The Evolution of Securities Market Organisation
An analysis of Walras' and Marshall's explanation of competitive price notes that both model actually existing, but different, forms of trading in stock markets, a call auction and a continous auction respectively. Although Walras uses market organisation to ensure complete information, under simultaneous trading his analysis joints Marshall who assumes the existence of “perfectly informed dealers”. The paper build on the problems of market regulation in condition of simultaneous and continous tradeing to aasess the evolution of the New York market from call to the continous trading and the institution of singl capacity trading with fixed commissions on the London market.
|Date of creation:||Mar 1994|
|Contact details of provider:|| Postal: Piazza Scaravilli, 2, and Strada Maggiore, 45, 40125 Bologna|
Phone: +39 051 209 8019 and 2600
Fax: +39 051 209 8040 and 2664
Web page: http://www.dse.unibo.it
More information through EDIRC
When requesting a correction, please mention this item's handle: RePEc:bol:bodewp:189. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Dipartimento Scienze Economiche, Universita' di Bologna)
If references are entirely missing, you can add them using this form.