Commentary

Richard Repetto
Traders Magazine Online News

Why Do Exchanges Own Multiple Licenses? It's Not Hard To See, Look at the SEC

In this recent research note, Sandler O'Neill + Partners, L.P. Principal Richard Repetto examines why the public exchange operators hold multiple licenses and that rationale behind this phenomenon.

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As Bitcoin turns 10 year old this month, why are you not trading it or other crypto currencies?





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August 31, 2001

Wagner's Provocative Predictions

By Wayne Wagner

Here's how Wayne Wagner sees the future:

*The number of dealers will shrink. Those with good internal controls and clean clearing operations will find new opportunities.

*The navigator' broker community will expand rapidly [see story].

*Barring other developments, ECNs will continue to prosper because of their inherent advantages,

anonymity, good prices, rapid executions and error-free clearing.

*Sponsors and managers will quickly find comfort in soft-dollar trading in Nasdaq stocks.

*Organizations that monitor trade executions will find a wider market.

*Commissions on Nasdaq trades will accelerate the move toward more agency trading.

*Lowered transaction costs make more ideas actionable. Volume will soar.

*Cost-efficient brokerage firms will more than make up in volume what they've lose in bloated

margins.

(Do you agree with Wagner? Let us know. Write Editor, Traders Magazine,

11 Penn Plaza, 17th floor, N.Y. N.Y. 07866; e-mail: byrnej@tfn.com)