Darkness by Design: The Hidden Power in Global Capital Markets

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An expos? of fragmented trading platforms, poor governance, and exploitative practices in today?s capital marketsCapital markets have undergone a dramatic transformation in the past two decades. Algorithmic high-speed supercomputing has replaced traditional floor trading and human market makers, while centralized exchanges that once ensured fairness and transparency have fragmented into a dizzying array of competing exchanges and trading platforms. Darkness by Design exposes the unseen perils of market fragmentation and ?dark? markets, some of which are deliberately designed to enable the transfer of wealth from the weak to the powerful.Walter Mattli traces the fall of the traditional exchange model of the NYSE, the world?s leading stock market in the twentieth century, showing how it has come to be supplanted by fragmented markets whose governance is frequently set up to allow unscrupulous operators to exploit conflicts of interest at the expense of an unsuspecting public. Market

Darkness by Design: The Hidden Power in Global Capital Markets Kindle