Call Auction Trading

1. Front Matter

   Pages i-xx

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2. The Call Auction Alternative

   • Robert A. Schwartz

   Pages 1-14

3. The Broad Perspective

   • Robert A. Schwartz, J. D. Delafield, William Harts, Jan Kregel, Marianne Demarchi, Duncan Niederauer et al.

   Pages 15-38

4. View From a Market Maker

   • Kenneth D. Pasternak

   Pages 39-47

5. Alternative Call Auction Designs

   • Ian Domowitz, Andrew Howieson, Raymond Killian Jr., William Lupien, James Ross, Bruce Weber et al.

   Pages 49-67

6. Darwinism vs. Protectionism In the US Equity Markets; the Case for Real Competition

   • Douglas Atkin

   Pages 69-75

7. View from a Derivatives Exchange

   • William Brodsky

   Pages 77-86

8. Integrating Call and Continuous Trading

   • Junius Peake, Paul Davis, Gerald Putnam, Cameron Smith, Daniel Weaver, Steven Wunsch

   Pages 87-106

9. A Call Auction’s Role in the Marketplace

   • Robert Wood, Kim Bang, Harold S. Bradley, William G. Christie, Peter Jenkins, George Sofianos et al.

   Pages 107-128

10. Back Matter

    Pages 129-157

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This book is based on the proceedings of The Electronic Call Auction: New Answers to Old Questions, a conference hosted by the Zicklin School of Business on May 16, 2000. The text includes the edited transcripts of the panel discussions and separate addresses by three major industry executives Douglas M. Atkin, formerly President and CEO, Instinet Corporation; Kenneth D. Pasternak, formerly President and CEO, Knight/Trimark Group, Inc., and William J. Brodsky, Chairman and CEO, Chicago Board Options Exchange. The electronic call auction is an important trading vehicle in many market centers around the world, but is not well understood in the US. What are call auctions? How should they be designed and integrated with continuous trading in a hybrid market structure? As call auctions play a more central role in the US markets, how will they affect market quality in terms of transparency, order flow consolidation, and price discovery? These and other critical questions were asked at the conference while the efficiency of the US markets was broadly assessed.

• Rating
• derivatives
• equity market
• market structure
• trading

• Zicklin School of Business, Baruch College, CUNY, USA

  Robert A. Schwartz, Antoinette Colaninno

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