The New Stock Market

Law, Economics, and Policy

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

Buch | Hardcover

408 Seiten

2019
Columbia University Press (Verlag)
978-0-231-18196-9 (ISBN)

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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 “dark pools.” 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.

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.

Acknowledgments
Introduction
Part 1: Foundations
1. The Institutions and Regulation of Trading Markets
2. The Social Function of Stock Markets
3. The Economics of Trading Markets
Part 2: Trading Market Practices
4. High Frequency Trading
Part 3: Regulation of Traders
5. The Economics of Informed Trading
6. The Regulation of Informed Trading
7. Manipulation
8. Short Selling
Part 4: Regulation of Broker-Dealers
9. Broker-Dealers
10. Dark Pools
11. Maker-Taker Fees
12. Payment for Order Flow
Conclusion
Notes
Name Index
Subject Index

Erscheinungsdatum	27.12.2018
Zusatzinfo	5 Illustrations
Verlagsort	New York
Sprache	englisch
Maße	152 x 229 mm
Themenwelt	Recht / Steuern ► EU / Internationales Recht
	Recht / Steuern ► Wirtschaftsrecht ► Bank- und Kapitalmarktrecht
	Wirtschaft ► Betriebswirtschaft / Management ► Finanzierung
ISBN-10	0-231-18196-5 / 0231181965
ISBN-13	978-0-231-18196-9 / 9780231181969
Zustand	Neuware