Retail––or individual––investors are having a moment. Over the past 18 months, they have entered the equities markets in droves and made headlines across the financial press. The GameStop phenomenon got the bulk of the attention, but it is only part of the story. Retail investors opened more than 10 million new brokerage accounts in 2020 and 10 million more so far this year. These new investors are more diverse, younger, and less wealthy than those who previously participated in the markets. And they not only account for a significant portion of trading volume as of late, but they are also making a mark by sending Wall Street to Reddit for investment advice and turning TikTok into a hotbed of financial literacy education.

So, now is the perfect time to talk about how retail investors fit into modern financial markets. Join the conversation on September 9th for the seventh annual summit on financial regulation, Fair Shares: Retail Investors and the Future of Equities Markets. This virtual conference will feature a fireside chat with SEC Commissioner Elad Roisman and three expert panels. The first panel will discuss how well market structure works for retail investors, including the controversial question of whether payment-for-order-flow (used to support zero commission trading) should be banned. The second panel will focus on innovations in the ways investors access the market, including questions about the role of fintech in the future of retail investing. And the third panel will address the options available to retail investors, including the limitations on investment choice posed by the accredited investor standard.

Our virtual program includes:

10:30–10:35 AM Opening Remarks

  • Jennifer J. Schulp, Director of Financial Regulation Studies, Center for Monetary and Financial Alternatives, Cato Institute

10:35–11:30 AM Retail Trading and Market Structure

  • Gina‐​Gail Fletcher, Professor of Law, Duke University School of Law
  • Jonathan R. Macey, Sam Harris Professor of Corporate Law, Corporate Finance, and Securities Law, Yale Law School; Adjunct Scholar, Cato Institute
  • Justin Schack, Partner, Rosenblatt Securities
  • Moderated by Ben Bain, Financial Reporter, Bloomberg

11:45 AM — 12:15 PM Fireside Chat with Commissioner SEC Commissioner Elad Roisman

12:30 — 1:30 PM Market Access for Retail Investors

  • Jill Fisch, Saul A. Fox Distinguished Professor of Business Law and Co‐​Director of the Institute for Law and Economics, University of Pennsylvania Carey Law School
  • Michael Piwowar, Executive Director, Center for Financial Markets, Milken Institute
  • Steve Sosnick, Chief Strategist, Interactive Brokers
  • Moderated by Katanga Johnson, Financial Reporter, Reuters

1:45 — 2:45 PM Retail Investors and Equity Investment Options

  • Karl Muth, Adjunct Assistant Professor, University of Chicago Booth School of Business
  • Urska Velikonja, Professor of Law, Associate Dean for Academic Affairs, Georgetown University Law Center
  • Andrew Vollmer, Senior Affiliated Scholar, Mercatus Center, George Mason University
  • Moderated by Evie Liu, Financial Reporter, Barron’s

Register here so that you do not miss this conference.