TY - JOUR T1 - What Makes an Exchange a Unique Institution? JF - The Journal of Trading SP - 22 LP - 33 DO - 10.3905/jot.2013.9.1.022 VL - 9 IS - 1 AU - Robert A. Schwartz AU - John Aidan Byrne Y1 - 2013/12/31 UR - https://pm-research.com/content/9/1/22.abstract N2 - On October 4, 2011, a high-level financial markets conference, “The Economic Function of a Stock Exchange,” 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, “What Makes an Exchange a Unique Institution?” 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’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 ER -