The Fundamentals of Liquidity, Market Structure & Trading – R. Schwartz, R. Francioni
Equity Markets in Action: The Fundamentals of Liquidity, Market Structure & Trading
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.
Review:
“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
Content:
Preface ix
CHAPTER 1 The Role of an Equity Market 1
CHAPTER 2 From Information to Prices 33
CHAPTER 3 Liquidity 59
CHAPTER 4 What We Want from Our Markets 81
CHAPTER 5 Institutional Order Flow 114
CHAPTER 6 Order-Driven Markets 156
CHAPTER 7 Intermediated Markets 191
CHAPTER 8 The Evolving Scene in the United States 213
CHAPTER 9 The Evolving Scene in Europe 243
CHAPTER 10 Clearing and Settlement 264
CHAPTER 11 Regulation 291
CHAPTER 12 Simulated Trading 342
APPENDIX A Prices and Returns 361
APPENDIX B From Portfolio Decisions to Trading
in a Frictionless Environment 370
APPENDIX C Dimensions of Informational Efficiency 412
APPENDIX D The Concept of Self-Regulation 424
Selected Readings 434
About the Authors 449
About the CD-ROM 451
Index 454
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