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Equity Markets in Action: The Fundamentals of Liquidity, Market Structure & Trading + CD

ISBN: 978-0-471-46922-3
480 pages
August 2004
Equity Markets in Action: The Fundamentals of Liquidity, Market Structure & Trading + CD (047146922X) cover image
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.
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Preface.

Chapter 1. Role of an Equity Market.

Chapter 2. From Information to Prices.

Chapter 3. Liquidity.

Chapter 4. What We Want From Our Markets.

Chapter 5. Institutional Order Flow.

Chapter 6. Order Driven Markets.

Chapter 7. Intermediated Markets.

Chapter 8. The Evolving Scene in the US.

Chapter 9. The Evolving Scene in Europe.

Chapter 10. Clearing and Settlement.

Chapter 11. Regulation.

Chapter 12. Simulated Trading.

Appendix A: Prices and Returns.

Appendix B: From Portfolio Decisions to Trading in a Frictionless Environment.

Appendix C: Dimensions of Informational Efficiency.

Appendix D: The Concept of Self-Regulation.

Selected Reading.

Biographies.

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ROBERT A. SCHWARTZ is Marvin M. Speiser Professor of Finance and University Distinguished Professor in the Zicklin School of Business, Baruch College, CUNY. Prior to his current position, he was Professor of Finance and Economics and Yamaichi Faculty Fellow at New York University’s Leonard N. Stern School of Business. Professor Schwartz received his PhD in economics from Columbia University. He has produced numerous journal articles and eleven books, has been an associate editor for several finance journals, and has served as a consultant to various market centers including, the New York Stock Exchange, the American Stock Exchange, NASDAQ, Instinet, and Deutsche Börse. In December 1995, Professor Schwartz was named the first chairman of NASDAQ’s Economic Advisory Board and served on the EAB until spring 1999.
RETO FRANCIONI is President and Chairman of the Board of SWX, the Swiss Stock Exchange. Prior to assuming his current position in May 2002, he was co-CEO of Consors Discount Broker AG, Nuremberg. Earlier in his career, in 1993, Francioni was named to the executive board of Deutsche Börse AG, where he was responsible for its entire cash market division. In 1999, he became Deputy Chief Executive Officer. Francioni has a law degree and PhD in law from Zurich University, and is an adjunct Professor of Economics and Finance in the Zicklin School of Business, Baruch College, CUNY. He has held management positions in the securities exchange, corporate finance, and banking industry.
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An in-depth look at the nature of market making and exchanges.
  • Takes students inside the mechanics of the market.
  • Includes a companion CD that contains an interactive trading simulation package.
  • Provide students with hands-on experience in making tactical trading decisions in a variety of market structures.
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"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
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Equity Markets in Action: The Fundamentals of Liquidity, Market Structure & Trading + CD (US $89.95)

-and- The Risk of Trading: Mastering the Most Important Element in Financial Speculation (US $75.00)

Total List Price: US $164.95
Discounted Price: US $123.71 (Save: US $41.24)

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