%0 Journal Article %A Ian Domowitz %T What Makes an Exchange a Unique Institution?
A Commentary %D 2014 %R 10.3905/jot.2014.9.3.008 %J The Journal of Trading %P 8-11 %V 9 %N 3 %X 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 %U https://jot.pm-research.com/content/iijtrade/9/3/8.full.pdf