3 Competition, Fragmentation, and Market Quality

Chapters in this book

1. Frontmatter i
2. Contents vii
3. Acknowledgments ix
4. Introduction 1
5. 1 Regulatory Regimes: The Interdependence of Rules and Regulatory Structure 9
6. 2 Brokerage, Market Fragmentation, and Securities Market Regulation 35
7. 3 Competition, Fragmentation, and Market Quality 63
8. 4 An Exchange Is a Many- Splendored Thing: The Classification and Regulation of Automated Trading Systems 93
9. 5 Transaction Costs in Dealer Markets: Evidence from the London Stock Exchange 125
10. 6 The Effect of Integration between Broker-Dealers and Specialists 177
11. 7 International Regulation of Securities Markets: Competition or Harmonization? 207
12. 8 Institutional and Regulatory Influences on Price Discovery in Cash and Futures Bond Markets 243
13. 9 Market Structure and Liquidity on the Tokyo Stock Exchange 275
14. 10 The Price, Volatility, Volume, and Liquidity Effects of Changes in Federal Reserve Margin Requirements on Both Marginable and Nonmarginable OTC Stocks 317
15. Contributors 359
16. Participants 363
17. Author Index 367
18. Subject Index 371