What is an Exchange?: Automation, Management, and Regulation of Financial Market

Description: What is an Exchange? by Ruben Lee Estimated delivery 3-12 business days Format Hardcover Condition Brand New Description This book analyses the operation, management, and governance, of stock and futures exchanges as providers of trading systems in the current automated and competitive environment. It identifies, interprets, and evaluates the law and regulation governing exchanges. Finally it presents some policy recommendations. Publisher Description 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 areexamined: 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 marketstructure, 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 Lees book provides an impressiveanalysis 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 itvery 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 Bankand 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 balancebetween 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 Lees 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 theory, securities law, microeconomics, and information theory in order to separate the essential from the superficial. Moreover, as a former trader himself, his work reflects theinstitutional trading practices which are crucial to understanding markets. Finally, all of this erudition is placed within a global comparative framework. Indeed, even when I disagree with him, Dr Leemakes me think he might be right. Brandon Becker, Partner, Wilmer, Culter & Pickering; Adjunct Professor, Georgetown University Law Center; Former Director, Division of Marketing Regulation, U. S. Securities and Exchange Commission `Deregulation and technology is rapidly changing the nature and functioning of investment exchanges. Increasing competition forces what have long been protected national member-driven institutions tobecome professionally managed businesses. The trend among European exchanges is to demutualise, operate for profit and even strive for public listing. This comprehensive theoretical and empirical study covers a large number ofrelevant aspects on the ongoing structural changes of the investment exchange industry. The book is extremely valuable for all those concerned with the behaviour, organisation, management and regulation of exchanges now and in the coming years. Bengt Ryden, Chairman of Stockholm Exchanges, Former President of the Federation International des Bourse de Valeurs (International Federation of Stock Exchanges) Author Biography 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. Details ISBN 0198288409 ISBN-13 9780198288404 Title What is an Exchange? Author Ruben Lee Format Hardcover Year 1998 Pages 424 Publisher Oxford University Press GE_Item_ID:137005059; About Us Grand Eagle Retail is the ideal place for all your shopping needs! With fast shipping, low prices, friendly service and over 1,000,000 in stock items - you're bound to find what you want, at a price you'll love! Shipping & Delivery Times Shipping is FREE to any address in USA. Please view eBay estimated delivery times at the top of the listing. Deliveries are made by either USPS or Courier. We are unable to deliver faster than stated. 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