Brookings-Wharton Papers on Financial Services 2002 / Edition 1

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Overview

This annual series from the Brookings Institution and the

Financial Institutions Center at the Wharton School provides timely and insightful analyses of the

financial services industry.

Contents:

The Future of Securities Exchanges

Ruben Lee

The Structure of the U.S. Equity Markets

Marshall E. Blume

Changes in the Ownership and Governance of Securities Exchanges: Causes and Consequences

Benn Steil

Wall Street's Credibility Problem:

Misaligned Incentives and Dubious Fixes?

Leslie Boni and Kent L. Womack

The Immediacy Implications of Exchange Organization

James T. Moser

The Future of Stock Exchanges in Emerging Economies:

Evolution and Prospects

Stijn Claessens, Daniela Kingebiel, and Sergio L. Schmukler

ISDA, NASD, CFMA, and SDNY:

The Four Horsemen of Derivatives Regulation?

Frank Partnoy

The Future of the Foreign Exchange Market

Richard K. Lyons

The Future of the New Issues Market

Jay R. Ritter

Implications of Auction Theory for New Issues Markets

Lawrence M. Asubel

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Product Details

  • ISBN-13: 9780815701194
  • Publisher: Brookings Institution Press
  • Publication date: 11/1/2002
  • Edition description: Older Edition
  • Edition number: 1
  • Pages: 450
  • Product dimensions: 6.82 (w) x 8.52 (h) x 1.07 (d)

Meet the Author

Robert E. Litan is a senior fellow in Economic Studies at Brookings and vice president for research and policy at the Kauffman Foundation. Richard Herring is director of the Joseph H. Lauder Institute of Management and International Studies and codirector of the Wharton Financial Institutions Center at the University of Pennsylvania.

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Table of Contents

Editors' Summary vii
The Future of Securities Exchanges 1
Discussion 29
The Structure of the U.S. Equity Markets 35
Discussion 56
Changes in the Ownership and Governance of Securities Exchanges: Causes and Consequences 61
Comment and Discussion 83
Wall Street's Credibility Problem: Misaligned Incentives and Dubious Fixes? 93
Discussion 125
The Immediacy Implications of Exchange Organization 131
Comment and Discussion 155
The Future of Stock Exchanges in Emerging Economies: Evolution and Prospects 167
Comment and Discussion 203
ISDA, NASD, CFMA, and SDNY: The Four Horsemen of Derivatives Regulation? 213
Discussion 250
The Future of the Foreign Exchange Market 253
Comment on Partnoy and Lyons papers and Discussion 281
The Future of the New Issues Market 293
Discussion 309
Implications of Auction Theory for New Issues Markets 313
Discussion 340
Information Technology and the Organization of Securities Markets 345
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