Electronic vs. Floor Based Trading

1. Auflage. Softcover version of original hardcover Auflage 2006
ISBN: 978-1-4419-4009-4
Verlag: Springer US

Buch, Englisch, 176 Seiten, Previously published in hardcover, Format (B × H): 155 mm x 235 mm, Gewicht: 300 g

Reihe: Zicklin School of Business Financial Markets Series

Specialists and floor brokers, in direct contact on the trading floor, are at the heart of operations at the national U.S. equity exchanges. At the other end of the spectrum, electronic trading platforms characterize most other equity markets globally. Why have we not followed the international trend, and should we? Can the unique services offered by the floor be provided as effectively in an electronic environment? Which environment would institutional and retail traders each find most suitable to their special needs? These are some of the questions that will be addressed. In so doing, will provide perspective on the future direction that exchange market structure is likely to follow in the coming years.

Zielgruppe

Professional/practitioner

Autoren/Hrsg.

Schwartz, Robert A.

Colaninno, Antoinette

Byrne, John Aidan

Fachgebiete

• Wirtschaftswissenschaften Volkswirtschaftslehre Internationale Wirtschaft Internationale Finanzmärkte
• Wirtschaftswissenschaften Finanzsektor & Finanzdienstleistungen Börse, Rohstoffe
• Wirtschaftswissenschaften Finanzsektor & Finanzdienstleistungen Anlagen & Wertpapiere
• Wirtschaftswissenschaften Finanzsektor & Finanzdienstleistungen Internationale Finanzmärkte

Inhaltsverzeichnis

Getting the Trades Made.- Increasing Returns by Decreasing Trading Costs.- Operations of a Floor Broker.- Achieving Best Execution Through Market Structure Development.- Electronic Trading.- Hybrid Markets.- Electronic and Floor-Based Trading: The Nyse Hybrid Market.- The Economic Value of a Trading Floor: Evidence from the American Stock Exchange.

Über Autor(innen)

Robert A. Schwartz is Marvin M. Speiser Professor of Finance and University Distinguished Professor in the Zicklin School of Business, Baruch College, CUNY. Before joining the Baruch faculty in 1997, he was Professor of Finance and Economics and Yamaichi Faculty Fellow at New York University's Leonard N. Stern School of Business, where he had been a member of the faculty since 1965. Professor Schwartz received his Ph.D. in Economics from Columbia University. His research is in the area of financial economics, with a primary focus on the structure of securities markets. He has published numerous journal articles and eleven books, including , Wiley & Sons, 2004, and Harper Business, 1991 (reissued by Business One Irwin, 1993). He has served as a consultant to various market centers including the New York Stock Exchange, the American Stock Exchange, Nasdaq, the London Stock Exchange, Instinet, the Arizona Stock Exchange, Deutsche Börse, and the Bolsa Mexicana. From April 1983 to April 1988, he was an associate editor of , and he is currently an associate editor of the theand and is a member of the advisory board of In December 1995, Professor Schwartz was named the first chairman of Nasdaq's Economic Advisory Board, and he served on the EAB until Spring 1999.