UID:
almahu_9948025710002882
Format:
1 online resource (353 p.)
Edition:
1st edition
ISBN:
1-282-16863-0
,
9786612168635
,
0-08-092140-X
Series Statement:
Elsevier and IIT Stuart Center for Financial Markets press
Content:
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 involved with the financial exchanges needs to understand the major forces pushing this transformation in order to position themselves and their institutions to the best advantage.In this book, veteran exchange expert Michael Gorham joins his twenty-five years of experience with CME and CBOT to
Note:
Description based upon print version of record.
,
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
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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
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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
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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
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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
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SIMEX Was Born Global
,
English
Additional Edition:
ISBN 0-12-374252-8
Language:
English
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