The Electronic Call Auction: Market Mechanism and Trading

Building A Better Stock Market

  • Robert A. Schwartz

Table of contents

  1. Front Matter
    Pages i-xvii
  2. Call Auction Trading

    1. Front Matter
      Pages 1-1
    2. Robert A. Schwartz
      Pages 3-25
    3. Kalman J. Cohen, Robert A. Schwartz
      Pages 55-85
    4. Nicholas Economides, Robert A. Schwartz
      Pages 87-99
    5. Nicole Beiner, Robert A. Schwartz
      Pages 101-111
    6. Solenn Thomas, Marianne Demarchi
      Pages 125-132
    7. Martin Reck
      Pages 133-144
    8. Susan E. Woodward
      Pages 155-165
  3. Investor Trading Practices and the Demand for Immediacy

    1. Front Matter
      Pages 167-167
    2. Robert A. Schwartz, Benn Steil
      Pages 207-227
    3. John Douglas, Christopher R. B. Thomas
      Pages 255-277
  4. Market Structure: The Broader Picture

    1. Front Matter
      Pages 279-279
    2. Alfred R. Berkeley III
      Pages 281-285

About this book

Introduction

ROBERT A. SCHWARTZ The primary objective of this book is to consider how the inclusion of electronic call auction trading would affect the performance of our U.S. equity markets. The papers it contains focus on the call auction and its role in a hybrid market struc­ ture. The purpose is to increase understanding of this trading environment, and to consider the design of a more efficient stock market. This book had its origin in a symposium, Electronic Call Market Trading, that was held at New York University's Salomon Center on April 20, 1995. Nearly 150 people from 16 different countries attended. At the time, three proprietary trading systems based on call auction principles (The Arizona Stock Exchange, Posit, and Instinet's Crossing Network) had been operating for several years and interest already existed in the procedure. Since the symposium, increasing use has been made of call auctions, primarily by the ParisBourse in its Nouveau Marchi: and CAC markets, by Deutsche Borse in its Xetra market, and in the U.S. by OptiMark. Rather than being used as stand alone systems, however, call auctions are now being interfaced with continuous markets so as to produce hybrid market structures, a development that is given considerable attention to in a number of the chapters in this book.

Keywords

Asset Manager Clearing Investment Rating Volatility

Editors and affiliations

  • Robert A. Schwartz
    • 1
  1. 1.Baruch CollegeCUNYUSA

Bibliographic information

  • DOI https://doi.org/10.1007/978-1-4615-1697-2
  • Copyright Information Kluwer Academic Publishers 2001
  • Publisher Name Springer, Boston, MA
  • eBook Packages Springer Book Archive
  • Print ISBN 978-1-4613-5683-7
  • Online ISBN 978-1-4615-1697-2
  • Series Print ISSN 1387-6899
  • About this book