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Consolidated Stock Exchange of New York
The Consolidated Stock Exchange of New York (Consolidated), which was also known as the New York Consolidated Stock Exchange,〔See ''Brooklyn Daily Eagle'', Saturday, January 13, 1912, p. 18〕 was a stock exchange that existed in New York, New York in competition with the New York Stock Exchange (NYSE) from 1885-1926. Throughout its approximately 40-year existence, Consolidated averaged 23% of NYSE volume. According to the economists Brown, Mulherin and Weidenmier, “NYSE bid-ask spreads fell by more than 10% when the Consolidated began to trade NYSE stocks and subsequently increased when the Consolidated ceased operations” and “empirical analysis suggests that this historical episode of stock market competition improved consumer welfare by an amount equivalent to US$9.6 billion today.”〔Brown, W.O., Jr., Mulherin, J.H., Weidenmier, M.D. (2008) "Competing with the New York Stock Exchange". ''Quarterly Journal of Economics'', 123(4), 1679-1719〕 The NYSE engaged in a bitter war against Consolidated throughout the latter’s existence. The NYSE banned its members from dealing with members of Consolidated.〔Markham, J.W. (2002) ''A Financial History of the United States'' (Vol. 2) . Armonk, New York: Sharpe, p. 6.〕
==Reason formed, innovations its creation forced on the market, and initial membership==
The main reason that 400 members of the NYSE broke with it to form the Consolidated was that the NYSE refused to service “odd lot” buyers, which is to sell shares at lesser volumes than “round lots” of 100 shares. From its inception, Consolidated employed then cutting edge clearing house techniques which were efficient at preventing frauds and the reneging on bargains. The NYSE had been unsuccessful at its attempts to use clearing house techniques. Consolidated’s success with centralized clearing forced the NYSE to in 1892 make a more serious attempt to itself implement centralized clearing, which succeeded.〔Sobel, R. (2000) ''The Big Board''. Washington, D.C.: Beard Books, p. 131 (Original work published 1965 New York, New York: Free Press)〕 Including the 400 former members of the NYSE, Consolidated formed with 2,403 members.〔Michie, R.C. (2012) ''The London and New York Stock Exchanges''. London: Routledge, p. 204 (Original work published 1987)〕
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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