What Is an Exchange?: The Automation, Management, and Regulation of Financial Markets

by Ruben Lee

Overview

The existence and nature of exchanges used not to be controversial; they were easily identified and characterized. New technology, however, has led to the development of new exchanges and trading systems, posing problems for those concerned with the regulation of trading markets. Ruben Lee examines the question of what an exchange is, using arguments from both financial economics and law, and sets out a view of how exchanges might be regulated.

Product Details

ISBN-13:	9780198288404
Publisher:	Oxford University Press
Publication date:	01/14/1999
Pages:	424
Product dimensions:	9.46(w) x 6.06(h) x 1.25(d)

About the Author

Ruben Lee is the Director of the Oxford Finance Group and Adjunct Professor at the University of Reading ISMA Centre.

Table of Contents

Preface1. Introduction2. Governance3. Governance: Case Studies4. Competition and Cooperation5. Cooperation: Case Studies6. Information7. Classification and Market Structure: Law and Regulation8. Information: Law and Regulation9. Governance: Law and Regulation10. Information: Economics11. Information and Competition: Policy12. Classification and Governance: PolicyAppendix 1: Trading SystemsAppendix 2: DefinitionsAuthoritiesCasesReferences

What People are Saying About This

Robin Fox

An intellectual tour de force of the various issues surrounding the business,and regulation, of financial markets and professionals.
—Brandon Becker, Georgetown University Law Center and Partner, Wilmer, Cutler & Pickering

Editorial Reviews

"I highly recommend Dr. Ruben Lee's book. The analysis is an intellectual tour de force of the various issues surrounding the business, and regulation, of 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 the institutional 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. Lee makes me think he might be right."—Brandon Becker, Partner, Wilmer, Cutler & Pickering and Georgetown University Law Center

"This book provides an important reference point on the recent developments of exchanges."—Rolf-E. Breuer, Chairman, Deutsche Bank and Chairman, Deutsche Börse

"Lee's book provides an impressive analysis 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 it very highly to anybody with a theoretical or practical interest in organizations."—Oliver Hart, Harvard University

"Ruben Lee has written a conceptually stimulating book."—Robert Pozen, President and CEO, Fidelity Management & Research Co.

"This comprehensive theoretical and empirical study covers a large number of relevant aspects on the ongoing structural changes of the investment exchange industry. The book is extremely valuable for all those concerned with the behavior, organization, management, and regulation of exchanges now and in the coming years."—Bengt Rydén, Executive Chairman, Stockholm Exchanges and Former President, Fédération Internationale des Bourses de Valeurs

From the Publisher