Rapidly Changing Securities Markets: Who Are the Initiators? (Zicklin School of Business Financial Markets Series)

This book offers a look at equity markets and what they have experienced since the 1997 Order Handling Rules were instituted. Specifically, it examines the tremendous technology innovation, intensified competition between an expanding set of alternative trading venues, and continuing regulatory changes that have occurred. Who have been the key initiators? How has market quality evolved over this period in response? What further structural and regulatory changes are still needed? These are among the key questions addressed in the volume, titled after the Baruch College Financial Markets Conference entitled Rapidly Changing Securities Markets: Who are the Initiators? 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. Much more than historical documents, the transcripts from the conferences are edited for clarity, perspective and context; material and comments from subsequent interviews with the panelists and speakers are integrated for a complete thematic presentation. Each book is focused on a well delineated topic, but all deliver broader insights into the quality and efficiency of the U.S. equity markets and the dynamic forces changing them. Read more... Abstract: This book offers a look at equity markets and what they have experienced since the 1997 Order Handling Rules were instituted. Specifically, it examines the tremendous technology innovation, intensified competition between an expanding set of alternative trading venues, and continuing regulatory changes that have occurred. Who have been the key initiators? How has market quality evolved over this period in response? What further structural and regulatory changes are still needed? These are among the key questions addressed in the volume, titled after the Baruch College Financial Markets Conference entitled Rapidly Changing Securities Markets: Who are the Initiators? 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. Much more than historical documents, the transcripts from the conferences are edited for clarity, perspective and context; material and comments from subsequent interviews with the panelists and speakers are integrated for a complete thematic presentation. Each book is focused on a well delineated topic, but all deliver broader insights into the quality and efficiency of the U.S. equity markets and the dynamic forces changing them Front Matter ....Pages i-xi The SEC’s Order Handling Rules of 1997 and Beyond: Perspective and Outcomes of the Landmark Regulation (Richard Lindsey, John Aidan Byrne, Robert A. Schwartz)....Pages 1-14 Fifteen Years After the Order Handling Rules, How Do the Markets Look Today? (Robert Schwartz, Doug Clark, David Krell, Kenneth Pasternak, Adam Sussman)....Pages 15-32 Competition, Incentives, and Innovations in the Great American Marketplace (Frank Hatheway)....Pages 33-44 Regulators and Innovators as Initiators (Michael Pagano, Janet Angstadt, Tom Gira, Bill Harts, Keith Ross, Robert Shapiro)....Pages 45-59 A Walk Through Time (Harold Bradley)....Pages 61-79 New Initiators: Technology, Market Events, and Business Practices (Brett Redfearn, Kevin Callahan, George Kledaras, Timothy J. Mahoney, Joseph M. Mecane, Joe Ratterman)....Pages 81-96 The Need for Further Change (Nina Mehta, Stephen Bookbinder, Chris Concannon, Cheryl Knopp, William O’Brien, Neal Wolkoff)....Pages 97-112 History, Regulation, and the Evolution of a World-Class Exchange (Jeffrey Sprecher)....Pages 113-122