Overview
The self-guided individual investor has unofficially been crowned king. Though mega-asset managers fund commission wallets and trading firms are posting record volumes, it is retail demand – domestic and global – that is driving the industry’s most consequential innovations. ATSs are operating in the overnight but exchanges are angling for a 23-hour trading day as equity tokenization, crypto, and prediction markets — written off by large institutions only a few years ago — are pushing for a fully 24×7 market bolstered by massive amounts of capital and serious regulatory attention. While retail is driving innovation, institutional capital continues to seek liquidity as newer execution tools are vying to help. Join Bloomberg’s Market Structure team on June 16 at 4:00 PM at our New York headquarters to discuss how retail trading is transforming the industry, and new trading platforms are helping institutions find liquidity.
Agenda
- 4:00PM – 4:30PM
Registration
- 4:30PM – 5:00PM
Keynote
- 5:00PM – 5:30PM
Tokenized Equity Models: Wrappers, Exchanges, or Native Rails
Tokenized U.S. equities have moved rapidly from concept to working product — across three competing architectures: SPV-wrapped tokens, exchange-led on-chain settlement, and native on-chain issuance. Each has different implications for price discovery, custody, liquidity, and Reg NMS compliance. This panel brings builders across all three models to debate implications for investors, issuers, and market stability.
- Speakers: Chuck Mack, Michael Blaugrund, Todd Stephens
- 5:30PM – 6:00PM
Retail – The Everything Broker
Retail brokers are changing. In a few years, traditional equity and options-focused business have added online access, sophisticated options strategies, crypto, 24×5 trading, and now prediction markets. We look at how that trend is developing, what is driving it, where its headed, and its impact on both more traditional retail markets, and the institutional market.
- Speakers: Dr Scott Bauguess, Neil McDonald
- 6:00PM – 6:30PM
Looking for Liquidity in All the Right Places
While volumes are at record highs institutional liquidity is still at a premium. What is a buyside to do? While OTC volumes are drifting lower as exchanges are grabbing a bit more share, there are increasingly new and different ways for funds to find the other side of the trade. This panel will discuss some of these tools and challenges along with how buy and sell sides are leveraging new liquidity pools as even new pools are forming in the wings.
Speakers:
- Speakers: Anna Kurzrok, Joe Wald, Lisa Utasi
- 6:30PM – 7:30PM
Networking Reception
Speakers
Larry Tabb
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.
Dr Scott Bauguess
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.
Neil McDonald
Neil McDonald is CEO at moomoo US as he brings over 30 years of global financial industry experience. Originally from the U.K., he started his career as an equity derivatives trader at Goldman Sachs and Morgan Stanley, and managed European equity and index options trading at Citadel Investment Group. Neil moved to New York in 2008 to lead JP Morgan’s global electronic options market-making business and U.S. derivatives trading. After running a few mid-size financial firms’ quantitative analysis and crypto trading, he joined moomoo in July 2024. McDonald currently oversees all moomoo’s operations in the US.
Joe Wald
Joe Wald is co-founder of Mosaic Platforms and a serial entrepreneur with two successful exits in electronic trading.
Joe previously co-founded EdgeTrade, one of the first agency-only algorithmic providers, which was acquired by Knight Capital Group and later co-founded Clearpool Group, a pioneer in algorithmic trading as a service, which was acquired by BMO Financial Group. Following the acquisition, Joe served as Global Head of Electronic Trading at BMO, executing the firm’s electronic trading strategy. During this time, Joe served on the board of PureStream ATS.
With 30+ years at the forefront of market structure innovation, Joe brings a proven ability to identify whitespace, build category-defining platforms, and deliver outcomes for stakeholders.
When & Where
Tuesday, June 16, 2026
4:00PM
Bloomberg Headquarters
731 Lexington Avenue
New York, New York 10022