LEADER 02874nam 2200505 450 001 9910580151703321 005 20221230093758.0 010 $a3-030-91912-9 035 $a(MiAaPQ)EBC7026813 035 $a(Au-PeEL)EBL7026813 035 $a(CKB)24100625300041 035 $a(EXLCZ)9924100625300041 100 $a20221230d2022 uy 0 101 0 $aeng 135 $aurcnu|||||||| 181 $ctxt$2rdacontent 182 $cc$2rdamedia 183 $acr$2rdacarrier 200 00$a40 years of experience with the National Market System (NMS) $ewho are the winners and what have we learned? /$fRobert A. Schwartz, John Aidan Byrne and Eileen Stempel, editors 210 1$aCham, Switzerland :$cSpringer,$d[2022] 210 4$d©2022 215 $a1 online resource (171 pages) 225 1 $aZicklin School of Business financial markets series 311 08$aPrint version: Schwartz, Robert A. 40 Years of Experience with the National Market System (NMS) Cham : Springer International Publishing AG,c2022 9783030919115 320 $aIncludes bibliographical references. 327 $aIntro -- Preface: 40 Years of Experience with NMS: Who Are the Winners and What Have We Learned? -- List of Participants -- Conference Sponsors -- Contents -- Chapter 1: Thoughts and Perspectives on 40th Anniversary of the National Market System (NMS) -- Chapter 2: Technology's Challenge to Regulators -- Chapter 3: The Global View -- Chapter 4: Has NMS-Induced Competition Delivered? -- Chapter 5: Fair and Level Playing Fields: A Good Regulatory Goal? -- Chapter 6: What Have We Learned? -- Chapter 7: The Buy-Side Responds -- Chapter 8: A Liquidity Program to Stabilize Equity Markets -- The Supplemental Liquidity (SL) Proposal -- Price Discovery is a Public Good -- Analytic Context -- Empirical Analysis -- Test Design -- Test Results -- The SL Program Vis-À-Vis Traditional Market Maker Operations -- Conclusion -- Appendix: Further Considerations -- A. Additional Rules for Implementing an SL Program -- B. Compliance with Local Regulations -- C. Call Auction Prices and Equilibrium Values -- D. An SL Program and Gaming Possibilities -- References. 410 0$aZicklin School of Business financial markets series. 517 3 $aForty years of experience with the National Market System (NMS) 606 $aSecurities 606 $aSecurities$vCongresses 606 $aSecurities$zUnited States$vCongresses 615 0$aSecurities. 615 0$aSecurities 615 0$aSecurities 676 $a346.092 702 $aSchwartz$b Robert A. 702 $aJohn Aidan Byrne 702 $aStempel$b Eileen 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910580151703321 996 $a40 years of experience with the National Market System (NMS)$92997505 997 $aUNINA