Nobel Laureate in Economics, President, Harry Markowitz Company
"This work deals comprehensively with the foundations of securities markets: information, trading, price discovery, market institutions, and architecture as they have been impacted by changing technology and competition. I highly recommend it as a valuable source and aid to understanding the dynamics of securities markets."
Vernon L. Smith
Nobel Laureate in Economics, George Mason University
"Whether academic, dilettante, or market professional, everything you could possibly want to know about the functioning of equity markets is in this book."
Chairman, Blackstone Group, UK
"In a timely work by two recognized experts, Schwartz and Francioni provide an intellectual road map for anyone interested in the revolution sweeping global equity markets."
Chief Economist, The NASDAQ Stock Market, Inc.
"Schwartz and Francioni have provided a well organized and clearly articulated path through the intricacies of equity markets in the United States and Europe. Both newcomers to the subject and longtime professionals will find it a very enlightening read."
Mr. Jean–Francois Théodore
Président Directeur Générale, Euronext Paris S.A.
"Technology was the crucial engine for changes in the international capital markets during the last twenty years. Robert Schwartz and Reto Francioni masterfully succeed in presenting both modern theoretical and practical aspects of the transformation in one book. I am sure that this book will find a lot of enthusiastic readers!"
Friedrich von Metzler
Frankfurt Managing Partner, B. Metzler seel. Sohn & Co.
Chapter 1. Role of an Equity Market.
Chapter 2. From Information to Prices.
Chapter 3. Liquidity.
Chapter 4. What We Want From Our Markets.
Chapter 5. Institutional Order Flow.
Chapter 6. Order Driven Markets.
Chapter 7. Intermediated Markets.
Chapter 8. The Evolving Scene in the US.
Chapter 9. The Evolving Scene in Europe.
Chapter 10. Clearing and Settlement.
Chapter 11. Regulation.
Chapter 12. Simulated Trading.
Appendix A: Prices and Returns.
Appendix B: From Portfolio Decisions to Trading in a Frictionless Environment.
Appendix C: Dimensions of Informational Efficiency.
Appendix D: The Concept of Self–Regulation.