Nasdaq and NYSE case/Stock markets
market consolidation since 2000
NYSE grew ****ing larger and ****ing acquired Amex and Nasdaq barely ****ing grew in ****ing comparison
difference between nasdaq and nyse
nasdaq is otc, and super decentralized, electronic nyse is exchange, centralized, face to face -nyse has a specialist, yay. (nyse is not as fast)
criticisms of specialist system
they can put their orders in before customers put their orders in. much slower than electronic trading very costly, ya know - ya gotta pay yo peeps
specialists and what they do
they have four roles 1. agent - execute market orders 2. dealers - trade on their own account to get gross spread 3. catalysts - bring buyers and sellers together 4. auctioneers - quote current bid ask prices that reflect supply and demand of the stocks
