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Description of Trading and Exchanges

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.

Title Information

ISBN:

9780195144703

Pages:

656 pages

Format:

Hardback

Product Code:

16363

Publisher:

Oxford University Press Inc

Published:

01/10/2002

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Contents of Trading and Exchanges

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