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Author: Robert A. Schwartz
Publisher: Springer Science & Business Media
ISBN: 1461516978
Category : Business & Economics
Languages : en
Pages : 457
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Book Description
ROBERT A. SCHWARTZ The primary objective of this book is to consider how the inclusion of electronic call auction trading would affect the performance of our U.S. equity markets. The papers it contains focus on the call auction and its role in a hybrid market struc ture. The purpose is to increase understanding of this trading environment, and to consider the design of a more efficient stock market. This book had its origin in a symposium, Electronic Call Market Trading, that was held at New York University's Salomon Center on April 20, 1995. Nearly 150 people from 16 different countries attended. At the time, three proprietary trading systems based on call auction principles (The Arizona Stock Exchange, Posit, and Instinet's Crossing Network) had been operating for several years and interest already existed in the procedure. Since the symposium, increasing use has been made of call auctions, primarily by the ParisBourse in its Nouveau Marchi: and CAC markets, by Deutsche Borse in its Xetra market, and in the U.S. by OptiMark. Rather than being used as stand alone systems, however, call auctions are now being interfaced with continuous markets so as to produce hybrid market structures, a development that is given considerable attention to in a number of the chapters in this book.
Author: Robert A. Schwartz
Publisher: Springer Science & Business Media
ISBN: 1461516978
Category : Business & Economics
Languages : en
Pages : 457
Get Book Here
Book Description
ROBERT A. SCHWARTZ The primary objective of this book is to consider how the inclusion of electronic call auction trading would affect the performance of our U.S. equity markets. The papers it contains focus on the call auction and its role in a hybrid market struc ture. The purpose is to increase understanding of this trading environment, and to consider the design of a more efficient stock market. This book had its origin in a symposium, Electronic Call Market Trading, that was held at New York University's Salomon Center on April 20, 1995. Nearly 150 people from 16 different countries attended. At the time, three proprietary trading systems based on call auction principles (The Arizona Stock Exchange, Posit, and Instinet's Crossing Network) had been operating for several years and interest already existed in the procedure. Since the symposium, increasing use has been made of call auctions, primarily by the ParisBourse in its Nouveau Marchi: and CAC markets, by Deutsche Borse in its Xetra market, and in the U.S. by OptiMark. Rather than being used as stand alone systems, however, call auctions are now being interfaced with continuous markets so as to produce hybrid market structures, a development that is given considerable attention to in a number of the chapters in this book.
Author: Nicholas Economides
Publisher:
ISBN:
Category :
Languages : en
Pages : 10
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Book Description
Despite its power as a transactions network, scant attention has been given to incorporating an electronic call into a major market center such as the NYSE or Nasdaq. An electronic call clears the markets for all assets at predetermined points in time. By bunching many transactions together, a call market increases liquidity, thereby decreasing transaction costs for public participants. After describing alternative call market structures and their attributes, we propose that an open book electronic call be held three times during the trading day: at the open, at 12:00 noon, and at the close. We discuss the impact of this innovation on an array of issues, including order flow and handling, information revelation, and market transparency. We also discuss the proposed changes from the perspectives of investors, listed companies, exchanges, brokers, and regulators.
Author: Robert A Schwartz
Publisher:
ISBN: 9781461516989
Category :
Languages : en
Pages : 484
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Book Description
Author: Robert A. Schwartz
Publisher: Springer Science & Business Media
ISBN: 0306479761
Category : Business & Economics
Languages : en
Pages : 171
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Book Description
This book is based on the proceedings of The Electronic Call Auction: New Answers to Old Questions, a conference hosted by the Zicklin School of Business on May 16, 2000. The text includes the edited transcripts of the panel discussions and separate addresses by three major industry executives Douglas M. Atkin, formerly President and CEO, Instinet Corporation; Kenneth D. Pasternak, formerly President and CEO, Knight/Trimark Group, Inc., and William J. Brodsky, Chairman and CEO, Chicago Board Options Exchange. The electronic call auction is an important trading vehicle in many market centers around the world, but is not well understood in the US. What are call auctions? How should they be designed and integrated with continuous trading in a hybrid market structure? As call auctions play a more central role in the US markets, how will they affect market quality in terms of transparency, order flow consolidation, and price discovery? These and other critical questions were asked at the conference while the efficiency of the US markets was broadly assessed.
Author: Larry Harris
Publisher: CFA Institute Research Foundation
ISBN: 1934667927
Category : Business & Economics
Languages : en
Pages : 94
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Book Description
The true meaning of investment discipline is to trade only when you rationally expect that you will achieve your desired objective. Accordingly, managers must thoroughly understand why they trade. Because trading is a zero-sum game, good investment discipline also requires that managers understand why their counterparties trade. This book surveys the many reasons why people trade and identifies the implications of the zero-sum game for investment discipline. It also identifies the origins of liquidity and thus of transaction costs, as well as when active investment strategies are profitable. The book then explains how managers must measure and control transaction costs to perform well. Electronic trading systems and electronic trading strategies now dominate trading in exchange markets throughout the world. The book identifies why speed is of such great importance to electronic traders, how they obtain it, and the trading strategies they use to exploit it. Finally, the book analyzes many issues associated with electronic trading that currently concern practitioners and regulators.
Author: David S. Nassar
Publisher: McGraw Hill Professional
ISBN: 9780071381208
Category : Business & Economics
Languages : en
Pages : 292
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Book Description
The concise, common-sense insights of a day trading pro Some traders spend thousands of dollars attending training seminars. If you don't have the time or resources for that, pick up Rules of the Trade instead. This reliable, no-nonsense guide distills the insights of several online trading experts into one short, quick, and easy-to-read book that not only lists the rules, but explains what the rules mean, why they’re important—and the high costs of overlooking them even once. Packed with real-life examples to illustrate key points, this book—written by David S. Nassar, author of the bestseller How to Get Started in Electronic Day Trading -- will teach you the basic rules of survival, help you preserve capital, learn the ropes, and go on to succeed in this lucrative but volatile profession.
Author: Larry Harris
Publisher: OUP USA
ISBN: 9780195144703
Category : Business & Economics
Languages : en
Pages : 664
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Book Description
Focusing on market microstructure, Harris (chief economist, U.S. Securities and Exchange Commission) introduces the practices and regulations governing stock trading markets. Writing to be understandable to the lay reader, he examines the structure of trading, puts forward an economic theory of trading, discusses speculative trading strategies, explores liquidity and volatility, and considers the evaluation of trader performance. Annotation (c)2003 Book News, Inc., Portland, OR (booknews.com).
Author: David S. Nassar
Publisher: McGraw Hill Professional
ISBN: 0071368647
Category : Business & Economics
Languages : en
Pages : 257
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Book Description
The days of costly broker delays and lousy fills are over! How to Get Started in Electronic Day Trading shows you the inside rules and strategies of Electronic Direct Access Trading (E-DAT), the system that lets you use your own personal computer to consistently buy and sell at the best prices the market has to offer. Learn how to open an E-DAT account, take day trading profits from easy-to-spot market inconsistencies, use basic technical analysis to spot momentum and profit opportunities from trends, and more. Spawned by new regulations, electronic breakthroughs, and increasingly savvy traders, E-DAT has become the fastest-growing way to trade. This new book gets you in the action immediately!
Author: Robert A. Schwartz
Publisher: John Wiley & Sons
ISBN: 0471689882
Category : Business & Economics
Languages : en
Pages : 482
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Book Description
An in-depth look at the nature of market making and exchanges From theory to practicalities, this is a comprehensive, up-to-date handbook and reference on how markets work and the nuances of trading. It includes a CD with an interactive trading simulation. 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.
Author: Esther David
Publisher: Springer Science & Business Media
ISBN: 3642151167
Category : Business & Economics
Languages : en
Pages : 285
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Book Description
This volume contains 18 thoroughly refereed and revised papers detailing recent advances in research on designing trading agents and mechanisms for agent-mediated e-commerce. They were originally presented at the 11th International Workshop on Agent-Mediated Electronic Commerce (AMEC 2009) collocated with AAMAS 2009 in Budapest, Hungary, or the 2009 Workshop on Trading Agent Design and Analysis (TADA 2009) collocated with IJCAI 2009 in Pasadena, CA, USA. The papers focus on topics such as individual agent behavior and agent interaction, collective behavior, mechanism design, and computational aspects, all in the context of e-commerce applications like trading, auctions, or negotiations. They combine approaches from different fields of mathematics, computer science, and economics such as artificial intelligence, distributed systems, operations research, and game theory.
