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Chapter 37

Exchanges

C. Brummer and A.P. March

Georgetown Law, Washington, DC, USA

Outline

Exchanges and Their Evolution

The Purpose and Benefits of Exchanges

The Floor Model

Electronic Trading

Exchange-Traded Instruments

Organization and Governance of Exchanges

The Traditional Role of Broker-Dealers: Mutuality

Demutualization

Regulation of Exchanges

Exchanges as Self-Regulated Organizations

Regulation Under the 34 Act: Registration Requirements

Best Execution and the National Market System

Best Execution

The National Market System

Globalization and Transnational Exchanges

Exchanges and Their Evolution

Market microstructure is the study of organized trading of financial instruments.¹ Most organized trading takes place ...

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