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Dual Price Discovery

Traders Magazine, December 2007

Nina Mehta

In the U.S., electronically linked, competitive markets are seen as beneficial for investors intraday. But some view the opening as a different matter. "I've never been one to say fragmentation is a bad thing," says NYSE Euronext's Larry Leibowitz. "The open and close are the exception. It's hard to make the argument that two auctions is the right answer." Indeed, Leibowitz says it's the wrong answer: "Customers can't be in both, whereas in the market during the day, they can be represented in one spot and know the market can't trade through them because [the exchanges] are electronically linked."

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