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Electronic vs. Floor Based Trading 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 Schwartz, Robert A., Byrne, John A., Colaninno, Antoinette: Coping With Institutional Order Flow Electronic vs. Floor Based Trading 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 ^ Spri ringer Library of Congress Control Number: 2005935084 ISBN:10: 0-387-29909-2 e-ISBN-10: 0-387-29910-6 ISBN-13: 978-0387-29909-9 e-ISBN-13: 978-0387-29910-5 Printed on acid-free paper. © 2006 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 21 springeronline.com Contents List of Participants vii Conference Sponsors xi Preface xiii Chapter 1: Getting the Trades Made 1 Chapter 2: Increasing Returns by Decreasing Trading Costs 17 Chapter 3: Operations of a Floor Broker 27 Chapter 4: Achieving Best Execution Through Market Structure Development 49 Chapter 5: Electronic Trading 67 Chapter 6: Hybrid Markets 89 Chapter 7: Electronic & Floor-Based Trading: The Nyse Hybrid Market 111 Chapter 8: The Economic Value of a Trading Floor: Evidence from the American Stock Exchange 121 Participant Biographies 153 Index 173 List of Participants Brooke Allen* President MANE Fund Management, Inc. * At the time of the conference, Mr. Allen was Head, Statistical Arbitrage at Maple Securities. Matthew Andresen* * At the time of the conference, Mr. Andresen was on the Board of Directors of Lava Trading. James Angel Associate Professor Georgetown University of Finance Theodore Aronson Founder Aronson+Johnson+Ortiz Eric Barret Director, Global CIBC World Markets Corp. Electronic Trading George Bodine Director of Trading General Motors Investment Management Michael Buck Principal The Vanguard Group Matthew Celebuski Managing Director JP Morgan Securities Inc. Christopher Executive Vice The NASDAQ Stock Market Concannon President, Transaction Services Paul Davis Managing Director TIAA-CREF Investment Management Thomas Doyle Institutional Sales Nutmeg Securities David Dusenbury Managing Director Dionis Capital Vlll List of Participants Alfred Eskandar Director of Liquidnet, Inc. Corporate Strategy Robert Fagenson President Fagenson & Company Reto Francioni President and SWX Swiss Exchange Chairman WilHam Freund* Emeritus Professor Pace University of Economics *At the time of the conference, Professor Freund was Director of the WilHam C. Freund Center for the Study of Securities Markets. Adena Friedman Executive Vice The NASDAQ Stock Market President of Corporate Strategy and Data Products Robert Gasser CEO, NYFIX NYFIX Millennium Millennium Allan Grody President and COO Financial Intergroup Puneet Handa Associate Professor University of Iowa William Harts Banc of America Securities Christopher Heckman Managing Director Investment Technology Group, Inc. Arthur Hogan Chief Market Jefferies & Company Analyst Catherine Kinney President & Co- New York Stock Exchange Chief Operating Officer Richard Korhammer CEO and co- Lava Trading Inc. Founder Michael LaBranche Chairman, Chief LaBranche & Co., Inc. Executive Officer and President Robert McCooey President & Chief The Griswold Company, Inc. Executive Officer Mary McDermott- Senior Vice Franklin Portfolio Associates Holland President Nina Mehta Reporter Traders Magazine Doreen Mogavero President & Chief Mogavero, Lee & Company Executive Officer List of Participants IX Edward Nicoll Chief Executive Instinct Group Inc. Officer Wilham O'Brien* Senior Vice The NASDAQ Stock Market, President, Market Inc. Data Distribution * At the time of the conference, Mr. O'Brien was COO at Brut, LLC. Michael Pagano Assistant Professor Villanova University Brett Redfeam* Senior Managing Bear, Steams & Co., Inc. Director * At the time of the conference, Brett Redfeam was Senior Vice President at the American Stock Exchange. Richard Rosenblatt Founder, President Rosenblatt Securities and CEO James Ross* CEO MatchPoint Trading Inc. * At the time of the conference, Mr. Ross was Managing Director at Burlington Capital Markets. Craig Rothfeld COO W.J. Bonfanti, Inc. Lanny Schwartz Executive Vice Philadelphia Stock Exchange President & General Counsel Robert Schwartz Marvin M. Speiser Zicklin School of Business, Professor of Baruch College Finance Jamie Selway Managing Director White Cap Trading Robert Shapiro Director of Trading Iridian Asset Management Michael Simon Senior Vice International Securities President & Exchange General Counsel Benn Steil Director of Council on Foreign Relations International Economics Wayne Wagner Co-Founder & Plexus Group Chairman Avner Wolf Chairman, Zicklin School of Business, Economics & Baruch College Finance Department and List of Participants Director, International Programs Robert Wood Distinguished University of Memphis Professor of Finance Conference Sponsors American Stock Exchange Archipelago Exchange Bernard L. Madoff Investment Securities Instinct Group Inc. International Securities Exchange Liquidnet, Inc. NASDAQ Stock Market New York Stock Exchange NYFIX Millennium Philadelphia Stock Exchange Plexus Group Security Traders Association SWX Swiss Exchange

Description:
Historically, specialists and other floor brokers, in direct contact on the trading floor, have been at the heart of operations at the national U.S. equity exchanges. At the other end of the spectrum, electronic trading platforms have characterized most other equity markets globally for many years.
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Electronic vs. Floor Based Trading PDF

183 Pages·2006·2.03 MB·English
by  Avner Wolf
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Electronic vs. Floor Based Trading 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 Schwartz, Robert A., Byrne, John A., Colaninno, Antoinette: Coping With Institutional Order Flow Electronic vs. Floor Based Trading 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 ^ Spri ringer Library of Congress Control Number: 2005935084 ISBN:10: 0-387-29909-2 e-ISBN-10: 0-387-29910-6 ISBN-13: 978-0387-29909-9 e-ISBN-13: 978-0387-29910-5 Printed on acid-free paper. © 2006 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 21 springeronline.com Contents List of Participants vii Conference Sponsors xi Preface xiii Chapter 1: Getting the Trades Made 1 Chapter 2: Increasing Returns by Decreasing Trading Costs 17 Chapter 3: Operations of a Floor Broker 27 Chapter 4: Achieving Best Execution Through Market Structure Development 49 Chapter 5: Electronic Trading 67 Chapter 6: Hybrid Markets 89 Chapter 7: Electronic & Floor-Based Trading: The Nyse Hybrid Market 111 Chapter 8: The Economic Value of a Trading Floor: Evidence from the American Stock Exchange 121 Participant Biographies 153 Index 173 List of Participants Brooke Allen* President MANE Fund Management, Inc. * At the time of the conference, Mr. Allen was Head, Statistical Arbitrage at Maple Securities. Matthew Andresen* * At the time of the conference, Mr. Andresen was on the Board of Directors of Lava Trading. James Angel Associate Professor Georgetown University of Finance Theodore Aronson Founder Aronson+Johnson+Ortiz Eric Barret Director, Global CIBC World Markets Corp. Electronic Trading George Bodine Director of Trading General Motors Investment Management Michael Buck Principal The Vanguard Group Matthew Celebuski Managing Director JP Morgan Securities Inc. Christopher Executive Vice The NASDAQ Stock Market Concannon President, Transaction Services Paul Davis Managing Director TIAA-CREF Investment Management Thomas Doyle Institutional Sales Nutmeg Securities David Dusenbury Managing Director Dionis Capital Vlll List of Participants Alfred Eskandar Director of Liquidnet, Inc. Corporate Strategy Robert Fagenson President Fagenson & Company Reto Francioni President and SWX Swiss Exchange Chairman WilHam Freund* Emeritus Professor Pace University of Economics *At the time of the conference, Professor Freund was Director of the WilHam C. Freund Center for the Study of Securities Markets. Adena Friedman Executive Vice The NASDAQ Stock Market President of Corporate Strategy and Data Products Robert Gasser CEO, NYFIX NYFIX Millennium Millennium Allan Grody President and COO Financial Intergroup Puneet Handa Associate Professor University of Iowa William Harts Banc of America Securities Christopher Heckman Managing Director Investment Technology Group, Inc. Arthur Hogan Chief Market Jefferies & Company Analyst Catherine Kinney President & Co- New York Stock Exchange Chief Operating Officer Richard Korhammer CEO and co- Lava Trading Inc. Founder Michael LaBranche Chairman, Chief LaBranche & Co., Inc. Executive Officer and President Robert McCooey President & Chief The Griswold Company, Inc. Executive Officer Mary McDermott- Senior Vice Franklin Portfolio Associates Holland President Nina Mehta Reporter Traders Magazine Doreen Mogavero President & Chief Mogavero, Lee & Company Executive Officer List of Participants IX Edward Nicoll Chief Executive Instinct Group Inc. Officer Wilham O'Brien* Senior Vice The NASDAQ Stock Market, President, Market Inc. Data Distribution * At the time of the conference, Mr. O'Brien was COO at Brut, LLC. Michael Pagano Assistant Professor Villanova University Brett Redfeam* Senior Managing Bear, Steams & Co., Inc. Director * At the time of the conference, Brett Redfeam was Senior Vice President at the American Stock Exchange. Richard Rosenblatt Founder, President Rosenblatt Securities and CEO James Ross* CEO MatchPoint Trading Inc. * At the time of the conference, Mr. Ross was Managing Director at Burlington Capital Markets. Craig Rothfeld COO W.J. Bonfanti, Inc. Lanny Schwartz Executive Vice Philadelphia Stock Exchange President & General Counsel Robert Schwartz Marvin M. Speiser Zicklin School of Business, Professor of Baruch College Finance Jamie Selway Managing Director White Cap Trading Robert Shapiro Director of Trading Iridian Asset Management Michael Simon Senior Vice International Securities President & Exchange General Counsel Benn Steil Director of Council on Foreign Relations International Economics Wayne Wagner Co-Founder & Plexus Group Chairman Avner Wolf Chairman, Zicklin School of Business, Economics & Baruch College Finance Department and List of Participants Director, International Programs Robert Wood Distinguished University of Memphis Professor of Finance Conference Sponsors American Stock Exchange Archipelago Exchange Bernard L. Madoff Investment Securities Instinct Group Inc. International Securities Exchange Liquidnet, Inc. NASDAQ Stock Market New York Stock Exchange NYFIX Millennium Philadelphia Stock Exchange Plexus Group Security Traders Association SWX Swiss Exchange

Description:
Historically, specialists and other floor brokers, in direct contact on the trading floor, have been at the heart of operations at the national U.S. equity exchanges. At the other end of the spectrum, electronic trading platforms have characterized most other equity markets globally for many years.
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