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© 2006

Electronic vs. Floor Based Trading

  • Robert A. Schwartz
  • John Aidan Byrne
  • Antoinette Colaninno
Conference proceedings

Table of contents

  1. Front Matter
    Pages i-xvi
  2. Avner Wolf, Puneet Handa, Michael Pagano, James Ross
    Pages 1-16
  3. Edward J. Nicoll
    Pages 17-25
  4. Robert Schwartz, Marvin M. Speiser, Paul Davis, Robert Fagenson, Robert McCooey, Doreen Mogavero et al.
    Pages 27-47
  5. Theodore Aronson, Arthur Hogan, William O’Brien, Richard Rosenblatt, Lanny Schwartz, Michael Simon et al.
    Pages 49-66
  6. Matthew Andresen, George Bodine, Christopher Concannon, Richard Korhammer, Michael LaBranche, Brett Redfearn
    Pages 67-87
  7. Mary McDermott-Holland, Michael Buek, Matthew Celebuski, Alfred Eskandar, Adena Friedman, Robert Gasser et al.
    Pages 89-109
  8. Puneet Handa, Robert Schwartz, Ashish Tiwari
    Pages 121-151
  9. Back Matter
    Pages 153-175

About these proceedings

Introduction

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. Recent developments at the NYSE have moved in this direction, but fundamental questions effecting market quality remain. 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? Which environment offers better price and quantity discovery? These are some of the questions that are addressed in this book, while providing perspective on the future direction that exchange market structure is likely to follow in the coming years.

Keywords

equity market market structure trader trading

Editors and affiliations

  • Robert A. Schwartz
    • 1
  • John Aidan Byrne
    • 2
  • Antoinette Colaninno
    • 1
  1. 1.Zicklin School of BusinessBaruch College, CUNYUSA
  2. 2.Traders MagazineUSA

About the editors

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 Equity Markets in Action: The Fundamentals of Liquidity, Market Structure and Trading, Wiley & Sons, 2004, and Reshaping the Equity Markets: A Guide for the 1990s, 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 The Journal of Finance, and he is currently an associate editor of the Review of Quantitative Finance and Accounting, the Review of Pacific Basin Financial Markets and Policies, and The Journal of Entrepreneurial Finance & Business Ventures, and is a member of the advisory board of International Finance. 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.

Bibliographic information