Market Microstructure Theory Review

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(More customer reviews)This is the quintessential book on the theory of the microstructure of financial markets. Although it is not meant for people with just a casual interest in the area, it is nevertheless an indispensable book for academics and for people serious about the topic.

It is also far more readable and understandable than Daniel Spurber's book which provides little of the working intuition of O'Hara. In fact Spurber is meant more for the theoretical economist with an interest in market microstructure, whereas O'Hara appeals to a broader audience in the field of finance.

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Written by one of the leading authorities in market microstructure research, this book provides a comprehensive guide to the theoretical work in this important area of finance.

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Market Basics Set: An Introduction to Trading in the Financial Markets: Market Basics Review

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(More customer reviews)Although I've been in the Financial Industry for many years, I've known that there are gaps in my knowledge, and this book helped to fill them.
I was looking for a step-by-step description of the Trading Process, and this book had what I was looking for (although I'll be waiting for the subsequent books in the set to provide more detail). I can now explain the difference between clearing and settlement.
I also liked the fact that it had clear definitions for terms such as 'Prime Broker' and 'Wholesalers' and had good diagrams that showed the relationship between the different components that make up the industry on both the buy and sell side.
I'd highly recommend this book as a good overview of the Financial Industry. My only minor complaint is that sometimes I felt that the diagrams tended to overwhelm the text.
-Stuart.

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How do financial markets operate on a daily basis? This first of four volumes introduces the structures, instruments, business functions, technology, regulations, and issues that commonlyfoundin financial markets. Placing each of these elements into context, Tee Williams describes what people do to make the markets run. His descriptions apply to all financial markets, and he includescountry-specific features, stories, historical facts, glossaries, and brief technical explanations that reveal individual variations and nuances. Reinforcing his insights are visual cues that guide readers through the material. While this book won't turn you into an expert broker, it will explain where brokers fit into front office, middle office, and back office operations. And that knowledge is valuable indeed.

* Provides easy-to-understand descriptions of all major elements of financial markets

*Filled with graphs and definitions that help readers learnquickly

* Offers an integrated context based on the author's 30 years' experience

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Empirical Market Microstructure: The Institutions, Economics, and Econometrics of Securities Trading Review

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(More customer reviews)The book by Professor Hasbrouck "Empirical Market Microstructure" is an excellent additon to the recent literature on market microstructure. by focussing on empirical modelling of various aspects of market microstructure, the book fills a much needed gap between high end practionaers and academia. It complements the theoretical book by Professor O'Hara, and concisely presents a great deal of empirical work done by Prof. Hasbrouck himself in this field.
Ocassionally the book reads like a cook book and at times like a summary of the papers; for people who have read his earlier papers, the material sounds a bit repititive.
some more effort on highlighting the differences in empirical results between equity, FX and Fixed income markets, and reconcilling with theoretical ideas would have been far more informative.


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Trading and Exchanges: Market Microstructure for Practitioners Review

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(More customer reviews)I have been trading for 8 years. 6 years prop trading, I now run a hedge fund. We make about 10,000 trades/day. I wish I had read this book years ago. I've had to pay Mr. Market a large sum to learn many of these lessons. Larry Harris has written what I consider to be the best book in the field of trading. He covers nearly all topics, from structural & regulatory issues, to descriptions of the players; costs to performance evaluation. Presentation is excellent - the numerous sidebars, tables & graphs serve to illustrate the text. My only complaint is that the book does not take the quantitative side far enough. I recommend a technical appendix plus specific references (perhaps annotating the excellent bibliography) for the mathematically inclined reader.
If you are interested in trading, or curious about the markets, buy and read this book!

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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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