Customer Reviews

Market Data Explained: A Practical Guide to Global Capital Markets Information. (The Elsevier and Mondo Visione World Capital Markets)

5 star:		(0)
4 star:		(2)
3 star:		(1)
2 star:		(0)
1 star:		(1)

 

 

Market Data Explained is a rather slim volume that takes a high-level look at the kinds of capital markets data that is typically available, and finds a place for that data in a conceptual framework of the author's devising. Alvarez categorizes the data, shows how it relates both textually and with diagrams, and describes the typical attributes of each kind of record.

There is a great variety of market data out there from various sources described chaotically, if at all, in proprietary ways. Every new practitioner slowly develops their own mental model of how the data fits together. This book can help speed that process.

However, the book is not quite what its title or blurb leads one to believe. It is short on detailed explanation and hands-on practicality. That's not to say there isn't a lot of value in this work: the approach is clear and possibly unique.

What this book does not do is actually show the reader any market data. There are no examples of market data values or transactions whatsoever -- the whole exercise is a bit abstract in that sense. If you are truly new to market data, you won't have much idea what the author is talking about.

The presentation is rather repetitive, which is either a bug or a feature depending on whether one reads the book straight through or just wants to dive into a particular section.

Alvarez offers an introduction to the many types of market data commonly available to professionals in the investment field. The book is also suitable for lay readers, who might be private investors, wanting to understand more about what information is out there.

The book has different ways to classify data. Like by its sources. Where there are some 6 or so main sources, like the stock and bond agencies, government agencies and websites. If you are from a programming bent, you will readily recognise the many Entity Relation Diagrams sprinkled throughout the text. These help clarify the data types.

The book ends with a chapter that is a Logical Data Dictionary. Useful for a quick look at the data types and subtypes talked about earlier in the book.

Keep in mind that the book is fairly lightweight. Financial industry professionals might well have graduated beyond its contents.

I've spent a good deal of the past 20 years managing technical and/or product teams in the financial services industry. One trend within these groups is increasing diversification and specialization in background. Programmers come in knowing "C++/JAVA and THIS part of THAT library/toolset" while business staff seem to be ever more specialized in deeper niches. I don't know how many times I've wished I could say "Take this book. Read it. It has a logical map in it that you need to understand. Everyone else on the team has read this and we use our combined view of the map to discuss what we are doing."

Well, here's the book. If you're involved in managing or leading staff dealing with the nitty-gritty of in-the-trenches securities processing and the corresponding technical operations, this can be a cornerstone for training and communications. The book is not perfect and it doesn't cover everything. But it's the most coherently stated framework for discussions of capital markets data systems or product development for that I've seen in one place.

DISCLAIMER: I've met and worked with Marc professionally, though not in a commercial context. I'm definitely not going to get any compensation of any type for this review ;)

I purchased this book in hopes of gaining a deeper understanding of market data, given that I work in publishing market data for the exchange. Market data is no easy bear to tame and I commend the author for trying to do so. Regrettably, his style of writing, explaining, and examples were poorly executed.

From the consumer stand point, I have to give Marc Alvarez an "F" for a very poor job in writing this book. Based on how he wrote this book, the words he used, and the examples he gave, which were not real world; I would have to conclude he knows very little about market data and used what others have told him throughout the years.

I was very disappointed in the money wasted on this book, which is also very thin in size. Please don't waste your time or money with this purchase. I plan to use it as fire wood this coming winter.

For a good, through, and exhaustive resource in understanding market data and to gain a deeper insight into the financial world, I recommend: Barron's Finance & Investment Handbook 7th Edition by John Downers & Jordan Elliot Goodman. There are complicated explanations in the book; however it is over 1220 pages of market information that will undoubtedly help you in your learning process.

Yours truly,

Jason