RT Journal Article
SR Electronic
T1 Back to the Future
JF The Journal of Investing
FD Institutional Investor Journals
SP 116
OP 125
DO 10.3905/joi.2004.434558
VO 13
IS 3
A1 Richard Rosenblatt
A1 Joseph Gawronski
YR 2004
UL https://pm-research.com/content/13/3/116.abstract
AB As a result of corporate scandals, the massive $1.4 billion conflicts-of-interest research settlement, and the mutual fund timing arrangements investigations, the New York Stock Exchange (NYSE) now finds itself under the microscope. Radical market structure changes are being proposed and the climate suggests that they have the best shot at enactment in years. Electronic communication networks (ECNs) and alternative trading systems (ATSs) have already revolutionized the Nasdaq trading world, capturing over 50% of the trading volume in the past decade or so, and many pundits predict that the same fate awaits the NYSE. While the NYSE has thus far maintained a nearly 80% market share in its own listings, the question remains whether it will be able to fend off its competitors and sustain its dominance over the next decade and beyond and, if so, how. This article seeks to explore a number of issues that will help answer that central question.