Hyperlinked Bibliography for “Breaking the Barriers” – A Technological Study 
of the Obstacles to Pan-European Best Execution in Equities (Jan 2003)

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This bibliography cites published source material consulted by TraderServe in researching the report. Where references have published internet addresses hyperlinks to them are included for the convenience of the reader. By accessing these hyperlinks you will leave the TraderServe website and whilst TraderServe has used reasonable endeavours to ensure the accuracy of material on this website, TraderServe is not responsible for the contents of third party sites or the future performance of the hyperlinks provided.

Alba, J. N. (2002) “Transaction Costs Analysis: How to Achieve Best Execution”, Best Execution: Executing Transactions in Securities Markets on Behalf of Investors, European Asset Management Association, Heronsgate,http://www.eama.org/publications/bestexecution.pdf, p 6-17. Link

AIMR (2001), “Trade Management Guidelines”, Association for Investment Management and Research, http://www.aimr.com/pdf/standards/proposed_tmg.pdf, Link

Association of Private Client Investment Managers and Stockbrokers – European Association of Securities Dealers, et al (2002), “Innovation, Competition, Diversity, Choice: A European Capital Market for the 21st Century”, Position Paper, http://www.isda.org/speeches/pdf/Innovation_Competition_Diversity_Choice.pdf Link

Bacidore, J., Ross, K. and Sofiano, G. (1999), “Quantifying Best Execution at the New York Stock Exchange: Market Orders”, NYSE Working Paper 99-05.

Battalio, R., Hatch, B. and Jennings, R. (2000), “Dimensions of Best Execution for Market Orders: Assessing Differences between the NYSE and the Nasdaq Third Market”, http://www.bus.indiana.edu/Finance/workingpapers/NYSECON5.pdf. Link

Battalio, R., Jennings, R. and Selway, J. (2000), “The Relationship between Market-making Revenue, Payment for Order Flow, and Trading Costs for Market Orders”, http://www.bus.indiana.edu/Finance/workingpapers/knight13.pdf. Link

Board, J. and Wells, S. (1999), “Liquidity and Best Execution in the UK: A Comparison between SETS and Tradepoint”, http://fmg.lse.ac.uk/upload_file/36_board&wells.pdf. Link

Chapin, B. and Tate, S. F. (1998), “Higher Compression from the Burrows-Wheeler Transform by modified sorting”, Dept of Computer Science University of North Texas, http://www.cs.unt.edu/~srt/papers/bwtsort.pdf Link

Charteris (2001), “European Financial Markets 2001: Revolution or Evolution”, http://www.charteris.com/Publications/Reports/EFM/ExchangesDownload.asp. Link

Clearstream International and Deutsche Borse (2002), “Cross-Border Equity Trading, Clearing and Settlement in Europe”, White Paper, http://deutsche-boerse.com/INTERNET/EXCHANGE/zpd.nsf/Web+Publikationen+E/AKLS-58TMV6/$FILE/White-Paper_online_e.pdf?OpenElement. Link

CLS (2002), Overview Presentation of Continuous Linked Settlement, http://www.cls-group.com/news/resource.cfm?id=AB4F2CEB-15BD-405B-9727DF2E7BEF0A3D Link

Committee of European Securities Regulators (2002), “A European Regime of Investor Protection: The Professional and the Counterparty Regimes”, Ref: CESR/02-098b, http://www.europefesco.org/DOCUMENTS/STANDARDS/02-098b.pdf Link

Crest (2002), “Enhancing CREST: September 2002 – Enhanced Delivery versus Payment and Free of Payment link to SIS” Version 2, White Paper, http://www.crestco.co.uk/publications/white_books/enhancing_sis_0902.pdf Link

Cruickshank, D. (2002), “Clearing and Settling European Securities: Where Competition Works (and Where it Doesn’t)”, Speech to European Harmonisation of Cross-Border Settlement Conference 21/22 March 2002, http://www.londonstockexchange.com/newsroom/speeches/speech15.asp. Link

De Feo, J. (2002), “Continuous Linked Settlement – Shaping the Future of Settlement”, IFI Magazine, Spring 2002, http://www.cls-group.com/news/article.cfm?objectid=C3619C10-A06F-4875-B029F648176FB7E4. Link

Deutsche Borse (2001), Implementation Regulations of the Frankfurt Stock Exchange Concerning Technical Equipment for the Electronic Trading System, (Deutsche Borse Group July 30, 2001), http://deutsche-boerse.com/INTERNET/EXCHANGE/zpd.nsf/Web+Publikationen+E/HAMN-52CEW3/$FILE/FWB03-01-07-30e.pdf?OpenElement Link

Domowitz, I., Glen, J. and Madhavan A. (2001), �Global Equity Trading Costs�, http://www.itginc.com/research/whitepapers/domowitz/globaleqcost.pdf Link

ECB/CESR (2002), Joint work of the European System of Central Banks and the Committee of European Securities Regulators in the Field of Clearing and Settlement, Call for Contributions, Ref.:CESR/02-005b.

ECSDA (2002) , “Comments of the European Central Securities Depositories Association regarding the Communication from the Commission to the Council and the European Parliament ‘Clearing and Settlement in the European Union – Main Policy Issues and Future Challenges'”, http://www.ecsda.com/ecsda/ECSDALib.nsf/WebDocuments/6EC3CC50007D2C4841256C3D001FCE50?Opendocument Link

Eurex (2002), “Guidelines for Exchange Participants Eurex 2002”, http://www.eurexchange.com/eic/download/NCMguideline2002en.pdf. Link

Euronext (2002a), “Internalisation”, Euronext internalisation proposal, http://www.bondmarkets.com/europe/euronext_proposal.pdf. Link

Euronext (2002b), Revision of Investment Services Directive, Euronext’s Proposals to the ISD in relation to the EU’s cash equity markets, http://www.bourse-de-paris.fr/en/news7/pdf/Position_paper_internalisation_24052002.pdf. Link

FSA (2002), “Financial Services Authority Consultation Paper on Best Execution”, Consultation Document 154, http://www.fsa.gov.uk/pubs/cp/cp154.pdf. Link

Forrester (2002), Forrester Brief, “Hardware Help for the Looming XML Blitz,” March 22, 2002.

Giovanni (2002), Report of the Giovanni Group, “Cross-border clearing and settlement arrangements in the European Union”, http://europa.eu.int/comm/economy_finance/publications/economic_papers/2002/ecp163en.pdf. Link

Harris, L. E. (1996), “The Economics of Best Execution”, http://www-rcf.usc.edu/~lharris/ACROBAT/BESTEXEC.PDF. Link

Kramer, G. (2002), “The European Stock Exchange and Settlement Landscape”, Slides from presentation, Madrid 25 April 2002, http://www.swissplus.ch/madrid_020425_kramer_telekurs_e_pp.pdf. Link

Levin, M. (2001), “Clearing and Settlement in the European Union”, CEPS Commentary, http://www.ceps.be/Commentary/July01/csd.php. Link

Levitt, A. (1999), “Best Execution: Promise of Integrity, Guardian of Competition”, Speech by the SEC Chairman to Securities Industry Association, Boca Raton, Florida, November 4, 1999, http://www.sec.gov/news/speech/speecharchive/1999/spch315.htm. Link

Levitt, A. (2000), “Best Execution, Price Transparency and Linkages: Protecting the Investor Interest”, Washington University Law Quarterly, 78, 513-8, http://law.wustl.edu/WULQ/78-2/levitt.pdf. Link

Levitt, A. (2001), “The National Market System: A Vision that Endures”, http://www.sec.gov/news/speech/spch453.htm. Link

Liefke, H. (1999), “Xmill – an efficient compressor for XML”, http://www.research.att.com/sw/tools/xmill/experiments.php Link

Linton, J. R. (2002), “New Directions in Peering for Tier 2 and Content Providers”, NANOG 23, www.nanog.org/mtg-0202/ppt/linton.ppt Link

LMS (2002), XML Standards Guide, Semantic Dimensioning, Official Website of London Market Systems, http://www.londonmarketsystems.com. Link

McCleskey, S. (2001), “Best Execution in Cross-Market Trading Environments”, Dissertation for the M.Sc. Financial Regulation and Compliance Management at London Guildhall University.

McCleskey, S. (2002), “Best Execution in a Cross-Market Environment: The Case for a Pan-European Policy”, The Journal of International Financial Markets, Volume 4, Issue 1, pp. 1-5.

MDDL (2002), Official Website of the Market Data Definition Language, http://www.mddl.org. Link

Myners Report (2001), “Institutional Investment in the United Kingdom: A Review”, http://www.hm-treasury.gov.uk/mediastore/otherfiles/31.pdf. Link

Norton, W. B. (2001), “A business case for ISP Peering”, http://www.cs.berkeley.edu/~randy/Courses/cs294.s02/Case4Peering.pdf. Link

O’Hara, M. (2001), “Overview: Market Structure Issues in Market Liquidity”, BIS Papers No. 2 – Market liquidity: proceedings of a workshop held at the BIS, http://www.bis.org/publ/bispap02a.pdf. Link

Schwartz, R. A. and Steil, B. (2001), “Controlling Institutional Trading Costs: ‘We Have Met the Enemy, and They Are Us'”, Journal of Portfolio Management, Spring 2002, Volume 28, Number 3, Pages 39 – 49.

SEC (2000), “Final Rule: Disclosure of Order Execution and Routing Practices”, 17 CFR Part 240, [Release No. 34-43590; File No. S7-16-00], RIN 3235-AH95, http://www.sec.gov/rules/final/34-43590.htm. Link

SEC (2001a), “Report of the Advisory Committee on Market Information: A Blueprint for Responsible Change”, http://www.sec.gov/divisions/marketreg/marketinfo/finalreport.htm Link

SEC (2001b), Release 34-43963, http://www.sec.gov/litigation/opinions/34-43963.htm. Link

SEC (2002), “Order with Respect to the Implementation of NASDAQ’s SuperMontage Facility”, Release No. 46429, File No. SR-NASD-99-53, http://www.sec.gov/rules/sro/34-46429.htm. Link

Selway, J. P. (2002a), “Five Myths about Listed Trading”, Institutional Investor, Spring 2002, http://www.institutionalinvestor.com/iiochannel/institutionaltrading/TP_SP_02_Selway.pdf. Link

Selway, J.P. (2002b), “SuperDF, Alternative Montage, and the S-Word: A Hitchhiker’s Guide to Complexity”, Wall Street and Technology, http://www.wallstreetandtech.com/story/WST20020617S0001. Link

SIS and Crest (2001), “TSN – The Settlement Network”, The Guide to European Equities 2001, http://www.thesettlementnetwork.com/tsn_euromoney.pdf Link

Smant, D. J. C. (2002), “Financial Market Micro Structure”, Lecture Notes Workshop/Seminar Monetary Economics, A7149 Interest Rates and Stock Markets , http://www.few.eur.nl/few/edu/vak/a7149/stdmat/2bmicromrkt_.pdf. Link

Stevens, W., Myers, G. and Constantine, L. (1979), “Structured Design”, in Classics in Software Engineering, New York, NY, Yourdon Press.

TeleGeography (2000), “Hubs and Spokes: A Telegeography Internet Reader”, ISBN 1-886142-23-8.

USCA (2001), United States Court of Appeal 3rd Circuit, No. 00-1586, “Newton v Merrill Lynch”, http://www.ca3.uscourts.gov/opinarch/001586.txt. Link

W3C (2001), World Wide Web Consortium, XML Activity Statement, XML Schema Part 0: Primer W3C Recommendation, 2 May 2001, http://www.w3.org/TR/xmlschema-0) Link

W3C (2002), World Wide Web Consortium, XML Activity Statement, http://www.w3c.org/XML/Activity. Link

XMLonWallStreet (2002), “Financial XML projects ISO 15022 XML”, http://www.xmlonwallstreet.com Link

TraderServe’s: “Breaking the Barriers” – A Technological Study of the Obstacles to Pan-European Best Execution in Equities (Jan 2003)