Electronic exchanges: the global transformation from pits to bits
Gespeichert in:
| Beteiligte Personen: | , |
|---|---|
| Format: | Buch |
| Sprache: | Englisch |
| Veröffentlicht: |
San Diego
Elsevier Acad. Press
2009
|
| Schlagwörter: | |
| Links: | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=017628587&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| Umfang: | XIV, 338 S. Ill., graph. Darst. cm |
Internformat
MARC
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| 245 | 1 | 0 | |a Electronic exchanges |b the global transformation from pits to bits |c Michael Gorham ; Nidhi Singh |
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| 300 | |a XIV, 338 S. |b Ill., graph. Darst. |c cm | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b n |2 rdamedia | ||
| 338 | |b nc |2 rdacarrier | ||
| 650 | 4 | |a Electronic trading of securities | |
| 700 | 1 | |a Singh, Nidhi |e Verfasser |4 aut | |
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| 943 | 1 | |a oai:aleph.bib-bvb.de:BVB01-017628587 | |
Datensatz im Suchindex
| _version_ | 1819250877178839040 |
|---|---|
| adam_text | Titel: Electronic exchanges
Autor: Gorham, Michael
Jahr: 2009
Contents
Acknowledgments xiii
1 An Era of Creative Destruction 1
Introduction 1
Trading: Simple Concept, Complex Process 2
The Birth of Exchanges 3
Open Outcry Trading 5
The Clearing and Settlement Process 7
Equities 9
Derivatives 9
Technology and Its Impact on Financial Markets 10
The Decade that Changed the Financial World 12
The First Electronic Market 13
Electronic Communication Networks and U.S. Equity Markets 14
Technology Advances in the Financial Industry 15
Outsourcing 20
The Transformation of Exchanges: Basic Themes 21
Floor to Screen 22
Private Club to Public Company 22
National to Global Competition 23
Smaller to Larger 23
Implications of the Transformation 24
Part 1 The Four Basic Transformations 27
2 From Floors to Screens: The Electronic Pioneers 29
Introduction 29
INTEX: The Forgotten First Electronic Derivatives Exchange 30
New Zealand and the Wool Guys 34
OM: The First Successful Screen-Based Exchange 35
Melbourne Tries Screens 37
SOFFEX: Unexpectedly Electronic 37
DTB: The Other Half of the World s Biggest Exchange 38
SOFFEX + DTB = Eurex 41
SAFEX: An Electronic Success from an Unexpected Corner of
the World 42
viii Contents
Asian Early Adopters 43
Japan 43
China as an Early Adopter 44
Conclusion 46
3 Floor to Screen: The Second Wave 49
Introduction 49
Late Arrivals Get Absorbed 50
MATIF 50
The Glitch that Wasn t 51
LIFFE 54
Last to the Party 55
The After-Hours Approach 55
GLOBEX 57
Chicago: The Final Push 62
New York: The Final Push 63
Stock Exchanges Move to Screens 66
Nasdaq: Early, But Not All the Way 71
Toronto 74
Australia 75
London s Big Bang 76
Conclusion 76
4 Floors to Screens: Nuts and Bolts 79
The Financial Trade Cycle 79
Front Office 80
Middle Office 80
Back Office 80
Electronic Trading Architecture 81
Sidy-by-Side and Hybrid Systems 87
The CBOE s Hybrid System 87
New Players Solidifying the Single-Screen Concept 90
5 From Private Club to Public Company 93
Introduction 93
The Member-Owned Exchange: The Good, the Bad, and the Ugly 93
Good for the Members 94
Managing Regulators 97
Jawboning Liquidity for New Markets 99
Was It Good for the Customers? 100
Problems with Mutual Exchanges in India: The Government
Creates a Demutualized Competitor 101
Cracks in the System: Drivers of Demutualization 102
First Step: Demutualization 104
The Demutualization Process 108
Contents
What Is an Exchange Membership? 108
Demutualization and the Transformation of a Membership 109
Case Study: CME Demutualizes 110
The Economic Value of Demutualized Membership 112
CBOE: An Interesting Speed Bump 115
CBOT 117
The Energy Giant Demutualizes 118
The NYSE Buys Public Company Status 118
The Last Step: The IPO 119
Conclusion 120
From National to Global Competition 125
Securities vs. Derivatives Exchanges: Fees and Revenues 130
Local to Regional Competition 131
Competition and Clearing 132
Competition in Options 135
Enter the ISE 136
The Battle over Index Options 138
Global Competition: The Past 138
SIMEX was Bom Global 138
Global Competition in Equities Via the Depository Receipt 142
The New Global Competition?Kill the Competitor 144
Eurex Tries to Kill the Chicago Exchanges 144
ICE Tries to Kill NYMEX 148
The New Global Competition in Equities 150
Conclusion 152
Smaller to Larger: Through Organic Growth and M A 155
Organic Growth: New Contracts 155
Organic Growth: New Users 160
Growth via Mergers and Acquisitions 161
The New Era of Exchange M A 166
The Merger-Driven Transformation of the NYSE 168
The LSE: The Exchange That Couldn t Say Yes 172
Nasdaq and the Scandinavians 174
The CME and the CBOT 175
The Future 177
Part 2 Implications of the Four Basic Transformations 181
8 A New Wave of Product Innovation 183
Innovation Acceleration in Futures Products 185
The Old World: Launching New Products on Trading Floors 186
x Contents
The New World: Launching New Products on Electronic
Exchanges 189
Some Things Haven t Changed 192
Regulatory Change Drives Product Innovation 193
The Rest of the World 197
A Note on Innovation in Equities 200
Conclusion 202
9 Building Modular Exchanges via Partnerships and Outsourcing 205
Modular Exchange: Building Blocks 206
CBOT: Cautious Migration by Outsourcing Technology 208
Partnership with Eurex: First Alliance 209
Partnership with LIFFE 210
The Final Move 212
The Rise and Fall of Eurex US: Outsourcing Technology
and Services 212
Battle in the Energy Markets 215
NYMEX: Outsourcing New Product Listing 217
Leasing Technology 217
Early Pioneers: Technology Providers 218
OMX 218
LIFFE 218
Collaboration: Blurring the Lines between Exchanges 218
Leasing Clearing Services 220
Collocation 221
CME and LNET 223
The Modern Modular Exchange 224
10 Regulators: Leadership and Reaction 227
Introduction 228
The Electronic Driver and Overall Regulatory Design 230
Screen-Based Trading and the Concept of Regulation by
Principle 231
Regulation and the Evolving Architecture of Markets 234
Proliferation of Platforms 235
Tiering 236
Electronic Mishaps 239
Private Club to Public Company 239
Ownership and Governance of For-Profit, Demutualized
Markets 240
Globalization and the Accelerating Effect of Electronic
Technology 245
Global Competition and Mergers and Acquisitions 249
The Attraction of the Federal Model 249
Contents xi
Implications of Market Conglomerates for Further Regulatory
Integration 250
National Interests 251
A Word about Regulatory Structure and Philosophy 252
Conclusion 254
11 Electronic Exchanges and Trading: Benefits 261
Globalization: Bring the World Closer Together 262
CME: Expansion through Global Marketplace and Acquisition 263
Liffe: Using Technology to Make a Comeback 265
Surge in Volume 265
Volume Growth around the World 267
Innovative Products Increasing Growth 270
Data, Data, and More Data 270
One Screen: So Much Data 271
Transparency 273
Risk Management 275
Competition 276
Direct Market Access (DMA) 277
Shifting the Balance of Power 278
Automated Trading: Replacing Humans 280
Abundant Choices of Order Types 281
New Trading Styles 281
Smart Order Routing 284
Conclusion 284
12 Electronic Exchanges and Trading: Challenges 287
Dependency on Each Other 288
Technology Glitches 288
Exchange Outages 289
LIFFE and Its System Issues 291
Seven-Hour Outage at LSE 291
CBOE: Floor-Trading Continues Amid System Issues 293
The Impact of Real-Time Data Availability 294
Market Volatility 295
Inefficiency: Out-Trades in Electronic Trading World 298
Fat Fingers ?A $331 Million Mistake 299
13 The Future of Financial Markets 305
Exchange Consolidation 305
In Response to Exchange Consolidation 307
Transparency and Speed 308
Partnership and Alliances 310
Clearing: Next Transformation 311
xii Contents
Global Financial Market for the Next Century 312
Common Platforms 313
Looking Ahead 314
Appendix A Abbreviations Used 317
Appendix B Technology Terminology 321
Appendix C Markets Glossary 323
Index 327
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| indexdate | 2024-12-20T13:38:08Z |
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| spellingShingle | Gorham, Michael Singh, Nidhi Electronic exchanges the global transformation from pits to bits Electronic trading of securities |
| title | Electronic exchanges the global transformation from pits to bits |
| title_auth | Electronic exchanges the global transformation from pits to bits |
| title_exact_search | Electronic exchanges the global transformation from pits to bits |
| title_full | Electronic exchanges the global transformation from pits to bits Michael Gorham ; Nidhi Singh |
| title_fullStr | Electronic exchanges the global transformation from pits to bits Michael Gorham ; Nidhi Singh |
| title_full_unstemmed | Electronic exchanges the global transformation from pits to bits Michael Gorham ; Nidhi Singh |
| title_short | Electronic exchanges |
| title_sort | electronic exchanges the global transformation from pits to bits |
| title_sub | the global transformation from pits to bits |
| topic | Electronic trading of securities |
| topic_facet | Electronic trading of securities |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=017628587&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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