9780195144703

Trading and Exchanges Market Microstructure for Practitioners

by
  • ISBN13:

    9780195144703

  • ISBN10:

    0195144708

  • Format: Hardcover
  • Copyright: 2002-10-24
  • Publisher: Oxford University Press

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Supplemental Materials

What is included with this book?

  • The New copy of this book will include any supplemental materials advertised. Please check the title of the book to determine if it should include any access cards, study guides, lab manuals, CDs, etc.
  • The Rental copy of this book is not guaranteed to include any supplemental materials. Typically, only the book itself is included. This is true even if the title states it includes any access cards, study guides, lab manuals, CDs, etc.

Summary

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.

Author Biography

Larry Harris is the Chief Economist of the U.S. Securities and Exchange Commission. He serves on assignment from the Marshall School of Business at the University of Southern California where he holds the Fred V. Keenan Chair in Finance. Professor Harris also serves as the research coordinator of the Institute for Quantitative Research in Finance (the Q-Group)

Table of Contents

Introduction
3(8)
Trading Stories
11(21)
Part I The Structure of Trading
The Trading Industry
32(36)
Orders and Order Properties
68(21)
Market Structures
89(23)
Order-driven Markets
112(27)
Brokers
139(37)
Part II The Benefits of Trade
Why People Trade
176(26)
Good Markets
202(20)
Part III Speculators
Informed Traders and Market Efficiency
222(23)
Order Anticipators
245(14)
Bluffers and Market Manipulation
259(19)
Part IV Liquidity Suppliers
Dealers
278(19)
Bid/Ask Spreads
297(25)
Block Traders
322(16)
Value Traders
338(9)
Arbitrageurs
347(33)
Buy-Side Traders
380(14)
Part V Origins of Liquidity and Volatility
Liquidity
394(16)
Volatility
410(10)
Part VI Evaluation and Prediction
Liquidity and Transaction Cost Measurement
420(22)
Performance Evaluation and Prediction
442(42)
Part VII Market Structures
Index and Portfolio Markets
484(10)
Specialists
494(20)
Internalization, Preferencing, and Crossing
514(10)
Competition Within and Among Markets
524(19)
Floor Versus Automated Trading Systems
543(12)
Bubbles, Crashes, and Circuit Breakers
555(29)
Insider Trading
584(17)
Bibliography 601(18)
Index 619

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