SEC Docket
SEC Docket

Author: United States. Securities and Exchange Commission

Publisher:

Published: 2006

Total Pages: 992

ISBN-13:

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The Market Structure Crisis
The Market Structure Crisis

Author: Haim Bodek

Publisher: Createspace Independent Publishing Platform

Published: 2015-11-18

Total Pages: 0

ISBN-13: 9781519279095

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This book explores various regulatory, legal, and competitive pressures that the U.S. securities industry is facing as a result of the intense regulatory scrutiny of the modern electronic marketplace and the heated public debate stirred by Flash Boys by Michael Lewis. This collection of previously published and unpublished materials includes the following articles and white papers: 1. 20 Predictions for the Future of the Market Structure Crisis - provides an overview of the current market structure crisis and offers forecasts for regulatory, legal, and commercial developments 2. Deconstructing Maker-Taker - analyzes the nature and implications of the maker-taker pricing model and discusses its role in the current market structure 3. Reigniting the Order Type Debate - reviews recent order type-related rule submissions by securities exchange and discusses the nature of "undocumented" order type features and order matching engine practices 4. The Problem of Fragmentation and Potential Solutions - presents various issues related to the "dispersed" trading process, analyzes different order flow allocation mechanisms, such as maker-taker and payment for order flow arrangements, and reviews potential regulatory solutions 5. HFT Regulation and Market Structure Reform - discusses the emergence of HFT regulation, including various proposals concerning restraints on electronic trading, approaches to slowing down or mechanically restraining the trading process, and the elimination of certain shortcuts embedded in the current market structure 6. Leveling the Playing Field: Lit and Dark Trading Venues - reviews recent enforcement actions directed at trading venues, analyzes the doctrine of regulatory immunity, and addresses a variety of other issues relevant for trading venues 7. Protecting Customers and Achieving Best Execution: Issues for Retail and Institutional Brokers - analyzes various concerns relevant for retail and institutional brokers, including the evolving duty of best execution and its extension to other parties, maker-taker and payment for order flow arrangements, and special order types 8. Litigation and the Impact of Enforcement: The Market Structure Perspective - provides as overview of the litigation landscape for market structure-related issues, including private lawsuits directed at major trading venues and brokerage firms, and discusses the significance of enforcement actions 9. Public Comment Letter on Several Order Type-Related Modifications Proposed by the New York Stock Exchange - offers a critique of the proposed functionalities and discusses the phenomenon of post-only intermarket sweep orders 10. The Flash Boys Lawsuit: The End of the Beginning? - discusses the path of the City of Providence v. BATS class action lawsuit, which has been referred to as the "Flash Boys Lawsuit," and analyzes the prospects of private lawsuits in the market structure space Appendix A - Summary of Key Enforcement Actions and Lawsuits Appendix B - Selected Market Structure-Related References

The House of Islam
The House of Islam

Author: Ed Husain

Publisher: Bloomsbury Publishing USA

Published: 2018-06-19

Total Pages: 343

ISBN-13: 1632866412

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“Ed Husain has become one of the most vital Muslim voices in the world. The House of Islam could very well be his magnum opus.” -Reza Aslan, #1 New York Times bestselling author of Zealot “This should be compulsory reading.” -Peter Frankopan, author of the international bestseller The Silk Roads Today, Islam is to many in the West an alien force, with Muslims held in suspicion. Failure to grasp the inner workings of religion and geopolitics has haunted American foreign policy for decades and has been decisive in the new administration's controversial orders. The intricacies and shadings must be understood by the West not only to build a stronger, more harmonious relationship between the two cultures, but also for greater accuracy in predictions as to how current crises, such as the growth of ISIS, will develop and from where the next might emerge. The House of Islam addresses key questions and points of disconnection. What are the roots of the conflict between Sunni and Shi'a Muslims that is engulfing Pakistan and the Middle East? Does the Koran encourage the killing of infidels? The book thoughtfully explores the events and issues that have come from and contributed to the broadening gulf between Islam and the West, from the United States' overthrow of Iran's first democratically elected leader to the emergence of ISIS, from the declaration of a fatwa on Salman Rushdie to the attack on the offices of Charlie Hebdo. Authoritative and engaging, Ed Husain leads us clearly and carefully through the nuances of Islam and its people, taking us back to basics to contend that the Muslim world need not be a stranger to the West, nor our enemy, but our peaceable allies.

Understanding Shari'a Finance
Understanding Shari'a Finance

Author: Patrick Sookhdeo

Publisher: Isaac Publishing LLC

Published: 2008

Total Pages: 0

ISBN-13: 9780978714178

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An Islamic financial system has recently developed as a major player in world economics. Many Muslims have rejected Western financial products and institutions and have generated alternatives. This book explains how this movement is intended to bring Western systems under the rule of Islam, and draws out its implications for finance and politics.

Trading and Electronic Markets: What Investment Professionals Need to Know
Trading and Electronic Markets: What Investment Professionals Need to Know

Author: Larry Harris

Publisher: CFA Institute Research Foundation

Published: 2015-10-19

Total Pages: 94

ISBN-13: 1934667927

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The true meaning of investment discipline is to trade only when you rationally expect that you will achieve your desired objective. Accordingly, managers must thoroughly understand why they trade. Because trading is a zero-sum game, good investment discipline also requires that managers understand why their counterparties trade. This book surveys the many reasons why people trade and identifies the implications of the zero-sum game for investment discipline. It also identifies the origins of liquidity and thus of transaction costs, as well as when active investment strategies are profitable. The book then explains how managers must measure and control transaction costs to perform well. Electronic trading systems and electronic trading strategies now dominate trading in exchange markets throughout the world. The book identifies why speed is of such great importance to electronic traders, how they obtain it, and the trading strategies they use to exploit it. Finally, the book analyzes many issues associated with electronic trading that currently concern practitioners and regulators.

Dark Pools
Dark Pools

Author: Scott Patterson

Publisher: Crown Currency

Published: 2012-06-12

Total Pages: 386

ISBN-13: 0307887197

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A news-breaking account of the global stock market's subterranean battles, Dark Pools portrays the rise of the "bots"--artificially intelligent systems that execute trades in milliseconds and use the cover of darkness to out-maneuver the humans who've created them. In the beginning was Josh Levine, an idealistic programming genius who dreamed of wresting control of the market from the big exchanges that, again and again, gave the giant institutions an advantage over the little guy. Levine created a computerized trading hub named Island where small traders swapped stocks, and over time his invention morphed into a global electronic stock market that sent trillions in capital through a vast jungle of fiber-optic cables. By then, the market that Levine had sought to fix had turned upside down, birthing secretive exchanges called dark pools and a new species of trading machines that could think, and that seemed, ominously, to be slipping the control of their human masters. Dark Pools is the fascinating story of how global markets have been hijacked by trading robots--many so self-directed that humans can't predict what they'll do next.