Equity Markets in Action: The Fundamentals of Liquidity, Market Structure & Trading + CD / Edition 1

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Reading all about market structure, trade clearance and settlement,and other foundational elements of today’s markets givesexactly the in-depth knowledge–on electronic trading, the roleof market makers, the impact of economic forces, and otherbehind-the-scenes aspects of market architecture–that isessential if one is to operate successfully in today’s highlydynamic trading environment.

Equity Markets in Action is a comprehensive and thoroughlyup-to-date course on how markets work, what really drives themovements of the market, and the nuances of trading. Written by twoof today’s most globally recognized and respected marketauthorities, this hands-on exploration of the modern tradingenvironment examines:

  • How exchanges function as market centers, and how theirefficiency–or lack thereof–drives a market’s qualityand value
  • Architecture of different markets, with particular focus onU.S. and European market centers
  • Post-trade clearing and settlement, a vital link in the valuechain of a securities market

Because the most valuable market lessons occur in the heat ofthe trading moment, the book’s accompanying CD-ROM providesreal-life trading sessions to help traders hone their knowledge anddecision-making skills. Simulations provide hands-on practice inmaking split-second tactical trading decisions.

Equity Markets in Action is a detailed look at the foundationsof today’s markets, and will provide all traders–whetherprofessional or independent–with new insights and answers intothe dynamics of the marketplace.

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Editorial Reviews

From the Publisher
"Equity Markets in Action should be required reading for all aspiring traders and equity money managers. The computer simulation model should further enlighten the reader." — Financial Analyst Journal, January/February 2005
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Product Details

  • ISBN-13: 9780471469223
  • Publisher: Wiley
  • Publication date: 7/23/2004
  • Series: Wiley Trading Series, #207
  • Edition description: Includes CD-Rom
  • Edition number: 1
  • Pages: 480
  • Product dimensions: 6.20 (w) x 9.10 (h) x 1.60 (d)

Meet the Author

ROBERT A. SCHWARTZ is Marvin M. Speiser Professor of Finance andUniversity Distinguished Professor in the Zicklin School ofBusiness, Baruch College, CUNY. Prior to his current position, hewas Professor of Finance and Economics and Yamaichi Faculty Fellowat New York University’s Leonard N. Stern School of Business.Professor Schwartz received his PhD in economics from ColumbiaUniversity. He has produced numerous journal articles and elevenbooks, has been an associate editor for several finance journals,and has served as a consultant to various market centers including,the New York Stock Exchange, the American Stock Exchange, NASDAQ,Instinet, and Deutsche Börse. In December 1995, ProfessorSchwartz was named the first chairman of NASDAQ’s EconomicAdvisory Board and served on the EAB until spring 1999.
RETO FRANCIONI is President and Chairman of the Board of SWX, theSwiss Stock Exchange. Prior to assuming his current position in May2002, he was co-CEO of Consors Discount Broker AG, Nuremberg.Earlier in his career, in 1993, Francioni was named to theexecutive board of Deutsche Börse AG, where he was responsiblefor its entire cash market division. In 1999, he became DeputyChief Executive Officer. Francioni has a law degree and PhD in lawfrom Zurich University, and is an adjunct Professor of Economicsand Finance in the Zicklin School of Business, Baruch College,CUNY. He has held management positions in the securities exchange,corporate finance, and banking industry.

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Table of Contents


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 aFrictionless Environment.

Appendix C: Dimensions of Informational Efficiency.

Appendix D: The Concept of Self-Regulation.

Selected Reading.


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