You are truly a stupid person Auric - one of the beauties of technology is that you don't have to "be on Wall Street" to "be on Wall Street". The main thing exchange status does for an ATS is make it easier for the company running it to roll out innovative systems and components through the pilot notice provisions of Reg ATS - the bricks and mortar are almost entirely besides the point.
The PHLX (as the Pacific did for Optimark) gives ATG a better regulatory platform, but anybody, anywhere can access it -- NYSE broker/dealers and specialists, NASDAQ dealers and MMs, and most importantly, institutions themselves. NASDAQ sponsorship means Optimark splits some of its revenue with NASD, and will be more easily available to NASDAQ dealers. It does not add one share of volume unless the institutions like the system and use it (or ask their traders to use it), which they can do over the phone or over the internet.
Yeah, the PHLX is a second rate exchange compared to NYSE and the NASDAQ, but only someone as dim witted as you would automatically assume that is a negative. The system will sell itself, it is not dependent in any way on the exchange it's on to sell it. And it will be on the screens of hundreds of brokers (including NYSE floor brokers) and institutions above and beyond direct enrollments because of deals with Belzberg, McGregor, Sungard etc. (deals that you have ridiculed no less).
So congrats on (privately held) Optimark being approved to link up with the NASDAQ - do you really think informed investors in ATG thought NASDAQ would not go forward with this deal (or with a general modernization)? You are an egomaniacal fool . . . you don't get it and you never will until you remove your head from your rear end.
MST |
