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by Walter Mattli (Author)
About the Author
Walter Mattli is professor of international political economy and a fellow of St. John’s College, University of Oxford. His books include The New Global Rulers: The Privatization of Regulation in the World Economy and The Politics of Global Regulation (both Princeton). He lives in Oxford, England.
About this book
An exposé of fragmented trading platforms, poor governance, and exploitative practices in today’s capital markets
Capital 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 makers have few obligations, market surveillance is neglected or impossible, enforcement is ineffective, and new technologies are not necessarily used to improve oversight but to offer lucrative preferential market access to select clients in ways that are often hidden. Mattli argues that power politics is central in today’s fragmented markets. He sheds critical light on how the redistribution of power and influence has created new winners and losers in capital markets and lays the groundwork for sensible reforms to combat shady trading schemes and reclaim these markets for the long-term benefit of everyone.
Essential reading for anyone with money in the stock market, Darkness by Design challenges the conventional view of markets and reveals the troubling implications of unchecked market power for the health of the global economy and society as a whole.
Brief contents
1 Introduction 1
A Deeply Puzzling Market Transformation 7
Power Politics and Market Governance 13
2 The Puzzling Transformation of Capital Market Structure: From Gradual Concentration to Sudden Fragmentation 23
The Evolution of the Market Organization and Its Body Politic 24
The Transformation of Power Relationships among Members 30
The Impact of Power Asymmetry 43
Implications 49
Appendix 51
3 Good Governance in Centralized Markets:
The Old NYSE 55
The Market Makers: Functions and Obligations 59
Market Surveillance 63
Rule Enforcement 72
Market Performance and Quality 76
Moving into the Twenty-First Century 89
4 Stratification in Modern Trading: The Haves and Have-Nots 93
Speed 94
Globalization, Financial Innovation, and Stratification 99
5 Bad Governance in Fragmented Markets 107
Weakened Market-Making Obligations 111
Information Asymmetry: Trading Data 114
Information Asymmetry:Market ostructure 120
Darkness 125
Failing Market Surveillance 137
Implications 146
Appendix 148
6 Conclusion: TheWay Forward 155
Market Transparency 156
Leveling the Playing Field 162
Proper Accountability for Market Disruption and Bad Governance 164
Consolidation 165
Acknowledgments 171
Appendix: Market Governance: A Theoretical Background Note 175
A Political Organization Approach in Relation to Other Theories 175
Behavioral Assumption: Opportunism 181
Glossary 185
Notes 191
Bibliography 225
Index 241
Pages: 264 pages
Publisher: Princeton University Press (April 2, 2019)
Language: English
ISBN-10: 0691180660
ISBN-13: 978-0691180663
Princeton__Darkness by Design.pdf
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