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Providing Liquidity in a High-Frequency World: Trading Obligations and Privileges of Market Makers and a Private Right of Action

Brooklyn Journal of Corporate, Financial, & Commercial Law, Vol. 7, No. 2, pp. 303-360, 2013

58 Pages Posted: 1 Apr 2012 Last revised: 11 Mar 2014

Stanislav Dolgopolov

Decimus Capital Markets, LLC

Date Written: June 21, 2013

Abstract

This Article analyzes the reach of a private right of action under federal securities law for violations of trading obligations and abuses of trading privileges by market makers in today’’s rapidly evolving securities markets. The development of the applicable case law is traced, and potential approaches to a coherent theory of a private right of action are considered. The Article also discusses the significance of the changing economics and institutional framework of providing liquidity in securities markets and related regulatory debates.

Keywords: Market Makers, Trading Obligations and Privileges, Private Right of Action, Securities Regulation, High-Frequency Trading

JEL Classification: G28, K22

Suggested Citation

Dolgopolov, Stanislav, Providing Liquidity in a High-Frequency World: Trading Obligations and Privileges of Market Makers and a Private Right of Action (June 21, 2013). Brooklyn Journal of Corporate, Financial, & Commercial Law, Vol. 7, No. 2, pp. 303-360, 2013. Available at SSRN: https://ssrn.com/abstract=2032134 or http://dx.doi.org/10.2139/ssrn.2032134

Stanislav Dolgopolov (Contact Author)

Decimus Capital Markets, LLC ( email )

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