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Primary Article

Equity Trading Capacity Revisited

Growth, Fragmentation and Fluidity

Joanne M. Hill
The Journal of Trading Spring 2007, 2 (2) 21-36; DOI: https://doi.org/10.3905/jot.2007.682137
Joanne M. Hill
A managing director, Equity Products Strategy at Goldman, Sachs & Co. in New York, NY.
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Abstract

Equity futures and options have been traded for a quarter of a century on organized exchanges; a well-developed and rapidly growing over the counter (OTC) market exists for swaps and options with competitive market-making by global investment and commercial banks. The trading of portfolios of stocks is low-cost and growing — now regularly representing 30–40% of New York Stock Exchange (NYSE) share volume — facilitated by the ability to hedge equity risk using derivatives. In the short span of just five years, exchange-traded funds (ETFs) have become prominent hybrid vehicles used for both trading and investment purposes by individual, institutional, and hedge fund investors. (ETF $ volume traded now represents just 30% of the NYSE volume compared to 9% five years ago.) In this article, we explore some trends and issues in cross-product equity market capacity.

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The Journal of Trading
Vol. 2, Issue 2
Spring 2007
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Equity Trading Capacity Revisited
Joanne M. Hill
The Journal of Trading Mar 2007, 2 (2) 21-36; DOI: 10.3905/jot.2007.682137

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Equity Trading Capacity Revisited
Joanne M. Hill
The Journal of Trading Mar 2007, 2 (2) 21-36; DOI: 10.3905/jot.2007.682137
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