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Strategies & Market Trends : The Final Frontier - Online Remote Trading

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To: TFF who started this subject	10/3/2003 12:04:40 PM
From: TFF	of 12617

INSTINET BLASTS NYSE IN BIG NEWSPAPER ADS By STEPHEN LYNCH -------------------------------------------------------------------------------- Email Archives Print Reprint October 3, 2003 -- The Big Board's rivals have begun to pounce. Blaming problems at the New York Stock Exchange on poor governance and the market's structure, electronic trading network Instinet yesterday began a campaign to get investors to look for alternatives. In a large advertisement in The Wall Street Journal and other newspapers, Instinet said it is "effectively prevented from competing" with the NYSE's specialists because of regulations. Instinet called for changes to the Intermarket Trading System so that more customers could use Instinet to trade NYSE-listed stocks. The ad is the first marketing campaign to capitalize on the NYSE's woes, although other exchanges made similar arguments in public after Dick Grasso was forced to resign as chairman amid a furor over his huge pay package. The NYSE uses its power as a regulator to "strong-arm companies" to trade on the exchange, said Jerry Putnam, chairman and CEO of electronic trader Archipelago. "It's a little like the police opening a bar and then intimidating patrons who try to go anywhere else." Other exchanges have been arguing for a change in regulations for years, but the situation at the NYSE may help their cause. Analysts say the rise in electronic trading means the average investor cares more about the NYSE rules. "The customer cares more than ever before," said Andrew Goldman, executive vice president at Instinet, who added that the company received many positive responses to the "advertorial."

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