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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 their Center for Digital Economy Research. He volunteers with Sponsors for Educational Opportunity (SEO) in development and training.
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.
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. Previously, at Fidelity Investments in Boston, as SVP and 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 have been presented in New York, Boston and Chicago. Custom versions of both seminars have been given to corporate clients in the U.S., Canada and the U.K., including the SEC, DTCC and Federal Reserve Bank. 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, Wall Street Journal, Bloomberg, by Reuters in both print and TV, BBC World Service, Investors Business Daily, Nikkei CNBC in Japan, Australian public radio, among others. His paper "Algos Gone Wild" appeared in the Spring 2010 issue of the Journal of Trading. Academic Appointments
Research Interests
I am often asked about further readings and useful websites for my courses. Here is a personal list of suggestions: Readings and Websites Recent Press Citations New York Times, Financial Times, Wall Street Journal, MIT Technology Review, The Atlantic Magazine, BBC World Service, Australian Public Radio, Securities Industry News, Reuters, Guardian UK, Advanced Trader, Wall Street and Technology, Wall Street Letter and Nikkei Shimbun Japan and others 2011 NYSE Plans "Dark Orders" for Retail Customers, Financial Times, October 12, 2011 Prof Tracks Auto Crash Trades, New York Convergence, August 9, 2011 Computer Systems Run World Economy , American Public Radio, August 9, 2011 A Beating of Wings, (Italian and English), Il Sole 24 Ore, May 19, 2011 HFT Methodologies and Market Impact , Review of Futures Markets, Vol 19 # 1, 2011 Trading Spike Seen Just Before ADP Report , Wall Street Journal, January 11, 2011 2010 Das Digitale Herz des Kapitalismus (in German) , Wissen Magazine Switzerland, November 21, 2010 The Limits of Algo Trading , Deutsche Borse Business Journal, 3Q2010 SEC Focuses on Market Makers , Financial Times, November 9, 2010 Trading Pennies into $7B Drives HFT Cowboys , Bloomberg, October 6, 2010 Debate on Crash and Its Causes , Wall Street Journal, October 5, 2010 Flash Crash Report Too Long in the Making , Reuters Insider, Video, October 1, 2010 Flash Crash , Australian Broadcasting Co. (Radio), August 29,2010 No Such Thing as HFT ,Tabb Forum, August 24,2010 Beware of Geeks Bearing Gifts , Money Web South Africa, August 12,2010 Adventures in Algorithmic Trading , Asset International, August 5,2010 Monsters in the Market , The Atlantic Magazine, July/August 2010 Automated Trading Compounds Selloff , Yahoo News Room, May 7, 2010 Computers Blamed for Wall Street Crash , New Scientist, May 2010 Exposing the Identity of Dark Pools , Advanced Trader, March 1, 2010 Algos Gone Wild , Journal Of Trading, Spring 2010 Trading Shares in Milliseconds , MIT Technology Review, Jan. 2010 Algos Gone Wild , Advanced Trader, Jan. 14, 2010 Market Data Roundtable , Streambase Webinar, Jan. 21, 2010 2009 Algos Gone Wild (TV Interview) , Reuters TV Interview Nov. 2009 SEC Rules to Make Dark Pools Disclose Data , Investors Business Daily Oct. 21, 2009 Ultra High Speed Share Trading , BBC World Service (Radio), Sep. 2,2009 Wall Street Secrets , New York Times, Aug. 24,2009 Real Time Racing , Risk Professional GARP, Aug. 2009 StreamBase High Frequency Trading , On-line Webinar, Aug. 12, 2009 Algos Gone Wild , Reuters Blog Commentaries July 21, 2009 Code Green: Goldman Sachs and UBS , Securities Industry News July 20, 2009 The Matrix But With Money , Ars Technica July 27, 2009 Fuzzy Math and Algos , Reuters Blog Commentaries July 31, 2009 Link to additional press citations Recent Speaking Engagements |