Achieving Market Integration: Best Execution, Fragmentation and the Free Flow of CapitalButterworth-Heinemann, 02.01.2004 - 160 Seiten Achieving Market Integration provides a comprehensive review of the web of interrelated issues underlying the integration of securities markets. It takes an original approach to the regulation of markets, bringing the problem of market integration down to its fundamentals and making a clear and compelling case that markets can be integrated in a way that promotes both market efficiency and investor protection. Best execution, market integration, and other major financial market issues have traditionally been dealt with as separate matters requiring individual solutions. In Achieving Market Integration the author demonstrates the interrelated nature of these and other imperative problems, and sensibly reduces them to their common fundamental principles. Beginning with an in-depth examination of best execution in today's multiple-market environment, the book moves logically into an examination of market structure and the problems of achieving genuine integration. The book makes the case that order interaction is fundamental to addressing each of these issues, and develops a unified regulatory approach to achieve true market integration based on intermarket linkages and a cross-market best execution policy. This unique approach culminates in a coherent set of policy recommendations and an innovative framework for assessing the effectiveness of future policy proposals. |
Inhalt
Best Execution 55779 | 5 |
Fundamental Issues | 14 |
5 | 41 |
8 | 57 |
A Legal Approach | 66 |
7 | 69 |
Conclusion | 92 |
8 | 99 |
9 | 106 |
10 | 116 |
Making Market Integration Work | 141 |
Appendix A Selected Best Execution Terminology | 150 |
157 | |
Andere Ausgaben - Alle anzeigen
Achieving Market Integration: Best Execution, Fragmentation and the Free ... Scott McCleskey Eingeschränkte Leseprobe - 2003 |
Häufige Begriffe und Wortgruppen
achieve Alternative Trading Systems amongst approach appropriate ATSS benchmark best execution policy best net price best price better price broker-dealer CESR chapter clearing and settlement competition concentration rules consolidated price montage costs cross-border cross-market best execution customer orders debate Deutsche Börse discussion displayed price dominant market effective efficiency ensure established Europe European Commission European Union Exchange Act Release execution venues factors FSAP Ibid implementation information asymmetry infrastructure integrated market interest investor protection issues Lamfalussy process market data market integration market makers market participants market structure multiple markets NASD NASDAQ NBBO necessary NYSE operation order flow order interaction order routing Pan-European post-trade potential practice pre-trade price calculation price formation process proposed question regulation regulatory relevant market Report retail investors role Securities Exchange Act securities markets sell shares soft commissions specific standard tion transactions transparency United Kingdom virt-x
Beliebte Passagen
Seite 154 - European Commission, Proposal for a Directive of the European Parliament and of the Council on the patentability of computer-implemented inventions COM (2002) 92 final, 20.02.2002, p 2.
Verweise auf dieses Buch
Equity Markets in Action: The Fundamentals of Liquidity, Market Structure ... Robert A. Schwartz,Reto Francioni Eingeschränkte Leseprobe - 2004 |
Equity Markets in Action: The Fundamentals of Liquidity, Market Structure ... Robert A. Schwartz,Reto Francioni Eingeschränkte Leseprobe - 2004 |