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Introduction. A Deeply Puzzling Market Transformation; Power Politics and Market Governance
The Puzzling Transformation of Capital; Market Structure: From Gradual Concentration to Sudden Fragmentation; The Evolution of the Market Organization and Its Body Politic; The Transformation of Power Relationships among Members; The Impact of Power Asymmetry; Implications
Good Governance in Centralized Markets: The Old NYSE; The Market Makers: Functions and Obligations; Market Surveillance; Rule Enforcement ; Market Performance and Quality ; Moving into the Twenty-First Century
Stratification in Modern Trading: The Haves and Have-Nots; Speed; Globalization, Financial Innovation, and Stratification
Bad Governance in Fragmented Markets; Weakened Market-Making Obligations; Information Asymmetry: Trading Data; Information Asymmetry: Market Microstructure; Darkness; Failing Market Surveillance; Implications
Conclusion: The Way Forward; Market Transparency; Leveling the Playing Field; Proper Accountability for Market Disruption and Bad Governance; Consolidation
Appendix: Market Governance: A Theoretical Background Note ; A Political Organization Approach in Relation to Other Theories; Behavioral Assumption: Opportunism.
The Puzzling Transformation of Capital; Market Structure: From Gradual Concentration to Sudden Fragmentation; The Evolution of the Market Organization and Its Body Politic; The Transformation of Power Relationships among Members; The Impact of Power Asymmetry; Implications
Good Governance in Centralized Markets: The Old NYSE; The Market Makers: Functions and Obligations; Market Surveillance; Rule Enforcement ; Market Performance and Quality ; Moving into the Twenty-First Century
Stratification in Modern Trading: The Haves and Have-Nots; Speed; Globalization, Financial Innovation, and Stratification
Bad Governance in Fragmented Markets; Weakened Market-Making Obligations; Information Asymmetry: Trading Data; Information Asymmetry: Market Microstructure; Darkness; Failing Market Surveillance; Implications
Conclusion: The Way Forward; Market Transparency; Leveling the Playing Field; Proper Accountability for Market Disruption and Bad Governance; Consolidation
Appendix: Market Governance: A Theoretical Background Note ; A Political Organization Approach in Relation to Other Theories; Behavioral Assumption: Opportunism.