NYSE Exec Snubs ATS Marts
Traders Magazine, July 2003
The dynamic new electronic markets are failing in capturing listed business, a Big Board official argues in an internal letter. Robert Britz, president and co-chief operating officer, argues that "the new breed" stock exchanges like ArcaEx are succeeding in non-listed business, but are not effectively serving their listed clients. "ArcaEx and the Island ECN, two of the competitive leaders in the Nasdaq market, have captured a market share in NYSE listed stocks that averages about half of one percent," Britz writes. ArcaEx officials said both the comparison and numbers were bogus because the "Big Board has a 200-year head start and is a monopoly."
All TradersMagazine.com articles are archived after 7 days. REGISTER NOW for unlimited access to all recently archived articles, as well as thousands of searchable stories. Registered Members also gain access to exclusive industry white paper downloads, web seminars, online technology directory, the iPad App, and conference discounts. Qualified members may also choose to receive our free monthly magazine and any of our e-newsletters covering the latest breaking news, opinions from industry leaders, developing trends and trading strategies.