40 Years of Experience with the National Market System (NMS)

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.  He 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 and The Journal of Trading.  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.

• Chapter 1. Thoughts and Perspectives on 40th Anniversary of the National Market System (NMS).- Chapter 2. Technology’s Challenge to Regulators.- Chapter 3. The Global View.- Chapter 4. Has NMS-Induced Competition Delivered?.- Chapter 5. Fair and Level Playing Fields:  A Good Regulatory Goal?.- Chapter 6. What Have We Learned?.- Chapter 7. The Buyside Responds.- Chapter 8. Invited Editorial: Combating Turbulence in the Equity Markets:  Get the Listed Companies on Board.