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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Appearances
WSJ Your Money Briefing · Trading at the NYSE is Sleepy, Until Just Before the Close · 16 Mar 2018
podcast
That's what these traders are called, the ones in the middle of the exchange, and verbally say what their interest is.
So that leads to this moment when there is literally people shouting out orders, especially on a busy day, things getting done at the last second often, and it all ends at 4 o'clock.
It certainly is not what it used to be.
I mean, NYSE used to be the dominant giant of stocks trading.
It's hard to get exact numbers, but definitely the majority and probably more than two-thirds of stocks traded in the United States as of the 1990s were still going through the NYSE, and with NASDAQ taking up most of the rest.
The closing auction, though, has been really good for the New York Stock Exchange.
The reason for this is because the New York Stock Exchange is a listing exchange, so a lot of companies are listed there.
One of the things that that means, if you're the listing exchange, is you get to decide what the final closing price is for the stock.
So, for example, Disney is listed on NYSE.
At the end of every day, NYSE conducts the closing auction for Disney shares, and the results of that auction will tell you what the final price is of the day.
So, if you read about the move in Disney stock in the Wall Street Journal, what happened yesterday in it, you'll get a final price.
That final price is what was produced in the closing auction held by NYSE.
Well, to be honest, you don't have to have floor traders conduct a closing auction.
NASDAQ, for example, has an all-electronic closing auction.
And most other exchanges around the world have gotten rid of their floors.
The NYSE, for whatever reason, has kept it.
And if you speak to people at the New York Stock Exchange, they say that having this human judgment is helpful to prevent sort of aberrant moves at the very last second.
But I don't know.
It's debatable.
NASDAQ closes a bunch of stocks every day and doesn't have a lot of issues with it.
Showing 401–420 of 528 · page 21 of 27
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