Complete List Of Published Papers Papers And Presentations

WAYNE H. WAGNER

BIOGRAPHICAL DATA

EXPERIENCE 2008-present

OM♦NI, a Consulting Partnership.

2006-2008

ITG, INC. Senior Advisor

2002-2005

JPMORGAN Chase, Inc., Senior Vice President

1986-2005

PLEXUS GROUP, Inc, Founder/Chairman of the Board

1973-1986

WILSHIRE ASSOCIATES, Founding Partner/Chief Investment Officer

1972-1973

WAYNE H. WAGNER: INVESTMENT MANAGEMENT PROCEDURES, Independent Consultant

1964-1972

WELLS FARGO BANK, Assistant Vice President, Management Science Department

1961-1964

INTERNATIONAL BUSINESS MACHINES, Systems Engineer – Scientific, San Francisco Financial Office

FAVORITE CAREER ACHIEVEMENTS 2005 Plexus Group sold to ITG Solutions, Inc. 1990 Brought first implementation shortfall cost measurement to market 1987 Brought Instinet’s Crossing Network to market 1986 Formed Plexus Group 1983 Formed Wilshire Asset Management, managed Wilshire 5000 funds, created double blind program trading methods 1979 Developed Trust Universe Comparison Service (TUCS) 1975 Implemented first commercial system for Index Fund management 1975 Wilshire Associates partnership formed 1970 Designed software and procedures for managing the very first Index Fund, created passive trading technique 1966 Statistical analysis to support system for Credit Scoring 1963 Program for optimal Municipal Bond Bid Scaling SERVICE AND HONORS Advisory Board, Dow Jones/Wilshire Indexes, 2006-present Advisory Board, The Journal of Trading, 2005-present Board of Directors, ReFlow, LLC, 2005-present CFA Institute Annual Conference Program Committee, 2003-present Adjunct Professor, Marshall School of Business, University of Southern California, 2003, 2004 Visiting Professor, Anderson School of Business, University of California – Los Angeles, 2003 Editorial Board, Financial Analysts Journal, 2002-present. Editorial Board, Journal of Indexes, 2002 - present Los Angeles Book Publicists “Irwin Award” 2001 Investment News “Power Elite Hall of Fame” 2001 Advisory Board, Center for the Study of Securities Markets, Pace University, 2001 - 2006 Board of Directors, The Institute for Quantitative Research in Finance, 2001- present AIMR Blue Ribbon Task Force on Best Execution, 2000-2002 1999 Consultant of the Year, Plan Sponsor Magazine AIMR Blue Ribbon Task Force on Soft Dollars, 1998 Regent, AIMR Financial Analysts Seminar 1996-1999 Advisory Board, Investment Management Institute 1988 - 2005 Editorial Board, TRILLION Magazine, 1987-1988 Graham and Dodd Award, Financial Analysts Federation, 1984 Graham and Dodd Award, Financial Analysts Federation, 1971 EDUCATION STANFORD UNIVERSITY Master of Science , 1961 Department of Statistics Management Sciences Major

UNIVERSITY OF WISCONSIN Bachelor of Business Administration, 1960 School of Commerce Statistics Major, Finance Minor

PUBLICATIONS Books, Chapters, Articles and Papers 92

91

90.

THE INCREDIBLE STORY OF TRANSACTION COST MANAGEMENT – A PERSONAL RECOLLECTION Journal of Trading (lead article) Summer, 2008 NOBLE CHALLENGES: THE TRADING CHALLENGE NOBLE CHALLENGES Ralph Rieves and Wayne Wagner, editors Forthcoming, 2008 IF BEST EXECUTION IS A PROCESS, WHAT DOES THAT PROCESS LOOK LIKE? (with Mark Edwards) Journal of Trading, Summer 2007

& Antoinette Colanino Springer Science + Media, July, 2005 79.

ACHIEVING BEST EXECUTION IN INSTITUTIONAL PORTFOLIOS Journal of Financial Transformation, April, 2005

78.

FRAGMENTATION AND THE BUYSIDE TRADER Traders Magazine, December, 2004

77.

FASTER FIX Global Magazine (London), September, 2004

76.

THE SUNNY SIDE OF THE STREET: Reaping Reasonable Returns in an Era of Tech Change Lubin School of Business Alumni Magazine; September 2004

89.

DECISION DRIVERS CFA Magazine, May, 2007

88.

IMPLEMENTING INVESTMENT STRATEGIES (with Mark Edwards) INVESTMENT STRATEGIES AND PORTFOLIO MANAGEMENT HANDBOOK, Frank Fabozzi, Editor Wiley, 2007

75.

TRANSACTION COSTS AND BEST EXECUTION COMPLIANCE AND MEASUREMENT Journal of Compliance, Summer, 2004

74.

THE MARKET MAKER IN THE AGE OF THE ECN Journal of Investment Management, April, 2004

ELECTRONIC TRADING: RIVAL OR REPLACEMENT FOR TRADITIONAL FLOOR-BASED EXCHANGES? WORLD OF EXCHANGES: ADAPTING TO A NEW ENVIRONMENT Shahin Shojai, Editor Euromoney Books, 2007

73.

TRADING TRUTHS Pensions and Investments, April 2004.

72.

PENNYING NOT CAUSE OF HIGHER TRADE COST (with Mark Edwards) Pensions & Investmenrs, March 8, 2004

IMPLEMENTATION OF PORTFOLIO BUILDING: EXECUTION MANAGING INVESTMENT PORTFOLIOS A DYNAMIC PROCESS (with Jack L. Treynor and Ananth Madhavan) John L. Maginn & Dennis McLeavey Warren, Gorham & Lamont, Boston, 2007 (CFA Study Guide)

71.

INSTITUTIONAL ORDER FLOW AND THE HURDLES TO SUPERIOR PERFORMANCE: Equity Trading: Execution and Analysis Kathryn Dixon Jost, Editor AIMR, October 2003

70.

COST VS. LIQUIDITY: THE QUEST FOR BEST EXECUTION Equity Trading: Execution and Analysis Kathryn Dixon Jost, Editor AIMR, October 2003

69.

WAYNE WAGNER ON TRADING CFA Digest, March/April 2003

68.

HAVE TRANSACTION COSTS BOTTOMED? Trading Viewpoint Column Traders Magazine, May 2006

THE ESSENTIAL ROLE OF MARKET MAKERS Traders Magazine, May 2002

67.

A HIERARCHY OF TRADING DECISIONS Lead article, inaugural issue. Journal of Trading, Winter 2006

THE MARKET MAKER IN THE AGE OF THE ECN Transaction Performance: an II Investment Guide Institutional Investor, April, 2002

66.

HER MAJESTY’S SOFT DOLLARS Traders Magazine, February, 2002

65.

COMMISSIONS ON NASDAQ TRADES? Traders Magazine, October 2001

64.

DEFINING BEST EXECUTION Best Execution and Portfolio Performance Katrina Sherrerd, Editor AIMR, May 2001

87.

86.

85.

SHOULD I FIRE MY TRADER OR PAY HIM A MILLION? (with Gary Karz) Journal of Trading, Autumn 2006

84.

ONE ON ONE INTERVIEW WITH WAYNE WAGNER Nina Mehta Financial Engineering News, Sept/Oct 2006

83.

82.

81.

80.

HOW INTELLIGENT TRADCERS ENHANCE HEIR SKILLS WITH A TCA REPORT (with Melissa Spurlock). THE EQUITY TRADER COURSE Robert A. Schwartz, Reto Francioni a & Bruce W. Weber John Wiley, 2006 EVIDENCE ON INSTITUTIONAL TRADING PRACTICES COPING WITH INSTITUTIONAL ORDER FLOW Robert A. Schwartz, John Aiden Byrne

63.

62.

CONTROLLING INVESTMENT COSTS Employee Benefit Issues the Multi-Employer Perspective Judith A. Sansky, Editor International Foundation of Employee Benefit Plans May, 2001 WHAT EVERY PLAN SPONSOR NEEDS TO KNOW ABOUT TRANSACTION COSTS TRANSACTION COSTS: A Cutting-edge Guide to Best Execution Brian R Bruce, Editor Institutional Investor Journals, 2001

61.

MILLIONAIRE with Albert Winnikoff Renaissance Press, 2000

60.

WHEN THE ELEPHANTS DANCE www.fundalarm.com, December, 2000

59.

MEASURING, CONTROLLING, AND ALLOCATING TRADING COSTS ETHICAL ISSUES FOR TODAY’S FIRMS Katrina F. Sherrerd, Editor, AIMR, 2000

58.

VOLUME WEIGHTED AVERAGE PRICE: EVALUATION OR EVASION? Senior Consultant Magazine, June, 2000

57.

ANALYZING TRANSACTION COSTS: PART II The Journal of Investment Consulting September, 1999

56.

CAPTURING THE RESEARCH ADVANTAGE Journal of Portfolio Management, Spring, 1999

55.

THE DYNAMICS OF TRADING AND DIRECTED BROKERAGE The Journal of Pension Plan Investing June, 1999

54.

ANALYZING TRANSACTION COSTS: PART I The Journal of Investment Consulting June, 1999

53.

WHAT SHOULD THE NEXT TRADE COST? Traders Magazine, December, 1998

52.

THE COST OF TRADING AND THE QUEST FOR NEW MARKET STRUCTURES The Journal of Investment Consulting December, 1998

51.

THE END OF THE EXCHANGE AS WE’VE KNOWN IT? Dow Jones Asset Management December, 1998

50.

IMPLEMENTING INVESTMENT STRATEGIES: THE ART AND SCIENCE OF INVESTING (With Mark Edwards) HANDBOOK OF PORTFOLIO MANAGEMENT Frank Fabozzi, Editor Frank J. Fabozzi Associates, 1998

49.

IMPLEMENTING INVESTMENT STRATEGIES: THE ART AND SCIENCE OF INVESTING Canadian Investment Review, Fall, 1998

48.

LOOKING BELOW THE ICEBERG’S TIP Plan Sponsor Magazine, April, 1998

47.

IMPLEMENTING INVESTMENT STRATEGIES: THE ART AND SCIENCE OF INVESTING (With Mark Edwards) SELECTED TOPICS IN EQUITY PORTFOLIO MANAGEMENT Frank Fabozzi, Editor Frank J. Fabozzi Associates, 1998

46.

THE DYNAMICS OF TRADING & DIRECTED BROKERAGE (with Steven Glass) JOURNAL OF PENSION PLAN INVESTING Winter, 1998

45.

TOOLS FOR TRADING WITH EFFICIENCY AND CONTROL IMPLEMENTING GLOBAL EQUITY STRATEGY: SPOTLIGHT ON ASIA. Katrina F. Sherrerd, Editor AIMR, 1997

44.

IMPLEMENTING GLOBAL INVESTMENT STRATEGIES (with Carole A. Ryavec) QUANTITATIVE INVESTING FOR THE GLOBAL MARKETS Peter Carman, Editor Glenlake Publishing Co, 1997

43.

GOOD TECHNOLOGY ESSENTIAL TO TRADING (with Brett C. Browchuk) Pensions & Investments, November 11, 1996

42.

WHAT IS BEST EXECUTION AND WHAT SHOULD IT COST? The Ambachtsheer Letter, June, 1995

41.

10 MYTHS & 20 YEARS OF BETA Journal of Portfolio Management, Fall 1994

40.

MEASURING IMPLEMENTATION SHORTFALL IN STOCK PORTFOLIOS: QUALITY MANAGEMENT BY ANOTHER NAME QUALITY MANAGEMENT AND INSTITUTIONAL INVESTING Keith Ambachtsheer, Editor, AIMR, 1994

39.

PASSIVE TRADING: POINT & COUNTERPOINT (with Evan Schulman) Journal of Portfolio Management, Spring 1994

38.

DEFINING AND MEASURING TRANSACTION COSTS EXECUTION TECHNIQUES, TRUE TRADING COSTS, & MICROSTRUCTURE OF MARKETS Katrina F. Sherrerd, Editor AIMR, 1993

37.

THE ELECTRONIC TRADING EDGE Wall Street & Technology April, 1993

36.

BEST EXECUTION (with Mark Edwards) Financial Analysts Journal January/February 1993

35.

INCREASING PORTFOLIO EFFECTIVENESS VIA TRANSACTION-COST MANAGEMENT (with Michael Banks) Journal of Portfolio Management, Fall 1992

34.

WHAT'S TO BE DONE? WHO'S TO DO IT? REBUILDING WALL STREET Mark Fadiman Prentice Hall, Englewood Cliffs, 1992

33.

18 RULES TRADERS SHOULD LEARN (with Mark Edwards) Futures Magazine, April 1992

32.

ISN'T IT ODD THAT SPONSORS USE MOMENTUM TECHNIQUES TO PICK VALUE MANAGERS? (with Mark Edwards) Financial Analysts Journal, March/April 1992

31.

THE CONTRIBUTION OF THE TRADE DESK (with Mark Edwards), Trader Forum, 1991

30.

THE FIVE W'S AND AN H The What, Why, Where, When, Who and How of Trading (with Mark Edwards) Journal of Portfolio Management, Fall, 1991

29.

TRANSACTION COST: MEASUREMENT AND CONTROL (With Robert D. Arnott) Financial Analysts Journal November/December 1990

28.

TRANSACTION COSTS: WHAT DO INVESTORS PAY FOR? Canadian Economic Review, Fall 1990

27.

THE NEXT NYSE CHAIRMAN? ONLY THE BOLD NEED APPLY Pensions & Investments, May 28, 1990

26.

IMPLEMENTATION OF PORTFOLIO BUILDING: EXECUTION MANAGING INVESTMENT PORTFOLIOS A DYNAMIC PROCESS (with Jack L. Treynor) John L. Maginn & Donald L. Tuttle Warren, Gorham & Lamont, Boston, 1990 (CFA Study Guide)

21.

PROGRAM TRADING AND MARKET EFFICIENCY EQUITY MARKETS AND VALUATION METHODS Katrina F. Sherrerd, Editor Institute of Chartered Financial Analysts, 1988

20.

THE MANY DIMENSIONS OF RISK PORTFOLIO INSURANCE Donald Luskin, editor John Wiley and Sons, NY, 1988

19.

THE MANY DIMENSIONS OF RISK Journal of Portfolio Management, Winter, 1988

18.

THE PENSION PROMISE AND THE SHADOW ASSET Trillion Magazine, June, 1987

17.

PORTFOLIO INSURANCE: IS IT FOR EVERYONE? ANYONE? (editor) Trillion Magazine, April, 1987

16.

THE TAXONOMY OF TRADING STRATEGIES TRADING STRATEGIES AND EXECUTION COSTS Katrina F. Sherrerd, Editor Institute of Chartered Financial Analysts, 1987

15.

PIECING THE PUZZLE OF '84 PERFORMANCE Pensions & Investment Age, March 18, 1985

14.

SOUTH AFRICAN DIVESTMENT: THE INVESTMENT ISSUES (with Allen Emkin and Richard Dixon) Financial Analysts Journal November/December 1984 (Graham and Dodd Scroll winner)

13.

MONITORING EXECUTIONS INVESTMENT MANAGERS HANDBOOK, Sumner Levine, editor Dow-Jones Irwin, 1980

12.

HIGH TRANSACTION COSTS PROVIDE BEST ARGUMENT FOR INVENTORY FUND Pensions & Investment Age, July 31, 1978

11.

CAN INVENTORY INDEX FUNDS IMPROVE EFFECTIVE EQUITY PERFORMANCE? (with Carol A. Zipkin) Financial Analysts Journal, May/June 1978

10.

YOU CAN LAUGH, BUT INDEXING IS HERE TO STAY Pensions and Investments, August 15, 1977

25.

THE COMPLETE GUIDE TO SECURITIES TRANSACTIONS: Enhancing Investment Performance and Controlling Costs John Wiley & Sons, NY, 1989

24.

THE BLIND MEN AND THE ELEPHANT Employee Benefit Plan Review March, 1989

9.

IS YOUR BOND MANAGER SKILLFUL? (with Dennis A. Tito) Pension World, June, 1977

23.

A DELICATE BALANCE Institutional Investor Money Management Forum, December, 1988

8.

22.

BUTTONWOOD II Financial Analysts Journal, March-April 1988 "Guest Speaker" Feature

DEFINITIVE NEW MEASURES OF BOND PERFORMANCE ... AND RISK (with Dennis A. Tito) Pension World, May, 1977

7.

REDUCING THE COST OF STOCK TRADING (with Larry J. Cuneo) Financial Analysts Journal November/December, 1975

6.

TEN MYTHS ABOUT BETA (with Stuart R. Quay) The Journal of Portfolio Management Inaugural Issue Fall, 1974

5.

NEW CONCEPTS IN PORTFOLIO MANAGEMENT (with Stuart R. Quay) Journal of Bank Research, Summer, 1972

4.

THE EFFECT OF DIVERSIFICATION ON RISK (with Sheila C. Lau) Financial Analysts Journal November/December 1971 (Graham and Dodd Scroll winner)

3.

TELECOMMUNICATIONS EARNINGS ESTIMATION MODEL: AN EVALUATION (with Larry J. Cuneo and Lawrence Akutagawa) CORPORATE SIMULATION MODELS Albert N. Schrieber, editor University of Washington, 1970

274

THE FUTURE OF EXCHANGES (Moderator) CFA Institute Annual Convention New York,April 29- May 2, 2007

273

TRANSACTION COST MANAGEMENT SEMINAR (Two day seminar) Financial Markets World New York,April 16-17, 2007

272

ACHIEVING BEST EXECUTION: A PRACTICAL GUIDE (Conference Chairman) Financial Markets World Best Execution Conference New York, February 26-27, 2007

271

INDUSTRY USES AND IMPACT OF REFLOW ReFlow Client Seminar Squaw Valley, February 14-16, 2007

270

ACHIEVING BEST EXECUTION: A PRACTICAL GUIDE Financial World Markets’ Best Execution Conference New York, January 23, 2007

2.

DISCOUNTING ASPECTS OF CAPITAL BUDGETING IBM Systems Symposium, New York, October, 1963

269

1.

A LINEAR PROGRAMMING ALGORITHM FOR MUNICIPAL BOND BID SCALING IBM Systems Symposium Washington, DC, October, 1962

WHY THE FLOOR SHOULD / SHOULD NOT SURVIVE Institutional Trading Forum 2006: The Quest for Liquidity Santa Monica, November 16, 2006

268

NEW DIRECTIONS IN GLOBAL INVESTING Dow Jones Indexes Workshop (panel) Santa Monica, November 7, 2006

267

PRE- & POST TRADE PROCEDURES: IS YOUR FIRM COMPLIANT AND COMPETITIVE? (panel with Gene Gohlke) Reg NMS & Soft Dollar Compliance Forum Financial Research Associates Bethesda, July 17-18, 2006

266

ELECTRONIC TRADING TRENDS & PRACTICES AFFECTING BEST EXECUTION COMPLIANCE (panel) (Conference Chairman) Reg NMS & Soft Dollar Compliance Forum Financial Research Associates Bethesda, July 17-18, 2006

265

THE IMPORTANCE OF PRE- & POST TRADE ANALYTICS ITG Trade Analytics Workshop Financial Research Associates Chicago, May 9, 2006

264

WHAT DOES “BEST EXECUTION” MEAN IN 2005? Best Execution Industry Symposium Financial Research Associates Boston, May 3, 2006

PRESENTATIONS 281

THE INCREDIBLE STORY OF TRANSACTION COST MANAGEMENT Keynote Trustees’ Educational Seminar The Centre for Fiduciary Excellence Montreal, March 13, 2008

280

TRANSACTION COST BLUES (Full day seminar) ReFlow Symposium Squaw Valley February 6-8, 2008

279

TRANSACTION COST BLUES (Full day seminar) ReFlow Symposium Squaw Valley February 6-8, 2008

278

WHAT WE’VE LEARNED AND WHAT WE STILL DON’T KNOW (Keynote) Financial Research Associates New York February 21, 2008

277

TRANSACTION COST MANAGEMENT SEMINAR (Full day seminar) Financial Markets World New York October 22, 2007

276

PERPECTIVES ON TCA TODAY (with Ted Aronson) Plexus Plan Sponsor Group Client Seminar New York, October 18, 2007

275

ARE TRADING COSTS THE SECRET TO TOP QUARTILE PERFORMANCE? (with Steve Glass) Wilshire Coop Annual Meetng Chicago, October 3, 2007

263 BEST IN CLASS Jones Trading Annual Meeting Santa Monica, April 29, 2006 262

DECOMMISSIONING THE COMMISSION Transaction Cost Analysis 2006 World Research Group New York, April 26, 2006

261

EYE ON SOFT DOLLARS 13th Annual Soft Dollar Practices Forum Institute for International Research

New York, March 28-29, 2006

247

ENHANCING MUTUAL FUND PERFORMANCE THROUGH TRADING COST REDUCTION ReFlow Client Seminar Squaw Valley, Feb 5-7, 2006

ELECTRONIC CONVERGENCE OF THE SECURITIES MARKETS (moderator) CFA INSTITUTE ANNUAL CONFERENCE Philadelphia, May 9, 2005

246.

IMPEDIMENTS TO BEST EXECUTION Best Execution workship Mutual Fund Directors Forum New York, Novemberr 17, 2005

NASDAQ MARKETPLACE (Moderator) The New NASDAQ Marketplace Seminar Baruch College Conference New York, May 3, 2005

245

THE EFFECTS OF NEW STANDARDS & REGULATIONS ON SECURITIES MARKETS AND FIRMS 12TH Annual Securities Industry Conference Pace University New York, October 19, 2005

DEVELOPMENTS IN EQUITY TRADING – WHAT PORTFOLIO MANAGERS NEED TO KNOW HEADING? (panel) Toronto Society of Analysts Toronto, April 21, 2005

244

BEST EXECUTION IN 2005: WHERE IS TRADING HEADED? HEADING? (panel) Asian Investors Conference Third Annual Traders’ Forum Hong Kong, March 17, 2005

243

TRANSACTION COST/BENEFIT ANALYSIS: ITS PLACE IN THE TRADING PROCESS Asian Investors Conference Third Annual Traders’ Forum Hong Kong, March 17, 2005

255. 80 YEARS AS QUANTS (with Larry Cuneo) Plexus Group 10th Client Conference Aventura, September 20, 2005

242

MARKET MICROSTRUCTURE: 7. KEY LESSONS Recent Advances in the Psychology of Trading Market Technicians Association MIT, Cambridge, March 11, 2005

254. DECOMMISSIONING THE COMMISSION Annual Investment Management Compliance Conference Glasser Legal Works New York, September 13, 2005

241

LONG TERM CONSEQUENCES OF SOFT DOLLAR DECISIONS ON INVESTORS, MANAGERS, BROKERS & RESEARCH PROVIDERS 12th Annual Soft Dollar Practices Forum Institute for International Research New York, January 31-February 1, 2005

240

TRENDS IN TRADING COSTS ReFlow Client Seminar Squaw Valley, Feb 6-8, 2005

239

WHAT DOES “BEST EXECUTION” MEAN IN 2005? Best Execution Industry Symposium Financial Research Associates New York, January 31 - February 1, 2005

238

NEW DEVELOPMENTS IN LISTED TRADING (Panel) Client Seminar Direct Trading San Francisco, January 26, 2005

237

MARKET MICRO-STRUCTURE: SEVEN KEY LESSONS (Keynote Speech) The Equity Markets Microstructure Seminar Baruch College New York, November 11-12, 2004

260

259.

258

257.

EIGHT THINGS A FIDUCIARY MUST KNOW ABOUT TRANSACTION COSTS (keynote) Fiduciaries Guide to Trading & transition Management Kos Consultants Trading Institute New York, September 28, 2005

256. MEASURING FIXED INCOME TRANSACTION COSTS (with Tom Campfield) Plexus Group 10th Client Conference Aventura, September 20, 2005

253. DECOMMISSIONING THE COMMISSION Market Structure Conference Financial Markets World New York, September 13, 2005 252. THE BUYSIDE TAKES CONTROL Desk Traders’ Educational Seminar Credit Suisse First Boston New York, July 21, 2005 251

TECHNOLOGICAL INNOVATION AND MARKET STRUCTURE (panel) Global Equity Markets Seminar SWX Swiss Stock Exchange Zurich, June 27-29, 2005

250.

HOW MARKETS ARE CHANGING Technology Associates Meeting Cutter Associates, Inc. New York, June 14, 2005

249

RETHINKING HOW TO ACHIEVE AND MONITOR BEST EXECUTION IN CORPORATE CREDIT MARKETS HEADING? (panel) Fixed Income Forum, New York, May 17, 2005

248.

USING TCA IN THE COMPENSATION PROCESS Trader Forum New Orleans May 14, 2005

236. HURDLES TO INVESTMENT PERFORMANCE MacGregor Annual Client Conference Aventura, FL November 8, 2004

235. SURVIVING INCREASED COMPETITION & INCREASED SCRUTINY IN THE SECURITIES INDUSTRY (Panel) Annual Securities Industry Conference Pace University New York, October 21, 2004

223. POST TRADE ANALYTICS Technology and Operations for Institutional Investment Management Conference Financial Research Associates New York, February 27, 2004

234. INDEPENDENT RESEARCH: A ROUNDTABLE DISCUSSION (panel) EVALUATION AND ENHANCEMENT Security Analysts of San Francisco San Francisco, September 8, 2004

222. THE TRANSACTION PROCESS: EVALUATION AND ENHANCEMENT Los Angeles Society of Financial Analysts Los Angeles, February 11, 2004

233. INDEPENDENT RESEARCH: A ROUNDTABLE DISCUSSION (panel) EVALUATION AND ENHANCEMENT Los Angeles Society of Financial Analysts Los Angeles, September 7, 2004 232. THE TRANSACTION PROCESS: EVALUATION AND ENHANCEMENT UNX Seminar on Trading & Exchanges Burbank, June 9, 2004 231. COMPARING TRADING COSTS ACROSS GLOBAL MARKETS (panel) Annual Conference Federation of European Stock Exchanges Frankfurt, June 1-3, 2004

221. THE TRANSACTION PROCESS: EVALUATION AND ENHANCEMENT AIMR Webcast taping Charlottesville, January, 2004 220. QUANTITATIVE EVALUATION OF BROKERS Conference Chairman 2004 Best Execution Symposium Financial Research Associates New York, January, 2004 219. THE TRANSACTION PROCESS: EVALUATION AND ENHANCEMENT Illinois Public Pension Trustee Seminar Educational Summit on Best Execution Chicago, January 15, 2004

230. ACHIEVING BEST EXECUTION THROUGH MARKET STRUCTURE DEVELOPMENT (panel) Electronic & Floor-based Trading Baruch College Conference New York, May 4, 2004

218. PREPARING FOR THE FUTURE OF FINANCIAL SERVICES: STRATEGIES FOR AN INDUSTRY IN FLUX (Moderator) Annual Securities Industry Conference Pace University New York, October 23, 2003

29. THE TRANSACTION PROCESS: EVALUATION AND ENHANCEMENT Berkeley Masters in Financial Engineering Program Berkeley, April 15, 2004

217. FIXED INCOME TRADE EVALUATION: A NEW COMPETITIVE EDGE? Fixed Income Management 2003 AIMR, Boston, October, 2003

228. FIXED INCOME TRANSACTION COST ANALYSIS Fixed Income Forum Institutional Investor Conferences Chicago, March 25, 2004

216. THE NATURE OF INSTITUTIONAL TRADING Plexus Group 9h Client Conference Napa, September, 2003

227. FIXED INCOME TRANSACTION COST ANALYSIS NASD Corporate Debt Market Panel Philadelphia, March 17, 2004 226. THE TRANSACTION PROCESS: ReFlow Symposium Squaw Valley, March 15-16, 2004 225. THE TRANSACTION PROCESS: EVALUATION AND ENHANCEMENT Quantitative Work Alliance for Applied Finance, Education and Wisdom (QWAFAFEW) San Francisco, March 9, 2004 224. ACCURATE MEASUREMENT OF BEST EXECUTION Directed Brokerage And Soft Dollar Practices Forum Institute for International Research New York, March 1-2, 2004

215. PLEXUS GROUP AND JPMORGAN TODAY AND TOMORROW With John Phinney and Larry Cuneo Plexus Group 9h Client Conference Napa, September, 2003 214. TRANSITIONS: MANAGING MASSIVE PORTFOLIO RESTRUCTURING The Art of Indexing Conference Strategic Research Institute Alexandria VA, September 16-17, 2003 213. BEST EXECUTION San Francisco Security Traders Association San Francisco, September 9, 2003 212. PLAN SPONSORS AND TRANSACTION COSTS: WHAT SHOULD CONSULTANTS TELL THEIR CLIENTS? Consultants Summit Opal Financial Group Snowbird, Utah, June 18-20, 2003 211. TRANSACTIONS EXCELLENCE: THE COMPANION TO RESEARCH EXCELLENCE Pensions 2003 Japan Asset International

Tokyo, June 5-6, 2003

Toronto, October 3, 2002

210. THE INSTITUTIONAL CHALLENGE: ACHIEVING BEST EXECUTION 2003 AIMR Annual Conference Phoenix, May 11-14, 2003

196. WHAT IF WE IMPLEMENTED MYNERS? Directed Brokerage and Soft Dollar Practices Institute for International Research New York, June 20-21, 2002

209. LIQUIDITY AND TRADING STRATEGIES Asset Allocation Conference Institute for International Research Palm Beach, April 30, 2003

195. BEST EXECUTION: BURDENSOME OR BOUNTIFUL? 2002 AIMR Annual Conference Toronto, May 20-22, 2002

208. THE NATURE OF INSTITUTIONAL TRADING Coping with Institutional Order Flow Baruch College New York, April 29, 2003 207. THE NATURE OF INSTITUTIONAL TRADING Institute for Quantitative Research in Finance Sea Island, Georgia, March 4, 2003 206. IMPLEMENTATION OF BEST EXECUTION PRACTICES AND MEASURES EQUITY TRADING – THE NEXT REVOLUTION AIMR, Chicago, March 24-25, 2003

194. AIMR’S TRADE MANAGEMENT GUIDELINES 2002 AIMR Annual Conference Toronto, May 20-22, 2002 193. UNCOVERING NEW PERFORMANCE IN YOUR OWN BACK YARD Montgomery Asset Management Educational Symposium San Francisco, May 7, 2002 192. DOES BEST EXECUTION MAKE SENSE? (panel) A Trading Desk’s View of Market Quality Baruch College New York, April 30, 2002

205. THE NATURE OF INSTITUTIONAL TRADING EQUITY TRADING WORKSHOP AIMR, Chicago, March 24-25, 2003

191. PLEXUS RESEARCH: THE NEXT GENERATION OF BENCHMARKS Plexus Group 8th Client Conference Amelia Island, Florida, February, 2002

204. TESTIMONY ON TRADING HOUSE COMMITTEE ON FINANCIAL SERVICES Washington DC March 12, 2003

190. AIMR STANDARDS European Trader Forum Barcelona, February, 2002

203. TRADING IN TODAY’S MARKETS U.S. Institute New York, January 27-28, 2003

189.

202 WHAT DO THE GOOD DESKS DO? Liquidnet Client Conference Palm Beach FL, November 3-5, 2002 201. MARKET STRUCTURE HEARINGS Securities and Exchange Commission Washington DC October 29, 2002 200. HOW CHANGING MARKET STRUCTURE IS AFFECTING BEST EXECUTION 2002 Best Execution Compliance symposium Financial Research Associates New York, October 28, 2002 199. WHAT ARE INSTITUTIONAL TRADERS DOING TO PREPARE FOR THE FUTURE? (Moderator) Annual Securities Industry Conference Pace University New York, October 24, 2002 198. TRANSACTION COST ANALYSIS: THROUGH THE LOOKING GLASS (with Rick Di Mascio) Third German Roundtable J. P. Morgan AG Investor Services Frankfurt, October 17, 2002 197. BEST EXECUTION: THE INVESTMENT MANAGER’S OBLIGATION Best Execution Conference Toronto Stock Exchange

DECIMAL TRADING – PENNIES FROM HEAVEN… OR HELL? Practices and Concerns of Institutional Buy-side Desks The New York Stock Exchange Palm Beach, December 6-8, 2001 EUROPEAN TRADING –

188. THE INSTITUTIONAL PERSPECTIVE European Asset Management: Strategies for the Coming Gold Rush The Royal Institute of International Affairs London, November 5-6, 2001 187. MANAGING MASSIVE TRANSITIONS Columbine / Instinet Seminar Colorado Springs, August 5-8, 2001 186. DEFINING BEST EXECUTION FOR THE FUND Institutional Investor Institute Public Funds Symposium Santa Fe, July 16-18, 2001 185. MANAGING MASSIVE PORTFOLIO RESTRUCTURINGS Consultants’ Summit Opal Financial Group Newport, RI, June 25-27, 2001 184. BEST EXECUTION: WHAT IT MEANS AND HOW TO ACHIEVE IT FTSE Global Equities Summit Information Management Network Ft. Lauderdale FL, April, 2001 TRADING COSTS

183. INDEXING: THE PRACTICAL, COST EFFECTIVE APPROACH TO INSTITUTIONAL EQUITY MANAGEMENT Indexing and ETFs Summit Theodor Gilissen Bankiers Amsterdam, April, 2001 TRADING COSTS 182. IS ELIMINATING TRACKING ERROR HAZARDOUS TO YOUR WEALTH? Indexing and ETFs Summit Opal Financial Group Broomfield, CO, March, 2001 TRADING COSTS 181. DEFINING BEST EXECUTION FOR THE FIRM Improving Performance through Best Execution AIMR., Chicago, December, 2000 180. MEASURING, CONTROLLING AND ALLOCATING TRADING COSTS International Foundation of Employee Benefit Plans Annual Conference. Honolulu, November, 2000 179. MEASURING, CONTROLLING AND ALLOCATING TRADING COSTS Client Conference Cost Effective Management, Inc. Toronto, November, 2000 178. MEASURING, CONTROLLING AND ALLOCATING TRADING COSTS Canadian Index Fund Users Conference TD Securities, Inc. Toronto, November, 2000

170. THE SEARCH FOR LIQUIDITY CONTINUES Equities Summit Information Management Network Orlando, April, 2000 169. UNDERSTANDING THE TRUE COSTS OF TRADING The 2000 Client Conference New England Pension Consultants Boston, April, 2000 168. PREVENTING UNEXPECTED CLIENT DEFECTIONS Consultants Congress Investment Management Institute San Francisco, April, 2000 167. NEW STRATEGIES FOR MANAGING TRANSACTION COSTS Public Funds Roundtable Institutional Investor Coral Gables, Feb 29-Mar 1, 2000 166. MEASURING, CONTROLLING AND ALLOCATING TRADING COSTS In the Best Interests of Our Clients AIMR Philadelphia, December 7-8, 1999 165. CAPTURING THE RESEARCH ADVANTAGE MPT Forum Shonan Kokusai Mura, Japan, December 3, 1999 164. ECN’S AND INSTITUTIONAL TRADING Global Investment Technology Leadership Roundtable Paris, November 18, 1999

177. MEASURING, CONTROLLING AND ALLOCATING TRADING COSTS Information Management Network Glasser Legal Works Rome, November, 2000

163. UNCOVERING THE PERFORMANCE POTENTIAL IN YOUR OWN BACKYARD AMG Affiliate Forum Phoenix, November 10-12, 1999

176. THE FUTURE OF MARKETS (luncheon speaker) Compliance Officers Workshop Glasser Legal Works New York, June, 2000

162. HOW TRADING ADDS VALUE TO PORTFOLIO MANAGEMENT Schwab Impact 99 Conference Charles Schwab & Company San Francisco, November 2, 1999

175. THE FUTURE OF MARKETS (luncheon speaker) Compliance Officers Workshop Glasser Legal Works San Francisco, June, 2000 174. MEASUREMENT OF TRANSACTION COSTS Equity Attribution and Risk Management Symposium Newport, R.I., June, 2000 173. MEASURING, CONTROLLING AND ALLOCATING TRADING COSTS State Assoc of County Retirement Systems Trustee Workshop Sacramento, May, 2000 172. THE FUTURE OF MARKETS Bloomberg California Traders Seminar San Francisco, May, 2000 171. CAPTURING THE RESEARCH ADVANTAGE 7th Plexus Group Conference Ojai, May, 2000

161. HOW TRADING ADDS VALUE TO PORTFOLIO MANAGEMENT 1999. Annual conference Security Traders Association Palm Desert, October 18, 1999 160. EVALUATING NEW TECHNOLOGIES FOR INSTITUTIONAL TRADING Inquire UK Autumn Seminar Bath Spa Hotel, Bath, September 26-28, 1999 159. BEST EXECUTION AND THE CHANGING TECHNOLOGY OF THE MARKET Financial Analysts Seminar AIMR Evanston, Il, July 25-30, 1999

158. BEST EXECUTION AND THE CHANGING TECHNOLOGY OF THE MARKET Portfolio Managers’ Workshop Pacific Coast Stock Exchange San Diego, July 22, 1999 157. THE SPONSOR’S INTEREST IN TRANSACTION COSTS Consultants Congress Investment Management Institute San Francisco, April, 1999 156. CONTROLLING LIQUIDITY DURING VOLATILE MARKET CONDITIONS Equity Trading Summit Information Management Network New York, March 22, 1999 155. INTERNET TRADING & INSTITUTIONAL INVESTING Wilshire Associates Client Conference Ojai, March 9, 1999 154. CONTROLLING GLOBAL TRANSACTION COSTS Investment Manager Conference Nomura Securities Ltd. Tokyo, March 4, 1999 153. CONTROLLING GLOBAL TRANSACTION COSTS Plan Sponsor Conference Nomura Securities Ltd. Tokyo, March 3, 1999 152. CONTROLLING GLOBAL TRANSACTION COSTS Plan Sponsor Conference Nomura Securities Ltd. Osaka, March 1, 1999

145. TECHNOLOGISTS: THE INTERNET AND ALL THAT (Moderator) Wall Street and Financial Services Pace University New York, October 25, 1998 144. BETTER PERFORMANCE THROUGH BETTER INVESTING Best Execution Conference AIMR Philadelphia, October 13, 1998 143. IMPROVING PERFORMANCE THROUGH TRADING THROUGH BETTER INVESTING Symposium on Investment Perspectives Association of Financial Engineers New York, , June 23, 1998 142. BETTER PERFORMANCE THROUGH BETTER INVESTING Goldman Sachs Client Conference Chicago, June 22, 1998 141. BETTER PERFORMANCE THROUGH BETTER INVESTING AIMR Toronto Society Toronto, June 4, 1998 140. MANAGER STYLE, TRADING COSTS . . . AND PERFORMANCE Consultants Congress Investment Management Institute San Francisco, April 20-21, 1998

151. WHAT EVERY PLAN SPONSOR NEEDS TO KNOW ABOUT TRANSACTION COSTS (with Steven Glass) IMCA Consultants Conference Santa Monica, Feb 3-4, 1999

139. WHAT ARE WE LOOKING AT HERE: What It Costs to Trade, What Managers Are Willing to Pay, or The Value of Research? Berkeley Program in Finance Squaw Valley, March 15-17, 1998

150. MANAGING TRANSACTION COSTS 1999 Risk Management Conference CBOE/CBOT/LIFFE Scottsdale, Jan 27-30, 1999

138. LIQUIDITY: THE BRIGHT SIDE OF TRANSACTION COSTS Jefferies Client Conference Whistler, British Columbia, March 6-8, 1998

149. EVALUATING NEW TECHNOLOGIES FOR TRADING The Trading Revolution IBC Group New York, Jan 25-26, 1999

137. DEMONSTRATING HOW DECISIONS ADD VALUE Consultants Congress Investment Management Institute New York, November 20-21, 1997

148. MANAGING TRADING COSTS Buyside / Sellside Interactive Discussion Superbowl of Indexing Information Management Network Palm Springs, Dec 6-9 1998

136. IMPLEMENTATION SHORTFALL: THE INTERPLAY OF INVESTMENT AND INVESTING Institutional Investment Management Summit Information Management Network Rancho Mirage, November 12-15, 1997

147. UNDERSTANDING THE FUND MANAGER’S CONCERNS FOR BEST EXECUTION Best Solutions for Best Execution Conference Institute for International Research New York, November 9-10, 1998

135. SEARCH & SELECTION: ACHIEVING CLIENT OBJECTIVES Pension Fund Consultants’ Circle Information Management Network San Francisco, Sept 28-30, 1997

146. LIQUIDITY: THE BRIGHT SIDE OF TRANSACTION COSTS Sixth Client Conference Plexus Group Williamsburg, VA October 22, 1998

134. TOOLS FOR TRADING WITH EFFICIENCY & CONTROL Implementing Global Investment Strategy AIMR New York, October 7, 1997

133. SEARCHING FOR A QUALITY INVESTING PROCESS Pension Funds Consultants Circle Information Management Network San Francisco, September 28-30, 1997

120. EVALUATING A MANAGER’S DYNAMIC PROCESS Consultant’s Congress Investment Management Institute San Francisco, Apr 10-11, 1996

132. REGULATIONS IN A NEW ENVIRONMENT (Moderator) Charting the Future of Competition, Regulation, and Technology in the Securities Business. Pace University New York, September 25, 1997

119. THE COST OF TRADING EXCHANGE VS NASDAQ STOCKS The Search for the Best Price New York Stock Exchange New York, March 15, 1996

131. SINS OF COMMISSION? THE HARD FACTS ABOUT SOFT DOLLARS (Panel) Consultants’ Roundtable Institutional Investor Institute Chicago, September 23-24, 1997 130. SOFT DOLLARS AND BEST EXECUTION Council of Institutional Investors San Francisco, September 21-23, 1997 129. ENHANCING PORTFOLIO RETURNS THROUGH EFFECTIVE IMPLEMENTATION Financial Analysts Seminar AIMR Evanston, Il, July 20-25, 1997 128. TRADING IN CROSS-LISTED STOCKS Global Equity Issuance And Trading New York Stock Exchange Cancun, Mexico, May 9 – 10, 1997 127. BETTER PERFORMANCE THROUGH BETTER PROCESS Consultants Congress Investment Management Institute San Francisco, April 28 - 29, 1997 126. BETTER INVESTING FOR BETTER INVESTMENT Plexus Group Conference V Rancho Bernardo, April 2-4, 1997 125. TOOLS FOR TRADING EFFICIENCY AND CONTROL Implementing Global Investment Strategy: AIMR -- Spotlight on Asia Hong Kong, November 4-5, 1996 124. ENSURING YOUR TRADING POLICY IS OPERATING EFFICIENTLY TO MAXIMIZE PERFORMANCE New Developments in Trade Execution Costs, Commissions and Disclosure Management Circle New York, August 13, 1996 123. DOES COMMISSION DIRECTION COMPROMISE BEST EXECUTION? Seattle Plan Sponsor Conference Salomon Brothers Seattle, June 7, 1996 122. EVALUATING A MANAGER’S DYNAMIC PROCESS Austin Financial Analysts Society Austin, April 30, 1996 121. EVALUATING A MANAGER’S DYNAMIC PROCESS Hiring and Managing Investment Consultants Management Circle Dallas, April 29, 1996

118. HALLMARKS OF A QUALITY INVESTMENT PROCESS Cantor Fitzgerald Master’s Roundtable Crested Butte Co, March 8-11, 1996 117. USING DECISION ANALYTICS TO ENHANCE PERFORMANCE Trader Forum New York, Feb 1, 1996 116. WHERE MANAGERS ADD VALUE AND WHERE VALUE SLIPS AWAY ITG 1995 Conference Tucson, November 12-15, 1995 115. BUY-SIDE TRADER PERSPECTIVES (panel) The Competition for Order Flow University of Memphis Memphis, October 26-27, 1995 114. DECISION VALUE AND IMPLEMENTATION COSTS (with Vinod Pakianathan) Institute for Quantitative Research in Finance La Quinta, October 15-18, 1995 113. NO FREE LUNCH IN DIRECTED COMMISSIONS (with Eddie Rabin) 4th Plexus Group Client Conference Santa Monica, October 11-13, 1995 112. INFORMATION HORIZON (with Vinod Pakianathan) 4th Plexus Group Client Conference Santa Monica, October 11-13, 1995 111. CHEAP ISN'T NECESSARILY GOOD: OPTIMIZING TRADING COSTS Controlling Portfolio Costs Seminar Institute for International Research New York, Sept 18-19, 1995 110. INCREASING RETURNS THROUGH IMPLEMENTATION STYLE Style Management Seminar Institute for International Research Toronto, July 18-19, 1995 109. CALCULATING THE TRADING COSTS OF LONG/SHORT INVESTING Long/Short Investment Strategies Institute for International Research New York, May 31 - June 1, 1995 108. INVESTMENT DECISION EVALUATION ANALYSIS Consultants Congress Investment Management Institute San Francisco, April 12-13, 1995 107. THE IMPORTANCE OF TRANSACTION STYLE Pension Investment Association of Canada

Toronto, March 22, 1995 106. THE HIDDEN COSTS OF SOFT AND DIRECTED TRADING Soft Dollar Conference Institute for International Research New York, March 20, 1995 105. BEST EXECUTION: DEFINING AND MEASURING TRADING COSTS Southern Employee Benefit Conference Nashville, Oct 19-22, 1994 104. DEFINING AND MEASURING TRADING COSTS Goldman Sachs Conference London, Sept 26, 1994 103. DEALING WITH DIRECTED COMMISSIONS A I M S E Annual Conference Palm Beach, May 2-4, 1994 102. WHAT DO INSTITUTIONS EXPECT FROM BROKERS & MARKETS AT THE DAWN OF THE 21ST CENTURY? Pace University Conference New York, April 13, 1994 101. HOW DOES INFORMATION CHANGE PRICES? Plexus Group Client Conference Rancho Bernardo, March 30-31, 1994 100. DEALING WITH DIRECTED COMMISSIONS Plexus Group Client Conference Rancho Bernardo, March 30-31, 1994 99. PAEG/L Plexus Group Client Conference Rancho Bernardo, March 30-31, 1994 98. HOW TO TRADE NASDAQ STOCKS Competition for Order Flow Conference University of Memphis Memphis, March 24-25, 1994 97. HOW TO LOWER GLOBAL TRADING COSTS (with Carole Ryavec) AIMR Investing Worldwide V Rancho Mirage Feb 13-15, 1994 96. UNDERSTANDING THE INFORMATION IMPLICATIONS OF QUALITY MANAGEMENT (with Keith Ambachtsheer) AIMR, Toronto, October 11-13, 1993 95. MEASURING THE TRUE COST OF TRADING Financial Analysts Seminar Evanston, July 25-30, 1993 94. BEST EXECUTION: A TOOL FOR PERFORMANCE ENHANCEMENT Investment Mgt Consultants Assn. Western Regional Seminar Los Angeles June 25, 1993 93. THE SEARCH FOR BEST EXECUTION: WHERE DOES IT BEGIN AND END? Transaction Cost Colloquium Goldman Sachs New York June 16, 1993

92. WEST COAST BOYS Dinner Speaker Market Technicians Association Annual Conference San Antonio May 20-22, 1993 91. TRADING COSTS CANNOT BE MEASURED FROM TRANSACTION DATA ALONE Berkeley Program in Finance Squaw Valley March 14-16, 1993 90. THE MANAGEMENT OF IMPLEMENTATION COSTS New York Society of Quant. Analysts New York, January 21, 1993 89. DEFINING AND MEASURING TRADING COSTS Wm Mercer Plan Sponsor Conference Richmond, December, 2, 1992 88. DEFINING AND MEASURING TRADING COSTS AIMR Execution Techniques Seminar Toronto, December 3-4, 1992 87. TRANSLATING GOOD INVESTMENT IDEAS INTO GOOD PORTFOLIO PERFORMANCE Nikkei Q Group Seminar Tokyo, November 10-11, 1992 86. BEST EXECUTION Plexus Group Annual Conference Santa Monica Oct 1-2, 1992 85. TRANSLATING GOOD INVESTMENT IDEAS INTO GOOD PORTFOLIO PERFORMANCE Inquire Conference Edinburgh, Scotland Sept 1992 84. SOFT DOLLARS AND BEST EXECUTION Institute for International Research Soft Dollar Conference New York May 20, 1992 83. MATCHING IMPLEMENTATION STYLE TO INVESTMENT MANAGEMENT STYLE AIMR 1992 Annual Conference San Antonio, May 3-6, 1992 82. WHAT YOU SEE IS WHAT YOU GET. WHAT YOU DON'T SEE GETS YOU. Security Analysts of San Francisco San Francisco, April 16, 1992 81. WHAT TO DO AND WHEN TO DO IT: A TAXONOMY OF TRADING TECHNIQUES D.A.I.S. Conference La Quinta, March 17, 1992 80. BETTER PERFORMANCE THROUGH BETTER IMPLEMENTATION Montreal Trust Seminar Toronto, February 14, 1992 79. TRADING -- EFFICIENCY AND VALUE: ARE YOU GETTING IT? Foundation & Endowments Roundtable Boston, June 26-27, 1991 78. TRADING PLACES: MAN VS MACHINE ON THE TRADING DESK AND TRADING FLOOR Pensions & Investments Conference

Washington, June 19-20, 1991 77. TRADING AND IMPLEMENTATION: WHAT IS ADDED? WHAT IS TAKEN AWAY? Global Roundtable (Institutional Investor Institute) Boston, May 16-17, 1991 76. MARKET MICROSTRUCTURE Institute for Quantitative Research in Finance Jacksonville, March 29-31, 1991 75. DADDY, WHERE DO TRADES COME FROM? A TAXONOMY OF MANAGER MOTIVATIONS Black Box Conference (Waters Information Services) New York November 7-8, 1990 74. REDUCED TRANSACTION COSTS = IMPROVED PERFORMANCE Boston Security Analysts Society Boston September 20, 1990 73. EVERYONE CONSPIRES TO HIDE TRANSACTION COSTS Corporate Pension Plans Conference Investment Management Institute New York August 2-3. 1990 72. LIQUIDITY, TRANSACTION COSTS AND TRANSACTION MECHANISMS Tomorrow's Stock Market: What Will It Look Like? Pension Investment Assn of Canada Toronto, June 27th, 1990

65. THE PENSION SPONSOR'S INTEREST IN TRANSACTION COSTS The West Coast Sponsor's Forum Investment Management Institute San Diego, November 16-18, 1989 64. DOES TRADING MAKE A DIFFERENCE? Eager Associates Client Conference Innesbrook, FL November 10, 1989 63. TRADING IN TOMORROW'S ENVIRONMENT The Institutional Equity Business: Evolution or Revolution (Sponsored by Paine Webber) New York November 9, 1989 62. TRADING INTERNALLY MANAGED FUNDS Internal Management of Pension Assets Investment Management Institute New York November 8-9, 1989 61. DOES TRADING MAKE A DIFFERENCE? Columbine Quantitative Seminar Colorado Springs, Aug 14-16, 1989 60. TRADING COSTS: ANALYZING THEIR IMPACT ON PERFORMANCE Portfolio Management Conference Investment Management Institute Boston, May 23, 1989 59. THE SPONSOR'S INTERESTS IN SECURITIES TRADING Chicago Pension Forum Chicago, April 18, 1989

71. A NEW FRAMEWORK FOR IMPLEMENTATION EVALUATION National Organization of Investment Professionals Washington, May 7-8, 1990

58. THREE IMPEDIMENTS TO EXCELLENT EXECUTION New Equity Trading Alternatives Institute for International Research New York, February 15-16, 1989

70. A NEW FRAMEWORK FOR IMPLEMENTATION EVALUATION TraderForum TUCSON, April 19-21, 1990

57. THE EMERGENCE OF THE BUY-SIDE TRADER Portfolio Management Conference Investment Management Institute Boston, November 10-11, 1988

69. IS THE AGENCY AUCTION MARKET WORTH PRESERVING? Midwest Finance Association Chicago, March 29-31, 1990

56. PENSION PLANS & INVESTMENT OBJECTIVES Institute for Quantitative Research in Finance San Diego, October 2-4, 1988

68. IS THE AGENCY AUCTION//** MARKET WORTH PRESERVING? Financial Investment Management Exposition and Conference Los Angeles, March 27-28,1990 67. WHAT DO YOU PAY FOR TRANSACTION COSTS? -- AN EQUATION (With Keith P. Ambachtsheer) Profitable Strategies for Trading (Investment Management Institute) New York, February 7-8, 1990 66. WHAT PORTFOLIO MANAGERS SHOULD EXPECT FROM THEIR TRADER Investment Analysts Society of Chicago Chicago, January 11, 1990

55. THE BASICS OF PENSION FINANCE National Association of State Retirement Officers Annual Convention Boston August 28-31, 1988 54. AUCTION MARKETS AND CROSSING MARKETS New Directions in Portfolio Management Conference Investment Management Institute New York June 29-30, 1988 53. CURRENT TRENDS IN INVESTMENT MANAGEMENT Midwest Pension Conference Cincinnati, May 4-6, 1988 52. USING YOUR MASTER TRUSTEE TO REDUCE FUND TRANSACTION COSTS Master Trust/Custody Conference Institute for International Research New York March 2-3, 1988

51. THE MARKET MAKING/SPECIALIST SYSTEM: SHOULD IT BE CHANGED? Market Liquidity Conference Investment Management Institute New York, February 8, 1988

38. WHAT KIND OF PORTFOLIO INSURANCE SHOULD YOU BUY? Practical Portfolio Insurance Techniques Investment Management Institute New York, November 5-6, 1986

50. LESSONS FROM THE CRASH OF '87 Cincinnati Pension Group Cincinnati, January 12, 1988

37. DYNAMIC HEDGING - WHAT IS IT? HOW DOES IT WORK? WHO USES IT? (panel) California Association of Public Retirement Systems Conference Ontario, CA October 24, 1986

49. PROGRAM TRADING Church Pensions Conference New Orleans, December 4, 1987 48. A TAXONOMY OF TRADING TECHNIQUES Trading Strategies and Execution Costs Institute of Chartered Financial Analysts New York, December 3, 1987 47. THE CROSSING NETWORK St. Louis Pension Study Group St. Louis, November 20. 1987 46. PORTFOLIO INSURANCE IN PENSION MANAGEMENT Financial Management Association 17th Annual meeting Las Vegas, October 14-17, 1987 45. STRUCTURED INVESTMENT TECHNIQUES Innovations in Money Management Investment Management Institute Atlanta, October 15-16, 1987 44. THE CROSSING NETWORK Dallas/Fort Worth Pension Group Dallas, September 24, 1987 43. PROGRAM TRADING AND MARKET EFFICIENCY Equity Markets and Valuation Methods Institute of Chartered Financial Analysts San Francisco, Sept 21-22, 1987 42. THE CROSSING NETWORK (with Edward C. Story) Electronic Trading Conference (Institute for International Research) New York, June 11-12, 1987 41. TRADING TECHNOLOGY IN MONEY MANAGEMENT (panel) Innovative Technology in Money Mgt. (Investment Management Institute) Chicago, March 12-13 1987 40. CROSSING NETWORKS (panel) Pension Group East Conference White Plains, March 10, 1987 39. IDENTIFYING AND UNDERSTANDING THE MANY DIMENSIONS OF RISK Equity Hedging Techniques Conference (Conference Chairman) Institute for International Research New York, February 24-25, 1987

36. TRANSACTION COSTS: WHAT YOU SPEND AND WHAT YOU GET Conference on Transaction Costs, Performance Measurement, and Performance Fees (Investment Management Institute) New York, October 20, 1986 35. CONTROLLING TRANSACTION COSTS The Financial Analysts Seminar Financial Analysts Federation Rockford, IL, August 3-8, 1986 34. PACKAGE TRADING European Portfolio Invest. Colloquium European Institute of Business Administration Fontainbleau, FR. May 21-23, 1986 33. EVALUATING TRADE EXECUTION Trader Forum Institutional Investor New York, January 30-31, 1986 32. DIVESTMENT AND FIDUCIARY RESPONSIBILITY: AN OVERVIEW (panel) Socially Responsible Investing Conference Liberty Hill Foundation Los Angeles, November 15, 1985 31. PACKAGE TRADING Seminar on the Analysis of Securities Prices Chicago, November 7-8, 1985 30. FINANCIAL IMPACT OF DIVESTITURE California State Teachers' Retirement System Roundtable Sacramento, November 14, 1985 29. SOUTH AFRICAN DIVESTMENT (panel) Institute for Quantitative Research in Finance Scottsdale, AZ, Fall, 1985 28. THE WILSHIRE 5000 INDEX FUND Client Conference Boston Safe Deposit & Trust Innesbrook, FL, October, 1985 27. LOW TURNOVER/PASSIVE INVESTING IS THIS THE FUTURE? Southern Pension Conference Hot Springs, VA, October 16-19, 1985 26. FINANCIAL CONSEQUENCES OF DIVESTMENT Higher Education and South Africa: Divestment and Campus Disruption National Association of College and University Attorneys Washington, DC, Sept 5-6, 1985

25. SOUTH AFRICAN DIVESTMENT Wilshire Associates Client Conference Los Angeles, Spring, 1985 24. TRANSACTING THINLY TRADED STOCKS Trading Costs and Trading Strategies (Berkeley Program in Finance) Yosemite, April 14-17, 1985 23. USES AND ABUSES OF PERFORMANCE DATA Wilshire Associates' Client Conference Los Angeles, Spring, 1984 22. CORE PORTFOLIO STRUCTURING/ REBALANCING: STRATEGIES AND COSTS Institute for Quantitative Research in Finance Hilton Head, NC, Spring, 1984 21. THE TRUST UNIVERSE COMPARISON SERVICE (panel) New York Society of Security Analysts New York, September, 1983 20. A CONTRACT ON THE WILSHIRE 5000 INDEX? Conference on Futures and Indexes Financial Analysts Federation New York, 1983 19. THE INVENTORY FUND Trust Conference (American Bankers Association) Washington, DC, Fall, 1978 18. INVENTORY FUNDS: CONCEPTS AND IMPLICATIONS FOR SPONSORS, INVESTMENT MANAGERS AND BROKER-DEALERS (with Carol A. Zipkin) Institute for Quantitative Research in Finance West Point, Spring, 1978 17. BOND PORTFOLIO ANALYSIS Institute for Quantitative Research in Finance Silverado, CA Fall, 1977 16. INDEXING AND INDEX FUNDS Bessemer Pension Institute San Francisco, Fall, 1977 15. INDEX FUNDS AND PASSIVE MANAGEMENT The Chicago Analysts Society Chicago, Spring, 1977 14. THE INDEX FUND AS MARKET MAKER Institute for Quantitative Research in Finance Scottsdale, AZ Fall, 1976 13. WILL THE GUARANTEED RETURN CONTRACT REPLACE THE FIXED INCOME MANAGER? (panel moderator) 4TH Inst Investor Bond Conference Institutional Investor New York, October 12-13, 1976 12. PENSION MANAGEMENT AND THE GUARANTEED CONTRACT Financial Analysts Federation Conference San Diego, September 19-22, 1976

11. AUTOMATING PORTFOLIO REVIEW Joint National Meeting: The Institute of Management Science Operations Research Society San Juan, Puerto Rico, Oct 1974 10. TRADING COSTS (with Larry J. Cuneo) Seminar on the Analysis of Security Prices Chicago, May 18-19, 1972 9. MODERN PORTFOLIO MANAGEMENT Institute for Quantitative Research in Finance Hanover, NH, Fall, 1971 8. MANAGING PORTFOLIOS USING CAPITAL ASSET PRICING THEORY Conference on Financial Applications of Operations Research Canadian Operations Research Society Montreal, Fall, 1971 7. THE CAPITAL ASSET PRICING SIMULATOR (with David E. Besenfelder) 5TH Conf. on Applications of Simulation The Institute of Management Sciences New York, December 8-10, 1971 6. TELECOMMUNICATIONS EARNINGS ESTIMATION MODEL: AN EVALUATION (with Larry J. Cuneo and Lawrence Akutagawa) Corporate Simulation Models (TIMS) SEATTLE, March 23-25, 1970 5. TELECOMMUNICATIONS EARNINGS ESTIMATION MODEL (with Larry J. Cuneo and Lawrence Akutagawa) Third Conf. on Applications of Simulation (The Institute of Management Science) Los Angeles, December 8-10, 1969 4. A STOCK PRICE SCREENING SYSTEM Seminar on the Analysis of Security Prices Chicago, May 16-17, 1968 3. QUANTITATIVE TECHNIQUES FOR INVESTMENT MANAGEMENT Investment/67 Conference Los Angeles, September, 1967 2. DISCOUNTING ASPECTS OF CAPITAL BUDGETING IBM Systems Symposium New York, October, 1963 1. A LINEAR PROGRAMMING ALGORITHM FOR MUNICIPAL BOND BID SCALING IBM Systems Symposium Washington, DC, October, 1962