Short description:

The NASDAQ Stock Market has been reengineered in recent years from a competitive dealer market to a modern hybrid. The broader NASDAQ marketplace, including Electronic Communication Networks (ECNs) and Alternative Trading Systems (ATSs), has also experienced substantial growth and development. This conference, hosted by the Zicklin School of Business, brought together leading buy-side and sell-side participants and NASDAQ executives to put these changes into sharper focus. The resulting book assesses both the current market structure and the direction of the new NASDAQ marketplace.

The Zicklin School of Business Financial Markets Series presents the insights emerging from a sequence of conferences hosted by the Zicklin School at Baruch College for industry professionals, regulators, and scholars. Much more than historical documents, the transcripts from the conferences are edited for clarity, perspective and context; material and comments from subsequent interviews with the panelists and speakers are integrated for a complete thematic presentation. Each book is focused on a well delineated topic, but all deliver broader insights into the quality and efficiency of the U.S. equity markets and the dynamic forces changing them.

Long description:

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

Table of Contents:

Reengineering a Marketplace.- Keynote Address, Gerald Putnam.- Recent Developments at Nasdaq.- The Nasdaq Marketplace.- Reflections from the Sell-Side.- Reflections from the Buy-Side.- Dialog with Robert Greifeld.- Nasdaq?s Electronic Closing Cross: An Empirical Analysis.- Nasdaq?s Closing Cross: Has Its New Call Auction Given Nasdaq Better Closing Prices? Early Findings.