|ISBN: 9780195144703||Number of Pages: 656|
|Publisher: Oxford University Press||Book Title: Trading and Exchanges: Market Microstructure for Practitioners|
|Publication Year: 2002||Target Audience: Trade|
|Author: Larry Harris||Reading Age: 18+|
Trading and Exchanges is an extension of the lecture notes of the course “Trading and Exchange” offered by Professor Larry Harris at the University of Southern California in the United States.
It explains the basic principles of market microstructure theory in simple language. This book gives a detailed introduction to each element of the market microstructure – traders of transactions, securities, and derivative contracts, as well as exchanges and trading rules.
Through this book, readers will understand how the market operates, how the government and the exchange supervise, how prices reflect basic value information, whom provides liquidity for the market, and why some traders often make profits while others often lose.
Readers will see how different trading rules affect price efficiency, liquidity, and trading profits, and learn about the driving force of regulation.
This book is a must-read book in the securities industry, and it is excellent reading material for newcomers
Trading and Exchanges is one of the Best Quantitative Trading Books for Beginners
About the Author
Larry Harris is the former chief economist of the Securities and Exchange Commission of the United States, Fred V. Keenan, a professor of finance at the Marshall School of Business of the University of Southern California of the United States, and research coordinator of the Financial Quantitative Research Association (Q-Group), used to work for the New York Stock Exchange.
In addition, Larry Harris is also the deputy editor of the Journal of Finance, Review of Financial Studies, Journal of Financial and Quantitative Analysis, and a member of the editorial board of the Financial Analysts Journal.
Trading and Exchanges PDF version will come as soon as possible.
Table of Contents
2 Transaction anecdotes
Part I Transaction Structure
3 Trading Market
4 Order and Order Characteristics
6 Order driven market
Part II Transaction Function
8 Why the transaction
9 What is a good market
Part III Speculators
10 Informed traders and market efficiency
11 Order catcher
12 Bargain trading and market manipulation
Part IV Liquidity Provider
14 Bid ask spread
15 Block Traders
16 Value traders
18 Buyer trader
Part V Source of Liquidity and Volatility
Part VI Evaluation and Prediction
21 Liquidity and Transaction Cost Measurement
22 Performance Evaluation and Prediction
Part VII Market Structure
23 Index and combined product market
25 Order internalization, priority and cross
26 Competition within and between markets
27 Hall and automatic trading system
28 foam, crash and circuit breaker
29 Insider trading