– Speculation is justified by the fact it provides “liquidity”. What do we mean by “liquidity”?
– Does speculation provide it?
– The motives for speculation
– The costs of speculation: economic and social
– The successful campaign to allow speculation (1850-1890)
– Stock exchanges. Should we go back to “fixing” and dispose of continuous pricing?
Guest lecture by Paul Jorion on Thursday,28th of March 2013, at Vrije Universiteit Brussel