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

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Three interacting forces drive market change: competition, technology change, and regulatory change. The markets have one major objective in particular to achieve: the delivery of accurate price discovery for both traders and the broader market.

Are we getting it? Are competition, technology, and regulation acting together to improve market quality, or are they adding to the complexity of the markets and making accurate price discovery harder to achieve? The difficulty of addressing these issues and reaching a consensus regarding public policy is reflected in the diverse opinions expressed in this book. Equity Markets in Transition underscores how technological evolution and recent regulatory changes have influenced the business, and how these developments have opened new possibilities for exchange organizations and for equity markets as a whole, including such issues as the impact of equity markets on job creation.

The book combines both a theoretical and a practical approach.


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Part I presents a theoretical overview of the international equity market business, including an overall description of the value chain of stock trading that includes deep dives on every decisive step. Part II contains contributions from various business specialists who have specific practical and academic knowledge of the different steps. Equity Markets in Transition represents a unique combination of theoretical and practical analysis that offers first-hand insights on all relevant interactions and interrelations among the various parts of the exchange business, with an emphasis on facilitating analysis of the status quo and of emerging trends regarding business models, regulation, and the development of the competitor, customer and investor sides.

Reto Francioni has been a professor of applied capital markets theory at the University of Basel since From to , he served in the corporate finance division of Hoffmann-La Roche as a member of the Directorate. Prior to this, he was on the executive board of Association Tripartite Bourses and worked, from to , for the former Credit Suisse. Reto Francioni started his career in in the commerce division of Union Bank of Switzerland. He studied and earned his doctorate in law at the University of Zurich. Robert A. Schwartz is the Marvin M. Stern School of Business, where he had been a member of the faculty since In , Professor Schwartz received his Ph.

Her academic specialty is financial economics and the regulation of financial markets. Her research and teaching spans securities markets, corporate finance, and corporate governance. She has published extensively in the area of stock market microstructure, with empirical and theoretical papers on market trading architecture and its impact on liquidity and price formation.

Robert A. Schwartz is Marvin M. His research is in the area of financial economics, with a primary focus on the structure of securities markets. She is widely interviewed on subjects pertaining to financial market information. Josh Stampfli is the head of the automated market-making group at Bernard L.

He designed the trading logic to manage position risk and handle the order flow inherent to the firm's business of providing liquidity to its customers and has also developed independent automated proprietary strategies. He has over 15 years of market experience, ranging from computerized equity trading to statistical fixed income arbitrage, and has experience trading stocks, bonds, swaps, and various derivative products.

Flexible VWAP Executions in Electronic Trading - Semantic Scholar

My strongly held opinion is that one should ignore the lot of them! Their hiring and firing decisions will reflect that. I found the spate of analyst scandals a few years back incomprehensible: how could anyone ever have thought that analysts were disinterested in the first place?

Would you expect an ad agency specializing in cigarettes to go out of its way to draw attention to lung cancer? Now that all the dust has settled, the fact remains that analysts still have a fundamental conflict of interest and their pronouncements, however sincerely felt, should still be taken with a heavy dose of skepticism.

Investors worry liquidity crisis looms on fixed-income horizon

That is, avoid churning your investment portfolio on the basis of the latest news: it has already been incorporated in the stock price thanks to the countless thousands of other traders who also read the newspaper and interpret current developments. If you actively enjoy thinking about stocks and trading them, fine, go ahead! Some people enjoy going to Las Vegas and playing the slot machines. On average, they lose money, but I guess the thrills and excitement along the way make it worthwhile! Since trading costs are quite small for liquid stocks these days, there is scope for a lot of entertainment value at a fairly low cost.

Trading Fundamentals: Understanding Trend & Market Structure

There is one exception to my wet-blanket view of active trading: if you have genuinely unique insights into security values based on your own life experience or analytical skills — I am sure there are quite a few retirees in New York City in this position. Personally, after over 20 years of teaching and researching finance, I can count on the fingers of one hand the instances where I have had genuine inside insights, ripe for conversion into trading gains for example, some software innovations were rolled out in academe before becoming available to a wider audience; daily familiarity made me one of a small group of people best able to evaluate their likely success in the wider marketplace.

But who is to say?

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This shifts investment risks from employers and their shareholders to the beneficiaries, who may not have the time, skills or inclination to avoid exposing themselves excessively to fluctuations in securities market returns. Finally, an additional uncomfortable effect of the trend is that one of the biggest risks we face, namely longevity risk, is no longer automatically insured those who go to the trouble of buying annuities face prices which can be staggeringly unfair in actuarial terms. Regarding the comment about recent innovations like municipal bond ETFs: these broaden the range of affordable options open to small investors, because the trading costs are not as punitive as those for the underlying individual municipal bonds.