The new stock market : law, economics, and policy / Merritt B. Fox, Lawrence Glosten, Gabriel Rauterberg.

Format:

Book

Author/Creator:

Fox, Merritt B., Author.

Glosten, Lawrence, Author.

Rauterberg, Gabriel, Author.

Language:

English

Subjects (All):

Stock exchanges--Management.

Stock exchanges.

Physical Description:

1 online resource (406 pages)

Edition:

1st ed.

Place of Publication:

New York, NY : Columbia University Press, [2019]

Language Note:

In English.

Summary:

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.

Contents:

Frontmatter

Contents

Acknowledgments

Introduction

1. The Institutions and Regulation of Trading Markets

2. The Social Function of Stock Markets

3. The Economics of Trading Markets

4. High Frequency Trading

5. The Economics of Informed Trading

6. The Regulation of Informed Trading

7. Manipulation

8. Short Selling

9. Broker-Dealers

10. Dark Pools

11. Maker-Taker Fees

12. Payment for Order Flow

Conclusion

Notes

Name Index

Subject Index

Notes:

Description based on online resource; title from PDF title page (publisher's Web site, viewed 06. Apr 2020)

ISBN:

9780231543934

023154393X

OCLC:

1079008648