ROBERT A. SCHWARTZ is Marvin M. Speiser Professor of Finance and University Distinguished Professor in the Zicklin School of Business, Baruch College, CUNY. Prior to his current position, he was Professor of Finance and Economics and Yamaichi Faculty Fellow at New York University's Leonard N. Stern School of Business. Professor Schwartz received his PhD in economics from Columbia University. He has produced numerous journal articles and eleven books, has been an associate editor for several finance journals, and has served as a consultant to various market centers including, the New York Stock Exchange, the American Stock Exchange, NASDAQ, Instinet, and Deutsche Borse. In December 1995, Professor Schwartz was named the first chairman of NASDAQ's Economic Advisory Board and served on the EAB until spring 1999. RETO FRANCIONI is President and Chairman of the Board of SWX, the Swiss Stock Exchange. Prior to assuming his current position in May 2002, he was co-CEO of Consors Discount Broker AG, Nuremberg. Earlier in his career, in 1993, Francioni was named to the executive board of Deutsche Borse AG, where he was responsible for its entire cash market division. In 1999, he became Deputy Chief Executive Officer. Francioni has a law degree and PhD in law from Zurich University, and is an adjunct Professor of Economics and Finance in the Zicklin School of Business, Baruch College, CUNY. He has held management positions in the securities exchange, corporate finance, and banking industry.