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Structure of Securities Markets

In: Encyclopedia of Finance

Author

Listed:
  • Robert A. Schwartz

    (Baruch College of the City University of New York
    Zicklin School of Business, Baruch College, CUNY)

  • Lin Peng

    (Zicklin School of Business, Baruch College, CUNY)

Abstract

The chapter reviews essential elements of market structure – the systems, procedures, and protocols that determine how orders are handled, translated into trades, and transaction prices determined. Various alternatives are contrasted such as: order-driven and quote-driven markets; consolidated vs. fragmented markets; human intervention vs. electronic trading; and continuous markets vs. periodic call auctions. A major objective of market design that is noted in the discussion is to enhance the accuracy with which prices are discovered in a dynamic, uncertain environment. Lastly, the chapter points out that market structures are rapidly changing, and that much remains to be learned about how best to structure a technologically sophisticated, hybrid market that efficiently services the varied needs of diverse participants.

Suggested Citation

  • Robert A. Schwartz & Lin Peng, 2022. "Structure of Securities Markets," Springer Books, in: Cheng-Few Lee & Alice C. Lee (ed.), Encyclopedia of Finance, edition 0, chapter 39, pages 1011-1016, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-91231-4_39
    DOI: 10.1007/978-3-030-91231-4_39
    as

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