By Avner Wolf, Puneet Handa, Michael Pagano, James Ross (auth.), Robert A. Schwartz, John Aidan Byrne, Antoinette Colaninno (eds.)
Historically, experts and different ground agents, in direct touch at the buying and selling flooring, were on the center of operations on the nationwide U.S. fairness exchanges. on the different finish of the spectrum, digital buying and selling systems have characterised such a lot different fairness markets globally for a few years. contemporary advancements on the NYSE have moved during this path, yet basic questions effecting industry caliber stay. Can the original companies provided via the ground be supplied as successfully in an digital atmosphere? Which atmosphere could institutional and retail investors each one locate most fitted to their designated wishes? Which setting bargains greater fee and volume discovery? those are many of the questions which are addressed during this e-book, whereas offering viewpoint at the destiny course that trade marketplace constitution is probably going to stick to within the coming years.
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Extra info for Electronic vs. Floor Based Trading
Example text
We have talked about agents operating on the floor, we have talked about folks like me who are upstairs, and agents with clients' best interests at heart. What is missing in Cisco? MCCOOEY: Cisco is a tremendous liquidity type of stock. SELWAY: Cisco is naturally twice as liquid as IBM? MCCOOEY: I do not know the stats on Cisco versus IBM in terms of market cap, in terms of shares outstanding, or in terms of average trading Chapter 3: Operations of a Floor Broker 43 volume. I do not know that they are equal.
If I were to try to trade a large order electronically in an NYSE stock, I would probably get bagged because some person in the crowd could take advantage of my order. 30 Electronic vs. Floor Based Trading So I play by the rules. But I am agnostic - if the rules change, I will play the game differently. SHAPIRO: I should add that my decision to initiate a transaction on the floor of the New York Stock Exchange could come after I have exhausted other strategic alternatives. I could have tried desperately to find a match in Liquidnet and failed.
It is the claim that permitting tradethroughs will simply allow sophisticated investors and institutions to ignore the limit orders of retail investors. And when they see their orders traded through, these investors will lose confidence in the market and post fewer limit orders. ' I made the point at the recent SEC hearing and I want to reiterate it here today. If all the people who argue that we need trade-through rules to protect the sanctity of limit orders really believed their argument, then they would be lobbying for a mandatory price and time priority rule.