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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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