The existence and nature of exchanges used not to be controversial; they were easily identified and characterized. New technology, however, has led to the development of new exchanges and trading systems, posing problems for those concerned with the regulation of trading markets. Ruben Lee examines the question of what an exchange is, using arguments from both financial economics and law, and sets out a view of how exchanges might be regulated.
Preface
1. Introduction
2. Governance
3. Governance: Case Studies
4. Competition and Cooperation
5. Cooperation: Case Studies
6. Information
7. Classification and Market Structure: Law and Regulation
8. Information: Law and Regulation
9. Governance: Law and Regulation
10. Information: Economics
11. Information and Competition: Policy
12. Classification and Governance: Policy
Appendix 1: Trading Systems
Appendix 2: Definitions
Authorities
Cases
References
Ruben Lee is the Director of the Oxford Finance Group, and Adjunct Professor at the University of Reading ISMA Centre - The Business School for Financial Markets. He was formerly a Fellow of Nuffield College, Oxford University, and a Vice President of Salomon Brothers International in New York and London.
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