TY - JOUR T1 - Market Structure Matters JF - The Journal of Trading SP - 15 LP - 17 DO - 10.3905/jot.2012.7.1.015 VL - 7 IS - 1 AU - Charles Polk AU - Evan Schulman Y1 - 2011/12/31 UR - https://pm-research.com/content/7/1/15.abstract N2 - Richard Roll observed that continuous markets are more volatile than other market structures. If it is true that continuous markets induce volatility, then unless we change that market structure, we will continue to be plagued with sporadic bursts of nonfunctional, uninformative volatility. This article looks to the underlying reasons and suggests a more serviceable market structure.TOPICS: Equity portfolio management, exchanges/markets/clearinghouses, volatility measures ER -