By Michael Gorham
I had the excitement of examining the draft of this booklet. This publication is a good researched, packed with institutional info, facts, and anecdotes. The authors truly partook the digital revolution of the buying and selling enterprise, and may be able to examine the transition from "pits to bits" from diverse angles. in addition they provide insights concerning the way forward for the inventory and spinoff exchanges. The authors are nice tale tellers and the publication is enjoyable to learn. hugely steered for investors, regulators, and likewise researchers who're attracted to industry microstructure, monetary marketplace legislation and commercial association and dynamics.
Read Online or Download Electronic Exchanges: The Global Transformation from Pits to Bits (He Elsevier and Iit Stuart Center for Financial Markets Press) PDF
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Additional info for Electronic Exchanges: The Global Transformation from Pits to Bits (He Elsevier and Iit Stuart Center for Financial Markets Press)
Financial Times, January 11, 1988, p. 15. 12. Material in this section is largely taken from Edna Carew, National Market National Interest: The Drive to Unify Australia’s Securities Markets, Crows Nest, Australia: Allen & Unwin, 2007, p. 119–120. 13. Otto E. Nageli, “SOFFEX: How Switzerland Helped Change the World,” in Patrick L. ), An Intangible Commodity: Defining the Future of Derivatives, Kent, England, erivatives. com Publishing, 2004, p. 41. This section draws heavily on Nageli’s account of events at SOFFEX.
Exchanges, especially the derivatives exchanges in Chicago and New York, which as late as January 2009 still had active floors, especially in options. S. exchanges dragged their feet even longer than did the French and the Brits, one might think that many of these exchanges would also disappear. In fact, the CME became electronic enough to both fend off competitors and help NYMEX fend off its electronic competitor by allowing it to list its products on the CME’s own electronic platform, GLOBEX.
Badges displayed two pieces of information: trader name and clearing firm number, which were utilized for trade processing. 7. Each pit had one or more specialists who were responsible for matching the orders received from the pit traders and brokers. 8. The actual delivery varies from product to product. Though the delivery might sometimes be arranged through the exchange, often it is handled between the matched buyer and seller, who send evidence of the delivery to the exchange. The exchange becomes involved only if there is a problem.