@article {Schwartz22, author = {Robert A. Schwartz and John Aidan Byrne}, title = {What Makes an Exchange a Unique Institution?}, volume = {9}, number = {1}, pages = {22--33}, year = {2013}, doi = {10.3905/jot.2013.9.1.022}, publisher = {Institutional Investor Journals Umbrella}, abstract = {On October 4, 2011, a high-level financial markets conference, {\textquotedblleft}The Economic Function of a Stock Exchange,{\textquotedblright} was held at Baruch College in New York City. Andrew Brooks, the well-known buy-side trading executive (T. Rowe Price Associates, Inc.) moderated a thought-provoking panel, {\textquotedblleft}What Makes an Exchange a Unique Institution?{\textquotedblright} In this article, we present the edited transcript of that panel, with footnotes and expanded material from subsequent interviews with the eminent panelists: Alfred Berkeley (then at Pipeline Trading Systems, LLC), Gary Katz (International Securities Exchange), William O{\textquoteright}Brien (Direct Edge), Brett Redfearn (J.P. Morgan Securities), and Asani Sarkar (Federal Reserve Bank of New York).TOPICS: Exchanges/markets/clearinghouses, legal/regulatory/public policy}, issn = {1559-3967}, URL = {https://jot.pm-research.com/content/9/1/22}, eprint = {https://jot.pm-research.com/content/9/1/22.full.pdf}, journal = {The Journal of Trading (Retired)} }