TY - JOUR T1 - What Makes an Exchange a Unique Institution?<br/> <em>A Commentary</em> JF - The Journal of Trading SP - 8 LP - 11 DO - 10.3905/jot.2014.9.3.008 VL - 9 IS - 3 AU - Ian Domowitz Y1 - 2014/06/30 UR - https://pm-research.com/content/9/3/8.abstract N2 - 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 ER -