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Trade Mapping

Trade Mapping. Mike Bertuccio. Brief NYSE History. May 17, 1792 Electronic in 2006 Euronext in 2007 Intercontinental Exchange in 2012 (Pending). Players in the Trade Game. Brokers Commission broker Independent floor broker Specialist Agent Catalyst Dealer Auctioneer.

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Trade Mapping

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  1. Trade Mapping Mike Bertuccio

  2. Brief NYSE History May 17, 1792 Electronic in 2006 Euronext in 2007 Intercontinental Exchange in 2012 (Pending)

  3. Players in the Trade Game • Brokers • Commission broker • Independent floor broker • Specialist • Agent • Catalyst • Dealer • Auctioneer

  4. What does a specialist do? • Market-makers • Can represent multiple stocks • One specialist per stock • Fair and orderly market • Close a stock’s market • Provide liquidity • “Pilots” • Now Designated Market Makers

  5. DMM

  6. Physical Trade Execution • Place an order • Order sent to NYSE broker • Commission broker locates post • Order submission to specialist/DMM • Entered in order book • Deal made or not made

  7. NASDAQ v NYSE • NASDAQ • Electronic only • Dealer’s market (quote-driven) • Fragmented • NYSE • Physical floor and electronic • Auction market (order-driven) • One point of sale

  8. References Fabozzi, F., Modigliani, F., & Jones, F. (2010). Foundations of Financial Markets and institutions. New York: Prentice Hall. Kocic, A. (2013). NASDAQ vs. New York Stock Exchange . Retrieved April 22, 2013, from eHow Money: http://www.ehow.com/about_7510488_nasdaq-new-york-stock-exchange.html NASDAQ. (2013). What is NASDAQ. Retrieved April 20, 2013, from NASDAQ Web Site: http://www.nasdaqomx.com/aboutus/whatisnasdaq/ NYSE Euronext. (2012). Designated Market Makers. New York: NYSE. NYSE. (2009). Inside the NYSE: The Specialist. Retrieved April 22, 2013, from NYSE Mag Article: http://www.nyse.com/pdfs/specialistmagarticle.pdf NYSE. (2013). New York Stock Exchange History. Retrieved April 20, 2013, from NYSE Euronext: http://www.nyx.com/who-we-are/history/new-york NYSE. (2008). Next Generation Model. New York: New York Stock Exchange. NYSE. (2006). Stock Market Savvy. Retrieved April 21, 2013, from NYSE: http://www.nyse.com/pdfs/TG_Mech.pdf

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