The Equity Trader Course / Edition 1

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Overview

If you are intent on enhancing your trading performance in today'smarkets, you must find a way to quickly exploit tradingopportunities that arise from pricing inefficiencies as well asdrive down costs associated with your trades.

In The Equity Trader Course, Robert Schwartz, Reto Francioni,and Bruce Weber—along with a number of industry leaders whohave contributed special pieces for the chapters of thisbook—provide a comprehensive course in equity trading for boththe seasoned professional and serious independent trader. Thisdetailed guide delivers key information on the dynamics of equitytrading and shows you how to make the most of your time in themarkets.

Filled with in-depth insights and practical advice, The EquityTrader Course examines:

  • The basic features of equity trading—fromorder arrival tothe bid-ask spread
  • The importance and intricacies of liquidity
  • The use of limit and market orders
  • Order entry and trade execution in a continuous trading regimeand a periodic call auction
  • The various roles of market intermediaries
  • The value of technical analysis and algorithmic trading
  • The complexity of performance measurement

Because the most valuable market lessons occur in the heat ofthe trading moment, this book's companion CD-ROM contains acomputer-based simulation model, TraderEx, which gives you thechance to make hands-ontrading decisions and see the results liveon your computer screen. These simulations help you hone yourknowledge and decision-making skills before you put them to work inreal-world situations.

Trading has never been an easy endeavor, but with The EquityTrader Course as your guide, you can learn how to make betterdecisions—as well as lower your costs—by becomingfamiliar with the dynamics of today's markets and the mechanicsbehind the trades you make.

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Editorial Reviews

From the Publisher
“Explains in plain English the trading process in stocktransactions while providing a clear explanation of the variousmarket structures available in the stock market….an excellentread for anyone interested in learning how stocks are traded, theparticipants in the equity markets, and the issues faced byinstitutional traders as they attempt to leave the smallestfootprint in buying and selling large share quantities. I recommendit to both new traders as well as experienced traders who areundergoing fast change in their profession.”—DavidKrell, President & CEO, International Securities Exchange

"Vision is not enough when writing about the complex world ofequity trading - clear writing and compelling delivery are alsorequired. This book has all three." —Walter Kielholz,Chairman of the Board of Directors, Credit Suisse Group

“This authoritative and fascinating book is must readingfor all professional investors, not justtraders.”—Peter L. Bernstein, author of CapitalIdeas and Against the Gods

“…should be required reading for traders, old andnew....Ignore this book at your investing peril!”—Theodore R. Aronson, CFA, Aronson+Johnson+Ortiz, and formerchair of the Board of Governors, CFA Institute

“…tomorrow’s traders can benefit from thiscomprehensive overview of stock trading.” —MattAndresen, President, Citadel Execution Services, and former CEO,Island ECN

“…guide[s] the reader toward the discipline of riskmanagement and the goal of best execution.” —Ralph J.Acampora, CUT, Managing Director, Knight Research, Knight EquityMarkets, L.P.

“An excellent update on the theory and practice of equitytrading….a highly useful reference for today’sprofessionals.”—Dr. Josef Ackerman, Chairman, GroupExecutive Committee, Deutsche Bank AG

“…superbly illuminates the picture for both thenovice and the seasoned trader.” —Peter Forstmoser,Chairman, Swiss Re, University Zurich

“…[a] wonderfully insightful book.” —Dr.Stefan Jentzsch, Member of the Board of Managing Directors,Dresdner Bank AG

“…a clear, concise, and compelling assessment of theequity trading environment'" —Andrew M. Brooks, VicePresident, Head of Equity Trading, T. Rowe Price Group

“…one of the best guides available through theintricate environment that we face today.” —KurtViermetz, Chairman of the Supervisory Board, Hypo Real EstateHolding AG and Deutsche Börse AG

“…impressively fills a critical need."—Raymond J. Bär, Chairman of the Board of Directors,Julius Bär Holding AG

“…represents a unique opportunity to gain deepinsights in to what is a cornerstone of the American economy;stocks and the market.”—John C. Giesea, President &CEO, Security Traders Association

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Product Details

  • ISBN-13: 9780471741558
  • Publisher: Wiley
  • Publication date: 5/26/2006
  • Series: Wiley Trading Series, #248
  • Edition description: BK&CD-ROM
  • Edition number: 1
  • Pages: 410
  • Sales rank: 1,152,486
  • Product dimensions: 6.28 (w) x 9.17 (h) x 1.31 (d)

Meet the Author

ROBERT A. SCHWARTZ is Marvin M. Speiser Pro-fessor ofFinance and University Distinguished Professor in the ZicklinSchool of Business, Baruch College, CUNY. Before joining the Baruchfaculty in 1997, he was Professor of Finance and Economics andYamaichi Faculty Fellow at New York University's Leonard N. SternSchool of Business, where he had been a member of the faculty since1965. Professor Schwartz received his PhD in economics fromColumbia University. He has published over fifty journal articlesand fifteen books, including Equity Markets in Action (Wiley),which he coauthored with Reto Francioni. He has served as aconsultant to various market centers including the New York StockExchange, the American Stock Exchange, NASDAQ, and DeutscheBörse, and has been an associate editor for several financejournals. In 1995, Professor Schwartz was named the first chairmanof NASDAQ's Economic Advisory Board, where he served until thespring of 1999.

RETO FRANCIONI has been the CEO of the Executive Board ofDeutsche Börse AG, since November 2005, and was president andchairman of the board of SWX Group. In 1993, Francioni joinedDeutsche Börse AG, where he was responsible for its entirecash market and later became its deputy chief executive officer.Earlier in his career, he was a director of the corporate financedivision at Hoffmann-LaRoche AG, Switzerland. Francioni has a lawdegree and PhD in law from Zurich University and is Professor ofEconomics and Finance at the Zicklin School of Business, BaruchCollege, CUNY.

BRUCE W. WEBER is Associate Professor ofInformationManagement at the London Business School, where heteaches information management and trading and financial marketstructure in MBA, master's, and executiveprograms. He has a PhD indecision sciences from the Wharton School of the University ofPennsylvania. His research on strategic uses of IT and thecomputerization of financial services has been published in anumber of academic journals, and he has consulted for a host offinancial services organizations. Prior to joining the LondonBusiness School in 2003, he was on the faculties of the SternSchool of Business–New York University and Baruch College,CUNY.

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Table of Contents

Foreword Alfred R. Berkeley III, CEO, Pipeline Trading SystemsLLC.

Preface.

CHAPTER 1 Getting a Grip on Trading.

Order Arrival.

The Bid-Ask Spread.

The Liquidity Dimension.

Overview of TraderEx.

Getting Started with TraderEx.

From the Contributors 38

Using Trading Simulations on an Academic Trading Floor: Wherethe Rubber Meets the Road (Richard D. Holowczak).

Reflections of a Finance Professor (Michael S.Pagano).

On-the-Job Training at Mako (David Segel).

CHAPTER 2 All About Liquidity.

From Information to Prices.

Defining Liquidity.

Liquidity and Transaction Costs.

Intraday Price Volatility, Price Discovery, andQuantity Discovery.

The Origins of Liquidity.

Illiquidity’s Footprints in the TransactionRecords.

Discussion.

From the Contributors.

Satisfying Institutional Traders’ Quest for Liquidity(Peter Jenkins).

Giving Customers Greater Choice in Trade Execution: The NYSEHybrid Market (John A. Thain).

Market Reaction to New Information (Claudio Werder andRené Weber).

CHAPTER 3 How to Use Limit and Market Orders.

The Order Book and the Market.

Order Types.

A Look at the Market.

A Reservation Price.

Cost of Placing a Limit Order.

Compensation for Placing a Limit Order.

Should You Submit a Limit Order or a MarketOrder?

How Should You Price Your Limit Orders?

The Bid-Ask Spread.

Handling a Large Order.

An Option Trader’s View of Limit Orders.

The Big Picture.

From the Contributors.

The Emergence and Growth of an Electronic Order-Driven Market(Gerald Putnam).

The Use of Limit and Market Orders (Rainer Riess and UweSchweickert ).

Order-Driven Markets: The Route to Best Execution(Jean-François Théodore).

Exercises 158

CHAPTER 4 Choosing between Continuous Trading and a PeriodicCall Auction.

How is a Call Auction Used?

Call Auctions and Market Structure.

Bookbuilding.

Order Handling Differences.

NASDAQ’s Crosses.

How to Submit an Order to a Call Auction.

A Reality Check.

Option Value of Limit Orders in a Call Auction.

Time to Call the Market.

From the Contributors.

A Call Is Not a Call Is Not a Call (Alfred R. BerkeleyIII).

The NASDAQ Crosses: A View from the Inside (Frank M.Hatheway).

Call Market Trading—It’s About Time (JamesRoss).

Exercises.

Appendix to Chapter 4: Further Details on ClearingPrice Determination.

CHAPTER 5 Market Intermediaries: Nuts ’n’ Boltsand Challenges.

Emergence of the Modern Markets.

Intermediation on the NYSE.

Intermediation at NASDAQ.

Overview of Market Maker Operations.

Order Handling and Transparency in a Dealer Market.

Competition and Preferencing.

Price Improvement.

The Future of Intermediaries in Hybrid Markets.

From the Contributors.

NASDAQ Market Makers in the NASDAQ Stock Market (RobertGreifeld).

Electronic Intermediaries for Block Trading (Martin Reck).

The Importance of Market Making (Frank L.Romanelli).

CHAPTER 6 The Road to Technical Analysis andAlgorithmic Trading.

Dynamic Price Discovery.

Quantity Discovery.

Technical Analysis.

Algorithmic Trading.

From the Contributors.

Algo History at TIAA-CREF (Paul L. Davis).

The Complexity of Market Information (John H.Porter).

The Mood of a Market (David Segel ).

Appendix to Chapter 6: Order Handling and MarketTiming on a Trading Floor.

CHAPTER 7 Performance Measurement.

Three Simple Performance Measures.

Transaction Cost Analysis.

Risk Management.

Best Execution.

Measuring the Performance of a Market Center.

Best Execution and Performance Reconsidered.

From the Contributors.

The Quest for Trading’s Holy Grail—Alpha! (MarcusHooper).

How Intelligent Traders Enhance Their Skills with a TCA Report(Wayne H. Wagner and Melissa Spurlock).

Appendix to Chapter 7: Explaining Risk Aversion.

APPENDIX Prices and Returns.

The Measurement of Returns.

Prices.

Returns.

The Intervaling Effect.

About the Authors and Contributors.

Notes.

About the CD-ROM.

Index.

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