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Full-Text Articles in Law
Spoofing And Its Regulation, Merritt B. Fox, Lawrence R. Glosten, Sue S. Guan
Spoofing And Its Regulation, Merritt B. Fox, Lawrence R. Glosten, Sue S. Guan
Faculty Scholarship
Nearly a century after the United States enacted its first securities laws, urgent questions remain as to the scope of manipulation law: whether manipulation is possible in principle, and if so, how the law should respond in practice. Sharp disagreement among courts, economists, and legal scholars as to whether trading or quoting activity constitutes illegal manipulation has led to a legal framework that lacks precision and cogency. Moreover, the poorly articulated normative basis for court rulings has resulted in enforcement that is both under-inclusive and over-inclusive in ways that do a poor job of discouraging socially harmful transactions and enabling …
Distributed Ledger Technology And The Securities Markets Of The Future: A Stakeholder Survey, Merritt B. Fox, Lawrence R. Glosten, Edward F. Greene, Sue Guan
Distributed Ledger Technology And The Securities Markets Of The Future: A Stakeholder Survey, Merritt B. Fox, Lawrence R. Glosten, Edward F. Greene, Sue Guan
Faculty Scholarship
This Article evaluates the implications of distributed ledger technology (DLT) for the securities markets of the future and their regulation. DLT is an integral part of the larger revolution in computing, communication and data storage capacity that has transformed securities markets over the last few decades and promises further radical change in the years to come. The potential of DLT, if it can be realized, could improve the functioning of our securities markets while at the same time sharply reducing costs. Based on an interview survey of about 100 persons who play prominent roles in actually making these markets work …