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Trading and Exchanges: Market Microstructure for Practitioners (Financial Management Association Survey and Synthesis) Kindle Edition

by
Larry Harris (Author)
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Larry Harris (Author)
4.3 out of 5 stars 39 customer reviews
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Length: 656 pages Word Wise: Enabled
The Index Card
"The Index Card: Why Personal Finance Doesn’t Have to Be Complicated"
An easy-to-follow action plan that gives you the tools, knowledge, and confidence to seize control of your financial life. See more.

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Product Details

  • File Size: 6140 KB
  • Print Length: 656 pages
  • Publisher: Oxford University Press; 1 edition (September 30, 2002)
  • Publication Date: September 30, 2002
  • Sold by: Amazon Digital Services LLC
  • Language: English
  • ASIN: B003ZSHIPE
  • Text-to-Speech: Enabled
  • X-Ray:
  • Word Wise: Enabled
  • Lending: Not Enabled
  • Enhanced Typesetting: Not Enabled
  • Amazon Best Sellers Rank: #293,084 Paid in Kindle Store (See Top 100 Paid in Kindle Store)

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Customer Reviews

Most Helpful Customer Reviews

5.0 out of 5 starsGreat content, great writing!
By A Customer on December 26, 2002
Format: Hardcover
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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5.0 out of 5 starsThe best reference book on trading and exchanges
By Gadgester HALL OF FAME on December 10, 2004
Format: Hardcover
This book's title understates its contents and scope: this is a comprehensive guide to how financial instrument trading works. If you ever wondered what happens when you place an order to sell 10 million shares of GOOG (which you may or may not already own), or what transpires when you try to corner the silver market like the Hunt brothers, you'll find all the details in this book. But it's more than that.

For the most part accurate and easy-to-read, the 600-page book also covers issues that are of most importance to traders: where to trade, when to trade, how to trade, and what price to trade at. Very detailed discussions reveal how the various market participants, from exchanges to broker-dealers to moronic traders, fulfill their respective roles in the Great Paper Wealth Game. Entire chapters are devoted to speculators vs. liquidity suppliers. The discussions on how each type of players trade and try to outsmart one another offer terrific insights into the psychology and techniques of market players. Usually tedious topics such as order-matching rules and volatility measures are also covered well here.

This is not a book about how to read stock charts or build sophisticated multi-variate GARCH models to predict volatility. It's also not about how you could become a better gambler - the author says the gambler always loses, so you don't have much hope there.

This practioner's book is about financial markets and its inner workings and the human beings that drive them. If you want one authoritative reference volume on the mechanics of financial markets, this is it.

My only quibble is it's expensive for someone who has to pay for the book out of their own pocket.
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5.0 out of 5 starsEncyclopedic, Yet Readable and Accessible
By Wayne H. Wagner on November 22, 2002
Format: Hardcover
If you don't understand how the markets work, want to learn more, and are willing to invest an immodest amount of time and money, this is a book you must read.
Larry Harris is a brilliant contributor to the understanding of markets, and is currently Chief Economist of the Securities and Exchange Commission. This book however, is written as a textbook for the introductory markets class he taught at USC for many years.
Larry's book pulls back the curtains on the mystery and mumbo-jumbo of what happens when investors buy and sell securities. The book is lightly written, with many anecdotes and amusing sidebars, yet presents the latest and best knowledge on how (and why) markets work.
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5.0 out of 5 starsThis is probably the first book anyone even peripherally involved in trading should read
By Scott C. Locklin VINE VOICE on April 4, 2007
Format: Hardcover
I'm not a trader. I do occasionally look longingly at high frequency trading positions (stat arb, automated trading; whatever you'd like to call it). This is the book that actually answers all those questions any curious person who has ever made a trade might ask. What happens when you make a trade? What is the mechanics of making a trade? How does liquidity work? What happens if your trade is bigger than the daily volume of the traded equity? How does index arb work? What do flow traders do to make money? What are the different exchanges, and what are their rules? How does GAAP play out in exchanges? What are NASDAQ's idiosyncrasies? Why don't they have an automated auction model out there (they do)? How do traders scalp you when you want to dump a block on the street? Is this legal? This book answers all, and far more.

I don't know how people used to learn this stuff; presumably either by word of mouth, or by losing millions of their employers dollars. I also don't know what motivated Mr. Harris to spill all this wonderful information, but I am very grateful that he did. I almost feel like I should trash talk the book to prevent people from reading it (yeah, some of the information actually is outdated -pffff, like it matters), but enough know of it already I wouldn't gain much edge.

The person who recommended this book to me is generally mentioned in the same breath as the name "Jim Simons," so I have to assume it is as accurate as anything on the market out there. Wonderful, wonderful stuff. Anyone interested in markets should read this from cover to cover.
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5.0 out of 5 starsA wonderful contribution
By Craig Matteson HALL OF FAMETOP 500 REVIEWER on May 24, 2004
Format: Hardcover
I love this book. We used it in a course I took on trading while I was studying for my MBA (in preview course-pack form) and it was one of those experiences that provide a new understanding of things and provide new modes of thinking and understanding. Those are the kinds of experiences are the reasons you go and pay all that money to earn those degrees.
This is not a book about investing, securities, valuation, or the laws around trading. It is a book about traders, what they do, how they do it, where they trade, and even why they trade. It is the most lucid book I have read on that elusive topic of liquidity and its implications in trading and price discovery. It is wonderful in describing the different types of exchanges and how they function.
I found the discussions on the different types of traders, their practices, and the strategies they use to be fascinating. There is a reason the book is subtitles "Market Microstructure for Practitioners" - the thinking of a trader is very different than the buy-and-hold investor. For a trader, long-term can be a few minutes and inventory has powerful implications as does whether the trading is done via and exchange floor or some automated trading system.
Mr. Harris is to be congratulated and thanked for this terrific book.
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Most Recent Customer Reviews

4.0 out of 5 starsThe must book to begin with...

Excellent book that covers market microstructure and trading practices at length. The writing style is very clear, and the book uses most of the jargons one would normally come... Read more

Published 4 months ago by Amazon Customer
5.0 out of 5 starsFive Stars

Difficult

Published 14 months ago by Brady
5.0 out of 5 starsAmazing book! The author and contributors know what they ...

Amazing book !
The author and contributors know what they are talking about and have done a good job in explaining difficult concepts simply !

Published 17 months ago by kenji chin
4.0 out of 5 starsGood Read

Great read for someone getting started into the industry and wants to know about the markets. However, a lots of examples especially in the start relate to the old way of... Read more

Published 21 months ago by Rush
5.0 out of 5 starsBest book on the topic? Probably!

This should be required reading for anybody with a 401(k). The author gives a very clear picture (most of the time) of exactly how transactions arise and get processed. Read more

Published on November 13, 2013 by Hazard
3.0 out of 5 starsTrading and Exchanges

Very informative but a very hard read. This book may not be for everyone. So far I've learned a lot from select chapters. Some topics don't interest me.

Published on November 6, 2013 by R. DeSisto
5.0 out of 5 starsGood Overview of Micro and Trading

I liked this textbook - I am an industry professional but I found the book helpful for my FX class. It was easy to read through and gave an excellent overview of the markets.

Published on October 1, 2013 by Wallstreet12
5.0 out of 5 starsGood

Book I have needed for several years. Knowledge is power and this book is filled with information that is vital to all small retail traders.

Published on September 13, 2013 by Bryan C. Hawkins
5.0 out of 5 starsMust Have!

This book is simply a must have for anyone who is interested in Stocks, Futures, Option, FX etc. If someone tells me that they want to know more about the exchanges, I recommend... Read more

Published on August 17, 2013 by Luke
5.0 out of 5 starsVery details

If you want a book that explains in minute detail the process of a trade occurring this it great. Its a hard read with a lot of detail and is not an entertaining story but a very... Read more

Published on August 9, 2013 by P. Maich

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