Waiting For the New Board
Traders Magazine, September 2003
Doug Hamilton, director of trading at Numeric Investors L.P., shares the frustration of many New York Stock Exchange buyside critics who have had difficulty with floor executions. He notes that this is the result of the rules in place governing the specialist system. "I would like to see the SEC take a greater role in ensuring that the rules are tailored so that the playing field is more level than it currently is," said Hamilton, whose Boston-based quantitative house has some $6 billion under management. "The change needs to specifically address the times at which a specialist is allowed to intervene and trade for his own account. Right now it's too frequent," he said. Nevertheless, Hamilton says he has no preference about whether the marketplace of the future should follow the NYSE or Nasdaq model.
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