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Electronic vs. Floor Based TradingHybrid Markets

Electronic vs. Floor Based Trading: Hybrid Markets CHAPTER 6: HYBRID MARKETS Moderator- Mary McDermott-HoUand, Franklin Portfolio Associates Senior Vice President Michael Buck, The Vanguard Group Principal Matthew Celebuski, JP Morgan Securities Inc. Managing Director Alfred Eskandar, Liquidnet, Inc. Director of Marketing Adena Friedman, The NASDAQ Stock Market Executive Vice President of Corporate Strategy and Data Products Robert Gasser CEO, NYFIXMillennium, President NYFIX Transaction Service President, NYFIX Clearing Corporation Christopher Heckman, Investment Technology Group, Inc. Managing Director MARY McDERMOTT-HOLLAND: I am honored that a lot of people I consider my friends and colleagues are here on this panel today. One week ago I sat for eight mind-numbing hours at the SEC open hearings. We heard a lot of themes expressed. Chairman Donaldson was saying how he wanted the participants to take off their firms' hats, and to put on their public policy hats instead. Today, I have asked the panel to do just the opposite: take off their public policy hats, and put on their firm hats. I have asked each panelist to give us a really good perspective about our markets and where we are going from here. Indeed, we have talked a lot today about the past. Now we are going to talk about today http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png

Electronic vs. Floor Based TradingHybrid Markets

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/lp/springer-journals/electronic-vs-floor-based-trading-hybrid-markets-2kkQvtdxfz
Publisher
Springer US
Copyright
© Springer Science+Business Media, Inc. 2006
ISBN
978-0-387-29909-9
Pages
89 –109
DOI
10.1007/0-387-29910-6_6
Publisher site
See Chapter on Publisher Site

Abstract

CHAPTER 6: HYBRID MARKETS Moderator- Mary McDermott-HoUand, Franklin Portfolio Associates Senior Vice President Michael Buck, The Vanguard Group Principal Matthew Celebuski, JP Morgan Securities Inc. Managing Director Alfred Eskandar, Liquidnet, Inc. Director of Marketing Adena Friedman, The NASDAQ Stock Market Executive Vice President of Corporate Strategy and Data Products Robert Gasser CEO, NYFIXMillennium, President NYFIX Transaction Service President, NYFIX Clearing Corporation Christopher Heckman, Investment Technology Group, Inc. Managing Director MARY McDERMOTT-HOLLAND: I am honored that a lot of people I consider my friends and colleagues are here on this panel today. One week ago I sat for eight mind-numbing hours at the SEC open hearings. We heard a lot of themes expressed. Chairman Donaldson was saying how he wanted the participants to take off their firms' hats, and to put on their public policy hats instead. Today, I have asked the panel to do just the opposite: take off their public policy hats, and put on their firm hats. I have asked each panelist to give us a really good perspective about our markets and where we are going from here. Indeed, we have talked a lot today about the past. Now we are going to talk about today

Published: Jan 1, 2006

Keywords: Limit Order; Market Maker; Market Order; Retail Investor; Order Flow

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