Equity Markets in Transition

The Value Chain, Price Discovery, Regulation, and Beyond

  • Reto Francioni
  • Robert A. Schwartz

Table of contents

  1. Front Matter
    Pages i-xx
  2. The Value Chain of Exchange Organizations: Systematic Overview

    1. Front Matter
      Pages 1-1
    2. Reto Francioni
      Pages 15-69
    3. Cord Gebhardt, Jan Strecker
      Pages 71-83
    4. Reto Francioni, Martin Reck, Robert A. Schwartz
      Pages 85-121
    5. Thomas Laux
      Pages 123-152
    6. Matthias Kluber
      Pages 189-214
    7. Matthias Stötzel
      Pages 215-237
    8. Reto Francioni, James H. Freis Jr., Alexandra Hachmeister
      Pages 239-286
  3. Trading of Financial Instruments: Selected Topics

    1. Front Matter
      Pages 287-287
    2. Reto Francioni, Sonali Hazarika, Martin Reck, Robert A. Schwartz
      Pages 289-324
    3. Michael Heise
      Pages 325-335
    4. Wolfgang Eholzer, Randolf Roth
      Pages 337-361
    5. Reto Francioni, Peter Gomber
      Pages 363-390
    6. Phupinder Gill
      Pages 391-409
    7. Karla Amend, Matthias Papenfuß
      Pages 445-454

About this book

Introduction

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 achieve: the delivery of accurate price discovery for both traders and the broader market.  Are we getting it?  Are competition, technology, and regulation acting together to improve market quality, or are they adding to the complexity of the markets and making accurate price discovery harder to achieve?  The difficulty of addressing these issues and reaching a consensus regarding public policy is reflected in the diverse opinions expressed in this book.

From an institutional perspective, the volume’s contributors highlight the interconnectedness of all aspects of the internal and external environment within which exchange organizations act. Equity Markets in Transition underscores how technological evolution and recent regulatory changes have influenced the business, and how these developments have opened new possibilities for exchange organizations and for equity markets as a whole, including such issues as the impact of equity markets on job creation. 

The book combines both a theoretical and a practical approach. Part I presents a theoretical overview of the international equity market business, including an overall description of the value chain of stock trading that includes deep dives on every decisive step. Part II contains contributions from various business specialists who have specific practical and academic knowledge of the different steps.  Equity Markets in Transition represents a unique combination of theoretical and practical analysis that offers first-hand insights on all relevant interactions and interrelations among the various parts of the exchange business, with an emphasis on facilitating analysis of the status quo and of emerging trends regarding business models, regulation, and the development of the competitor, customer and investor sides.

Keywords

Deutsche Börse Equity Markets IPO Price Discovery Regulation Risk Management Stock Trading

Editors and affiliations

  • Reto Francioni
    • 1
  • Robert A. Schwartz
    • 2
  1. 1.Faculty of Economics and Business AdministrationUniversity of BaselBaselSwitzerland
  2. 2.Zicklin School of Business Baruch College/CUNYNew YorkUSA

Bibliographic information

  • DOI https://doi.org/10.1007/978-3-319-45848-9
  • Copyright Information Springer International Publishing Switzerland 2017
  • Publisher Name Springer, Cham
  • eBook Packages Economics and Finance
  • Print ISBN 978-3-319-45846-5
  • Online ISBN 978-3-319-45848-9
  • About this book