The Industrial Organization and Regulation of

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.

Acknowledgments
Introduction
Regulatory Regimes: The Interdependence of Rules and Regulatory Structure

Brokerage, Market Fragmentation, and Securities Market Regulation


Competition, Fragmentation, and Market Quality


An Exchange Is a Many-Splendored Thing: The Classification and Regulation of Automated Trading Systems


Transaction Costs in Dealer Markets: Evidence from the London Stock Exchange


The Effect of Integration between Broker-Dealers and Specialists


International Regulation of Securities Markets: Competition or Harmonization?


Institutional and Regulatory Influences on Price Discovery in Cash and Futures Bond Markets


Market Structure and Liquidity on the Tokyo Stock Exchange

The Price, Volatility, Volume, and Liquidity Effects of Changes in Federal Reserve Margin Requirements on Both Marginable and Nonmarginable OTC Stocks


Contributors
Participants
Author Index
Subject Index
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The Industrial Organization and Regulation of the Securities Industry

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Table of Contents

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