Equity Markets in Action: The Fundamentals of Liquidity, Market Structure & Trading, ISBN-13: 978-0471469223
[PDF eBook eTextbook]
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- Publisher: Wiley (August 13, 2004)
- Language: English
- 480 pages
- ISBN-10: 9780471469223
- ISBN-13: 978-0471469223
This book is about liquidity, market structure, and trading. It is about the powerful combination of technological, competitive, and regulatory forces that have transformed equity markets on both sides of the Atlantic. It is about issues that have been debated for years and never been resolved, including market transparency, the consolidation of order flow, the nature of intermarket linkages and the vibrancy of intermarket competition.
If you trade too fast, you will push prices away from you. If you trade too slowly, you might miss the market. This is part of the real world of trading.
Our book is addressed to practitioners, academicians, and other students of the market. Market structure is intricate; we seek to give the reader the big picture concerning the interplay between liquidity, market structure, and trading. Trading is intricate, and one does not become a professional trader overnight; we seek to highlight the major considerations that are faced by those who facilitate the implementation of portfolio decisions and turn orders into trades. The material in this book is also relevant for portfolio theory and capital markets courses in MBA programs. Risk and return get the lion’s share of attention in standard MBA finance courses, while liquidity, the third attribute of a stock or portfolio, is typically ignored. We wish to rectify the imbalance.
Table of Contents:
Preface. Chapter 1. Role of an Equity Market.
Chapter 2. From Information to Prices.
Chapter 3. Liquidity.
Chapter 4. What We Want From Our Markets.
Chapter 5. Institutional Order Flow.
Chapter 6. Order Driven Markets.
Chapter 7. Intermediated Markets.
Chapter 8. The Evolving Scene in the US.
Chapter 9. The Evolving Scene in Europe.
Chapter 10. Clearing and Settlement.
Chapter 11. Regulation.
Chapter 12. Simulated Trading.
Appendix A: Prices and Returns.
Appendix B: From Portfolio Decisions to Trading in a Frictionless Environment.
Appendix C: Dimensions of Informational Efficiency.
Appendix D: The Concept of Self-Regulation.
Selected Reading.
Biographies.
Robert A. Schwartz, PhD (New York, NY), is Marvin M. Speiser Professor of Finance and University Distinguished Professor in the Zicklin School of Business, Baruch College, CUNY.
Reto Francioni, PhD (Zurich, Switzerland), is President and Chairman of the Board of SWX, the Swiss Stock Exchange, and former co-CEO of Consors Discount Broker AG, Nuremberg.
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