Brian Hyndman is a market-maker in the most literal sense. As the senior vice president of Nasdaq OMX Groups transaction-services division, the 41-year-old financial technology expert helped to establish Nasdaq OMX BX. Now hes presiding over the launch this month of another new exchange Nasdaq OMX PSX that will be the first to place its emphasis not on the speed of trades but on their size.
Buy-side investors have been frustrated that they couldnt always get to the front of the line because of the size of their trades, explains Hyndman. Now they can put up a larger order and get a larger portion of incoming liquidity. He hopes the new exchange will bring greater transparency and liquidity to public markets by attracting orders that would otherwise have gone to dark pools alternative off-exchange venues where buyers and sellers can trade anonymously.