Transparency and Fragmentation Financial Market Regulation in a Dynamic Environment

This is the first major treatment of the effects of increased transparency on financial markets: an important and highly controversial issue for both traders and regulators. Focussing on three main themes - market transparency, the consolidation-fragmentation of trading systems, and the scope of regulation (i.e. which markets, and which traders within those markets, should be subject to regulation), the book highlights the importance of these issues to all markets throughout the world. The authors draws on research from eight UK-based investment exchanges, Deutsche Borse in Frankfurt, and documentary evidence from the US markets and their regulators.

John Board is Reader in Accounting and Finance at the London School of Economics and Political Science.

Charles Sutcliffe is in the Division of Accounting and Finance at the School of Management, University of Southampton.

Stephen Wells is Research Fellow, Financial Markets Group, London School of Economics and Political Science.