Trading and Exchanges

Trading and Exchanges is a comprehensive examination of the intricate world of financial trading. Larry Harris delves into the dynamics of various market participants - from investors, brokers, and dealers to arbitrageurs, retail and day traders, as well as more unconventional figures in the trading arena. The book guides readers through the diverse marketplaces where securities and contracts are exchanged, including traditional exchanges, boards of trade, dealer networks, electronic communication networks, crossing markets, and over-the-counter platforms. The text further explores the mechanics of trading by detailing different auction formats, such as single price and open outcry auctions, alongside brokered markets and various order types including limit, market, and stop orders. Additionally, readers are introduced to advanced trading topics like program, block, and short trades, with keen insights into the principles of price priority, time precedence, and other order execution rules. Trading and Exchanges offers a solid foundation for understanding the structures and regulations that shape investing, speculating, and related trading activities.