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Record Nr. |
UNINA9910580151703321 |
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Titolo |
40 years of experience with the National Market System (NMS) : who are the winners and what have we learned? / / Robert A. Schwartz, John Aidan Byrne and Eileen Stempel, editors |
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Pubbl/distr/stampa |
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Cham, Switzerland : , : Springer, , [2022] |
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©2022 |
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ISBN |
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Descrizione fisica |
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1 online resource (171 pages) |
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Collana |
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Zicklin School of Business financial markets series |
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Disciplina |
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Soggetti |
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Securities |
Securities - United States |
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Lingua di pubblicazione |
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Formato |
Materiale a stampa |
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Livello bibliografico |
Monografia |
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Nota di bibliografia |
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Includes bibliographical references. |
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Nota di contenuto |
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Intro -- Preface: 40 Years of Experience with NMS: Who Are the Winners and What Have We Learned? -- List of Participants -- Conference Sponsors -- Contents -- 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 Goal? -- Chapter 6: What Have We Learned? -- Chapter 7: The Buy-Side Responds -- Chapter 8: A Liquidity Program to Stabilize Equity Markets -- The Supplemental Liquidity (SL) Proposal -- Price Discovery is a Public Good -- Analytic Context -- Empirical Analysis -- Test Design -- Test Results -- The SL Program Vis-À-Vis Traditional Market Maker Operations -- Conclusion -- Appendix: Further Considerations -- A. Additional Rules for Implementing an SL Program -- B. Compliance with Local Regulations -- C. Call Auction Prices and Equilibrium Values -- D. An SL Program and Gaming Possibilities -- References. |
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