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Automated
Trading Systems (vs Floor)
- Fairness
- Operational superiority compared to
floor trading
- Trading scandals on floors in highly
active periods
- Trading scandals on floors in highly
active periods
- Fair access to markets compared to floor
trading
- Operational superiority compared to
floor trading
- System Capacity
- Matching technologies are more scalable
- 24 hr globally linked trading possible
- Matching technologies are more scalable
- Negotiation Speed
- Transactions completed
faster and more efficiently
- Oral trading is faster for
negotiating trade sizes
- Transactions completed
faster and more efficiently
- Exchange of information
- Floor trades provide more information about counterparties
- Floor trading can establish intent of parties and
know people who may want to trade
- Electronic trades limit the growth of
order size (adverse selection)
- Floor trades provide more information about counterparties
- Transparency
- Faster market data reporting to the public
- More accurate reporting
- Faster market data reporting to the public
- Cost
- Reliable
- Secure
- Fast
- Lower
operating costs
- Less labour intensive
- High development costs
- Reliable
- Immediacy
- Open outcry can cancel orders faster
- Open outcry can cancel orders faster
- Liquidity
- Largest open outcry exchanges are
highly liquid
- Electronic trading may be more
liquid (not yet proven)
- Largest open outcry exchanges are
highly liquid
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