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Über dieses Buch

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.



Chapter 1. View from the NYSE

Rigorous self-regulation is one of the most important reasons behind the success of the U.S. financial markets. Through government legislation, through Securities and Exchange Commission oversight, and through the function of the self-regulatory organizations, the U.S. financial markets have been successful in earning the trust of the investors, and in maximizing participation and liquidity. The success of our own efforts at 11 Wall Street clearly depends on the quality of the regulatory environment created in Washington by the SEC and Congress. Our own role as a self-regulatory organization is a critical part of the NYSE brand name.
William R. Johnston

Chapter 2. The Broad Perspective

SCHWARTZ: This panel will focus on a broad spectrum of issues that pertain to regulation’s contribution to the efficiency of the U.S. equity markets.
Robert Schwartz, James Angel, Junius Peake, Benn Steil, Hans Stoll, Richard Sylla, Robert Wood, Steven Wunsch

Chapter 3. View from the Amex

This is an interesting time in many ways, and it has been a busy last few days in my life. So you’ll have to excuse me if what you get is a little bit of stream of consciousness and retrospective, with hopefully some view of the future.
Richard F. Syron

Chapter 4. Impact on the Trading Desks

SIRRI: Before I begin, I must issue a disclaimer. Anything I say today represents my own point of view, not the opinion of any of my colleagues at the Securities and Exchange Commission or any of the Commissioners.
Erik Sirri, Mike Cormack, Paul Davis, E. E. Geduld, William Harts, Mike Murphy, Aldo Parcesepe

Chapter 5. View from Nasdaq

The topic of this book is the Impact of Regulation on the Trading Markets. In my chapter, I thought it might make sense to address some of the issues from a little different perspective. The advances in technology and communications, the growth of the Internet, and the proliferation of new companies that have developed these technologies and platforms have played a huge role in the creation of our new economy. These substantial achievements would not be possible without the industry’s new regulatory reforms that are impacting significantly on the new investor class.
Alfred R. Berkeley

Chapter 6. View from the Sec-Promoting Fair and Efficient Markets as a Regulatory End

Since this conference focuses on regulation, I thought I would indulge in a brief philosophical discussion about what considerations factor into the Securities and Exchange Commission’s (“Commission”) rulemaking process. Although the Commission has one overarching mission — investor protection — it must also promote fair and efficient markets.45
Laura Simone Unger

Chapter 7. Development of Alternative Markets

LUPIEN: The development of alternative trading systems or markets is something that has been going on for roughly the last 30 years. This panel is unique in that each of the participants, at one time or another, came out of the trading business, including our lone academician, Ian Domowitz. I want to start with Matt Andresen from Island. It’s been reported in the news that Island is intending to file as a stock exchange.84 I understand the process can be daunting. I am curious to know if this is true and if so, why you would do that.
William Lupien, Matthew Andresen, Ian Domowitz, Kevin Foley, Raymond Killian, Arthur Pacheco, Gerald Putnam

Chapter 8. Implications for Innovation, Competition & Efficiency

WEAVER: A couple of months ago, Bob Schwartz and I were talking about what we could do to make this conference special. Bob said, “Wouldn’t it be great if the Dow hit 10,000 the day of the conference”? As you know, Bob knows a lot of people, so he called up Governor Pataki, and as we speak there is a heavy buy program being launched by the New York State Pension Program to push the Dow over 10,000. So in the future, whenever you hear about the Dow at 10,000, you will think of the Zicklin School of Business at Baruch College. It was the “Zicklin rally”.100
Daniel Weaver, Douglas Atkin, Frank Baxter, Peter Madoff, Jeanne Murtaugh, Evan Schulman, John Woodman

Chapter 9. The Regulators’ Perspective

O’HARA: A longstanding theme in economic research has been, “does regulation lead markets or follow”? We don’t necessarily know the answer but, if we rephrase it, “do regulators lead markets or follow,” then, given the order of today’s panels, we know the answer. We are last.
Maureen O’Hara, Alden Adkins, Brandon Becker, Robert Colby, Edward Kwalwasser, Ruben Lee, Ernest Patrikis


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