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From Pong to the Pits to Single Pools: Convergence Lessons from the Securities Markets Thomas Ascher, President and CEO, Longitude Asian Racing Conference, May 6, 2014
Transcript
Page 1: From Pong to the Pits to Single Pools: Convergence Lessons from …€¦ · -0 9293 -02448 BQtÿ 163 114 82 71S 103 897 154 124 Bid 3022 0.01 0 03 0 0.21 0 49 1.80 276 3.70 570 Ask

From Pong to the Pits to Single Pools: Convergence Lessons from

the Securities Markets

Thomas Ascher, President and CEO, Longitude Asian Racing Conference, May 6, 2014

Page 2: From Pong to the Pits to Single Pools: Convergence Lessons from …€¦ · -0 9293 -02448 BQtÿ 163 114 82 71S 103 897 154 124 Bid 3022 0.01 0 03 0 0.21 0 49 1.80 276 3.70 570 Ask
Page 3: From Pong to the Pits to Single Pools: Convergence Lessons from …€¦ · -0 9293 -02448 BQtÿ 163 114 82 71S 103 897 154 124 Bid 3022 0.01 0 03 0 0.21 0 49 1.80 276 3.70 570 Ask
Page 4: From Pong to the Pits to Single Pools: Convergence Lessons from …€¦ · -0 9293 -02448 BQtÿ 163 114 82 71S 103 897 154 124 Bid 3022 0.01 0 03 0 0.21 0 49 1.80 276 3.70 570 Ask
Page 5: From Pong to the Pits to Single Pools: Convergence Lessons from …€¦ · -0 9293 -02448 BQtÿ 163 114 82 71S 103 897 154 124 Bid 3022 0.01 0 03 0 0.21 0 49 1.80 276 3.70 570 Ask
Page 6: From Pong to the Pits to Single Pools: Convergence Lessons from …€¦ · -0 9293 -02448 BQtÿ 163 114 82 71S 103 897 154 124 Bid 3022 0.01 0 03 0 0.21 0 49 1.80 276 3.70 570 Ask
Page 7: From Pong to the Pits to Single Pools: Convergence Lessons from …€¦ · -0 9293 -02448 BQtÿ 163 114 82 71S 103 897 154 124 Bid 3022 0.01 0 03 0 0.21 0 49 1.80 276 3.70 570 Ask
Page 8: From Pong to the Pits to Single Pools: Convergence Lessons from …€¦ · -0 9293 -02448 BQtÿ 163 114 82 71S 103 897 154 124 Bid 3022 0.01 0 03 0 0.21 0 49 1.80 276 3.70 570 Ask
Page 9: From Pong to the Pits to Single Pools: Convergence Lessons from …€¦ · -0 9293 -02448 BQtÿ 163 114 82 71S 103 897 154 124 Bid 3022 0.01 0 03 0 0.21 0 49 1.80 276 3.70 570 Ask
Page 10: From Pong to the Pits to Single Pools: Convergence Lessons from …€¦ · -0 9293 -02448 BQtÿ 163 114 82 71S 103 897 154 124 Bid 3022 0.01 0 03 0 0.21 0 49 1.80 276 3.70 570 Ask
Page 11: From Pong to the Pits to Single Pools: Convergence Lessons from …€¦ · -0 9293 -02448 BQtÿ 163 114 82 71S 103 897 154 124 Bid 3022 0.01 0 03 0 0.21 0 49 1.80 276 3.70 570 Ask
Page 12: From Pong to the Pits to Single Pools: Convergence Lessons from …€¦ · -0 9293 -02448 BQtÿ 163 114 82 71S 103 897 154 124 Bid 3022 0.01 0 03 0 0.21 0 49 1.80 276 3.70 570 Ask
Page 13: From Pong to the Pits to Single Pools: Convergence Lessons from …€¦ · -0 9293 -02448 BQtÿ 163 114 82 71S 103 897 154 124 Bid 3022 0.01 0 03 0 0.21 0 49 1.80 276 3.70 570 Ask
Page 14: From Pong to the Pits to Single Pools: Convergence Lessons from …€¦ · -0 9293 -02448 BQtÿ 163 114 82 71S 103 897 154 124 Bid 3022 0.01 0 03 0 0.21 0 49 1.80 276 3.70 570 Ask
Page 15: From Pong to the Pits to Single Pools: Convergence Lessons from …€¦ · -0 9293 -02448 BQtÿ 163 114 82 71S 103 897 154 124 Bid 3022 0.01 0 03 0 0.21 0 49 1.80 276 3.70 570 Ask

CBOE Options Pit , 1970s

Page 16: From Pong to the Pits to Single Pools: Convergence Lessons from …€¦ · -0 9293 -02448 BQtÿ 163 114 82 71S 103 897 154 124 Bid 3022 0.01 0 03 0 0.21 0 49 1.80 276 3.70 570 Ask
Page 17: From Pong to the Pits to Single Pools: Convergence Lessons from …€¦ · -0 9293 -02448 BQtÿ 163 114 82 71S 103 897 154 124 Bid 3022 0.01 0 03 0 0.21 0 49 1.80 276 3.70 570 Ask

International Securities Exchange Holdings, Inc. Data Center

Page 18: From Pong to the Pits to Single Pools: Convergence Lessons from …€¦ · -0 9293 -02448 BQtÿ 163 114 82 71S 103 897 154 124 Bid 3022 0.01 0 03 0 0.21 0 49 1.80 276 3.70 570 Ask
Page 19: From Pong to the Pits to Single Pools: Convergence Lessons from …€¦ · -0 9293 -02448 BQtÿ 163 114 82 71S 103 897 154 124 Bid 3022 0.01 0 03 0 0.21 0 49 1.80 276 3.70 570 Ask

International Securities Exchange Holdings, Inc. Data Center

Page 20: From Pong to the Pits to Single Pools: Convergence Lessons from …€¦ · -0 9293 -02448 BQtÿ 163 114 82 71S 103 897 154 124 Bid 3022 0.01 0 03 0 0.21 0 49 1.80 276 3.70 570 Ask
Page 21: From Pong to the Pits to Single Pools: Convergence Lessons from …€¦ · -0 9293 -02448 BQtÿ 163 114 82 71S 103 897 154 124 Bid 3022 0.01 0 03 0 0.21 0 49 1.80 276 3.70 570 Ask
Page 22: From Pong to the Pits to Single Pools: Convergence Lessons from …€¦ · -0 9293 -02448 BQtÿ 163 114 82 71S 103 897 154 124 Bid 3022 0.01 0 03 0 0.21 0 49 1.80 276 3.70 570 Ask
Page 23: From Pong to the Pits to Single Pools: Convergence Lessons from …€¦ · -0 9293 -02448 BQtÿ 163 114 82 71S 103 897 154 124 Bid 3022 0.01 0 03 0 0.21 0 49 1.80 276 3.70 570 Ask
Page 24: From Pong to the Pits to Single Pools: Convergence Lessons from …€¦ · -0 9293 -02448 BQtÿ 163 114 82 71S 103 897 154 124 Bid 3022 0.01 0 03 0 0.21 0 49 1.80 276 3.70 570 Ask
Page 25: From Pong to the Pits to Single Pools: Convergence Lessons from …€¦ · -0 9293 -02448 BQtÿ 163 114 82 71S 103 897 154 124 Bid 3022 0.01 0 03 0 0.21 0 49 1.80 276 3.70 570 Ask

Oller Tote Wagon, 1860s

Page 26: From Pong to the Pits to Single Pools: Convergence Lessons from …€¦ · -0 9293 -02448 BQtÿ 163 114 82 71S 103 897 154 124 Bid 3022 0.01 0 03 0 0.21 0 49 1.80 276 3.70 570 Ask

Totalizator

Page 27: From Pong to the Pits to Single Pools: Convergence Lessons from …€¦ · -0 9293 -02448 BQtÿ 163 114 82 71S 103 897 154 124 Bid 3022 0.01 0 03 0 0.21 0 49 1.80 276 3.70 570 Ask
Page 28: From Pong to the Pits to Single Pools: Convergence Lessons from …€¦ · -0 9293 -02448 BQtÿ 163 114 82 71S 103 897 154 124 Bid 3022 0.01 0 03 0 0.21 0 49 1.80 276 3.70 570 Ask
Page 29: From Pong to the Pits to Single Pools: Convergence Lessons from …€¦ · -0 9293 -02448 BQtÿ 163 114 82 71S 103 897 154 124 Bid 3022 0.01 0 03 0 0.21 0 49 1.80 276 3.70 570 Ask
Page 30: From Pong to the Pits to Single Pools: Convergence Lessons from …€¦ · -0 9293 -02448 BQtÿ 163 114 82 71S 103 897 154 124 Bid 3022 0.01 0 03 0 0.21 0 49 1.80 276 3.70 570 Ask
Page 31: From Pong to the Pits to Single Pools: Convergence Lessons from …€¦ · -0 9293 -02448 BQtÿ 163 114 82 71S 103 897 154 124 Bid 3022 0.01 0 03 0 0.21 0 49 1.80 276 3.70 570 Ask
Page 32: From Pong to the Pits to Single Pools: Convergence Lessons from …€¦ · -0 9293 -02448 BQtÿ 163 114 82 71S 103 897 154 124 Bid 3022 0.01 0 03 0 0.21 0 49 1.80 276 3.70 570 Ask
Page 33: From Pong to the Pits to Single Pools: Convergence Lessons from …€¦ · -0 9293 -02448 BQtÿ 163 114 82 71S 103 897 154 124 Bid 3022 0.01 0 03 0 0.21 0 49 1.80 276 3.70 570 Ask

From Pong to the Pits to Single Pools: Convergence Lessons from

the Securities Markets

Thank you


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