A Trading Desk View of Market Quality by Schwartz R.A., Byrne J.A., Colaninno A.

By Schwartz R.A., Byrne J.A., Colaninno A.

This ebook is predicated at the court cases of a one-day convention on marketplace caliber, held on the Zicklin university of industrial on April 30, 2002. a few of the questions addressed during this publication are: How should still industry caliber be outlined, measured, monitored and more advantageous? what's the facts concerning the present kingdom of our markets? How powerful have fresh strategies been? How will we higher meet our investor wishes?

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KRELL: Tom, any comments? 42 A Trading Desk’s View of Market Quality CARDELLO: I think that volatility, per se, is neither good nor bad. What matters is the costs involved in transacting. You can have two markets that each have a measurable volatility of 40%, and bid-ask spreads of equivalent magnitude. What matters is whether you can actually execute in reasonable size on the bid and offer that is displayed in that market. If I can only trade 200 shares at any one time in one of the markets, and in the other I can trade 100,000 shares at any one time, the second market is going to be much more conducive, not only to higher volumes, but to more orderly markets.

Also important is the quality of the participants and the quality of the market makers. We can provide a significant amount of capital. Consequently, the market impact suffered by customers and clients is far less when they come to the electronic market than to an open outcry market. Because of that, we are noticing that our profitability, our market share, and our market volumes are continuing to go up. They are going up by virtue of us providing better markets. I hope that answers your question.

Does not matter. When the dust settles on market structure, we will see that the small-cap market is not of the same quality as the mid-cap or the blue chip markets. That will, obviously, always be the 15 Luca Fillipa is Head of Research & Market Analysis at the Borsa Italiana. Chapter 1: Recent Evidence on Market Quality 33 case because of the nature of the beast. On the other hand, I personally feel that market structure can be improved across the board. BENNETT: We have time for one more question.

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