Originally published in 1994, Stock Exchange Automation addresses
the pivotal role played by capital markets in the market economics.
Capital markets are an essential component of the free market
system. The book argues that the capital markets function as an
allocator of investable funds among competing uses. The movement
toward automated markets requires that we understand how automation
changes market behaviour. The book also examines the concept of
market microstructure theory, and the implication that some forms
of automation should affect prices. Theories of price formation in
the specialist based trading system hypothesise that the trading
mechanism induces short term price volatility.
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