By Reto Francioni, Robert Schwartz (auth.), Antoinette Colaninno, John Aidan Byrne, Robert A. Schwartz (eds.)
Competition among marketplace facilities is a motive force for innovation, dynamic development, and moderate pricing buildings. Consolidating the order circulation amasses liquidity, sharpens fee discovery, and lowers buying and selling expenditures. Can pageant stay vivid in a consolidated atmosphere? How does inter-market pageant play out with appreciate to buying and selling judgements and directory judgements? what is going to the first assets of festival be sooner or later? What affects will stick with from the NYSE's acquisition of Archipelago, and NASDAQ's acquisition of Inet? Will exchanges additional consolidate in Europe? What does consolidation indicate concerning the effective use of expertise, the powerful dealing with of institutional order move, and total marketplace caliber? those are the various questions that have been addressed on the convention and elaborated on during this book.
The Zicklin institution of industrial monetary Markets sequence offers the insights rising from a series of meetings hosted through the Zicklin institution at Baruch university for execs, regulators, and students. even more than historic records, the transcripts from the meetings are edited for readability, standpoint 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 carry broader insights into the standard and potency of the U.S. fairness markets and the dynamic forces altering them.
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Additional info for Competition in a Consolidating Environment
We have about 34% market share, CBOE has about 35%, and everybody else has the rest. I do not see us going back to that predominant 90/10 or 70/30. As Mike said, there are lots of different trading strategies. There are lots of different reasons why the market will stay more or less fragmented. What happened in the option market as a result of competition? Volume has soared. 7 million contracts a day. 4 million contracts a day in the first quarter9 of this year. That is the size that you see when competition comes on and is really real, rather than just displayed competition.
SCHWARTZ [From the floor]: Now the gloves come off. STUCHFIELD: … at least in terms of the vertical nature of the model. RECK: At least we have a strong growth in revenues. STUCHFIELD: Indeed. 5 Charles McCreevy is the European Union (EU) Commissioner for Internal Market and Services. 18 M. Pagano et al. RECK: Our customers obviously like our services and ask us to extend them (laughter). STUCHFIELD: The other end of the extreme would be the London Exchange, which has no ownership position in clearing or in settlement.
I would expect smaller markets to focus on reducing their trading costs, and to use those savings to induce order flow to come to their markets through the use of rebates. If you are incenting best price behavior, notwithstanding how large the other liquidity pool may be, order flow must come to you. 8 ATKIN: Exchanges are like eBay. If you have something to sell, you will go to eBay because you know that you will get a better price for your instrument. Even if a competing auction site entices you to auction off something for free, or pays you $5, the opportunity cost of being in a liquidity pool that has no liquidity is substantial.