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Article

Exchange Mergers and Electronic Trading

Jack Clark Francis, Arie Harel and Giora Harpaz
The Journal of Trading Winter 2009, 4 (1) 35-43; DOI: https://doi.org/10.3905/JOT.2009.4.1.035
Jack Clark Francis
is a professor in the department of economics and finance at Zicklin School of Business, Bernard Baruch College, City University of New York (CUNY) in New York, NY.
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  • For correspondence: jfrancis@snet.net
Arie Harel
is an associate professor is the department of statistics and computer information systems at Zicklin School of Business, Bernard Baruch College, CUNY in New York, NY.
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  • For correspondence: arie.harel@baruch.cuny.edu
Giora Harpaz
is a professor in the department of economics and finance at Zicklin School of Business, Bernard Baruch College, City University of New York (CUNY) in New York, NY.
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  • For correspondence: giora.harpaz@baruch.cuny.edu
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Abstract

Organized commodities and securities exchanges are national exchanges where securities, options, and futures contracts are traded by exchange members for their own accounts and for the accounts of their clients. A wave of mergers between organized exchanges has taken place during the last decade. These mergers result from synergistic effects, tax gains, reduced capital requirements, product diversification, geographical diversification, and advances in electronic trading technology. Technology advancements facilitate mergers by reducing transaction costs, increasing market liquidity, and enhancing transparency and competition. The objective of this article is twofold: 1) to review the recent merger trends and joint ventures among major exchanges around the world, and 2) to describe the associated innovations in electronic trading that incentivized exchange mergers.

John Thain took charge of the NYSE in 2003 and led it through several major technological and organizational changes. NASDAQ hastily followed suit in developing its increasingly global and multi-asset-class trading platform. Subsequently, the organized commodities exchanges in the United States started consolidating and modernizing. Thus, Wall Street and many overseas exchanges were driven into the electronic trading era, which set the stage for a series of breath-taking advances. By 2008 investors could select from a menu of alternative trading systems (ATSs) that offered different but competitive financial services. It is exciting to watch these competitors strive to surpass each other as the race to excel moves ahead relentlessly.

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The Journal of Trading
Vol. 4, Issue 1
Winter 2009
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Exchange Mergers and Electronic Trading
Jack Clark Francis, Arie Harel, Giora Harpaz
The Journal of Trading Dec 2008, 4 (1) 35-43; DOI: 10.3905/JOT.2009.4.1.035

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Exchange Mergers and Electronic Trading
Jack Clark Francis, Arie Harel, Giora Harpaz
The Journal of Trading Dec 2008, 4 (1) 35-43; DOI: 10.3905/JOT.2009.4.1.035
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  • Article
    • Abstract
    • THE LEGAL BACKGROUND
    • THE EMERGENCE OF ELECTRONIC TRADING
    • BACKGROUND ON ARCHIPELAGO
    • BACKGROUND ON THE PACIFIC STOCK EXCHANGE
    • BACKGROUND ON THE NYSE
    • THE HISTORY OF RECENT NYSE MERGERS
    • RECENT MERGERS AT OTHER STOCK EXCHANGES
    • BACKGROUND ON NASDAQ
    • BACKGROUND ON THE LSE
    • BACKGROUND ON THE OMX GROUP
    • BACKGROUND ON DUBAI
    • NASDAQ IN 2007
    • ALTERNATIVE TRADING SYSTEMS
    • COMMODITY EXCHANGE CONSOLIDATIONS
    • MAINTAINING PERSPECTIVE
    • ENDNOTES
  • Info & Metrics
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