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My guess is that it would do several things: The apparent volume would drop (because the specialist system on the NYSE counts paired trades as 1 trade whereas the NASDAQ system counts both sides of the trade as each being 1 trade due to the Market Maker system). The volatility would decrease so the average daily range (high to low) would drop significantly (probably from the 6% that it is currently to more like 2-3%), due in large part to the lack of daytrader interest and once again the specialist system. In other words, it would probably start to trade more like CPQ (although the company is significantly better). Investors will love it, but traders will hate it. It will be like jumping out of your BMW Z3 into a Caprice Classic. If you want to go on a long road trip, you definitely want the Caprice, but the Z3 is much more fun to drive. Just my opinion. Personally, I would be inclined to believe that the NYSE will begin to use the MM system starting with ECNs and then everything will change. Longer hours, MMs, ECNs, access to global markets, decimal pricing, its all going to change. To answer your question, IF Dell goes on the big board, yes, the spotlight, increased clout of the NYSE, and the new interest, will take the stock higher. |
