Global financial markets are in the midst of a transformative movement. The creation of
Bitcoin and Facebook's proposed distribution of Diem mark a watershed moment in the …

Tales of high speed trading increasingly captivate scholars, commentators, market
participants, and regulators who are thoughtful about the influence of technological …

We investigate information shares in the price discovery process in the euro-area sovereign
bond market across the yield curve, during both calm and crisis periods. We employ a rich …

The last few decades has seen an ever-increasing growth in the way activities are
productized and associated with a financial cost. This phenomenon, termed financialization …

During the last decade, dramatic changes have occurred in the exchange industry.
Technological progress has produced strong erosion in the traditional profit drivers for …

We investigate how the introduction of market data fees impacts trading and market quality.
We find that data fees decrease the fee-introducing exchange's market volume, time with …

The order book is a list of all current buy or sell orders for a given financial security. The rise
of electronic stock exchanges introduced a debate about the relevance of the information it …

The authors consider a program that, by bringing additional liquidity to the equity markets,
would benefit market participants, listed companies, an exchange, and the broader …

The chapter consists of five sections. The first section looks at the stock exchanges and the
evolution of electronic markets as the foundation layer of the share trading value chain. The …

This book examines the complexity of trading and the creation of liquidity. Titled after the
Baruch College Financial Markets Conference, Equity Market Round-Up: Proposals for …