Summit Notebook

Lamenting the good ol’ days

May 13, 2009

    The sprouting of privately-held alternative trading venues has seriously mucked up the trading landscapes in the United States and elsewhere, or so says Thomas Caldwell, chairman and chief executive of Caldwell Financial.
    Caldwell, founder of a major exchange investment firm, sees a world that has quickly evolved into one of nimble, electronic players coupled with more and more trading venues with the proliferation of alternative trading systems, or ATSs.
    (They’re also called electronic communications networks (ECNs) in the United States and multilateral trading facilities (MTFs) in Europe).
    These new venues, which can include the ominously-named dark pools, or alternative venues, where they can secretly match buy and sell orders, leads to, among other things, “deeply flawed” pricing for market participants, in Caldwell’s view.
    The idea of bank-backed stock trading venues is also suspect, says Caldwell.
    “Publicly-owned exchanges, open and visible trading, an auction market environment,” he said during the Reuters Exchanges and Trading Summit in New York.
    “These are centerpieces if you really want an economy to grow and you want to encourage entrepreneurs with access to capital. The more we get into gamesmanship and side products and all this other stuff it depletes from this.”
    (Posted by Jennifer Kwan)

NYSE if Grasso were in charge? Bankrupt, says Liquidnet CEO

May 11, 2009

The emergence of off exchange stock trading in the United States in the past 10 years has eaten away at the market share of the New York Stock Exchange and Nasdaq by breaking their duopoly.

Any questions for the MTA?

May 6, 2009

With New York subway riders and motorists bracing for the second round of fare and toll hikes this year, we imagine some of you may have questions for Lee Sander. The chief executive of the Metropolitan Transportation Authority, the nation’s biggest public transit system, speaks at the Reuters Infrastructure Summit early Thursday. Post your questions for Sander below. Our MTA-commuting reporters will add a selection of them to their own long list and publish the answers on this blog.

Audio – And then there were two?

March 2, 2009

Priceline.com CEO Jeff Boyd told the Reuters Travel and Leisure Summit in New York that he thinks that at least two out of the four players in the online travel sector – Priceline, Orbitz, Travelocity and Expedia – could be in a position for either an IPO or a sale once the economy turns up.

Audio – The waiting is the hardest part

June 24, 2008

holliday1.jpgFor Marc Holliday, chief executive of SL Green Realty Group and Gramercy Capital Corp, the Tom Petty lyrics ring especially true.

Feldstein: NYC housing market “priced in euros and pesos”

June 11, 2008

feldstein.jpg  Asked if weakness in the New York real estate market – which has been fairly resilient so far – could signal a bottom for the battered U.S. housing market, the head of the influential National Bureau of Economic Research said :