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Market Making and the Changing Structure of the Securities Industry by Yakov Amihud, Thomas S.Y. Ho, and Robert A. Schwartz Market Making and the Changing Structure of the Securities Industry
By Yakov Amihud, Thomas S.Y. Ho, and Robert A. Schwartz
2002/11 - Beard Books
1587981637 -  Paperback - Reprint -  332 pp.
US$34.95

This detailed and comprehensive examination of a vital industry is important reading for traders, financial analysts, and those interested in the development of financial institutions.

Publisher Comments

Categories: Banking & Finance

Of Interest:

Inside Investment Banking: Second Edition

The Deregulation of the Banking and Securities Industries

In this book, the product of a conference held at New York University's Salomon Center for the Study of Financial Institutions, the industry's leading practitioners and theoreticians addressed the key issues raised by the Securities Acts Amendments of 1975: market design and operations. Experts considered the importance of efficient price discovery as the objective of the trading system and examined the interrelationship between the number of market makers and the liquidity of the market.

Turning their attention to the actual market systems and regulatory structure, they discussed the competitive environment of the markets, provided an in-depth view of arbitrage and upstairs trading, and focused on multiple regulators of the securities industry.

BOOK REVIEWS

From Amazon.Com:

This is a reprint of a previously published book. it deals with changes on the U.S. financial market by the Securities Acts Amendment of 1975.

ABOUT THE AUTHOR

Yakov Amihud is Ira Leon Rennert Professor of Entrepreneurial Finance of the Stern School of Business, New York University where he has been teaching since 1990, and concurrent holds a research professorship in Finance.  He obtained his Bachelor of Social Science degree from Hebrew University (1969); Master of Science in Business Administration from New York University Graduate School of Business Administration (1973) and his Doctor of Philosophy in Business Administration from the same institution in 1975.  

Other Beard Books by Yakov Amihud

Thomas S. Y. Ho is the President of Thomas Ho Company, consultants to major financial institutions on quantitative financial analysis. He founded Global Advance Technology in 1987 which provided 200 financial institutional clients worldwide portfolio analytics. He was a professor at Stern School of Business, NYU from 1978-1989. He has published extensively in academic journals and hold a Ph.D. in Mathematics from the University of Pennsylvania.

 

Robert A. Schwartz is Marvin M. Speiser Professor of Finance and University Distinguished Professor at the Zicklin School of Business, Baruch College, CUNY. He received his MBA and Ph.D. from Columbia University. Among his numerous publications are The Microstructure of Security Markets: Theory and Implications and Impending Changes for Securities Markets: What Role for Exchanges?

TABLE OF CONTENTS

List of Figures and Tables ix
Foreword William M. Batten xi
Acknowledgments xiii
1. Overview of the Changing Securities Markets 1
Yakov Amihud, Thomas S.Y. Ho and Robert A. Schwartz
PART I.  Issues in Market Design 17
2. Efficient Price Discovery in a Securities Market: The Objective of a Trading System 19
Paul S. Schreiber and Robert A. Schwartz
3. Dealer Market Structure and Performance 41
Thomas S.Y. Ho and Richard G. Macris
4. Alternative Views of Market Making 67
Hans R. Stoll
5. Order Flow and the Quality of the Market 93
Kalman J. Cohen, Robert M. Conroy, and Steven F. Maier
Appendix 5A
The Queueing Model with Reneging 111
6. The View from the Trading Floor 113
Donald Stone
PART II. Market and Regulatory Structure 117
7. An Era of Opportunity and Challenge for the Securities Industry 119
John J. Phelan, Jr.
8. The Competitive Environment of the Securities Market 131
John T. Wall
Appendix 8A 143
9. Arbitrage Trading 145
Samuel E. Hunter
10. Upstairs Trading 151
Richard S. Falk
11. Multiple Regulators: Their Constituencies and Policies 155
Ernest Bloch
Appendix 11A 179
12. The Securities and Commodities Markets: A Case Study in Product Convergence and Regulatory Disparity 183
Douglass Scarff
Appendix 12A
Regulation of Opinions and Futures 193
13. Regulation and the Futures Markets 205
Susan M. Philips
14. Reflections on Securities Regulation 211
Lawrence J. White
PART III. Trading Systems and Automation 215
15. An Integrated Computerized Trading System 217
Yakov Amihud and Haim Mendelson
16. An International Comparison of Stock Exchange Trading Structures 237
David K. Whitcomb
17. The Evolving National Market System 257
Stephen L. Williams
18. The Intermarket Trading System and the Cincinnati Experiment 269
Jeffry L. Davis
19. Electronic Trading Systems: The User's Point of View 285
Roger W. Marshall and Severin C. Carlson
20. Can You Get There from Here? 297
Seymour Smidt
21. Star Wars Technology in Trading  301
William A. Lupien
Index 305
Glossary 313
About the Contributors 315
About the Editors 319

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