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The Quality of Our Financial Markets

Author: Robert A. Schwartz

Publisher: Springer Science & Business Media

Published: 2012-11-29

Total Pages: 101

ISBN-13: 1461455928

The structure and operations of the US equity markets have evolved dramatically in recent decades with the advent of major technology and regulatory changes. Nothing short of a groundbreaking shift has occurred in the securities industry as the transition has been made from predominantly manual, human intermediated trading to predominantly electronic trading. By many measures, commission, spreads and market impact costs have been dramatically reduced in recent years. But does that mean that market quality has improved? That is the key question addressed in this book, titled after the Baruch College Conference, “The Quality of Our Financial Markets: Taking Stock of Where We Stand.” Featuring contributions from a distinguished panel of practitioners, academicians, and regulators, this volume offers a penetrating and timely account of the most current issues in market quality, covering such topics as high-frequency trading; the Flash Crash of May 6th, 2010; dark pools; lit pools; fragmentation; disruptive and advanced technologies. And, very significantly, it takes a close look at the impact and influence of regulation. 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 Much more than historical documents, the transcripts from the conferences are edited for clarity, perspective and context; material and comments from subsequent interviews with the panelists and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.

Guide to Financial Markets

Author: Marc Levinson

Publisher: The Economist

Published: 2018-07-24

Total Pages: 304

ISBN-13: 1541742516

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The revised and updated 7th edition of this highly regarded book brings the reader right up to speed with the latest financial market developments, and provides a clear and incisive guide to a complex world that even those who work in it often find hard to understand. In chapters on the markets that deal with money, foreign exchange, equities, bonds, commodities, financial futures, options and other derivatives, the book examines why these markets exist, how they work, and who trades in them, and gives a run-down of the factors that affect prices and rates. Business history is littered with disasters that occurred because people involved their firms with financial instruments they didn't properly understand. If they had had this book they might have avoided their mistakes. For anyone wishing to understand financial markets, there is no better guide.

A Trading Desk View of Market Quality

Author: Robert A. Schwartz

Publisher: Springer Science & Business Media

Published: 2005-12-19

Total Pages: 207

ISBN-13: 0387231145

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This book is based on A Trading Desk’s View of Market Quality, a conference hosted by the Zicklin School of Business on April 30, 2002. The text includes the edited transcripts of each panel as well as separate presentations by two distinguished industry officials, Joel Steinmetz, who at the time was Senior Vice President, Equities, Instinet Corporation, and Laura Unger, formerly Acting Chairperson and Commissioner of the U.S. Securities and Exchange Commission. This book is not simply a historical record of the conference. It is also an exposition of the complex issues raised by the industry experts and speakers in attendance. Therefore, we introduced new material from foll- up interviews with many of the panelists so that the final result would be a more valuable document. Our intention was to examine the discussions with a critical eye, then modify or expand various sections to reflect contemporary conditions. In addition, we have included a paper by Ozenbas, Schwartz and Wood (see Chapter 8, page 151) that provides further analysis on the connection between market quality and intra-day 1 volatility that was noted several times during the conference. During the production process, we worked with the panelists, and took pains not to put words in their mouths. They have all approved the final draft of the manuscript, and we thank them for their assistance and patience.

Quality Money Management

Author: Andrew Kumiega

Publisher: Academic Press

Published: 2011-08-29

Total Pages: 304

ISBN-13: 9780080559919

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The financial markets industry is at the same crossroads as the automotive industry in the late 1970s. Margins are collapsing and customization is rapidly increasing. The automotive industry turned to quality and its no coincidence that in the money management industry many of the spectacular failures have been due largely to problems in quality control. The financial industry in on the verge of a quality revolution. New and old firms alike are creating new investment vehicles and new strategies that are radically changing the nature of the industry. To compete, mutual funds, hedge fund industries, banks and proprietary trading firms are being forced to quicklyy research, test and implement trade selection and execution systems. And, just as in the early stages of factory automation, quality suffers and leads to defects. Many financial firms fall short of quality, lacking processes and methodologies for proper development and evaluation of trading and investment systems. Authors Kumiega and Van Vliet present a new step-by-step methodology for such development. Their methodology (called K|V) has been presented in numerous journal articles and at academic and industry conferences and is rapidly being accepted as the preferred business process for the institutional trading and hedge fund industries for development, presentation, and evaluation of trading and investment systems. The K|V model for trading system development combines new product development, project management and software development methodologies into one robust system. After four stages, the methodology requires repeating the entire waterfall for continuous improvement. The discussion quality and its applications to the front office is presented using lessons learned by the authors after using the methodology in the real world. As a result, it is flexible and modifiable to fit various projects in finance in different types of firms. Their methodology works equally well for short-term trading systems, longer-term portfolio management or mutual fund style investment strategies as well as more sophisticated ones employing derivative instruments in hedge funds. Additionally, readers will be able to quickly modify the standard K|V methodology to meet their unique needs and to quickly build other quantitatively drive applications for finance. At the beginning and the end of Quality Money Management the authors pose a key question: Are you willing to change and embrace quality for the 21st century or are willing to accept extinction? The real gem in this book is that the concepts give the reader a road map to avoid extinction. Presents a robust process engineering framework for developing and evaluating trading and investment systems Best practices along the step-by-step process will mitigate project risk, model risk, and ensure data quality Includes a quality model for backtesting and managing market risk of working systems

Volatility

Author: Robert A. Schwartz

Publisher: Springer Science & Business Media

Published: 2010-11-18

Total Pages: 152

ISBN-13: 1441914749

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Volatility is very much with us in today's equity markets. Day-to-day price swings are often large and intra-day volatility elevated, especially at market openings and closings. What explains this? What does this say about the quality of our markets? Can short-period volatility be controlled by better market design and a more effective use of electronic technology? Featuring insights from an international array of prominent academics, financial markets experts, policymakers and journalists, the book addresses these and other questions concerning this timely topic. In so doing, we seek deeper knowledge of the dynamic process of price formation, and of the market structure and regulatory environment within which our markets function. 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.

Technical Analysis of the Financial Markets

Author: John J. Murphy

Publisher: Penguin

Published: 1999-01-01

Total Pages: 576

ISBN-13: 110165919X

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John J. Murphy has now updated his landmark bestseller Technical Analysis of the Futures Markets, to include all of the financial markets. This outstanding reference has already taught thousands of traders the concepts of technical analysis and their application in the futures and stock markets. Covering the latest developments in computer technology, technical tools, and indicators, the second edition features new material on candlestick charting, intermarket relationships, stocks and stock rotation, plus state-of-the-art examples and figures. From how to read charts to understanding indicators and the crucial role technical analysis plays in investing, readers gain a thorough and accessible overview of the field of technical analysis, with a special emphasis on futures markets. Revised and expanded for the demands of today's financial world, this book is essential reading for anyone interested in tracking and analyzing market behavior.

Market Integrity

Author: Robert A. Schwartz

Publisher: Springer

Published: 2019-04-11

Total Pages: 102

ISBN-13: 3030028712

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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.

Financial Market History: Reflections on the Past for Investors Today

Author: David Chambers

Publisher: CFA Institute Research Foundation

Published:

Total Pages: 306

ISBN-13: 1944960163

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Since the 2008 financial crisis, a resurgence of interest in economic and financial history has occurred among investment professionals. This book discusses some of the lessons drawn from the past that may help practitioners when thinking about their portfolios. The book’s editors, David Chambers and Elroy Dimson, are the academic leaders of the Newton Centre for Endowment Asset Management at the University of Cambridge in the United Kingdom.

Following the Money

Author: National Research Council

Publisher: National Academies Press

Published: 1995-10-12

Total Pages: 224

ISBN-13: 0309176905

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Many questions have been raised about America's status in the increasingly interconnected global economy. Yet key factsâ€"such as the amount of foreign assets abroad owned by U.S. citizensâ€"are not known. The crucial data needed to assess the U.S. position are unavailable. This volume explores significant shortcomings in U.S. data on international capital transactions and their implications for policymakers. The volume offers clearcut recommendations for U.S. agencies to bring data collection and analyses of the global economy into the twenty-first century. The volume explores: How factors emerging since the early 1980s have shaped world financial markets and revealed shortcomings in data collection and analysis. How the existing U.S. data system works and where it fails how measurements of international financial transactions are recorded; and how swaps, options, and futures present special reporting problems. How alternative methods, such as collecting data, from sources such as global custodians and international clearinghouses, might improve coverage and accuracy.

Your Financial Edge

Author: Paul McCulley

Publisher: John Wiley & Sons

Published: 2007-06-02

Total Pages: 258

ISBN-13: 047016588X

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Praise for Your Financial Edge "Paul McCulley is the man to heed. His knowledge of financial markets runs deep, and his experience has been the best. Beyond all his financial and economic wisdom, he is a human being with inborn instincts of kindness and thoughtfulness-attributes that bring to the reader something richer than just hard facts and sage advice. Jonathan Fuerbringer is the perfect partner for this project, a master of lucidity and a longtime observer of the best and the worst habits of investors." -Peter Bernstein, bestselling author of Against the Gods "Paul McCulley's insightful observations on the economy and financial markets are key inputs to our investment thinking. This book provides analytical tools and actionable advice that can greatly improve your ability to navigate today's complex financial environment. Learn from a master (and maybe even future Federal Reserve Board member) and become a better investor." -Bill Miller, Chairman and Chief Investment Officer, Legg Mason Capital Management "Paul McCulley is just the man to bring 'that ole-time religion' of economics into the new age of investing and help the reader to make coherent sense of just what is going on here. I should know...I listen to his counsel every day here at PIMCO, and for anyone who lacks a key to our door, this is the next best thing! Profit by the prophet-and yes-enjoy." -William H. Gross, Managing Director, PIMCO "In this highly readable book, McCulley and Fuerbringer provide valuable insights, including how the world of policy making impacts investment decisions. Their entertaining and thoughtful analysis is accompanied by a series of penetrating real-life examples that demonstrate the choices facing investors as they seek to maximize returns and minimize risk. With its wisdom and unique perspective, this book will be of interest to both institutional investors and policymakers." -Dr. Mohamed A. El-Erian, President and CEO, Harvard Management Company, member of the faculty, Harvard Business School, and Deputy Treasurer, Harvard University "There's a reason Paul McCulley is a favorite among financial pros and journalists all over the world. He anticipates investment trends before they happen and helps both professional and amateur investors stay ahead of the curve. This is a must-read book for anyone who wants to build and protect their portfolio in the risky decades ahead." -Consuelo Mack, Anchor and Managing Editor, Consuelo Mack WealthTrack