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Zusatztext "...research and debate on financial markets has until recently been the preserve of insiders. Ruben Lee has opened up the subject in a masterly way to the average intelligence reader. I commend to you unreservedly this very well-written and even better documented volume." Rudi Bogni! THES! 19th May 2000 Informationen zum Autor Ruben Lee was formerly a Vice President of Salomon Brothers in New York, and was Lecturer in Finance at City University Business School. He now runs a consultancy business. Klappentext The existence and nature of exchanges used not to be controversial; they were easily identified and characterized. New technology, however, has led to the development of new exchanges and trading systems, posing problems for those concerned with the regulation of trading markets. Ruben Lee examines the question of what an exchange is, using arguments from both financial economics and law, and sets out a view of how exchanges might be regulated. Zusammenfassung New technology has revolutionized the nature and threatened the existence of traditional stock and futures exchanges. This book analyses how they have responded to developments in automation, what strategies they should adopt, and whether their actions both are, and should be a matter of public concern. The operation and management of exchanges in the current competitive environment is studied. Three aspects of their role as providers of trading systems are examined: their governance structures, the way in which they compete and cooperate with each other, and their policies towards the dissemination of prices and quotes. The law and regulation affecting market structure, the governance and self-regulation of exchanges is then identified, interpreted, and evaluated. Finally, some policy recommendations concerning information and competition, and the classification and governance of exchanges are presented. The book applies knowledge, experience, and analytical techniques from the fields of business, economics, law, and regulation. Pre-publication endorsements`Ruben Lee's book provides an impressive analysis of exchanges using all the latest tools of economic theory. The book contains a wealth of interesting material about how exchanges are structured and the problems they face in a changing world. I recommend it very highly to anybody with a theoretical or practical interest in organizations.' Oliver Hart, Andrew E. Furer Professor of Economics, Harvard University `The author contributes a most exhaustive compilation of definitions, functions, and structures of exchanges around the world, from a governance, management, and regulatory perspective. Technological change has made possible the globalization of trading, especially in financial products, and as a consequence the structures of exchanges have become more fluent. This book provides an important reference point on the recent development of exchanges.' Dr Rolf E. Breuer, Chairman of Deutsche Bank and Chairman of Deutsche Borse `Ruben Lee has long been a thoughtful student of securities trading markets. In What is an Exchange? he brings together years of careful research and analysis, extracting from that work many useful insights into the evolving relationship between technology, market structure, and regulation. In doing so he provides helpful guidance towards achieving the Jeffersonian ideal of a 'wise and frugal government' when it comes to striking a balance between regulation and market forces to meet the needs of investors and issuers.' Edward Waitzer, Partner, Stikeman Elliot; Former Chairman, Ontario Securities Commission; Former Chairman, Technical Committee, International Organisation of Securities Commissions.`I highly recommend Dr Ruben Lee's book. The analysis is an intellectual tour de force of the various issues surrounding the business, and regulation, or financial markets and professionals. Dr Lee combines organization th...
