The structure and operations of the US equity markets have
evolved dramatically in recent decades with the advent of major
technology and regulatory changes. Nothing short of a
groundbreaking shift has occurred in the securities industry as the
transition has been made from predominantly manual, human
intermediated trading to predominantly electronic trading. By many
measures, commission, spreads and market impact costs have been
dramatically reduced in recent years. But does that mean that
market quality has improved? That is the key question addressed in
this book, titled after the Baruch College Conference, The Quality
of Our Financial Markets: Taking Stock of Where We Stand. Featuring
contributions from a distinguished panel of practitioners,
academicians, and regulators, this volume offers a penetrating and
timely account of the most current issues in market quality,
covering such topics as high-frequency trading; the Flash Crash of
May 6th, 2010; dark pools; lit pools; fragmentation; disruptive and
advanced technologies. And, very significantly, it takes a close
look at the impact and influence of regulation.
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 Much more than historical documents, the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."
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