This book underscores the complexity of the equity markets, the challenges they face, and the fact that they are still a work in process. Three interacting forces drive market change: competition, technology change, and regulatory change. The markets have one major objective in particular to...

For over three decades, microstructure literature has grown and trading systems around the world have been reengineered into modern electronic platforms. This paper considers these developments, concentrating on microstructure issues that are germane to equity market architecture, and focusing...