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Dark pools[electronic resource] :off-exchange liquidity in an era of high frequency, program and algorithmic trading /

紀錄類型:	書目-語言資料,印刷品 : Monograph/item
杜威分類號:	332.632
書名/作者:	Dark pools : off-exchange liquidity in an era of high frequency, program and algorithmic trading // Erik Banks.
作者:	Banks, Erik.
出版者:	Basingstoke : : Palgrave Macmillan :, 2014.
面頁冊數:	280 p. : : 23 figures, 13.
附註:	Electronic book text.
標題:	Finance and Accounting.
標題:	Stocks & shares.
ISBN:	1137449578 (electronic bk.) :
ISBN:	9781137449535
ISBN:	9781137449573 (electronic bk.) :
內容註:	PART I: MARKET STRUCTURE 1. Introduction to Dark Pools 2. Market Liquidity and Structure 3. Dark Pool Structure PART II: MICRO ISSUES 4. Topics in Pricing and Execution 5. Trading in Dark Pools 6. Aspects of Technology and Architecture PART III: ENVIRONMENT OF THE FUTURE 7. Regulation, Control, and Transparency 8. The Future of Dark Pools.
摘要、提要註:	This book deals with the topic of dark trading, or non-displayed, off-exchange trading execution. It discusses the development, importance and practice of dark equity trading in an environment dominated by high frequency, program, block and algorithmic trading, and considers its future prospects in a world of mobile capital and changing regulation.
電子資源:	Online journal 'available contents' page

Dark pools[electronic resource] :off-exchange liquidity in an era of high frequency, program and algorithmic trading /
Banks, Erik.

Dark poolsoff-exchange liquidity in an era of high frequency, program and algorithmic trading /[electronic resource] :Erik Banks. - 2nd rev. ed. - Basingstoke :Palgrave Macmillan :2014. - 280 p. :23 figures, 13.

Electronic book text.

PART I: MARKET STRUCTURE 1. Introduction to Dark Pools 2. Market Liquidity and Structure 3. Dark Pool Structure PART II: MICRO ISSUES 4. Topics in Pricing and Execution 5. Trading in Dark Pools 6. Aspects of Technology and Architecture PART III: ENVIRONMENT OF THE FUTURE 7. Regulation, Control, and Transparency 8. The Future of Dark Pools.

Document

This book deals with the topic of dark trading, or non-displayed, off-exchange trading execution. It discusses the development, importance and practice of dark equity trading in an environment dominated by high frequency, program, block and algorithmic trading, and considers its future prospects in a world of mobile capital and changing regulation.Dark Pools is a practical text dealing with the increasingly vital topic of non-displayed, off-exchange trading and execution - in other words, trading that cannot be detected on a screen or through an exchange. With approximately 40% of US equity trading and 10% each of European, Australian and Canadian trading executed off exchange, a thorough understanding of the sector is essential for those dealing in the global financial markets. The new edition of Dark Pools discusses the development, importance, and practice of dark equity trading in an environment that has become increasingly dominated by high frequency, program, block, and algorithmic trading, and considers its future prospects in a world of sophisticated technology and analytics, mobile capital and changing regulation. After an introductory overview this new text analyzes equity market structure by considering market liquidity, the formation of displayed and nondisplayed orders, and the resulting creation of dark liquidity. The discussion is extended by describing how dark pools exist and function from a structural perspective, considering in detail the key players and their interactions with one another and with established exchanges. Various 'micro' themes are then explored, including pricing and execution in both the visible and dark spaces, and the nature of dark trading strategies employed by participants, including those involving block trading, program trading, algorithmic trading, high frequency/ultra low latency trading, and gaming. The discussion is supplemented by a primer on technology issues related to order routing, matching and execution in both the visible and dark sectors. The final section of the book focuses on regulation and the future of dark trading. A review of the regulatory/control framework surrounding dark pool activities considers important new regulatory changes that have been implemented in certain regions, such as those promulgated in Europe via MiFID II and enhancements put forth by national regulators in the US, Canada and Australia. The future of dark pools considers important issues such as pros/cons, sector consolidation, asset class expansion and technological advances. In addition to the latest market developments in this vital sector of the financial markets, the new edition incorporates nearly two dozen 'Pools in Practice' mini-case studies/examples to reinforce the practical nature of the topic, and features an updated and expanded glossary.

PDF.

Erik Banks is an experienced practitioner and regular contributor to the literature in the field of financial risk management, traded markets and regulation. He has spent over 25 years in international banking, working at major financial institutions in New York, London, Tokyo, Hong Kong and Munich. During his career, Erik has been responsible for managing various aspects of financial risk and capital commitments at Merrill Lynch, UniCredit, XL Capital, and Citibank. He has also been a partner in a multi-strategy international equity hedge fund and has consulted for several other alternative asset hedge funds. Erik is the author of over 20 books on risk, derivatives, markets and governance.

ISBN: 1137449578 (electronic bk.) :£50.00Subjects--Topical Terms:

578101
Finance and Accounting.

LC Class. No.: HG4523 / .B364 2014

Dewey Class. No.: 332.632

Dark pools[electronic resource] :off-exchange liquidity in an era of high frequency, program and algorithmic trading /
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505 0 $a PART I: MARKET STRUCTURE 1. Introduction to Dark Pools 2. Market Liquidity and Structure 3. Dark Pool Structure PART II: MICRO ISSUES 4. Topics in Pricing and Execution 5. Trading in Dark Pools 6. Aspects of Technology and Architecture PART III: ENVIRONMENT OF THE FUTURE 7. Regulation, Control, and Transparency 8. The Future of Dark Pools.
516 $a Document
520 $a This book deals with the topic of dark trading, or non-displayed, off-exchange trading execution. It discusses the development, importance and practice of dark equity trading in an environment dominated by high frequency, program, block and algorithmic trading, and considers its future prospects in a world of mobile capital and changing regulation. $b Dark Pools is a practical text dealing with the increasingly vital topic of non-displayed, off-exchange trading and execution - in other words, trading that cannot be detected on a screen or through an exchange. With approximately 40% of US equity trading and 10% each of European, Australian and Canadian trading executed off exchange, a thorough understanding of the sector is essential for those dealing in the global financial markets. The new edition of Dark Pools discusses the development, importance, and practice of dark equity trading in an environment that has become increasingly dominated by high frequency, program, block, and algorithmic trading, and considers its future prospects in a world of sophisticated technology and analytics, mobile capital and changing regulation. After an introductory overview this new text analyzes equity market structure by considering market liquidity, the formation of displayed and nondisplayed orders, and the resulting creation of dark liquidity. The discussion is extended by describing how dark pools exist and function from a structural perspective, considering in detail the key players and their interactions with one another and with established exchanges. Various 'micro' themes are then explored, including pricing and execution in both the visible and dark spaces, and the nature of dark trading strategies employed by participants, including those involving block trading, program trading, algorithmic trading, high frequency/ultra low latency trading, and gaming. The discussion is supplemented by a primer on technology issues related to order routing, matching and execution in both the visible and dark sectors. The final section of the book focuses on regulation and the future of dark trading. A review of the regulatory/control framework surrounding dark pool activities considers important new regulatory changes that have been implemented in certain regions, such as those promulgated in Europe via MiFID II and enhancements put forth by national regulators in the US, Canada and Australia. The future of dark pools considers important issues such as pros/cons, sector consolidation, asset class expansion and technological advances. In addition to the latest market developments in this vital sector of the financial markets, the new edition incorporates nearly two dozen 'Pools in Practice' mini-case studies/examples to reinforce the practical nature of the topic, and features an updated and expanded glossary.
520 1 $a Praise for first edition: 'This is an excellent book. It is bang up to date, in what is a very fast changing area. It is clearly written, and provides a very comprehensive description of these markets and how they work. While it fully covers dark pools, its coverage is much wider than that - covering trading in equity markets more generally' - Professor Charles Sutcliffe, The ICMA Centre, University of Reading, UK.
538 $a PDF.
545 0 $a Erik Banks is an experienced practitioner and regular contributor to the literature in the field of financial risk management, traded markets and regulation. He has spent over 25 years in international banking, working at major financial institutions in New York, London, Tokyo, Hong Kong and Munich. During his career, Erik has been responsible for managing various aspects of financial risk and capital commitments at Merrill Lynch, UniCredit, XL Capital, and Citibank. He has also been a partner in a multi-strategy international equity hedge fund and has consulted for several other alternative asset hedge funds. Erik is the author of over 20 books on risk, derivatives, markets and governance.
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650 7 $a Stocks & shares. $2 bicssc $3 578713
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