Market Integrity Do Our Equity Markets Pass the Test?

This book explores the integrity of equity markets, addressing such issues as the exchange vs. customer perspective on price discovery and the ways market participants deal with key regulatory concerns. Do market practitioners pass the integrity test? How

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Robert A. Schwartz John Aidan Byrne Eileen Stempel Editors

Market Integrity

Do Our Equity Markets Pass the Test?

Zicklin School of Business Financial Markets Series Robert A. Schwartz, Editor Zicklin School of Business Baruch College/CUNY New York, NY, USA

More information about this series at http://www.springer.com/series/7133

Robert A. Schwartz  •  John Aidan Byrne Eileen Stempel Editors

Market Integrity Do Our Equity Markets Pass the Test?

Editors Robert A. Schwartz Zicklin School of Business Baruch College/CUNY New York, NY, USA

John Aidan Byrne Rockaway, NJ, USA

Eileen Stempel Zicklin School of Business Baruch College/CUNY New York, NY, USA

Zicklin School of Business Financial Markets Series ISBN 978-3-030-02870-1    ISBN 978-3-030-02871-8 (eBook) https://doi.org/10.1007/978-3-030-02871-8 Library of Congress Control Number: 2018963829 © Springer Nature Switzerland AG 2019 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. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. This Springer imprint is published by the registered company Springer Nature Switzerland AG The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland

Preface

The Low Down on High Intraday Volatility Opening Remarks Robert A. Schwartz Zicklin School of Business, Baruch College, CUNY New York, USA “What is the meaning of integrity” is the focus of today’s conference. We certainly know what integrity implies, but actually defining the word is not an easy matter. I Googled and soon learned that integrity has to do with consistency as well as truthfulness and accuracy. I will accept that from Google and will also add reliability just for good measure. To start, I would like to focus on accuracy. So, where, you are asking, am I heading? Straight to price discovery, something that I have previously talked about here at our annual Baruch conferences. Today, we have two panels focused on price discovery. The firs