The New Nasdaq Marketplace
The NASDAQ Stock Market has been reengineered in recent years from a competitive dealer market to a modern hybrid. The broader NASDAQ marketplace, including Electronic Communication Networks (ECNs) and Alternative Trading Systems (ATSs), has also experien
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Zicklin School of Business Financial Markets Series 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: Electronic vs. Floor Based Trading Schwartz, Robert A., Byrne, John A., Colaninno, Antoinette: Coping with Institutional Order Flow 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
THE NEW NASDAQ MARKETPLACE edited by
Robert A. Schwartz, John Aidan Byrne and Antoinette Colaninno
Robert A. Schwartz Zicklin School of Business Baruch College CUNY John Aidan Byrne Antoinette Colaninno Zicklin School of Business Baruch College CUNY
Library of Congress Control Number: 2007921683 ISBN-10: 0-387-48600-3 ISBN-13: 978-0-387-48600-0
e-ISBN-10: 0-387-48601-1 e-ISBN-13: 978-0-387-48601-7
Printed on acid-free paper. © 2007 Springer Science+Business Media, LLC 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, LLC, 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. 9 8 7 6 5 4 3 2 1 springer.com
Contents
List of Participants
vii
Conference Sponsors
ix
Preface
xi
Chapter 1: Reengineering a Marketplace
1
Chapter 2: Keynote Address, Gerald Putnam
13
Chapter 3: Recent Developments at NASDAQ
21
Chapter 4: The NASDAQ Marketplace
37
Chapter 5: Reflections from the Sell-Side
55
Chapter 6: Reflections from the Buy-Side
73
Chapter 7: Dialog with Robert Greifeld
93
Chapter 8: NASDAQ’s Electronic Closing Cross: An Empirical Analysis
103
Chapter 9: NASDAQ’s Closing Cross: Has Its New Call Auction Given NASDAQ Better Closing Prices? Early Findings
133
Participant Biographies
157
Index
173
List of Participants
Paul Arlman* *At the time of the conference, Mr. Arlman was Secretary General of the Federation of European Securities Exchanges.
Kim Bang Andrew Brooks Jeffrey Brown William Christie Chris Church Christopher Concannon
Bloomberg Tradebook T. Rowe Price Associates Charles Schwab & Co., Inc. Vanderbilt University Radianz, Inc. The NASDAQ Stock Market, Inc.
CEO VP & Head of Equity Trading Senior Vice President Professor of Finance Executive Vice President Executive Vice President
Paul Davis* *At the time of the
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