PT  - JOURNAL ARTICLE
AU  - Robert A. Schwartz
AU  - John Aidan Byrne
TI  - What Makes an Exchange a Unique Institution?
AID  - 10.3905/jot.2013.9.1.022
DP  - 2013 Dec 31
TA  - The Journal of Trading
PG  - 22--33
VI  - 9
IP  - 1
4099  - https://pm-research.com/content/9/1/22.short
4100  - https://pm-research.com/content/9/1/22.full
AB  - On October 4, 2011, a high-level financial markets conference, “The Economic Function of a Stock Exchange,” was held at Baruch College in New York City. Andrew Brooks, the well-known buy-side trading executive (T. Rowe Price Associates, Inc.) moderated a thought-provoking panel, “What Makes an Exchange a Unique Institution?” In this article, we present the edited transcript of that panel, with footnotes and expanded material from subsequent interviews with the eminent panelists: Alfred Berkeley (then at Pipeline Trading Systems, LLC), Gary Katz (International Securities Exchange), William O’Brien (Direct Edge), Brett Redfearn (J.P. Morgan Securities), and Asani Sarkar (Federal Reserve Bank of New York).TOPICS: Exchanges/markets/clearinghouses, legal/regulatory/public policy