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Electronic vs. Floor Based TradingAchieving Best Execution Through Market Structure Development

Electronic vs. Floor Based Trading: Achieving Best Execution Through Market Structure Development CHAPTER 4: ACHIEVING BEST EXECUTION THROUGH MARKET STRUCTURE DEVELOPMENT Modemtor-ThoodoTQ Aronson, Aronson+Johnson+Ortiz Managing Principal Arthur Hogan, Jefferies & Company, Inc. Chief Market Analyst William O'Brien, Brut, LLC Chief Operating Officer Richard Rosenblatt, Rosenblatt Securities Inc. Chief Executive Officer Lanny Schwartz, Philadelphia Stock Exchange Executive Vice President & General Counsel Michael Simon, International Securities Exchange Senior Vice President & General Counsel Wayne Wagner, Plexus Group Co-Founder & Chairman THEODORE ARONSON: Now it is time to bridge a gap. We are going to talk about market structure and some developments in the area of best execution. What do we know today about best execution that we did not know 10 or 20 years ago? We know that it is not a magic number. It is not a single number. Actually, it is a process. It is a process that depends on strategy and client objectives. Here are the overarching questions for this panel: Do we have the tools and the appropriate market structure to effect best execution for all of our different needs? Who are the intermediaries who help us? Who are the intermediaries who hurt us? Who are the missing intermediaries and the intermediaries who should be absent from the http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png

Electronic vs. Floor Based TradingAchieving Best Execution Through Market Structure Development

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Publisher
Springer US
Copyright
© Springer Science+Business Media, Inc. 2006
ISBN
978-0-387-29909-9
Pages
49 –66
DOI
10.1007/0-387-29910-6_4
Publisher site
See Chapter on Publisher Site

Abstract

CHAPTER 4: ACHIEVING BEST EXECUTION THROUGH MARKET STRUCTURE DEVELOPMENT Modemtor-ThoodoTQ Aronson, Aronson+Johnson+Ortiz Managing Principal Arthur Hogan, Jefferies & Company, Inc. Chief Market Analyst William O'Brien, Brut, LLC Chief Operating Officer Richard Rosenblatt, Rosenblatt Securities Inc. Chief Executive Officer Lanny Schwartz, Philadelphia Stock Exchange Executive Vice President & General Counsel Michael Simon, International Securities Exchange Senior Vice President & General Counsel Wayne Wagner, Plexus Group Co-Founder & Chairman THEODORE ARONSON: Now it is time to bridge a gap. We are going to talk about market structure and some developments in the area of best execution. What do we know today about best execution that we did not know 10 or 20 years ago? We know that it is not a magic number. It is not a single number. Actually, it is a process. It is a process that depends on strategy and client objectives. Here are the overarching questions for this panel: Do we have the tools and the appropriate market structure to effect best execution for all of our different needs? Who are the intermediaries who help us? Who are the intermediaries who hurt us? Who are the missing intermediaries and the intermediaries who should be absent from the

Published: Jan 1, 2006

Keywords: Market Structure; Limit Order; Price Discovery; Good Price; Option Market

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