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40 Years of Experience with the National Market System (NMS)

Who Are the Winners and What Have We Learned?

  • Book
  • © 2022

Overview

Editors:
  1. Robert A. Schwartz

    1. Zicklin School of Business, Baruch College-CUNY, New York, USA

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  2. John Aidan Byrne

    1. Rockaway, USA

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  3. Eileen Stempel

    1. Zicklin School of Business, Baruch College, New York, USA

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  • Examines the evolution of the National Market System (NMS)
  • Analyzes the impact of technology, regulation and volatility on financial markets and NMS
  • Offers a buyside’s view of financial market and NMS changes

Part of the book series: Zicklin School of Business Financial Markets Series (CUNY)

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Table of contents (8 chapters)

  1. Front Matter

    Pages i-xiii
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  2. Thoughts and Perspectives on 40th Anniversary of the National Market System (NMS)

    • Thomas Gira
    Pages 1-12

  3. Technology’s Challenge to Regulators

    • Larry Tabb, John Adam, Gregg Berman, Anthony Fortunato, Greg Wood, John Zecca
    Pages 13-35

  4. The Global View

    • Nandini Sukumar
    Pages 37-47

  5. Has NMS-Induced Competition Delivered?

    • Tim Mahoney, Nazli Sila Alan, Stephen Cavoli, Bryan Christian, Joe Gawronski, Dave Weisberger
    Pages 49-76

  6. Fair and Level Playing Fields: A Good Regulatory Goal?

    • Amber Anand, Alan Hill, Bill Harts, Nina Mehta, Gary Stone, Adam Sussman
    Pages 77-98

  7. What Have We Learned?

    • Bob Pisani, William Brodsky, Arthur Cashin, Richard Lindsey
    Pages 99-117

  8. The Buy-Side Responds

    • Pete Jenkins, Andy Brooks, Enrico Cacciatore, Curt Engler, Frank Loughlin
    Pages 119-139

  9. A Liquidity Program to Stabilize Equity Markets

    • Nazli Sila Alan, John S. Mask, Robert A. Schwartz
    Pages 141-163
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Keywords

About this book

In 1975, the U.S. Securities Acts Amendments were enacted by Congress, which amongst other measures, officially mandated development of a National Market System (NMS). Since that time, the competitive map has been redrawn, technological changes have been huge and pervasive in scope, and the landscape is ever-changing. This book looks at the evolution of NMS and the factors that have influenced it since its development. Titled after the Baruch College Financial Markets Conference, 40 Years of Experience with the National Market System (NMS): Who Are the Winners and What Have We Learned, the book examines the following questions: What is liquidity and how is it best measured and provided? Has NMS-Induced competition delivered? What is technology’s challenge to regulators? Are fair and level playing fields a good regulatory goal? What is the buyside’s view?

The Zicklin School of Business Financial Markets Series presents the insights emerging from a sequence of conferences hosted by the Zicklin School at Baruch College for industry professionals, regulators, and scholars. The transcripts from the conferences are edited for clarity, perspective and context; material and comments from subsequent interviews with the panelists and speakers are integrated for a complete thematic presentation. Each book is focused on a well delineated topic, but all deliver broader insights into the quality and efficiency of the U.S. equity markets and the dynamic forces changing them.

Editors and Affiliations

  • Zicklin School of Business, Baruch College-CUNY, New York, USA

    Robert A. Schwartz

  • Rockaway, USA

    John Aidan Byrne

  • Zicklin School of Business, Baruch College, New York, USA

    Eileen Stempel

About the editors

Robert A. Schwartz is Marvin M. Speiser Professor of Finance and University Distinguished Professor in the Zicklin School of Business, Baruch College, CUNY.  Before joining the Baruch faculty in 1997, he was Professor of Finance and Economics, and Yamaichi Faculty Fellow at New York University's Leonard N. Stern School of Business, where he had been a member of the faculty since 1965. In 1966, Professor Schwartz received his Ph.D. in Economics from Columbia University.  His research is in the area of financial economics, with a primary focus on the structure of securities markets.  He has published over seventy refereed journal articles, twelve edited books, and nine authored books, including Micro Markets: A Market Structure Approach to Microeconomic Analysis, Wiley & Sons, 2010.  He has served as a consultant to various market centers including the New York Stock Exchange, the American Stock Exchange, Nasdaq, the London Stock Exchange, Instinet, the Arizona Stock Exchange, Deutsche Börse, Borsa Istanbul and the Bolsa Mexicana.  From April 1983 to April 1988, he was an associate editor of The Journal of Finance, and he is currently an associate editor of the Review of Quantitative Finance and Accounting and the Review of Pacific Basin Financial Markets and Policies, and is a member of the advisory boards of International Finance and The Journal of Trading.  In December 1995, Professor Schwartz was named the first chairman of Nasdaq's Economic Advisory Board, and he served on the EAB until Spring 1999.  He is developer, with Bruce Weber of the trading and market structure simulation, TraderEx.  In 2009, Schwartz was named the first recipient of the World Federation of Exchanges’ annual Award for Excellence. In 2018, Schwartz was named the co-director of Baruch’s newly established Robert A. Schwartz Center for Trading and Financial Markets Research.

Bibliographic Information

  • Book Title: 40 Years of Experience with the National Market System (NMS)

  • Book Subtitle: Who Are the Winners and What Have We Learned?

  • Editors: Robert A. Schwartz, John Aidan Byrne, Eileen Stempel

  • Series Title: Zicklin School of Business Financial Markets Series

  • DOI: https://doi.org/10.1007/978-3-030-91912-2

  • Publisher: Springer Cham

  • eBook Packages: Economics and Finance, Economics and Finance (R0)

  • Copyright Information: The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Nature Switzerland AG 2022

  • Hardcover ISBN: 978-3-030-91911-5Published: 01 July 2022

  • Softcover ISBN: 978-3-030-91914-6Published: 02 July 2023

  • eBook ISBN: 978-3-030-91912-2Published: 30 June 2022

  • Series ISSN: 2627-521X

  • Series E-ISSN: 2627-5228

  • Edition Number: 1

  • Number of Pages: XIII, 163

  • Topics: Investments and Securities, Business Finance, Risk Management

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