What is an exchange? : the automation, management, and regulation of financial markets

New technology has revolutionized the nature and threatened the existence of traditional stock and futures exchanges. This book analyses how they have responded to developments in automation, This book analyses how they have responded to developments in automation, what strategies they should adopt, and whether their actions both are, and should be a matter of public concern. The operation and management of exchanges in the current competitive environment is studied. Three aspects of their role as providers of trading systems are examined: their governance structures, the way in which they compete and cooperate with each other, and their policies towards the dissemination of prices and quotes. The law and regulation affecting market structure, the governance and self-regulation of exchanges is then identified, interpreted, and evaluated. Finally, some policy recommendations concerning information and competition, and the classification and governance of exchanges are presented "New technology is revolutionizing the nature and threatening the existence of traditional stock and futures exchanges. This book analyses how they are responding to developments in automation, what strategies they should adopt to survive and prosper, and whether their actions both are, and should be, a matter of public concern." "The book applies knowledge, experience, and analytical techniques from the fields of business, economics, law, and regulation."--Jacket

the Existence And Nature Of Exchanges Used Not To Be Controversial; They Were Easily Identified And Characterized. New Technology, However, Has Led To The Development Of New Exchanges And Trading Systems, Posing Problems For Those Concerned With The Regulation Of Trading Markets. Ruben Lee Examines The Question Of What An Exchange Is, Using Arguments From Both Financial Economics And Law, And Sets Out A View Of How Exchanges Might Be Regulated.

1:Introduction 2:Governance 3:Governance: Case Studies 4:Competition and Cooperation 5:Cooperation: Case Studies 6:Information 7:Classification and Market Structure: Law and Regulation 8:Information: Law and Regulation 9:Governance: Law and Regulation 10:Information: Economics 11:Information and Competition: Policy 12:Classification and Governance: Policy Appendix 1: Trading Systems Appendix 2: Definitions