Capital Markets Series: Market Microstructure

The Investment Implications from the Shift from Active to Passive Management
Please note that this event will be through Zoom. Login information will be provided in the reminder email closer to the event
Hosted by: Education Advisory Group

Passive funds have dominated money flow for the past 10+ years. By some estimates, indexed portfolios now own roughly a quarter of the total investable market capitalization of the global stock market and if we include other systematic strategies, this number climbs to over 40%. The growth of indexing and the widespread adoption of ETFs have implications for the microstructure of the markets. How might this secular shift shape the investment landscape? What effects might it have on market volatility and liquidity? How far can the shift to passive can theoretically proceed? Why does this matter for all investors? Join us for our next Capital Markets Series event on market microstructure where our panel will address these questions.
Mike Green, CFA - CIO and Founder, REG Management, LLC
Maureen O’Hara - Purcell Professor of Finance, Johnson Graduate School of Management, Cornell University
Eric Pollackov - Global Head of ETF Capital Markets, Invesco

Moderator: Ben Johnson, CFA - Director of Global ETF Research, Morningstar


Members - FREE  
Nonmembers - $20
(member pricing underwritten by CFA Society Chicago)

*Limited Sponsorships available. Please contact Kim Augustyn at

CFA Institute Qualified Activity: Eligible for 1 credit hour

Registration: Online  
Zoom login information will be provided in the reminder email closer to the event. Registration closes at 5:00 PM on April 20, 2021.

This event is Part V of our Capital Markets Series. Did you miss the previous CFA Society Chicago’s Capital Markets Series events covering public allocations and private markets? You can watch the replay on the Society's website or YouTube channel, or read the recaps on the CFA Society Chicago Blog!

4:00 PM - 5:00 PM CDT: Program 
Please log in a few minutes early to test your video and internet connections.

*Distribution of presentation slides is at the discretion of the speaker and may not be available for this event


Mike Green, CFA, 
has been a student of markets and market structure, for nearly 30 years. His proprietary research into the shift from actively managed portfolios and investment funds to systematic passive investment strategies has been presented to the Federal Reserve, the BIS, the IMF, the US Department of State and numerous other industry groups and associations.

Green is currently focused on his private investments. Previously, he served as Portfolio Manager and Chief Strategist for Logica Capital Advisers.  Prior to Logica, Green was the portfolio manager for Thiel Macro, LLC, an investment firm that manages the personal capital of Peter Thiel. Prior to Thiel, Green founded Ice Farm Capital, a discretionary global macro hedge fund seeded by Soros Family Management. From 2006-2014, Green founded and managed the New York office of Canyon Capital Advisors, a $23B multi-strategy hedge fund based in Los Angeles, CA, where he established their global macro strategies, managing in excess of $5B of exposure across equity, credit, FX, commodity and derivative markets.

In addition to his work as a market theorist and portfolio manager, Green has been noted for his work as a public speaker and financial media participant. He is a graduate of the Wharton School at the University of Pennsylvania and a CFA charterholder.

Maureen O’Hara
is Purcell Professor of Finance at the Johnson Graduate School of Management, Cornell University. A citizen of both Ireland and the U.S., she received her doctorate from Northwestern University and Honorary Doctorates from Facultés Universitaires Catholiques à Mons (FUCAM), Universität Bern, and University College Dublin.  Professor O'Hara is an expert on market microstructure, and she publishes widely in banking and financial intermediaries, law and finance, and experimental economics. She is the author of numerous journal articles as well as the books Market Microstructure Theory (Blackwell: 1995), and High Frequency Trading: New Realities for Traders, Markets, and Regulators (Risk Books: 2013). Her most recent book, Something for Nothing: Arbitrage and Ethics on Wall Street, was published in 2016 by Norton Books. 

A past president of the American Finance Association, the Western Finance Association, and the Financial Management Association, she was executive editor of the Review of Financial Studies. O’Hara has served on a variety of corporate boards including NewStar Financial, Teachers Insurance and Annuity Association (TIAA), and Investment Technology Group, Inc. (ITG), where she was Chairman of the Board. She was named to Institutional Investors Trading Technology Top 40 and she is currently an Advisor to Symbiont, a company focusing on blockchain and smart securities, and to Ava Labs, Inc., a cryptocurrency blockchain company. A member of the CFTC-SEC Emerging Regulatory Issues Task Force (the “flash crash” committee), she has also served on the Global Advisory Board of the Securities Exchange Board of India (SEBI), the Advisory Board of the Office of Financial Research, U.S. Treasury, and the SEC Equity Market Structure Advisory Committee. O’Hara has consulted for a number of companies and organizations, including Bristol-Meyers Squibb, Credit Suisse, Facebook, the International Securities Exchange, Merrill Lynch, Microsoft, the New York Stock Exchange, and the World Federation of Exchanges.  

Eric Pollackov
is the global head of ETF Capital Markets for Invesco ETFs. In this role, Pollackov proactively develops relationships with sell-side trading desks, implements capital markets strategies for Invesco's ETFs, and develops and measures the success of client business plans.

Before joining Invesco in 2016, Pollackov was head of ETF capital markets for Charles Schwab. Previously, he served as managing director of exchange-traded products at NYSE Euronext. He began his career in 1999 as a derivatives trader for Susquehanna International Group, specializing in ETFs.

Pollackov earned a bachelor's degree from The State University of New York at Buffalo and holds the Series 7 and 24 registrations.


Ben Johnson, CFA, is director of global ETF and passive strategies research. Before assuming his current role, he was director of ETF research for Europe and Asia. He also previously served as a senior equity analyst, covering the agriculture and chemicals industries. Before joining Morningstar in 2006, he worked as a financial advisor for Morgan Stanley.

Johnson holds a bachelor’s degree in economics from the University of Wisconsin. He also holds the Chartered Financial Analyst® designation. In 2015, Fund Directions and Fund Action named Johnson among the 2015 Rising Stars of Mutual Funds. 

*Special Notes Regarding Fees
This event is complimentary for members only. Credit card required to guarantee all nonmember reservations. Visa, MasterCard, American Express, Discover and Diners Club are accepted. Registration online is required and closes at 5:00 PM on April 20, 2021. Cancellations for refunds accepted until 5:00 PM, April 16, 2021.

Passport Program

Members of any CFA society may attend at the CFA Society Chicago member rate. Please call the CFA Society Chicago office at 312-251-1301 to register. If you are only a member of CFA Institute, you do not qualify for the Society member rate.

CFA Institute CE Qualified Activity:
This program qualifies for credit under the guidelines for the 
CFA Institute Professional Development Program.

4/21/2021 4:00 PM - 5:00 PM

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