ZICKLIN SCHOOL OF BUSINESS FINANCIAL MARKETS SERIES

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Competition between market centers is a driving force for innovation dynamic growth and reasonable pricing structures. Consolidating the order flow amasses liquidity sharpens price discovery and lowers trading costs. This book addresses such timely topics as the impact of technology on financial markets and includes contributions from prominent academics policymakers and professionals in the field. It is the latest title in established conference proceedings seCompetition between market centers is a driving force for innovation dynamic growth and reasonable pricing structures. Consolidating the order flow amasses liquidity sharpens price discovery and lowers trading costs. Can competition remain vibrant in a consolidated environment? How does intermarket competition play out with respect to trading decisions and listing decisions? What will the primary sources of competition be in the future? What impacts will follow from the NYSEs acquisition of Archipelago and NASDAQs acquisition of INET? Will exchanges further consolidate in Europe? What does consolidation imply about the efficient use of technology the effective handling of institutional order flow and overall market quality? These are some of the questions that were addressed at this confeDialog with Reto Francioni. Global Winds of Change. Intermarket Competition: Trading Decisions. Intermarket Competition: Listing Decisions. Emergence of New Competition: Alternative Sources of Liquidity. The Countervailing Power of the BuySide. Dialog with Catherine Kinney. Life After the Big Board GRobert A. Schwartz is Marvin M. Speiser Professor of Finance and University Distinguished Professor in the Zicklin School of Business Baruch College CUNY. Before joining the Baruch faculty in 1997 he was Professor of Finance and Economics and Yamaichi Faculty Fellow at New York Universitys Leonard N. Stern School of Business where he had been a member of the faculty since 1965. Professor Schwartz received his Ph.D. in Economics from Columbia University. His research is in the area of financial economics with a primary focus on the structure of securities markets. He has published over 50 refereed journal articles and fifteen books including The Equity Trader Course (coauthored with Reto Francioni and Bruce Weber) Wiley & Sons 2006 Equity Markets in Action: The Fundamentals of Liquidity Market Structure and Trading (coauthored with Reto Francioni) Wiley & Sons 2004 and Reshaping the Equity Markets: A Guide for the 1990s Harper Business 1991 (reissued by Business One Irwin 1993). He has served as a consultant to various market centers including the New York Stock Exchange the American Stock Exchange Nasdaq the London Stock Exchange Instinet the Arizona Stock Exchange Deutsche Brse and the Bolsa Mexicana. From April 1983 to April 1988 he was an associate editor of The Journal of Finance and he is currently an associate editor of the Review of Quantitative Finance and Accounting the Review of P

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