Jan 1 2011 | 10:42 AM

We were sitting in the living room in the home of my brother’s family, 11 of us, coming together as a family on Christmas Day as we always do.  We had the fire going, the TV off, the mulled cider piping hot -- you couldn’t ask for a better afternoon.  Soon we would be exchanging gifts and having dinner.  But first, a surprise.

“We’re going to play a game,” my sister-in-law announced.  She passed around a cookie tin with slips of paper inside, and instructed us each to take one.  Each slip had one of our names written on it.  The game: Whoever’s name you drew, you had to tell that person at least one thing that you like or appreciate or admire about them.

I probably sighed at the thought of having to participate in such a public display of affection, but that stoic front dropped as soon as the first person turned to another and told them about one of their best qualities.   ...

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Dec 21 2010 | 4:24 PM

Those who have followed the flash-order controversy know that NYSE Euronext was an early (if not the first) critic of the practice, and that we have since been consistent in denouncing the use of flash orders both in the equities as well as options markets. 

So it will come as no surprise that on 15 December, 2010 we filed a comment letter asking the Securities and Exchange Commission to reject proposals from the DirectEdge exchanges that would actually increase the reach of the markets’ flash mechanism, even as the SEC has proposed to ban the practice.  For those new to the topic, I strongly recommend reading our letter, which is only six pages.

What might be surprising, however, are two tables in the letter that detail:

  • The growing imbalance between orders that...
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Dec 21 2010 | 9:00 AM

Two questions:

1.  Have you looked lately at the reports coming from my RMCs (relationship-management colleagues) on NYSE Amex’s trading of Nasdaq-listed issues?

If you answered “no” to question 1, please proceed to 2:

2. Want to know how to save money and get quality order execution in top Nasdaq names?

Here's how; please consider the following:

  • For the week of 13-17 December, the NYSE Amex quote matched the national best bid or offer (NBBO) more than 90 percent of the time in Brocade, Dell, Micron, Cisco, Intel and the Q’s.
  • For the same period, there were 128 securities where NYSE Amex was at the NBBO more than 50% of the time.
  • Here are the NYSE Amex’s top Nasdaq issues with the percentage of time that NYSE Amex matched the NBBO:

BRCD -- 96.7%
DELL – 95.1
MU  -- 94.9

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Dec 13 2010 | 6:23 PM

In an op-ed in Investor’s Business Daily, NYSE Euronext CEO Duncan Niederauer says: “To pull ourselves out of a jobless recovery, the first order of business for the new Congress must be to create an economic environment that unleashes America's entrepreneurs.”

Duncan points out that coming out of previous downturns, entrepreneurs and small businesses have been the main source of jobs.  He notes that 18 of the 30 companies in the Dow Jones industrial average were founded in economic downturns. “And history has shown that one of the best accelerators of job growth takes place when a company decides to leap from private to public funding through an initial public offering.”

For starters, Duncan calls for the following:

  • Create financial incentives for...
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