Alexander Osipovich

speaker

528 appearances 11 recordings 1 series first heard Dec 2017 last heard Feb 2025

Alexander Osipovich’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Trading at the NYSE is Sleepy, Until Just Before the Close · 16 Mar 2018 podcast

In general, investing has seen this paradigm shift where people want to passively track the market and not try to pick stocks.

Because just research has shown over the years that stock picking tends to not do that well.

And you make more money by just passively following the market.

So people shift into index funds.

One of the things about index funds and the sort of behind-the-scenes workings of them,

is that they do a lot of trading at the final price of the day.

They basically, every day, they kind of see how many inflows there were or how many outflows there were.

Do they need to buy more stocks?

Do they need to sell stocks?

And they tend to do that at whatever the closing price of the day is.

Easiest way to do that is to trade close to the end of the day or in the closing auction itself.

Yeah.

Essentially, the way it works on the exchange is that people can submit orders electronically that go directly into the NYSE's data systems that are housed in the giant data center in northern New Jersey, or they can communicate to a floor broker who will execute the trade for them.

And essentially, the rules shift, especially around 3.45 p.m.

then the kind of most popular and common way of submitting orders electronically is cut off, and you have to put orders through a floor broker.

So that is part of the reason why you see this pick up in activity.

And essentially, the floor brokers, they can go and execute those trades either through handheld devices or literally by going over and verbally saying to a trader in the middle of the stock exchange floor, hey, I want to get a trade done.

I want to buy a million shares of IBM, for example.

Ten seconds before the close, at 3.59.50, the rules shift again, and they can no longer enter the biggest kind of orders through those handheld devices.

They have to go to the specialist at the post.

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