..., offering size, investor sophistication) and ensuring fair disclosure and fair access to information (i.e., usage, type, depth, pricing, channels). It concludes with a discussion of alternative approaches to tiering transparency and access rules, including issuer-driven, investor-driven, and market-driven...

... trading strategies. It then considers their consequences for the efficiency, liquidity, and integrity of capital markets, as well as their impact on the regulation of and fair access to various information flows. The chapter then critiques policy proposals for regulating automation that aim to suppress...