Regulated Exchanges: Dynamic Agents of Economic Growth

Hardcover (Print)
Buy New
Buy New from BN.com
$53.98
Used and New from Other Sellers
Used and New from Other Sellers
from $1.99
Usually ships in 1-2 business days
(Save 96%)
Other sellers (Hardcover)
  • All (11) from $1.99   
  • New (5) from $20.98   
  • Used (6) from $1.99   

Overview

Exchanges play an essential and central role in the world's economy. They epitomize transparency in the price-formation process, informing investors and disseminating vital information for the functioning of financial markets, and in so doing they represent an important source of capital for nascent and established companies alike. Even during the recent crisis, exchanges remained open and liquid in the face of extreme volatility-thus the trust investors place in regulated exchanges when confronted with uncertainty is beyond doubt.

Since the inception of the World Federation of Exchanges in the 1960s, the operational and competitive landscape for organized exchanges has changed radically. Technology and globalization have allowed financial flows to move freely across borders, and burgeoning competition and lower regulatory barriers have spurred far-reaching transformations in the way securities are traded.

Against this background, and on the occasion of the 50th anniversary of the World Federation of Exchanges, the WFE has partnered with Larry Harris and the Centre for European Policy Studies to produce a definitive volume of essays to take a look at the historic role exchanges have played in the global economy, highlighting pivotal innovations that shaped this role, and to lay out prospective ways in which exchanges will continue to shape the global economy in the future. Opening with key conceptual essays by leading academics, Regulated Exchanges examines the historical contribution of exchanges to the world's economic growth, exchanges' economic importance, and the regulatory characteristics of the space in which exchanges operate. The volume then presents essays on several defining milestones in the history of exchanges written by leading figures that took part in that very history, showing the interaction between the founding of exchanges, local cultures, and world financial markets. The book appropriately closes with a look forward, examining the competitive landscape and the exciting and promising future of regulated exchanges.

Offering an unparalleled collection of perspectives from leading academics and practitioners involved in the history of exchanges, Regulated Exchanges sheds a brilliant and welcome light on how exchanges have influenced and fostered successful financial markets, and how they will do so for many years to come.

Read More Show Less

Editorial Reviews

From the Publisher
"Exchanges always should keep in mind their essential role-to facilitate the channelling of savings towards productive investment-which, as repeatedly has been demonstrated, is of the utmost relevance for economic development, and thus for the welfare of humankind. The hopes of millions of families, and the business projects of thousands of companies, have passed throughout the engines of our institutions: from the overseas trading companies in the seventeenth century to the construction of the railways in the nineteenth, to the design and deployment of modern telecommunications networks that connect the world in this still fresh millennium." —From the preface by Pedro Rodríguez Ponga, former President of the Bolsa de Madrid and former Chairman of the World Federation of Exchanges
Read More Show Less

Product Details

  • ISBN-13: 9780199772728
  • Publisher: Oxford University Press, USA
  • Publication date: 11/4/2010
  • Pages: 400
  • Product dimensions: 6.10 (w) x 9.30 (h) x 1.10 (d)

Meet the Author

Larry Harris holds the Fred V. Keenan Chair in Finance at the University of Southern California Marshall School of Business. His introductory text on the economics of trading, Trading and Exchanges: Market Microstructure for Practitioners (Oxford University Press: 2003), is widely regarded as required reading for entrants into the securities industry. In July 2002, Professor Harris was appointed Chief Economist of the U.S. Securities and Exchange Commission, where he served until June 2004.

Read More Show Less

Table of Contents

Editor's Introduction
Lawrence Harris, Editor-in-chief, University of Southern California Marshall School of Business

Forward and Acknowledgements
William J. Brodsky, Chairman, World Federation of Exchanges; Chairman, Chicago Board Options Exchange
Thomas Krantz, Secretary General, World Federation of Exchanges

Preface
Pedro Rodríguez Ponga, past president, Bolsa of Madrid and past chairman, WFE

Contributors

PART I - ESSENTIAL PERSPECTIVES
Chapter 1. "Exchanges in Historical and Global Context"
Ranald Michie, University of Durham

Chapter 2. "The Economics of Trading and of Regulated Exchanges"
Lawrence Harris, University of Southern California Marshall School of Business

Chapter 3. "Capital Markets Regulation Revisited"
Karel Lannoo, Centre for European Policy Studies
Piero Cinquegrana, Centre for European Policy Studies

PART II - FIVE DEFINING INNOVATIONS
Chapter 4. "A Retrospective of the Unfixing of Rates and Related Deregulation"
Roberta Karmel, Brooklyn Law School

Chapter 5. "Chicago's Decade of Innovation, 1972-1982,"
Hal Weitzman, Financial Times

Chapter 6. "The Long, Promising Evolution of Screen-Based Trading"
Michael Gorham, Illinois Institute of Technology

Chapter 7. "Demutualisation and Self-listing,"
Bengt Ryden, former CEO, Stockholm Stock Exchange

Chapter 8. "The Creation of Exchanges in Countries with Communist Histories"
Wieslaw Rozlucki, Chairman of the Supervisory Board, Bank BPH, and former chairman, Warsaw Stock Exchange

PART III - VISIONS OF THE FUTURE
Chapter 9. "The World's Exchanges as Social Agents"
Edemir Pinto, CEO, BM&FBOVESPA

Chapter 10. "Regulated Exchanges and the Ethos of Public Capital Markets"
Atsushi Saito, President and CEO, Tokyo Stock Exchange Group

Chapter 11. "A Free Option on the Future: Regulated Exchanges beyond 2010"
Stephan Malherbe, Genesis Analytics
Nicky Newton-King, Deputy CEO, Johannesburg Stock Exchange
Siobhan Cleary, Senior Manager, Johannesburg Stock Exchange

Appendix: WFE memorabilia
Index

Read More Show Less

Customer Reviews

Be the first to write a review
( 0 )
Rating Distribution

5 Star

(0)

4 Star

(0)

3 Star

(0)

2 Star

(0)

1 Star

(0)

Your Rating:

Your Name: Create a Pen Name or

Barnes & Noble.com Review Rules

Our reader reviews allow you to share your comments on titles you liked, or didn't, with others. By submitting an online review, you are representing to Barnes & Noble.com that all information contained in your review is original and accurate in all respects, and that the submission of such content by you and the posting of such content by Barnes & Noble.com does not and will not violate the rights of any third party. Please follow the rules below to help ensure that your review can be posted.

Reviews by Our Customers Under the Age of 13

We highly value and respect everyone's opinion concerning the titles we offer. However, we cannot allow persons under the age of 13 to have accounts at BN.com or to post customer reviews. Please see our Terms of Use for more details.

What to exclude from your review:

Please do not write about reviews, commentary, or information posted on the product page. If you see any errors in the information on the product page, please send us an email.

Reviews should not contain any of the following:

  • - HTML tags, profanity, obscenities, vulgarities, or comments that defame anyone
  • - Time-sensitive information such as tour dates, signings, lectures, etc.
  • - Single-word reviews. Other people will read your review to discover why you liked or didn't like the title. Be descriptive.
  • - Comments focusing on the author or that may ruin the ending for others
  • - Phone numbers, addresses, URLs
  • - Pricing and availability information or alternative ordering information
  • - Advertisements or commercial solicitation

Reminder:

  • - By submitting a review, you grant to Barnes & Noble.com and its sublicensees the royalty-free, perpetual, irrevocable right and license to use the review in accordance with the Barnes & Noble.com Terms of Use.
  • - Barnes & Noble.com reserves the right not to post any review -- particularly those that do not follow the terms and conditions of these Rules. Barnes & Noble.com also reserves the right to remove any review at any time without notice.
  • - See Terms of Use for other conditions and disclaimers.
Search for Products You'd Like to Recommend

Recommend other products that relate to your review. Just search for them below and share!

Create a Pen Name

Your Pen Name is your unique identity on BN.com. It will appear on the reviews you write and other website activities. Your Pen Name cannot be edited, changed or deleted once submitted.

 
Your Pen Name can be any combination of alphanumeric characters (plus - and _), and must be at least two characters long.

Continue Anonymously

    If you find inappropriate content, please report it to Barnes & Noble
    Why is this product inappropriate?
    Comments (optional)