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近年来,以纽约证券交易所和纳斯达克为代表的美国全国性市场体系(National Market System,简称NMS),由于自身的问题以及外部环境的改变,正面临来自其他新型市场交易体系——例如电子化交易网络 (Electronic Communication Networks,简称ECNs)等的挑战。作者在前两部分探讨了美国各类交易市场在竞争中所存在的问题及可能的解决方式,本部分则主要探讨市场联结及新形势下的市场监管方式。本文为本刊美国特约编辑杰姆斯·巴茨(James Barth)博士的荐稿。本文作者为康奈尔大学约翰逊研究生院的管理学教授。
In recent years, the National Market System (NMS), represented by the New York Stock Exchange and the Nasdaq, is facing problems arising from its own problems and changes in the external environment and is facing new trading systems from other markets - Such as Electronic Communication Networks (ECNs). In the first two parts, the author explores the problems and possible solutions to the competition in the various types of trading markets in the United States. This section mainly discusses the market connection and the market supervision methods in the new situation. This is the manuscript for Dr. James Barth, our contributing editor in the United States. The writer is a management professor at Johnson Graduate School of Cornell.