Bernard S. Donefer

Adjunct Associate Professor

Department of Information, Operations & Management Sciences

Henry Kaufman Management Center
44 West 4th Street, Suite 8-171
New York, New York 10012-1126
(212) 998-0831
bdonefer@stern.nyu.edu
Bernard S. Donefer

Biographical Information


Bernard Donefer's lengthy career in the financial services industry included work with banks, securities firms and exchanges in the US, Europe and Asia, where he held senior management positions including the presidency of two international financial software firms. He is Adjunct Associate Professor at the NYU Stern Graduate Business School. Stern since 2005, Prof Donefer teaches Financial Information Systems and Risk Management Systems in the MBA program. He is also Associate Director of the Subotnick Financial Services Center at the Zicklin School at Baruch College, where he is a Distinguished Lecturer. He volunteered with Sponsors for Educational Opportunity (SEO) in development and training. He has acted as a volunteer advisor or board member to St. Luke's Chamber Ensemble, Poets in the Schools, Volunteers for the Arts and the Volunteer Urban Consulting Group. He holds an MBA in Finance from the NYU Stern School of Business.

Previously, at Fidelity Investments in Boston, as SVP and head of Capital Markets Systems, he implemented one of the industry's first straight through processing (STP) 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.

Prof. Donefer is principal of Conatum Consulting LLC, teaching "Risk Management for Non-Quants", "Capital Markets Bootcamp" and the "New Equity Markets" at public seminars and to corporate clients such as the SEC, FRB, DTCC, IIROC, Alliance Bernstein, Getco, ITG, etc. in the US, Canada and Europe. He has been an expert witness in financial software patent and fraud cases, testifying in federal court and FINRA arbitrations. Prior positions included EVP/CIO of Dai Ichi Kangyo Bank (now Mizuho) and President of Bankers Trust Financial Services Information Systems and CAP Information Systems, international software and services businesses.

A frequent industry commentator, Prof. Donefer chaired and moderated panels at algo, HFT and hedge fund conferences on the challenges, risks and opportunities of electronic trading in global markets. He has spoken at the Council on Foreign Relations in Washington DC, the NY Bar Association, SIAA/FISD, TradeTech, et al. He has been quoted in the NY Times, WSJ, Bloomberg, FT, IBD, Reuters print and TV, BBC World Service, Australian Public Radio, MIT Technology Review, Nikkei CNBC, the Atlantic, New Scientist, Wired, etc. His paper "Algos Gone Wild" appeared in the Spring 2010 Journal of Trading, "There is No Such Thing as HFT" on the Tabb Forum and "High Speed Trading Is Progress, Not Piracy" on Bloomberg View.

Academic Appointments

Research Interests

  • Risk management
  • Financial markets microstructure.
  • Trading systems - high frequency, algorithmic, order management and routing.

Published Essays

Courses Taught

Suggested Readings

I am often asked about further readings and useful websites for my courses. Here is a personal list of suggestions: Readings and Websites.

Recent Press Citations and Public Appearances

New York Times, Financial Times, Wall Street Journal, MIT Technology Review, The Atlantic Magazine, BBC World Service, Australian Public Radio, Securities Industry News, Reuters, Guardian UK, Advanced Trader, Wall Street and Technology, Wall Street Letter and Nikkei Shimbun Japan among others.

2014

  • "TradeTech 2014 Buy Side Summit", Chairman, 2014, NYC
  • "Do You Know Where Your Orders Are Being Routed?", Panel Moderator, TradeTech Buy Side Summit, 2014, NYC
  • "One Touch Coverage: What Do The Partnerships Between the Cash & Electronic Desks Mean For the Buy Side?", Panel Moderator, TradeTech Buy Side Summit, 2014, NYC
  • "Fireside Chat with Donald Bollerman, IEX Market", TradeTech Buy Side Summit, 2014, NYC

2013


  • "The Regulation of Cross-Border Trading", Speaker, Committee on Foreign and Comparative Law of the New York City Bar Association, 2013, NYC.
  • "High Frequency Trading and the Financial Markets", Speaker, Council on Foreign Relations, 2013, Washington DC.
  • "Debating High Frequency Trading", Speaker, Zicklin Center for Corporate Integrity, 2013, NYC.
  • "High Frequency Trading - Are Markets and Investors Better Off Now", Panel Moderator, SIIA/FISD Issue Brief, 2013, NYC.
  • TradeTech USA Global Trading Conference, Chairman, 2013, NYC.
  • "Improving Trade Performance By Establishing Best Practices For Dark Pool Trading & Venue Selection", Panel Moderator, TradeTech, 2013, NYC.
  • "Best Practices Panel: How To Pay Your Mid-Tier Brokers", Panel Moderator, TradeTech, 2013, NYC.
  • "Developing Your Flexible & Dependable OMS/EMS Strategy", Panel Moderator, TradeTech, 2013, NYC.

2012

  • "Portfolio Asset Allocation and Downside Risk Management", Panel Moderator, 2012 Investment Leadership Forum, 2012, NYC.
  • "When Big Data Gets Fast, Realtime Business Cases", Invited Speaker, Orange Institute -- Feedback Economy and Realtime Society, 2012, NYC.
  • "Winning the e-Trading Technology Arms Race", Panel Moderator, FX Week USA Annual Conference, 2012, NYC.
  • "Educational Teleconference on High Frequency Trading", Invited Speaker, Council of Institutional Investors, 2012.
  • "Trading Strategies & Technology", Track Chairman, TradeTech, 2012, NYC.
  • "Aligning Smart Order and Dark Pool Aggregation Techniques with Trading Strategies", Panel Moderator, TradeTech, 2012, NYC.
  • "Multi-Asset Trading Strategies", Panel Moderator, TradeTech, 2012, NYC.
  • "Elusive Liquidity: Perceptions, Myths & Realities", Panel Moderator, TradeTech, 2012, NYC.
  • "OMS Comparative Analysis: Different Approaches For Out-Of-The-Box and Proprietary Systems",Panel Moderator, TradeTech, 2012, NYC.
  • "Operational Risk", Panelist, Conference on Post Crisis Risk Management, Fordham University, 2012, NYC.

Earlier Press Citations

2011

2010

2009

Earlier Speaking Engagements

  • "There Is No Such Thing As HFT", Keynote, Financial Information Services Division, Software & Information Industry Association, General Meeting, 2011, NYC.
  • "What are the key conditions that foster HFT growth in the options and futures markets?", Panelist, High Frequency Trading World New York, 2011.
  • "Business Development and Front Office Focus", Track Chairman, Trade Tech Architecture, 2011, NYC.
  • "Navigating and Managing Infrastructure Investments Transaction As Volumes Increase", Panel Moderator,Trade Tech Architecture, 2011, NYC.
  • "The Latency Debate-Defining and Measuring Latency in Today's Marketplace", Panel Moderator, Trade Tech Architecture, 2011, NYC.
  • "Realization of Market Data Infrastructure", Panel Moderator, Trade Tech Architecture, 2011, NYC.
  • "Next Generation Trading Strategies", Track Chairman, TradeTech USA 2011, NYC.
  • "Obtaining Real Time Venue Transparency in Dark Pools", Panel Moderator, TradeTech USA 2011, NYC.
  • "Investigating Options Trading Technology and Market Structure of the Future", Panel Moderator, TradeTech USA 2011, NYC.
  • "Algo Trading and the May 6th Flash Crash", keynote speaker, Exchange Panel Moderator, Capital Markets Consortium, 2010, NYC.
  • "Achieving Best Execution", Track Chairman, TradeTech USA, 2010, NYC.
  • "Analyzing Execution Quality To Achieve Best Execution In A Fragmented Market", Moderator, TradeTech, USA 2010, NYC.
  • "Balancing The Use Of Human Intervention And Electronic Trading Tools To Become The Most Profitable Equity Trader", Moderator, TradeTech USA 2010, NYC.
  • "Risks in Electronic Trading", keynote speaker, Exchange Panel Moderator, Capital Markets Consortium, 2010, NYC.
  • "Credit Default SWAPS and AIG", invited speaker, Financial Executives International, 2010, NYC.
  • "International and Alternative Trading Opportunities", Track Chairman, TradeTech USA 2009, NYC.
  • "Using the Latest Trading Strategies and Tools in Emerging Markets to Amplify Returns on Your Desk", Moderator, TradeTech USA 2009, NYC.
  • "Managing International Trading for Long Term Profitability in Global Markets", Moderator, TradeTech USA 2009, NYC.
  • "Home is Where the Credit Crisis Is", invited speaker, Association of Commercial Finance Attorneys, 2009, NYC.
  • "Capital Markets BootCampsm", SEO NYC and Corporate Clients in NYC, Boston, LA and Madrid.
  • "Risk Management for Non-Quantssm", Instructor for 2-day seminars in NYC, Chicago, Toronto, Oxford, UK, Philadelphia, Washington DC and Boston
  • "Credit Default SWAPS and AIG", invited speaker, Financial Executives International, 2010, NYC.
  • "International and Alternative Trading Opportunities", Track Chairman, TradeTech USA 2009, NYC.
  • "Using the Latest Trading Strategies and Tools in Emerging Markets to Amplify Returns on Your Desk", Moderator, TradeTech USA 2009, NYC.