Competition in a Consolidating Environment by Reto Francioni, Robert Schwartz (auth.), Antoinette

By Reto Francioni, Robert Schwartz (auth.), Antoinette Colaninno, John Aidan Byrne, Robert A. Schwartz (eds.)

Competition among marketplace facilities is a driver for innovation, dynamic development, and average pricing buildings. Consolidating the order movement amasses liquidity, sharpens cost discovery, and lowers buying and selling bills. Can pageant stay brilliant in a consolidated setting? How does inter-market pageant play out with recognize to buying and selling judgements and directory judgements? what's going to the first resources of festival be sooner or later? What affects will stick to from the NYSE's acquisition of Archipelago, and NASDAQ's acquisition of Inet? Will exchanges additional consolidate in Europe? What does consolidation suggest concerning the effective use of know-how, the powerful dealing with of institutional order circulate, and total marketplace caliber? those are many of the questions that have been addressed on the convention and elaborated on during this book.

The Zicklin college of commercial monetary Markets sequence provides the insights rising from a chain of meetings hosted via the Zicklin university at Baruch university for pros, regulators, and students. even more than old files, the transcripts from the meetings are edited for readability, point of view and context; fabric and reviews from next interviews with the panelists and audio system are built-in for an entire thematic presentation. each one booklet is targeted on a good delineated subject, yet all convey broader insights into the standard and potency of the U.S. fairness markets and the dynamic forces altering them.

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Sample text

David, you are starting a crossing system, didn’t we talk about that? KRELL: We are starting the ISE Stock Exchange. Can I make a comment about what Doug said about 70/30? In the option business, before competition ensued in 1999, it was even worse than that. It was 98 to 2. Even though there were the same contracts listed on multiple exchanges, 98% of the volume was typically at one exchange. It is only when real competition started between the markets that we more or less moved to the current state.

KRELL: It is non-fungible because they like it that way. ATKIN: Right, but someone else would like to get in and trade… KRELL: It is a contract. Even if you have the same terms in your contract, one organization can simply choose not to abide by those terms because it is a nonfungible asset. In the futures markets, you could have two virtually identical futures, but because they are not issued by the same clearing corporation, they are not fungible. So you do not have competition in the futures industry.

Our view is that Pipeline is competing in the brokerage space, in the block trading space, above the floor. But Pipeline does not compete with the national markets. It will not unless it gets up to 80% market share. If so, then it is its own market. But there is no public pricing mechanism in Pipeline. We are seeing LaBranche make a similar move, as did Knight Trading. I think that floor brokers will have to differentiate themselves away from the floor. UNIDENTIFIED SPEAKER: No, I don’t think so (laughter).

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