案例库 · 战略与领导 · 战略决策 · 1969
这条还没译成中文，下面是英文原文。
Instinet built a network to bypass NYSE fixed commissions
In 1969, Instinet built a private network for institutions to trade directly, bypassing NYSE fixed commissions and specialists.
Instinet (Institutional Networks Corp.)
那一手
Through the 1960s, the New York Stock Exchange required member firms to charge a fixed, non-negotiable commission schedule regardless of trade size, and nearly every trade in a listed stock had to pass through a floor specialist who set the spread. For an individual investor buying a few shares this was a rounding error; for a pension fund, insurer, or bank moving tens of thousands of shares at once, the same percentage-based commission and the specialist's cut turned into a real cost with no volume discount, on trades the institutions themselves were fully capable of matching against each oth
By the late 1960s, institutional trading volume was growing fast enough that this cost was becoming impossible to ignore, but no institution could simply refuse to use the exchange -- there was no other place to trade a listed stock, and no single institution had the standing or infrastructure to build one on its own.
为什么管用
- NYSE rules applied only to exchange trades, not private networks.
- Institutions could match orders directly, avoiding specialist spreads.
- The network was legally a broker-dealer system, not an exchange.
- This created a window of regulatory arbitrage until rules caught up.
可以搬走什么
If a rule burdens you because of your category, see if the same activity can be legally recategorized to escape it.
后来呢
By 1995 the network handled 70-80 million shares a day, roughly 20% of daily Nasdaq volume; Nasdaq bought it in 2005 for $1.9 billion. Instinet is recognized as the first electronic communications network (ECN) in US equities, and the Fourth Market it created became the direct ancestor of the electronic trading venues -- ECNs, dark pools, alternative trading systems -- that now handle the majority of US stock volume; the SEC's later Regulation ATS formally codified the category Instinet had improvised its way into in 1969.
资料来源
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