The new stock market : law, economics, and policy

著者

書誌事項

The new stock market : law, economics, and policy

Merritt B. Fox, Lawrence R. Glosten, and Gabriel V. Rauterberg

Columbia University Press, c2019

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注記

Includes bibliographical notes (p. [299]-370) and indexes

内容説明・目次

内容説明

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.

目次

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

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