ROBERT A. SCHWARTZ The main goal of this book is to think about how the inclusion of digital name public sale trading would have an effect on the efficiency of our U.S. fairness markets. The papers it incorporates focus on the decision public sale and its position in a hybrid market struc ture. The function is to extend understanding of this trading setting, and to think about the design of a extra environment friendly inventory market. This book had its origin in a symposium, Electronic Call Market Buying and selling, that was held at New York University's Salomon Center on April 20, 1995. Almost one hundred fifty individuals from sixteen totally different nations attended. On the time, three proprietary trading methods based mostly on name public sale rules (The Arizona Stock Trade, Posit, and Instinet's Crossing Community) had been working for a number of years and curiosity already existed within the process. Because the symposium, growing use has been manufactured from name auctions, primarily by the ParisBourse in its Nouveau Marchi: and CAC markets, by Deutsche Borse in its Xetra market, and within the U.S. by OptiMark. Relatively than getting used as stand alone methods, nevertheless, name auctions at the moment are being interfaced with steady markets in order to supply hybrid market buildings, a improvement that’s given appreciable consideration to in a variety of the chapters on this book.