PT  - JOURNAL ARTICLE
AU  - Ian Domowitz
TI  - What Makes an Exchange a Unique Institution?<br/>
               <em>A Commentary</em>
AID  - 10.3905/jot.2014.9.3.008
DP  - 2014 Jun 30
TA  - The Journal of Trading
PG  - 8--11
VI  - 9
IP  - 3
4099  - https://pm-research.com/content/9/3/8.short
4100  - https://pm-research.com/content/9/3/8.full
AB  - In this response to an article in the Winter 2014 issue of The Journal of Trading, the uniqueness of exchanges is examined, beginning with a review of previously published commentary on the subject. National securities exchanges are unique in that they operate simultaneously as market participants and self-regulatory organizations. The implications of operating under the doctrine of regulatory immunity as a for-profit participant are discussed in the context of NASDAQ’s Benchmark Orders and the Facebook initial public offering.TOPICS: Exchanges/markets/clearinghouses, financial crises and financial market history