Equity Markets in Transition

Part I. The Value Chain of Exchange Organizations: Systematic Overview

1. Exchange Organizations: Thoughts and Reflections
Reto Francioni

2. An Exchange and Its Value Chain
Reto Francioni

3. Primary Market: Bringing Products to the Market
Cord Gebhardt, Jan Strecker

4. Secondary Market: Trading, Price Discovery, and Order Matching
Reto Francioni, Martin Reck, Robert A. Schwartz

5. Clearing
Thomas Laux

6. Securities Services: Settlement, Custody and Financing
Marc Robert-Nicoud

7. Information Technology
Matthias Kluber

8. Contractual Relationships Across the Value Chain
Matthias Stötzel

9. Financial Market Regulation
Reto Francioni, James H. Freis, Alexandra Hachmeister

Part II. Trading of Financial Instruments: Selected Topics

10. Security Market Microstructure: The Analysis of a Non-frictionless Market
Reto Francioni, Sonali Hazarika, Martin Reck, Robert A. Schwartz

11. Exchanges: Link to the Real Economy
Michael Heise

12. The Role of High-Frequency Trading in Modern Financial Markets
Wolfgang Eholzer, Randolf Roth

13. High Frequency Trading: Market Structure Matters
Reto Francioni, Peter Gomber

14. Global Developments in Equity Trading
Phupinder Gill

15. From the End of Bretton Woods to the Global Financial Crisis: 40 Years of Turbulence
Hugo Bänziger

16. Risk and Representation: The Limits of Risk Management
Heinz Zimmermann

17. T2S: Creating a New Post-trade Landscape
Karla Amend, Matthias Papenfuß

18. IT in Transition
Philipe Enness, Andrew Graham

19. The Future of Finance: FinTech, Tech Disruption, and Orchestrating Innovation
Oliver Bussmann

20. Equity Capital Market Expectations of Corporate Issuers: The Fresenius Perspective
Ulf Schneider

21. The Investment Process
Asoka Wöhrmann

22. Institutional Investors and Exchange Organizations
Asoka Wöhrmann

23. Equity Market Fragmentation in the Swiss Market
Andreas Grünbichler, Alexander Kohler, Rico Wyss

24. Takeover Regulation as Part of a Functioning Equity Market
Christian Zschocke

25. Implementing MiFID2: The View of a Cash Equities Trading Venue
Miroslav Budimir

26. European Financial Integration: Monetary Union, Banking Union, Capital Markets Union
Andreas Dombret

Keywords: Finance, Capital Markets, Investments and Securities, Risk Management