"The Future of Securities Markets"

The fifth annual conference of the Brookings-Wharton Papers on Financial Services

Executive Summary

• Ruben Lee (Oxford Finance Group): The future of securities exchanges
  Marshall Blume (Wharton): The role of anonymity in market structure
  

• Benn Steil: Council on Foreign Relations): Who should own securities exchanges and how should they be governed?
  

• Kent Womack: Sell-side analysts and reasonable disclosure policies
  

• James Moser (Federal Reserve Bank of Chicago): Clearing and settlement in securities markets
  

• Stijn Claessens (World Bank,with colleagues): The future of stock markets in emerging markets
  

• Frank Partnoy (University of San Diego Law School): The future of derivatives regulation
  Rich Lyons (Berkeley): The future of the foreign exchange market
  

• Jay Ritter (University of Florida): The future of the new issues market
  Lawrence Asubel (Maryland): Implications of auction theory for new issues markets
  

• Luncheon roundtable discussion of the future of securities markets in an electronic world:
  
  Jon Macey (Cornell)
  Paul Mahoney (University of Virginia)
  John Coffee (Columbia)