Ex-Nasdaq CEO: There’s a hidden cost to free stock-market trading.
By the end of the day that he announced he was stepping down as Nasdaq’s CEO, he was already talking about his next project.
The next challenge for financial markets, he says, will be to shrink the time to complete a stock-market trade, now known as T+2, or the two additional business days needed to make sure securities and money change hands. Greifeld spoke with MarketWatch about the impact of commission-free trades, his skepticism about the new mission of business, per the influential CEOs behind the Business Roundtable — and what he’s doing after two knee replacements ended his running life.
Q: Yet active managers just consistently struggle to beat the stock market. Why do you think they’ll do better? Q: We were inventing Nasdaq Private Markets [to trade stock in private growth companies], and we got to design it the way we wanted it. [It uses blockchain to execute, clear and settle a trade in 10 minutes.].
When I say I say love, that doesn’t say at 6 a.m. Monday morning you say I can’t wait to get to work but in general you like what you’re doing. I remember Monday morning I’d say this is bad and by Friday afternoon I’d say I can’t believe the week is over so soon.
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