Toward a national market system for U.S. exchange-listed equity options

Deskripsi

In its response to the 1975 congressional mandate to implement a nation al market system for financial securities, the securities and exchange commission (SEC) initially exempted the option market. Recent dramatic changes in the structure of the option market prompted the SEC to revisit this issue. We examine a sample of actively traded, multiply listed equity options to ask whether this market's characteristics appear consistent with the goals of producing economically efficient transactions and facilitating " best execution"..Printed Journal