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Chasing the TapeInformation Law and Policy in Capital Markets$
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Onnig H. Dombalagian

Print publication date: 2015

Print ISBN-13: 9780262028622

Published to MIT Press Scholarship Online: September 2015

DOI: 10.7551/mitpress/9780262028622.001.0001

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Market Information

Market Information

Chapter:
(p.55) 4 Market Information
Source:
Chasing the Tape
Author(s):

Onnig H. Dombalagian

Publisher:
The MIT Press
DOI:10.7551/mitpress/9780262028622.003.0004

This chapter describes the regulation of market information. It begins with an overview of the market data that exchanges and other market centers publish, including transaction reports and last-sale data, quotations, and limit orders. It also discusses differences in the information published by various types of market center–e.g., order-driven, quote-driven, and hybrid trading systems, market makers, and dark pools. It then considers various policy arguments for regulation, including competition among market centers, the fragmentation and internalization of order flow, and the risk of adverse selection and market impact. The chapter ends with a discussion of the US and EU regulatory framework that governs the dissemination of market information with respect to equity securities (such as the US National Market System), debt securities, exchange-traded derivatives, and in the wake of the recent financial crisis, swaps and over-the-counter derivatives.

Keywords:   Market information, Exchanges, Trading systems, Market makers, Dark pools, Adverse selection, Fragmentation, Internalization, National Market System, Swaps

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