Electronic exchanges the global transformation from pits to bits
Anyone reading the business section of a newspaper lately knows that the financial exchanges--stock, bonds, FX, commodities, and so forth--are undergoing tremendous transformations. Fund managers, market makers, traders, exchange professionals, marekt data providers and analyzers, investors--anyone...
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| Formato: | Libro electrónico |
| Idioma: | Inglés |
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Amsterdam ; Boston :
Elsevier
c2009.
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| Edición: | 1st edition |
| Colección: | Elsevier and IIT Stuart Center for Financial Markets press (Series)
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| Ver en Biblioteca Universitat Ramon Llull: | https://discovery.url.edu/permalink/34CSUC_URL/1im36ta/alma991009627381106719 |
Tabla de Contenidos:
- Front cover; Half title page; Electronic Exchanges; Copyright page; Dedication; Table of Contents; Acknowledgments; Part One The Four Basic Transformations; 1 An Era of Creative Destruction; Introduction; Trading: Simple Concept, Complex Process; The Birth of Exchanges; Open Outcry Trading; The Clearing and Settlement Process; Equities; Derivatives; Technology and Its Impact on Financial Markets; The Decade that Changed the Financial World; The First Electronic Market; Electronic Communication Networks and U.S. Equity Markets; Technology Advances in the Financial Industry; Outsourcing
- The Transformation of Exchanges: Basic ThemesFloor to Screen; Private Club to Public Company; National to Global Competition; Smaller to Larger; Implications of the Transformation; Endnotes; 2 From Floor to Screen: The Electronic Pioneers; Introduction; INTEX: The Forgotten First Electronic Derivatives Exchange2; New Zealand and the Wool Guys6; OM: The First Successful Screen-Based Exchange; Melbourne Tries Screens12; SOFFEX: Unexpectedly Electronic; DTB: The Other Half of the World's Biggest Exchange; SOFFEX + DTB = Eurex
- SAFEX: An Electronic Success from an Unexpected Corner of the World19Asian Early Adopters; Japan; China as an Early Adopter21; Conclusion; Endnotes; 3 Floor to Screen: The Second Wave; Introduction; Late Arrivals Get Absorbed; MATIF; The Glitch that Wasn't; LIFFE; Last to the Party; The After-Hours Approach; GLOBEX; CBOT Can't Make Up Its Mind; Chicago: The Final Push; New York: The Final Push; Stock Exchanges Move to Screens; Nasdaq: Early, But Not All the Way; Toronto; Australia; London's Big Bang; Conclusion; Endnotes; 4 Floors to Screens: Nuts and Bolts; The Financial Trade Cycle
- Front OfficeMiddle Office; Back Office; Electronic Trading Architecture; Side-by-Side and Hybrid Systems; The CBOE's Hybrid System6; New Players Solidifying the Single-Screen Concept; Endnotes; 5 From Private Club to Public Company; Introduction; The Member-Owned Exchange: The Good, the Bad, and the Ugly; Good for the Members; Managing Regulators; Jawboning Liquidity for New Markets; Was It Good for the Customers?; Problems with Mutual Exchanges in India: The Government Creates a Demutualized Competitor; Cracks in the System: Drivers of Demutualization; First Step: Demutualization
- The Demutualization ProcessWhat Is an Exchange Membership?; Demutualization and the Transformation of a Membership; Case Study: CME Demutualizes; The Economic Value of Demutualized Membership; CBOE: An Interesting Speed Bump; CBOT; The Energy Giant Demutualizes; The NYSE Buys Public Company Status; The Last Step: The IPO; Conclusion; Endnotes; 6 From National to Global Competition; Securities vs. Derivatives Exchanges: Fees and Revenues; Local to Regional Competition; Competition and Clearing; Competition in Options; Enter the ISE; The Battle over Index Options; Global Competition: The Past
- SIMEX Was Born Global
