Think Tank Study Finds NASDAQ Better Than NYSE for Investors Open-Access and Technology Give NASDAQ Competitive Advantages
Think Tank Study Finds NASDAQ Better Than NYSE for Investors
Open-Access and Technology Give NASDAQ Competitive Advantages
WASHINGTON (PRWEB) April 19, 2005
The unique control of specialists over the New York Stock ExchangeÂ?s floor-based trading system has made it less competitive in relation to the NASDAQ system, according to Â?Costs for Investors of Trading on the NYSE and NASDAQ,Â? released today by the Pacific Research Institute (PRI).
The study, authored by former Under Secretary of Commerce for Economic Affairs Dr. Robert Shapiro, finds that the NASDAQÂ?s open-access, competitive system for market makers enables investors to buy and sell stocks less expensively and more quickly than the non-competitive specialist system of the NYSE. The study also found that the NYSE specialistsÂ? unique control over trading contributed to recent, wide-scale trading violations that increased the specialistsÂ? profits at the expense of investors. The NYSE also charges its listed companies significantly higher fees than the NASDAQ.
Â?We found that the Big Board is making big profits at the expense of its listed companies and investors,Â? says Dr. Lawrence J. McQuillan, director of business and economic studies at PRI. Â?The NYSE should not waste a moment to scrutinize the costs imposed upon investors by human control over stock trades.Â?
Earlier this year, the NYSE specialist firms paid $ 89 million in civil penalties for their violations against investors and of NYSE regulations. Specialist firms were also forced to disgorge nearly $ 160 million in improperly earned profits, the study shows.
Among the studyÂ?s other findings:
· At $ 500,000 per year, the NYSE annual fees can be as much as 733 percent higher than NASDAQ�s, which charges a maximum of $ 60,000 per year.
· Data on average effective spreads show that the NASDAQ gives investors the ability to trade immediately at substantially less cost in stocks of large-cap firms of any price, most mid-cap firms, and less expensive small-cap firms.
· Analysis of all market orders in large-cap stocks, weighted for the number of shares traded, found such trades on the NASDAQ executed in about half the time as on the NYSE.
The study also reveals that while larger firms have favored the NYSE, the NASDAQÂ?s advantages are greatest in trades involving large companies, while the NYSE retains some advantages in trades involving small companies. The market should take heed.
PRI is a non-profit think tank that champions freedom, opportunity, and personal responsibility by advancing free-market policy solutions.
Contact: Susan Martin
Tel: 415.955.6120
###
©Copyright 1997-
, Vocus PRW Holdings, LLC.
Vocus, PRWeb, and Publicity Wire are trademarks or registered trademarks of Vocus, Inc. or Vocus PRW Holdings, LLC.
Think Tank Study Finds NASDAQ Better Than NYSE for Investors Open-Access and Technology Give NASDAQ Competitive Advantages
Think Tank Study Finds NASDAQ Better Than NYSE for Investors
Open-Access and Technology Give NASDAQ Competitive Advantages
WASHINGTON (PRWEB) April 19, 2005
The unique control of specialists over the New York Stock ExchangeÂ?s floor-based trading system has made it less competitive in relation to the NASDAQ system, according to Â?Costs for Investors of Trading on the NYSE and NASDAQ,Â? released today by the Pacific Research Institute (PRI).
The study, authored by former Under Secretary of Commerce for Economic Affairs Dr. Robert Shapiro, finds that the NASDAQÂ?s open-access, competitive system for market makers enables investors to buy and sell stocks less expensively and more quickly than the non-competitive specialist system of the NYSE. The study also found that the NYSE specialistsÂ? unique control over trading contributed to recent, wide-scale trading violations that increased the specialistsÂ? profits at the expense of investors. The NYSE also charges its listed companies significantly higher fees than the NASDAQ.
Â?We found that the Big Board is making big profits at the expense of its listed companies and investors,Â? says Dr. Lawrence J. McQuillan, director of business and economic studies at PRI. Â?The NYSE should not waste a moment to scrutinize the costs imposed upon investors by human control over stock trades.Â?
Earlier this year, the NYSE specialist firms paid $ 89 million in civil penalties for their violations against investors and of NYSE regulations. Specialist firms were also forced to disgorge nearly $ 160 million in improperly earned profits, the study shows.
Among the studyÂ?s other findings:
· At $ 500,000 per year, the NYSE annual fees can be as much as 733 percent higher than NASDAQ�s, which charges a maximum of $ 60,000 per year.
· Data on average effective spreads show that the NASDAQ gives investors the ability to trade immediately at substantially less cost in stocks of large-cap firms of any price, most mid-cap firms, and less expensive small-cap firms.
· Analysis of all market orders in large-cap stocks, weighted for the number of shares traded, found such trades on the NASDAQ executed in about half the time as on the NYSE.
The study also reveals that while larger firms have favored the NYSE, the NASDAQÂ?s advantages are greatest in trades involving large companies, while the NYSE retains some advantages in trades involving small companies. The market should take heed.
PRI is a non-profit think tank that champions freedom, opportunity, and personal responsibility by advancing free-market policy solutions.
Contact: Susan Martin
Tel: 415.955.6120
###
©Copyright 1997-
, Vocus PRW Holdings, LLC.
Vocus, PRWeb, and Publicity Wire are trademarks or registered trademarks of Vocus, Inc. or Vocus PRW Holdings, LLC.
Business Wire, NYSE Enter into an Affinity Marketing Partnership That Provides Corporate Issuers with Special Benefits
Business Wire, NYSE Enter into an Affinity Marketing Partnership That Provides Corporate Issuers with Special Benefits
NEW YORK (PRWEB) May 3, 2007
The marketing arrangement provides all NYSE issuers with a special Business Wire membership package that includes complimentary EDGAR regulatory filings, incentive pricing on select products and services, and co-sponsored educational conferences and webinars on topical investor relations themes.
“Business Wire is proud to align itself with the world’s largest and premier financial market,” said Cathy Baron Tamraz, president and CEO. “As markets consolidate and companies reach out to the international investor community, Business Wire is well positioned to work with NYSE-listed companies on a global basis and provide a full range of IR services.”
Business Wire is a wholly owned subsidiary of Berkshire Hathaway (Fortune 12), a NYSE-listed company.
About Business Wire
Business Wire, a Berkshire Hathaway company, is utilized by thousands of member companies and organizations to transmit their full-text news releases, regulatory filings, photos and other multimedia content to journalists, news media, trade publications, institutional and individual investors, financial information services, regulatory authorities, Internet portals, information web sites, business-to-business decision-makers and consumers worldwide. With a news distribution network spanning 150 countries and 45 languages, Business Wire’s multi-channel delivery network has access to some 60 international and national news agency networks throughout the Americas, Europe, Asia, the Middle East and Africa.
The Business Wire news network is powered by its patented NX high-speed data platform and supports XML, XHTML and XBRL code to deliver the most sophisticated news file to enhance news release interactivity, customization and search engine optimization. Business Wire has 30 bureaus in cities including New York, San Francisco, Los Angeles, Chicago, Boston, Miami, Paris, Frankfurt, London, Brussels, Tokyo and Sydney with reciprocal offices throughout the world. Business Wire was founded in 1961 by Chairman Lorry I. Lokey, veteran journalist and public relations executive. Cathy Baron Tamraz is president and CEO.
About NYSE Euronext
NYSE Euronext, a holding company created by the combination of NYSE Group, Inc. and Euronext N.V., commenced trading on April 4, 2007. NYSE Euronext (NYSE/New York and Euronext/Paris: NYX) operates the world’s largest and most liquid exchange group and offers the most diverse array of trading products and services. NYSE Euronext, which brings together six cash equities exchanges in five countries and six derivatives exchanges, is a world leader for listings, trading in cash equities, equity and interest rate derivatives, bonds and the distribution of market data. Representing a combined $ 28.5 trillion/EUR 21.5 trillion total market capitalization of listed companies and average daily trading value of approximately $ 118.8 billion/EUR 89.9 billion (as of February 28, 2007), NYSE Euronext seeks to provide the highest standards of market quality and integrity, innovative products and services to investors, issuers, and all users of its markets.
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements concerning NYSE Euronext’s plans, objectives, expectations and intentions and other statements that are not historical or current facts. Forward-looking statements are based on NYSE Euronext’s current expectations and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such forward-looking statements. Factors that could cause NYSE Euronext’s results to differ materially from current expectations include, but are not limited to: NYSE Euronext’s ability to implement its strategic initiatives, economic, political and market conditions and fluctuations, government and industry regulation, interest rate risk and U.S. and global competition, and other factors detailed in NYSE Euronext’s Registration Statement on Form S-4 (File No. 333-137506), NYSE Euronext Registration Statement (document de base) filed with the French Autorite des Marches Financiers (Registered on November 30, 2006 under No. 06-0184), Annual Report on Form 10-K and other periodic reports filed with the U.S. Securities and Exchange Commission or the French Autorite des Marches Financiers. In addition, these statements are based on a number of assumptions that are subject to change. Accordingly, actual results may be materially higher or lower than those projected. The inclusion of such projections herein should not be regarded as a representation by NYSE Euronext that the projections will prove to be correct. This press release speaks only as of this date. NYSE Euronext disclaims any duty to update the information herein.
Attachments
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, Vocus PRW Holdings, LLC.
Vocus, PRWeb, and Publicity Wire are trademarks or registered trademarks of Vocus, Inc. or Vocus PRW Holdings, LLC.
Find More NYSE Press Releases
Business Wire, NYSE Enter into an Affinity Marketing Partnership That Provides Corporate Issuers with Special Benefits
Business Wire, NYSE Enter into an Affinity Marketing Partnership That Provides Corporate Issuers with Special Benefits
NEW YORK (PRWEB) May 3, 2007
The marketing arrangement provides all NYSE issuers with a special Business Wire membership package that includes complimentary EDGAR regulatory filings, incentive pricing on select products and services, and co-sponsored educational conferences and webinars on topical investor relations themes.
“Business Wire is proud to align itself with the world’s largest and premier financial market,” said Cathy Baron Tamraz, president and CEO. “As markets consolidate and companies reach out to the international investor community, Business Wire is well positioned to work with NYSE-listed companies on a global basis and provide a full range of IR services.”
Business Wire is a wholly owned subsidiary of Berkshire Hathaway (Fortune 12), a NYSE-listed company.
About Business Wire
Business Wire, a Berkshire Hathaway company, is utilized by thousands of member companies and organizations to transmit their full-text news releases, regulatory filings, photos and other multimedia content to journalists, news media, trade publications, institutional and individual investors, financial information services, regulatory authorities, Internet portals, information web sites, business-to-business decision-makers and consumers worldwide. With a news distribution network spanning 150 countries and 45 languages, Business Wire’s multi-channel delivery network has access to some 60 international and national news agency networks throughout the Americas, Europe, Asia, the Middle East and Africa.
The Business Wire news network is powered by its patented NX high-speed data platform and supports XML, XHTML and XBRL code to deliver the most sophisticated news file to enhance news release interactivity, customization and search engine optimization. Business Wire has 30 bureaus in cities including New York, San Francisco, Los Angeles, Chicago, Boston, Miami, Paris, Frankfurt, London, Brussels, Tokyo and Sydney with reciprocal offices throughout the world. Business Wire was founded in 1961 by Chairman Lorry I. Lokey, veteran journalist and public relations executive. Cathy Baron Tamraz is president and CEO.
About NYSE Euronext
NYSE Euronext, a holding company created by the combination of NYSE Group, Inc. and Euronext N.V., commenced trading on April 4, 2007. NYSE Euronext (NYSE/New York and Euronext/Paris: NYX) operates the world’s largest and most liquid exchange group and offers the most diverse array of trading products and services. NYSE Euronext, which brings together six cash equities exchanges in five countries and six derivatives exchanges, is a world leader for listings, trading in cash equities, equity and interest rate derivatives, bonds and the distribution of market data. Representing a combined $ 28.5 trillion/EUR 21.5 trillion total market capitalization of listed companies and average daily trading value of approximately $ 118.8 billion/EUR 89.9 billion (as of February 28, 2007), NYSE Euronext seeks to provide the highest standards of market quality and integrity, innovative products and services to investors, issuers, and all users of its markets.
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements concerning NYSE Euronext’s plans, objectives, expectations and intentions and other statements that are not historical or current facts. Forward-looking statements are based on NYSE Euronext’s current expectations and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such forward-looking statements. Factors that could cause NYSE Euronext’s results to differ materially from current expectations include, but are not limited to: NYSE Euronext’s ability to implement its strategic initiatives, economic, political and market conditions and fluctuations, government and industry regulation, interest rate risk and U.S. and global competition, and other factors detailed in NYSE Euronext’s Registration Statement on Form S-4 (File No. 333-137506), NYSE Euronext Registration Statement (document de base) filed with the French Autorite des Marches Financiers (Registered on November 30, 2006 under No. 06-0184), Annual Report on Form 10-K and other periodic reports filed with the U.S. Securities and Exchange Commission or the French Autorite des Marches Financiers. In addition, these statements are based on a number of assumptions that are subject to change. Accordingly, actual results may be materially higher or lower than those projected. The inclusion of such projections herein should not be regarded as a representation by NYSE Euronext that the projections will prove to be correct. This press release speaks only as of this date. NYSE Euronext disclaims any duty to update the information herein.
Attachments
©Copyright 1997-
, Vocus PRW Holdings, LLC.
Vocus, PRWeb, and Publicity Wire are trademarks or registered trademarks of Vocus, Inc. or Vocus PRW Holdings, LLC.
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NYSE Euronext Manages Exponential Data Growth in U.S. with Greenplum
NYSE Euronext Manages Exponential Data Growth in U.S. with Greenplum
San Mateo, CA (PRWEB) December 18, 2008
Greenplum, a leading provider of database software for the next generation of data warehousing and analytics, today announced that NYSE Euronext has selected Greenplum Database in the U.S. to process data produced by the NYSE Euronext U.S. exchanges on a daily basis. NYSE Euronext relies on Greenplum technology in the U.S. to enable strategic reporting and other business intelligence applications.
NYSE Euronext is one of the largest data producers in the financial marketplace. For example, the data volumes of NYSE Arca Options more than doubled in 2008. With algorithmic trading driving unpredented data warehousing, compliance, and analytical requirements, NYSE Euronext selected Greenplum to support its critical system performance analysis application in the U.S. Greenplum Database is a high-performance, massively parallel database built for large-scale data environments. Greenplum provides NYSE Euronext with linear scalability and the ability to easily add data warehouse capacity in small or large increments, avoiding costly appliance or server upgrades. Greenplum can be easily deployed across hundreds of low-cost commodity servers, making it possible to grow compute and storage capacity efficiently.
“Greenplum’s ability to support petabyte-scale databases on completely general-purpose hardware is a powerful and unique capability in the market today,” said Steve Hirsch, Chief Data Officer, NYSE Euronext. “Greenplum’s performance and scalability is enabling us to develop next-generation analytic applications that will deliver new innovations to the U.S. exchange marketplace. The ability to process massive amounts of information on a near real-time basis has greatly increased the value of data managed by NYSE Euronext in the U.S.”
“Data volumes generated by the financial world are growing at an exponential rate, and one of the primary differentiators for Greenplum was our ability to deliver a solution that met NYSE Euronext’s needs today and in the future in the U.S. We are confident that the solution we’ve developed for NYSE Euronext will scale as the organization contends with ever-expanding data volumes in the U.S.,” said Bill Cook, CEO of Greenplum.
About NYSE Euronext:
NYSE Euronext (NYX) is the world’s leading, most liquid and diverse exchange group. It offers a broad and growing array of financial products and services in cash equities, futures, options, exchange-traded products, bonds, market data, and commercial technology solutions, all designed to meet the evolving needs of issuers, investors and financial institutions. Spanning multiple asset classes and six countries, NYSE Euronext’s exchanges include the New York Stock Exchange, Liffe, Euronext and NYSE Arca. With more than 6,500 listed issues, more than any other exchange group, trading on NYSE Euronext’s equity markets represents more than one-third of the world’s cash equities volume. NYSE Euronext also manages the leading European derivatives exchange by value of trading. NYSE Euronext is part of the S&P 500 index and the only exchange operator in the S&P 100 index. For more information, please visit http://www.nyx.com.
About Greenplum:
Greenplum is a data infrastructure company that is reinventing how companies gain insight and competitive advantage from their data. The company’s flagship product, Greenplum Database, is built to support the next generation of data warehousing and large-scale analytics processing. Supporting SQL and MapReduce parallel processing, Greenplum Database offers industry-leading performance at a low cost for companies managing terabytes to petabytes of data. Greenplum Database is used by major global organizations including Nasdaq, NYSE Euronext, Reliance Communications, Skype and Fox Interactive Media/MySpace. Greenplum partners with Sun Microsystems to power the Sun Data Warehouse Appliance. For more information visit http://www.greenplum.com.
###
©Copyright 1997-
, Vocus PRW Holdings, LLC.
Vocus, PRWeb, and Publicity Wire are trademarks or registered trademarks of Vocus, Inc. or Vocus PRW Holdings, LLC.