High-Speed Trading Is Progress, Not Piracy

Bernard Donefer is Principal of Conatum Consulting LLC, where he teaches and consults to corporate clients and has been an expert witness in patent cases regarding trading technology and financial markets. He began his teaching career in 2003 with appointments to the adjunct faculties of NYU Stern, Baruch CUNY and Fordham graduate business schools. He is Associate Director of the Subotnick Financial Services Center at the Zicklin School at Baruch College, where he is also a Distinguished Lecturer in the Department of Statistics and Computer Information Systems. His research interest include: Risk management, Financial markets microstructurem, and Trading systems - algorithmic, order management, connectivity. Mr. Donefer has a 35 year career in the international financial services industry, having worked with banks, exchanges and securities firms in the US, Europe and Asia. Prior to 2002, he was SVP and Head of Capital Markets Systems at Fidelity Investments in Boston, implementing one of the industry's first straight through processing 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. Prior positions included EVP/CIO of a major international bank and president of two international software and services businesses.