This book illustrates and assesses the dramatic recent transformations in capitalmarkets worldwide and the impact of those transformations. ‘Market making’ by humans in centralized markets has been replaced by supercomputers andalgorithmichighfrequencytrading operating in often highly fragmented markets.
How do recent market changes impact on core public policy objectives
such as investor protection, reduction of systemic risk, fairness,
efficiency, and transparency in markets? The operation and health of capitalmarkets affect all of us and have profound implications for equality and justice in society. This unique set of chapters by leading scholars, industry insiders, and regulators sheds light on these and related questions and discusses ways to strengthen market governance for the benefit of society at large.