Abstract
LUPIEN: The development of alternative trading systems or markets is something that has been going on for roughly the last 30 years. This panel is unique in that each of the participants, at one time or another, came out of the trading business, including our lone academician, Ian Domowitz. I want to start with Matt Andresen from Island. It’s been reported in the news that Island is intending to file as a stock exchange.84 I understand the process can be daunting. I am curious to know if this is true and if so, why you would do that.
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Notes
Island filed an application with the Securities and Exchange Commission to register as an exchange, on June 28, 1999.
More than 40 automation initiatives now exist, on a global basis. See, for example, “Stars Seen Aligning for Electronic Bond Trading,” Bond Week, June 14, 1999.
In February 2001, approximately 94% of Island’s executions were internally matched (subscriber-to-subscriber).
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Lupien, W. et al. (2001). Development of Alternative Markets. In: Schwartz, R.A. (eds) Regulation of U.S. Equity Markets. Zicklin School of Business Financial Markets Series. Springer, Boston, MA. https://doi.org/10.1007/978-1-4615-1651-4_7
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