ROBERT A. SCHWARTZ is Marvin M. Speiser Pro-fessor of Finance and University Distinguished Professor in the Zicklin School of Business, Baruch College, CUNY. Before joining the Baruch faculty in 1997, he was Professor of Finance and Economics and Yamaichi Faculty Fellow at New York University's Leonard N. Stern School of Business, where he had been a member of the faculty since 1965. Professor Schwartz received his PhD in economics from Columbia University. He has published over fifty journal articles and fifteen books, including Equity Markets in Action (Wiley), which he coauthored with Reto Francioni. He has served as a consultant to various market centers including the New York Stock Exchange, the American Stock Exchange, NASDAQ, and Deutsche Boerse, and has been an associate editor for several finance journals. In 1995, Professor Schwartz was named the first chairman of NASDAQ's Economic Advisory Board, where he served until the spring of 1999. RETO FRANCIONI has been the CEO of the Executive Board of Deutsche Boerse AG, since November 2005, and was president and chairman of the board of SWX Group. In 1993, Francioni joined Deutsche Boerse AG, where he was responsible for its entire cash market and later became its deputy chief executive officer. Earlier in his career, he was a director of the corporate finance division at Hoffmann-LaRoche AG, Switzerland. Francioni has a law degree and PhD in law from Zurich University and is Professor of Economics and Finance at the Zicklin School of Business, Baruch College, CUNY. BRUCE W. WEBER is Associate Professor of InformationManagement at the London Business School, where he teaches information management and trading and financial market structure in MBA, master's, and executiveprograms. He has a PhD in decision sciences from the Wharton School of the University of Pennsylvania. His research on strategic uses of IT and the computerization of financial services has been published in a number of academic journals, and he has consulted for a host of financial services organizations. Prior to joining the London Business School in 2003, he was on the faculties of the Stern School of Business?New York University and Baruch College, CUNY.