Trading and Exchanges
Market Microstructure for Practitioners
Series: Financial Management Association Survey and Synthesis Series;
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Product details:
- Publisher OUP Oxford
- Date of Publication 21 November 2002
- ISBN 9780195144703
- Binding Hardback
- No. of pages656 pages
- Size 265x183x36 mm
- Weight 1315 g
- Language English
- Illustrations numerous tables and figures 0
Categories
Short description:
This book is about trading, the people who trade securities and contracts, the marketplaces where they trade, and the rules that govern it. Readers will learn about investors, brokers, dealers, arbitrageurs, retail traders, day traders, rogue traders, and gamblers; exchanges, boards of trade, dealer networks, ECNs (electronic communications networks), crossing markets, and pink sheets. Also covered in this text are single price auctions, open outcry auctions, and brokered markets limit orders, market orders, and stop orders. Finally, the author covers the areas of program trades, block trades, and short trades, price priority, time precedence, public order precedence, and display precedence, insider trading, scalping, and bluffing, and investing, speculating, and gambling.
MoreLong description:
This book is about trading, the people who trade securities and contracts, the marketplaces where they trade, and the rules that govern it. Readers will learn about investors, brokers, dealers, arbitrageurs, retail traders, day traders, rogue traders, and gamblers; exchanges, boards of trade, dealer networks, ECNs (electronic communications networks), crossing markets, and pink sheets. Also covered in this text are single price auctions, open outcry auctions, and brokered markets limit orders, market orders, and stop orders. Finally, the author covers the areas of program trades, block trades, and short trades, price priority, time precedence, public order precedence, and display precedence, insider trading, scalping, and bluffing, and investing, speculating, and gambling.
[It] is the most comprehensive treatment of market microstructure that I have seen...he does not compromise on breadth or depth...indispensable for anyone who cares about trading
Table of Contents:
Introduction
Trading Stories
Part I: The Structure of Trading
The Trading Industry
Orders and Order Properties
Market Structures
Order-Driven Market Mechanisms
Brokers
Part II: The Benefits of Trade
Why People Trade
Good Markets
Part III: Speculators
Informed Traders and Market Efficiency
Order Anticipators
Bluffing and Price Manipulation
Part IV: Liquidity Suppliers
Dealers
Bid/Ask Spreads
Block Trading
Value-Motivated Trainers
Arbitrage
Buy-side Trading Strategies
Part V: Origins of Liquidity and Volatility
Understanding Liquidity
Understanding Volatility
Part VI: Evaluation and Prediction
Measuring Liquidity and Transaction Costs
Performance Evaluation and Prediction
Part VII: Market Structures
Index and Portfolio Markets
Specialists
Internalization, Preferencing, and Crossing
Competition within and among Markets
Floor versus Automated Trading Systems
Bubbles, Crashes, and Circuit Breakers
Insider Trading
Summary of Market Microstructure
