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Zusatztext [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 Informationen zum Autor 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. Klappentext 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. Zusammenfassung Talks about trading, the people who trade securities and contracts, the marketplaces where they trade, and the rules that govern it. This book enables readers to learn about investors, brokers, dealers, arbitrageurs, retail traders, rogue traders, and gamblers; exchanges, boards of trade, dealer networks, ECNs, crossing markets, and pink sheets. Inhaltsverzeichnis 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 ...
