RT Journal Article SR Electronic T1 What Makes an Exchange a Unique Institution?
A Commentary JF The Journal of Trading FD Institutional Investor Journals SP 8 OP 11 DO 10.3905/jot.2014.9.3.008 VO 9 IS 3 A1 Ian Domowitz YR 2014 UL https://pm-research.com/content/9/3/8.abstract AB In this response to an article in the Winter 2014 issue of The Journal of Trading, the uniqueness of exchanges is examined, beginning with a review of previously published commentary on the subject. National securities exchanges are unique in that they operate simultaneously as market participants and self-regulatory organizations. The implications of operating under the doctrine of regulatory immunity as a for-profit participant are discussed in the context of NASDAQ’s Benchmark Orders and the Facebook initial public offering.TOPICS: Exchanges/markets/clearinghouses, financial crises and financial market history