Liquidity (eBook)

In market structure, we tend to be equity focused, but one of the challenges is liquidity creation. This book examines liquidity creation and regulation. Based on the Baruch College Financial Markets Conference, Liquidity: How to Find it, Regulate it, Get it, this book examines the following questions: Where does liquidity come from? How should liquidity be supplied? What is needed when creating a new platform to provide an environment of liquidity? How do you prepare for liquidity provision concerning market investors, regulatory infrastructure, and technical infrastructure? How do you create liquidity in different asset classes? What is the role of the alternative trading system (ATS) structure within the exchange regulatory framework? What global trends are affecting liquidity creation? Also covered are the popularity of indexing, exchange-traded funds (ETFs) and Robo-advisers (Robos); how technology is transforming liquidity provision, mid and small-cap liquidity provision and new approaches to liquidity creation. An interview with Former Commissioner of the U.S. Securities and Exchange Commission, Michael S. Piwowar is also featured. 

Robert A. Schwartz is Marvin M. Speiser Professor of Finance and University Distinguished Professor in the Zicklin School of Business, Baruch College, CUNY.  Before joining the Baruch faculty in 1997, he was Professor of Finance and Economics, and Yamaichi Faculty Fellow at New York University's Leonard N. Stern School of Business, where he had been a member of the faculty since 1965. In 1966, Professor Schwartz received his Ph.D. in Economics from Columbia University.  His research is in the area of financial economics, with a primary focus on the structure of securities markets.  He has published over seventy refereed journal articles, twelve edited books, and nine authored books, including Micro Markets: A Market Structure Approach to Microeconomic Analysis, Wiley & Sons, 2010. Dr. Schwartz has served as a consultant to various market centers including the New York Stock Exchange, the American Stock Exchange, Nasdaq, the London Stock Exchange, Instinet, the Arizona Stock Exchange, Deutsche Börse, Borsa Istanbul and the Bolsa Mexicana.  From April 1983 to April 1988, he was an associate editor of The Journal of Finance, and he is currently an associate editor of the Review of Quantitative Finance and Accounting and the Review of Pacific Basin Financial Markets and Policies, and is a member of the advisory boards of International Finance.  In December 1995, Professor Schwartz was named the first chairman of Nasdaq's Economic Advisory Board, and he served on the EAB until Spring 1999. 

He is developer, with Bruce Weber of the trading and market structure simulation, TraderEx. In 2009, Schwartz was named the first recipient of the World Federation of Exchanges' annual Award for Excellence. In 2018, Schwartz was named the co-director of Baruch's newly established Robert A. Schwartz Center for Trading and Financial Markets Research.