Search
 
 
Monday, November 9, 2009
 
 
EVENTS
Market Shock and Trading Efficiency
A Comparison of Electronic and Nonelectronic Markets
Date: Thursday, June 10, 2004
Time: 2:00 PM — 5:00 PM
Location: Wohlstetter Conference Center, Twelfth Floor, AEI 1150 Seventeenth Street, N.W., Washington, D.C. 20036
 
 
About This Event

The central question in securities-market structure is whether investors are better served by human-mediated markets, such as the specialist system of the New York Stock Exchange, or by electronic markets, such as NASDAQ and the Electronic Communication Networks. The Securities and Exchange Commission's recent Regulation NMS, although it purports to be a reform measure, fails to address this basic issue. However, close analysis of how the different markets function under varying circumstances can shed light on the optimal structure for the securities markets in the United States. At this conference, as part of AEI's ongoing review of securities market structure, we will consider an important study of these markets by Kenneth M. Lehn and his two colleagues at the University of Pittsburgh.

 
Agenda

12:45 p.m.

Registration

1:00

Introduction: Peter J. Wallison, AEI

1:15

Presenters: Kenneth M. Lehn, University of Pittsburgh

 

 

Sukesh Patro, University of Pittsburgh

 

 

Kuldeep Shastri, University of Pittsburgh

 

Discussants:

Paul Bennett, New York Stock Exchange

 

 

Lawrence Harris, Securities and Exchange Commission

 

 

Frank Hatheway, Nasdaq

 

 

Mike Plunkett, Instinet

 

 

Benn Steil, Council on Foreign Relations

 

Moderator:

Peter J. Wallison, AEI

4:00

Adjournment

 
 
Event Materials
 
Event Summary
 
Video
 
Documents & Links
 
 
 
Calendar of Events
 <  November 2009
  > 
Su Mo Tu We Th Fr Sa
1
2 56
7
8
11
14
15
1920
21
22
2324252627
28
29
30
 
Online Exclusives
 
Rethinking America's Budget Process