Regulated Exchanges

From the preface by Pedro Rodriguez Ponga, former President of the Bolsa de Madrid and former Chairman of the World Federation of Exchanges Exchanges always should keep in mind their essential role-to facilitate the channelling of savings towards productive investment-which, as repeatedly has been demonstrated, is of the utmost relevance for economic development, and thus for the welfare of humankind. The hopes of millions of families, and the business projects of thousands of companies, have passed throughout the engines of our institutions: from the overseas trading companies in the seventeenth century to the construction of the railways in the nineteenth, to the design and deployment of modern telecommunications networks that connect the world in this still fresh millennium.

<br>Larry Harris holds the Fred V. Keenan Chair in Finance at the University of Southern California Marshall School of Business. His introductory text on the economics of trading, Trading and Exchanges: Market Microstructure for Practitioners (Oxford University Press: 2003), is widely regarded as required reading for entrants into the securities industry. In July 2002, Professor Harris was appointed Chief Economist of the U.S. Securities and Exchange Commission, where he served until June 2004.<br>

EDITOR'S INTRODUCTION - LAWRENCE HARRIS, EDITOR-IN-CHIEF, UNIVERSITY OF SOUTHERN CALIFORNIA MARSHALL SCHOOL OF BUSINESS; FORWARD AND ACKNOWLEDGEMENTS - WILLIAM J. BRODSKY, CHAIRMAN, WORLD FEDERATION OF EXCHANGES; CHAIRMAN, CHICAGO BOARD OPTIONS EXCHANGE AND THOMAS KRANTZ, SECRETARY GENERAL, WORLD FEDERATION OF EXCHANGES; PREFACE - PEDRO RODRIGUEZ PONGA, PAST PRESIDENT, BOLSA OF MADRID AND PAST CHAIRMAN, WFE; PART I - ESSENTIAL PERSPECTIVES; 1. "Exchanges in Historical and Global Context" - Ranald Michie, University of Durham; 2. "The Economics of Trading and of Regulated Exchanges" - Lawrence Harris, University of Southern California Marshall School of Business; 3. "Capital Markets Regulation Revisited" - Karel Lannoo, Centre for European Policy Studies and Piero Cinquegrana, Centre for European Policy Studies; PART II - FIVE Free Option on the Future: Regulated Exchanges beyond 2010" - Stephan Malherbe, Genesis Analytics; NICKY NEWTON-KING, DEPUTY CEO, JOHANNESBURG STOCK EXCHANGE AND SIOBHAN CLEARY, SENIOR MANAGER, JOHANNESBURG STOCK EXCHANGE; APPENDIX: WFE MEMORABILIA; INDEX