Format:
1 Online-Ressource (290 Seiten)
Edition:
1st ed
ISBN:
9782384547753
Note:
Description based on publisher supplied metadata and other sources
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Intro -- Couverture -- Page de titre -- Speakers -- General Introduction -- Acknowledgments -- About the author -- Author's message -- Who this book is for -- About the people interviewed -- PART I: PRESENTATION, EVOLUTION AND SUPERVISION OF FINANCIAL MARKETS -- Chapter 1: Presentation and evolution of financial markets -- 1.1 The main US markets -- 1.2 The main European markets -- 1.3 Financial markets competition -- Chapter 2: The structure of equity markets today -- 2.1 In the USA -- 2.2 In Europe -- 2.3 Classification and financial market players -- 2.4 The main supervisory bodies -- Chapter 3: Financial markets evolutions as a source of high-frequency trading -- PART II: A FINANCIAL INNOVATION THAT HAS GOTTEN OUT OF HAND: HIGH-FREQUENCY TRADING -- Chapter 4: High-frequency Trading -- 4.1 Definition of high-frequency trading -- 4.2 Speed is money -- 4.3 The damage of high-frequency trading on the real economy -- 4.4 The place of high-frequency trading and the main players today -- a. The main players of high-frequency trading -- b. The behavior of high-frequency trading players on financial markets (illustration with Euronext Paris) -- c. The contributions of high-frequency trading for financial markets -- d. Critics of high-frequency trading -- Chapter 5: The techniques and abuses of high-frequency trading -- 5.1 Front Running -- 5.2 Manipulation of commission systems -- a. Introduction -- b. The Maker-Taker pricing model -- c. The Taker-Maker pricing model -- 5.3 Specific high-frequency trading orders -- a. Post-Only Orders -- b. Hide Not Slide Orders -- c. Primary peg orders -- d. Midpoint peg orders -- e. Fill or Kill orders (FOK) and Immediate or Cancel (IOC) orders -- 5.4 Scalping -- a. Definition -- b. Scalping 0+ -- c. The consequences of scalping for investors -- 5.5 Deceptive Orders -- a Phantom orders -- b. Spoofing and layering
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c. Quote stuffing -- d. Jamming -- 5.6 Pinging Strategies and Iceberg Orders -- 5.7 The use of insider information -- a. Flash orders -- b. Access to privileged market data -- 5.8 Burst Orders -- 5.9 Other strategies used by high-frequency traders -- a. ETF market-making: ETFs creations and redemptions -- b. Pairs trading strategies -- c. Interlisted Arbitrage Strategies -- d. Futures-ETF Arbitrage -- e. Event pace trading strategies -- Chapter 6: Difficult supervision by the authorities -- 6.1 The difficulties encountered by the authorities -- 6.2 Some convictions -- 6.3 Recommendations: develop means of protection against high-frequency trading -- a. 1st recommendation: to deploy speed bumps -- b. 2nd recommendation: analyze and anticipate price updates: the IEX signal -- c. 3rd recommendation: deploy anti-HFT orders: illustration with IEX -- d. 4th recommendation: review markets microstructure -- 6.4 SEC new market proposal -- PART III: THE GRAY AREAS ON FINANCIAL MARKETS: DARK POOLS -- Chapter 7: Non-transparent financial markets -- 7.1 Definition -- 7.2 Why having created Dark Pools? -- Chapter 8: How Dark Pools work -- 8.1 Authorized Persons in Dark Pools -- 8.2 "Dark" order types and their characteristics -- 8.3 Matching Price or Execution Price -- 8.4 Priority rules -- 8.5 Internal controls carried out -- 8.6 The main actors of Dark Pools -- a. European banks -- b. US banks -- c. Stock market operators -- d. Independent companies -- Chapter 9: High-Frequency Trading strategies in Dark Pools and market abuses -- 9 1 "Slow price feed" strategies: arbitrage Dark Pools - Lit Markets -- 9.2 Dark Pool Order Detection Strategies -- 9.3 Dark Pool Abuses Related to Proprietary Orders -- 9.4 NBBO manipulations -- Chapter 10: The place of Dark Pools in the US and European markets -- General conclusion -- Annex 1: List of US Stock Markets in 2022
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Annex 2: List of Dark Pools in the United States as of December 2022 -- Annex 3: state of US financial markets in 2022 -- Annex 4: US Stock exchanges pricing models -- Annex 5: Market share by type of pricing model on the first semester of 2022148 -- Annex 6: Payment For Order Flow (PFOF) received by the main broker-dealers in the first quarter of 2022149 -- Annex 7: List of main European stock exchanges and multilateral trading facilities -- Bibliography -- Copyright
Additional Edition:
Erscheint auch als Druck-Ausgabe Troyaux, William High-Frequency Trading and Dark Pools: the Complexity of Financial Markets Namur : Publishroom.com,c2023
Language:
English
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