This book underscores the complexity of the equity markets the challenges they face and the
fact that they are still a work in process. Three interacting forces drive market change:
competition technology change and regulatory change. The markets have one major objective in
particular to achieve: the delivery of accurate price discovery for both traders and the
broader market. Are we getting it? Are competition technology and regulation acting together
to improve market quality or are they adding to the complexity of the markets and making
accurate price discovery harder to achieve? The difficulty of addressing these issues and
reaching a consensus regarding public policy is reflected in the diverse opinions expressed in
this book. From an institutional perspective the volume¿s contributors highlight the
interconnectedness of all aspects of the internal and external environment within which
exchange organizations act. Equity Markets in Transition underscores how technological
evolution and recent regulatory changes have influenced the business and how these
developments have opened new possibilities for exchange organizations and for equity markets as
a whole including such issues as the impact of equity markets on job creation. The book
combines both a theoretical and a practical approach. Part I presents a theoretical overview of
the international equity market business including an overall description of the value chain
of stock trading that includes deep dives on every decisive step. Part II contains
contributions from various business specialists who have specific practical and academic
knowledge of the different steps. Equity Markets in Transition represents a unique combination
of theoretical and practical analysis that offers first-hand insights on all relevant
interactions and interrelations among the various parts of the exchange business with an
emphasis on facilitating analysis of the status quo and of emerging trends regarding business
models regulation and the development of the competitor customer and investor sides.
