Robert A. Schwartz, TraderEx co-founder and the Marvin M. Speiser Professor of Finance and University Distinguished Professor of Finance at the Zicklin School of Business,
is the recipient of the first World Federation of Exchanges (WFE) Award for Excellence. The award honors his contribution to the understanding
of capital markets and the improvement of the exchange industry?s operations. The award was presented to Professor Schwartz on October 7 at
the WFE?s annual meeting in Vancouver. For the occasion, he delivered a paper on the impact of dark liquidity pools and fragmentation on
market quality. Based in Paris, the WFE is the trade association of more than 50 publicly regulated stock, futures, and options exchanges.