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Trading and Exchanges: Market Microstructure for Practitioners Hardcover – 1 November 2002

by Harris (Author)
4.5 out of 5 stars 77
Edition: 1st
See all formats and editions
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This book is about trading, the people who trade securities and contracts, the marketplaces where they trade, and the rules that govern it. Readers will learn about investors, brokers, dealers, arbitrageurs, retail traders, day traders, rogue traders, and gamblers; exchanges, boards of trade, dealer networks, ECNs (electronic communications networks), crossing markets, and pink sheets. Also covered in this text are single price auctions, open outcry auctions, and brokered markets limit orders, market orders, and stop orders. Finally, the author covers the areas of program trades, block trades, and short trades, price priority, time precedence, public order precedence, and display precedence, insider trading, scalping, and bluffing, and investing, speculating, and gambling.
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  1. ISBN-10
    0195144708
  2. ISBN-13
    978-0195144703
  3. Edition
    1st
  4. Publisher
    Oxford University Press USA
  5. Publication date
    1 November 2002
  6. Part of series
    Financial Management Association Survey and Synthesis
  7. Language
    English
  8. Dimensions
    26.47 x 3.61 x 18.29 cm
  9. Print length
    656 pages
  10. See all details
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Product description

Review

[It] is the most comprehensive treatment of market microstructure that I have seen...he does not compromise on breadth or depth...indispensable for anyone who cares about trading ― Journal of Investment Management

Review

". . .Trading and Exchanges is about as comprehensive a book about the markets and trading as you are going to find. . .[T]his book is . . .organized so that you can flip to any topic and be certain of in depth coverage and accessible explanations supported by graphs and tables. Harris touches on just about every aspect of market economics, structure and regulation, from the players. . .to the game. This book is an objective, and more important, practical survey of an area of financial economics that has become increasingly, and needlessly, complex. . . Harris keeps us on the straight and narrow. We are unable to drift into that disingenuous and murky world of trading advice based on personal success, or failure in the markets. . .Whether you are a novice or veteran investor, trader, dealer or broker, Trading and Exchanges cracks the code on practically every facet of market microstructures. It is a trading bible."--TurtleTrader.com "Larry Harris is arguably the foremost expert on market microstructure. ... With his illustrious background you might suspect he knows of what he speaks. After you read this book, you will be convinced of it. Trading and Exchanges is the most comprehensive treatment of market microstructure I have seen. ... Harris offers something for everyone with an interest in trading. ... [He] presents his subject matter, which could be so daunting to many of us, in a surprisingly accessible and entertaining style. Despite this engaging style, he does not compromise on breadth or depth. ... Trading and Exchanges is indispensable for anyone who cares about trading. What's more, it is entertaining."--Journal of Investment Management

Product details

  • Publisher ‏ : ‎ Oxford University Press USA; 1st edition (1 November 2002)
  • Language ‏ : ‎ English
  • Hardcover ‏ : ‎ 656 pages
  • ISBN-10 ‏ : ‎ 0195144708
  • ISBN-13 ‏ : ‎ 978-0195144703
  • Dimensions ‏ : ‎ 26.47 x 3.61 x 18.29 cm
  • Customer Reviews:
    4.5 out of 5 stars 77

About the author

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Larry Harris

Larry Harris

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Larry Harris holds the Fred V. Keenan Chair in Finance at the USC Marshall School of Business. His research, teaching, and consulting address regulatory and practitioner issues in trading and in investment management. He has written extensively about trading rules, transaction costs, and market regulations. His introduction to the economics of trading, Trading and Exchanges: Market Microstructure for Practitioners (Oxford University Press: 2003), is widely regarded as a “must read” for entrants into the securities industry.

Chairman Harvey Pitt appointed Dr. Harris to serve as Chief Economist of the U.S. Securities and Exchange Commission in July 2002 where he continued to serve under Chairman William Donaldson through June 2004. As Chief Economist, Harris was the primary advisor to the Commission on all economic issues. He contributed extensively to the development of regulations implementing Sarbanes-Oxley, the resolution of the mutual fund timing crisis, the specification of Regulation NMS (National Market System), the promotion of bond price transparency, and numerous legal cases. Harris also directed the SEC Office of Economic Analysis in which 35 economists, analysts, and support staff engage in regulatory analysis, litigation support, and basic economic research.

Professor Harris currently serves on the boards of Interactive Brokers, Inc. (IBKR), the Clipper Fund, Inc. (CFIMX), and CFALA, the Los Angeles Society of Financial Analysts. He is the director of the USC Marshall School Center for Investment Studies and the research coordinator of the Institute for Quantitative Research in Finance (the Q-Group). He is an former associate editor of the Journal of Finance, the Review of Financial Studies, and the Journal of Financial and Quantitative Analysis. Other professional service has included year-long assignments to the U.S. Securities and Exchange Commission and to the New York Stock Exchange immediately following the Stock Market Crash of 1987. Dr. Harris has also worked at UNX, Inc., an electronic pure agency institutional equity broker, and at Madison Tyler, LLC, a broker-dealer engaged in electronic proprietary trading in various markets.

Dr. Harris received his Ph.D. in Economics from the University of Chicago in 1982.

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The Lone Comic
5.0 out of 5 stars Psst! Want to know more than your broker does?
Reviewed in the United States on 5 August 2017
Verified Purchase
The credibility of the author is indisputable in terms of expertise and experience. The work reads like an encyclopedia, but breaks away from that format with great anecdotes, historical perspective and contemporary context.

A gifted writer as well as an intellectual titan in the field, Larry Harris - well I wish I was smart enough to take him to lunch and pick his brain.

If you really want to understand the value and potential profits found in market micro-structure, there are fewer books more informative, and I am sure Mr. Harris has read them all.

Psst... Want to know more than your broker? Get the book, but only if you are intent on being a serious professional making gobs and gobs of money in short amounts of time. Otherwise, why would you work your way through this data type?

The Lone Comic TM
4 people found this helpful
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xavier
5.0 out of 5 stars ... institution is clearly write and its give me a better comprehensive for my trading this book truly put my ...
Reviewed in Canada on 13 September 2015
Verified Purchase
the regulatation and the law of the institution is clearly write and its give me a better comprehensive for my trading
this book truly put my trading on other level.
this book not give a strategy to us (maby 1) but we can increase our strategy compared to what they do.
is truly essential you know what the other do and what is their law

a certain firms exist just for one thing and if you don't know what this different firms are here for one specific thing you cant trade

anybody is ok for read this book. is not a university book which you need a scholarity or need be perfectly good in english.
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Cliente Amazon
5.0 out of 5 stars Highy recommended.
Reviewed in Italy on 29 April 2016
Verified Purchase
This is the best book about trading I've ever read. It is particularly suitable for people interested in the fundamental concepts rather than mathematical models.
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Cyrus Pieris
5.0 out of 5 stars Incredibly informative and fun
Reviewed in the United Kingdom on 26 August 2010
Verified Purchase
This is a book that incorporates economics and all the activities that can and do take place in trading on the Stock Exchanges or over the counter. It is mainly geared for the US but as someone who works in the industry in the UK I believe that this should be a must read for anyone interested in trading or regulating the trading environment. It explains most aspects of trading clearly and balances out the good and bad sides while also managing to delve into economic and human motivations.

Not many economics books have references to trading places the movie with Eddie Murphy and Dan Ackroyd (apart from this one) and LH has these informative bits all around the book ensuring that the reading never gets too heavy. Its a bit like an advert from a Paul Verhoven movie enlightening you to the social attitudes within the movie society and also managing to amuse you.

Good Book Larry... now please write a bit more.. shame to waste such talent.
One person found this helpful
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Sergii R.
5.0 out of 5 stars Too much focus on gender equality
Reviewed in the United Kingdom on 2 April 2018
Verified Purchase
The content totally deserves 5 stars. Unfortunately the author took the gender equality issue to the extreme. Female traders really don't fit into the mental picture the examples are supposed to provide. Very distracting and annoying. Great book otherwise.
3 people found this helpful
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