ROBERT A. SCHWARTZ is Marvin M. Speiser Professor of Financeand University Distinguished Professor in the Zicklin School ofBusiness, Baruch College, CUNY. He is the developer, with BruceWeber and Gregory Sipress, of the trading and market structuresimulation, TraderEx (www.etraderex.net). Professor Schwartz hasserved as a consultant to various market centers including Nasdaqand the New York and London Stock Exchanges and, in 2009, he wasnamed the first recipient of the annual World Federation ofExchanges (WFE) Award for Excellence. He has published over sixtyrefereed journal articles and seventeen books, including TheEquity Trader Course and Equity Markets in Action, bothpublished by Wiley. Professor Schwartz received his PhD ineconomics from Columbia University. MICHAEL G. CAREW is Assistant Professor in the faculty ofEconomics and Finance at Baruch College in New York City. Prior tohis academic work, he was a senior corporate executive and chieffinancial officer in New York investment and commercial banking,including insurance, real estate, and government finance. Carewreceived his PhD in U.S. economic history and his MBA in economicsfrom New York University. TATIANA MAKSIMENKO is a PhD candidate in finance at theZicklin School of Business, Baruch College, CUNY, where herresearch is in the field of financial intermediation and corporatefinance. Previously, she was at the economic research department ofthe Federal Reserve Bank of Cleveland. Maksimenko received her MBAin finance at Weatherhead School of Management, Case WesternReserve University, and holds a BS in economics and mathematicsfrom Novosibirsk State University, Russia. She contributed to thebook, Micro Markets: A Market Structure Approach toMicroeconomic Analysis.