An Assessment of the Competitive Effects of the Proposed Merger of the New York Stock Exchange and the Nasdaq Stock Market

61 Pages Posted: 30 Sep 2020

See all articles by Robert Brunell

Robert Brunell

Quinnipiac University - Lender School of Business

Date Written: June 1, 2000

Abstract

In March of 2000 the New York Stock Exchange proposed a merger with The Nasdaq Stock Market. Applying a qualitative assessment to the proposed merger from the organizations' perspective it is argued that the merger would be favorable for both organizations. Applying a quantitative assessment to the proposed merger from an antitrust perspective it is shown that the merger should be disallowed by federal antitrust regulators if the industry is to be treated as any ordinary industry.

Keywords: New York Stock Exchange, NYSE, Nasdaq, antitrust, competition, Herfindahl-Hirschman Index, merger, stock exchange, financial market, equity market, market efficiency, trading, liquidity, transparency, order book, limit order, specialist, market maker, electronic communication network, ECN

JEL Classification: G14, G15, G18, G23, G34, G38, K21, L11, L12, L15, L40, L43

Suggested Citation

Brunell, Robert, An Assessment of the Competitive Effects of the Proposed Merger of the New York Stock Exchange and the Nasdaq Stock Market (June 1, 2000). Available at SSRN: https://ssrn.com/abstract=3673413 or http://dx.doi.org/10.2139/ssrn.3673413

Robert Brunell (Contact Author)

Quinnipiac University - Lender School of Business ( email )

United States

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