Finance Academy: Chester S. Spatt - The New Realities of Market Structure and Liquidity

March 1, 2018 - 1:30pm to 3:00pm
C425 PC

Chester S. SpattPamela R. and Kenneth B. Dunn Professor of FinanceCarnegie Mellon University, Tepper School of Business
The New Realities of Market Structure and LiquidityWhere Have We Been? Where are We Going?
Professor Spatt is a leading expert on the structure of the US equity trading markets. From 2004 to 2007, he served as the Chief Economist of the Securities and Exchange Commission, appointed to this prestigious position by Chairman William Donaldson.  He also served as a member of the SEC’s Equity Market Structure Advisory Committee which was formed in 2015.There are about 60 platforms that trade equities in the United States.  The structure of equity trading has changed dramatically over the last decade, moving to electronic markets and away from a manually-oriented market. This leads to a pair of questions. “Where have we been?” and “Where are we going?”
This presentation grew out of a paper that was delivered at conference at the Federal Reserve Bank of Atlanta in May of 2016.