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Author: Craig Pirrong
Publisher:
ISBN:
Category :
Languages : en
Pages : 41
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Book Description
Computerized trading has made great inroads in equity and derivatives markets, especially in Europe and Asia, but open outcry markets remain dominant in the United States despite predictions of the imminent demise of floor trading. This article identifes three factors that influence the relative liquidity of computerized and open outcry markets: the sizes of upstairs and downstairs liquidity pools, the magnitude of the risk that upstairs traders face in being quot;picked offquot; when trading via limit order in an open outcry market, and the quality of information available to floor and upstairs traders. Although liquidity differences certainly influence the choice of trading technology, network effects and coordination costs may allow the less liquid trading method to prevail. In the presence of coordination costs, the existence of mechanisms for coordinating the trading choices of investors and hedgers, agency costs, and the organization and governance structures of exchanges also influence whether open outcry or computerized trading will dominate.
Author: Craig Pirrong
Publisher:
ISBN:
Category :
Languages : en
Pages : 41
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Book Description
Computerized trading has made great inroads in equity and derivatives markets, especially in Europe and Asia, but open outcry markets remain dominant in the United States despite predictions of the imminent demise of floor trading. This article identifes three factors that influence the relative liquidity of computerized and open outcry markets: the sizes of upstairs and downstairs liquidity pools, the magnitude of the risk that upstairs traders face in being quot;picked offquot; when trading via limit order in an open outcry market, and the quality of information available to floor and upstairs traders. Although liquidity differences certainly influence the choice of trading technology, network effects and coordination costs may allow the less liquid trading method to prevail. In the presence of coordination costs, the existence of mechanisms for coordinating the trading choices of investors and hedgers, agency costs, and the organization and governance structures of exchanges also influence whether open outcry or computerized trading will dominate.
Author: Martin Martens
Publisher:
ISBN:
Category :
Languages : en
Pages : 17
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Book Description
Author: Carley Garner
Publisher: Pearson Education
ISBN: 0132479001
Category : Business & Economics
Languages : en
Pages : 23
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Book Description
This is the eBook version of the printed book. This Element is an excerpt from A Trader's First Book on Commodities: An Introduction to the World's Fastest Growing Market (9780137015450) by Carley Garner. Available in print and digital formats. Open outcry: What’s going on in the trading “pit”–and why it matters to you. The futures markets are the birthplace of a method of communication between trading professionals known as open outcry. Open outcry, a.k.a. “pit trading,” is an exciting form of trade execution in which shouting and hand signals transfer the details of intent to buy or sell a commodity and in what quantity. In recent decades, technological advances have greatly altered the way open outcry business is conducted.
Author: Francis Breedon
Publisher:
ISBN:
Category :
Languages : en
Pages : 34
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Book Description
The Bund (10 year German Government Bond) futures contract is the most actively traded bond contract in Europe; it is traded in both London (LIFFE) and Frankfurt (DTB) on open outcry and electronic trading platforms respectively. In an attempt to reconcile the conflicting results of earlier studies this paper evalutes the relative liquidity and price discovery roles of these two markets using data from 1995 Q2. The paper finds that this conflict is largely a product of the price data used. Using both transactions prices and quotes data (on a minute by minute basis), variable transaction costs, i.e. spreads, are found to be similar on both markets. There is some evidence to suggest that the order processing component of the spread is larger on LIFFE, but that the compensation required for adverse selection risk is greater on the DTB. Also, the contribution to price formation of each market is found to be similar; there is no clear leader/follower relationship. The main differences between the two markets are the larger trade size on the open outcry market and a tendency for trading to move toward the open outcry market during volatile periods.
Author: Leo Melamed
Publisher: John Wiley & Sons
ISBN: 0470530820
Category : Business & Economics
Languages : en
Pages : 371
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Book Description
A follow-up to Leo Melamed on the Markets, this book covers the developments in the futures markets since 1992 and discusses their transition through the digital age. The author, a recognized founder of financial futures, details the global issues confronting the futures market. You’ll learn how financial markets have allowed investors to manage generalized risks to both reduce exposure or enhance value to capture increased profits. Additionally, you'll discover trends, technology, and products that have shaped the world of futures and options, and what the future holds.
Author: John L. Teall
Publisher: Academic Press
ISBN: 0323984452
Category : Business & Economics
Languages : en
Pages : 572
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Book Description
Financial Trading and Investing, Third Edition provides a useful introduction to trading and market microstructure for advanced undergraduate as well as master’s students. Without demanding a background in econometrics, the book explores alternative markets and highlights recent regulatory developments, implementations, institutions and debates. The text offers explanations of controversial trading tactics (and blunders) such as high-frequency trading, dark liquidity pools, fat fingers, insider trading and flash orders, emphasizing links between the history of financial regulation and events in financial markets. It includes coverage of valuation and hedging techniques, particularly with respect to fixed income and derivative securities. The text adds a chapter on financial utilities and institutions that provide support services to traders and updates regulatory matters. Combining theory and application, this book provides a practical beginner's introduction to today's investment tools and markets with a special emphasis on trading. Concentrates on trading, trading institutions, markets and the institutions that facilitate and regulate trading activities Introduces foundational topics relating to trading and securities markets, including auctions, market microstructure, the roles of information and inventories, behavioral finance, market efficiency, risk, arbitrage, trading technology, trading regulation and ECNs Covers market and technology advances and innovations, such as execution algo trading, Designated Market Makers (DMMs), Supplemental Liquidity Providers (SLPs), and the Super Display Book system (SDBK) Includes improved pedagogical supplements, including end-of-chapter questions with detailed solutions at the end of the text, and useful appendices Student resources available online: https://www.elsevier.com/books-and-journals/book-companion/9780323909556 Instructor resources available for request by qualified professors: https://educate.elsevier.com/9780323909556
Author: Francis J. Breedon
Publisher:
ISBN:
Category : Banks and banking
Languages : en
Pages : 34
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Book Description
Author: Gregory Salvati
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
Author: Peter A. Levin
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
Since the mid-1990s, technological advances in futures trading changed how contracts are traded. The traditional organization of trading, known as face-to-face or open outcry trading, has been challenged by screen-based, electronic trading. Promising better, more efficient markets, electronic trading has largely supplanted open outcry trading. While most accounts treat this shift as a technological change, electronic trading has proved to be a more fundamental, institutional change in how markets are constituted and conducted. This dissertation examines this institutional change as it alters the relationships between market participants, as well as the overarching identities, uses of information, arenas of discretion, and organizational structures that make up a futures market. My research methods include six months participant observation as a clerk on the floor of a national open outcry futures exchange, site visits and observations on the floors of four electronic trading firms, and formal interviews with 60 traders, clerks, floor managers, and other trading personnel. I gathered secondary data on changes in the financial futures trading environments. I structure my findings with a framework that consists of four interconnected arenas, highlighting the institutional changes across the trading technologies: identities, information, discretion, and exteriority. The first arena identifies how masculinity is mobilized to solve the problem of creating a trading community and cultivating trust across open outcry and electronic trading, with physical, overtly sexualized masculinity dominated in open outcry, and a more technocratic, intellectualized masculinity predominating in electronic trading. What counts as information, both its form and its usage, is identified in the second arena. The third arena shows how discretion has shifted from trading community in open outcry to the mechanism of the trading medium in electronic trading. And the fourth arena ties these together by showing how electronic markets provide stability by treating the market not as a collectively-realized social process, but as an independent, already-existing entity. This dissertation reveals that sociological analyses of markets move beyond questions of economic efficiency towards a more nuanced, empirical view of how markets are made and how they operate.
Author: Lewis Borsellino
Publisher: John Wiley & Sons
ISBN: 9780471332657
Category : Business & Economics
Languages : en
Pages : 262
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Book Description
"The Day Trader" - Jetzt neu als Broschurausgabe! Dieses Buch liefert einen einzigartigen Einblick in die geheime Welt des Day Trading, und zwar aus der Sicht eines ganz Großen der Branche - Lewis Borsellino. In der Welt des Day Trading entscheiden Titanen in Bruchteilen von Sekunden über riesige Geldsummen, und von einem Augenblick auf den anderen entstehen oder verschwinden ganze Vermögen. Erfolgreiche Day Trader sind intelligent, aggressiv und haben das Glück auf ihrer Seite. In "The Day Trader" spricht Borsellino über seinen unglaublichen Ansturm auf die Chicago Mercantile Exchange, seinen Weg in den Maklerstand auf dem Parkett und in den elektronischen Handel - und -, er erzählt faszinierende Geschichten über Handelskollegen, wie z.B. Richard Dennis, George Soros und Leo Melamed. Darüber hinaus bietet dieses Buch eine Fülle nützlicher und praxisbezogener Informationen über Futures-Märkte, Pit Trading (Parketthandel in einem oder mehreren Kontrakten), Marktpsychologie usw., usw.. Lewis Borsellino ist Amerikas Top S&P-Händler und gleichsam eine Legende am Aktienmarkt. Seine Marktkommentare sind begehrt bei CNN und CNBC, wo er den Ruf des 'biggest and best trader' genießt. Co-Autorin Patricia Commins ist eine ehemalige Korrespondentin von Reuters America und arbeitet freiberuflich als Schriftstellerin.
