Financial Trading and Investing 2nd edition by John Teall – Ebook PDF Instant Download/Delivery: 0128111178 , 9780128111178
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Product details:
ISBN 10: 0128111178
ISBN 13: 9780128111178
Author: John Teall
Financial Trading and Investing, Second Edition, delivers the most current information on trading and market microstructure for undergraduate and master’s students. Without demanding a background in econometrics, it explores alternative markets and highlights recent regulatory developments, implementations, institutions and debates. New explanations of controversial trading tactics (and blunders), such as high-frequency trading, dark liquidity pools, fat fingers, insider trading, and flash orders emphasize links between the history of financial regulation and events in financial markets. New sections on valuation and hedging techniques, particularly with respect to fixed income and derivatives markets, accompany updated regulatory information.
In addition, new case studies and additional exercises are included on a website that has been revised, expanded and updated. Combining theory and application, the book provides the only up-to-date, practical beginner’s introduction to today’s investment tools and markets.
- Concentrates on trading, trading institutions, markets and the institutions that facilitate and regulate trading activities
- Introduces foundational topics relating to trading and securities markets, including auctions, market microstructure, the roles of information and inventories, behavioral finance, market efficiency, risk, arbitrage, trading technology, trading regulation and ECNs
- Covers market and technology advances and innovations, such as execution algo trading, Designated Market Makers (DMMs), Supplemental Liquidity Providers (SLPs), and the Super Display Book system (SDBK)
Financial Trading and Investing 2nd Table of contents:
Chapter 1. Introduction to Securities Trading and Markets
Abstract
1.1 Trades, Traders, Securities, and Markets
1.2 Securities Trading
1.3 Bargaining
1.4 Auctions
1.5 Introduction to Market Microstructure
1.6 Orders, Liquidity, and Depth
1.7 Day Trading
1.8 Trading and the Broader Economy
Additional Reading
References
1.9 Exercises
Chapter 2. Financial Markets, Trading Processes, and Instruments
Abstract
2.1 Exchanges and Floor Markets
2.2 The Way It Was
2.3 Over-the-Counter Markets and Alternative Trading Systems
2.4 The Decline of Brick and Mortar
2.5 Crossing Networks and Upstairs Markets
2.6 Quotation, Intermarket, and Clearing Systems
2.7 Brokerage Operations
2.8 Fixed-Income Securities and Money Markets
2.9 Markets around the World
2.10 Currency Exchange and Markets
2.11 Commodities and Futures
Additional Reading
References
2.12 Exercises
Chapter 3. Institutional Trading
Abstract
3.1 Institutions and Market Impact
3.2 Registered Investment Companies
3.3 Unregistered Investment Companies
3.4 Best Execution, Execution Costs, and Price Improvement
3.5 Algorithmic Trading
3.6 Dark Pools
3.7 Stealth and Sunshine Trading
3.8 High-Frequency Trading
3.9 Flash Trading and Sponsored Access
Additional Reading
References
3.10 Exercises
Chapter 4. Regulation of Trading and Securities Markets
Abstract
4.1 Regulatory Approaches and the Regulatory Balance
4.2 Pre-1930s Securities Regulation: The Background
4.3 U.S. Securities Market Legislation: The Foundation
4.4 Crises and Updating the Regulatory System
4.5 Deregulation, Corporate Scandals, and the Financial Crisis of 2008
4.6 Dodd–Frank
4.7 Government Oversight of Self-Regulation
4.8 Impact of Regulatory Activity
4.9 Regulation: The International Arena
4.10 Privatization of Regulation and Exchange Rules
Additional Reading
References
4.11 Exercises
Chapter 5. Adverse Selection, Trading, and Liquidity
Abstract
5.1 Market Microstructure, Liquidity, and Spreads
5.2 Information and Trading
5.3 Noise Traders
5.4 Adverse Selection in Dealer Markets
5.5 Adverse Selection, Dealer Inventories, and the Spread
5.6 Risk, Risk Aversion and Dealer Spreads
5.7 Exercises
Appendix 5.A
5.A.1 The Kyle Adverse Selection Model
The Informed Trader’s Problem: Profit Maximization
Dealer Price Setting
Informed Trader Demand and Dealer Price Adjustment
References
Chapter 6. Random Walks, Risk, and Arbitrage
Abstract
6.1 Market Efficiency and Random Walks
6.2 Risk
6.3 Arbitrage
6.4 Limits to Arbitrage
6.5 Exercises
Appendix 6.A
6.A.1 Return and Risk Spreadsheet Applications
6.A.2 A Primer on Black-Scholes Option Pricing
6.A.3 Estimating Implied Black-Scholes Variances
References
Chapter 7. Arbitrage and Hedging With Fixed Income Instruments and Currencies
Abstract
7.1 Arbitrage With Riskless Bonds
7.2 Fixed Income Hedging
7.3 Fixed Income Portfolio Immunization
7.4 Term Structure, Interest Rate Contracts, and Hedging
7.5 Arbitrage With Currencies
7.6 Arbitrage and Hedging With Currency Forward Contracts
7.7 Hedging Exchange Exposure
Additional Reading
References
7.8 Exercises
Chapter 8. Arbitrage and Hedging With Options
Abstract
8.1 Derivative Securities Markets and Hedging
8.2 Put–Call Parity
8.3 Options and Hedging in a Binomial Environment
8.4 The Greeks and Hedging in a Black-Scholes Environment
8.5 Exchange Options
8.6 Hedging Exchange Exposure With Currency Options
8.7 Exercises
Appendix 8.A
8.A.1 The Binomial Model: Additional Considerations
8.A.2 Deriving the Black-Scholes Model
References
Chapter 9. Evaluating Trading Strategies and Performance
Abstract
9.1 Evaluating Investment Portfolio Performance
9.2 Market Timing Versus Selection
9.3 Trade Evaluation and Volume-Weighted Average Price
9.4 Implementation Shortfall
9.5 Value at Risk
Additional Reading
References
9.6 Exercises
Chapter 10. The Mind of the Investor
Abstract
10.1 Rational Investor Paradigms
10.2 Prospect Theory
10.3 Behavioral Finance
10.4 Body and Mind of the Trader
10.5 Neurofinance: Getting Into the Investor’s Head
10.6 The Consensus Opinion: Stupid Investors, Smart Markets?
Additional Reading
References
10.7 Exercises
Chapter 11. Market Efficiency
Abstract
11.1 Introduction to Market Efficiency
11.2 Weak Form Efficiency and Technical Analysis
11.3 Testing Momentum and Mean Reversion Strategies
11.4 Semistrong Form Efficiency
11.5 The Event Study Methodology
11.6 Strong Form Efficiency and Insider Trading
11.7 Anomalous Efficiency and Prediction Markets
11.8 Epilogue
Additional Reading
References
11.9 Exercises
Chapter 12. Trading Gone Awry
Abstract
12.1 The Dark Side of Finance
12.2 Illegal Insider Trading
12.3 Front Running and Late Trading
12.4 Bluffing and Market Manipulation
12.5 Payment for Order Flow
12.6 Fat Fingers, Hot Potatoes, and Technical Glitches
12.7 Rogue Trading and Rogue Traders
12.8 Trading and Ponzi Schemes
Additional Reading
References
12.9 Exercises
Mathematics Appendix
A.1 A Brief Overview of Elementary Statistics
A.2 Essentials of Matrices and Matrix Arithmetic
A.3 Derivatives of Polynomials
A.4 Reference Tables
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