Seminar: Timely Topics for Today’s Business World Mr. Bernstein Exchanges in Today’s Market December 2012.

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Seminar: Timely Topics for Today’s Business World Mr. Bernstein Exchanges in Today’s Market December 2012

Seminar: Timely Topics for Today’s Business World Mr. Bernstein Exchanges Today Reg NMS led to market fragmentation The centralized marketplace, dominated by the New York Stock Exchange, disappeared. Exchanges now are for-profit businesses providing a service and competing for order flow Investor demand led to dark pools as well as traditional venues Fragmentation led to Smart Order Routing, which attempts to re-consolidate markets for the end user High Frequency Traders attempt to capitalize on superior trading technology to earn profits By many estimates, HFT composes over half of all trading activity today Regulators understand: More liquidity = less risk = lower frictional trading costs = more efficient allocation of scarce capital = higher standards of living Regulators understand: Reputation for fairness increases interest and liquidity 2

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4 Sample Smart Order Routing How does a trader achieve best execution and preserve capital?