Matching algorithms are important for well-functioning financial markets. This paper examines the 2007 change by LIFFE, to move from pure pro-rata to time pro-rata allocation for the Euribor, Short Sterling, and Euroswiss futures contracts. We show that the removal of pure pro-rata matching...

We investigate the effects of algorithmic trading and dark venues on U.S. security market quality. Market quality refers to the nearly universal mandate of securities regulators to ensure that all market design changes should not detract from efficiency or fairness which we define as less market...

Purpose – The purpose of this article is to provide techniques for distinguishing and analyzing privileges. With privileges revealed and categorized, the article provides an analysis of the impact different kinds of privileges have on free markets, equality‐under‐the‐law, and...

Purpose – The purposr of this paper is to introduce a new perspective on the organization's role, purpose, and relationships, both within and among organizations, that holds the promise of more ecologically sustainable and economically competitive business practices....