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Author: Mr.Peter Dattels
Publisher: International Monetary Fund
Published: 1995-11
Total Pages: 106
ISBN-13:
DOWNLOAD EBOOKThis paper applies the “market microstructure” literature to the specific features of government securities markets and draws implications for the strategy to develop government securities markets. It argues for an active role of the authorities in fostering the development of efficient market structures.
Author: Jean-Pierre Casey
Publisher: CEPS
Published: 2005
Total Pages: 142
ISBN-13: 9290795964
DOWNLOAD EBOOKAssessing regulatory measures taken at the EU level that impact European bond markets, this book examines the desirability, utility, and feasibility of certain policy measures.
Author: Larry Harris
Publisher: OUP USA
Published: 2003
Total Pages: 664
ISBN-13: 9780195144703
DOWNLOAD EBOOKFocusing on market microstructure, Harris (chief economist, U.S. Securities and Exchange Commission) introduces the practices and regulations governing stock trading markets. Writing to be understandable to the lay reader, he examines the structure of trading, puts forward an economic theory of trading, discusses speculative trading strategies, explores liquidity and volatility, and considers the evaluation of trader performance. Annotation (c)2003 Book News, Inc., Portland, OR (booknews.com).
Author: Merritt B. Fox
Publisher:
Published: 2018
Total Pages: 476
ISBN-13: 9781982966850
DOWNLOAD EBOOKAuthor: Toni Gravelle
Publisher:
Published: 2002
Total Pages: 32
ISBN-13:
DOWNLOAD EBOOKAuthor: Abdourahmane Sarr
Publisher: International Monetary Fund
Published: 2002-12
Total Pages: 72
ISBN-13:
DOWNLOAD EBOOKThis paper provides an overview of indicators that can be used to illustrate and analyze liquidity developments in financial markets. The measures include bid-ask spreads, turnover ratios, and price impact measures. They gauge different aspects of market liquidity, namely tightness (costs), immediacy, depth, breadth, and resiliency. These measures are applied in selected foreign exchange, money, and capital markets to illustrate their operational usefulness. A number of measures must be considered because there is no single theoretically correct and universally accepted measure to determine a market's degree of liquidity and because market-specific factors and peculiarities must be considered.
Author: Darryl King
Publisher: International Monetary Fund
Published: 2017-07-10
Total Pages: 50
ISBN-13: 148430585X
DOWNLOAD EBOOKThis paper considers the central bank mandate with respect to financial stability and identifies the links to the functioning of securities markets. It argues that while emergency support to securities markets is an important part of the crisis management response, a high bar should be set for its use. Importantly, it should be used only as part of a comprehensive policy package. The paper considers what types of securities markets may be important for financial stability, what market conditions could trigger emergency support measures, and how programs can be designed to restore market functioning while minimizing moral hazard.
Author: T. Todd Smith
Publisher: International Monetary Fund
Published: 1995-07-01
Total Pages: 88
ISBN-13: 1451848870
DOWNLOAD EBOOKThis paper surveys markets for corporate debt securities in the major industrial countries and the international markets. The discussion includes a comparison of the sizes of the markets for various products, as well as the key operational, institutional, and legal features of primary and secondary markets. Although there are some signs that debt markets may be emphasized in the future by some countries, it remains true that North American debt markets are the most active and liquid in the world. The international debt markets are, however, growing in importance. The paper also investigates some of the reasons for the underdevelopment of domestic bond markets and the consequences of firms shifting their debt financing needs from banks to securities markets.
Author: Larry Harris
Publisher: CFA Institute Research Foundation
Published: 2015-10-19
Total Pages: 94
ISBN-13: 1934667927
DOWNLOAD EBOOKThe 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.
Author: Richard K. Lyons
Publisher: MIT Press (MA)
Published: 2001
Total Pages: 360
ISBN-13:
DOWNLOAD EBOOKExplaining the puzzling behavior of exchange rates using models from microstructure finance and data from electronic trading.
