Equity Trading Round-Up: Proposals for Strengthening the Markets

by Robert A. Schwartz (Editor), John Aidan Byrne (Editor), Eileen Stempel (Editor)

Overview

This book examines the complexity of trading and the creation of liquidity. Titled after the Baruch College Financial Markets Conference, Equity Market Round-Up: Proposals for Strengthening the Markets, this book explores how regulation has a clear impact on market structure and, therefore, how market structure impacts efficient trading and capital formation. The following questions are analyzed: What are the liquidity strategies for pricing and interacting? Is liquidity any more available today for an illiquid sk than it was on the floor of the exchange 20 years ago? How do we cope with the dynamics of a continuous market? How can market structure be improved? What are the effects of high frequency trading?

The Zicklin School of Business Financial Markets Series presents the insights emerging from a sequence of conferences hosted by the Zicklin School at Baruch College for industry professionals, regulators, and scholars. The transcripts from the conferences are edited for clarity, perspective and context; material and comments from subsequent interviews with the panelists and speakers are included for a complete thematic presentation. Each book is focused on a well delineated topic, but all deliver broad insights into the quality and efficiency of the U.S. equity markets and the dynamic forces that are changing them.

Product Details

ISBN-13:	9783030510145
Publisher:	Springer International Publishing
Publication date:	11/17/2020
Series:	Zicklin School of Business Financial Markets Series
Edition description:	1st ed. 2021
Pages:	159
Product dimensions:	6.10(w) x 9.25(h) x (d)

About the Author

Robert A. Schwartz is Marvin M. Speiser Professor of Finance and University Distinguished Professor in the Zicklin School of Business, Baruch College, CUNY. Before joining the Baruch faculty in 1997, he was Professor of Finance and Economics, and Yamaichi Faculty Fellow at New York University's Leonard N. Stern School of Business, where he had been a member of the faculty since 1965. In 1966, Professor Schwartz received his Ph.D. in Economics from Columbia University. His research is in the area of financial economics, with a primary focus on the structure of securities markets. He has published over seventy refereed journal articles, twelve edited books, and eight authored books, including Micro Markets: A Market Structure Approach to Microeconomic Analysis, Wiley & Sons, 2010. He has served as a consultant to various market centers including the New York Stock Exchange, the American Stock Exchange, Nasdaq, the London Stock Exchange, Instinet, the Arizona Stock Exchange, Deutsche Börse, Borsa Istanbul and the Bolsa Mexicana. From April 1983 to April 1988, he was an associate editor of The Journal of Finance, and he is currently an associate editor of the Review of Quantitative Finance and Accounting and the Review of Pacific Basin Financial Markets and Policies, and is a member of the advisory boards of International Finance and The Journal of Trading. In December 1995, Professor Schwartz was named the first chairman of Nasdaq's Economic Advisory Board, and he served on the EAB until Spring 1999. He is developer, with Bruce Weber of the trading and market structure simulation, TraderEx (http: //www.etraderex.com/). In 2009, Schwartz was named the first recipient of the World Federation of Exchanges' annual Award for Excellence. In 2018, Schwartz was named the co-director of Baruch's newly established Robert A. Schwartz Center for Trading and Financial Markets Research.

Table of Contents

Preface.- List of Participants.- Conference Sponsors.- Chapter 1: Trading, Clearing, Custody and the Worldwide Evolution of Exchanges as Unique Organizations.- Chapter 2: Coping with Liquidity Provision.- Chapter 3: The View from Here.- Chapter 4: Coping with the Dynamics of a Continuous Market.- Chapter 5: Strengthening the Infrastructure.- Chapter 6: A Closer Look at How to Improve and Repair Market Structure.- Chapter 7: Regulatory Initiatives.- Chapter 8: Unravelling the Complexity of Market Structure.- Chapter 9: A Liquidity Program to Stabilize Equity Markets.- Chapter 10: Invited Editorial: Combating Turbulence in the Equity Markets: Get the Listed Companies on Board.