DOCSLIB.ORG

Proposed Final Judgment, Filed Equitable Relief As the Court Deems of Alcohol, Tobacco, Firearms and the Same Time As the Complaint, Appropriate

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Proposed Final Judgment, Filed Equitable Relief As the Court Deems of Alcohol, Tobacco, Firearms and the Same Time As the Complaint, Appropriate 81968 Federal Register / Vol. 76, No. 250 / Thursday, December 29, 2011 / Notices ‘‘sixty days’’ until February 27, 2012. readily apparent and, if lost or stolen, 450 Fifth Street NW., Suite 1010, This process is conducted in accordance ATF will be immediately notified on Washington, DC 20530 (telephone: (202) with 5 CFR 1320.10. discovery of the loss or theft. ATF 514–2481), on the Department of If you have comments especially on requires that records be kept 5 years Justice’s Web site at http:// the estimated public burden or from the date a transaction occurs or www.usdoj.gov/atr, and at the Office of associated response time, suggestions, until discontinuance of business or the Clerk of the United States District or need a copy of the proposed operations by the licensee. Court for the District of Columbia. information collection instrument with (5) An estimate of the total number of Copies of these materials may be instructions or additional information, respondents and the amount of time obtained from the Antitrust Division please contact William J. Miller, estimated for an average respondent to upon request and payment of the [email protected], Chief, respond: It is estimated that 2,008 copying fee set by Department of Justice Explosives Industry Programs Branch, respondents will take 15 minutes to regulations. 99 New York Ave. NE., Washington, DC maintain each record. Public comment is invited within 60 20226. (6) An estimate of the total public days of the date of this notice. Such Written comments and suggestions burden (in hours) associated with the comments, and responses thereto, will from the public and affected agencies collection: There are an estimated be published in the Federal Register concerning the proposed collection of 130,520 annual total burden hours and filed with the Court. Comments information are encouraged. Your associated with this collection. should be directed to James J. Tierney, comments should address one or more If additional information is required Chief, Networks & Technology of the following four points: contact: Jerri Murray, Department Enforcement Section, Antitrust —Evaluate whether the proposed Clearance Officer, Policy and Planning Division, United States Department of collection of information is necessary Staff, Justice Management Division, Justice, 450 Fifth Street, NW., Suite for the proper performance of the Department of Justice, Two Constitution 7100, Washington, DC 20530 (202) 307– functions of the agency, including Square, Room 2E–508, 145 N Street NE., 6640). whether the information will have Washington, DC 20530 Patricia A. Brink, practical utility; Jerri Murray, — Evaluate the accuracy of the agencies Director of Civil Enforcement. Department Clearance Officer, PRA, U.S. UNITED STATES DISTRICT COURT FOR estimate of the burden of the Department of Justice. proposed collection of information, THE DISTRICT OF COLUMBIA including the validity of the [FR Doc. 2011–33374 Filed 12–28–11; 8:45 am] UNITED STATES OF AMERICA, methodology and assumptions used; BILLING CODE 4410–FY–P Antitrust Division —Enhance the quality, utility, and U.S. Department of Justice clarity of the information to be 450 Fifth Street NW., Suite 7100 DEPARTMENT OF JUSTICE Washington, DC 20530 collected; and Plaintiff, —Minimize the burden of the collection Antitrust Division of information on those who are to v. ¨ respond, including through the use of United States v. Deutsche Bo¨ rse AG DEUTSCHE BORSE AG, appropriate automated, electronic, Mergenthalerallee 61 and NYSE Euronext; Proposed Final 65760 Eschborn mechanical, or other technological Judgment and Competitive Impact Germany collection techniques or other forms Statement and of information technology, e.g., NYSE EURONEXT, permitting electronic submission of Notice is hereby given pursuant to the Antitrust Procedures and Penalties Act, 11 Wall Street responses. New York, NY 10005 15 U.S.C. 16(b)–(h), that a proposed Summary of Information Collection Final Judgment, Stipulation and Defendants. (1) Type of Information Collection: Competitive Impact Statement have Case: 1:11–cv–02280 been filed with the United States Assigned To: Beryl A. Howard Revision of a currently approved Date: 12/22/2011 collection. District Court for the District of Description: Antitrust (2) Title of the Form/Collection: Columbia in United States of America v. Records and Supporting Data: Daily Deutsche Bo¨ rse AG and NYSE Euronext, COMPLAINT Summaries, Records of Production, Civil Action No. 1:11–cv–02280. On The United States of America, acting under Storage and Disposition and Supporting December 22, 2011, the United States the direction of the Attorney General of the Data by Explosives Manufacturers. filed a Complaint alleging that the United States, brings this civil action (3) Agency form number, if any, and proposed merger of Deutsche Bo¨rse AG pursuant to the antitrust laws of the United the applicable component of the and NYSE Euronext would violate States to enjoin the proposed merger of Deutsche Bo¨rse AG (‘‘DB’’) and NYSE Department of Justice sponsoring the Section 7 of the Clayton Act, 15 U.S.C. Euronext (‘‘NYSE’’) and to obtain such other collection: Form Number: None. Bureau 18. The proposed Final Judgment, filed equitable relief as the Court deems of Alcohol, Tobacco, Firearms and the same time as the Complaint, appropriate. The United States alleges as Explosives. requires Deutsche Bo¨rse AG’s subsidiary follows: (4) Affected public who will be asked to divest its interest in Direct Edge NATURE OF ACTION or required to respond, as well as a brief Holdings LLC within two years and to abstract: Primary: Business or other for- take the necessary steps to remove its 1. DB is among the largest operators of profit. Other: None. These records show affiliates from governance of Direct financial exchanges in the world. While most daily activities in the manufacture, use, of its businesses are in Europe, DB, through Edge. various subsidiaries, is also the largest storage, and disposition of explosive Copies of the Complaint, proposed unitholder of Direct Edge Holdings LLC materials by manufacturers. The records Final Judgment and Competitive Impact (‘‘Direct Edge’’), the fourth-largest operator of are used to show where and to whom Statement are available for inspection at stock exchanges in the United States. Direct explosive materials are sent, thereby the Department of Justice, Antitrust Edge competes head-to-head with NYSE and ensuring that any diversion will be Division, Antitrust Documents Group, is an exchange innovator, leading in VerDate Mar<15>2010 15:12 Dec 28, 2011 Jkt 226001 PO 00000 Frm 00060 Fmt 4703 Sfmt 4703 E:\FR\FM\29DEN1.SGM 29DEN1 wreier-aviles on DSK3TPTVN1PROD with NOTICES Federal Register / Vol. 76, No. 250 / Thursday, December 29, 2011 / Notices 81969 technology, pricing, and in the development Frankfurt-based Eurex Group, a leading and the current NYSE CEO will remain CEO of exchange models. European derivatives exchange operator. DB of the combined entity. 2. NYSE operates some of the oldest, has announced an agreement to buy the RELEVANT MARKETS largest, and most prestigious stock exchanges remaining equity in Eurex after DB completes in the United States. It stands at the center its merger with NYSE. Eurex owns Displayed Equities Trading Services International Securities Exchange Holdings, of American financial markets, with its 12. Displayed equities trading services Inc. (‘‘ISE’’), a leading options exchange in exchanges handling roughly a third of the comprise a relevant antitrust product market New York that also owns a 31.54% equity equities traded daily in the United States, and a ‘‘line of commerce’’ within the interest in Direct Edge. In 2010, DB’s and considerably more for certain equities meaning of Section 7 of the Clayton Act. subsidiaries earned substantial revenues from and certain times of day. NYSE exchanges These services include providing sales in the United States. list the vast majority of the listed exchange- mechanisms and ancillary services to 9. NYSE is a publicly traded Delaware traded products, including the majority of facilitate the public purchase and sale of corporation with its principal place of exchange-traded funds, and they supply key exchange-traded stocks (those defined as business located in New York, New York. market data to customers making investment ‘‘NMS stock’’ under Rule 600(b)(47) of The company operates financial exchanges in decisions. Regulation NMS, 17 C.F.R. § 200 et seq.). the United States and Europe. In the United 3. On February 15, 2011, NYSE and DB These services are offered mainly by national States, NYSE operates three stock exchanges: agreed to merge in a transaction worth stock exchanges registered under Section 6 of (i) the New York Stock Exchange LLC; (ii) roughly $9 billion. NYSE and DB propose to the Securities Exchange Act of 1934, 15 NYSE Arca, Inc., an all-electronic exchange; combine under a new Dutch holding U.S.C. § 78f, and also by electronic and (iii) NYSE Amex LLC, an exchange that company (‘‘NewCo’’), which would be the communications networks (‘‘ECNs’’) lists the stock of primarily small- and largest exchange group in the world, with regulated by Regulation ATS, 17 C.F.R. dual headquarters in Frankfurt and New medium-sized companies. NYSE generates § 242.300 et seq. York. NewCo would own 100% of NYSE and revenue from, among other things, listing 13. Several key attributes separate 31.54% of Direct Edge. fees, stock trading transaction fees, market displayed from undisplayed or ‘‘dark’’ 4. The proposed transaction would violate data licensing fees, and technology licensing equities trading services, including the Section 7 of the Clayton Act, 15 U.S.C. § 18, arrangements. In 2010, NYSE earned over $3 continuous pre-trade publication of the best- because it would substantially lessen billion in total revenues from within the priced quotations for buying and selling competition and potential competition in at United States. exchange-traded stocks in a national least three lines of commerce in the United 10.
Load more

Recommended publications
  • High-Frequency Trading and the Flash Crash: Structural Weaknesses in the Securities Markets and Proposed Regulatory Responses Ian Poirier
    Hastings Business Law Journal Volume 8 Article 5 Number 2 Summer 2012 Summer 1-1-2012 High-Frequency Trading and the Flash Crash: Structural Weaknesses in the Securities Markets and Proposed Regulatory Responses Ian Poirier Follow this and additional works at: https://repository.uchastings.edu/ hastings_business_law_journal Part of the Business Organizations Law Commons Recommended Citation Ian Poirier, High-Frequency Trading and the Flash Crash: Structural Weaknesses in the Securities Markets and Proposed Regulatory Responses, 8 Hastings Bus. L.J. 445 (2012). Available at: https://repository.uchastings.edu/hastings_business_law_journal/vol8/iss2/5 This Note is brought to you for free and open access by the Law Journals at UC Hastings Scholarship Repository. It has been accepted for inclusion in Hastings Business Law Journal by an authorized editor of UC Hastings Scholarship Repository. For more information, please contact [email protected]. High-Frequency Trading and the Flash Crash: Structural Weaknesses in the Securities Markets and Proposed Regulatory Responses Ian Poirier* I. INTRODUCTION On May 6th, 2010, a single trader in Kansas City was either lazy or sloppy in executing a large trade on the E-Mini futures market.1 Twenty minutes later, the broad U.S. securities markets were down almost a trillion dollars, losing at their lowest point more than nine percent of their value.2 Certain stocks lost nearly all of their value from just minutes before.3 Faced with the blistering pace of the decline, many market participants opted to cease trading entirely, including both human traders and High Frequency Trading (“HFT”) programs.4 This withdrawal of liquidity5 accelerated the crash, as fewer buyers were able to absorb the rapid-fire selling pressure of the HFT programs.6 Within two hours, prices were back * J.D.
    [Show full text]
  • NYSE Changing Hands: Antitrust and Attempted Acquisitions of an Erstwhile Monopoly
    A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Jeitschko, Thomas D. Working Paper NYSE changing hands: Antitrust and attempted acquisitions of an erstwhile monopoly DICE Discussion Paper, No. 105 Provided in Cooperation with: Düsseldorf Institute for Competition Economics (DICE) Suggested Citation: Jeitschko, Thomas D. (2013) : NYSE changing hands: Antitrust and attempted acquisitions of an erstwhile monopoly, DICE Discussion Paper, No. 105, ISBN 978-386-30410-4-5, Heinrich Heine University Düsseldorf, Düsseldorf Institute for Competition Economics (DICE), Düsseldorf This Version is available at: http://hdl.handle.net/10419/80726 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially Creative Commons Licences), you genannten Lizenz gewährten Nutzungsrechte. may exercise further usage rights as specified in the indicated licence. www.econstor.eu No 105 NYSE Changing Hands: Antitrust and Attempted Acquisitions of an Erstwhile Monopoly Thomas D.
    [Show full text]
  • Understanding the Market for U.S. Equity Market Data
    Understanding the Market for U.S. Equity Market Data Charles M. Jones1 August 31, 2018 1 Robert W. Lear Professor of Finance and Economics, Columbia Business School. I am solely responsible for the contents of this paper. I thank Larry Glosten, Frank Hatheway, Terry Hendershott, Stewart Mayhew, Jonathan Sokobin, and Chester Spatt for helpful discussions on these topics. I currently serve on FINRA’s Economic Advisory Committee and on Nasdaq’s Quality of Markets Committee, and I served as Visiting Economist at the New York Stock Exchange (“NYSE”) in 2002–2003. The NYSE provided financial support for this research. I. Executive Summary A stock exchange facilitates share trading, in large part by developing computer systems, rules, and processes that allow buyers and sellers to submit orders, trade with each other, and determine a market price for shares listed on those exchanges. In the current market environment, this results in a vast amount of data, which market participants of all types rely on to make investment and trading decisions. Exchanges provide some of this market data to market participants at prices that vary depending on the type of data as well as how the data is used. This paper provides an analysis of the market for equity market data in the United States. Unlike other data sources, U.S. equity market data is highly regulated by the Securities and Exchange Commission (“SEC”), and recently the SEC has been lobbied by entities arguing that exchanges charge too much. These entities have written comment letters and filed a number of proceedings with the SEC in an effort to reduce the prices of equity market data.
    [Show full text]
  • Supreme Court of the United States ———— BATS GLOBAL MARKETS, INC., ET AL., Petitioners, V
    No. 18-____ IN THE Supreme Court of the United States ———— BATS GLOBAL MARKETS, INC., ET AL., Petitioners, v. CITY OF PROVIDENCE, ET AL., Respondents. ———— On Petition for a Writ of Certiorari to the United States Court of Appeals for the Second Circuit ———— PETITION FOR A WRIT OF CERTIORARI ———— DOUGLAS W. HENKIN AARON M. STREETT BAKER BOTTS L.L.P. Counsel of Record 30 Rockefeller Plaza J. MARK LITTLE New York, NY 10012 BAKER BOTTS L.L.P. (212) 408-2500 910 Louisiana Street Houston, TX 77002 (713) 229-1234 [email protected] VINCENT M. WAGNER BAKER BOTTS L.L.P. 2001 Ross Avenue Dallas, TX 75201 (214) 953-6500 Counsel for Petitioners New York Stock Exchange LLC, NYSE Arca, Inc., and Chicago Stock Exchange, Inc. (additional counsel listed on inside cover) WILSON-EPES PRINTING CO., INC. – (202) 789-0096 – WASHINGTON, D.C. 20002 PAUL E. GREENWALT III DOUGLAS R. COX SCHIFF HARDIN LLP AMIR C. TAYRANI 233 South Wacker Drive ALEX GESCH Suite 6600 RAJIV MOHAN Chicago, IL 60606 GIBSON, DUNN & CRUTCHER (312) 258-5500 LLP 1050 Connecticut Avenue, Counsel for Petitioners N.W. Bats Global Markets, Washington, DC 20036 Inc., n/k/a Cboe Bats, (202) 955-8500 LLC and Direct Edge ECN, LLC Counsel for Petitioners NASDAQ OMX BX, Inc., n/k/a Nasdaq BX, Inc. and The Nasdaq Stock Market LLC i QUESTIONS PRESENTED In Central Bank of Denver, N.A. v. First Interstate Bank of Denver, N.A., 511 U.S. 164 (1994), this Court held that the Securities Exchange Act does not authorize private litigants to bring claims for aiding and abetting securities fraud.
    [Show full text]
  • High-Frequency Trading: Background, Concerns, and Regulatory Developments
    High-Frequency Trading: Background, Concerns, and Regulatory Developments Gary Shorter Specialist in Financial Economics Rena S. Miller Specialist in Financial Economics June 19, 2014 Congressional Research Service 7-5700 www.crs.gov R43608 High-Frequency Trading: Background, Concerns, and Regulatory Developments Summary High-frequency trading (HFT) is a broad term without a precise legal or regulatory definition. It is used to describe what many characterize as a subset of algorithmic trading that involves very rapid placement of orders, in the realm of tiny fractions of a second. Regulators have been scrutinizing HFT practices for years, but public concern about this form of trading intensified following the April 2014 publication of a book by author Michael Lewis. The Federal Bureau of Investigation (FBI), Department of Justice (DOJ), Securities and Exchange Commission (SEC), Commodity Futures Trading Commission (CFTC), the Office of the New York Attorney General, and the Massachusetts Secretary of Commerce have begun HFT-related probes. Critics of HFT have raised several concerns about its impact. One criticism relates to its generation of so-called phantom liquidity, in which market liquidity that appears to be provided by HFT may be fleeting and transient due to the posting of and then the almost immediate cancellation of trading orders. Another concern some have is that HFT firms may engage in manipulative strategies that involve the use of quote cancellations. In addition, some observers allege that HFT firms are often involved in front-running whereby the firms trade ahead of a large order to buy or sell stocks based on non-public market information about an imminent trade.
    [Show full text]
  • Implementing High Frequency Trading Regulation: a Critical Analysis of Current Reforms
    Michigan Business & Entrepreneurial Law Review Volume 6 Issue 2 2017 Implementing High Frequency Trading Regulation: A Critical Analysis of Current Reforms Michael Morelli United States Court of Appeals for the First Circuit Follow this and additional works at: https://repository.law.umich.edu/mbelr Part of the Science and Technology Law Commons, and the Securities Law Commons Recommended Citation Michael Morelli, Implementing High Frequency Trading Regulation: A Critical Analysis of Current Reforms, 6 MICH. BUS. & ENTREPRENEURIAL L. REV. 201 (2017). Available at: https://repository.law.umich.edu/mbelr/vol6/iss2/2 This Comment is brought to you for free and open access by the Journals at University of Michigan Law School Scholarship Repository. It has been accepted for inclusion in Michigan Business & Entrepreneurial Law Review by an authorized editor of University of Michigan Law School Scholarship Repository. For more information, please contact [email protected]. IMPLEMENTING HIGH FREQUENCY TRADING REGULATION: A CRITICAL ANALYSIS OF CURRENT REFORMS Michael Morelli* Technological developments in securities markets, most notably high frequency trading, have fundamentally changed the structure and nature of trading over the past fifty years. Policymakers, both domestically and abroad, now face many new challenges influencing the secondary market’s effectiveness as a generator of economic growth and stability. Faced with these rapid structural changes, many are quick to denounce high frequency trading as opportunistic and parasitic. This article, however, instead argues that while high frequency trading presents certain general risks to secon- dary market efficiency, liquidity, stability, and integrity, the practice en- compasses a wide variety of strategies, many of which can enhance, not inhibit, the secondary trading market’s core goals.
    [Show full text]
  • The Failed NYSE Euronext-Deutsche Borse Group Merger: Foreshadowing Future Consolidation of the Global Stock Exchange Market, 16 N.C
    NORTH CAROLINA BANKING INSTITUTE Volume 16 | Issue 1 Article 14 2012 The aiF led NYSE Euronext-Deutsche Borse Group Merger: Foreshadowing Future Consolidation of the Global Stock Exchange Market Christina D. Cress Follow this and additional works at: http://scholarship.law.unc.edu/ncbi Part of the Banking and Finance Law Commons Recommended Citation Christina D. Cress, The Failed NYSE Euronext-Deutsche Borse Group Merger: Foreshadowing Future Consolidation of the Global Stock Exchange Market, 16 N.C. Banking Inst. 375 (2012). Available at: http://scholarship.law.unc.edu/ncbi/vol16/iss1/14 This Notes is brought to you for free and open access by Carolina Law Scholarship Repository. It has been accepted for inclusion in North Carolina Banking Institute by an authorized administrator of Carolina Law Scholarship Repository. For more information, please contact [email protected]. The Failed NYSE Euronext-Deutsche Birse Group Merger: Foreshadowing Future Consolidation of the Global Stock Exchange Market? I. INTRODUCTION International stock exchange mergers are part of the increasing trend toward globalization in financial markets.' The proposed merger between NYSE Euronext and Deutsche Bbrse Group is representative of this trend, illustrating "a response to structural changes in the industry that is increasingly becoming global." 2 The recent announcement that Japan's two largest exchanges plan to merge is another example of similar consolidation in the industry.3 Whether an international stock exchange merger is effectuated depends heavily on the approval of various global antitrust regulators.4 Notwithstanding this fact, global exchanges are pursuing mergers not only for the competitive advantage but also to maintain market share in the global financial market.
    [Show full text]
  • To View the Complete White Paper, Please Click Here
    US Equities Managing Market Structure Risk: Flash Back Sayena Mostowfi | V13:044 | October 2015 | www.tabbgroup.com US Equity Market Structure Risk: Flash Back | October 2015 Vision It has been five years since the Flash Crash. The industry has implemented a number of market structure changes, but there is still more to do. While industry regulators and participants have put in place some effective safeguards, there remain a number of gaps. Many of these gaps can be addressed through uniformity across safeguard rules (e.g., reference price calculations) and exchange functionalities (e.g., risk monitoring/detection, kill switches, etc.), while other gaps would benefit from consolidation and integration of existing tools (e.g., DTCC consolidated limit monitor and exchange kill switches). In order for the aforementioned uniformity and consolidation to be feasible, however, there needs to be further reconciliation and mapping of market participant IDs and trade and clearing files across all venues. None of these measures, though, would be optimized without regular industry-wide testing and established communication protocols enabling market participants to strengthen operational muscle memory of disaster recovery procedures across asset classes. In this paper, we will review the regulatory changes and areas for improvement summarized below. Exhibit 1 Summary of Potential Areas for Improvement Topics Areas for Improvement Page 1 Market-wide (1) Review S&P 500 Index calculations (utilizes primary prints only) at the open 14 Circuit Breakers and its impact on potential market-wide circuit breakers. 2 Limit Up/Limit (2) Review and harmonize “reference price” calculations between Clearly 16 Down (LULD) Erroneous Rule and LULD.
    [Show full text]
  • SIFMA Insights: US Equity Market Structure Primer
    SIFMA Insights: US Equity Market Structure Primer July 2018 Executive Summary Contents Executive Summary ................................................................................................................................................................................... 4 Drivers of Market Volumes ......................................................................................................................................................................... 6 Historical Volumes ...................................................................................................................................................................................... 7 Market Volumes and the Relationship to the VIX ....................................................................................................................................... 9 Realized versus Implied Volatility ............................................................................................................................................................. 10 VIX and the Fed Funds Rate .................................................................................................................................................................... 11 Evolution of the Market Landscape .......................................................................................................................................................... 12 Markets Were Previously Dominated by a Few .......................................................................................................................................
    [Show full text]
  • Why High-Frequency Trading Is Not a Flash in the Dark Anthony B
    Journal of International Business and Law Volume 16 | Issue 2 Article 11 3-1-2017 A Guiding Light to a More Efficient Market: Why High-Frequency Trading is Not a Flash in the Dark Anthony B. Benvegna Maurice A. Deane School of Law at Hofstra University Follow this and additional works at: http://scholarlycommons.law.hofstra.edu/jibl Part of the Law Commons Recommended Citation Benvegna, Anthony B. (2017) "A Guiding Light to a More Efficient Market: Why High-Frequency Trading is Not a Flash in the Dark," Journal of International Business and Law: Vol. 16 : Iss. 2 , Article 11. Available at: http://scholarlycommons.law.hofstra.edu/jibl/vol16/iss2/11 This Notes & Student Works is brought to you for free and open access by Scholarly Commons at Hofstra Law. It has been accepted for inclusion in Journal of International Business and Law by an authorized editor of Scholarly Commons at Hofstra Law. For more information, please contact [email protected]. Benvegna: A Guiding Light to a More Efficient Market: Why High-Frequency Tr A GUIDING LIGHT TO A MORE EFFICIENT MARKET: WHY HIGH-FREQUENCY TRADING IS NOT A FLASH IN THE DARK By Anthony B. Benvegna I. INTRODUCTION As evidenced throughout history, the insatiable desire for cutting edge technology, compounded by the ideals indoctrinated into a capitalist society, propel a near continuous stream of evolving technology.' These technological advancements have played more than a minor role in shaping the securities industry. Most recently, computers and their dominant rise to power forever changed the securities industry, effectively ending the days of the open- outcry.
    [Show full text]
  • NYSE Changing Hands: Antitrust and Attempted Acquisitions of an Erstwhile Monopoly
    No 105 NYSE Changing Hands: Antitrust and Attempted Acquisitions of an Erstwhile Monopoly Thomas D. Jeitschko August 2013 IMPRINT DICE DISCUSSION PAPER Published by düsseldorf university press (dup) on behalf of Heinrich‐Heine‐Universität Düsseldorf, Faculty of Economics, Düsseldorf Institute for Competition Economics (DICE), Universitätsstraße 1, 40225 Düsseldorf, Germany www.dice.hhu.de Editor: Prof. Dr. Hans‐Theo Normann Düsseldorf Institute for Competition Economics (DICE) Phone: +49(0) 211‐81‐15125, e‐mail: [email protected] DICE DISCUSSION PAPER All rights reserved. Düsseldorf, Germany, 2013 ISSN 2190‐9938 (online) – ISBN 978‐3‐86304‐104‐5 The working papers published in the Series constitute work in progress circulated to stimulate discussion and critical comments. Views expressed represent exclusively the authors’ own opinions and do not necessarily reflect those of the editor. NYSE Changing Hands: Antitrust and Attempted Acquisitions of an Erstwhile Monopoly* Thomas D. Jeitschko Department of Economics Marshall-Adams Hall 486 W. Circle Drive Michigan State University East Lansing, MI 48824 Tel.: +517 355 8302 Fax.: +517 432 1068 E-mail: [email protected] August 2013 Abstract: The Intercontinental Exchange’s current attempted acquisition of NYSE-Euronext is the third takeover proposal in as many years. In this article the two previous attempts are reviewed and lessons are drawn from an antitrust and competition policy perspective concerning the evolving competitive landscape of exchanges. Keywords: NYSE-Euronext, Deutsche Börse, Nasdaq, Intercontinental Exchange, Direct Edge, BATS Global Markets, Stock Exchanges, Derivatives Markets, Mergers, Acquisitions, Antitrust, US Department of Justice, European Competition Commission, DGComp, SEC. * Larry White gave some much appreciated feedback on an earlier draft.
    [Show full text]
  • BST DI Cover
    Next January 2012 Business Innovation Powered By Technology PLUS: The NYSE Invades Tokyo p.4 Competition Heats Up in Brazil As E-Trading Sizzles p.5 Interactive Map: Connecting The Liquidity Center Dots p.12 The Best Way to Regulate High-Frequency Trading p.14 Liquidity Centers Are Beginning to Look a lot Like Utility Centers p.18 In search of new revenue sources, the major exchanges are building out their own liquidity centers to offer capital markets firms a range of technology and services. p.7 Table of Contents p.2 Previous Next contents January 2012 COVER STORY 7 The New Profit Center In their search for new revenue sources, exchanges are building out liquidity centers that offer a full range of technology and services. PLUS: 12 Shifting Liquidity Flexible, Scalable, Neutral. Most equities trades on Wall Street actually flow Savvis Markets Infrastructure, Making Markets Work. through data centers in Northern New Jersey. WS&T maps the most prominent destinations. Leading financial services organizations across the globe rely on Savvis Markets Infrastructure as the foundation for their trading and IT solutions. • Savvis’ NJ2 data center in Weehawken, NJ hosts one of the top three consultant Wayne Arden UPFRONT 5 Brazil Still Sizzles US equity exchanges and six US equity dark pools, including three of 4 The NYSE Direct Edge plans to launch acknowledges. But strong the top five, representing 45% of average unlit daily volume Is Tokyo Bound an electronic trading competition may provide • The matching engines of three major global FX venues are located With the unveiling of its platform in Brazil, arguably the best market protection.
    [Show full text]