Plus: Knight Equity Trading on the balance between high-touch and low-touch trading.
What do all these indices tell us? The answer is: pretty much anything you want to know about the markets in which NYSE Euronext operates, including indices of stocks of various sizes and industries, denominated in dollars or euros; plus indices focusing on various strategies including leverage and short selling. And obviously there's more to tell, because the list is growing. Recently we announced a new global airline index and an index of European companies with low carbon footprints.
NYSE Arca's FIX gateway offers access to eight NYSE Euronext platforms.
Wrongdoing seems to know no generational boundaries, it has a very short memory, and it never seems to learn from past mistakes. We are reminded of all this by a couple of articles in the last week.
Together, MatchPoint's scheduled matching sessions and NYBX's continuous trading environment will provide a neutral, centralized and regulated marketplace for all market participants.
Today we find a marketplace awash in alternative trading system (ATS) business models competing on the basis of liquidity, speed and rates rather than dark-order innovation and quality of execution.
Although these trends are positive, we are anything but complacent. These sense I get from hanging around colleagues and members is that they're still in overdrive, developing and rolling out enhancements to what we do. As Lou Pastina, our Executive VP of NYSE Operations, told me: "We've turned the corner, but there's more to come."
And to corporations, Apple, the music industry, the government, the economy, and the repo guys hauling away his flat-screen TV. All in a new 5-minute tune.
Even though the NYSE Arca Auctions trade millions of ETF shares every day, this recent feat is worth notice. As the leader in ETF liquidity and listings, NYSE Arca is also a source of block liquidity using NYSE Arca Auctions.
ArcaDirect is NYSE Arca's lowest-latency order-entry platform.
Our European markets are introducing a single order book to make cross-border trading simpler and easier, and centralize liquidity.
Plus: NYSE to send sub-penny reports; paying tribute to a pioneer/linebacker/publisher/poet; the language of markets keeps growing; and Mr. Hamilton issues the first U.S. debt, the start of something big (for New York, the U.S., and for the national debt itself, of course).
Plus: reviewing studies about short-selling; the Super Bowl indicator; the start of the New York gold market; and: "Finger length provides rule of thumb on traders' profitability."
Next week, we will witness another historic event when Barack Obama is sworn in as the 44th president of the United States. To honor this moment, the NYSE will ring the Opening Bell from the steps of Federal Hall -- the place where it all began -- with local school children, representatives from the Parks Department and the Lower Manhattan Development Corp. Some of our great listed companies, including General Electric, Kraft and Coca-Cola, are also scheduled to participate.
We will host a public viewing of the Inauguration via jumbo TV screen in front of the NYSE building beginning at 11:30a.m. If you are in the neighborhood, please stop by to watch!
Plus, results for December 2008.
UNTERMYER: Is not commercial credit based primarily upon money or property?
MORGAN: No, sir: the first thing is character.
UNTERMYER: Before money or property?
MORGAN: Before money or anything else. Money cannot buy it.
So consider this an invite to the party. You never know who you might meet. Or should I say, you never know whose orders might meet yours. Because it's anonymous. Non-displayed. And it's centralized. Neutral. Level playing field. Can trade blocks or portfolios. Will watch your kids if you need a night out.
OK, the baby-sitting is extra.
The Good News Economist? Apparently, that's not an oxymoron. Who knew?
Full-year 2008 brought just six IPO exits, the fewest annual venture-backed offerings since 1977, when there were also six IPO exits. Preliminary full-year M&A figures show 260 transactions in 2008, the first year since 2003 when there were less than 300 venture-backed acquisitions.
Duncan's speech took place on the heels of 30 days that transformed the financial world, not to mention, he adds, that the Dow dropped 800 points the day before the event, to fall back below the benchmark 10,000 level.
In view of all that, Duncan uses his remarks to outline a "new reality."
One of his key points: Using transparent, regulated markets to bring more sunlight and liquidity to opaque, less regulated securities would be preferable to writing reams of new regulations.
Where does the balance of competition versus fragmentation net out? Are we better off today? Do customers know enough about how their trades are handled? Can this new marketplace be regulated effectively? The answers will impact the public's confidence and participation in our financial markets.
