By William R. Johnston (auth.), Robert A. Schwartz (eds.)
In the previous zone of a century, the speed of structural switch within the fairness markets has sped up dramatically and, because it has, law has come to play an more and more imperative function within the improvement of marketplace constitution. the aim of Regulation of U.S. fairness Markets is to think about regulation's contribution to the potency of the U.S. fairness markets. Sharply varied reviews are expressed at the topic, because the dialogue levels from Congressional oversight, to SEC involvement in industry constitution matters, to the self-regulatory tasks of the industry facilities, so much particularly, the recent York inventory trade and the Nasdaq inventory Market.
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Additional info for Regulation of U.S. Equity Markets
Example text
I am not concerned with price volatility, and I disagree with my good friend Steve Wunsch. I would rather have lO,OOO people around the world competing to buy and sell the 100 shares, than to have one specialist, in one location, who must be either long, short, or even, deciding what the next price of the stock ought to be. WUNSCH: Jay Peake and I have been arguing that point for fifteen years or more. I remember saying long ago that even if every man, woman, and child in the universe had a terminal to trade stocks, it would not necessarily produce stable liquidity and good price discovery.
In Britain, some people owned the exchange and other people were the traders. The owners invited a lot of people to come in and trade. Britain had about 5,000 traders around the tum of the 20th century, and the New York Stock Exchange had about 1,000. In France, where the government controlled everything, the government only allowed 20 or 30 traders, and sold the seats at very high prices. In London in 1907, the seat price was $2,000; in New York it was $7,500; and in Paris it was $460,000. This tells you that the structure of the ownership rights of the exchange matters, and that there are monopoly rents in there.
With 400 market makers in existence, how many firms, or how many broker/dealers, should a money manager like American Century have to do business with, to make sure that we get all of the liquidity we need for our shareholders? Five hundred? A thousand? And what about a retail investor? How many firms do they have access to? The point is there is a lot of information coming in and before the order handling rules of 1997, it was very difficult to access it. In addition, the order handling rules of 1997 flattened out the playing field among alternative trading systems dramatically.