The New NASDAQ Marketplace

1. Front Matter

   Pages I-XIII

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2. Reengineering a Marketplace

   • Reto Francioni, David Krell, Michael Pagano

   Pages 1-11

3. Keynote Address, Gerald Putnam

   • Gerald Putnam

   Pages 13-20

4. Recent Developments at Nasdaq

   • William Christie, Christopher Concannon, Adena Friedman, Frank Hatheway

   Pages 21-35

5. The Nasdaq Marketplace

   • Kim Bang, Robert Hegarty, Richard Repetto, Jamie Selway, Henry Yegerman

   Pages 37-53

6. Reflections from the Sell-Side

   • Jeffrey Brown, Matthew Lavicka, Mark Madoff, Michael Murphy, C. Thomas Richardson, Bruce Turner

   Pages 55-71

7. Reflections from the Buy-Side

   • Andrew Brooks, Paul Davis, Robert Felvinci, Dan Royal, Lisa Utasi, Ken Zimmer

   Pages 73-92

8. Dialog with Robert Greifeld

   • Robert Greifeld, Robert Schwartz

   Pages 93-101

9. Nasdaq’s Electronic Closing Cross: An Empirical Analysis

   • Jeffrey W. Smith

   Pages 103-132

10. Nasdaq’s Closing Cross: Has Its New Call Auction Given Nasdaq Better Closing Prices? Early Findings

    • Michael S. Pagano, Robert A. Schwartz, Marvin M. Speiser

    Pages 133-155

11. Back Matter

    Pages 157-177

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This book is based on the proceedings of The New NASDAQ Marketplace, a conference hosted by the Zicklin School of Business at Baruch College on May 3, 2005. The text contains the edited transcript of the panel discussions and two major presentations, one by Gerald Putnam, President and Co-Chief Operating Officer of the NYSE Group; the other by Robert Greifeld, Chief Executive Officer of the NASDAQ Stock Market. Putnam was CEO of Archipelago at the time of the conference. As with the other books in this popular series, this book is more than an historical record. The manuscript has been heavily edited for clarity and unity of ideas. New material is included from interviews after the conference with many of the speakers. The intention has been to round out the discussions while being careful not to sacrifice the essential nature of the 1 original dialogue. A paper is included by Pagano and Schwartz, and a 2 separate paper by Jeffery Smith on the NASDAQ crosses is also provided. The former paper is the basis of Michael Pagano’s remarks on the first panel, “Reengineering a Marketplace.” All through the editing process, we worked closely with the panelists so that we did not to put words in their mouths. They have all approved the final draft and we thank them here for their assistance. We also gratefully

• economics
• hybrid markets
• liquidity
• market structure
• microeconomics
• stock exchange

• Zicklin School of Business Baruch College, Cuny

  Robert A. Schwartz, John Aidan Byrne, Antoinette Colaninno

Robert A. Schwartz is Marvin M. Speiser Professor of Finance and University Distinguished Professor in the Zicklin School of Business, Baruch College, CUNY. Before joining the Baruch faculty in 1997, he was Professor of Finance and Economics and Yamaichi Faculty Fellow at New York University's Leonard N. Stern School of Business, where he had been a member of the faculty since 1965. Professor Schwartz received his Ph.D. in Economics from Columbia University. His research is in the area of financial economics, with a primary focus on the structure of securities markets. He has published numerous journal articles and eleven books, including Equity Markets in Action: The Fundamentals of Liquidity, Market Structure and Trading, Wiley & Sons, 2004, and Reshaping the Equity Markets: A Guide for the 1990s, Harper Business, 1991 (reissued by Business One Irwin, 1993). He has served as a consultant to various market centers including the New York Stock Exchange, the American Stock Exchange, NASDAQ, the London Stock Exchange, Instinet, the Arizona Stock Exchange, Deutsche Börse, and the Bolsa Mexicana. From April 1983 to April 1988, he was an associate editor of The Journal of Finance, and he is currently an associate editor of the Review of Quantitative Finance and Accounting, the Review of Pacific Basin Financial Markets and Policies, and The Journal of Entrepreneurial Finance & Business Ventures, and is a member of the advisory board of International Finance. In December 1995, Professor Schwartz was named the first chairman of NASDAQ's Economic Advisory Board, and he served on the EAB until Spring 1999.

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