Financial markets derive their political and societal legitimacy from ability to produce fair accurate prices. However, reviewing the literature on how stock exchanges price securities, we find an inherent tension between market organization disclosure, which is borne out by this special issue's historical case studies.

Abstract Livestock Mandatory Price reporting, enacted to increase market transparency, has been in place for more than 20 years. However, immense structural change cattle and beef markets challenged information over that time. Large variation present transaction prices, especially those the Formula purchases category, on any given day made traditionally United States Department of Agriculture (...

This paper uses unique data from the London Stock Exchange to examine how the anonymity and liquidity of alternative trading venues affect dealers’ decisions about where to place interdealer trades. During the period we study, dealers could place non-anonymous trades with each other in the public market or use one of four anonymous and private brokered trading systems. Contrary to intuition and...