Yakov Amihud is the Ira Rennert Professor of Finance at the Stern School of Business, New York University. His published research focuses on the effects of the liquidity of stocks and bonds on their returns and values and the design and evaluation of securities markets' trading methods and systems. On these topics, Professor Amihud has advised the New York Stock Exchange, American Stock Exchange, Chicago Board of Options Exchange, Chicago Board of Trade and other securities markets. He has published more than ninety research articles in professional journals and in books and edited and co-edited five books on securities market design, international finance, leveraged buyouts and bank mergers and acquisitions. Haim Mendelson is the Kleiner Perkins Caufield and Byers Professor of Electronic Business and Commerce and Management, at the Graduate School of Business, Stanford University. His research interests include securities markets, electronic markets, information technology and the information industries. He was elected Distinguished Fellow of the Information Systems Society in recognition of outstanding intellectual contributions to the discipline. Professor Mendelson has published more than one hundred research papers in professional journals and has consulted for high-tech companies, financial institutions and securities markets. Lasse Heje Pedersen is the John A. Paulson Professor of Finance and Alternative Investments at the New York University Stern School of Business and a principal at AQR Capital Management. He has been part of the Liquidity Working Group of the Federal Reserve Bank of New York, the New York Fed's Monetary Policy Panel, the Board of Directors of the American Finance Association, the Economic Advisory Boards of NASDAQ and FTSE, and associate editor at the Journal of Finance, the Journal of Economic Theory, Review of Asset Pricing Studies, and the Quarterly Journal of Economics. His research explains how crises can arise from liquidity spirals and how market and funding liquidity risks explain equity returns, bond yields, option prices, and currency crashes. Professor Pedersen received the 2011 Bernacer Prize for the best European economist under the age of 40 in macroeconomics and finance.