There are four panels in the conference. Topic of Panel 1 is What makes an exchange a unique institution? It is moderated by Andrew Brooks, Vice President and Head of U.S. Equity Trading for T. Rowe Proce Associates, Inc. Panelists include Alfred Berkeley, Chairman & CEO of Pipeline Trading Systems, Gary Katz, CEO of International Securities Exchange, William O'Brien, CEO of Direct Edge, Brett Redfearn, Global Head of Liquidity in J.P. Morgan Securities, and Asani Sarkar, Researcher in Federal Reserve Bank of New York. The conference is to be continued by Part 3 for more panel discussions.