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33 J. Corp. L. 865 (2007-2008)
For Whom the Bell Tolls: The Demise of Exchange Trading Floors and the Growth of ECNs

handle is hein.journals/jcorl33 and id is 873 raw text is: For Whom the Bell Tolls: The Demise of Exchange Trading
Floors and the Growth of ECNs
Jerry W. Markham* and Daniel J. Harty**
I. INTRODUCTION                 ........................................................................................................... 866
II. EXCHANGE               TRADING-             SOME        HISTORY           .................................................................... 867
A. Development of Stock Exchange Trading in the United States ............................ 867
B.    D   evelopment of             Futures         Trading        on    Exchange           Floors        ....................................... 871
C.    The     Regulatory           Era     ............................................................................................. 874
D. M     arket Convergence ............................................................................................ 880
E. The       Role      of   the   Exchange ..................................................................................... 882
III. ELECTRONIC                TRADING           ARRIVES ............................................................................... 887
A. Automation               Arrives       in   the    Futures        Industry        ......................................................... 887
B. Automation              Arrives        in   the    Securities         Industry        ...................................................... 897
C. Scandals ............................................................................................................... 900
D. The        ECNs Arrive .................................................................................................. 902
E. Nasdaq           and     N   YSE     Responses ............................................................................... 907
IV. REGULATING                  THE     ECNS        .......................................................................................... 911
A. Securities Industry                  ................................................................................................ 911
B. Derivatives Industry                     ............................................................................................. 914
V. REGULATORY                   CHALLENGES-                  POST      TRADING           FLOOR .............................................. 916
A. Derivative             M   arkets ............................................................................................... 916
B. Securities M             arkets ................................................................................................ 924
C. Regulatory              Challenges ......................................................................................... 927
D. ECNs: Pros                and     Cons .......................................................................................... 930
E. Financial M              arket Fees          ......................................................................................... 933
F. Effects         on   Regulators ............................................................................................ 937
VI. CONCLUSION                  ............................................................................................................ 939

* Professor of Law, Florida International University School of Law at Miami.
** General Counsel and Director of Compliance, Iowa Grain Company.

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