Competing Business Models
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1 Competing Business Models Liquidity Providers (Capital Commitment) None One Many Attain Archipelago B-Trade Brut Instinet Island MarketXT NexTrade REDIBook NYSE Amex Nasdaq Data as of January 2002.
2 Liquidity Providers What does that mean? None: Alternative Trading System (ATS), Electronic Communications Network (ECN) Electronic order-matching system No capital commitment from firm One: NYSE and Amex Specialist system Capital commitment from single firm Many: Nasdaq Dealer system Capital commitment from multiple firms
3 ATS/ECN Model Fully electronic, ordermatching system No intermediary No capital commitment from firm Allow for anonymity
4 Auction Market Model Floor-based Single Specialist Order-driven Capital commitment from one firm
5 Role of the Specialist Auction Markets utilize a single dealer, known as a Specialist. Match incoming buy and sell orders Trade from their own account Capital resources from one firm
6 Advantage of Auction-based Markets Most orders are executed at a single, centralized location Provides a chance for two investors to meet Enhanced price improvement opportunities NYSE Amex NYSE
7 Auction Market Order Flow Floor Broker Floor Broker Floor Broker Specialist Floor Broker Small Orders routed electronically directly to Order Book
8 Dealer Market Model Screen-based Competing Market Makers Quote and Order-driven Capital commitment from multiple firms Continuous order flow
9 Role of the Market Maker A Dealer Market uses multiple dealers, known as Market Makers. Compete for investor orders Commit capital Maintain inventories Seek the other side of a trade Trade on both sides of the market Generate investor interest
10 Expanded Role of the Market Maker Retail Sales Institutional Sales Research Analysts Corporate Finance
11 Dealer Market Order Flow Competing Market Makers
12 Dealer Market Order Flow Immediate & continuous trading
13 Advantage of Screen-based Markets Allow equal access to trading and market information World s most common market structure Unlimited number of market participants No central trading floor
14 Nasdaq Market Structure: Spread BID ASK Spread =.125 The spread, or difference between a stock s BID and ASK price, represents the capital risk a market participant undertakes when buying or selling a stock.
15 Spread Every Market Maker must register to trade a stock with both a bid and offer price. In 1997, ECNs were also included as market participants. BID PRICE POSITION TO BUY MM1.25 MM2. MM3. ECN1 MM4. ASK PRICE POSITION TO SELL MM4.. ECN1..MM3.. MM2..MM1 Market Marker 1 has positioned itself to buy stock.
16 Spread All trades on Nasdaq are required to be executed at the best displayed price or better (when trade size < displayed size). BID PRICE MM1.25 MM2. MM3. ECN1 MM4. ASK PRICE MM4.. ECN1..MM3.. MM2..MM1
17 Order Execution: Retail Buy Investor Retail Buy Buy
18 Retail Buy Order Scenario 1 BID OFFER Retail Buy MM Retail investor wants to Buy Market Maker has 200 shares in inventory. Market Maker is currently quoting willingness to sell (offer) shares at and willingness to buy (bid) shares at.
19 Retail Buy Order Scenario 1 BID OFFER Retail Buy Sell MM Retail investor wants to Buy Market Maker matches current best offer price and fills Buy order at best offer price of Trade Report: 25.25
20 Retail Buy Order Scenario 2 Immediacy of Execution BID OFFER Retail Buy Sell 25 MM Retail investor wants to Buy Market Maker does not have shares in inventory. Market Maker matches current best offer and sells short 200 shares at Trade Report: 25.25
21 Cover Short Position Immediacy of Execution BID OFFER Retail Buy 25 MM 300 Retail Sell Retail investor bought Market Maker raises its Bid price to build inventory. This action affects other prices. Retail investor wants to Sell 300 shares.
22 Cover Short Position Immediacy of Execution BID OFFER MM Buy 300 shares 300 Retail Sell Market Maker Buys 300 shares at its best bid price of Retail investor Sells 300 shares to Market Maker. Trade Report:
23 Institutional Buy Order BID MM OFFER Institutional Investor Buy 100,000 shares at 25.25
24 Institutional Buy Order BID MM OFFER Institutional Investor Volume discount negotiated inside the spread. Trade Report: 25.25
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