tag:blogger.com,1999:blog-4748060798655400108.post2840628888516400506..comments2023-11-02T08:55:35.510-07:00Comments on Market Design: Design of electronic stock exchanges (after the Facebook IPO)Al Rothhttp://www.blogger.com/profile/02232854038397912604noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-4748060798655400108.post-23323022052845474472012-10-10T00:44:02.661-07:002012-10-10T00:44:02.661-07:00There is lot of articles on the web about this. Bu...There is lot of articles on the web about this. But I like yours more, although i found one that’s more descriptive.stock markethttp://research4u.co.innoreply@blogger.comtag:blogger.com,1999:blog-4748060798655400108.post-74410185202749182322012-06-19T08:21:40.266-07:002012-06-19T08:21:40.266-07:00Two more comments:
1) One of those "big ECNs...Two more comments:<br /><br />1) One of those "big ECNs" that has supported FIX for a long time is Archipelago, which at this point is NYSE's primary electronic platform. Nasdaq's primary order entry system is very old, and as of ten years ago wasn't even running on TCP/IP (not that <a href="http://en.wikipedia.org/wiki/OSI_model#Layer_3:_Network_layer" rel="nofollow">network layer</a> is important here; you would presumably just log <a href="http://en.wikipedia.org/wiki/OSI_model#Layer_4:Transport_layer" rel="nofollow">transport layer</a> information), and it's possible NASDAQ is still not well set up for FIX.<br /><br />2) In a situation with an obvious Schelling point, coordination failure can probably be taken as a revealed preference.dWjhttps://www.blogger.com/profile/12072494989829344049noreply@blogger.comtag:blogger.com,1999:blog-4748060798655400108.post-89068465517736569432012-06-19T08:03:07.431-07:002012-06-19T08:03:07.431-07:00Incidentally, the Turing tests at the bottom of th...Incidentally, the Turing tests at the bottom of the comment submission form are getting harder and harder. I'm starting to worry I'm not actually human.dWjhttps://www.blogger.com/profile/12072494989829344049noreply@blogger.comtag:blogger.com,1999:blog-4748060798655400108.post-68182704618820661082012-06-19T08:02:15.056-07:002012-06-19T08:02:15.056-07:00"The main obstacle: agreeing on how to standa..."The main obstacle: agreeing on how to standardize the various formats that brokers and exchanges use to gather trading data. "<br /><br />This surprises me. For at least ten years, http://fixprotocol.com/ has at least been supported by all the big ECNs, and the CME has used what it claims to be FIX, though it violates the protocol just enough to be a nuisance to programmers. There are ways in which this might not be the full or optimal answer to "how should we store data", but I would think it wouldn't be too hard to get an agreement that would be built around it, with not too many details then left to be hammered out.dWjhttps://www.blogger.com/profile/12072494989829344049noreply@blogger.com