Open outcry or electronic: it’s the market’s choice

James Newsome

Revue d'Économie Financière, 2006, vol. 82, issue 1, 133-137

Abstract: [eng] The European stock and commodity exchanges are nearly all electronic. Electronic trading also accounts for most of the volume on the Chicago exchanges. A closer look however, shows that a market traded through numerous widely dispersed computer screens is not necessarily more efficient or more liquid, particularly in the longer-dated months, than an open outcry market that requires substantial physical space, a cadre of highly skilled traders, and a large and highly skilled support staff employed by both the firms represented on the floor as well as the exchange itself. The experience at NYMEX shows that there is a place for both open outcry and electronic trading. . JEL classification : G14, G15, G18

Date: 2006
Note: DOI:10.3406/ecofi.2006.4444
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