New Stock Market (eBook)

Law, Economics, and Policy

Merritt B. Fox, Lawrence Glosten, Gabriel Rauterberg (Autoren)

eBook Download: PDF | EPUB

2019
Columbia University Press (Verlag)
978-0-231-54393-4 (ISBN)

Infos

The New Stock Market covers a wide range of issues including the practices of high-frequency traders, insider trading, manipulation, short selling, broker-dealer practices, and trading venue fees and rebates. The book illuminates both the existing regulatory structure of our equity trading markets and how we can improve it.

FoxMerritt B.:

Merritt B. Fox is Michael E. Patterson Professor of Law and NASDAQ Professor for Law and Economics of Capital Markets. His books include Corporate Governance Lessons from Transitional Economies (Princeton University Press, 2006, co-edited with Michael Heller) and Finance and Industrial Performance in a Dynamic Economy: Theory, Practice and Policy (Columbia University Press, 1987).GlostenLawrence:

Lawrence R. Glosten is S. Sloan Colt Professor of Banking and International Finance at the Columbia Business School. His work has appeared in a number of journals, including Duke Law Journal, New York Law School Law Review, European Financial Management, and Journal of Financial Markets.RauterbergGabriel:

Gabriel Rauterberg is assistant professor of law at the University of Michigan Law School. His work has appeared in a number of law reviews, including Duke, Michigan, and Columbia.Merritt B. Fox is the Michael E. Patterson Professor of Law at Columbia Law School, codirector of the Program in the Law and Economics of Capital Markets, and codirector of the Center for Law and Economic Studies.
Lawrence R. Glosten is the S. Sloan Colt Professor of Banking and International Finance at Columbia Business School and codirector of the Program in the Law and Economics of Capital Markets.
Gabriel V. Rauterberg is an assistant professor of law at the University of Michigan Law School.

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The U.S. stock market has been transformed over the last twenty-five years. Once a market in which human beings traded at human speeds, it is now an electronic market pervaded by algorithmic trading, conducted at speeds nearing that of light. High-frequency traders participate in a large portion of all transactions, and a significant minority of all trade occurs on alternative trading systems known as "e;dark pools."e; These developments have been widely criticized, but there is no consensus on the best regulatory response to these dramatic changes.The New Stock Market offers a comprehensive new look at how these markets work, how they fail, and how they should be regulated. Merritt B. Fox, Lawrence R. Glosten, and Gabriel V. Rauterberg describe stock markets' institutions and regulatory architecture. They draw on the informational paradigm of microstructure economics to highlight the crucial role of information asymmetries and adverse selection in explaining market behavior, while examining a wide variety of developments in market practices and participants. The result is a compelling account of the stock market's regulatory framework, fundamental institutions, and economic dynamics, combined with an assessment of its various controversies. The New Stock Market covers a wide range of issues including the practices of high-frequency traders, insider trading, manipulation, short selling, broker-dealer practices, and trading venue fees and rebates. The book illuminates both the existing regulatory structure of our equity trading markets and how we can improve it.

Inhalt

AcknowledgmentsIntroductionPart 1: Foundations1. The Institutions and Regulation of Trading Markets2. The Social Function of Stock Markets3. The Economics of Trading MarketsPart 2: Trading Market Practices4. High Frequency TradingPart 3: Regulation of Traders5. The Economics of Informed Trading6. The Regulation of Informed Trading7. Manipulation8. Short SellingPart 4: Regulation of Broker-Dealers9. Broker-Dealers10. Dark Pools11. Maker-Taker Fees12. Payment for Order FlowConclusionNotesName IndexSubject Index

Produkt-Details

• Erscheint lt. Verlag: 14.1.2019
• Verlagsort: New York
• Sprache: englisch
• Maße: 150 x 150 mm
• Themenwelt: Recht / Steuern ► Allgemeines / Lexika
• Themenwelt: Recht / Steuern ► Öffentliches Recht ► Verwaltungsverfahrensrecht
• Themenwelt: Recht / Steuern ► Wirtschaftsrecht
• Themenwelt: Wirtschaft
• ISBN-10: 0-231-54393-X / 023154393X
• ISBN-13: 978-0-231-54393-4 / 9780231543934