Abstract: Vortrag „The End of History and the Last Exchange“

Dr. Benn Steil
(15.00-15.30 Uhr)

In 1992, Francis Fukuyama published his famous panegyric to the historical inevitability of market democracy: The End of History and the Last Man. In 2004, the Securities and Exchange Commission and the European Union brought Fukuyama to the markets, effectively declaring the evolution of trading systems over. Reg NMS and MiFID enshrine trading principles in the market which are inconsistent with the highly desirable way in which the market is evolving.