Walter Mattli Ordre des livres

Capital markets have transformed dramatically over the past two decades, with algorithmic high-speed trading replacing traditional methods. Centralized exchanges, once symbols of fairness and transparency, have fragmented into numerous competing platforms. This book exposes the hidden dangers of market fragmentation and "dark" markets, which often facilitate the transfer of wealth from the vulnerable to the powerful. The author examines the decline of the NYSE, once the world's leading stock market, and how it has been overtaken by fragmented markets that allow unscrupulous operators to exploit conflicts of interest. Market makers face minimal obligations, market surveillance is often ineffective, and new technologies are frequently used to provide preferential access to select clients rather than enhancing oversight. The author highlights the role of power politics in these fragmented markets, revealing how shifts in power dynamics have created new winners and losers. The book lays the groundwork for necessary reforms to address shady trading practices and restore these markets for the benefit of all. Essential for anyone invested in the stock market, it challenges conventional views and underscores the implications of unchecked market power for the global economy and society.