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"There is a big difference, in short, between an efficient trading system and an efficient national market system," Mr. Levitt said.
The new exchange plans to list 600 of the most active equity options, such as those on Dell Computer and I.B.M., and to provide a cheaper, more efficient trading system.
And Mr Grasso is adamant that it is the floor, which hosts the exchange's trading specialists, who make markets in particular shares, that makes the NYSE the most efficient trading system in the world albeit one, he stresses, that is augmented by billions of dollars' worth of new technology.So what does he think were the NYSE's mistakes?
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For no additional charge, they can make changes in their holdings as often as twice a day through what Mr. Wallman hopes will become an efficient internal trading system.
Sustainable development and climate change, an equitable and efficient world trade system, food and energy security, cyber security and counter-terrorism strategies are all matters on which there are differing and divided opinions across the globe.
Industry groups have sought a trading system, arguing it is more efficient than uniform mandatory controls.
The European exchanges all face challenges from new pan-European trading systems and from investors demanding cheaper and more efficient trading across the Continent in the wake of the adoption last year of a European single currency.
Thus, the assumption that markets become more efficient over time was supported, even when the automated trading system included transaction costs.
To make trading more efficient, the Tokyo exchange plans to spend 40 billion yen ($328 million) to upgrade its electronic trading system.
It also sets up a trading system involving emissions allowances and offsets that is designed to reward the most efficient companies and penalize the laggards.
Information, crucial to efficient trading, is scanty.
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