Coping with Institutional Order Flow
Handling the large orders of institutional participants presents some of the most complex problems for system design. How well are our current systems operating, and how effective are new facilities on the scene? To what extent is market quality impaired
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Zicklin School of Business Financial Markets Conference Series Baruch College, CUNY Robert A. Schwartz, Editor Baruch College/CUNY Zicklin School of Business New York, NY, USA Other books in the series: Schwartz, Robert A., Byrne, John A., Colaninno, Antoinette: A Trading Desk View of Market Quality Schwartz, Robert A., Byrne, John A., Colaninno, Antoinette: Call Auction Trading: New Answers to Old Questions Schwartz, Robert A., Byrne, John A., Colaninno, Antoinette; Regulation of U.S. Equity Markets
COPING WITH INSTITUTIONAL ORDER FLOW
edited by
Robert A. Schwartz Zicklin School of Business, Baruch College, CUNY
John Aidan Byrne Traders Magazine
Antoinette Colaninno Zicklin School of Business, Baruch College, CUNY
Springer
Library of Congress Cataloging-in-Publication Data Coping with institutional order flow / edited by Robert A. Schwartz, John Aidan Byrne, Antoinette Colaninno. p.cm. (Zicklin School of Business financial markets conference series, Baruch College, CUNY) Proceedings of a trading conference hosted by the Zicklin School of Business, on April 29, 2003. Includes bibliographical references and index. ISBN-13: 978-1-4020-7511-7 (alk.paper) e-ISBN 0-387-25881-7 ISBN-10: 1-4020-7511-1 (alk.paper) 1. Institutional investments—Congresses. I. Schwartz, Robert A. (Robert Alan), 1937II. Byrne, John Aidan. III. Colaninno, Antoinette. IV. Zicklin School of Business. V. Series. © 2005 Springer Science+Business Media, Inc. All rights reserved. This work may not be translated or copied in whole or in part without the written permission of the publisher (Springer Science+Business Media, Inc., 233 Spring Street, New York, NY 10013, USA), except for brief excerpts in connection with reviews or scholarly analysis. Use in connection with any form of information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed is forbidden. The use in this publication of trade names, trademarks, service marks and similar terms, even if they are not identified as such, is not to be taken as an expression of opinion as to whether or not they are subject to proprietary rights. Printed in the United States of America. 9 8 7 6 5 4 3 2 1
SPIN 11043782
HG452I.C658 2005 332.67'253--dc22
2005042639
springeronline .com
Contents
List of Participants
vii
Conference Sponsors
xi
Preface Chapter 1: Evidence on Institutional Trading Practices
xiii 1
Chapter 2: Interaction Between Investment and Trading Decisions
41
Chapter 3: How Best to Integrate the Order Flow
59
Chapter 4: New Systems for Institutional Investors
85
Chapter 5: The Evolution of the Modem Nasdaq
111
Chapter 6: Overcoming Resistance to Change
125
Chapter 7: NYSE Market Structure and Services
147
Chapter 8: Best Execution: A Candid Analysis
157
References
181
Participant Biographies
183
hidex
195
List of Participants
Matthew Andresen* *At the time of the conference, Matt Andresen was Head of Global Trading at Sanford C. Bernstein & Company.
David Colker
M
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