Both quantitative and qualitative analysis is used to review China's stock market in a book containing the latest research on China's IPO market, the 2006-07 market bubble, the development of institutional investors, the stock index futures market, stock sector performance, corporate governance of listed firms and China's growth enterprise market.

There is a seasonal bias to the stock market, and by paying attention to the seasonal market tendencies you can gain an edge in the stock market over the long haul. Seasonality offers a practical approach to investing and trading. What better way to learn how to employ seasonal systems than learning from Jay Kaeppel, a master in the analysis of seasonal trends? Kaeppel walks you through this phenomenon that continues to work consistently, providing you with his ultimate seasonal index to make the calendar work for you. Stock Market Seasonals provides a never-before-seen definitive guide that illustrates how to utilize a combination of four basic seasonal tendencies in order to maximize returns.

Investing can be fun as well as rewarding. It could certainly earn you much more than you could gain by sticking your money in a bank account. It really does not require much to make money from the stock market - just an understanding of a few simple concepts and the following of a few rules.

Written by the UK's most successful writer on investing, "Get Started in Shares" explains in very clear and simple terms what shares are, how they are traded and what to look out for as an owner of shares.

" "

" "This is a straight-talking guide to the mysteries of investing that assumes no prior knowledge and will build up your understanding of investing in a series of easy steps.

Richard Arms is one of the world's most respected stock market technicians. His expertise in this field is unparalleled, and now, with "Stop and Make Money, " he reveals how to profit from short-term price movements in the stock market--whether you're buying or selling short--by accurately interpreting price/volume information and effectively employing stop orders to enter and exit positions. With this book as your guide, you'll quickly discover how to anticipate short-term stock market moves and improve your overall trading activities.

Corporations earn incomes and amass wealth. There are many books offering advice how to increase the profitability of corporations by achieving excellence in operations and choosing the correct strategic path. Increasing Shareholder Value: Distribution Policy, A Corporate Finance Challenge is concerned with how the corporation should reward its shareholders after the incomes are earned. Investment decisions, capital structure, and dividend policy must be coordinated so that the well being of the firm's stockholders is considered in the planning process. The corporate planners should realize that the individual investors are also making plans, and the corporation can assist this planning process by making its own financial plans and strategies well known.

Steve Nison revolutionized the world of technical analysis when his two bestselling books introduced Japanese candlestick charting techniques to the western world. "Candles," he discovered, can signal shifts in trends and price patterns with amazing accuracy, and these "storyteller" charts also contain powerful applications for today’s volatile short-term markets.

In The Candlestick Course, Nison breaks new ground once again. From the basics through the more complex stages of pattern recognition, each chapter includes specific learning objectives, key terms, clear-cut instruction, and practical applications. Plus, each end-of-chapter quiz allows readers to perfect their charting abilities before moving on. This book is the ideal training tool for newcomers, and perfect for veterans looking to refine and hone their skills.

Focused on the needs of today’s active traders and investors, Nison:

• Provides a solid foundation to candlestick charts–reinforcing key skills as you go
• Reveals how to pinpoint critical market opportunities as they arise, by recognizing key candle signals
• Tests your ability to accurately analyze and interpret candle charts
• Demonstrates how candlestick concepts can trigger potent decision-support tools that can confirm–or enhance–buy/sell signals
• Includes a valuable "progressive charting" case study
• Ties all the aspects of candlesticks together through interactive examples and visual tests

Whether viewed as a supplement to Steve Nison’s other books and courses, or as your introduction to candlestick charting, this course book will familiarize you with the intriguing world of The Morning Star, The Hammer, The Dark Cloud Cover–and the many other powerful and precise patterns Nison shares with fellow traders and investors.

Not just a one-time read, The Candlestick Course can be used as a valuable reference source, and quick refresher course, time and again.

Most investment books try to assess the attractiveness of a stock price by estimating the value of the company. Expectations Investing provides a powerful and insightful alternative to identifying gaps between price and value. Michael J. Mauboussin and Alfred Rappaport suggest that an investor start with a known quantity, the stock price, and ask what it implies for future financial results. After showing how to read expectations, Mauboussin and Rappaport provide a guide to rigorous strategic and financial analysis to help investors assess the likelihood of revisions to these expectations. Their framework traces value creation from the triggers that shape a company's performance to the impact on the value drivers. This allows a practitioner of expectations investing to determine whether a stock is an attractive buy or sell candidate. Investors who read this book will be able to evaluate stocks of companies in any sector or geography more effectively than those who use the standard approaches of most investors. Managers can use the book's principles to devise, adjust, and communicate their company's strategy in light of shareholder expectations. This revised and updated edition reflects the many changes in accounting and the business landscape since the book was first published and provides a wealth of new examples and case studies.

Practical trading psychology insight that can be put to work today Trading Psychology 2.0 is a comprehensive guide to applying the science of psychology to the art of trading. Veteran trading psychologist and bestselling author Brett Steenbarger offers critical advice and proven techniques to help interested traders better understand the markets, with practical takeaways that can be implemented immediately. Academic research is presented in an accessible, understandable, engaging way that makes it relevant for practical traders, and examples, illustrations, and case studies bring the ideas and techniques to life. Interactive features keep readers engaged and involved, including a blog offering ever-expanding content, and a Twitter feed for quick tips. Contributions from market bloggers, authors, and experts bring fresh perspectives to the topic, and Steenbarger draws upon his own experience in psychology and statistical modeling as an active trader to offer insight into the practical aspect of trading psychology. Trading psychology is one of the few topics that are equally relevant to day traders and active investors, market makers and portfolio managers, and traders in different markets around the globe. Many firms hire trading coaches, but this book provides a coach in print, accessible 24/7 no matter what the market is doing. * Understand the research at the core of trading psychology * Examine the ways in which psychology is applied in real-world trading * Implement practical tips immediately to see first-hand results * Gain the perspective and insight of veteran traders who apply these techniques daily While markets may differ in scale, scope, and activity, humans remain human, with all the inherent behavioral tendencies. Studying the market from the human perspective gives traders insight into how human behavior drives market behavior. Trading Psychology 2.0 gives traders an edge, with expert guidance and practical advice.

David Nassar delivers a complete and proven system for aggressively and successfully trading in today's markets in "Ordinary People, Extraordinary Profits." He explains the fundamentals of technical analysis and risk management, giving you a solid foundation to approach the market, and then describes a variety of trading strategies that will help you make consistently large profits without undue risk. Unlike other trading advisors who advocate a single approach to trading, Nassar provides a variety of strategies you can choose. In addition, he explains how to use new trading instruments such as E-Mini contracts, options, and exchange-traded funds. If you're looking for a complete, proven system for aggressively trading the stock market, this book is an ideal guide.

Experts are praising High Performance Options Trading
From OptionVue™ Systems’ Len Yates

"Finally! A book by fellow Boilermaker and option software guru Len Yates! This book is a must-read for anyone interested in a sensibly based, analytical approach to options trading–whether you’re a stock or a future options trader. And the story behind the creation of OptionVue™ is a fascinating bonus."
–Larry McMillan, McMillan Analysis Corp.
author of Profit with Options and McMillan on Options

"An expert on volatility-based trading, Len Yates applies the same practical approach to this book as he has to his highly regarded software. This is not a technician’s white paper, but a thorough, accessible guide that uses his real-life trading history to fully illustrate how you can succeed in the options markets."
–Jim Bittman, Senior Instructor, CBOE’s Options Institute
author of Trading Index Options and Options for the Stock Investor

"For over two decades Len Yates has helped bring options to the masses by way of his groundbreaking software, OptionVue™ 5. Now, his new book offers the same user-friendly style and insight to the world of options investing. I’m sure I speak for thousands of grateful investors when I say, ‘Well done, Len!’"
–Jon "Doctor J" Najarian, PTISecurities.com
author of How I Trade Options

"Len leads the reader through the complex subject of options by recounting his triumphs and defeats and explaining in plain English the essence of each strategy."
–David Krell, President and CEO, International Securities Exchange (ISE)

"A must-read for all options traders."
–Paul Forchione, Opportunities in Options, Inc.

"From a master of options analytics comes this practical guide to options trading. Beginning and advanced traders alike will appreciate Len’s thorough coverage of options strategies and his easy-to-read style."
–Price Headley, President, BigTrends.com
author of Big Trends in Trading

A revealing exposé by one of today’s most controversial and successful short sellers

According to a 1998 New York Times article, "Satanism has a better reputation in financial circles than does short-selling . . . The controversy over Mr. Asensio is reigniting the debate over short-selling and the role it plays in the stock market, a debate that stretches back to Jesse Livermore." Manuel Asensio has taken this debate to a whole new level, not only short-selling deceptive companies but also researching and publicly exposing them. Each time Asensio practices his type of aggressive short selling he is branded "the Devil’s own Trader," but time and again his unpopular assessments have proved dead on the money.

"Sold Short reads like an action-packed and gripping detective story, exposing shocking and criminal tales that make the Hollywood scandal sheets look like a high school pantomime. Asensio is a brave and heroic bullfighter who dares to go up against the global stampede of the wildest bull market. He courageously nails down, one by one, grossly overvalued and corrupt companies."–Tony Shafrazi, Tony Shafrazi Gallery, New York

"Sold Short is a rip-roaring ride through the netherworld of short selling. Part comedy, part tragedy, part horror flick, Asensio uncovers a world that would be ripe for sitcom portrayal where big-name fund managers dress in drag, buy silly stocks, but (and here’s the tragedy) lose millions. If short selling is up your alley, you shouldn’t miss this book. And if you’d sooner die than go short, you should read this book to make sure one of your longs isn’t made of fool’s gold."–Parker Quillen, Quilcap Corp.

Project Finance in Theory and Practice: Designing, Structuring, and Financing Private and Public Projects, Fourth Edition provides essential, core coverage of project finance, offering new insights into Sharia-compliant instruments and a comprehensive overview of the current state of international regulation of banking post financial crisis. This updated edition includes new case studies and topics related to country risk, along with insights from project finance experts who share their specialized knowledge on legal issues and the role of advisors in project finance details. The book will be useful for readers at all levels of education and experience who want to learn how to succeed in project finance.

Globalization is posing enormous challenges to development efforts in many African countries. One of the most daunting challenges is to raise capital to meet financial needs. Despite regional tendencies, the effectiveness of stock markets to raise capital within the African region has been limited. This book asks whether African stock exchange might become more effective in enhancing development. It adopts a legal approach in analyzing various laws and texts. Stock Markets and Development begins with discussions of global experiences in both developed and developing countries. It then examines the legal frameworks of regional organizations, in which stock markets are catalysts of integration and development. Arguably, stock markets can serve as gateways to development within this zone through harmonization of laws and common public issue of shares. The effective operation of stock markets within Africa, however, is bedeviled by many legal and extra-legal challenges. In line with the globalization tendencies and mindful of lessons from advanced countries, the book recommends that institutional organizations should be used as facilitators to the integration of stock exchange markets. The ideal would be to create an environment conducive to the creation of a Pan-African stock exchange that is globally competitive and capable of enhancing development.

Trend trading lets the market do the work for you Is your portfolio doing all it should? Are you looking for a market-focused way to increase returns? Try your hand at trend trading. Instead of analyzing the performance of a company, analyze the performance of the market as a whole. When you spot a trend, jump on it and let it ride until it's time to move. Whether your strategy is short-term, intermediate-term, or long-term, trend trading can help you capitalize on the action of market and get the most out of every move you make. Trend Trading For Dummies will get you up to speed on the ins and outs of this unique technique. You'll learn how to spot the trends and just how heavily market analysis figures into your success. You can get as complex as you like with the data for long-term predictions or just go for quick rides that pump up your gains. Before you jump in, you need to know the basics that can help ensure your success. * Learn the rules of trend trading and why you need a solid system * Understand technical analysis to make accurate predictions * Analyze the market and learn what to look for before you trade * Use leverage to your advantage to make better moves Trend Trading For Dummies includes trading strategies that you can use as-is, or customize to suit your needs. Thorough preparation is the key to any good trading plan, and it's no different with trend trading. Trend Trading For Dummies allows you to trade using every angle, and will get you out of or into the market in a flash.

REVISED AND UPDATED 2ND EDITION OF THE NO.1 BESTSELLER! Have you dabbled in shares or the stock market? And wondered what spread betting was all about and whether you should be doing it? Perhaps you thought it all looked a bit complex or was just for City boys? The no. 1 bestselling beginner's guide that explains - in plain English - how to do it, and how to make money from it, is back and bigger and better than ever! Spread betting shares can be dangerous: most people lose - some even lose their shirts. But it's not a world populated by pinstriped men waiting to rob you, steal your savings and do nasty things to small kittens. You can win. (And you never have to pay a penny in tax!) This book shows you how. Robbie Burns, bestselling author of The Naked Trader and Trade Like a Shark, has been spread betting for years. He explains why it's an indispensable tool to use alongside normal investing or trading. Especially as you can make money even if the market goes down. Robbie takes you through everything from how it works, to managing your risk, working out exposure, and how, often, doing nothing is the best move! He explains the ins and outs of successfully betting on shares in his trademark down-to-earth style, covering everything you need to know. From the simple stuff through to proven strategies, including those that can be used in different markets - it's all here. There are also behind-the-scenes visits to two top spread betting firms. But it's a big, bad old world out there, and there are a whole heap of mistakes you can make, an awful lot of money you can lose. Rounding up spine-chilling traders' tales of spread bets gone wrong, and using all he has learnt from making silly mistakes himself, Robbie also helps you learn what not to do. This is the ultimate guide to spread betting - how to do it, have fun and hopefully make a few quid.

Capture the fortune you're losing with every trade by learning to exploit options The Options Edge + Free Trial shows you how to capture the fortune you lose out on every day. Buying and selling traditional investments often entails instruments with optionality. Sometimes this optionality is explicit, while other times it is hidden. If you're not leveraging these embedded options to their fullest advantage, you're losing money. Most retail investors don't truly understand the nuances involved in successful options trading and instead rely on more comfortable instruments with fewer complex mechanics. If you're interested in optimizing your portfolio, it's time to step out of your comfort zone and learn what you've been missing. This book gives you the background you need to take full advantage of options in this booming market. The companion website features easy to use analytical tools that help investors find the best opportunities so you can start applying these methods right away. Whether or not you ultimately decide to start actively trading options, the concepts discussed will make you a better all-around trader with greater security in your financial affairs. Most investors buy and sell options every day without ever knowing it. This book relates stories of those who have leveraged options to make fortunes and those who have lost by not understanding the optionality of their financial endeavors. You must know the fundamentals of options, and then learn to recognize hidden options, in order to improve success in all of your investment activities. After taking these steps, you can go on to: * Create hidden options at little or no cost * Structure your finances to reduce risk and increase wealth * Utilize a practical pricing model for smarter investing The listed options are currently the only growing exchange traded financial product in the developed markets, with a current average volume of 20 million contracts equivalent to 2 billion shares per day. Now is the perfect opportunity to fortify your finances, and The Options Edge + Free Trial gives you the understanding and practical tools you need to optimize your portfolio today.

Drive profit and manage risk with expert guidance on trade processing The Trade Lifecycle catalogues and details the various types of trades, including the inherent cashflows and risk exposures of each. Now in its second edition, this comprehensive guide includes major new coverage of traded products, credit valuation adjustment, regulation, and the role of information technology. By reading this, you'll dissect a trade into its component parts, track it from preconception to maturity, and learn how it affects each business function of a financial institution. You will become familiar with the full extent of legal, operational, liquidity, credit, and market risks to which it is exposed. Case studies of real projects cover topics like FX exotics, commodity counterparty risk, equity settlement, bond management, and global derivatives initiatives, while the companion website features additional video training on specific topics to help you build a strong background in this fundamental aspect of finance. Trade processing and settlement combined with control of risk has been thrust into the limelight with the recent near collapse of the global financial market. This book provides thorough, practical guidance toward processing the trade, and the risks and rewards it entails. * Gain deep insight into emerging subject areas * Understand each step of the trade process * Examine the individual components of a trade * Learn how each trade affects everything it touches Every person working in a bank is highly connected to the lifecycle of a trade. It is the glue by which all departments are bound, and the aggregated success or failure of each trade determines the entire organization's survival. The Trade Lifecycle explains the fundamentals of trade processing and gives you the knowledge you need to further your success in the market.

The third edition of "Capital Market Instruments: Analysis and Valuation" is a fully revised and updated guide to the most important products in use in the financial markets today, providing clear understanding of key concepts, mathematical techniques and market analysis. There is detailed coverage of debt and equity products and market conventions, illustrated with worked examples and case studies of events in the industry. The book is accompanied by web-based software for a yield curve construction model, enabling readers to set up an Excel application to calculate spot and forward interest rates. In this new edition, all chapters are updated to reflect the latest market developments. There is also a succinct analysis of the 2007-2008 financial crisis, with lessons learned and recommendations for market practitioners.
The authors have extensive experience in investment banking, quantitative analysis, bond trading and risk management, and provide valuable insight and understanding of the financial markets. www.quantlib.org

In spite of theoretical benefits, Markowitz mean-variance (MV) optimized portfolios often fail to meet practical investment goals of marketability, usability, and performance, prompting many investors to seek simpler alternatives. Financial experts Richard and Robert Michaud demonstrate that the limitations of MV optimization are not the result of conceptual flaws in Markowitz theory but unrealistic representation of investment information. What is missing is a realistic treatment of estimation error in the optimization and rebalancing process. The text provides a non-technical review of classical Markowitz optimization and traditional objections. The authors demonstrate that in practice the single most important limitation of MV optimization is oversensitivity to estimation error. Portfolio optimization requires a modern statistical perspective. Efficient Asset Management, Second Edition uses Monte Carlo resampling to address information uncertainty and define Resampled Efficiency(TM) (RE) technology. RE optimized portfolios represent a new definition of portfolio optimality that is more investment intuitive, robust, and provably investment effective. RE rebalancing provides the first rigorous portfolio trading, monitoring, and asset importance rules, avoiding widespread ad hoc methods in current practice. The Second Edition resolves several open issues and misunderstandings that have emerged since the original edition. The new edition includes new proofs of effectiveness, substantial revisions of statistical estimation, extensive discussion of long-short optimization, and new tools for dealing with estimation error in applications and enhancing computational efficiency. RE optimization is shown to be a Bayesian-based generalization and enhancement of Markowitz's solution. RE technology corrects many current practices that may adversely impact the investment value of trillions of dollars under current asset management. RE optimization technology may also be useful in other financial optimizations and more generally in multivariate estimation contexts of information uncertainty with Bayesian linear constraints. Michaud and Michaud's new book includes numerous additional proposals to enhance investment value including Stein and Bayesian methods for improved input estimation, the use of portfolio priors, and an economic perspective for asset-liability optimization. Applications include investment policy, asset allocation, and equity portfolio optimization. A final chapter includes practical advice for avoiding simple portfolio design errors. A simple global asset allocation problem illustrates portfolio optimization techniques. The presentation is intuitive, rigorous and informed with institutional management experience to appeal to investment management executives, consultants, fund trustees, brokers, academics, and anyone seeking to stay abreast of the future of investment technology. With its important implications for investment practice, Efficient Asset Management's highly intuitive yet rigorous approach to defining optimal portfolios will appeal to investment management executives, consultants, brokers, and anyone seeking to stay abreast of current investment technology. Through practical examples and illustrations, Michaud and Michaud update the practice of optimization for modern investment management.

Investors in stocks are faced with two major problems: How to find and interpret the most useful data from company accounts. How to whittle down the list of thousands of public companies into a smaller pool of candidates for further research. In Four Ways to Beat the Market, experienced financial journalist Algy Hall provides the solution to both problems and helps investors in their quest to pick winning shares. The answer lies in stock screens. Over a decade, the four stock screens described here outperformed the market by 242% to 388%. These stock screens are ridiculously powerful - but staggeringly simple. Algy starts with four strategies for equity investing: Quality, Value, Income and Momentum. He shows how to construct four stock screens and use data from company accounts, including common accounting ratios, to filter stocks on the criteria that each of these strategies is looking for. And once the shortlist of screened stocks is produced, Algy explains how to use that shortlist as a basis for further analysis and research, before making an investment. Along the way, Algy also reveals the logical and empirical basis behind Quality, Value, Income and Momentum strategies, to help investors understand why they work and give them the confidence that they will continue to work in the future. Many other hints, tricks and tactics for investors are revealed, to help investors spot the best stocks and avoid the duds. With Algy Hall as your guide, discover the surprising ideas and stories that lie behind these strategies, while building the necessary know-how to improve your investment returns.

Bob Pisani is Senior Markets Correspondent for CNBC and has spent the past 25 years on the floor of the New York Stock Exchange. He has been on the front line of finance for all the major events of the last quarter century, including the Asian Financial Crisis, the dot-com bubble and collapse, the terrorist attacks of 9/11, and the Great Financial Crisis. What was it like to witness these events firsthand, at the center of the financial world? In Shut Up and Keep Talking, Bob tells a series of captivating stories that reveal what he has learned about life and investing. These include encounters with a host of stars, world leaders and CEOs, including Fidel Castro, Robert Downey Jr., Walter Cronkite, Aretha Franklin, Barry Manilow, Jack Ma, Joey Ramone, and many more. Along the way, Bob describes how the investment world has changed, from brokers shouting on the floor of the NYSE to fully electronic trading, from investment sages and superstars picking stocks for exorbitant fees to the phenomenal rise of low-cost index funds that are saving investors millions, and from the belief that investors make rational decisions to the new age of behavioral finance, which recognizes the often-irrational nature of human decision making and seeks to understand its role in the stock market. Bob also considers what really moves stocks up and down and tackles the big questions: why is stock picking so hard, and why is the future so unknowable? Don't miss this highly entertaining and revealing account of how financial markets have changed, and how they really work, from someone who was there.

Wiley Online Trading For A Living

Beat Risk and Reap Rewards Like A Pro!

The Compelling True Story of How a Top Market Maker Built a Successful Trading Business

Praise for How I Trade Options

"To much of the outside world, trading appears to be as incomprehensible as rocket science. What Jon Najarian has done in this engaging and very readable book is to 'demystify' the world of options for both the aspiring trader and the retail investor. How I Trade Options is a rare opportunity to look over the shoulder of this experienced options trader, teacher, and lecturer." –Lewis J. Borsellino, CEO/Founder, www.TeachTrade.Com; Author, The Day Trader: From the Pit to the PC

"How I Trade Options gives retail investors who have little or no prior knowledge the insight into how options work and how to use them effectively and responsibly. For those who want to learn about options, this is a rare opportunity to learn from a master trader. Najarian shows commitment to educating investors on the use of options to enhance their portfolios." –Rance Masheck, President, Quantum Vision Inc.

"Not only is Jon Najarian a Supertrader, he is a Superteacher. I owe much of my good fortune to Jon Najarian. I learned more from him than I had learned in an entire decade–plus it was fun! Jon’s abilities to make his profitable trading strategies understandable are sure to make How I Trade Options a must-have tool that every option trader will want to own." –Don Fishback, Developer of the Fishback Option Pricing Model

"Jon Najarian is a world-class options trader and a world class options educator. His crystal clear explanations of such strategies as vertical spreads empower the average investor to participate in attractive options approaches that, until now, have been dominated by professional traders." –Bernie Schaeffer, Chairman and Chief Executive Officer Schaeffer’s Investment Research, Inc.

Please visit our Web site at www.wileyfinance.com

Securities exchanges play a significant role in macroeconomics. They engage in the allocation process, which assures that savings are allocated to the most profitable investment opportunities. But what are the forces driving the supply side, namely, the services offered by exchanges? It is not just a matter of market microstructure and the rules governing the price discovery. Rather, it embraces a much wider perspective involving the balance of interests of multiple stakeholders, the competitive strategies of exchanges and other platform operators and the impact of regulation.
This book provides an economic analysis of the stock exchange industry. It draws on theories from micro- and industrial economics to provide a detailed analysis of the industry structure, the strategic behaviour of key participants and a methodological framework for assessing the performance of stock exchanges. It provides an overview of the factors driving the consolidation of the industry, and examines the implications of ongoing changes in the regulatory environment. It investigates the functioning of securities exchanges and other trading platforms as firms, assuming an industrial organization perspective and focusing on the competitive behaviour of exchanges, regulation and governance arrangements and their impact on the structure of the industry.

The Efficient Markets Hypothesis is one of the most controversial and hotly contested ideas in all the social sciences. It is disarmingly simple to state, has far-reaching consequences for academic pursuits and business practice, and yet is surprisingly resilient to empirical proof of refutation. Even after three decades of research and literally thousands of journal articles, economists have not yet reached a consensus about whether markets - particularly financial markets - are efficient or not. These two volumes bring together the most influential articles surrounding the Efficient Markets Hypothesis debate, from Paul Samuelson's pathbreaking proof that properly anticipated prices fluctuate randomly to Fischer Black's study of noise traders, from Eugene Fama's empirical implementation of the Efficient Markets Hypothesis to Robert Merton's analysis of stock price volatility.

This comprehensive examination of high frequency trading looks beyond mathematical models, which are the subject of most HFT books, to the mechanics of the marketplace. In 25 chapters, researchers probe the intricate nature of high frequency market dynamics, market structure, back-office processes, and regulation. They look deeply into computing infrastructure, describing data sources, formats, and required processing rates as well as software architecture and current technologies. They also create contexts, explaining the historical rise of automated trading systems, corresponding technological advances in hardware and software, and the evolution of the trading landscape. Developed for students and professionals who want more than discussions on the econometrics of the modelling process, The Handbook of High Frequency Trading explains the entirety of this controversial trading strategy.