The Electronic Call Auction Market Mechanism And Trading
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| Author | : Robert A. Schwartz |
| Publisher | : Springer Science & Business Media |
| Total Pages | : 457 |
| Release | : 2012-12-06 |
| Genre | : Business & Economics |
| ISBN | : 1461516978 |
ROBERT A. SCHWARTZ The primary objective of this book is to consider how the inclusion of electronic call auction trading would affect the performance of our U.S. equity markets. The papers it contains focus on the call auction and its role in a hybrid market struc ture. The purpose is to increase understanding of this trading environment, and to consider the design of a more efficient stock market. This book had its origin in a symposium, Electronic Call Market Trading, that was held at New York University's Salomon Center on April 20, 1995. Nearly 150 people from 16 different countries attended. At the time, three proprietary trading systems based on call auction principles (The Arizona Stock Exchange, Posit, and Instinet's Crossing Network) had been operating for several years and interest already existed in the procedure. Since the symposium, increasing use has been made of call auctions, primarily by the ParisBourse in its Nouveau Marchi: and CAC markets, by Deutsche Borse in its Xetra market, and in the U.S. by OptiMark. Rather than being used as stand alone systems, however, call auctions are now being interfaced with continuous markets so as to produce hybrid market structures, a development that is given considerable attention to in a number of the chapters in this book.
| Author | : Robert A Schwartz |
| Publisher | : |
| Total Pages | : 484 |
| Release | : 2001-10-31 |
| Genre | : |
| ISBN | : 9781461516989 |
| Author | : Robert A. Schwartz |
| Publisher | : Springer Science & Business Media |
| Total Pages | : 171 |
| Release | : 2006-04-11 |
| Genre | : Business & Economics |
| ISBN | : 0306479761 |
This book is based on the proceedings of The Electronic Call Auction: New Answers to Old Questions, a conference hosted by the Zicklin School of Business on May 16, 2000. The text includes the edited transcripts of the panel discussions and separate addresses by three major industry executives Douglas M. Atkin, formerly President and CEO, Instinet Corporation; Kenneth D. Pasternak, formerly President and CEO, Knight/Trimark Group, Inc., and William J. Brodsky, Chairman and CEO, Chicago Board Options Exchange. The electronic call auction is an important trading vehicle in many market centers around the world, but is not well understood in the US. What are call auctions? How should they be designed and integrated with continuous trading in a hybrid market structure? As call auctions play a more central role in the US markets, how will they affect market quality in terms of transparency, order flow consolidation, and price discovery? These and other critical questions were asked at the conference while the efficiency of the US markets was broadly assessed.
| Author | : Robert A. Schwartz |
| Publisher | : John Wiley & Sons |
| Total Pages | : 482 |
| Release | : 2004-10-06 |
| Genre | : Business & Economics |
| ISBN | : 0471689882 |
An in-depth look at the nature of market making and exchanges From theory to practicalities, this is a comprehensive, up-to-date handbook and reference on how markets work and the nuances of trading. It includes a CD with an interactive trading simulation. Robert A. Schwartz, PhD (New York, NY), is Marvin M. Speiser Professor of Finance and University Distinguished Professor in the Zicklin School of Business, Baruch College, CUNY. Reto Francioni, PhD (Zurich, Switzerland), is President and Chairman of the Board of SWX, the Swiss Stock Exchange, and former co-CEO of Consors Discount Broker AG, Nuremberg.
| Author | : Petri Mäntysaari |
| Publisher | : Walter de Gruyter GmbH & Co KG |
| Total Pages | : 1037 |
| Release | : 2021-12-31 |
| Genre | : Law |
| ISBN | : 3110761327 |
Public stock markets are too small. This book is an effort to rescue public stock markets in the EU and the US. There should be more companies with publicly-traded shares and more direct share ownership. Anchored in a broad historical study of the regulation of stock markets and companies in Europe and the US, the book proposes ways to create a new regulatory regime designed to help firms and facilitate people’s capitalism. Through its comparative and historical study of regulation and legal practices, the book helps to understand the evolution of public stock markets from the nineteenth century to the present day. The book identifies design principles that reflect prior regulation. While continental European company law has produced many enduring design principles, the recent regulation of stock markets in the EU and the US has failed to serve the needs of both firms and retail investors. The book therefore proposes a new set of design principles to serve contemporary societal needs.
| Author | : Ken Baron |
| Publisher | : Springer |
| Total Pages | : 303 |
| Release | : 2006-11-28 |
| Genre | : Business & Economics |
| ISBN | : 0230627501 |
Financial intermediaries typically offer derivatives to their customers only when they can hedge the exposures from these transactions. Baron and Lange show that parimutuel auctions can be used by financial intermediaries to offer derivatives without exposing themselves to risk.
| Author | : Tatnall, Arthur |
| Publisher | : IGI Global |
| Total Pages | : 300 |
| Release | : 2012-10-31 |
| Genre | : Computers |
| ISBN | : 1466621672 |
The latest advances in technology development have been particularly useful to actor-network theory as a structure for much of its research. With a socio-technical approach to the understanding of information systems and applications, the actor-network theory aims to bring support for social influence on technological innovations. Social and Professional Applications of Actor-Network Theory for Technology Development presents a platform for the approaches and implementations on the actor-network theory and its relationship with technology development. This book provides researchers and practitioners with a better understanding of the usefulness of the social and technical connection.
| Author | : Diethard Klatte |
| Publisher | : Springer Science & Business Media |
| Total Pages | : 608 |
| Release | : 2012-06-07 |
| Genre | : Business & Economics |
| ISBN | : 3642292100 |
This book contains a selection of refereed papers presented at the “International Conference on Operations Research (OR 2011)” which took place at the University of Zurich from August 30 to September 2, 2011. The conference was jointly organized by the German speaking OR societies from Austria (ÖGOR), Germany (GOR) and Switzerland (SVOR) under the patronage of SVOR. More than 840 scientists and students from over 50 countries attended OR 2011 and presented 620 papers in 16 parallel topical streams, as well as special award sessions. The conference was designed according to the understanding of Operations Research as an interdisciplinary science focusing on modeling complex socio-technical systems to gain insight into behavior under interventions by decision makers. Dealing with “organized complexity” lies in the core of OR and designing useful support systems to master the challenge of system management in complex environment is the ultimate goal of our professional societies. To this end, algorithmic techniques and system modeling are two fundamental competences which are also well-balanced in these proceedings.
| Author | : International Monetary Fund |
| Publisher | : International Monetary Fund |
| Total Pages | : 444 |
| Release | : 1997-04-15 |
| Genre | : Business & Economics |
| ISBN | : 9781557755551 |
Edited by V. Sundararajan, Peter Dattels, and Hans Blommestein, this volume outlines strategies for managing public debt, developing government securities markets, and coordinating those activities with monetary management through legal, administrative, and operational arrangements. Both transition and market economies are surveyed. The analysis draws partly on the literature on the microstructure of markets and auction systems and on selected country experiences.
| Author | : Gilles Dufrénot |
| Publisher | : Springer |
| Total Pages | : 322 |
| Release | : 2014-07-14 |
| Genre | : Business & Economics |
| ISBN | : 3319052128 |
This book discusses market microstructure environment within the context of the global financial crisis. In the first part, the market microstructure theory is recalled and the main microstructure models and hypotheses are discussed. The second part focuses on the main effects of the financial downturn through an examination of market microstructure dynamics. In particular, the effects of market imperfections and the limitations associated with microstructure models are discussed. Finally, the new regulations and recent developments for financial markets that aim to improve the market microstructure are discussed. Well-known experts on the subject contribute to the chapters in the book. A must-read for academic researchers, students and quantitative practitioners.
