LAW & ECONOMICS WORKSHOP SERIES
presents
Paul G. Mahoney
University of Virginia School of Law
The Regulation of Trading Markets: A Survey and Evaluation
(co-authored with Gabriel Rauterberg, University of Michigan Law School)
Tuesday, February 7, 2017
4:10 – 5.45
Solarium (room FA2) - Falconer Hall
84 Queen's Park
The U.S. equity markets have undergone profound changes since the late 20th century. Electronic order books have almost entirely replaced manual floor- and telephone-based trading. New trading venues and order types have proliferated. Technology made these developments possible, but regulation has also had an important impact on the market’s structural features. This paper surveys market structure regulation and the issues it has raised, including high-frequency trading, non-displayed liquidity, and market centers’ fee structures, each of which has attracted criticism in the popular press and proposals or requests for comment by the Securities and Exchange Commission. We also discuss proposals for alternative market structures.
Paul G. Mahoney is a David and Mary Harrison Distinguished Professor and served as dean of the Law School from 2008-16. Mahoney's teaching and research areas are securities regulation, law and economic development, corporate finance, financial derivatives and contracts. He has published widely in law reviews and peer-reviewed finance and law and economics journals. His book, "Wasting a Crisis: Why Securities Regulation Fails," was published by the University of Chicago Press in 2015. Mahoney joined the Law School faculty in 1990 after practicing law with the New York firm of Sullivan & Cromwell and clerking for Judge Ralph K. Winter, Jr. of the U.S. Court of Appeals for the Second Circuit and Justice Thurgood Marshall of the U.S. Supreme Court. He served as academic associate dean at the Law School from 1999 to 2004 and has held the Albert C. BeVier Research Chair and the Brokaw Chair in Corporate Law. He has been a visiting professor at the University of Chicago Law School, the University of Southern California Law School and the University of Toronto Faculty of Law. He has also worked on legal reform projects in Kazakhstan, Kyrgyzstan, Mongolia and Nepal. Mahoney is a member of the Council on Foreign Relations and a fellow of the American Academy of Arts and Sciences. He served as an associate editor of the Journal of Economic Perspectives from 2004 to 2007 and as a director of the American Law and Economics Association from 2002 to 2004. He is a past recipient of the All-University Outstanding Teacher Award and the Law School's Traynor Award for excellence in faculty scholarship.
For more workshop information, please contact Nadia Gulezko at n.gulezko@utoronto.ca
