The Call Auction Alternative -- The Broad Perspective -- View From a Market Maker -- Alternative Call Auction Designs -- Darwinism vs. Protectionism In the US Equity Markets; the Case for Real Competition -- View from a Derivatives Exchange -- Integrating Call and Continuous Trading -- A Call...

I. Call Auction Trading -- 1 The Call Auction Alternative -- 2 The Call Market: Historical Artifact or Market Architecture of the Future -- 3 Call Market Trading: History, Economics, and Regulation -- 4 An Electronic Call Market: Its Design and Desirability -- 5 Electronic Call Market Trading --...

In the past quarter of a century, the pace of structural change in the equity markets has accelerated dramatically and, as it has, regulation has come to play an increasingly central role in the development of market structure. The purpose of Regulation of U.S. Equity Markets is to consider...

Two primary drivers have transformed the equity markets in recent years: technological advances and regulatory initiatives. How does modern, electronic technology facilitate trading, and to what extent does it present new challenges? How does regulation adjust to the changing structure of the...

Volatility is very much with us in today's equity markets. Day-to-day price swings are often large and intra-day volatility elevated, especially at market openings and closings. What explains this? What does this say about the quality of our markets? Can short-period volatility be controlled by...

This paper summarizes the responses to a questionnaire sent to equity traders through TraderForum of the Institutional Investor. The respondents manage in total a very significant percentage of equity assets under management in the United States. The focus of the questions was the extent of the...