Terrence “Terry” Hendershott is a recognized authority on market microstructure, market manipulation, and the structure of financial markets. Professor Hendershott’s academic research focuses on financial market design, structure, and competition; and how the activities of market participants affect price discovery and liquidity. He is an expert on a range of financial instruments, trading both on exchanges and over the counter. Professor Hendershott’s research has been published in leading academic journals and has received numerous awards.
Professor Hendershott has extensive testifying experience, including in depositions, arbitrations, and trials. He has provided testimony in cases involving a wide range of market microstructure issues. He has analyzed claims related to market manipulation and disruptive trading, high-frequency and algorithmic trading, trading execution, financial market design, as well as market efficiency and price discovery.
In the context of antitrust litigation, securities litigation, regulatory enforcement actions, and commercial disputes, Professor Hendershott has addressed class certification, loss causation, and damages issues. His consulting and testifying experience encompasses U.S. and international financial markets, including equities, exchange-traded funds, corporate and government debt, commodities, foreign exchanges, futures, and other products.
In his academic research, Professor Hendershott examines the design, regulation, and structure of stock exchanges, electronic communications networks, and over-the-counter markets. He has analyzed how different market participants, such as market makers, high-frequency traders, and institutional investors, affect price discovery and liquidity. In that context, he has also analyzed the interplay of and competition between electronic and traditional markets, as well as the role of information technology.
Professor Hendershott has received numerous honors for his research. These include the Michael J. Brennan Award for the best paper published in the Review of Financial Studies; the New York Stock Exchange best paper on equity trading, awarded by the Western Finance Association; the Outstanding Publication Award from the Financial Review; and the NASDAQ Award for the best paper on market microstructure, awarded by the Financial Management Association International. He has served as an associate editor for the Journal of Financial Economics, Management Science, the Journal of Financial Markets, and Information Systems Research.
Professor Hendershott chaired the NASDAQ Economic Advisory Board and served as a visiting economist at the NYSE.
City of Providence, Rhode Island, et al. v. BATS Global Markets Inc. et al.
Expert Forum: Market Manipulation and Disruptive Trading Enforcement
Axiom Investment Advisors LLC et al. v. Deutsche Bank AG