{"product_id":"2940014395236","title":"Evolution, Pirates, and Dark Pools: The Origination and Future of Stock Exchanges in the United States, 1790 - 2011","description":"The accelerated pace of technological change, the constant addition of new tradable securities, and the current wave of consolidation among some of the biggest stock exchanges in the United States and abroad would seem to indicate that we are entering uncharted territories in the development of financial markets.  But are we?  A look back at the evolution of the stock exchange in the United States specifically over the last 250 years tells a different tale: that the current trends are a familiar story being played out in new venues.  This paper will examine the origination of stock exchanges, their geographical distribution, the roles they played in our economy and society, and chart their growth and adaptation into the 21st century.  Electronic technologies have profoundly changed the way exchanges do business; transforming what was once a human-intermediated market to what is now largely a computer-intermediated market.  Automation has led to improved efficiency in many ways, and yet the problems faced by market participants have remained the same.   The race to provide solutions for these problems (better, faster, cheaper) has been the impetus for change, and clear winners have emerged: investors who can now enjoy better service at lower prices, and the exchanges and broker-dealers who have figured out ways to profit from the changes.  By studying the patterns and lessons that have emerged along the way, we can better understand and prepare for the changes that are likely to come.","brand":"d'Alene Meardon","offers":[{"title":"Default Title","offer_id":47070594269424,"sku":"2940014395236","price":1.99,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0737\/7593\/9824\/files\/2940014395236_p0.jpg?v=1763607548","url":"https:\/\/shop-qa.barnesandnoble.com\/products\/2940014395236","provider":"Barnes \u0026 Noble (DEV)","version":"1.0","type":"link"}