US Equities Market: Moving Towards a Central Limit Order Book?

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Cambridge, MA, USA, May 30, 2000

? Report published by Celent Communications

The future of equities trading in the US is in the air. The increased fragmentation of the US equity market, many market watchers claim, is the direct result of the emergence and adoption of electronic matching systems. In the last few months, that market structure has come under intense scrutiny as various industry groups led by the SEC and large Wall Street firms argue over the virtues creating a central limit order book. Only the creation of a virtual central limit order book, where multiple major market centers are linked to form a tightly integrated super national market system, they assert, will save the current US equities market structure from further fragmentation.

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In a new Wholesale e-Trading report, ? Celent Communications reviews the current structure of the US equities market and examines the major market participants in the central limit order book debate.

Market fragmentation will get even worse before we reach a breaking point, notes Sang Lee, an analyst for Celent. Both sides of the central limit order book debate want to convince the investing public that it is in their best interest to either support or oppose the creation of a central limit order book. Unfortunately, below the surface, this debate is all about making a profit in the highly competitive and rapidly changing US equities market and has nothing to do with any altruistic motives. In the long-run, however, the momentum towards the creation of a central limit order book will simply be too strong to resist.

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