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ROBERT A. SCHWARTZ The primary objective of this book is to consider how the inclusion of electronic call auction trading would affect the performance of our U.S. equity markets. The papers it contains focus on the call auction and its role in a hybrid market struc ture. The purpose is to increase understanding of this trading environment, and to consider the design of a more efficient stock market. This book had its origin in a symposium, Electronic Call Market Trading, that was held at New York University's Salomon Center on April 20, 1995. Nearly 150 people from 16 different countries attended. At the time, three proprietary trading systems based on call auction principles (The Arizona Stock Exchange, Posit, and Instinet's Crossing Network) had been operating for several years and interest already existed in the procedure. Since the symposium, increasing use has been made of call auctions, primarily by the ParisBourse in its Nouveau Marchi: and CAC markets, by Deutsche Borse in its Xetra market, and in the U.S. by OptiMark. Rather than being used as stand alone systems, however, call auctions are now being interfaced with continuous markets so as to produce hybrid market structures, a development that is given considerable attention to in a number of the chapters in this book.
This book is based on the proceedings of The Electronic Call Auction: New Answers to Old Questions, a conference hosted by the Zicklin School of Business on May 16, 2000. The text includes the edited transcripts of the panel discussions and separate addresses by three major industry executives Douglas M. Atkin, formerly President and CEO, Instinet Corporation; Kenneth D. Pasternak, formerly President and CEO, Knight/Trimark Group, Inc., and William J. Brodsky, Chairman and CEO, Chicago Board Options Exchange. The electronic call auction is an important trading vehicle in many market centers around the world, but is not well understood in the US. What are call auctions? How should they be designed and integrated with continuous trading in a hybrid market structure? As call auctions play a more central role in the US markets, how will they affect market quality in terms of transparency, order flow consolidation, and price discovery? These and other critical questions were asked at the conference while the efficiency of the US markets was broadly assessed.
The Encyclopedia of Finance comprehensively covers the broad spectrum of terms and topics relating finance from asset pricing models to option pricing models to risk management and beyond. This third edition is comprised of over 1,300 individual definitions, chapters, appendices and is the most comprehensive and up-to-date resource in the field, integrating the most current terminology, research, theory, and practical applications. It includes 200 new terms and essays; 25 new chapters and four new appendices. Showcasing contributions from an international array of experts, the revised edition of this major reference work is unparalleled in the breadth and depth of its coverage.
An in-depth look at the nature of market making and exchanges From theory to practicalities, this is a comprehensive, up-to-date handbook and reference on how markets work and the nuances of trading. It includes a CD with an interactive trading simulation. Robert A. Schwartz, PhD (New York, NY), is Marvin M. Speiser Professor of Finance and University Distinguished Professor in the Zicklin School of Business, Baruch College, CUNY. Reto Francioni, PhD (Zurich, Switzerland), is President and Chairman of the Board of SWX, the Swiss Stock Exchange, and former co-CEO of Consors Discount Broker AG, Nuremberg.
The NASDAQ Stock Market has been reengineered in recent years. The broader NASDAQ marketplace has also experienced substantial growth and development. This conference brought together leading buy-side and sell-side participants and NASDAQ executives to put these changes into sharper focus. The resulting book assesses both the current market structure and the direction in which the new NASDAQ marketplace is heading.
The case for index funds is predicated on the observed inability of active managers to outperform market indexes over long periods. Agency conflicts between investors and fund managers are another important motivation, as index funds benefit from simple, unambiguous accountability.
Edited by V. Sundararajan, Peter Dattels, and Hans Blommestein, this volume outlines strategies for managing public debt, developing government securities markets, and coordinating those activities with monetary management through legal, administrative, and operational arrangements. Both transition and market economies are surveyed. The analysis draws partly on the literature on the microstructure of markets and auction systems and on selected country experiences.
Do things such as performance indicators, valuation formulas, consumer tests, stock prices or financial contracts represent an external reality? Or do they rather constitute, in a performative fashion, what they refer to? The Provoked Economy tackles this question from a pragmatist angle, considering economic reality as a ceaselessly provoked reality. It takes the reader through a series of diverse empirical sites – from public administrations to stock exchanges, from investment banks to marketing facilities and business schools – in order to explore what can be seen from such a demanding standpoint. It demonstrates that descriptions of economic objects do actually produce economic objects and that the simulacrum of an economic act is indeed a form of realization. It also shows that provoking economic reality means facing practical tests in which what ought to be economic or not is subject to elaboration and controversy. This book opens paths for empirical investigation in the social sciences, but also for the philosophical renewal of the critique of economic reality. It will be useful for students and scholars in social theory, sociology, anthropology, philosophy and economics.
Public stock markets are too small. This book is an effort to rescue public stock markets in the EU and the US. There should be more companies with publicly-traded shares and more direct share ownership. Anchored in a broad historical study of the regulation of stock markets and companies in Europe and the US, the book proposes ways to create a new regulatory regime designed to help firms and facilitate people’s capitalism. Through its comparative and historical study of regulation and legal practices, the book helps to understand the evolution of public stock markets from the nineteenth century to the present day. The book identifies design principles that reflect prior regulation. While continental European company law has produced many enduring design principles, the recent regulation of stock markets in the EU and the US has failed to serve the needs of both firms and retail investors. The book therefore proposes a new set of design principles to serve contemporary societal needs.