Transparency and Fragmentation

1. Front Matter

   Pages i-xvi

   PDF

2. Executive Summary and Policy Implications

   • John Board, Charles Sutcliffe, Stephen Wells

   Pages 1-4

3. Introduction and Overview

   • John Board, Charles Sutcliffe, Stephen Wells

   Pages 5-32

4. The Recognised Investment Exchanges

   • John Board, Charles Sutcliffe, Stephen Wells

   Pages 33-50

5. Fragmentation and Consolidation

   • John Board, Charles Sutcliffe, Stephen Wells

   Pages 51-100

6. Evidence on Trading Mechanisms

   • Owain ap Gwilym

   Pages 101-140

7. Policy Responses to Fragmentation

   • John Board, Charles Sutcliffe, Stephen Wells

   Pages 141-178

8. Theory and Results on Transparency

   • John Board, Charles Sutcliffe, Stephen Wells

   Pages 179-206

9. The Regulation of Transparency

   • John Board, Charles Sutcliffe, Stephen Wells

   Pages 207-239

10. Over the Counter (OTC) Markets

    • John Board, Charles Sutcliffe, Stephen Wells

    Pages 240-253

11. A New Regulatory Framework

    • John Board, Charles Sutcliffe, Stephen Wells

    Pages 254-261

12. The Evolving Regulation of Financial Networks

    • James J. Angel

    Pages 262-278

13. Back Matter

    Pages 279-303

    PDF

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 book draws on research from eight UK based investment exchanges, Deutsche Borse in Frankfurt and documentary evidence from the US markets and their regulators enabling the identification and documentation of the current situation and consideration of what fresh regulatory approaches are required for this new and fast evolving situation.

• environment
• financial market
• financial markets
• investment
• market structure
• regulation
• research
• science and technology
• stability
• trader
• trading
• trading systems
• transparency

JOHN BOARD is Reader in Accounting and Finance at the London School of Economics and a member of the Financial Markets Group.

CHARLES SUTCLIFFE is Professor of Finance and Accounting at the University of Southampton.

STEPHEN WELLS is a Researcher at the Financial Markets Group of the London School of Economics. He was formerly chief economist of the London Stock Exchange.

Policies and ethics