Optimistic on Hybrid; other links

By: Ray Pellecchia

File Under: Bonds, NYSE

• 1 Comments
• Email Entry

Diversification marks NYSE Euronext results; European cash equities, broad-based trading volume drove profit, CFO says -- ...The NYSE continues to refine its so-called hybrid market, a marriage of floor trading and electronically executed orders. [Nelson] Chai pointed to two new hires -- former UBS trading executive Lawrence Leibowitz, who joined in June as executive vice president, and the April hire of Goldman Sachs Group Inc.'s Duncan Niederauer -- as evidence the NYSE was serious about perfecting its hybrid model...Going with the hybrid approach is one part of the NYSE's strategy to stanch the bleeding of market share in its own listed stocks. Chai said that as an overall part of the business it's a smaller piece, considering the diversification. But he noted that it's still important. "We get paid on volume and the volume continues to grow," the CFO said. "The overall pie is growing very quickly. Our share of the pie is growing quickly. It's something that Duncan and Larry spend a lot of time thinking through. We're optimistic." (MarketWatch.com)

I wasn't in the office yesterday and didn't get to listen to the earnings conference call, but I read an unofficial transcript and there are some good updates from Duncan on our plans to have specialists provide more liquidity. I'll post excerpts of the official transcript as soon as I have it. If you want to listen to the call, the Webcast is posted here, but fair warning, the comments are in the Q&A at the end.

Bonds: A Slow Start -- ...Everything is going according to plan, says NYSE Euronext Vice President John Holman. First, he explains, the NYSE is slowly getting traders to make markets. The goal is to have at least three quotes per bond. When that happens--the NYSE hopes it will be by the end of the summer--the exchange will launch a marketing blitz to bring brokers and investors on board. (BusinessWeek.com)

Murcer Revisits Emotional Night About Munson (NYTimes.com) -- Where are you going to be next Monday night at 9? I'll be watching the replay of this Yankee game from August 1979, when Bobby Murcer won it for his late friend Thurman Munson. I'll never forget Munson, one of the toughest and greatest I ever saw, and I'll never forget that game.

Today in NYSE History: 3 August 1929 -- The NYSE allowed member firms to open branch offices on ocean liners. (NYSE.com) Selling stocks aboard ocean liners in August '29? If that wasn't an indicator of a market top, I don't know what was.

I'm in a philosophical Friday mood, so here's a perfect way to start it. Yesterday, I asked for haiku. I got but one so far, but it's a beauty:

What breathes the species
Individuality?
Treachery of time.

by Andy Kozak on August 2, 2007 11:10 PM

I'm still turning that over and over in my head. Thanks, Andy. Any other works are always welcome.

Tags: New York Stock Exchange, Hybrid Market, NYSE, NYSE Euronext, NYX, trading, stock market, Thurman Munson