Competition in a Consolidating Environment (Zicklin School of Business Financial Markets Series)

Competition between market centers is a driving force for innovation, dynamic growth, and reasonable pricing structures. Consolidating the order flow amasses liquidity, sharpens price discovery, and lowers trading costs. Can competition remain vibrant in a consolidated environment? How does inter-market competition play out with respect to trading decisions and listing decisions? What will the primary sources of competition be in the future? What impacts will follow from the NYSE's acquisition of Archipelago, and NASDAQ's acquisition of Inet? Will exchanges further consolidate in Europe? What does consolidation imply about the efficient use of technology, the effective handling of institutional order flow, and overall market quality? These are some of the questions that were addressed at the conference and elaborated on in this book. The Zicklin School of Business Financial Markets Series presents the insights emerging from a sequence of conferences hosted by the Zicklin School at Baruch College for industry professionals, regulators, and scholars. Much more than historical documents, the transcripts from the conferences are edited for clarity, perspective and context; material and comments from subsequent interviews with the panelists and speakers are integrated for a complete thematic presentation. Each book is focused on a well delineated topic, but all deliver broader insights into the quality and efficiency of the U.S. equity markets and the dynamic forces changing them.

competition Between Market Centers Is A Driving Force For Innovation, Dynamic Growth, And Reasonable Pricing Structures. Consolidating The Order Flow Amasses Liquidity, Sharpens Price Discovery, And Lowers Trading Costs. Can Competition Remain Vibrant In A Consolidated Environment? How Does Inter-market Competition Play Out With Respect To Trading Decisions And Listing Decisions? What Will The Primary Sources Of Competition Be In The Future? What Impacts Will Follow From The Nyse's Acquisition Of Archipelago And Nasdaq's Acquisition Of Inet? Will Exchanges Further Consolidate In Europe? What Does Consolidation Imply About The Efficient Use Of Technology, The Effective Handling Of Institutional Order Flow, And Overall Market Quality? These Are Some Of The Questions That Were Addressed At The Conference On Competition In A Consolidating Environment And Elaborated On In This Resulting Book.

Front Matter....Pages i-xv Dialog with Reto Francioni ....Pages 1-5 Global Winds of Change ....Pages 7-20 Intermarket Competition: Trading Decisions....Pages 21-36 Intermarket Competition: Listing Decisions....Pages 37-52 Emergence of New Competition: Alternative Sources of Liquidity ....Pages 53-68 The Countervailing Power of the Buy-Side....Pages 69-87 Dialog with Catherine Kinney ....Pages 89-98 Life After the Big Board Goes Electronic 1 ....Pages 99-110 Back Matter....Pages 111-128 Competition between market centers is a driving force for innovation, dynamic growth, and reasonable pricing structures. Consolidating the order flow amasses liquidity, sharpens price discovery, and lowers trading costs. This book addresses such timely topics as the impact of technology on financial markets and includes contributions from prominent academics, policymakers and professionals in the field. It is the latest title in established conference proceedings series. Cover.jpg 1 front-matter.pdf 2 fulltext.pdf 15 fulltext_2.pdf 20 fulltext_3.pdf 34 fulltext_4.pdf 50 fulltext_5.pdf 66 fulltext_6.pdf 82 fulltext_7.pdf 101 fulltext_8.pdf 111 back-matter.pdf 123