Online auctions have undergone many transformations and continue to attract millions of customers worldwide. However these popular platforms remain understudied by legal scholars and misunderstood by legislators. This book explores the legal classification of online auction sites across a range of countries in Europe. Including empirical studies conducted on 28 online auction websites in the UK, the research focusses on the protection of consumers' economic rights and highlights the shortcomings that the law struggles to control. With examinations into important developments, including the Consumer Rights Directive and the latest case law from the CJEU on the liability of intermediaries, Riefa anticipates changes in the law, and points out further changes that are needed to create a safe legal environment for consumers, whilst preserving the varied business model adopted by online auction sites. The study provides insights into how technical measures as well as a tighter legislative framework or enforcement pattern could provide consumers with better protection, in turn reinforcing trust, and ultimately benefiting the online auction platforms themselves.
ROBERT A. SCHWARTZ The primary objective of this book is to consider how the inclusion of electronic call auction trading would affect the performance of our U.S. equity markets. The papers it contains focus on the call auction and its role in a hybrid market strucÂ ture. The purpose is to increase understanding of this trading environment, and to consider the design of a more efficient stock market. This book had its origin in a symposium, Electronic Call Market Trading, that was held at New York University's Salomon Center on April 20, 1995. Nearly 150 people from 16 different countries attended. At the time, three proprietary trading systems based on call auction principles (The Arizona Stock Exchange, Posit, and Instinet's Crossing Network) had been operating for several years and interest already existed in the procedure. Since the symposium, increasing use has been made of call auctions, primarily by the ParisBourse in its Nouveau Marchi: and CAC markets, by Deutsche Borse in its Xetra market, and in the U.S. by OptiMark. Rather than being used as stand alone systems, however, call auctions are now being interfaced with continuous markets so as to produce hybrid market structures, a development that is given considerable attention to in a number of the chapters in this book.
"Now, ladies and gentlemen, what am I offered for this elegant vase, imported direct from Italy, a most marvelous piece of workmanship, worth every cent of twenty-five dollars? Who will start it at five dollars? Start it at four? Start it at three? At two? At one dollar? What is that-fifty cents? Rather low, lady, but as I said before, these goods must be sold, regardless of the prices obtained. Fifty cents, it is! Fifty-fifty! Who will make it one dollar?"