In brokered trading systems, brokers arrange trades by helping buyers and sellers find each other. Various information systems move information in and out of the market, present it, and store it. Order routing systems send orders from customers to brokers, from brokers to dealers, from brokers to markets, and from markets to markets.
These systems also send reports of filled orders back to customers. Order presentation systems present orders to traders so that they can act upon them. The systems may use screen-based, open-outcry, or hand-signaling technologies. Order books store open orders. Market data systems report trades and quotes to the public. In most markets, traders can only use prices that are an integer multiple of a specified minimum price increment. The size of the increment, measured as a fraction of price, varies considerably across markets.
In Chapter 11 Order Anticipators , we show that the increment is an extremely important determinant of market quality in many markets. Price Clustering Traders do not use all possible prices equally. Instead, their usage clusters on round numbers. In markets with fractional prices, they use whole numbers more often than halves, halves more often than odd quarters, quarters more often than odd eighths, and eighths more often than odd sixteenths.
In markets with decimal prices, prices that are integer multiples of 1. The clustering of prices is most pronounced when the minimum price increment is a small fraction of price, the market is highly volatile, and the instrument is thinly traded. They frequently place their orders just above or just below a round number to take advantage of the fact that many other traders may place their prices at the round number.
The two types of trading sessions are continuous market sessions and call market sessions. Trading is continuous in the sense that traders may continuously attempt to arrange their trades. In practice, they usually trade only when a trader demands liquidity.
Continuous trading markets are very common. Almost all major stock, bond, futures, options, and foreign exchange markets have continuous trading sessions.
The market may call all securities simultaneously, or it may call the securities one at a time, in a rotation. Markets that call in rotation may complete only one rotation per trading session, or as many rotations as their trading hours permit. Markets that call in rotation were once very common. Now only in the stock markets of a few small countries call in rotation. Many continuous order-driven exchanges open their trading sessions with call market auctions and then switch over to continuous trading.
These markets also use calls to restart their trading after a trading halt. Open-outcry futures exchanges, however, start continuous trading immediately when they open.
Call markets are used as the exclusive market mechanism for many instruments. Most governments sell their bonds, notes, and bills in call market auctions. Some stock markets also use calls to trade their least active securities.
In pari-mutuel betting, bettors receive a share of the total money bet on all horses—less a fixed percentage for the track and the state—if their horse wins. Bettors can place their bets anytime until betting closes a few moments after the start of the race. The track totalizator system displays the projected winnings for each bet while the betters place their bets. Pari-mutuel betting is a call market auction in which the totalizator simultaneously prices all bets on a race.
The price of each bet is the amount bettors must bet to receive a dollar if their horse wins. The call occurs when betting closes. Since the system only allows market orders, many traders wait until the last moment to bet so that they can see what the prices will be. These markets include oral auctions, single price auctions, continuous electronic auctions, and crossing networks. You will learn how these markets work, and how trading strategies depend on market structure.
Order-driven markets are quite common. Almost all of the most important exchanges in the world are order-driven markets. Most newly organized trading systems choose electronic order- driven market structures. Despite the great variation in how order-driven markets operate, their trading rules are all quite similar. All order-driven markets use order precedence rules to match buyers to sellers and trade pricing rules to price the resulting trades. Variations in trading rules distinguish order-driven markets from each other.
The trading strategies that work best in one market may work poorly in markets with different rules. Traders therefore need to know how trading rules affect optimal trading strategies. If you trade in order-driven markets, the principles introduced in this chapter will be of immediate and obvious value to you. These principles will also help you understand front- running and block trading strategies that we will consider in later chapters.
The topics in this chapter should also interest you if you are interested in market structures. Most recent innovations in trading technologies involve order-driven market structures. To evaluate new trading technologies, you must thoroughly understand how they work. We will first discuss how oral auctions work. In these order-driven markets, traders arrange trades by negotiating on a trading floor. Since many readers may already be acquainted with these markets, they provide us with a familiar context for introducing various trading rules.
We then will turn our attention to rule-based order-matching systems. These systems include single price auctions, continuous order book auctions, and crossing networks. This market, which the Chicago Board of Trade organizes, regularly attracts floor traders. It may be the most liquid market in the world. The smallest oral auctions may include only two traders. In an oral auction, traders arrange their trades face-to-face on an exchange trading floor.
Some traders cry out their bids and offers to attract other traders. Other traders listen for bids and offers that they are willing to accept. Most traders do both. Buyers and sellers often take turns bidding and offering until they agree on a price and quantity to trade. Traders offer liquidity when they make bids or offers to trade.
Traders take liquidity when they accept bids or offers. These rules organize trading to ensure fairness for all traders and to provide for the efficient exchange of information necessary to arrange trades. The trading rules also help protect brokerage customers from dishonest brokers. The first rule of an oral auction is the open-outcry rule. Traders must publicly express all bids and offers so that all traders can act on them.
This requirement ensures that all traders can fairly participate in the market. The first trader to accept a bid or offer generally gets to trade. The open-outcry rule also requires traders to express their acceptances publicly so that all traders are aware of the trades that they arrange. This information helps traders evaluate market conditions. It also protects customers from dishonest brokers who might try to arrange trades privately to benefit their friends instead of their clients.
In oral auctions, the primary order precedence rule is always price priority. The secondary precedence rules depend on the market. Futures markets use time precedence. US stock exchanges use public order precedence and then time precedence. Traders cannot accept bids or offers at any inferior price. Buyers can accept only the lowest priced offers and sellers can accept only the highest priced bids. Price priority is a self-enforcing rule because honest traders naturally search for the best prices.
Exchanges therefore do not have to adopt special procedures to enforce it. They keep the rule on their books so that they can prosecute dishonest brokers. Most oral auctions do not allow traders to bid below the best bid or offer above the best offer.
Since only the best bid and offer interest traders, bids and offers behind the market only create confusion and noise. Traders acquire price priority by bidding or offering prices that improve the current best bid or offer. Any trader may improve the best bid or offer at any time.
While they have time precedence, no other traders may bid or offer at the new best bid or offer. Traders retain their time precedence as long as they maintain their bid or offer, or until another trader accepts it.
Afterwards, anyone may bid or offer at the new price and all traders at that price will have equal standing. In oral auction markets, bids and offers generally are good only for a moment. Traders may repeat their quotes continuously in large, very active markets.
The time precedence rule encourages traders to improve prices aggressively. Traders who want to trade ahead of a trader who has time precedence must improve the price. Time precedence rewards aggressive traders by giving them the exclusive right to trade first at the improved price. The time precedence rule thus encourages price competition among traders. Leapfrog The orange juice concentrate futures market is currently Traders quote prices per pound for 15, pound contracts.
Guy is the bidder at He has time precedence at that price, and he is defending it. If you want to buy at If you want precedence, you must improve the bid to You then would have price priority over his bid and time precedence over all subsequent bids at If Guy then wants to reclaim his precedence, he would have to improve the market again by bidding Good traders carefully consider their leapfrog strategies.
For example, if you are willing to bid If you bid In which case, he will trade immediately and you will still have time precedence at Of course, if you are quite impatient to trade, your best strategy may be to immediately take the offer at Time precedence is only meaningful when the minimum price increment is not trivially small. The minimum price increment, or tick, is the smallest amount by which a trader may improve prices. It is the incremental price that traders must pay to acquire precedence, through price priority, when they do not have time precedence.
If it is very small, the time precedence rule gives little privilege to the traders who improve price. The effect of the tick on price competition varies by tick size. If the tick is too small, it decreases price competition by weakening the time precedence rule.
If this tick is too large, traders are reluctant to improve prices because of the expense. Since the minimum price increment significantly affects market quality, exchanges and regulators pay close attention to it. The Common Cents Stock Pricing Act of In March of , Republican Representative Mike Oxley and others introduced a bill to require that US stock markets trade on dollars and cents rather than on dollars and fractions of a dollar.
The bill had wide popular support because most people find decimal pricing simpler to understand than fractional pricing. The bill never passed. Instead, the exchanges decided to switch to decimals by themselves. The bill was somewhat remarkable because it represented an attempt by the US Congress to micromanage trading rules in the stock markets. The exchanges probably decimalized at least in part to prevent the passage of this bill. Clients usually pay brokers commissions for their services.
Many brokers are also financial advisors who advise their clients about their investments or their financial plans. They may also provide their clients with investment information. In these capacities, they often influence the trading decisions that their clients make. Unless you arrange your own trades, you will use the services of a broker when you implement your trading strategies. You therefore must understand what brokers can do for you—and to you—to trade effectively.
This chapter describes what brokers do and the problems that traders may have with lazy or dishonest brokers. You also need to know what brokers do if you want to be a broker yourself. The discussions in chapter will allow you to better understand how brokers compete with each other for business, and how the best brokers win these competitions.
You must understand what brokers do to predict when electronic order matching systems will be successful. Automated order-driven execution systems are essentially electronic brokers. Since traditional brokers and electronic order matching systems both match buyers to sellers, they compete with each other. To fully understand either system, you must understand the economics of both trading systems.
Finally, you must understand what brokers do if you are interested in the distinctions that regulators make between automated order-driven execution systems and traditional brokers.
Some automated order-driven execution systems are regulated as exchanges whereas other nearly identical systems are regulated as brokers.
If you are interested in these distinctions, you must ask how the order matching done by traditional brokers differs from the order matching done by automated systems. We begin this chapter by considering how brokers serve their clients, how they organize their operations, and what determines their profits. We then discuss how the most important management problem—the principal-agent problem—affects brokers and their clients. The chapter closes with a discussion about problems that traders can have with dishonest brokers, and how traders can prevent these problems.
Brokers conduct these activities in various types of markets. In order flow markets, brokers take orders that their clients give them and match them with orders and quotes made by other traders. Exchanges, dealers, or the brokers themselves may operate these markets. In block markets, brokers take large client orders and try to find other traders to fill them.
Brokers often must search among traders who have not expressed interest in trading to discover those traders who are willing to trade. In offering markets, brokers distribute new issues and seasoned issues to traders. Brokers must often market these securities to generate buyer interest.
Finally, in merger and acquisition markets, brokers help firms buy other firms. Brokerage firms that engage in large capital transactions are called investment banks.
Table summarizes the different types of brokered transactions. Types of Brokered Transactions Market type Trades Market structure Brokerage role Order flow Small to medium sizes Order-driven or Brokers receive orders and match in seasoned securities quote-driven them with orders and quotes made and contracts.
Block Large sizes in Brokered Brokers receive an order on one side seasoned securities and must search for traders who will and contracts. Brokers occasionally identify both sides. New and Large size offered by Brokered Brokers sell securities to buyers on seasoned an issuer or one or behalf of issuers and large holders.
Mergers and Company to company. Brokered Brokers find one or both parties. Most brokerage firms specialize in only one or two of these markets. Their clients tell them what trades they want to make, and under what terms they will trade. The brokers then try to arrange the best trades that they can subject to the constraints imposed upon them.
Generally, clients expect that brokers will seek the lowest possible prices when buying and the highest possible prices when selling. Clients use brokers to arrange their trades because brokers usually can arrange trades at a much lower cost than can their clients.
We examine these points in the remainder of this section. Clearing and settlement problems can arise whenever traders do not settle their trades immediately after they negotiate them.
During the time between arrangement and final settlement, traders risk that their counterparts may not acknowledge their trades, may refuse to settle their trades, or may be financially unable to settle their trades. Traders therefore are reluctant to trade with people who they do not know are trustworthy and creditworthy.
Without the assistance of brokers, traders would have to check the credit of every trader with whom they trade. Brokers assist traders by helping them avoid this expensive problem. If a client fails to acknowledge a trade, the broker must resolve the problem with the client. The broker thus protects the trader on the other side of the trade.
Brokers solve the settlement problem either by guaranteeing that their clients will settle their trades, or by staking their business reputations on whether their clients will settle their trades. When the brokers simply vouch for their clients, they risk losing future business if they acquire a reputation for representing clients who do not settle their trades.
In both cases, brokers must ensure that they only represent trustworthy and creditworthy clients. Otherwise, undesirable clients will impose significant costs upon them. The credit function that brokers provide is especially important in order-driven markets since such markets generally arrange trades among total strangers. Multiplying Credit Checks When traders arrange trades that they intend to settle in the future, they must be confident that their counterparts can and will perform.
Traders routinely perform credit checks to determine whether their counterparts are creditworthy. In a market with no brokers, each trader must be prepared to check the credit of every other trader. If exactly one million traders trade in such a market, the total number of potential credit relationships is ,,,, or slightly less than one quad-trillion.
In such markets, traders will only check the credit of traders with whom they intend to trade. They will naturally prefer to arrange trades only with traders whose credit they have already checked. Three types of credit relationships are present in this economy: 1.
Brokers must check the credit of their clients to protect themselves. The clients must check the credit of their brokers to ensure that they can trust them. These credit checks may be perfunctory if everyone knows that a broker is creditworthy. Each broker must check the credit of every other broker with whom he or she arranges trades. Chapter 8 explains why traders trade. We introduce 32 different types of traders and identify the benefits that they each obtain from trading.
Remarkably, traders often do not clearly understand why they trade. They therefore often trade when they should not or fail to trade when they should. Traders who understand why they trade will generally trade more effectively. In Chapter 9, we consider how well functioning markets benefit the entire economy. The primary benefits come from informative prices and from market liquidity. We explain how well functioning markets help market-based economies use their resources most efficiently. We also consider a framework for evaluating public policy.
We consider each of these objectives in this chapter and explain how markets help traders achieve them. You must understand why people trade to use markets effectively. Markets provide many valuable opportunities. To take advantage of them, you must first recognize them. By considering why people trade, you will better understand why you trade and whether you should trade. Many traders do not fully recognize the reasons why they trade.
Consequently, either they pursue inappropriate trading strategies, or they trade when trading is counterproductive to their true interests. The optimal trading strategy for a given trading problem depends on the problem. You cannot trade well if you do not know why you want to trade. Knowing why people trade may also help you determine whether other traders understand why they are trading.
This skill is very important because you can usually distinguish a good money manager from a poor one by whether they understand well why they trade.
It is also important because traders who do not fully understand why they trade often trade foolishly. If you can identify such traders, you may be able to profit from their foolishness. If you engage in any trading strategy that depends on the volume of trade, you must understand why people trade to interpret volumes properly.
Many factors cause people to trade. If your trading strategy depends on one of these factors, you will want to examine volumes carefully. However, you must be careful to recognize when other factors may cause people to trade. Otherwise, you may misinterpret volumes and trade when you should not.
Markets are successful only when people trade in them. If you want to design new markets, or if your business depends on trading in a successful market, you must understand why—and how— people trade. Trading is a zero-sum game in an important accounting sense. In a zero-sum game, the total gains of the winners are exactly equal to the total losses of the losers. Trading is a zero-sum game because the combined gains and losses of buyers and sellers always sum to zero.
If a buyer profits from a trade, the seller loses the opportunity to profit by the same amount. Likewise, if a buyer loses from a trade, the seller avoids an identical loss. Successful traders must understand the implications of the zero-sum game. To trade profitably, traders must trade with people who will lose. Profit-motivated traders therefore must understand why losers trade to know when they should trade.
Finally, you must understand why people trade to form well-reasoned opinions about market structures. Different structures favor different trader types. If you intend to influence a decision about market structure, you should consider first how the decision affects various traders. The benefits that traders obtain from markets depend on why they trade.
Regulators and other interested parties must therefore understand these reasons. We will refer to them throughout the rest of the book. Pay close attention to the distinctions between investing, speculating, and gambling.
When traders confuse these important concepts, they often trade poorly. When regulators confuse them, they often adopt policies that hurt the markets. Consider also why liquid markets benefit most traders. When you understand why people trade, you will appreciate why all market participants care about liquidity. For expository clarity, we will associate a stylized trader with each reason for trading, and we will assume that that stylized trader trades only for that reason.
In practice, traders often trade for many reasons. The complexity of their motives explains why many traders get confused and fail to fully recognize why they trade.
By considering stylized traders, we simplify our discussions and ultimately make it easier for you to identify the different reasons why people trade. Multiple Identities Many traders simultaneously invest, speculate, and gamble.
They invest when they need to move money from the present to the future. They speculate when they try to use information about future security prospects to obtain a better return on their investments. They gamble when they focus more attention on favorable outcomes than on losing outcomes.
Their multiplicity of interests often compromises their judgment. Investors often speculate without thinking about whether they would be good speculators, and speculators often gamble without considering whether their emotional needs have influenced their judgment. Our stylized traders are profit-motivated traders, utilitarian traders, or futile traders.
Profit- motivated traders trade only because they rationally expect to profit from their trades. Speculators and dealers are profit-motivated traders. Utilitarian traders trade because they expect to obtain some benefit from trading besides trading profits.
Investors, borrowers, asset exchangers, hedgers, and gamblers are utilitarian traders. Futile traders believe that they are profit-motivated traders. Although they expect to trade profitably, their expectations are not rational. They have no advantages that would allow them to be profitable traders. Utilitarian traders and futile traders lose on average to profit-motivated traders because trading is a zero- sum game. Traders are either informed traders or uninformed traders.
Informed traders can form reliable opinions about whether instruments are fundamentally undervalued or overvalued. The fundamental value of an instrument is the value that all traders would agree upon if they knew all available information about the instrument and if they could properly analyze this information. An instrument is undervalued when its market price is below its fundamental value.
It is overvalued when its price is above fundamental value. Since nobody actually knows fundamental values, traders must estimate them. Informed traders typically form their opinions from insightful analyses of publicly available information or from simple analyses of information that is not widely known. Informed traders speculate on their information by buying undervalued instruments and selling overvalued instruments. Informed traders are therefore profit-motivated traders.
Uninformed traders do not know whether instruments are fundamentally undervalued or overvalued. Either they cannot form reliable opinions about values, or they choose not to.
Uninformed traders include utilitarian traders, futile traders, and some types of profit-motivated traders. At the end of the chapter, we will introduce the profit-motivated traders and the futile traders.
Detailed discussions of how they behave appear in subsequent chapters devoted exclusively to their various styles. Investors and borrowers trade to move money forward or backward through time. Asset exchangers trade to exchange one asset for another asset of greater value to them. Hedgers trade to exchange risks. Gamblers trade for entertainment. Fledglings trade to learn how to trade.
Cross-subsidizers trade to transfer wealth to other people. Tax-avoiders trade to minimize their taxes by exploiting tax loopholes. We will consider each of these traders in turn. Workers need to move their current earnings from the present to the future to finance their retirements.
Students need to move their future earnings to the present to pay tuition. Young couples need to move their future earnings to the present to buy houses. These problems are all examples of intertemporal cash flow timing problems. People face intertemporal cash flow timing problems when their incomes and expenses do not always coincide.
When their incomes are more than their expenses, they invest money to move money into the future, or they repay money that they borrowed from the past. When their incomes are less than their expenses, they borrow money from the future, or they liquidate investments that they made in the past. People invest, borrow, liquidate, and repay to move money forward or backward through time. Corporations and governments also face intertemporal cash flow problems.
The most common problem that corporations face is inadequate current cash flow to pay for investments that will generate future revenues. To solve this problem, they borrow money from the future by selling bonds or stock shares.
Governments most commonly borrow against their future tax revenues to finance current spending. They may use the money to fund projects that will produce benefits in the future, to fund current services, or to enrich poor people, disabled people, retirees, immigrants, and in many cases, farmers and manufacturers.
Although people, corporations, and governments invest and borrow to move money through time, in aggregate, no money actually moves through time. Instead, for every dollar invested, someone must borrow a dollar. The assets that investors use to move money from the present to the future therefore are the same assets that borrowers use to move money from the future to the present. Traders buy assets when they want to move money to the future, or when they repay money that they previously moved from the present to the past.
They sell assets when they want to move money from the future to the present, or when they redeem money that they have moved from the past to the present. Investors use various financial and real assets to move money forward through time.
Financial assets include stocks, bonds, mutual funds, insurance policies, certificates of deposit, demand deposits, and currencies. Real assets include real estate, machinery, commodities, precious metals, and going business concerns. How fast should those links be? The markets have wrestled with these and many other issues in recent years. They undoubtedly will continue to do so. Virtually any change in market structure will have significant economic effects on our markets.
Trading rules, trading systems, and information protocols all affect liquidity, transaction costs, volatility, the quality of prices, and the distribution of trader profits.
We therefore must carefully consider whether proposed changes in market structure are desirable. This chapter introduces a paradigm for how we should make these decisions. Everyone has an economic interest in how markets should be organized since everyone— whether they trade or not—benefits from having well-functioning markets. Not surprisingly, opinions about market structure vary widely.
In some countries, they also write the laws. They also frequently propose—and sometimes even implement—structures that laws and regulations do not currently permit. These people all discuss market structure with those who have power to promote or frustrate their interests.
Debate generally is most productive when conducted within a framework for making decisions. Welfare economics provides such a framework. Welfare economics is the branch of economics that considers how we should organize our economy.
In this chapter, we consider principals by which we should organize our markets. How markets should be organized is completely subjective. Everyone is entitled to his or her own opinion. Many people think that markets should do well whatever it is that they do. Accordingly, we will closely consider the benefits that markets produce for our economy. At the end of this chapter, I provide a set of weak objectives that I believe regulators should use when evaluating alternative market structures.
You may have your own opinion about what are good markets. If you agree that markets should be organized to maximize the benefits that they produce for the economy, then you must be familiar with these benefits so that you can consider them when you evaluate alternative policies. If you believe that markets should be organized to promote other objectives, you should at least be aware of the costs to the economy of the policies that your objectives favor.
Even if you have no interest in influencing market structures, you should find these discussions interesting.
Well-functioning markets are largely responsible for the tremendous wealth that free market-based economies have generated and continue to generate. This chapter helps explain why some countries are rich while other countries are poor. We start our discussion with a brief introduction to welfare economics. The discussion then turns to the benefits that markets produce for individuals and for the wider economy. If your only interest in this book is to become a better trader, you can safely skip this chapter.
In positive economic analyses, analysts use theories and empirical evidence to predict the consequences of various economic policies. Positive economics is objective in the sense that analysts who use the same assumptions and the same data should obtain the same results. What does this book o er. I A very large block stock trade.
Stocks are shares in public companies and have been traded on European exchanges for hundreds of years. The trade is now global and most developed countries have stock exchanges. Stocks rise and fall in value according to the perceived performance and worth of the issuing company. Crypto Trading How to Read an Exchange Order Book It takes two to tango in the world of crypto trading, where a dynamic relationship between buyers and sellers is always on display in.
Book swapping or book exchange is the practice of a swap of books between one person and another. Practiced among book groups, friends and colleagues at work, it provides an inexpensive way for people to exchange books, find out about new books and obtain a new book to read without having to pay. The most important market maker to look for is called the ax. This is the market maker that controls the price action in a given stock. You can find out which market maker this is by watching the.
This post covers the basics of Bitcoin trading. Bitcoin trading is the act of buying low and selling high. Unlike investing, which means holding Bitcoin. Traders should always keep a trading journal and a good cryptocurrency trading guide for beginners should help you with that. A crypto trading journal is very important because it always shows your latest performances at a glance.
Trading journals make traders learn faster and more efficiently. Exchange Memberships. Timeshare ownership affords you and your family wonderful vacations each and every year. This statistic shows the largest global stock exchanges globally inranked by the value of electronic order book share trading. In that year, the Nasdaq U. Cboe Book Viewer.
The Cboe Book Viewer shows the top buy bids and sell asks orders for any stock trading on the Cboe U. Equities Exchanges. The order book at Bitfinex is fully transparent, and the platform is quite comprehensive when compared to other exchanges.
This book explains why some traders consistently win while other traders consistently lose. If trading profits interest you—whether you manage your trading yourself or have someone manage it for you—you must understand what determines trading profits. The secondary objective of this book is to understand how market structure—trading rules and information systems—affect each of these five market characteristics.
Instruments include common stocks, preferred stocks, bonds, convertible bonds, warrants, options, futures contracts, forward contracts, foreign exchange contracts, swaps, reinsurance contracts, commodities, pollution credits, water rights, and even many betting contracts.
These definitions often distinguish between instruments that represent ownership of assets like stocks and bonds usually called securities and instruments that derive their values from commodities or from other security values derivative contracts.
They also universally exclude betting contracts. We will pay attention to these distinctions only when they affect the markets through the regulatory process. A market is the place where traders gather to trade instruments. That place may be a physical trading floor, or it may be an electronic system in which traders can easily communicate with each other. Nasdaq, the Euronext, the Hong Kong Futures Exchange, and the interbank foreign exchange market are examples of electronically linked markets.
Larry Harris holds the Fred V. His research, teaching, and consulting address regulatory and practitioner issues in trading and in investment management. Chairman Harvey Pitt appointed Dr. Harris to serve as Chief Economist of the U. As Chief Economist, Harris was the primary advisor to the Commission on all economic issues. He contributed extensively to the development of regulations implementing Sarbanes-Oxley, the resolution of the mutual fund timing crisis, the specification of the proposed Regulation NMS National Market System , the promotion of bond price transparency, and numerous legal cases.
Harris also directed the SEC Office of Economic Analysis in which 35 economists, analysts, and support staff engage in regulatory analysis, litigation support, and basic economic research. Professor Harris currently serves on the boards of Interactive Brokers, Inc.
Other professional service has included year-long assignments to the U. Harris has also worked at UNX, Inc. Harris received his Ph. LinkedIn Pinterest 0. Table of Contents. John Benjamin Lynch.
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