DUAL LIST NASDAQ o que é ?
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Foi a pensar em mudanças destas e em outras que ainda possam surgir, que escrevi o que escrevi neste thread. http://www.caldeiraodebolsa.com/forum/viewtopic.php?p=75934&highlight=#75934
p.s. Julgo que o J.Cramer ficou um pouco mais negativo em relação ao Grasso nestes últimos 4 meses, se compararmos estes artigos recentes com aquele de Setembro/2003.
um abraço
p.s. Julgo que o J.Cramer ficou um pouco mais negativo em relação ao Grasso nestes últimos 4 meses, se compararmos estes artigos recentes com aquele de Setembro/2003.
um abraço
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Visitante
No fundo, os "specialists" funcionam como uma espécie de "market makers" que garantem a maior parte da liquidez da NYSE. Quando os "spreads naturais" são elevados, eles colocam-se na compra e venda, reduzindo os "spreads". Mas, além disso, em situações de quedas violentas ou subidas fortes, eles ficam bastante activos na posição contrária, diminuindo a volatilidade.
Um abraço,
Ulisses
Um abraço,
Ulisses
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A este respeito, deixo aqui dois artigos de hoje do Cramer:
"Specialists, Not NYSE, Will Suffer From Dual Listing"
By James J. Cramer
RealMoney Columnist
01/12/2004 10:07 AM EST
"Why not list your stock on both exchanges? It doesn't cost much. It gets Fidelity off your back. It exposes the truth that the NYSE isn't the best market. It gives competition a good name.
The Nasdaq announced this morning that six companies have decided to list on the Nasdaq as well as the NYSE, the first in Nasdaq's new dual listing program. These are well-known names:
Apache (APA:NYSE - commentary - research)
Cadence Design Systems (CDN:NYSE - commentary - research)
Charles Schwab (SCH:NYSE - commentary - research)
Countrywide Financial (CFC:NYSE - commentary - research)
Hewlett-Packard (HPQ:NYSE - commentary - research)
Walgreen (WAG:NYSE - commentary - research)
Why didn't companies list dually before? Because there would have been a cost that was hard to quantify: the cost of angering Dick Grasso, the cost of never getting to ring the bell, the cost of not having one of those showy days like Campbell Soup (CPB:NYSE - commentary - research) had at the NYSE on Friday or the cost of perhaps having some "sloppy" trading in your company because a specialist might not have been as concerned about the process as he once was.
Is it the death knell for the NYSE? Of course not; the more the merrier.
It is, however, potentially the death knell for the profits that specialists can make.
And it serves as a reminder, once again, that the reason Dick Grasso got paid what he did was that he instilled fear and pride into the listing process. Companies had pride in being traded at the NYSE, and there was a fear of the unknown if you even talked to the bad guys at the Nasdaq.
The truly ironic thing here is that the new regime of NYSE Interim Chairman and CEO John Reed and recently appointed Chief Executive John Thain and the benign board of directors is all about no retribution and open and honest governance and rationality. All three favor the Nasdsaq over New York.
Where's Dick Grasso when the specialists need him?!? "
(in www.realmoney.com)
"Companies Now Can Escape Bad Specialists"
By James J. Cramer
RealMoney Columnist
01/12/2004 10:30 AM EST
"Specialists are not all created equal. Some specialists are better than others. Some are more honest than others. These aren't machines, for heaven's sake, they are humans, with different agendas and goals and skill sets.
Some of the specialists are run by big companies but have big incentives to make big profits. Others are smaller outfits that try to make a little on each trade. Still others don't stand up when they should. Others try to scalp if they can get away with it.
Under former NYSE chairman and CEO Dick Grasso, though, all specialists were created equal. If you criticized a specialist, you were criticizing the institution, and that wasn't allowed. If you railed against an individual specialist or tried to get your stock reassigned, Grasso could kibosh you and keep you with the specialist.
It was a dictatorship and it drove institutions that traded with the New York Stock Exchange nuts. There were some specialists, frankly, that were so bad that I wouldn't even bother to trade the darned stocks. That this disparity was well-known under Grasso meant nothing because Grasso wasn't going to change a thing. You got stuck with who you got stuck with, whether the guy was a saint or a thug.
Now, suddenly, there is hope. For a minor listing fee on the Nasdaq, you now can get out from under a corrupt and duplicitous specialist. You now can solve the single most important problem you may have had with your largest institutional investors, all of whom know exactly what I know.
What's so amazing about all of these things is that this "crummy specialist" is still one more reality that Grasso protected the exchange from.
Of course, I offer the usual caveat: Not all specialists are bad.
But I also offer the other, usual caveat: Competition makes everyone better, not worse. "
(in www.realmoney.com)
"Specialists, Not NYSE, Will Suffer From Dual Listing"
By James J. Cramer
RealMoney Columnist
01/12/2004 10:07 AM EST
"Why not list your stock on both exchanges? It doesn't cost much. It gets Fidelity off your back. It exposes the truth that the NYSE isn't the best market. It gives competition a good name.
The Nasdaq announced this morning that six companies have decided to list on the Nasdaq as well as the NYSE, the first in Nasdaq's new dual listing program. These are well-known names:
Apache (APA:NYSE - commentary - research)
Cadence Design Systems (CDN:NYSE - commentary - research)
Charles Schwab (SCH:NYSE - commentary - research)
Countrywide Financial (CFC:NYSE - commentary - research)
Hewlett-Packard (HPQ:NYSE - commentary - research)
Walgreen (WAG:NYSE - commentary - research)
Why didn't companies list dually before? Because there would have been a cost that was hard to quantify: the cost of angering Dick Grasso, the cost of never getting to ring the bell, the cost of not having one of those showy days like Campbell Soup (CPB:NYSE - commentary - research) had at the NYSE on Friday or the cost of perhaps having some "sloppy" trading in your company because a specialist might not have been as concerned about the process as he once was.
Is it the death knell for the NYSE? Of course not; the more the merrier.
It is, however, potentially the death knell for the profits that specialists can make.
And it serves as a reminder, once again, that the reason Dick Grasso got paid what he did was that he instilled fear and pride into the listing process. Companies had pride in being traded at the NYSE, and there was a fear of the unknown if you even talked to the bad guys at the Nasdaq.
The truly ironic thing here is that the new regime of NYSE Interim Chairman and CEO John Reed and recently appointed Chief Executive John Thain and the benign board of directors is all about no retribution and open and honest governance and rationality. All three favor the Nasdsaq over New York.
Where's Dick Grasso when the specialists need him?!? "
(in www.realmoney.com)
"Companies Now Can Escape Bad Specialists"
By James J. Cramer
RealMoney Columnist
01/12/2004 10:30 AM EST
"Specialists are not all created equal. Some specialists are better than others. Some are more honest than others. These aren't machines, for heaven's sake, they are humans, with different agendas and goals and skill sets.
Some of the specialists are run by big companies but have big incentives to make big profits. Others are smaller outfits that try to make a little on each trade. Still others don't stand up when they should. Others try to scalp if they can get away with it.
Under former NYSE chairman and CEO Dick Grasso, though, all specialists were created equal. If you criticized a specialist, you were criticizing the institution, and that wasn't allowed. If you railed against an individual specialist or tried to get your stock reassigned, Grasso could kibosh you and keep you with the specialist.
It was a dictatorship and it drove institutions that traded with the New York Stock Exchange nuts. There were some specialists, frankly, that were so bad that I wouldn't even bother to trade the darned stocks. That this disparity was well-known under Grasso meant nothing because Grasso wasn't going to change a thing. You got stuck with who you got stuck with, whether the guy was a saint or a thug.
Now, suddenly, there is hope. For a minor listing fee on the Nasdaq, you now can get out from under a corrupt and duplicitous specialist. You now can solve the single most important problem you may have had with your largest institutional investors, all of whom know exactly what I know.
What's so amazing about all of these things is that this "crummy specialist" is still one more reality that Grasso protected the exchange from.
Of course, I offer the usual caveat: Not all specialists are bad.
But I also offer the other, usual caveat: Competition makes everyone better, not worse. "
(in www.realmoney.com)
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obrigado e um abraço
So receio que pela maior exposiçao se tornem mais volateis , embora para mim o maior risco voces ja esclareceram.
O meu muito obrigado
O meu muito obrigado
Naquele dia ,todo o joelho se dobrará e toda a lingua confessará:
- Que Jesus Cristo é o Senhor!
- Que Jesus Cristo é o Senhor!
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Exactamente !!
Isso não afecta em nada o valor de mercado dos índices. Há duas empresas muito conhecidas que estão em ambos: INTC e MSFT.
Agora, a Nasdaq quer convencer mais empresas a entrar neste sistema. Aparentemente, a Hewlett-Packard será uma delas.
Não tem influência nas cotações, no valor do Nasdaq, portanto, não interfere com os derivados também.
Um abraço
dj
Isso não afecta em nada o valor de mercado dos índices. Há duas empresas muito conhecidas que estão em ambos: INTC e MSFT.
Agora, a Nasdaq quer convencer mais empresas a entrar neste sistema. Aparentemente, a Hewlett-Packard será uma delas.
Não tem influência nas cotações, no valor do Nasdaq, portanto, não interfere com os derivados também.
Um abraço
dj
Cuidado com o que desejas pois todo o Universo pode se conjugar para a sua realização.
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DUAL LIST NASDAQ o que é ?
Sera que com isso os m.m se sirvam para alterarem a seu favor os strikes do nasdaq?
alguem sabe o que se passa?
alguem sabe o que se passa?
Naquele dia ,todo o joelho se dobrará e toda a lingua confessará:
- Que Jesus Cristo é o Senhor!
- Que Jesus Cristo é o Senhor!
- Mensagens: 1421
- Registado: 5/9/2003 21:18
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