rdf-syntax-grammar
mods:
  schema location: http://www.loc.gov/mods/v3 http://www.loc.gov/standards/mods/v3/mods-3-2.xsd
  title info:
    non sort: The
    title: Electronic Call Auction: Market Mechanism and Trading
    sub title: Building A Better Stock Market
  name:
    name part: Schwartz, Robert A.
    role:
      role term: creator
  name:
    name part: SpringerLink (Online service)
  type of resource: text
  genre: Electronic books.
  origin info:
    place:
      place term: mau
    date issued: 2001
    issuance: monographic
  language:
    language term: eng
  physical description:
    reformatting quality: access
    form: remote
    extent: 1 online resource (xvii, 462 pages)
  abstract: This book considers how the inclusion of electronic call auction trading would affect the performance of our U.S. equity markets. The papers it contains focus on the call auction and its role in a hybrid market structure. The purpose is to increase understanding of this trading environment, and to consider the design of a more efficient stock market. A call auction is a form of trading that died out in the pre-computer age but is making its reentrance today as an electronic marketplace. Batching orders for simultaneous execution at a single moment in time at a single price is the essence of call auction trading. Because its determination is based on the full set of orders, the clearing price in a call auction can be thought of as a `consensus value.' This contrasts with a continuous market where a transaction is made any time a buy and sell order meet in price, and where price generally fluctuates as the orders meet. Recent advances in computer technology have considerably expanded the call auction's functionality. We suggest that the problems we are facing concerning liquidity, volatility, fragmentation and price discovery are largely endemic to the continuous market, and that the introduction of electronic call auction trading in the U.S. would be the most important innovation in market structure that could be made. This book had its origin in a symposium, Electronic Call Market Trading, that was held at New York University's Salomon Center on April 20, 1995. At the time, three proprietary trading systems based on call auction principles (The Arizona Stock Exchange, Posit, and Instinet's Crossing Network) had been operating for several years and interest already existed in the procedure. Since the symposium, increasing use has been made of call auctions, primarily by the ParisBourse in its Nouveau Marchi and CAC markets, by Deutsche Börse in its Xetra market, and for fixed income in the U.S. by State Street's BondConnect. Rather than being used as stand alone syst…
  note: edited by Robert A. Schwartz.
  note: Electronic resource.
  subject:
    topic: Economics
  subject:
    topic: Economics
  classification: HG1-9999
  classification: HG4501-6051
  classification: HG1501-HG3550
  classification: 657.8333
  classification: 658.152
  related item:
    title info:
      title: New York University Salomon Center series on financial markets and institutions ; 7
  identifier: 9781461516972 (electronic bk.)
  identifier: 1461516978 (electronic bk.)
  identifier: 9781461356837
  identifier: 1461356830
  identifier: http://proxy.library.tamu.edu/login
  record info:
    record content source: AU@
    record creation date: 121227
    record change date: 20260420214804.0
    record identifier: in00003560194
    language of cataloging:
      language term: eng