Regulation of U.S. Equity Markets (Zicklin School of Business Financial Markets Series)

In the past quarter of a century, the pace of structural change in the equity markets has accelerated dramatically and, as it has, regulation has come to play an increasingly central role in the development of market structure. The purpose of __Regulation of U.S. Equity Markets__ is to consider regulation's contribution to the efficiency of the U.S. equity markets. Sharply different opinions are expressed on the matter, as the discussion ranges from Congressional oversight, to SEC involvement in market structure issues, to the self-regulatory responsibilities of the market centers, most notably, the New York Stock Exchange and the Nasdaq Stock Market. In the past quarter of a century, the peace of structural change in the equity markets has accelerated dramatically and, as it has, regulation has come to play an increasingly central role in the development of market structure. The purpose of Regulation of U.S. Equity Markets is to consider regulation's contribution to the efficiency of the U.S. equity markets. Sharply different opinions are expressed on the matter, as the discussion ranges from Congressional oversight, to SEC involvement in market structure issues, to the self-regulatory responsibilities of the market centers, most notably, the New York Stock Exchange and the Nasdaq Stock Market. Front Matter....Pages i-xvi View from the NYSE....Pages 1-5 The Broad Perspective....Pages 7-28 View from the Amex....Pages 29-35 Impact on the Trading Desks....Pages 37-53 View from Nasdaq....Pages 55-58 View from the Sec-Promoting Fair and Efficient Markets as a Regulatory End....Pages 59-74 Development of Alternative Markets....Pages 75-91 Implications for Innovation, Competition & Efficiency....Pages 93-108 The Regulators’ Perspective....Pages 109-123 Back Matter....Pages 125-154