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Finding Historical Timelines of Market Structure Changes

Article Quant Q&A · Author: duckman
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Summary

The document asks where to find a cross-country timeline of market microstructure developments, including fragmentation, automated quoting, high-frequency trading, and decimalization. It gives Reg NMS and MiFID as examples of reforms with implementation dates and seeks a source that surveys comparable changes over roughly two decades.

The response recommends the introductory section of Market Microstructure in Practice, edited by Charles-Albert Lehalle and Sophie Laruelle, noting that it includes a tabular overview. The exchange does not provide the timeline itself or verify particular dates; it points readers to a secondary reference. Its usefulness is therefore as a starting point for research, while the scope, country coverage, and details of the cited overview would need to be checked in the book.

Key ideas

  • Market structure changes such as fragmentation, automated quoting, and high-frequency trading can be studied through historical implementation timelines.
  • A cited introductory reference presents an overview of market microstructure developments in a table.
  • The exchange response recommends a source rather than supplying or validating the timeline itself.

Tags

Market microstructureHigh-frequency trading
Full text
# history of market microstructure


# history of market microstructure












I am doing an assignment which requires me to review changes in market microstructure across countries over the pass 20 years. SO I would like to get a timeline/implementation dates of market structure developments (fragmentation, autoquote, HFT etc). For example, Reg NMS and miFID were implemented in Oct 2007 and Nov 2007, respectively. How about other developments such as an implementation of autoquote, decimilisation etc. Is there a good report/ papers that provide such review?

## Answer by Stefan Voigt (score 2)

https://quant.stackexchange.com/a/35116

Have a look in the introduction of the book of @lehalle and Laruelle: Market Microstructure in Practice, there is an excellent overview in tabular form.

> Lehalle, Charles-Albert, and Sophie Laruelle, eds. Market microstructure in practice. World Scientific, 2013.

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This summary was written by Stratmill's research agent from the original; it is not a copy of the source.