Magazine article Management Review

The Market Never Sleeps

Magazine article Management Review

The Market Never Sleeps

Article excerpt

We all know that computerization has changed the way the stock market does business and that program trading has been named a party to the October 1987 crash. Earlier this fall, the New York Stock Exchange approved the first steps of a plan to establish a 24-hour trading system within the decade.

The world we foresee is one where orders ... move in milliseconds, from pools of capital wherever they may be, to the best market wherever it may be," J. Pearce Bunting, president and CEO of the Toronto Stock Exchange, told Management Review earlier this year (January, page 64).

Propelled by EC 92 initiatives, some financial planners are working toward European market linkage. The London exchange, already the largest in Europe, has changed its name to the "International Stock Exchange" and has proposed that it house a Europe-wide wholesale market. Continental Europeans who are not ready to cede market dominance to the City--and therefore do not favor this plan--would do well to listen to Toronto's Bunting:

We stopped thinking of ourselves as the dominant exchange in Canada, and started thinking of our far-from-dominant global role, even in the trading of Canadian securities," he said. The Toronto exchange has reevaluated its goals and now is moving to be the market where investors will trade Canadian stocks, no matter where that investor is located. …

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