Rapidly Changing Securities Markets Who Are the Initiators?

This book offers a look at equity markets and what they have experienced since the 1997 Order Handling Rules were instituted. Specifically, it examines the tremendous technology innovation, intensified competition between an expanding set of alternative t

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Robert A. Schwartz John Aidan Byrne Eileen Stempel Editors

Rapidly Changing Securities Markets Who Are the Initiators?

Rapidly Changing Securities Markets

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

Rapidly Changing Securities Markets Who Are the Initiators?

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 978-3-319-54587-5    ISBN 978-3-319-54588-2 (eBook) DOI 10.1007/978-3-319-54588-2 Library of Congress Control Number: 2017946319 © Springer International Publishing AG 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. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. 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

Preface

 apidly Changing Securities Markets: R Who Are the Initiators? Opening Remarks1 Robert Schwartz Zicklin School of Business, Baruch College, CUNY New York, USA Robert Schwartz: Nothing can be better for a conference than sharp debate and conflict. Today I am anticipating a good and vibrant debate. Having said that, let me be a little feisty. I am hearing a lot of good things being said about how our markets have evolved over the years. In many ways, our electronic markets of today are indeed a big improvement over the nonelectronic markets of 15 years ago. Of late, however, I have also been hearing increasing negativity about our market structure. I hear that