Equity Markets in Transition The Value Chain, Price Discovery, Regul
This book underscores the complexity of the equity markets, the challenges they face, and the fact that they are still a work in process. Three interacting forces drive market change: competition, technology change, and regulatory change. The
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ity Markets in Transition The Value Chain, Price Discovery, Regulation, and Beyond
Equity Markets in Transition
Reto Francioni • Robert A. Schwartz Editors
Equity Markets in Transition The Value Chain, Price Discovery, Regulation, and Beyond with the assistance of John Byrne and Stephanie Welkoborsky
Editors Reto Francioni Faculty of Economics and Business Administration University of Basel Basel, Switzerland
Robert A. Schwartz Zicklin School of Business Baruch College/CUNY New York, NY, USA
ISBN 978-3-319-45846-5 ISBN 978-3-319-45848-9 (eBook) DOI 10.1007/978-3-319-45848-9 Library of Congress Control Number: 2017930221 © Springer International Publishing Switzerland 2017 This work is subject to copyright. All rights are reserved by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. Printed on acid-free paper This Springer imprint is published by Springer Nature The registered company is Springer International Publishing AG The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland
Contents
Part I The Value Chain of Exchange Organizations: Systematic Overview 1 Exchange Organizations: Thoughts and Reflections............................ 3 Reto Francioni 2 An Exchange and Its Value Chain.......................................................... 15 Reto Francioni 3 Primary Market: Bringing Products to the Market ............................ 71 Cord Gebhardt and Jan Strecker 4 Secondary Market: Trading, Price Discovery, and Order Matching................................................................................ 85 Reto Francioni, Martin Reck, and Robert A. Schwartz 5 Clearing..................................................................................................... 123 Thomas Laux 6 Securities Services: Settlement, Custody and Financing...................... 153 Marc Robert-Nicoud 7 Information Technology.......................................................................... 189 Matthias Kluber 8 Contractual Relationships Across the Value Chain.............................. 215 Matthias St
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