This book underscores the complexity of the equity markets, the challenges they face, and the fact that they are still a work in process. Three interacting forces drive market change: competition, technology change, and regulatory change. The markets have one major objective in particular to...

Chapter 1. Thoughts and Perspectives on 40th Anniversary of the National Market System (NMS) -- Chapter 2. Technology’s Challenge to Regulators -- Chapter 3. The Global View -- Chapter 4. Has NMS-Induced Competition Delivered? -- Chapter 5. Fair and Level Playing Fields: A Good Regulatory...

I. Call Auction Trading -- 1 The Call Auction Alternative -- 2 The Call Market: Historical Artifact or Market Architecture of the Future -- 3 Call Market Trading: History, Economics, and Regulation -- 4 An Electronic Call Market: Its Design and Desirability -- 5 Electronic Call Market Trading --...