Members of the New York Stock Exchange are pressuring the Big Board to go public. Meanwhile, BusinessWeek calls on the NYSE to lower barriers to trading — suggesting that the NYSE stifles competition from electronic markets like Nasdaq.
Low barriers to entry and competition are largely good things. But I wonder: If a business’ success or failure is judged solely on its performance in the stock market — which isn’t always the best gauge — and that very stock market is also judged solely on its performance as a publicly traded entity, what does that mean for trading? For evaluating the value of organizations? For definitions of success?