An Introduction to Trading in the Financial Markets SET: An by R. Tee Williams

By R. Tee Williams

Networks, platforms, and information subscribe to the monetary markets right into a unmarried interrelated surroundings that approaches thousands of transactions in genuine time.  This quantity, the 3rd of 4, investigates the interconnected nature of monetary markets by analyzing networks, platforms, and information in turn.  Describing what applied sciences do rather than how they paintings, the book shows how they drive every one step of the buying and selling process.  We study why the rate and scope of monetary automation are transforming into, and we become aware of the increasing significance of knowledge within the regulatory process.  Contributing to those reasons are visible cues that consultant readers during the material.  If wisdom comes from info, then this quantity unearths a lot concerning the middle of the finance industry.* Explains how applied sciences and information make the monetary markets the most computerized industries
* Describes how every one step within the buying and selling strategy employs know-how and generates information
* provides significant strategies with graphs and simply understood definitions

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Additional info for An Introduction to Trading in the Financial Markets SET: An Introduction to Trading in the Financial Markets: Technology: Systems, Data, and Networks

Sample text

All networks were closed. This means that each vendor or company that managed a network ­created its own communications protocols, and message structures were unique to the ­specific network. To move information from one network to another required a ­computer ­program that would convert the message formats. Data used in applications was initially entered manually or generated by the applications themselves. Pricing data for securities required significant ­processing before it was available to be used to price securities or for trading.

3). However, for the most part ­financial entities may have regulatory obligations to their customers, but only standard ­business obligations to a counterparty. The notion of counterparty tends to carry the notion of peer-to-peer interactions, whereas customer relationships imply a service provider to a recipient of services. 3 Counterparties are the other entities that interact with buy- and sell-side firms to complete transactions in the trading markets. xlv xlvi Background SELL BUY Orders Instrument ID Intermediary ID ~Price ~Quantity IO IOI IO OII IOI SELL Indication of Interest Date 29 October, 1929 Morgan & Co.

Indeed, many of those who first brought computer processing to the trading markets are still alive, and ­several are still working. Prior to any form of what would now be considered technology, people met in physical places where markets were conducted. Going to a single place to trade—a tavern or later an exchange—was a type of technological innovation. More ­importantly, physical trading places came to be dominated by individuals who were skilled in interpersonal interactions, and they became wealthy by their skill.

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