Regulation of U.S. Equity Markets

1. Front Matter

   Pages i-xvi

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2. View from the NYSE

   • William R. Johnston

   Pages 1-5

3. The Broad Perspective

   • Robert Schwartz, James Angel, Junius Peake, Benn Steil, Hans Stoll, Richard Sylla et al.

   Pages 7-28

4. View from the Amex

   • Richard F. Syron

   Pages 29-35

5. Impact on the Trading Desks

   • Erik Sirri, Mike Cormack, Paul Davis, E. E. Geduld, William Harts, Mike Murphy et al.

   Pages 37-53

6. View from Nasdaq

   • Alfred R. Berkeley III

   Pages 55-58

7. View from the Sec-Promoting Fair and Efficient Markets as a Regulatory End

   • Laura Simone Unger

   Pages 59-74

8. Development of Alternative Markets

   • William Lupien, Matthew Andresen, Ian Domowitz, Kevin Foley, Raymond Killian, Arthur Pacheco et al.

   Pages 75-91

9. Implications for Innovation, Competition & Efficiency

   • Daniel Weaver, Douglas Atkin, Frank Baxter, Peter Madoff, Jeanne Murtaugh, Evan Schulman et al.

   Pages 93-108

10. The Regulators’ Perspective

    • Maureen O’Hara, Alden Adkins, Brandon Becker, Robert Colby, Edward Kwalwasser, Ruben Lee et al.

    Pages 109-123

11. Back Matter

    Pages 125-154

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In the past quarter of a century, the pace of structural change in the equity markets has accelerated dramatically and, as it has, regulation has come to play an increasingly central role in the development of market structure. The purpose of Regulation of U.S. Equity Markets is to consider regulation's contribution to the efficiency of the U.S. equity markets. Sharply different opinions are expressed on the matter, as the discussion ranges from Congressional oversight, to SEC involvement in market structure issues, to the self-regulatory responsibilities of the market centers, most notably, the New York Stock Exchange and the Nasdaq Stock Market.

• competition
• development
• efficiency
• equity market
• innovation
• market structure
• regulation
• stock market
• structural change
• trading

• Baruch College, CUNY, USA

  Robert A. Schwartz

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