fund in early 2004. Mr. Villar has been managing fixed income portfolios since 1994. Prior to joining Bear Stearns, Mr. Villar was the head trader at Westmoreland Capital Management, a structured credit asset manager. From 1994 through 2000, Mr. Villar was a Vice President at UBS Global Asset Management where he was a Portfolio Manager and Trader in the Active Fixed Income and Quantitative Investments Groups. During those years, he traded for the top decile ranked Paine Webber Tactical Allocation and Investment Grade funds. Mr. Villar earned his B.S. in Finance/Economics from Fordham University in 1994. Simon Beverton IT Executions, Magnetar Capital LLC Simon Beverton is currently working in the IT Executions group at Magnetar Capital LLC, which provides services to a recently formed hedge fund complex that has been one of the most successful independent launches in the past few years. In the finance industry, Simon has previously worked at Citadel Investment Group LLC implementing their Long Short risk and quantitative analysis reports from 2002 to 2004. Between 1999 and 2002 he worked at Goldman Sachs International in their London Equity Capital Markets technology group implementing real-time order flows for new and secondary issues. His most recent role between 2004 and 2005 was as a Senior Product Manager at Quinstreet Inc, an online marketing company where he was responsible for conceiving and implementing a new keyword trading product. Simon has a BSc in Biochemistry from the University of Warwick, UK and a MSc in Information Technology from Aston University. Brian Hyndman Senior Vice President, NASDAQ's Transaction Services Brian Hyndman is Senior Vice President of NASDAQ's Transaction Services. In this capacity, Mr. Hyndman is responsible for managing the day-to-day operations of the transaction services area. As Senior Vice President of NASDAQ Transaction Services, he is also responsible for the broker/dealer sales and the institutional outreach and relationship program. Mr. Hyndman played a key role in the acquisition of INET and is currently managing the integration of the sales team and customer relations. In addition, he has helped lead the launch and implementation of new products and programs such as the Opening Cross, Listed program, and other initiatives to leverage the Brut ECN asset. During his time at Brut, Mr. Hyndman guided Brut's growth since it's founding. Appointed President of The BRASS Utility in April 1998, Brian presided over the company's merger with Strike Technologies in February 2000, the subsequent formation of The Brut ECN, and SunGard's acquisition of Brut in August of 2002. Brian then presided over the sale of BRUT to Nasdaq in September of 2004 and worked on the integration of BRUT into Nasdaq. Prior to joining Brut, Mr. Hyndman served as Vice President of Execution Services for the National Discount Brokers Group, managing 120 employees. He holds a Bachelor of Arts degree in Psychology from the State University of New York at Oswego. He also holds numerous licenses from the National Association of Securities Dealers, including the 4, 7, 24, 27, 53 and 63. Brian Williamson VP and Domestic Equities Trader, The Boston Company Asset Management Brian began and has cultivated his career at the Boston Company, trading part of the 64 billion under management in domestic and international products. His experience includes trading all caps on the domestic side, both in growth and value and is currently trading micro caps, market neutral hedge funds and BC's small cap growth product. Williamson specializes in transaction cost analysis and has studied implicit trading cost for the last 6 years. He is currently authoring a white paper on how to analyze implicit trading costs. He attended Trinity College in Hartford. CT. < Colin G. Clark Vice President, NYSE Group Mr. Clark is a Vice President of Strategic Market Analysis of NYSE Group. He is responsible for strategic market analysis and exploring new business and product development opportunities across the global equities, fixed income and derivatives markets. Mr. Clark is involved with strategic decision making in the areas of market structure (i.e. Hybrid, ECNs, crossing), pricing, new product ideas, strategic partnerships and merger integration planning. Prior to joining the Exchange in March 2005, Mr. Clark was an equity research analyst covering brokerage firms and exchanges for five years at Merrill Lynch and Citigroup/Salomon Smith Barney. In 2004, Mr. Clark was ranked as the #2 stock picker based on performance scores in the Investment Services sector by The Wall Street Journal. Additionally, Mr. Clark was a member of a larger team that was recognized by Institutional Investor (II) magazine as the #1 equity research team in the Broker-Dealer & Asset Manager sector in 2004 and 2003. Prior to his equity research career, Mr. Clark worked at Fidelity Investments for five years, including positions in retail brokerage and as a mutual fund analyst. Mr. Clark majored in Economics at Bard College and has an MBA from the Stern School of Business at New York University. Mr. Clark is a registered Chartered Financial Analyst (CFA). Gavin Little-Gill Research Area Director, TowerGroup Gavin is a Research Director in TowerGroup's Securities and Investments practice where he manages the Investment Management and Brokerage and Wealth Management practices. Gavin has been at TowerGroup for 5 years and his research focus has been on technology trends on the buy-side with a focus on trading technology. He was the first industry analyst to cover the algorithmic trading market, the transition management market and most recently the execution management solutions (EMS) market. Past research also includes buy-side order management systems (OMS), best execution, portfolio compliance and the impact of alternative portfolio strategies on the technology infrastructure requirements of asset management firms. Gavin has leveraged this expertise to assist firms evaluating the technology landscape including helping five of the top ten asset management firms evaluate their trading platform solutions options. Prior to joining TowerGroup, in 2001 Gavin spent 12 years in the industry. Gavin spent two years at a US subsidiary of CDC-IXIS as Vice President. Prior to CDC, Gavin was with Scudder for 9 years, most recently as Vice President. Gavin holds an M.S. in finance from Boston College and a B.A. from Bates College, Maine. In addition, he has a Certificate in Pensions and Benefits from Bentley College, in Massachusetts, and has successfully passed the first exam of the C.F.A . Gavin has held Series 6, 7, 63, 24, and 26 registrations. Ivy Schmerken Editor-at-Large, Advanced Trading Ivy Schmerken is Editor at Large of Advanced Trading and Wall Street &Technology Magazine. Ivy currently covers electronic trading and exchanges, market data and has written extensively about algorithmic trading. She also writes ibig picturei cover and feature stories on market-structure and topics such as compliance with Reg NMS. In 2006, Ivy won a regional award from the American Society of Business Publication Editors (ASBPE) for her column At the Close in Advanced Trading. Ivy was Editor-in-Chief of WST from 1993 through the end of 2000 and named Editorial Director in 1999. Ivy joined WS&T in 1985 as an associate editor when the publication was called Wall Street Computer Review. Over the past 19 years, Ivy has reported on and authored countless numbers of articles on the automation of the securities and investment industries, spanning such topics as direct-access and algorithmic trading, order management systems, market-data delivery, fixed income systems, wealth management technology, offshore outsourcing, wireless technology and compliance. Ivy was also the founding editor of Financial Trader, a monthly magazine for the institutional trading community. Ivy speaks at industry conferences and has been interviewed by CNN and TechTV. Previously, Ivy was a reporter at Pensions & Investments covering institutional investing. She has also freelanced for publications including Investment Dealers' Digest, The Daily News and American Banker. She graduated magna cum laude from Brandeis University, Waltham, Mass., majoring in English and American literature. Denise Valentine Senior Analyst, Celent Denise Valentine, based in the firm's New York office, is a senior analyst in Celent's securities and investments group. Ms. Valentine's research focuses on institutional asset management, hedge funds, and the intermediary market, evaluating systems in the front, middle, and back office, as well as general industry trends. Her recent consulting work has involved advising firms on selection of portfolio, compliance, trading, analytics, and risk management solutions. Ms. Valentine has been widely quoted in the press, including the Financial Times, USA Today, and BusinessWeek. Ms. Valentine has spoken at several key industry events, including Wall Street & Technology's Straight-Through Processing Conference, the IBC Optimizing Technology to Meet the Changing Needs of Fund Management Firms conference, and Institutional Investor's CFO/COO Forums. She has written columns for GARP Risk Review, Securities Industry News, and Advanced Trading, among others. Before joining Celent, Ms. Valentine was a business risk manager at GE Capital Services. In this role she conducted risk assessments on new products and operational activities in consumer credit and asset management businesses. She also implemented risk policies and metrics in acquisitions in the US and Europe using Six Sigma black belt principles. Prior to GE Capital, Ms. Valentine was vice president of marketing services at Oppenheimer Capital, where she was responsible for product positioning, sales support, and communications for the institutional pension and 401(k) markets. She has also held marketing, performance measurement, and research positions with Kidder Peabody Asset Management, serving the SMA and institutional markets. Ms. Valentine serves on the advisory council of Institutional Investor's U.S. Institute. She earned an MBA in international business and management from Stern School of Business at New York University and a BS in marketing from St. John's University. Brad Bailey Senior Analyst, Aite Group Brad Bailey is a senior analyst at Aite Group, LLC, specializing in institutional securities and investments. Mr. Bailey began his Wall Street career covering the European credit markets. He moved into institutional sales trading, where he covered buy side clients on the European futures and options exchanges. He continued sales trading at Salomon Smith Barney, covering hedge funds and proprietary bank trading desks on the US and European markets. Then at Garban, he helped start their credit derivative sales desk. Most recently he developed and ran a short-term long/short equity trading strategy for six years. Mr. Bailey earned a MS from the University of Colorado and a BS in engineering from Rutgers University. Michael Bleich Liquidity Strategist, Lehman Brothers Michael Bleich is a senior vice president and head of the Liquid Strategy Group for Lehman Brothers. In this role, he is responsible for the Firm’s dark liquidity product offerings. Mr. Bleich joined the Firm in 2000. Prior to his current position, Mr. Bleich served as co-head of Agency Trading, and as head of Cash Automated Market Making. Before joining the Firm, he worked at Chase Securities in London. Mr. Bleich has a B.A. from Wesleyan University, and holds a Ph.D. in Theoretical Physics from Duke University.