Introduction to the conference on the profitability of NYSE specialists.

We should make the Nasdaq a true stock exchange, regulated by the NASD, and stop letting the NYSE regulate itself.

In the new world, two large-volume exchanges will go toe to toe competing for business, and the specialists will be gradually replaced by transparent computers.

At an AEI conference last June, Professor Kenneth M. Lehn and his colleagues presented a ground-breaking paper that compared the effect of market stress—when the markets receive new positive or negative information—on the bid-ask spreads in the NYSE, NASDAQ, and the electronic communications networks (ECNs). The June paper indicated that...

Recent news reports about the compensation of New York Stock Exchange chairman Richard Grasso have focused unusual attention on questions of governance and the absence of market discipline at the NYSE. Because the NYSE is owned and operated by its members and enjoys special government benefits that limit competition...

The new governance structure at theNew York Stock Exchangeshould result in a more engaged board of directors, nimbler decision-making, and more effective regulation of trading practices.

Online registration for this event is closed. Walk-in registration will be accepted.

Few investors know that when they ask their broker for a current price of a New York Stock Exchange (NYSE) or NASDAQ stock, the broker is paying for this data and that the revenue from the sale...

The SEC should abandon its effort to impose a trade-through rule. Instead, the SEC should approve the NYSE's so-called hybrid plan, which will enhance competition among market centers.