Electronic Exchanges: The Global Transformation from Pits to Bits (Elsevier and Iit Stuart Center for Financial Markets Press) - Hardcover

Gorham

Hardcover

ISBN 10: 0123742528 ISBN 13: 9780123742520

Publisher: Academic Press, 2009

Synopsis

Anyone reading the business section of a newspaper lately knows that the financial exchanges - stock, bonds, FX, commodities, and so forth - are undergoing tremendous transformations. Fund managers, market makers, traders, exchange professionals, market data providers and analyzers, investors - anyone involved with the financial exchanges needs to understand the major forces pushing this transformation in order to position themselves and their institutions to the best advantage. In this book, veteran exchange expert Michael Gorham joins his twenty-five years of experience with CME and CBOT to the technical expertise of Nidhi Singh of Trading Technologies to write a book that tells the story of this dramatic transformation. They chronicle the shift: from floors to screens; from private clubs to public companies; and, from local and national to global competition. They analyze each of these shifts, identify the drivers behind them and look forward to the implications arising out of them for exchange business in the future. They also explore several key trends: an increase in product innovation; the integration of markets from all over the world onto a single screen; the rise of the modular exchange; the outsourcing of various exchange functions; and, the difficulty of transcending geography for regulatory purposes. So join Gorham and Singh in learning the story of this fundamental transformation. As old ways of working are being destroyed, entirely new types of jobs are being created, and new ways of working with exchanges. This book will help you chart the way forward to financial success. This is the only book to analyze the major changes in exchanges that points the way forward for finance professionals in terms of new jobs and new ways of making money for users of exchange services. Michael Gorham spent 18 years with the Chicago Mercantile Exchange and then five years with the Chicago Board of Trade. Users of exchange services include banks, pension funds, mutual funds, hedge funds, energy companies, insurance companies, general corporate treasury departments, and individual investors.

About this title

Review:

"A thoroughly entertaining insight as to how we got to where we are today from a point where many of us started in this industry. Not only the what and when, but an enlightened rendition of the why." --John McPartland, Key Figure in Chicago Finance "This is a wonderfully readable account of the way exchanges have evolved over the years and are continuing to evolve. Strewn with anecdotes, data and analytics, this book brings alive in a vivid and meaningful way the remarkable changes in the world of exchanges. An important book for both the lay reader and the practitioner." --Ravi Narain, CEO, National Stock Exchange of India "The history behind and transformation of exchanges is one of the most colorful components of the financial space. Authors Gorham and Singh have done a great job of catching that color in a form that will be appreciated by the novice as well as exchange veterans. Excellent work and a must read for anyone involved in financial markets." --James E. Newsome, PhD, Board of Directors-CME Group

About the Author:

Michael Gorham is Industry Professor and Director of the IIT Stuart Center for Financial Markets at the Stuart School of Business in the Illinois Institute of Technology. He serves on the board of directors for two exchanges - the CBOE Futures Exchange and the National Commodity and Derivatives Exchange of India. He also serves on the Business Conduct Committees of the Chicago Mercantile Exchange and the National Futures Association and the editorial boards of the GARP Risk Review and of Futures Industry magazine.

About this edition

• Publisher: Academic Press
• Publication date: 2009
• ISBN 10: 0123742528
• ISBN 13: 9780123742520
• Binding: Hardcover
• Number of pages: 264