Electronic Trading And Blockchain: Yesterday, Today And Tomorrow Kindle Edition
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"Richard Sandor is one of the leading visionaries of the trading industry. Many of his earliest insights helped transform the derivatives business and establish the norms of today. His new book showcases the technology revolution that has taken us from pit trading to new financial technologies like blockchain. Written from his compelling, eye-witness perspective, Richard vividly captures the innovative spirit that continues to propel this dynamic industry forward." -- Terrence A Duffy, Chairman and CEO, CME Group
"Economists standardly assume the existence of financial markets. But this assumption misses the deeper and more difficult questions of when, why, and how markets exist, as well as how they can be made more efficient. This magnificent collection of essays by the very leaders who developed new financial markets tackles these vital questions. By looking both to the past (such as the first all-electronic exchange) and to the future (such as blockchain), the essays reveal how human creativity, relationships, and sheer hard work bring financial markets into existence. These are important, edifying, and inspiring lessons. No reader of this book will ever again be content to assume the existence of financial markets." -- Thomas J Miles, Dean and Clifton R Musser Professor of Law and Economics, University of Chicago Law School
"Dr Sandor has been at the forefront developing widely-accepted risk management solutions. As a young academic in the 1960's, he was already ahead of the curve on the digitization of markets with early-generation computers. Known throughout the world for pioneering many of the most relied upon instruments and techniques for transforming price risk, he has earned global recognition and is celebrated as the "father of financial futures." Most recently, he has successfully demonstrated how a well-designed market can solve for shortages of food and water, as well as encourage investment in clean air. And he's not resting, as he continues to pioneer new market solutions with blockchain technologies. Any time Dr Sandor shares his perspectives on a topic, the industry takes notice." -- Jeffrey C Sprecher, Chairman & CEO, Intercontinental Exchange (ICE) and Chairman, New York Stock Exchange
"A modestly self-described student of markets, Richard Sandor has never been one for a heavy history lesson but he deftly weaves a compelling narrative through the past to take us well into the financial future, with an elegant self-deprecation for his sheer genius of thought, analysis, insight and vision. His insights alongside his elegant portfolio of persuasive thinkers is a treasure to behold. This one man blockchain of financial insight has assembled a cornucopia of ideas from among the best minds in this new technology." -- Patrick L Young, author of Capital Market Revolution!--This text refers to the hardcover edition.
About the Author
- ASIN : B07D2Z3FMZ
- Publisher : World Scientific (April 19, 2018)
- Publication date : April 19, 2018
- Language : English
- File size : 10244 KB
- Text-to-Speech : Enabled
- Enhanced typesetting : Enabled
- X-Ray : Not Enabled
- Word Wise : Enabled
- Print length : 228 pages
- Lending : Not Enabled
- Best Sellers Rank: #1,924,908 in Kindle Store (See Top 100 in Kindle Store)
- Customer Reviews:
Top reviews from the United States
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Dr. Sandor apparently made little effort to verify his discussion of my patent, the chain of events which related to the establishment of the World Energy Exchange, and the acquisitions of the patent that followed. Through the years it has been popular to dismiss my efforts by attributing the patent to my time spent as Executive Director of the Commodity Futures Trading Commission. What was contained in the record was that my very first job out of high school, at age 17, in 1963, was working for one of the inventors of the Sperry Rand Univac where I was sent to their engineering school, that I headed a good portion of the investigation of the Silver Market Crash while serving as Special Assistant to the US Comptroller of the Currency, that I served on the review boards of the Office of Technology Assessment related to the implementation of computer systems in the Federal government, and served on the team that did a complete overhaull of the National Banking Surveillance System.
Further, unlike the team of considered intellectuals and scholars Dr. Sandor apparently joined in 1970, (during which time I was serving my country in Africa) I drew my original drawings sitting by myself in the evenings, as a single mother, after putting my children to bed. I had not completed a great scholarly study. I had used common sense, and it is in the record that I discussed what I was thinking and had drawn with Lee Cross, at the Comptroller of the Currency. After Henry Jarecki had given me free reign to go into all of the back rooms of the COMEX, following the siiver market crash, and spending time on the floor, and after having dozens of people tell me that it would never be possible to do anything other than open outcry, I came to the conclusion that if one could make airplane reservations by phone and it could be plugged into a computerized system, that technology would develop to the point where electronic trading would be feasible. And that the only reason that it would be delayed was because the insiders had the advantage on the floor. How dare I!!!!! A then 34 year old young woman to have the audacity to believe she could establish a futures trading exchange focused on the oil markets. My concept, discussion papers and drawings were done before I went to the CFTC.
As far as the World Energy Exchange was concerned, every single major oil company and independents, had submitted their intention to become members of the World Energy Exchange when we discovered that, contrary to agreements, General Electric was working with the CBOT and we brought suits against them. And that General Electric had spent months, without disclosure, in literally hundreds of hours, picking my brain on how to build an exchange, which they claimed they wanted to build on behalf of the World Energy Exchange. I went through years of harassment, including having my dog stabbed, having a neighbor call the police because while he walking his dog he saw someone go over my fence with a black hood and a knife in hand, unbelievable efforts to discredit me, and paid a price where my sons were concerned. If anyone ever has the intellectual curiosity to know what happened let me know.
I take great satisfaction that while life in the intervening years, with the death of my younger son, was very difficult, families of 9/11 benefited from the settlements with E-Speed. This is only the second time I have privately tried to correct the record--following the settlements. I at one point contacted a reporter after the settlements who mis-stated what had occurred. He had no interest in getting any facts.
I hope that Dr. Sandor's effort to use his systems for the benefit of our environment and for world stability succeeds. On the grand scale, the truth of what happened to me is minutia but in this day and age where truth seems so difficult to count on, I thought perhaps Dr. Sandor might have the interest in knowing the truth. I did a series of descriptions and drawings well before the patent and the comparison of the drawings in Dr. Sandor's book does not match my 44 page patent. Further, I will be spending some time identifying the status of systems at the time that Dr. Sandor claims that his published study was completed. Through the investigation of the silver market crash, under sworn answers to subpoenas, all of the exchanges claimed that they did not have the systems to produce the documents we were requesting and that there was no means by which any system would be able to produce the information. That the hardware did not exist let alone the software and networks. Thus I set out to figure out how to do it. I at no time was ever made aware of Dr. Sandor's study nor ever saw his writing or drawings. I would have instantly been in touch with him because my goal was to set up an electronic exchange -- not to do a patent. Junius Peake, of the Bermuda Exchange visited me in Dallas on a number of occasions to encourage me and to exchange 'war' stories. Susan Wagner
This book is very well written and contains examples of blockchain trading that everyone could understand. The foreword by Blythe Masters and the contributing chapters by Don Tapscott and Don Wilson greatly adds to the value of this important book. While the word “blockchain” may not be known by everybody today, it will not be long before it is. Reading this book will give you a step ahead in learning about this exciting new technology.
Richard's introduction to the book was a story that came to life with great anecdotes and memories. How ironic that an exchange may have been born with trades matched electronically while moment to moment dissemination of transactions might have been documented by blackboard--like the traditional open outcry markets at that time! How did we ever live without handhelds?!
Blythe Master's introduction is appropriate as she is another architect of new markets, and her comments are thoughtful and prescient. Donald Wilson's evolution of market structure was fascinating. And Don Tapscott's Blockchain Reckoning was not only enlightening to the subject matter, but also reflected great optimism for the potential of new markets and systems to improve our daily lives.
Altogether, a very engaging and enjoyable book for many readers!