Market Structure 2025: Reshaping the Future of Investing and Trading

Dr. Scott Bauguess is VP Global Regulatory Policy at Coinbase, a position responsible for consultations with regulatory authorities that oversee the banking and financial market sectors worldwide, including global standard setting organizations. He previously served as the Deputy Director of the Division of Economic and Risk Analysis at the U.S. Securities and Exchange Commission, where he supervised economic analyses of recommendations to enact federal rules related to capital raising, investment management, broker dealers, market structure, and derivative securities. Dr. Bauguess most recently was a member of the finance faculty in the McCombs School of Business at the University of Texas at Austin and held a teaching appointment in the University of Michigan Law School. He received a B.Sc. in Electrical Engineering from the University of Illinois and M.Sc. in Electrical Engineering and Ph.D. in Finance from Arizona State University.

Shelly Brown has served as Executive Vice President, Strategic Planning and Business Development since April 2011. Prior to joining MIH, he served as the Director of Business Management for PEAK 6 Investments, a Chicago-based trading firm, where he was head of options execution. Prior to joining PEAK 6, Shelly held a number of positions in the financial markets including as Associate Vice President at NASDAQ OMX and Vice President, Derivatives Trading Strategy at PHLX, and Manager of Options Trading Systems and co-head of Options Business Development at Susquehanna International Group, LLC. While at Susquehanna, he was a member of the PHLX Electronic Trading Committee and the Cboe Screen-Based Trading Committee. Prior to joining Susquehanna, he was a founder and Managing Director of Risk Information Systems and Consulting.

Meaghan Dugan is Senior Vice President, Head of US Derivatives at Cboe Global Markets, Inc. (Cboe). In this role, Dugan oversees business strategy, market structure and development, and competitive positioning for Cboe’s options business. She leads Cboe’s U.S. options team in building out the company’s multi-list business and proprietary products complex, as well as developing relationships with customers and expanding derivatives access globally.

Prior to joining Cboe, Dugan was head of options at the New York Stock Exchange (NYSE), where she was responsible for the oversight of the NYSE Amex and Arca Options markets. In that role, she led business strategy, commercial policy, competitive strategy and market structure initiatives. She also served on the OCC Board of Directors from 2022-2024.  Previously, she served as the head of product and competitive strategy for NYSE Options.

Before that, Dugan was head of derivatives product management for Bank of America Merrill Lynch’s U.S. options and global futures businesses, where she spent 11 years. She managed the U.S. options router for retail and institutional trading and led the effort to deliver 24×5 global futures algorithms — a first for the bank. Dugan also worked at Morgan Stanely, holding several roles initially as a specialist in the automated options market making group then later in electronic trading working with buyside and institutional derivative clients. Dugan began her trading career as an Options Market Maker with Spear Leeds and Kellogg on the Pacific Stock Exchange in San Francisco.

Greg Ferrari is a Senior Vice President of Nasdaq, responsible for the overarching business management and strategic direction for the North American Equities and Options Markets. Prior to this role, Greg oversaw Nasdaq’s U.S. Options markets, with a direct focus on the order flow and liquidity provider experience on the family of Nasdaq’s Options exchanges, including the integration of the ISE exchanges to Nasdaq’s technology platform.

Prior to joining Nasdaq, Greg worked at the ISE in a business development capacity, and prior to that spent 10 years at Banc of America Securities, Lehman Brothers, and Credit Suisse First Boston in a variety of product development roles involving electronic trading.

Jason Lichten serves as Director, Head of Low Touch – US Equity Options at Liquidnet, where he was instrumental in founding and launching the firm’s low-touch institutional options offering. Jason joined Liquidnet from Wolverine Execution Services (WEX), where he led electronic equities and options trading, expanding electronic trading capabilities for institutional clients. Prior to WEX, Jason was a founding member of RBC’s equity market structure team. Earlier in his career, he held various roles in financial services technology across both buy-side and sell-side organizations.

Ellen Greene is Head of Business Development and Market Structure Strategy at IMC Trading, a global proprietary trading firm. In this role, she focuses on market structure issues, regulatory developments, and exchange affairs. Before joining IMC in March 2025, Ellen was Managing Director of Equity and Options Market Structure at SIFMA, where she led advocacy on key regulatory and policy initiatives, advised member committees, and directed SIFMA’s engagement on the Consolidated Audit Trail (CAT). Earlier in her career, she served as Vice President of Transaction Services at Nasdaq, managing broker-dealer relationships and supporting the growth of its U.S. equity and options markets. She also held roles at the American Stock Exchange and began her career on the equity syndicate desk at Merrill Lynch. Ellen chairs the Listed Options Market Structure Working Group (LOMSWG) and is active in SIFMA and FIA PTG. She holds an MBA from NYU’s Stern School of Business and a BA from Colby College.

Mike Harrington is a Head of Client Relationships at Citadel Execution Services. In this role, Mr. Harrington is responsible for managing customer relationships, evaluating new and existing customer order flow and implementing new business opportunities. He also serves as a member of the Citadel Securities Best Execution Committee, the CBOE Equity Advisory Committee and the Board of MIAX Pearl.

Prior to joining Citadel Securities, his previous experience includes roles as a futures trader at Gator Trading Partners LLC, a Senior Associate in structured finance at ABN AMRO, and a Retirement Education Specialist at Merrill Lynch.

Mr. Harrington received a bachelor’s degree from the University of Florida and a Master of Business Administration from DePaul University.

Hester M. Peirce was appointed by President Donald J. Trump to the U.S. Securities and Exchange Commission and was sworn in on January 11, 2018.

Prior to joining the SEC, Commissioner Peirce conducted research on the regulation of financial markets at the Mercatus Center at George Mason University. She was a Senior Counsel on the U.S. Senate Committee on Banking, Housing, and Urban Affairs, where she advised Ranking Member Richard Shelby and other members of the Committee on securities issues. Commissioner Peirce served as counsel to SEC Commissioner Paul S. Atkins. She also worked as a Staff Attorney in the SEC’s Division of Investment Management. Commissioner Peirce was an associate at Wilmer, Cutler & Pickering (now WilmerHale) and clerked for Judge Roger Andewelt on the Court of Federal Claims.

Commissioner Peirce earned her bachelor’s degree in Economics from Case Western Reserve University and her JD from Yale Law School.

Michael Winnike is DTCC’s Managing Director, Clearing & Securities Services (CSS) Strategy and Market Solutions, where he oversees strategic planning across the CSS business and industry engagement. He also provides oversight for embedded risk management teams and the CSS data office overseeing data strategy and management. Within this role, he partners across the organization to define strategic objectives, develop a holistic strategy that connects and aligns asset classes and market segments, and leads key enterprise-wide initiatives. In addition, Michael identifies new market opportunities to grow the CSS business and supports the development of innovative solutions to meet the evolving needs of DTCC’s clients.

Prior to DTCC, Michael served as Global Head of Market Structure within BlackRock’s Global Trading organization where he was responsible for influencing and shaping market structure across asset classes and products. This included defining and implementing trading platform enhancements and managing BlackRock’s clearing strategy and swap clearing relationships. Prior to this role, Michael was a member of BlackRock’s Prime Brokerage Financing team. Michael began his BlackRock career as a member of the Legal and Compliance Department, providing coverage for BlackRock’s derivatives and cash trading platforms.

Michael holds a Bachelor of Arts degree from Whitman College.

Chris Zuehlke is a Partner at DRW and serves as the Global Co-Head of Cumberland, leading a world-class team dedicated to providing deep liquidity to institutional-sized investors.

Chris is a proven leader in operational excellence and has been working at DRW for over two decades across various trading disciplines. He has extensive experience building trading operations from the ground up and is skilled in software development, trade research, automated and OTC trading, compliance, operations, market structure and regulation design. Chris also is regularly asked to participate in policy discussions around market structure and trading best practices.

Chris earned a BS in Mathematics and Computer Sciences with a focus on Artificial Intelligence and Cognitive Sciences from the University of Illinois at Urbana-Champaign. He has also served as an Executive Committee member and Advisor for the FIA Principal Traders Group.  He is currently a member of the CFTC’s Global Markets Advisory Committee and its Digital Asset Markets Subcommittee.

Larry Tabb serves as the Director of Market Structure Research at Bloomberg, LLP. He leads a research team providing insights into financial markets infrastructure, technology, and regulation. Tabb was previously Research Chairman at TABB Group, where he focused on capital markets. He has advised regulatory bodies like the SEC and CFTC on market structure and is a sought-after speaker in major industry events. His career includes roles at TowerGroup, Lehman Brothers, and Citibank.

Katherine Doherty covers market structure and finance for Bloomberg News. She started her career in journalism as a radio reporter at Rhode Island Public Radio, the NPR affiliate in Providence while at Brown University. At Bloomberg she has covered healthcare and the credit market with a focus on restructurings and bankruptcy. Born in Massachusetts, Katherine is a former Broadway actor and an avid Boston sports fan.

Paul Gulberg is the Director of Research (Americas) and a Senior Equity Analyst for the financials and specializes in banks, asset managers, asset servicers and exchanges. Prior to joining Bloomberg Intelligence, Mr. Gulberg was an equity analyst for Portales Partners and worked as an associate portfolio manager for AllianceBernstein, as well as a fixed income analyst for Infroma Global Markets. He is a CFA Charterholder.

Jackson Gutenplan is a Research Analyst on the BI Market Structure team. Jackson conducts and publishes research on equity and options trading and market structure issues, and leads the team’s data and analytics strategy. Previous to his tenure at Bloomberg, Jackson was an equity trader, and graduated from Vanderbilt University with a B.A. in Economics. He is a CFA Charterholder