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

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To: TFF who wrote (11312)	7/26/2004 8:08:59 PM
From: Tom C	of 12617

Exchanges must move rapidly or Reg NMS may make them irrelevant. They know that the quickest way to attain fast-market status is by purchasing an ECN. This article seems to be skewed. First of all, the Pacific Exchange didn't buy Archipelago. Archipelago bought the Pacific Exchange. This allowed Archipelago to gain Exchange Registration. Archipelago is an Exchange. That registration has regulatory implications and gives them a print facility. All of this happened long before reg NMS. Second, the idea that NASDAQ bought BRUT because of concerns over Fast market status is ludicrous. NASDAQ is the original fast market. The author doesn't have a clue about the fact that the NASDAQ is not an Exchange even though it applied for that status several years ago. That application is still pending with the SEC. NASDAQ is a Stock Market not a Stock Exchange. Stock Exchanges are self-regulatory organization while Stock Market are regulated by other self-regulatory organizations (for ex. NASD). The article mentions slow markets and floor-based markets, but never mentions NYSE or AMEX. Weak.

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