Books > Reference & Interdisciplinary > Interdisciplinary studies > Globalization
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Darkness by Design - The Hidden Power in Global Capital Markets (Hardcover)
Loot Price: R567
Discovery Miles 5 670
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(24%)
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Darkness by Design - The Hidden Power in Global Capital Markets (Hardcover)
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List price R747
Loot Price R567
Discovery Miles 5 670
You Save R180 (24%)
Supplier out of stock. If you add this item to your wish list we will let you know when it becomes available.
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An expose of fragmented trading platforms, poor governance, and
exploitative practices in today's capital markets Capital markets
have undergone a dramatic transformation in the past two decades.
Algorithmic high-speed supercomputing has replaced traditional
floor trading and human market makers, while centralized exchanges
that once ensured fairness and transparency have fragmented into a
dizzying array of competing exchanges and trading platforms.
Darkness by Design exposes the unseen perils of market
fragmentation and "dark" markets, some of which are deliberately
designed to enable the transfer of wealth from the weak to the
powerful. Walter Mattli traces the fall of the traditional exchange
model of the NYSE, the world's leading stock market in the
twentieth century, showing how it has come to be supplanted by
fragmented markets whose governance is frequently set up to allow
unscrupulous operators to exploit conflicts of interest at the
expense of an unsuspecting public. Market makers have few
obligations, market surveillance is neglected or impossible,
enforcement is ineffective, and new technologies are not
necessarily used to improve oversight but to offer lucrative
preferential market access to select clients in ways that are often
hidden. Mattli argues that power politics is central in today's
fragmented markets. He sheds critical light on how the
redistribution of power and influence has created new winners and
losers in capital markets and lays the groundwork for sensible
reforms to combat shady trading schemes and reclaim these markets
for the long-term benefit of everyone. Essential reading for anyone
with money in the stock market, Darkness by Design challenges the
conventional view of markets and reveals the troubling implications
of unchecked market power for the health of the global economy and
society as a whole.
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