Larry Harris

Trading and Exchanges (eBook, ePUB)

Market Microstructure for Practitioners

• Format: ePub

Produktbeschreibung

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.

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Produktdetails

• Verlag: Oxford University Press
• Erscheinungstermin: 24. Oktober 2002
• Englisch
• ISBN-13: 9780199792702
• Artikelnr.: 38141558

Autorenporträt

Larry Harris holds the Fred V. Keenan Chair in Finance at the University of Southern California Marshall School of Business. In July 2002, Professor Harris was appointed Chief Economist of the U.S. Securities and Exchange Commission, where he served until June 2004.

Inhaltsangabe

1: Introduction
2: Trading Stories
Part I: The Structure of Trading
3: The Trading Industry
4: Orders and Order Properties
5: Market Structures
6: Order-Driven Market Mechanisms
7: Brokers
Part II: The Benefits of Trade
8: Why People Trade
9: Good Markets
Part III: Speculators
10: Informed Traders and Market Efficiency
11: Order Anticipators
12: Bluffing and Price Manipulation
Part IV: Liquidity Suppliers
13: Dealers
14: Bid/Ask Spreads
15: Block Trading
16: Value-Motivated Trainers
17: Arbitrage
18: Buy-side Trading Strategies
Part V: Origins of Liquidity and Volatility
19: Understanding Liquidity
20: Understanding Volatility
Part VI: Evaluation and Prediction
21: Measuring Liquidity and Transaction Costs
22: Performance Evaluation and Prediction
Part VII: Market Structures
23: Index and Portfolio Markets
24: Specialists
25: Internalization, Preferencing, and Crossing
26: Competition within and among Markets
27: Floor versus Automated Trading Systems
28: Bubbles, Crashes, and Circuit Breakers
29: Insider Trading
30: Summary of Market Microstructure