Traders Magazine
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FLASH FRIDAY is a weekly content series looking at the past, present and future of capital markets trading and technology. FLASH FRIDAY is sponsored by Instinet.
The October 2000 Traders Magazine included a Market Viewpoint written by Michael T. Dorsey, then general counsel and secretary at Knight Trading Group.
In the op-ed, Dorsey was skeptical on electronic communication networks. “We believe that the ECN business model will be the exception rather than the rule in the future,” he wrote. “To think otherwise is to underestimate the limitations inherent in the ECN business model.”
20.5 years later, Traders caught up with Dorsey, now an independent securities compliance consultant to securities firms and asset managers.
here tamron about what may or may not have happened. listen, things do happen. a couple of years ago there was a trading firm called night trading group out of new york city. they basically blew themselves up with a bad software installation, caused their whole systems to go haywire. all these bad trades went through and the firm went under because of that. we don t know exactly what happened here but i think your point about united and the new york stock exchange is well taken. regardless if they re connected, regardless if there is some kind of a third party actor here because it s obvious you think about what may be going on this does not do a lot to instill confidence in the massive computer system backbone of the united states. absolutely. we ll continue to follow the developments here. as i mentioned at the top of the hour united airlines was attempting to get things back in working order as a result of a network computer problem with its airline computer system across the bo