Intermarket Competition: Listing Decisions
1JAMIE SELWAY: As our exchanges have graduated from member-driven cooperatives, and have invested in for-profit companies, attention has turned to questions such as; what do our exchanges do, what kinds of businesses are they in, and what are their prospects?
Historically, our exchanges have performed three functions: They have listed securities, traded these securities, and sold the associated market data. Our panel will explore the listings business. As we heard from the last panel, listings, which are one of the more attractive sides of exchanges, account for about a third of their revenues. We will hear from the NYSE and NASDAQ about their value propositions for companies they list. Finally, creating new equities is a dimension of the listings business, so we will hear from the AMEX about its business in Exchange Traded Funds, options and other instruments. We will also hear about other instruments from the Chicago Mercantile Exchange.
Yes, we have someone here from the CME. We can...