What is an Exchange?

Ruben Lee is the Director of the Oxford Finance Group, and Adjunct Professor at the University of Reading ISMA Centre - The Business School for Financial Markets. He was formerly a Fellow of Nuffield College, Oxford University, and a Vice President of Salomon Brothers International in New York and London.

1. Introduction ; 2. Governance ; 3. Governance: Case Studies ; 4. Competition and Cooperation ; 5. Cooperation: Case Studies ; 6. Information ; 7. Classification and Market Structure: Law and Regulation ; 8. Information: Law and Regulation ; 9. Governance: Law and Regulation ; 10. Information: Economics ; 11. Information and Competition: Policy ; 12. Classification and Governance: Policy ; Appendix 1: Trading Systems ; Appendix 2: Definitions