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  • Book
  • © 2001

The Electronic Call Auction: Market Mechanism and Trading

Building a Better Stock Market

Editors:

  1. Robert A. Schwartz

    1. Baruch College, CUNY, USA

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Part of the book series: The New York University Salomon Center Series on Financial Markets and Institutions (SALO, volume 7)

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Table of contents (28 chapters)

  1. Front Matter

    Pages i-xvii
    PDF

  2. Call Auction Trading

    1. Front Matter

      Pages 1-1
      PDF

    2. The Call Auction Alternative

      • Robert A. Schwartz
      Pages 3-25

    5. An Electronic Call Market: Its Design and Desirability

      • Kalman J. Cohen, Robert A. Schwartz
      Pages 55-85

    6. Electronic Call Market Trading

      • Nicholas Economides, Robert A. Schwartz
      Pages 87-99

    7. The Option Properties of Limit Orders in Call and Continuous Environments

      • Nicole Beiner, Robert A. Schwartz
      Pages 101-111

    9. Call Market Mechanism on the Paris Stock Exchange

      • Solenn Thomas, Marianne Demarchi
      Pages 125-132

    10. Call Market Mechanism on Deutsche Börse

      • Martin Reck
      Pages 133-144

    12. Who Should Trade in a Call Market?

      • Susan E. Woodward
      Pages 155-165

  3. Investor Trading Practices and the Demand for Immediacy

    1. Front Matter

      Pages 167-167
      PDF

    3. Institutional Investor Trading Practices and Preferences

      • Robert A. Schwartz, Benn Steil
      Pages 207-227

    5. The Demand for Immediacy on the Australian Stock Exchange (ASX)

      • John Douglas, Christopher R. B. Thomas
      Pages 255-277

  4. Market Structure: The Broader Picture

    1. Front Matter

      Pages 279-279
      PDF

    2. Technology Curves, Innovation, and Financial Markets

      • Alfred R. Berkeley III
      Pages 281-285
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About this book

ROBERT A. SCHWARTZ The primary objective of this book is to consider how the inclusion of electronic call auction trading would affect the performance of our U.S. equity markets. The papers it contains focus on the call auction and its role in a hybrid market struc­ ture. The purpose is to increase understanding of this trading environment, and to consider the design of a more efficient stock market. This book had its origin in a symposium, Electronic Call Market Trading, that was held at New York University's Salomon Center on April 20, 1995. Nearly 150 people from 16 different countries attended. At the time, three proprietary trading systems based on call auction principles (The Arizona Stock Exchange, Posit, and Instinet's Crossing Network) had been operating for several years and interest already existed in the procedure. Since the symposium, increasing use has been made of call auctions, primarily by the ParisBourse in its Nouveau Marchi: and CAC markets, by Deutsche Borse in its Xetra market, and in the U.S. by OptiMark. Rather than being used as stand alone systems, however, call auctions are now being interfaced with continuous markets so as to produce hybrid market structures, a development that is given considerable attention to in a number of the chapters in this book.
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Keywords

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Editors and Affiliations

  • Baruch College, CUNY, USA

    Robert A. Schwartz

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Bibliographic Information

  • Book Title: The Electronic Call Auction: Market Mechanism and Trading

  • Book Subtitle: Building a Better Stock Market

  • Editors: Robert A. Schwartz

  • Series Title: The New York University Salomon Center Series on Financial Markets and Institutions

  • DOI: https://doi.org/10.1007/978-1-4615-1697-2

  • Publisher: Springer New York, NY

  • eBook Packages: Springer Book Archive

  • Copyright Information: Kluwer Academic Publishers 2001

  • Hardcover ISBN: 978-0-7923-7256-1Published: 31 October 2001

  • Softcover ISBN: 978-1-4613-5683-7Published: 23 October 2012

  • eBook ISBN: 978-1-4615-1697-2Published: 06 December 2012

  • Series ISSN: 1387-6899

  • Edition Number: 1

  • Number of Pages: XVII, 462

  • Topics: Finance, general

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Buy it now

eBook USD 129.00
Price excludes VAT (USA)
  • Available as PDF
  • Read on any device
  • Instant download
  • Own it forever
Softcover Book USD 169.99
Price excludes VAT (USA)
  • Compact, lightweight edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info
Hardcover Book USD 169.99
Price excludes VAT (USA)
  • Durable hardcover edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info

Tax calculation will be finalised at checkout

Other ways to access

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