Trading and Exchanges: Market Microstructure for Practitioners

Hardcover | September 15, 2002

byLarry Harris

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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, blocktrades, 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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From the Publisher

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 communica...

Larry Harris is at University of Southern California.

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Format:HardcoverDimensions:656 pages, 7.01 × 10 × 1.61 inPublished:September 15, 2002Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0195144708

ISBN - 13:9780195144703

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Extra Content

Table of Contents

1. Introduction2. Trading StoriesPart I: The Structure of Trading3. The Trading Industry4. Orders and Order Properties5. Market Structures6. Order-Driven Market Mechanisms7. BrokersPart II: The Benefits of Trade8. Why People Trade9. Good MarketsPart III: Speculators10. Informed Traders and Market Efficiency11. Order Anticipators12. Bluffing and Price ManipulationPart IV: Liquidity Suppliers13. Dealers14. Bid/Ask Spreads15. Block Trading16. Value-Motivated Trainers17. Arbitrage18. Buy-side Trading StrategiesPart V: Origins of Liquidity and Volatility19. Understanding Liquidity20. Understanding VolatilityPart VI: Evaluation and Prediction21. Measuring Liquidity and Transaction Costs22. Performance Evaluation and PredictionPart VII: Market Structures23. Index and Portfolio Markets24. Specialists25. Internalization, Preferencing, and Crossing26. Competition within and among Markets27. Floor versus Automated Trading Systems28. Bubbles, Crashes, and Circuit Breakers29. Insider Trading30. Summary of Market Microstructure

Editorial Reviews

"The people who trade securities and contracts, the marketplaces where they trade, the rules that govern trading, and differences between investing, speculating, and gambling are all addressed in this volume.--Business Horizons