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The Industrial Organization and Regulation of the Securities Industry

The regulation of financial markets has for years been the domain of lawyers, legislators, and lobbyists. In this unique volume, experts in industrial organization, finance, and law, as well as members of regulatory agencies and the securities industry, examine the securities industry from an economic viewpoint.

Ten original essays address topics including electronic trading and the "virtual"stock exchange; trading costs and liquidity on the London and Tokyo Stock Exchanges and in the German and Japanese government bond markets; international coordination among regulatory agencies; and the impact of changing margin requirements on stock prices, volatility, and liquidity.

This clear presentation of groundbreaking research will appeal to economists, lawyers, and legislators who seek a refreshingly new perspective on policy issues in the securities industry.

386 pages | 51 line drawings, 44 tables | 6 x 9 | © 1996

National Bureau of Economic Research Conference Report

Economics and Business: Economics--International and Comparative, Economics--Money and Banking

Table of Contents

Introduction by Andrew W. Lo
1. Regulatory Regimes: The Interdependence of Rules and Regulatory Structure
William P. Albrecht, Corinne Bronfman, and Harold C. Messenheimer
Comment: Edward H. Fleischman
Authors’ Reply
2. Brokerage, Market Fragmentation, and Securities Market Regulation
Kathleen Hagerty and Robert L. McDonald
Comment: Lawrence E. Harris
Comment: Geoffrey P. Miller
Authors’ Reply
3. Competition, Fragmentation, and Market Quality
Thomas H. McInish and Robert A. Wood
Comment: Harold Mulherin
Comment: John C. Coffee, Jr.
Authors’ Reply
4. An Exchange Is a Many-Splendored Thing: The Classification and Regulation of Automated Trading Systems
Ian Domowitz
Comment: Ananth Madhavan
Comment Christ A. Hynes
Authors’ Reply
5. Transaction Costs in Dealer Markets: Evidence from the London Stock Exchange
Peter C. Reiss and Ingrid M. Werner
Comment: F. Douglas Foster
Comment: Bernard S. Black
Authors’ Reply
6. The Effect of Integration between Broker-Dealers and Specialists
Robert Neal and David Reiffen
Comment: Philip H. Dybvig
Comment: Michael D. Robbins
Authors’ Reply
7. International Regulation of Securities Markets: Competition or Harmonization?
Lawrence J. White
Comment: John Y. Campbell
Comment: Mary Ann Gadziala
Authors’ Reply
8. Institutional and Regulatory Influences on Price Discovery in Cash and Futures Bond Markets
Kenneth J. Singleton
Comment: William P. Albrecht
Comment: T. Eric Kilcollin
Author’s Reply
9. Market Structure and Liquidity on the Tokyo Stock Exchange
Bruce N. Lehmann and David M. Modest
Comment: Kazuhisa Okamoto
Authors’ Reply
10. The Price, Volatility, Volume, and Liquidity Effects of Changes in Federal Reserve Margin Requirements on Both Marginable and Nonmarginable OTC Stocks
Stephen W. Pruitt and K. S. Maurice Tse
Comment: A. Craig MacKinlay
Comment: Paul H. Kupiec
Authors’ Reply
Author Index
Subject Index

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