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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 Much more than historical documents, the transcripts from the conferences are edited for clarity, perspective and context; material and comments from subsequent interviews with the panelists and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.
List of contents
List of Participants.- Conference Sponsors.- Chapter 1: Good Price Discovery, The Neglected Regulatory Objective.- Opening Remarks: Robert Schwartz, Speiser Professor of Finance, Zicklin School of Business, Baruch College, CUNY.- Chapter 2: The Case for Regulatory Reform.- Morning Address: Andreaus Preuss, CEO Eurex AG.- Chapter 3: Regulation's Impact on Competition Panel Moderator: Benn Steil, Council on Foreign Relations.- Chapter 4: Transparency In the Trading Markets.- Mid-Day Address: Alfred Berkeley, Chairman, Pipeline Trading Systems. Chapter 5: The View from Europe Panel Moderator: Bruce Weber, London Business School.- Chapter 6: View from the Regulators Panel Moderator: Robert Cobly, Davis Polk & Wardell LLP.- Chapter 7: Regulation Going Forward Panel Moderator: Harold Bradley, CIO, Ewing Marion Kauffman Foundation.- Chapter 8: Regulatory Needs, Then and Now: The Perspective of an Old Time.- Closing Dialogue with Donald Weeden, Chairman, Weeden & co. LP.- Participant Biographies
Summary
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.
