- Nov
- 27
- 2007
- 8:49 AM
Men At Work (at re-making the markets)
- By: Ray Pellecchia
- File Under: NYSE
"To regain lost ground, Niederauer and Leibowitz are taking steps to make the NYSE, NYSE Arca, and the organization itself more competitive."
"To regain lost ground, Niederauer and Leibowitz are taking steps to make the NYSE, NYSE Arca, and the organization itself more competitive."
"The reduction is the second fee cut announced in as many months for NYSE Euronext, which owns the Big Board."
Reuters says we're out to price our services competitively; I say *most* competitively, but whatever, I'll take it! To me, the important thing is that we're increasingly customer focused.
The timing is nice, but this is no holiday present; rather, I see it as one of a number of steps we're taking to make sure our services are priced most competitively.
For the second year in a row, Elkins/McSherry finds that trading NYSE-listed issues costs less than trading those of any other market in the world.
And it looks like it will continue to change, both in the U.S. and in Europe. More after the jump.
A fitting coda to today's news, no?
I wish both Duncan and John the best. Will write more about this soon.
"We see this as the first phase of a larger, more extensive transition process where we expect to add new liquidity providers to our Specialist community, further enhancing market quality on the NYSE."
-- Duncan Niederauer (quote excerpted)
Plus: What's free to the public in China but not in the United States?
Evolving to seize a market opportunity and help make a positive impact on the environment.
How's that for concise? And as an NYX shareholder, I say growing is a good thing.
...and further discussion of our strategy to provide customers with more choices to access liquidity. It's not a question of zero-sum, either-or. Instead it's: choose any or all of the above.
I'm glad that's happening tomorrow and not today. Had it been today, I'm sure that at least one pundit would have blamed the removal of the restrictions for at least part of today's 362.14-point fall in the Dow Jones Industrial Average.
Is that cynical? Perhaps, but you just know that would have happened.
Previously, the specalists' stabilizing "Conditional Transactions" were restricted to only "active" securities. Now, that limitation is eliminated.