SSE presents, “Dark Pools, Fragmented Markets, and the Quality of Price Discovery,” March 4

Featured speaker Dr. Robert Schwartz is a Professor of Finance and University Distinguished Professor at CUNY


HOBOKEN, N.J. - Stevens Institute of Technology’s School of Systems and Enterprises presents, “ Dark Pools, Fragmented Markets, and the Quality of Price Discovery,” on March 4, from 5:00pm-6:30pm in Babbio 122. This talk by Dr. Robert Schwartz is part of SSE’s Financial Engineering Seminar Series.
Schwartz is Marvin M. Speiser Professor of Finance and University Distinguished Professor in the Zicklin School of Business, Baruch College, CUNY.
His talk will summarize empirical evidence that suggests that the widely observed accentuation of intra-day price volatility is largely attributable to the vagaries of price discovery, and the suggestion will be made that accurate price discovery should be moved to center stage as a regulatory objective.
“Dark pools and fragmented equity markets may both appear threatening to the quality of price discovery,” said Schwartz. “However, I will suggest that fragmentation is the more serious of the two. Large orders have always required some darkness and, while the term ‘dark pool’ is new, the reality is not.”
According to Schwartz, fragmentation, both spatial and temporal, is a threat to price discovery.
Before joining the Baruch faculty in 1997, he was Professor of Finance and Economics and Yamaichi Faculty Fellow at New York University's Leonard N. Stern School of Business, where he had been a member of the faculty since 1965.
In 1966, Professor Schwartz received his Ph.D. in Economics from Columbia University. His research is in the area of financial economics, with a primary focus on the structure of securities markets. He has published more than 60 refereed journal articles, 12 edited books and eight authored books, including Micro Markets: A Market Structure Approach to Microeconomic Analysis, Wiley & Sons, 2010, forthcoming, Using Simulation to Master the Art of Equity Trading: The TraderEx Course (co-authored with Gregory Sipress and Bruce Weber) Wiley & Sons, 2010 forthcoming, The Equity Trader Course (co-authored with Reto Francioni and Bruce Weber) Wiley & Sons, 2006, and Equity Markets in Action: The Fundamentals of Liquidity, Market Structure and Trading (co-authored with Reto Francioni) Wiley & Sons, 2004.
He has served as a consultant to various market centers including the New York Stock Exchange, the American Stock Exchange, Nasdaq, the London Stock Exchange, Instinet, the Arizona Stock Exchange, Deutsche Börse, and the Bolsa Mexicana. From April 1983 to April 1988, he was an associate editor of The Journal of Finance, and he is currently an associate editor of the Review of Quantitative Finance and Accounting and the Review of Pacific Basin Financial Markets and Policies, and is a member of the advisory boards of International Finance and The Journal of Trading. In December 1995, Professor Schwartz was named the first chairman of Nasdaq's Economic Advisory Board, and he served on the EAB until Spring 1999. He is developer, with Bruce Weber and Greg Sipress, of the trading and market structure simulation, TraderEx ( In 2009, Schwartz was named the first recipient of the World Federation of Exchanges’ Annual Award for Excellence.
The SSE Financial Engineering Seminar Series is open to all Stevens' students, faculty, staff, and invited guests. Refreshments will be served.
Learn more about Financial Engineering Graduate Certificates, Master's Degree, and Doctoral Program at the School of Systems and Enterprises:
About Stevens Institute of Technology
Founded in 1870 and celebrating 140 Years of Innovation, Stevens Institute of Technology, The Innovation University, is one of the leading technological universities in the world dedicated to learning and research. Through its broad-based curricula, nurturing of creative inventiveness, and cross disciplinary research, the Institute is at the forefront of global challenges in engineering, science, and technology management. Partnerships and collaboration between, and among, business, industry, government and other universities contribute to the enriched environment of the Institute. A new model for technology commercialization in academe, known as Technogenesis®, involves external partners in launching business enterprises to create broad opportunities and shared value.
Stevens offers baccalaureates, master’s and doctoral degrees in engineering, science, computer science and management, in addition to a baccalaureate degree in the humanities and liberal arts, and in business and technology. The university has a total enrollment of 2,234 undergraduate and 3,700 graduate students with more than 400 faculty. Stevens’ graduate programs have attracted international participation from China, India, Southeast Asia, Europe and Latin America. Additional information may be obtained from its web page at
For the latest news about Stevens, please visit