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Dark Pools

By Scott Patterson
  • ISBN Code: : 0307887197
  • Publisher : Currency
  • Pages : 384
  • Category : Business & Economics
  • Reads : 401
  • Book Compatibility : Pdf, ePub, Mobi, Kindle
  • Pdf : dark-pools.pdf

Book Excerpt :

A news-breaking account of the global stock market's subterranean battles, Dark Pools portrays the rise of the "bots"--artificially intelligent systems that execute trades in milliseconds and use the cover of darkness to out-maneuver the humans who've created them. In the beginning was Josh Levine, an idealistic programming genius who dreamed of wresting control of the market from the big exchanges that, again and again, gave the giant institutions an advantage over the little guy. Levine created a computerized trading hub named Island where small traders swapped stocks, and over time his invention morphed into a global electronic stock market that sent trillions in capital through a vast jungle of fiber-optic cables. By then, the market that Levine had sought to fix had turned upside down, birthing secretive exchanges called dark pools and a new species of trading machines that could think, and that seemed, ominously, to be slipping the control of their human masters. Dark Pools is the fascinating story of how global markets have been hijacked by trading robots--many so self-directed that humans can't predict what they'll do next.

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Book Short Summary:

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  • Pdf File: market-microstructure-in-practice.pdf

Book Short Summary:

This book exposes and comments on the consequences of Reg NMS and MiFID on market microstructure. It covers changes in market design, electronic trading, and investor and trader behaviors. The emergence of high frequency trading and critical events like the"Flash Crash" of 2010 are also analyzed in depth. Using a quantitative viewpoint, this book explains how an attrition of liquidity and regulatory changes can impact the whole microstructure of financial markets. A mathematical Appendix details the quantitative tools and indicators used through the book, allowing the reader to go further independently. This book is written by practitioners and theoretical experts and covers practical aspects (like the optimal infrastructure needed to trade electronically in modern markets) and abstract analyses (like the use on entropy measurements to understand the progress of market fragmentation). As market microstructure is a recent academic field, students will benefit from the book's overview of the current state of microstructure and will use the Appendix to understand important methodologies. Policy makers and regulators will use this book to access theoretical analyses on real cases. For readers who are practitioners, this book delivers data analysis and basic processes like the designs of Smart Order Routing and trade scheduling algorithms. In this second edition, the authors have added a large section on orderbook dynamics, showing how liquidity can predict future price moves, and how High Frequency Traders can profit from it. The section on market impact has also been updated to show how buying or selling pressure moves prices not only for a few hours, but even for days, and how prices relax (or not) after a period of intense pressure. Further, this edition includes pages on Dark Pools, Circuit Breakers and added information outside of Equity Trading, because MiFID 2 is likely to push fixed income markets towards more electronification. The authors explore what is to be expected from this change in microstructure. The appendix has also been augmented to include the propagator models (for intraday price impact), a simple version of Kyle's model (1985) for daily market impact, and a more sophisticated optimal trading framework, to support the design of trading algorithms. Contents: Monitoring the Fragmentation at Any ScaleUnderstanding the Stakes and the Roots of FragmentationOptimal Organizations for Optimal TradingAppendix A: Quantitative AppendixAppendix B: Glossary Readership: Graduate and research students of financial markets and quantitative finance, Regulators and policy makers, practitioners. Keywords: Market Microstructure;Finance;Financial Markets;Market Liquidity;Financial Regulation;MiFID;Reg NMS;ESMAReview: Reviews of the First Edition: “Lehalle and Laruelle bring [their] experience to bear on every aspect of the discussion, as well as deep quantitative understanding. The resulting book is a unique mixture of real market knowledge and theoretical explanation. There is nothing else out there like it, and this book will be a central resource for many different market participants.” Robert Almgren President and Cofounder of Quantitative Brokers, New York “Charles' and Sophie's book on markets microstructure will improve our knowledge and consequently help us to tweak these potentiometers. In promoting better education, this book is at the roots of restoring trust in the markets.” Philippe Guillot Executive Director, Markets Directorate Autorité des marchés financiers (AMF), Paris “This book pro

Untangling the USA

By Etienne Deffarges
  • File : Pdf, ePub, Mobi, Kindle
  • Publisher : Routledge
  • Book Code : 1351109774
  • Total of Pages : 354
  • Category : Business & Economics
  • Members : 640
  • Pdf File: untangling-the-usa.pdf

Book Short Summary:

Tom Brady and the “tuck rule”; “Nobody knew health care could be so complicated”; “The financial world has become way too complicated and very secretive.” What could Tom Brady, Donald Trump, and Michael Lewis possibly have in common? Complexity. Lewis has analyzed it; Trump has discovered it; Brady has benefited from it. And the USA is entangled in it. Complex systems are an inevitable part of business and socio-economic structures. We reach a breaking point, however, when social and organizational structures become cumbersome and unintelligible. Entire new systems need to be constructed just to manage this complexity, with questionable or negative value to society at large. The outcome is high costs, poor results, deepening social inequality, and the erosion of public trust. Wholesale changes must be contemplated. This is particularly true in the USA today, where complexity is piled upon complexity in a number of critical sectors, such as health care, energy, finance, and government. The author takes a common sense, broad-based, and analytical approach to some of the most complicated issues facing the US today. He examines the costs of complexity through a wide-angle lens, provides analysis of the root causes involved, and explains what is necessary to improve results and lower costs. The ever-increasing level of complexity in the US is compared to that in other developed economies. History is referenced as a guide to show that in many areas, America’s success has relied on simple and elegant solutions. These contrasting paths are used to propose alternative approaches and new solutions. Beyond analyzing how incredibly complex socio-economic systems have emerged in recent years in the US, the author steps back, reflects on the fundamental values of this country, and offers a number of actionable proposals to improve the lives of all American citizens. Etienne Deffarges has enjoyed a successful career, first as a senior strategy consultant to many leading global companies, then as a heath care technology entrepreneur in the US. He is perfectly positioned to observe how complex systems are stifling socio-economic progress. He brings a unique insider view of the issues involved and examines a number of key sectors that impact American society at large, including health care, energy, finance, regulations, taxation, utilities, and welfare.?

Automate This

By Christopher Steiner
  • File : Pdf, ePub, Mobi, Kindle
  • Publisher : Penguin
  • Book Code : 1101572159
  • Total of Pages : 256
  • Category : Business & Economics
  • Members : 486
  • Pdf File: automate-this.pdf

Book Short Summary:

The rousing story of the last gasp of human agency and how today’s best and brightest minds are endeavoring to put an end to it. It used to be that to diagnose an illness, interpret legal documents, analyze foreign policy, or write a newspaper article you needed a human being with specific skills—and maybe an advanced degree or two. These days, high-level tasks are increasingly being handled by algorithms that can do precise work not only with speed but also with nuance. These “bots” started with human programming and logic, but now their reach extends beyond what their creators ever expected. In this fascinating, frightening book, Christopher Steiner tells the story of how algorithms took over—and shows why the “bot revolution” is about to spill into every aspect of our lives, often silently, without our knowledge. The May 2010 “Flash Crash” exposed Wall Street’s reliance on trading bots to the tune of a 998-point market drop and $1 trillion in vanished market value. But that was just the beginning. In Automate This, we meet bots that are driving cars, penning haiku, and writing music mistaken for Bach’s. They listen in on our customer service calls and figure out what Iran would do in the event of a nuclear standoff. There are algorithms that can pick out the most cohesive crew of astronauts for a space mission or identify the next Jeremy Lin. Some can even ingest statistics from baseball games and spit out pitch-perfect sports journalism indistinguishable from that produced by humans. The interaction of man and machine can make our lives easier. But what will the world look like when algorithms control our hospitals, our roads, our culture, and our national security? What hap­pens to businesses when we automate judgment and eliminate human instinct? And what role will be left for doctors, lawyers, writers, truck drivers, and many others? Who knows—maybe there’s a bot learning to do your job this minute.

The Drowning Kind

By Jennifer McMahon
  • File : Pdf, ePub, Mobi, Kindle
  • Publisher : Simon and Schuster
  • Book Code : 1982156686
  • Total of Pages : 336
  • Category : Fiction
  • Members : 207
  • Pdf File: the-drowning-kind.pdf

Book Short Summary:

From the New York Times bestselling author of The Invited and The Winter People comes a chilling new novel about a woman who returns to the old family home after her sister mysteriously drowns in its swimming pool…but she’s not the pool’s only victim. Be careful what you wish for. When social worker Jax receives nine missed calls from her older sister Lexie, she assumes that it’s just another one of her sister’s episodes. Manic and increasingly out of touch with reality, Lexie’s mental state has pushed Jax away for over a year. But the next day, Lexie is dead: drowned in the pool at their grandmother’s estate. When Jax returns to the house to go through her sister’s things, she learns that Lexie was researching their family’s and the house’s history. And as Jax dives deeper into that research, she discovers that the land holds a far darker history than she could have ever imagined. In 1929, thirty-seven-year-old newlywed Ethel Monroe hopes desperately for a baby. In an effort to distract her, her husband whisks her away on a trip to Vermont, where a natural spring is showcased by the newest and most modern hotel in the northeast. Once there, Ethel learns that the spring is rumored to grant wishes, never suspecting that the spring takes in equal measure to what it gives. A haunting, twisty, and compulsively readable thrill ride from the author who Chris Bohjalian has dubbed the “literary descendant of Shirley Jackson,” The Drowning Kind is a modern-day ghost story that illuminates how the past, though sometimes forgotten, is never really far behind us.

Dark Pools – schwarze Goldgrube der Betreiber?

By Steffen Seibert
  • File : Pdf, ePub, Mobi, Kindle
  • Publisher : GRIN Verlag
  • Book Code : 3656305889
  • Total of Pages : 101
  • Category : Technology & Engineering
  • Members : 175
  • Pdf File: dark-pools-schwarze-goldgrube-der-betreiber.pdf

Book Short Summary:

Diplomarbeit aus dem Jahr 2010 im Fachbereich Ingenieurwissenschaften - Wirtschaftsingenieurwesen, Note: 1,0, Technische Universität Darmstadt, Sprache: Deutsch, Abstract: Die technologische Entwicklung und kostengünstige Verbreitung von Hochtechnologie hat in den vergangenen 10 Jahren mit großer Geschwindigkeit stattgefunden und auch in der Finanzindustrie zu deutlichen Veränderungen geführt. Während in den vergangenen Jahren die Anzahl traditioneller Börsen weltweit auf Grund eines Konsolidierungstrends rückläufig war (z.B. Merger NYSE-Euronext), entstanden gleichzeitig alternative Handelsplattformen mit enormer Geschwindigkeit. Eine Art der alternativen elektronischen Handelsplattformen bzw. Alternative Trading Systems (ATS) stellen sogenannte Dark Pools dar. Diese sind in den USA schon weit länger verbreitet als in Europa,3 wo sie erst 2007 mit der Gründung des Dark Pools Chi-X durch Instinet, einer Tochter der japanischen Bank Nomura, richtig eingeführt wurden. Hochfrequenzhandelsunternehmen spielen zudem eine immer größere Rolle in volatilen Aktienmärkten und treiben eine große Menge der Marktaktivität hin zu Dark Pools. Einzelne unter diesen, insbesondere jene der großen Banken brechen Rekorde und sehen einen enormen Zuwachs bei den Volumenzahlen. Credit Suisse und sein Dark Pool Crossfinder hatte allein in den USA einen täglichen Umsatz von 251 Millionen Aktien im Monat April 2010, vor Knight Link mit 161 Millionen und Goldman Sachs Sigma mit 160 Millionen Aktien. Der gesamte Anteil der Dark Pools am Umsatz im Aktienhandel betrug im April 2010 11,5 % in den USA. Bis 2011 wird mit einem Zuwachs um bis zu 20 % Marktanteil in den USA gerechnet. Europa ist immer noch in der Anfangsphase, was die Dark Pool Entwicklung betrifft. Die Nutzung dieser alternativen Handelsplattformen kommt gerade erst richtig in Fahrt. Schätzungen zufolge liegt der Anteil von Dark Pools am europäischen Handel mit Aktien zwischen 1-3 %. Während hinter dem US Boom neue Regulierungen, das starke Absinken der durchschnittlichen Exekutionsgröße von Aufträgen im Aktienbereich sowie die Einführung von neuen elektronischen Handelsmethoden standen, so vollziehen sich in Europa ähnliche Ereignisse. Diese führen zu einer verstärkten Verbreitung alternativer Handelsplattformen wie Dark Pools und zu einem plötzlichen Anstieg ihrer Nutzung.

Evolution of the Exchange Industry

By Manuela Geranio
  • File : Pdf, ePub, Mobi, Kindle
  • Publisher : Springer
  • Book Code : 3319210270
  • Total of Pages : 126
  • Category : Business & Economics
  • Members : 353
  • Pdf File: evolution-of-the-exchange-industry.pdf

Book Short Summary:

This book describes the dramatic changes that have occurred in the exchange industry during the past two decades. The strategies adopted by major world exchanges during this period are explained and the roles of multilateral trading systems and over-the-counter (OTC) players are clearly described, highlighting their economics and their interconnections with traditional exchanges. Up-to-date, comprehensive comparisons are made of the performances of the main exchanges, and important governance issues are considered. In addition, threats and opportunities for major types of trading venue, deriving either from new regulatory approaches or from the surge in new markets, are presented and discussed with a view to forecasting future developments in the secondary market industry.The background to the book is the strong erosion in traditional profit drivers for exchanges produced by the progress in communications and trading technology. In many countries, regulation has reduced barriers to entry in the equity field, facilitating a surge in new players and a shift of liquidity toward alternative trading platforms and dark pools.

After the Trade Is Made, Revised Ed.

By David M. Weiss
  • File : Pdf, ePub, Mobi, Kindle
  • Publisher : Penguin
  • Book Code : 1440623791
  • Total of Pages : 544
  • Category : Business & Economics
  • Members : 143
  • Pdf File: after-the-trade-is-made-revised-ed.pdf

Book Short Summary:

The fully updated classic guide to the mechanics of securities processing—a must for professional investors This third edition of After the Trade Is Made reflects the changes that have taken place in recent years as a result of new products, technological breakthroughs, and the globalization of the securities industry. Comprehensive and easy to understand, it provides brokers, operations personnel, and individual investors with definitive and up-to-the-minute explanations of each step in the trading process—from the moment a customer decides to buy or sell a security through the final requirements of record keeping. Written for both securities professionals and individual investors, whether domestic or in other countries, this new edition clearly explains the core of underwritings, new and established trading markets, transaction processing, margin, and more—while providing critical insights into the most recent wave of industry changes. David M. Weiss, a veteran securities professional, traces the entire process of buying or selling a security, from order management to transaction processing to the final posting on the firm’s books and records. He covers the specialized attributes of each function in a typical brokerage firm, as well as their relationships with commercial banks, transfer agents, clearing corporations, and depositories. After the Trade Is Made is the definitive resource for anyone eager to understand and confidently navigate the vast and often surprising world of securities.

Financial Markets and Trading

By Anatoly B. Schmidt
  • File : Pdf, ePub, Mobi, Kindle
  • Publisher : John Wiley & Sons
  • Book Code : 9781118093658
  • Total of Pages : 208
  • Category : Business & Economics
  • Members : 385
  • Pdf File: financial-markets-and-trading.pdf

Book Short Summary:

An informative guide to market microstructure and trading strategies Over the last decade, the financial landscape has undergone a significant transformation, shaped by the forces of technology, globalization, and market innovations to name a few. In order to operate effectively in today's markets, you need more than just the motivation to succeed, you need a firm understanding of how modern financial markets work and what professional trading is really about. Dr. Anatoly Schmidt, who has worked in the financial industry since 1997, and teaches in the Financial Engineering program of Stevens Institute of Technology, puts these topics in perspective with his new book. Divided into three comprehensive parts, this reliable resource offers a balance between the theoretical aspects of market microstructure and trading strategies that may be more relevant for practitioners. Along the way, it skillfully provides an informative overview of modern financial markets as well as an engaging assessment of the methods used in deriving and back-testing trading strategies. Details the modern financial markets for equities, foreign exchange, and fixed income Addresses the basics of market dynamics, including statistical distributions and volatility of returns Offers a summary of approaches used in technical analysis and statistical arbitrage as well as a more detailed description of trading performance criteria and back-testing strategies Includes two appendices that support the main material in the book If you're unprepared to enter today's markets you will underperform. But with Financial Markets and Trading as your guide, you'll quickly discover what it takes to make it in this competitive field.

Risk-Based Investment Management in Practice

By Frances Cowell
  • File : Pdf, ePub, Mobi, Kindle
  • Publisher : Springer
  • Book Code : 113734640X
  • Total of Pages : 475
  • Category : Business & Economics
  • Members : 505
  • Pdf File: risk-based-investment-management-in-practice.pdf

Book Short Summary:

A practitioner's account of how investment risk affects the decisions of professional investment managers. Jargon-free, with a broad coverage of investment types and asset classes, the non-investment professional will find this book readable and accessible.

How the Global Financial Markets Really Work

By Alexander Davidson
  • File : Pdf, ePub, Mobi, Kindle
  • Publisher : Kogan Page Publishers
  • Book Code : 0749458216
  • Total of Pages : 320
  • Category : Business & Economics
  • Members : 962
  • Pdf File: how-the-global-financial-markets-really-work.pdf

Book Short Summary:

With EU legislation, the increasing reach of the US economy, greater flexibility of financial instruments, and M&A activity across borders, financial markets are becoming ever more international. Overshadowing them all is the spectre of the credit crunch - a global tsunami that stemmed originally from the subprime mortgage crisis in the US but quickly became a global issue, hitting both international money markets and high street lending. How the Global Financial Markets Really Work brings clarity and sense to an often complex international environment, showing how circumstances in one country can have a dramatic effect on the financial environment in many others. The book examines financial markets as they are today - global and, for better or worse, interlinked and inter-dependent. It covers the markets of the US and Europe, as well as other key financial centres around the world, such as Hong Kong and Sydney, but will also offer insight to the unique issues facing emerging markets, including Eastern Europe, China, India and the United Arab Emirates.

The Complete Foundation

By Ganta Kishore Kumar
  • File : Pdf, ePub, Mobi, Kindle
  • Publisher : School of Stocks
  • Book Code : N.a
  • Total of Pages : 397
  • Category : Business & Economics
  • Members : 489
  • Pdf File: the-complete-foundation.pdf

Book Short Summary:

Vision: To make our readers understand the most important concepts that are needed to become successful at trading. By the end of this book, you will completely understand how the Stock Market works. We also cover: Technical Indicators like BB, RSI, and the ATR, Stock, Broker, Exchanges, Orders, Technical Analysis(Charts, Candlesticks, Trends, Supports & Resistances, Chart Patterns, Volume, etc.), Risk Management and Money Management, Trading Psychology, IPO, Stock Market History, and its Evolution, Different Exchanges (NYSE, NASDAQ, NSE, BSE, ECNs, Dark Pools), Financial statements evaluation. We also cover in-depth 2 Trading Strategies from the ground up. Including the thought process behind the strategies, tools to use for them, and how to test them for yourself. This is where you put everything into practice and where you learn how strategies can be built. we learn to Develop and Implement our own Trading Strategies, Valuation methods, Fundamental Analysis, VWAP, Fundamental Ratios easily (Earnings, Earnings Per Share, Price to Earnings, Price To Book, and much more). You will fully understand Indexes, the Economic Cycle, Monetary and Fiscal Policy, ...

Market Integrity

By Robert A. Schwartz,John Aidan Byrne,Eileen Stempel
  • File : Pdf, ePub, Mobi, Kindle
  • Publisher : Springer
  • Book Code : 3030028712
  • Total of Pages : 102
  • Category : Business & Economics
  • Members : 535
  • Pdf File: market-integrity.pdf

Book Short Summary:

This book explores the integrity of equity markets, addressing such issues as the exchange vs. customer perspective on price discovery and the ways market participants deal with key regulatory concerns. Do market practitioners pass the integrity test? How does “market integrity” play out globally? What is the overall veracity of the marketplace? These are some of the key questions considered in this volume from the viewpoints of traders, economists, financial market strategists and exchange representative. Titled after the Baruch College Financial Markets Conference, Market Integrity: Do Our Equity Markets Pass the Test?, this book is of interest to market practitioners, trading professionals, academics and students in the field of financial markets. The Zicklin School of Business Financial Markets Series presents the insights emerging from a sequence of conferences hosted by the Zicklin School at Baruch College for industry professionals, regulators and scholars. Much more than historical documents, the transcripts from the conferences are edited for clarity, perspective and context; material and comments from subsequent interviews with the panelists and speakers are integrated for a complete thematic presentation. Each book is focused on a well-delineated topic, but all deliver broader insights into the quality and efficiency of the U.S. equity markets and the dynamic forces changing them.

High-Frequency Trading

By Irene Aldridge
  • File : Pdf, ePub, Mobi, Kindle
  • Publisher : John Wiley & Sons
  • Book Code : 1118416821
  • Total of Pages : 320
  • Category : Business & Economics
  • Members : 155
  • Pdf File: high-frequency-trading.pdf

Book Short Summary:

A fully revised second edition of the best guide to high-frequency trading High-frequency trading is a difficult, but profitable, endeavor that can generate stable profits in various market conditions. But solid footing in both the theory and practice of this discipline are essential to success. Whether you're an institutional investor seeking a better understanding of high-frequency operations or an individual investor looking for a new way to trade, this book has what you need to make the most of your time in today's dynamic markets. Building on the success of the original edition, the Second Edition of High-Frequency Trading incorporates the latest research and questions that have come to light since the publication of the first edition. It skillfully covers everything from new portfolio management techniques for high-frequency trading and the latest technological developments enabling HFT to updated risk management strategies and how to safeguard information and order flow in both dark and light markets. Includes numerous quantitative trading strategies and tools for building a high-frequency trading system Address the most essential aspects of high-frequency trading, from formulation of ideas to performance evaluation The book also includes a companion Website where selected sample trading strategies can be downloaded and tested Written by respected industry expert Irene Aldridge While interest in high-frequency trading continues to grow, little has been published to help investors understand and implement this approach—until now. This book has everything you need to gain a firm grip on how high-frequency trading works and what it takes to apply it to your everyday trading endeavors.