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Competition Among the Exchanges before the SEC: Was the NYSE a Natural Hegemon?

  • Eugene N. White

Improved information technology and higher volume should drive orders to be concentrated in one market, lowering the costs of transactions. However, the opposite occurred during the bull market of the 1920s when rapid technological change spawned a flood of new issues. This paper employs newly recovered data for 1900-1933 on the volume and seat prices of regional exchanges to examine how these rivals successfully competed with the NYSE, leading to its relative decline at the zenith of the market. The history of U.S. exchanges reveals that the tendency towards concentration of trading is periodically reversed when new industries, whose technologies are risky and unfamiliar, are more easily accommodated by existing or new rivals to the dominant exchange

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 18712.

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Date of creation: Jan 2013
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Publication status: published as White, Eugene N., 2013. "Competition among the exchanges before the SEC: was the NYSE a natural hegemon?," Financial History Review, Cambridge University Press, vol. 20(01), pages 29-48, April.
Handle: RePEc:nbr:nberwo:18712
Note: DAE
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  1. Schwert, G. William, 1977. "Stock exchange seats as capital assets," Journal of Financial Economics, Elsevier, vol. 4(1), pages 51-78, January.
  2. Anat R. Admati, Paul Pfleiderer, 1988. "A Theory of Intraday Patterns: Volume and Price Variability," Review of Financial Studies, Society for Financial Studies, vol. 1(1), pages 3-40.
  3. George Garvy, 1944. "Rivals and Interlopers in the History of the New York Security Market," Journal of Political Economy, University of Chicago Press, vol. 52, pages 128.
  4. John S. Hughes & Steven Huddart & Markus K Brunnermeier, 1998. "Disclosure Requirements and Stock Exchange Listing Choice in an International Context," FMG Discussion Papers dp282, Financial Markets Group.
  5. Pagano, Marco, 1989. "Trading Volume and Asset Liquidity," The Quarterly Journal of Economics, MIT Press, vol. 104(2), pages 255-74, May.
  6. Davis, Lance E. & Neal, Larry & White, Eugene, 2007. "The Highest Price Ever: The Great NYSE Seat Sale of 1928 1929 and Capacity Constraints," The Journal of Economic History, Cambridge University Press, vol. 67(03), pages 705-739, September.
  7. Kyle, Albert S, 1985. "Continuous Auctions and Insider Trading," Econometrica, Econometric Society, vol. 53(6), pages 1315-35, November.
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