Abstract
Huseyin Erkan and I have been well acquainted, both professionally and personally, for many wonderful and productive years. When we first met each other we were really young guys, and one of us is still young. Guess who? [laughter]. Huseyin was here, participating in this same Baruch conference series, 2 years ago. I asked him back today to speak on his own as our guest. I like his interesting thoughts; I like his ideas; and so I extend a big warm welcome to Huseyin.
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Notes
- 1.
See, website: http://borsaistanbul.com/en/
- 2.
Reg NMS (Regulation National Market System) was adopted by the Securities and Exchange Commission in 2005 and, 2 years later, introduced to further advance the ideals of a national market system. The regulation includes the order protection, or trade-through rule; access rule (fair access) to market data including quotations; rules on sub-penny trading and on market data.
- 3.
Markets in Financial Instruments Directive I, or MiFID I, introduced in October 2010, was followed by the second MiFID proposals, or MiFID II, in September 2012, both aiming for the reform and harmonization of European area markets. MiFID II shifts the European regulatory regime from a principles-based to a more US-style, rules-based regulatory model.
- 4.
KOSPI, or the Korea Composite Stock Price Index, is the index of all common stocks traded on the stock market of the Korea Exchange.
- 5.
In the United States, Trade Reporting Facilities, or TRF’s, are venues for Alternative Trading Systems, or ATSs, to report trades to the consolidated tape.
- 6.
In simple terms, the National Best Bid and Offer, NBBO, requires brokers under US regulation, to guarantee that customers receive the best prevailing ask price when they buy securities, and the best prevailing bid price when they sell.
- 7.
As of writing, a tick-size pilot program in the US was scheduled to take effect in October 2016, the goal being to stimulate more trading in small companies via wider trading increments. US exchanges started quoting stocks in pennies in 2001, ending the practice for over 200Â years of pricing equities in fractions.
- 8.
A lit market refers to venues that display the various bids and offers in stocks. By contrast, dark markets, or Dark Pools, do not display prices.
- 9.
Australia Securities & Investments Commission (ASIC). http://asic.gov.au/
- 10.
The order to trade ratio is the ratio of orders sent to the trading venue(s) compared to the number of those same orders matched or transacted. Therefore, the higher the ratio, the less efficient is the trading venue.
- 11.
See, Chi-X launch – what does it mean for the Australian market? The Conversation. Carole Comerton-Forde, October 31, 2011. http://theconversation.com/chi-x-launch-what-does-it-mean-for-the-australian-market-3900
- 12.
A regulatory term for a non-exchange trading venue known as a multilateral trading facility.
- 13.
International Organization of Securities Commissions. http://www.iosco.org/
- 14.
Alternative Trading System (ATS) is the US regulatory term for a non-exchange trading venue that matches buyers and sellers in transactions. ATSs include ECNs, Dark Pools and call markets.
- 15.
Federation of European Securities Exchanges. http://www.fese.eu/
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Erkan, H. (2019). A Global Perspective. In: Schwartz, R., Byrne, J., Stempel, E. (eds) Market Integrity. Zicklin School of Business Financial Markets Series. Springer, Cham. https://doi.org/10.1007/978-3-030-02871-8_2
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