Dark Trading

Author : Scott Patterson
Publisher : Crown Currency
Page : 386 pages
File Size : 46,5 Mb
Release : 2012-06-12
Category : Business & Economics
ISBN : 9780307887191

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Dark Pools by Scott Patterson Pdf

A news-breaking account of the global stock market's subterranean battles, Dark Pools portrays the rise of the "bots"--artificially intelligent systems that execute trades in milliseconds and use the cover of darkness to out-maneuver the humans who've created them. In the beginning was Josh Levine, an idealistic programming genius who dreamed of wresting control of the market from the big exchanges that, again and again, gave the giant institutions an advantage over the little guy. Levine created a computerized trading hub named Island where small traders swapped stocks, and over time his invention morphed into a global electronic stock market that sent trillions in capital through a vast jungle of fiber-optic cables. By then, the market that Levine had sought to fix had turned upside down, birthing secretive exchanges called dark pools and a new species of trading machines that could think, and that seemed, ominously, to be slipping the control of their human masters. Dark Pools is the fascinating story of how global markets have been hijacked by trading robots--many so self-directed that humans can't predict what they'll do next.

Author : Anna-Carina Salger
Publisher : Walter de Gruyter GmbH & Co KG
Page : 283 pages
File Size : 53,6 Mb
Release : 2020-01-20
Category : Law
ISBN : 9783110662092

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Dark Trading by Anna-Carina Salger Pdf

This timely book explores the pressing topic of dark trading. Following new EU legislation regulating financial markets (MiFID II and MiFIR), it traces the rapid development of off-market securities trading ("dark trading"), analyzes economic studies of this development, and positions the resulting regulatory framework of the EU over against that of the US. The study closes with proposals for reform that provide new impetus for further scientific discussion.

Author : Jay Vaananen
Publisher : John Wiley & Sons
Page : 253 pages
File Size : 48,7 Mb
Release : 2015-02-23
Category : Business & Economics
ISBN : 9781118879191

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Dark Pools and High Frequency Trading For Dummies by Jay Vaananen Pdf

A plain English guide to high frequency trading and off-exchange trading practices In Dark Pools & High Frequency Trading For Dummies, senior private banker Jukka Vaananen has created an indispensable and friendly guide to what really goes on inside dark pools, what rewards you can reap as an investor and how wider stock markets and pricing may be affected by dark pools. Written with the classic For Dummies style that has become a hallmark of the brand, Vaananen makes this complex material easy to understand with an insider's look into the topic. The book takes a detailed look at the pros and the cons of trading in dark pools, and how this type of trading differs from more traditional routes. It also examines how dark pools are currently regulated, and how the regulatory landscape may be changing. Learn what types of dark pools exist, and how a typical transaction works Discover the rules and regulations for dark pools, and some of the downsides to trading Explore how dark pools can benefit investors and banks, and who can trade in them Recognize the ins and outs of automated and high frequency trading Because dark pools allow companies to trade stocks anonymously and away from the public exchange, they are not subject to the peaks and troughs of the stock market, and have only recently begun to take off in a big way. Written with investors and finance students in mind, Dark Pools & High Frequency Trading For Dummies is the ultimate reference guide for anyone looking to understand dark pools and dark liquidity, including the different order types and key HFT strategies.

Author : Michael Lewis
Publisher : W. W. Norton & Company
Page : 288 pages
File Size : 45,7 Mb
Release : 2014-03-31
Category : Business & Economics
ISBN : 9780393244663

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Flash Boys: A Wall Street Revolt by Michael Lewis Pdf

Argues that post-crisis Wall Street continues to be controlled by large banks and explains how a small, diverse group of Wall Street men have banded together to reform the financial markets.

Author : Katharina Niciejewska
Publisher : diplom.de
Page : 82 pages
File Size : 41,6 Mb
Release : 2015-02-01
Category : Business & Economics
ISBN : 9783954898657

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Dark Pools and Flash Trading: New trends in Equity Trading? by Katharina Niciejewska Pdf

This book examines the characteristics of equity trading and especially two relatively new phenomena which are dark pools and flash trading. Over the last years these two terms became more and more important in equity trading and today they are a real alternative to traditional exchanges, like the New York Stock Exchange or Deutsche Börse. But these new evolutions do not only have advantages. Indeed there are concerns that beside the benefits, like fast execution times, sophisticated techniques and less market impact, these mechanisms can also burrow risks. These risks are difficult to estimate, with an evolution of these new platforms that was so quick, that one might have the impression that even regulators do not full yet understand what might happen in the case of a next financial crisis. However with a market share of 15%-20% of all trading activity in global equities and a jump of almost fivefold in the period of time from January to October 2009, these new mechanisms cannot be ignored anymore. Therefore this book explains in detail the functionality of dark pools and other current trading strategies. All important factors like different market structures, market liquidity aspects, as well as regulatory framework and technology facets will be reviewed. Further an outlook should be given to the reader on how the evolution of dark pools & co. might continue in the coming years. With dark pools and flash trading, trading is now dominated by rapid-fire computer systems that might create a more technically driven market, rather than one based on fundamental forces. It remains to see whether this evolution will continue.

Author : Moritz Meyer
Publisher : GRIN Verlag
Page : 5 pages
File Size : 44,6 Mb
Release : 2018-05-29
Category : Business & Economics
ISBN : 9783668712775

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Should dark pools be prohibited? by Moritz Meyer Pdf

Essay from the year 2017 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, grade: 68%, University of Strathclyde, language: English, abstract: Should dark pools be prohibited? Discuss this statement by exclusively presenting arguments that this is not the case. A dark pool is defined by Banks (2010) as an alternative trading system for the anonymous trade of standardised financial products. Pan (2017) specifies it as mainly an equity trading venue. The trades in a dark pool are, according to Ye (2016), concluded outside of any display order. This differs from lit markets, such as traditional stock exchanges, as the trade, according to Comerton-Forde and Putniņš (2015), is only made public after it has been executed. Dark pools are a highly unregulated market sector and not subjected to the rules and regulations of the European stock exchanges, as Baxter (2017) highlights. Petrescu and Wedow (2017) therefore assumed that the key feature of dark pools is less transparency compared to lit markets, i.e. market participants do not have an overview of the supply and demand of the products. The traders purchase and sell on dark pools without showing their identities or exposing transactions to the public market; therefore, the available liquidity in the dark pool is anonymous, as pointed out by Kratz and Schöneborn (2014). The price of a successful order is calculated, as claimed by Banks (2014), as the midpoint of the bid and offer. Zhu (2014) states that the execution of an order in a dark pool is not guaranteed, unlike the traditional stock exchange.

Author : Álvaro Cartea,Sebastian Jaimungal,José Penalva
Publisher : Cambridge University Press
Page : 360 pages
File Size : 55,9 Mb
Release : 2015-08-06
Category : Business & Economics
ISBN : 9781107091146

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Algorithmic and High-Frequency Trading by Álvaro Cartea,Sebastian Jaimungal,José Penalva Pdf

A straightforward guide to the mathematics of algorithmic trading that reflects cutting-edge research.

Author : Sheelah Kolhatkar
Publisher : Unknown
Page : 370 pages
File Size : 53,9 Mb
Release : 2017
Category : Business & Economics
ISBN : 9780812995800

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Black Edge by Sheelah Kolhatkar Pdf

"The rise over the last two decades of a powerful new class of billionaire financiers marks a singular shift in the American economic and political landscape. Their vast reserves of concentrated wealth have allowed a small group of big winners to write their own rules of capitalism and public policy. How did we get here? ... Kolhatkar shows how Steve Cohen became one of the richest and most influential figures in finance--and what happened when the Justice Department put him in its crosshairs"--Amazon.com.

Author : Rhodri Preece
Publisher : Unknown
Page : 128 pages
File Size : 43,6 Mb
Release : 2012-10
Category : Electronic
ISBN : 0938367587

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Dark Pools, Internalization, and Equity Market Quality by Rhodri Preece Pdf

Author : Robert Kissell
Publisher : Academic Press
Page : 496 pages
File Size : 44,5 Mb
Release : 2013-10-01
Category : Business & Economics
ISBN : 9780124016934

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The Science of Algorithmic Trading and Portfolio Management by Robert Kissell Pdf

The Science of Algorithmic Trading and Portfolio Management, with its emphasis on algorithmic trading processes and current trading models, sits apart from others of its kind. Robert Kissell, the first author to discuss algorithmic trading across the various asset classes, provides key insights into ways to develop, test, and build trading algorithms. Readers learn how to evaluate market impact models and assess performance across algorithms, traders, and brokers, and acquire the knowledge to implement electronic trading systems. This valuable book summarizes market structure, the formation of prices, and how different participants interact with one another, including bluffing, speculating, and gambling. Readers learn the underlying details and mathematics of customized trading algorithms, as well as advanced modeling techniques to improve profitability through algorithmic trading and appropriate risk management techniques. Portfolio management topics, including quant factors and black box models, are discussed, and an accompanying website includes examples, data sets supplementing exercises in the book, and large projects. Prepares readers to evaluate market impact models and assess performance across algorithms, traders, and brokers. Helps readers design systems to manage algorithmic risk and dark pool uncertainty. Summarizes an algorithmic decision making framework to ensure consistency between investment objectives and trading objectives.

Author : Ben Davies
Publisher : Unknown
Page : 182 pages
File Size : 53,6 Mb
Release : 2005
Category : Nature
ISBN : UCSD:31822034319293

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Black Market by Ben Davies Pdf

UNK] A powerful and provocative expose of the persistent illegal trade in endangered animals; Shocking photographs are accompanied by interviews with government officials, wildlife protection agents, and conservationists; Focuses on the poachers, smugglers and the buyers revealing the larger issues in this high-stakes game The world's illegal wildlife market is estimated by Interpol to be worth USD 6 billion a year, and is one of the fastest growing areas of international crime. Black Market tells of the forces driving this multibillion dollar trade, and profiles some of the brave activists who are fighting back. The reader is taken on a pictorial journey across the Asian continent to explore the destruction of animal habitats and the disappearance of entire species. This important book proves that we have much to gain by learning more about this truly global issue

Author : John L. Teall
Publisher : Academic Press
Page : 522 pages
File Size : 43,9 Mb
Release : 2018-03-21
Category : Business & Economics
ISBN : 9780128111178

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Financial Trading and Investing by John L. Teall Pdf

Financial Trading and Investing, Second Edition, delivers the most current information on trading and market microstructure for undergraduate and master’s students. Without demanding a background in econometrics, it explores alternative markets and highlights recent regulatory developments, implementations, institutions and debates. New explanations of controversial trading tactics (and blunders), such as high-frequency trading, dark liquidity pools, fat fingers, insider trading, and flash orders emphasize links between the history of financial regulation and events in financial markets. New sections on valuation and hedging techniques, particularly with respect to fixed income and derivatives markets, accompany updated regulatory information. In addition, new case studies and additional exercises are included on a website that has been revised, expanded and updated. Combining theory and application, the book provides the only up-to-date, practical beginner's introduction to today's investment tools and markets. Concentrates on trading, trading institutions, markets and the institutions that facilitate and regulate trading activities Introduces foundational topics relating to trading and securities markets, including auctions, market microstructure, the roles of information and inventories, behavioral finance, market efficiency, risk, arbitrage, trading technology, trading regulation and ECNs Covers market and technology advances and innovations, such as execution algo trading, Designated Market Makers (DMMs), Supplemental Liquidity Providers (SLPs), and the Super Display Book system (SDBK)

Author : Walter Mattli
Publisher : Princeton University Press
Page : 264 pages
File Size : 48,5 Mb
Release : 2019-04-02
Category : Business & Economics
ISBN : 9780691180663

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Darkness by Design by Walter Mattli Pdf

An exposé of fragmented trading platforms, poor governance, and exploitative practices in today's capital markets Capital markets have undergone a dramatic transformation in the past two decades. Algorithmic high-speed supercomputing has replaced traditional floor trading and human market makers, while centralized exchanges that once ensured fairness and transparency have fragmented into a dizzying array of competing exchanges and trading platforms. Darkness by Design exposes the unseen perils of market fragmentation and “dark” markets, some of which are deliberately designed to enable the transfer of wealth from the weak to the powerful. Walter Mattli traces the fall of the traditional exchange model of the NYSE, the world’s leading stock market in the twentieth century, showing how it has come to be supplanted by fragmented markets whose governance is frequently set up to allow unscrupulous operators to exploit conflicts of interest at the expense of an unsuspecting public. Market makers have few obligations, market surveillance is neglected or impossible, enforcement is ineffective, and new technologies are not necessarily used to improve oversight but to offer lucrative preferential market access to select clients in ways that are often hidden. Mattli argues that power politics is central in today’s fragmented markets. He sheds critical light on how the redistribution of power and influence has created new winners and losers in capital markets and lays the groundwork for sensible reforms to combat shady trading schemes and reclaim these markets for the long-term benefit of everyone. Essential reading for anyone with money in the stock market, Darkness by Design challenges the conventional view of markets and reveals the troubling implications of unchecked market power for the health of the global economy and society as a whole.

Author : E. Banks
Publisher : Springer
Page : 261 pages
File Size : 46,7 Mb
Release : 2014-08-21
Category : Business & Economics
ISBN : 9781137449573

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Dark Pools by E. Banks Pdf

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.

Author : J. Martin
Publisher : Springer
Page : 92 pages
File Size : 47,6 Mb
Release : 2014-08-07
Category : Social Science
ISBN : 9781137399052

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Drugs on the Dark Net by J. Martin Pdf

This study explores the rapidly expanding world of online illicit drug trading. Since the fall of the infamous Silk Road, a new generation of cryptomarkets can be found thriving on the dark net. Martin explores how these websites defy powerful law enforcement agencies and represent the new digital front in the 'war on drugs'.