By Avner Wolf, Puneet Handa, Michael Pagano, James Ross (auth.), Robert A. Schwartz, John Aidan Byrne, Antoinette Colaninno (eds.)
Historically, experts and different flooring agents, in direct touch at the buying and selling ground, were on the center of operations on the nationwide U.S. fairness exchanges. on the different finish of the spectrum, digital buying and selling structures have characterised so much different fairness markets globally for a few years. fresh advancements on the NYSE have moved during this course, yet basic questions effecting marketplace caliber stay. Can the original prone provided by means of the ground be supplied as successfully in an digital surroundings? Which atmosphere may institutional and retail investors every one locate best suited to their certain wishes? Which surroundings bargains larger expense and volume discovery? those are many of the questions which are addressed during this e-book, whereas supplying standpoint at the destiny course that alternate industry constitution is probably going to stick with within the coming years.
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It is as though the exchange is primarily a limit order platform. It is not. The ECNs started as limit order platforms - and then they got fancier about it -, and there are electronic limit order platforms throughout Europe. But the NYSE differs, in my opinion, in a very clear way. It is the exchange's floor brokers, the direct access brokers like Doreen and Bob McCooey bringing in the orders, and like Bob Fagenson, the liquiditysupplying lion keeper who keeps everybody in line as he integrates the orders.
It pertains to the strategy and sophistication of the institutional trader. Much of what we are talking about today is the old model versus the new model. The old model was to outsource the shepherding of your order process to a floor operator. Today, there is a growing breed of buy-side trader who feels that the control of their orders should remain on their desktops. As arrogant as it may seem, many feel that they can do a better job working their orders than anyone on the floor, and they want control over it.
Others have not succeeded in our market for the reason that roughly 95 percent of the time you find the best price at the place that offers the greatest liquidity at the NYSE. Why go anywhere else? SCHWARTZ: It is my impression that we tend to focus too much on the blue chips. My finding with Puneet Handa and Ashish Tiwari is that the value of intermediation services is greater for the smaller caps. It is also important to know when these services are not as necessary and can be done electronically.