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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August 31, 2004

SIA Comes Out For Big Board

By Editorial Staff

The Securities Industry Association is on the side of the Big Board in its proposal to expand its Direct+ electronic trading system. "The NYSE proposal promises to benefit individual and institutional investors by increasing execution opportunities provided by the exchange," says SIA Executive President Donald Kittell

Kittell said SIA officials still must study the New York Stock Exchange plan to convert the exchange into a hybrid market. However, he added that it appears to be offering "increased choice, flexibility and competition."