Speaker biographies

Jeffrey T. Brown has over twenty-four years of industry experience as a specialist in securities market structure and regulation, broker dealer compliance and operations, clearance and settlement and securities transfer regulation, and foreign capital market development. He heads Charles Schwab’s Office of Legislative and Regulatory Affairs in Washington, D.C., where he is responsible for managing the company’s response to public policy initiatives and advocating for the development of government policies that help individual investors better achieve their financial goals. Mr. Brown joined Schwab in 2003 as senior vice president and general counsel of Schwab Capital Markets, L.P., where he provided oversight of legal and compliance matters impacting Schwab’s affiliated broker-dealers. In 1981, Mr. Brown began his career in the securities markets as an option trader on the floor of the Philadelphia Stock Exchange. After establishing his own proprietary option trading firm in 1988 and serving as a member of the board of governors of the Philadelphia Stock Exchange, Mr. Brown moved to the regulatory side of the industry by joining the U.S. Securities and Exchange Commission in 1992, where he served as senior counsel in the division of market regulation. Upon leaving the commission in 1995, Mr. Brown became project manager and senior legal advisor to a U.S. project to assist Romania’s government in creating its own emerging securities market, which entailed adopting rules and regulations over brokers dealers, collective investment vehicles, clearing agencies and depositories, and self regulatory organizations. Returning to the United States in late 1996, Mr. Brown joined the law firm of Smith, Lodge, and Schneider, which merged into the law firm of Hopkins & Sutter in 1998. Mr. Brown’s private practice included representation of broker-dealers, day-trading firms, investment advisers, futures commission merchants, transfer agents, self-regulatory organizations, and governmental agencies on regulatory, market structure, and commercial transaction matters. In early 1999, he assumed the duties of vice president for regulation and general counsel at the Cincinnati Stock Exchange, which is now the National Stock Exchange. The role of exchange legal and regulatory officer placed Mr. Brown in a position to work on a daily basis with broker-dealers and securities regulators on matters confronting the markets, particularly those matters regarding market structure, competition among markets and self-regulation. In addition, Mr. Brown served as chairman of the operating committee of the national market system plan governing NASDAQ securities.

Adena Friedman is executive vice president of corporate strategy for the NASDAQ Stock Market, Inc. Ms. Friedman’s responsibilities include identifying and developing strategic opportunities for NASDAQ and overseeing its data products business unit. In her role as head of NASDAQ Stock Market, Inc.’s data products area, Ms. Friedman is responsible for maintaining the integrity of all market data disseminated to the public, as well as creating new data products to serve the industry’s information needs. She serves as the senior administrator for NASDAQ in its capacity as the exclusive securities information processor for NASDAQ-listed securities. Ms. Friedman joined NASDAQ in 1993, where she has served several roles, including marketing manager and product manager for NASDAQ’s trading services and web applications. She subsequently served as senior vice president and executive vice president of NASDAQ Data Products prior to her current role.

Mark Schaedel is managing director of the market data products division of the NYSE Group, Inc. He joined the NYSE in January 1999, in a newly defined position, to manage the development of the NYSE’s proprietary data products business. During his tenure, the NYSE launched OpenBook, Broker Volume, Liquidity Quote and the NYSE Data web store which hosts dozens of information products. Prior to joining the NYSE, Mr. Schaedel was involved in a number of capacities with ICI/ADP, a unit of ADP Brokerage, Inc., including sales and product design. Prior to joining ICI/ADP, he was chief operating officer of StreetServe, Inc., which was founded to provide a platform for financial industry self-regulatory organizations and broker-dealers to share relevant operational documents and communiqués. Mr. Schaedel began his career in trade support at the office of Cowen & Co., now part of the Société Générale Group.

Jamie Selway is chairman and managing director of White Cap Trading LLC, a brokerage firm founded to provide institutional investors with cost-effective, unconflicted brokerage. White Cap accomplishes this through an agency-only approach and an expertise in electronic markets. Before forming White Cap, Mr. Selway was chief economist at Archipelago Holdings, LLC, the Chicago-based electronic brokerage firm and creator of the first totally open, fully electronic U.S. stock exchange. He served worked in a variety of fields at Archipelago, including strategy, quantitative research, regulatory and governmental liaison, and new business development. Mr. Selway’s other professional experiences include the Equity Derivatives Research group of Goldman, Sachs & Co. (New York), three years in the economic research group at the National Association of Securities Dealers, Inc. (Washington), and two years at Economists, Inc. (Washington). He currently serves on the users subcommittee of the Intermarket Trading System and as an associate editor of the Journal of Trading.

Peter J. Wallison joined AEI in January 1999 as a resident fellow and as co-director of AEI’s program on financial market deregulation. He previously practiced banking, corporate, and financial law at Gibson, Dunn & Crutcher in Washington, D.C., and New York. Mr. Wallison has held a number of government positions. From June 1981 to January 1985, he was general counsel of the United States Treasury Department, where he had a significant role in the development of the Reagan administration's proposals for deregulation in the financial services industry, served as general counsel to the Depository Institutions Deregulation Committee, and participated in the Treasury Department's efforts to deal with the debt held by less developed countries. During 1986 and 1987, Mr. Wallison was White House counsel to President Ronald Reagan. Between 1972 and 1976, Mr. Wallison served first as special assistant to Governor Nelson A. Rockefeller and, subsequently, as counsel to Mr. Rockefeller when he was vice president of the United States.

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