Biographical
Information
Bernard Donefer's lengthy career in the
financial services industry included work with banks, securities firms and
exchanges in the US, Europe and Asia where he held senior management
positions including the presidency of two international financial software
firms. He is Associate Director of
the Subotnick Financial Services Center at the Zicklin School at Baruch
College, where he is a Distinguished Lecturer. In addition
to his work at Baruch, he is Adjunct Associate Professor at
the NYU Stern Graduate Business School and Fellow of the Center for
Digital Economy Research. He
volunteers with Sponsors for Educational Opportunity (SEO) in development and training. He has acted as
a volunteer advisor or board member to Artists for Humanity, St. Luke's Chamber Ensemble, Poets in the Schools,
Volunteers for the Arts and the Volunteer Urban Consulting Group.
He holds an MBA in Finance from the NYU Stern School of
Business.
At Baruch since January 2003,
Prof Donefer teaches IT in Financial Markets and Risk
Management Systems in the Zicklin MBA program. At the Subotnick
Center, he teaches workshops in Options, Futures and Technical
Analysis, using the data and analytics facilities of the Wasserman Trading
Floor. Prof. Donefer was the faculty advisor to the RentBid project,
which won the Baruch Entrepreneurial and the NYC Microsoft Imagine Cup
competitions.
Previously, at
Fidelity Investments in Boston, as head of Capital Markets Systems, he
implemented one of the industry's first straight through processing (STP)
equity trading environments. He was also responsible for their algorithmic
trading, fixed-income, foreign exchange, market making and mid-office
systems, client and marketplace connectivity and their proprietary real
time VaR based credit and market risk management system.
Prof. Donefer is principal of Conatum
Consulting, LLC, where his consulting
clients include US and foreign stock exchanges, asset managers,
international banks and major global securities firms.
Prof. Donefer has
consulted and appeared as an expert in intellectual property and software
patent cases. His Risk Management for Non-QuantsSM and
Capital Markets BootCampSM public programs have been
oversubscribed and are currently presented in New York, London, Boston and
Chicago. Custom versions of both seminars have been given to corporate
clients in the U.S., Canada and the U.K.
A frequent industry speaker and commentator, Prof.
Donefer chaired and moderated panels at algo and hedge fund
trading conferences on the challenges, risks and opportunities
of electronic trading in global markets. He has been quoted in the
New York Times, by Reuters in both print and TV,
BBC World Service, Investors Business
Daily, Nikkei CNBC in Japan, among others. His paper "Algos Gone Wild" will appear
in the Spring 2010 issue of the Journal of Trading.
Current
Academic Appointments
- Adjunct Associate Professor, NYU Stern
Graduate School of Business
- Adjunct Assistant Professor,
Fordham Graduate School of Business
Research Interests
- Risk management
Market
microstructure
- Trading systems - algorithmic, order
management, connectivity, etc.
Courses Taught
- CIS 9555 IT in Financial Markets Syllabus
- CIS 9556 Risk Management Systems Syllabus
Reading List
I am often asked about further readings and useful websites for
my courses. Here is a personal list of suggestions: Readings and
Websites
Press Citations
Securities Industry News,
Reuters, Guardian UK, Advanced Trader, Wall Street and Technology, Wall
Street Letter and Nikkei Shimbun Japan and others
Link to press citations
Recent
Speaking Engagements
- "Risks in Electronic Trading",
keynote speaker, Exchange Panel Moderator, Capital Markets Consortium,
2010, NYC
- "Credit Default SWAPS and AIG",
invited speaker, Financial Executives International, 2010, NYC
- "International and Alternative
Trading Opportunities", Track Chairman, TradeTech USA 2009, NYC
- "Using the Latest Trading Strategies and Tools in Emerging Markets
to Amplify Returns on Your Desk", Moderator, TradeTech USA 2009, NYC
- "Managing International Trading for Long Term Profitability in
Global Markets", Moderator, TradeTech USA 2009, NYC
- "Home is Where the Credit Crisis
Is", invited speaker, Association of Commercial Finance Attorneys, 2009,
NYC
- "Trading Algos and Beyond",
Chairman, 2008, NYC
- "eTrading and Risk Management",
invited speaker, Trading Algos and Beyond, 2008, NYC
- "Current Issues in CDO's, CDSs and SIVs", invited speaker,
Association of International Bank Auditors
("AIBA"), 2008, NYC
- "Risk Management and Electronic Trading", Speaker, FIX Protocol
Quarterly Meeting, 2008, NYC
- "Capital Markets
BootCampsm", SEO NYC and Corporate Clients in NYC, Boston,
LA and Madrid
- "Risk Management for
Non-Quantssm ", Instructor for 2-day seminars in NYC,
Chicago, Toronto, Oxford, UK, Philadelphia, Washington
DC and Boston
- "Building a Flexible Algo Strategy
to Reflect Market Conditions and Trading Tactics", moderator and
panelist, TradeTech USA, 2008, NYC
- Straight From the Source:
Integrating DMA Technologies To Bring Additional Liquidity to Your
Trading Desk", moderator and panelist, TradeTech USA, 2008, NYC
- "Execution and Research: Ensuring
Your Trading Desk Is Getting the Best of Both Worlds", moderator and
panelist, TradeTech USA, 2008, NYC
- "Just What Are The Pitfalls Of
Virtualization Technologies", moderator and panelist, Financial
Technology Congress, 2008, NYC
"Fourth Annual Conference
Best Execution. How to Measure It -- How to Achieve It In a Post-Reg NMS
World", Conference Chairman, 2008, NYC
- "CDSs, CDOs and SIVs", invited
speaker, Financial Executives International, ("FEI"), 2008, NYC
"Successfully Implementing
Virtualization Across the Infrastructure", moderator and panelist,
Waters USA, 2007, NYC
- "By the Trader; For the Trader:
How Algorithmic Providers are Solving the Trader's Needs", Conference
Chairman, moderator and panelist, Algo Trading 2007, NYC
- "Introduction to Value at Risk",
invited speaker, Performance Measurement 101 for Marketing &
Compliance Professionals, 2007 and 2008, NYC
- "Assessing Trading Risk",
Conference Chairman, moderator and panelist , Hedge Fund
Trading Forum 2007, NYC
- "Cross Asset - Cross
Instrument Derivatives Trading", Conference Chairman, Moderator of three
panels, Trade Tech Derivatives 2007, NYC
- "Lies Your Professor Taught
You", Moderator and speaker, Risk Management, New York Society of
Securities Analysts, 2007, NYC
- "Capital Markets
BootCampsm", SEO NYC and Corporate Clients in NYC, Boston,
LA and Madrid
- "Challenges and
Opportunities of Electronic Trading in Global Markets", Panelist, 2007
Global Securities Trading Forum, NYC
- "Changes in Market
Structure Focus Summit", Chair, Moderator and Speaker, Trade Tech 2007,
NYC
- "2006 in the Life of
the NYSE", Invited Speaker, Financial Executives International, 2007,
NYC
- "What the Trader Wants: Essential Applications
for Managing the Trading Desk's Expectations", Moderator and Panelist,
Algo Trading 2006
- "Hedge Fund Risk
Management", Moderator and Panelist, Hedge Fund Trading, NYC 2006
- "Developments in
Algorithmic Trading & Advanced Electronic Trading", Moderator and
Panelist, Derivatives and Securities World, NYC 2006
- "Achieving Consistency in
TCA", Moderator and Panelist, Transaction Cost Analysis 2006, NYC
- "The Future of Stock
Exchanges", Conference Chairman and Moderator, Trade Tech 2006, NYC
- "Transaction Cost Research:
Analyzing the True Cost of a Trade and Ensuring Best Execution",
Moderator and Panelist, Trading Technology:Advanced Execution
Strategies, NYC 2006
- “Re-Examining Best
Execution and Liquidity in Light of Regulatory Developments and
Industry/Technology Advances”, Moderator and Panelist, Conference on
Advanced Execution Strategies, 2005, NYC
- "Hype in Algorithmic
Trading", Panelist, Algorithmic Trading Best Practices 2005, NYC
- "Planning Your STP Budget",
Panelist, Wall Street and Technology STP Conference, NYC
- "Trends in the Financial
Services Industry", Baruch College, CUNY, Impact of Technology
Conference
- "Issues in Implementing
Risk Management Systems", NYU Stern School of Business, guest lecturer
- "How OMS's Can Add Value in
a Direct Access World", IT in Financial Services Conference, San Diego
- "The Use of IT to Address
The Mutual Fund Crisis", Baruch College, CUNY, Honors Program
- "Straight Through
Processing - From Buy Side to Settlement", STP Conference, NYC
- "Requirements Gathering
with Use Cases", Fidelity Center for Advanced Technology, Boston
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