Call Auction Trading: New Answers to Old Questions / Edition 1

Call Auction Trading: New Answers to Old Questions / Edition 1

by Robert A. Schwartz, Antoinette Colaninno
     
 

ISBN-10: 0792374231

ISBN-13: 9780792374237

Pub. Date: 03/31/2003

Publisher: Springer US

The electronic call auction is an important trading vehicle in many market centers around the world, and it should play a far more central role in the U.S. equity markets. Yet call auctions are not known or understood by many market participants in the U.S. The purpose of Call Auction Trading: New Answers to Old Questions is to consider how a call auction

Overview

The electronic call auction is an important trading vehicle in many market centers around the world, and it should play a far more central role in the U.S. equity markets. Yet call auctions are not known or understood by many market participants in the U.S. The purpose of Call Auction Trading: New Answers to Old Questions is to consider how a call auction facility operates and its broader role in the marketplace. A spectrum of questions are raised and debated. What is a call auction? How should call auctions be designed? How should call auction and continuous trading be integrated in a hybrid market structure? What is the price discovery function of a call auction, especially at market openings? When the dust settles on the answers, it may be recognized that the introduction of electronic call auction trading in our markets is one of the most profound changes in U.S. equity market structure that could be made.

Product Details

ISBN-13:
9780792374237
Publisher:
Springer US
Publication date:
03/31/2003
Series:
Zicklin School of Business Financial Markets Series
Edition description:
2002
Pages:
158
Product dimensions:
6.14(w) x 9.21(h) x 0.24(d)

Table of Contents

List of Participants. Conference Sponsors. Preface. Introductory Remarks. 1. The Call Auction Atlernative. 2. The Broad Perspective. 3. View from a Market Maker. 4. Alternative Call Auction Designs. 5. Darwinism vs. Protectionism in the US Equity Markets. 6. View from the Derivatives Exchange. 7. Integrating Call and Continuous Trading. 8. A Call Auction's Role in the Marketplace. Afterword. Participant Biographies. Index.

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