Rethinking Regulatory Structure

1. Front Matter

   Pages i-xiv

   PDF

2. Opening Remarks: Good Price Discovery, the Neglected Regulatory Objective

   • Robert Schwartz

   Pages 1-5

3. The Case for Regulatory Reform

   • Andreas Preuss

   Pages 7-16

4. Regulation’s Impact on Competition

   • Benn Steil, Steve Chmielewski, Gregory DePetris, Jay Biancamano, Joe Gawronski, William O’Brien et al.

   Pages 17-31

5. Transparency in the Trading Markets

   • Alfred Berkeley

   Pages 33-44

6. The View from Europe

   • Bruce Weber, Robert Barnes, Eric Noll, Chris Pickles, Peter Randall, Nic Stuchfield

   Pages 45-57

7. View from the Regulators

   • Robert Colby, James Brigagliano, Brian Peters, Susan Wolburgh Jenah

   Pages 59-73

8. Regulation Going Forward

   • Harold Bradley, Ian Domowitz, Gary Katz, Tim Mahoney, Jamie Selway, Joseph Wald

   Pages 75-93

9. Regulatory Needs, Then and Now: The Perspective of a Wall Street Veteran

   • Donald Weeden, Robert Schwartz

   Pages 95-103

Three dominant forces worldwide are driving change today in our financial markets: competition, technology and regulation. But their collective impact in reshaping the markets, though they may be viewed individually as desirable or well-intentioned, is producing challenging results that are difficult to predict, hard to control and not easy to understand. Extreme market turbulence has underlined the key issues as much attention turns to the appropriate regulatory response. That is the backdrop for this thought-provoking book, emerging from a Baruch College Conference on equity market structure in the aftermath of the global financial crisis, and featuring contributions from an acclaimed panel of international scholars, policymakers, regulators, and industry leaders. The result presents emerging perspective and ideas that illuminate the dynamics of financial regulation today and into the future. The Zicklin School of Business Financial Markets Series presents the insights emerging from a sequence of conferences hosted by the Zicklin School at Baruch College for industry professionals, regulators, and scholars. Much more than historical documents, the transcripts from the conferences are edited for clarity, perspective and context; material and comments from subsequent interviews with the panelists and speakers are integrated for a complete thematic presentation. Each book is focused on a well delineated topic, but all deliver broader insights into the quality and efficiency of the U.S. equity markets and the dynamic forces changing them.

• Liquidity
• Market Fragmentation
• Price Discovery
• Price Volatility
• Secondary Financial Markets
• Transparency

• , Zicklin School of Business, Baruch College/CUNY, New York, USA

  Robert A. Schwartz

• Rockaway, USA

  John Aidan Byrne

• Baruch College/CUNY, New York, USA

  Gretchen Schnee

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