Contributors. Foreword; R.A. Schwartz. Preface; P. Sahgal. Part I: Call Auction Trading. 1. The Call Auction Alternative; R.A. Schwartz. 2. The Call Market: Historical Artifact or Market Architecture of the Future; J.A. Kregel. 3. Call Market Trading: History, Economics, and Regulation; B. Steil. 4. An Electronic Call Market: Its Design and Desirability; K.J. Cohen, R.A. Schwartz. 5. Electronic Call Market Trading; N. Economides, R.A. Schwartz. 6. The Option Properties of Limit Orders in Call and Continuous Environments; N. Beiner, R.A. Schwartz. 7. Considering Execution Performance in Electronic Call Market Design; D. Timothy McCormick. 8. Call Market Mechanism on The Paris Stock Exchange; P. Samaran, et al. 9. Call Market Mechanism on Deutsche Boerse; M. Reck. 10. Call Market Mechanism on the Tel Aviv Stock Exchange; S. Bronfeld. 11. Who Should Trade in a Call Market? S.E. Woodward. Part II: Investor Trading Practices and the Demand for Immediacy. 12. Equity Trading Practices and Market Structure: Assessing Asset Managers' Demand for Immediacy; N. Economides, R.A. Schwartz. 13. Institutional Investor Trading Practices and Preferences; R.A. Schwartz, B. Steil. 14. French Institutional Investors: Investment Process, Trading Practices and Expectations; M. Demarchi, S. Thomas. 15. The Demand for Immediacy on the Australian Stock Exchange (ASX); J. Douglas, C.R.B. Thomas. Part III: Market Structure: The Broader Picture.16. Technology Curves, Innovation and Financial Markets; A.R. Berkeley, III. 17. Market Integration: What's the Optimum Level? Serving the Needs of Institutional and Retail Investors; R.-E. Breuer. 18. An Analogue Trader Views the Digital Market and Beyond; F. Baxter. 19. What's Driving Market Structure? Technology or Regulation? R.S. Wunsch. 20. Financial Markets in the New Millennium: Will the Inmates Run the Asylum? J. Peake. 21. How Best to Supply Liquidity to a Securities Market; P. Handa, R.A. Schwartz. 22. The OptiMark Experience: The First Year; E.K. Clemons, B.W. Weber. 23. Dealer Markets, Derivative Expirations and a Call; R.A. Schwartz, R.A. Wood. 24. Open Sesame: Alternative Opening Algorithms in Securities Markets; I. Domowitz, A. Madhavan. 25. Call Market Trading in Germany A Pre-Xetra Analysis; H. Schmidt, et al. 26. Noise in the Price Discovery Process: A Comparison of Periodic and Continuous Auctions; M. Coppejans, I. Domowitz. 27. The Effects of Automation on Market Efficiency in Auction and Specialist Markets; W. Freund, M. Pagano. 28. Technology's Impact on the Equity Markets; R.A. Schwartz. Index.