Abstract
HAROLD BRADLEY: I work at a foundation in Kansas City, Missouri. Before my present assignment, I spent 20 years in the same town with a mutual fund company, American Century. At American Century, I ran trading operations for a decade and then investment management. I was probably one of the first buy-siders to wholeheartedly believed that electronic trading had a very bright future. As I look around this room and at the markets over the past two decades, I am reminded of the electronic trading pioneer Steve Wunsch who is sitting in the audience today. Steve launched the Arizona Stock Exchange, one of the first truly alternative trading mechanisms for block trading. At American Century, I would try the Arizona after the market close. But as I took other steps, I would run into conventions that I would call, dare I say it, New York Stock Exchange plaque! Yes, there was a lot of regulatory plaque that really impeded progress!
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Notes
- 1.
Protocol is a series of messaging specifications for the electronic communication of trade-related messages.
- 2.
Clayton M. Christensen is the architect of and the world’s foremost authority on disruptive innovation, a framework which describes the process by which a product or service takes root initially in simple applications at the bottom of a market and then relentlessly moves ‘up market’, eventually displacing established competitors.
- 3.
President of The Nasdaq Stock Market, Inc., in 1996.
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Bradley, H., Domowitz, I., Katz, G., Mahoney, T., Selway, J., Wald, J. (2013). Regulation Going Forward. In: Schwartz, R., Byrne, J., Schnee, G. (eds) Rethinking Regulatory Structure. Zicklin School of Business Financial Markets Series, vol 10. Springer, New York, NY. https://doi.org/10.1007/978-1-4614-4373-5_7
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DOI: https://doi.org/10.1007/978-1-4614-4373-5_7
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