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Liquidity

How to Find it, Regulate it, Get it

  • Book
  • © 2023

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 - CUNY, New York, USA

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  • Analyses liquidity creation, regulation and its influences
  • Covers topics such as exchange-traded funds (ETFs), robo-advisors (Robos) and alternative trading systems (ATS)
  • Features an interview with Michael S. Piwowar, Former Commissioner of the U.S. Securities and Exchange Commission

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

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Table of contents (6 chapters)

  1. Front Matter

    Pages i-x
    Download chapter PDF

  2. Indexing, ETFs and Robos: Are Stocks an Endangered Species?

    • Robert A. Schwartz, Larry Tabb, Ayan Bhattacharya, William Looney, Jeff McCarthy, Phil Mackintosh
    Pages 1-15

  3. How Technology Is Transforming Liquidity Provision

    • Robert A. Schwartz, Bruce Weber, Bryan Christian, Bill Harts, Tim Mahoney, Henri Waelbroeck
    Pages 17-32

  4. Liquidity: A Fluid Concept from a European View

    • Robert A. Schwartz, Rainer Riess
    Pages 33-48

  5. What Can Be Done to Drive Mid- and Small-Cap Liquidity?

    • Robert A. Schwartz, Justin Schack, R. Cromwell Coulson, David Firmin, Jim Ross, David Weisberger
    Pages 49-67

  6. New Approaches for Creating Liquidity

    • Robert A. Schwartz, Ian Domowitz, Robert Barnes, William Dove, Amy Edwards, Robert Schwartz et al.
    Pages 69-83

  7. Fireside Chat: Michael S. Piwowar, Commissioner, Securities and Exchange Commission

    • Robert A. Schwartz, Larry Tabb, Michael S. Piwowar
    Pages 85-100
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Keywords

About this book

In market structure, we tend to be equity focused, but one of the challenges is liquidity creation. This book examines liquidity creation and regulation. Based on the Baruch College Financial Markets Conference, Liquidity: How to Find it, Regulate it, Get it, this book examines the following questions: Where does liquidity come from? How should liquidity be supplied? What is needed when creating a new platform to provide an environment of liquidity? How do you prepare for liquidity provision concerning market investors, regulatory infrastructure, and technical infrastructure? How do you create liquidity in different asset classes? What is the role of the alternative trading system (ATS) structure within the exchange regulatory framework? What global trends are affecting liquidity creation? Also covered are the popularity of indexing, exchange-traded funds (ETFs) and Robo-advisers (Robos); how technology is transforming liquidity provision, mid and small-cap liquidity provision and newapproaches to liquidity creation. An interview with Former Commissioner of the U.S. Securities and Exchange Commission, Michael S. Piwowar is also featured. 
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. Much more than historical documents, the transcripts from the conferences are edited for clarity, perspective and context; material and comments from subsequent interviews with the panellists 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, Eileen Stempel

  • Rockaway, USA

    John Aidan Byrne

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. Dr. Schwartz 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.  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: Liquidity

  • Book Subtitle: How to Find it, Regulate it, Get it

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

  • Series Title: Zicklin School of Business Financial Markets Series

  • DOI: https://doi.org/10.1007/978-3-031-36914-8

  • 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 2023

  • Hardcover ISBN: 978-3-031-36913-1Published: 07 October 2023

  • Softcover ISBN: 978-3-031-36916-2Due: 06 November 2023

  • eBook ISBN: 978-3-031-36914-8Published: 05 October 2023

  • Series ISSN: 2627-521X

  • Series E-ISSN: 2627-5228

  • Edition Number: 1

  • Number of Pages: X, 100

  • Number of Illustrations: 1 b/w illustrations, 11 illustrations in colour

  • Topics: Business Finance, Risk Management, Financial Services

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