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The Stock Exchange as Multi-sided Platform and the Future of the National Market System
Get PDFSince Regulation National Market System (Regulation NMS) came into force a decade ago, computer technology has transformed the stock markets. While Regulation NMS benefited investors by lowering stated transaction costs, it also created today’s complex and fragmented trading system. An increasing amount of trading now occurs off-exchange in dark pools and other “non-lit” venues, and hidden costs proliferate. In addition to the profits taken by high-frequency traders, these include the defensive costs of the technological arms race, the possibility of another “Flash Crash,” public suspicions of “rigged” stock markets, reduced allocative efficiency, and rising proprietary data fees paid by stockbrokers and institutional investors. In prioritizing the goal of competition, Regulation NMS failed to take into account the stock exchange’s inherent economic nature as a multi-sided platform and the negative effects of setting the existing exchanges into competition with one another. Furthermore, digital technology undermines a number of Regulation NMS’s grounding assumptions. Given the nature of modern stock exchange as a digital multi-sided platform, it is time to reconsider the central limit order book (CLOB) proposals made in the 1970s through the early 2000s. An updated proposal for a “virtual CLOB” would allow the current exchanges to remain in existence, thereby avoiding a single monopoly exchange, while eliminating or mitigating many of the most pressing problems of the current system
Out of Many, One: Discovering the Shared Statutory Speech Community Through Corpus Linguistics
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Clark Memorandum: Spring 2019
Get PDFDeclaring Human Dignity (Photographs by Steve McCurry) How Not to Be Stupid (Michael Mosman) Religion, Democracy, and the Habits of the Heart (Elder Bruce C. Hafen) Loving Our Neighbors (D. Carolina Núñez) Memorandahttps://digitalcommons.law.byu.edu/clarkmemorandum/1064/thumbnail.jp
The Bank of New York Mellon as Trustee for the Certificate Holders Cwmbs Series 2006-Hybs; Plaintiff and Appellee. v. Paula A. Mitchell; Defendant and Appellant. America First Credit Union; and Pepperwood Homeowners Association; Defendants (Not Participating In Appeal) : Reply Brief
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Appeal from the Orders ofthe Third Judicial DistrictCourtIssued by the Honorable Todd Shaughness
State of Utah, Plaintiff/Appellee, v. Ernest Clayton Harper, Defendant/Appellant : Brief of Appellant
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On appeal from the Third Judicial District Court, Salt Lake County,Honorable Katie Bernards Goodman, presidingDefendant is incarcerate
State of Utah, Plaintiff/Appellee, v. Ernest Clayton Harper, Defendant/Appellant : Brief of Appellee
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Appeal from a conviction for stalking, a second degree felony,in the Third Judicial District, Salt Lake County, the HonorableKatherine Bernards-Goodman presidin
Melanie A. Madsen Thatcher, Plaintiff/Appellee/Cross-Appellant, v. Michael Lang, Defendant/Appellant/Cross-Appellee : Brief of Appellee
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APPEAL FROM THE FIFTH DISTRICT COURT,WASHINGTON COUNTY, STATE OF UTAHTHE HON. MICHAEL WESTFALL, CIVIL NO. 12050052
State of Utah, Plaintiff/Appellee, v. Robert Brian Walton, Defendant/Appellant : Brief of Appellee
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Consolidated appeal from convictions for retaliating against awitness and stalking, both third degree felonies, in the ThirdJudicial District, Salt Lake County, the Honorable Paul B.Parker and Mark S. Kouris presidin