Plumbing Of Securities Markets

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Plumbers and Visionaries

Author : Peter Norman
Publisher : John Wiley & Sons
ISBN 13 : 0470994398
Total Pages : 364 pages
Book Rating : 4.4/5 (79 download)

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Book Synopsis Plumbers and Visionaries by : Peter Norman

Download or read book Plumbers and Visionaries written by Peter Norman and published by John Wiley & Sons. This book was released on 2008-07-31 with total page 364 pages. Available in PDF, EPUB and Kindle. Book excerpt: Plumbers and Visionaries: Securities Settlement and Europe’s Financial Market is a path-breaking account of the history and future of the securities settlement industry in Europe. Written by experienced journalist and author, Peter Norman, this book takes a look at the less visible, but nevertheless critical segment of the global capital markets, following the development of securities settlement across Europe’s frontiers. It encompasses the free-wheeling days of the Eurobond market in the 1960s, through the growing integration of the European Union, to the highly regulated and efficient multi-trillion euro business securities settlement it is today. This book is the story of a financial sector that has grown hugely in importance in the 40 years since Euroclear, now the world’s premier settlement system for domestic and international securities transactions, was created to deal with a settlement crisis that threatened to smother the international capital market in its infancy. Beginning with the settlement crisis in the Eurobond market, this book describes how Euroclear and later Cedel, its arch-rival, were founded to deal with the problem. It follows the challenges posed by cross-border settlement for a growing range of securities when most financial infrastructures operated only within national frontiers. The book demonstrates how securities settlement became an issue for public policy after the stock market crash of 1987 and how the problems of cross-border settlement moved rapidly up the European policy agenda after the euro’s launch. More than a mere history, this book engages with the people who created the modern European securities settlement industry and taps into the often entertaining memories of its founding fathers. This book also focuses on the difficulties and challenges of cross-border transactions which have been identified as hampering Europe’s economic growth. It looks at the present state of the industry seeking a way forward so that the securities settlement infrastructure will better serve a single European capital market.

Collateral and Financial Plumbing

Author : Manmohan Singh
Publisher :
ISBN 13 :
Total Pages : 211 pages
Book Rating : 4.:/5 (16 download)

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Book Synopsis Collateral and Financial Plumbing by : Manmohan Singh

Download or read book Collateral and Financial Plumbing written by Manmohan Singh and published by . This book was released on 2016 with total page 211 pages. Available in PDF, EPUB and Kindle. Book excerpt: Collateral is one of the building blocks on which the financial markets are constructed. Used for a number of purposes--including trading with central counterparties (CCPs), secured funding with market counterparties and central banks, OTC derivatives margining and settlement--the role of effective collateral management in monetizing assets has never been more important.

The Great Financial Plumbing

Author : Karel Lannoo
Publisher : Rowman & Littlefield
ISBN 13 : 1783484292
Total Pages : 201 pages
Book Rating : 4.7/5 (834 download)

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Book Synopsis The Great Financial Plumbing by : Karel Lannoo

Download or read book The Great Financial Plumbing written by Karel Lannoo and published by Rowman & Littlefield. This book was released on 2015-09-30 with total page 201 pages. Available in PDF, EPUB and Kindle. Book excerpt: The financial crisis has led to a far-reaching redesign of the European regulatory and supervisory framework. Following the commitments made in the context of the G-20, but also reacting to internal shortcomings, the EU engaged in a massive program to re-regulate financial markets. The EU furthermore redesigned the structure for supervisory cooperation, initially through the European Supervisory Authorities, and later in its ambition to form the Banking Union. In The Great Financial Plumbing, Karel Lannoo systematically assesses the new regulatory and supervisory framework. The book’s structure follows the big questions on the agenda: 1) What is Banking Union? 2) How have the concerns of the G-20 been addressed by the EU (oversight of credit-rating agencies, better capital for banks, the re-regulation of securities and derivatives markets, asset management, depositor protection and bank resolution)? 3) How were uniquely EU rules on state aid applied to the banking sector? This book is designed to give professionals, policy-makers and students a better understanding of the new regulatory framework and insights into the policy context that has led to the new rules governing financial markets in Europe.

The Risk Controllers

Author : Peter Norman
Publisher : John Wiley & Sons
ISBN 13 : 1119977940
Total Pages : 403 pages
Book Rating : 4.1/5 (199 download)

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Book Synopsis The Risk Controllers by : Peter Norman

Download or read book The Risk Controllers written by Peter Norman and published by John Wiley & Sons. This book was released on 2011-09-07 with total page 403 pages. Available in PDF, EPUB and Kindle. Book excerpt: Clearing houses, or CCPs, were among the very few organisations to emerge from the global financial crisis with their standing enhanced. In the chaotic aftermath of the bankruptcy of Lehman Brothers, they successfully completed trades worth trillions of dollars in a multitude of financial instruments across listed and over-the-counter markets, and so helped avert financial Armageddon. That success transformed the business of clearing. Governments and regulators around the world gave CCPs and the clearing services they provide a front-line role in protecting the global economy from future excesses of finance. CCPs, which mitigate risk in financial markets, responded by greatly expanding their activities, notably in markets for over-the-counter derivatives, and often in fierce competition with one another. In The Risk Controllers, journalist and author Peter Norman describes how CCPs operate, how they handled the Lehman default, and the challenges they now face. Because central counterparty clearing is a complex business with a long history that continues to influence decisions and structures even in today’s fast changing world, The Risk Controllers explores the development of CCPs and clearing from the earliest times to the present. It draws on the experiences of the people who helped to shape the business of clearing today. It sets the development of CCPs and clearing in the broader context of changes in society, politics and regulation. The book examines turning points, such as the 1987 stock market crash, that set clearing on a new path and the impact of long running trends, including the exponential growth of computer power and the ebb and flow of globalisation. Written in non-technical language, The Risk Controllers provides a unique and accessible guide to CCPs and clearing. It is essential reading for clearing professionals, legislators and regulators whose job it is to take this vitally important business into the future. “The recent crisis has, thankfully, renewed interest in the importance of central counterparties: how they can help preserve stability or, as Hong Kong showed in 1987, undermine stability if they are not super sound. Peter Norman’s book places the role of clearing houses in a historical context, and explains why the financial system’s plumbing matters so much. It should be read by anyone interested in building safer capital markets.” Paul Tucker, Deputy Governor Financial Stability, Bank of England

Financial Plumbing and Monetary Policy

Author : Mr.Manmohan Singh
Publisher : International Monetary Fund
ISBN 13 : 1498330614
Total Pages : 18 pages
Book Rating : 4.4/5 (983 download)

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Book Synopsis Financial Plumbing and Monetary Policy by : Mr.Manmohan Singh

Download or read book Financial Plumbing and Monetary Policy written by Mr.Manmohan Singh and published by International Monetary Fund. This book was released on 2014-06-20 with total page 18 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper focuses on how changes in financial plumbing of the markets may impact the monetary policy options as central banks contemplate lift off from zero lower bound (ZLB). Under the proposed regulations, banks will face leverage ratio constraints. As a result of quantitative easing (QE), banks want balance sheet “space” for financial intermediation/ non-depository activities. At the same time, regulatory changes are boosting demand for high quality liquid assets. The paper also discusses the role of repo markets and the importance of collateral velocity and the need to avoid wedges between repo and monetary policy rates when leaving ZLB.

The Microstructure of Financial Markets

Author : Frank de Jong
Publisher : Cambridge University Press
ISBN 13 : 1139478443
Total Pages : 209 pages
Book Rating : 4.1/5 (394 download)

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Book Synopsis The Microstructure of Financial Markets by : Frank de Jong

Download or read book The Microstructure of Financial Markets written by Frank de Jong and published by Cambridge University Press. This book was released on 2009-05-14 with total page 209 pages. Available in PDF, EPUB and Kindle. Book excerpt: The analysis of the microstructure of financial markets has been one of the most important areas of research in finance and has allowed scholars and practitioners alike to have a much more sophisticated understanding of the dynamics of price formation in financial markets. Frank de Jong and Barbara Rindi provide an integrated graduate level textbook treatment of the theory and empirics of the subject, starting with a detailed description of the trading systems on stock exchanges and other markets and then turning to economic theory and asset pricing models. Special attention is paid to models explaining transaction costs, with a treatment of the measurement of these costs and the implications for the return on investment. The final chapters review recent developments in the academic literature. End-of-chapter exercises and downloadable data from the book's companion website provide opportunities to revise and apply models developed in the text.

The New Stock Market

Author : Merritt B. Fox
Publisher : Columbia University Press
ISBN 13 : 023154393X
Total Pages : 612 pages
Book Rating : 4.2/5 (315 download)

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Book Synopsis The New Stock Market by : Merritt B. Fox

Download or read book The New Stock Market written by Merritt B. Fox and published by Columbia University Press. This book was released on 2019-01-08 with total page 612 pages. Available in PDF, EPUB and Kindle. Book excerpt: The U.S. stock market has been transformed over the last twenty-five years. Once a market in which human beings traded at human speeds, it is now an electronic market pervaded by algorithmic trading, conducted at speeds nearing that of light. High-frequency traders participate in a large portion of all transactions, and a significant minority of all trade occurs on alternative trading systems known as “dark pools.” These developments have been widely criticized, but there is no consensus on the best regulatory response to these dramatic changes. The New Stock Market offers a comprehensive new look at how these markets work, how they fail, and how they should be regulated. Merritt B. Fox, Lawrence R. Glosten, and Gabriel V. Rauterberg describe stock markets’ institutions and regulatory architecture. They draw on the informational paradigm of microstructure economics to highlight the crucial role of information asymmetries and adverse selection in explaining market behavior, while examining a wide variety of developments in market practices and participants. The result is a compelling account of the stock market’s regulatory framework, fundamental institutions, and economic dynamics, combined with an assessment of its various controversies. The New Stock Market covers a wide range of issues including the practices of high-frequency traders, insider trading, manipulation, short selling, broker-dealer practices, and trading venue fees and rebates. The book illuminates both the existing regulatory structure of our equity trading markets and how we can improve it.

Algo Bots and the Law

Author : Gregory Scopino
Publisher : Cambridge University Press
ISBN 13 : 1107164796
Total Pages : 485 pages
Book Rating : 4.1/5 (71 download)

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Book Synopsis Algo Bots and the Law by : Gregory Scopino

Download or read book Algo Bots and the Law written by Gregory Scopino and published by Cambridge University Press. This book was released on 2020-10-15 with total page 485 pages. Available in PDF, EPUB and Kindle. Book excerpt: An exploration of how financial market laws and regulations can - and should - govern the use of artificial intelligence.

Emerging Capital Markets and Globalization

Author : Augusto de la Torre
Publisher : World Bank Publications
ISBN 13 : 0821365444
Total Pages : 232 pages
Book Rating : 4.8/5 (213 download)

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Book Synopsis Emerging Capital Markets and Globalization by : Augusto de la Torre

Download or read book Emerging Capital Markets and Globalization written by Augusto de la Torre and published by World Bank Publications. This book was released on 2006-10-20 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt: Back in the early 1990s, economists and policy makers had high expectations about the prospects for domestic capital market development in emerging economies, particularly in Latin America. Unfortunately, they are now faced with disheartening results. Stock and bond markets remain illiquid and segmented. Debt is concentrated at the short end of the maturity spectrum and denominated in foreign currency, exposing countries to maturity and currency risk. Capital markets in Latin America look particularly underdeveloped when considering the many efforts undertaken to improve the macroeconomic environment and to reform the institutions believed to foster capital market development. The disappointing performance has made conventional policy recommendations questionable, at best. 'Emerging Capital Markets and Globalization' analyzes where we stand and where we are heading on capital market development. First, it takes stock of the state and evolution of Latin American capital markets and related reforms over time and relative to other countries. Second, it analyzes the factors related to the development of capital markets, with particular interest on measuring the impact of reforms. And third, in light of this analysis, it discusses the prospects for capital market development in Latin America and emerging economies and the implications for the reform agenda.

World Capital Markets

Author : Wendy Dobson
Publisher : Peterson Institute
ISBN 13 : 9780881323016
Total Pages : 278 pages
Book Rating : 4.3/5 (23 download)

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Book Synopsis World Capital Markets by : Wendy Dobson

Download or read book World Capital Markets written by Wendy Dobson and published by Peterson Institute. This book was released on 2001 with total page 278 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study analyzes the supply side of the international financial architecture. It asks the question: How can G-10 capital suppliers reform their system to contribute to a safer world of capital mobility? It contains coverage of capital flows and the benefits of cross-border capital flows.

Enhancing Investor Protection and the Regulation of Securities Markets, Part II

Author : United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs
Publisher :
ISBN 13 :
Total Pages : 292 pages
Book Rating : 4.:/5 (327 download)

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Book Synopsis Enhancing Investor Protection and the Regulation of Securities Markets, Part II by : United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs

Download or read book Enhancing Investor Protection and the Regulation of Securities Markets, Part II written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs and published by . This book was released on 2009 with total page 292 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Enhancing Investor Protection and the Regulation of Securities Markets-Part II, S. Hrg. 111-144, March 26, 2009, 111-1 Hearing, *

Author :
Publisher :
ISBN 13 :
Total Pages : 288 pages
Book Rating : 4.3/5 (91 download)

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Book Synopsis Enhancing Investor Protection and the Regulation of Securities Markets-Part II, S. Hrg. 111-144, March 26, 2009, 111-1 Hearing, * by :

Download or read book Enhancing Investor Protection and the Regulation of Securities Markets-Part II, S. Hrg. 111-144, March 26, 2009, 111-1 Hearing, * written by and published by . This book was released on 2010 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Running the World's Markets

Author : Ruben Lee
Publisher : Princeton University Press
ISBN 13 : 1400836972
Total Pages : 471 pages
Book Rating : 4.4/5 (8 download)

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Book Synopsis Running the World's Markets by : Ruben Lee

Download or read book Running the World's Markets written by Ruben Lee and published by Princeton University Press. This book was released on 2010-12-28 with total page 471 pages. Available in PDF, EPUB and Kindle. Book excerpt: The efficiency, safety, and soundness of financial markets depend on the operation of core infrastructure--exchanges, central counter-parties, and central securities depositories. How these institutions are governed critically affects their performance. Yet, despite their importance, there is little certainty, still less a global consensus, about their governance. Running the World's Markets examines how markets are, and should be, run. Utilizing a wide variety of arguments and examples from throughout the world, Ruben Lee identifies and evaluates the similarities and differences between exchanges, central counter-parties, and central securities depositories. Drawing on knowledge and experience from various disciplines, including business, economics, finance, law, politics, and regulation, Lee employs a range of methodologies to tackle different goals. Conceptual analysis is used to examine theoretical issues, survey evidence to describe key aspects of how market infrastructure institutions are governed and regulated globally, and case studies to detail the particular situations and decisions at specific institutions. The combination of these approaches provides a unique and rich foundation for evaluating the complex issues raised. Lee analyzes efficient forms of governance, how regulatory powers should be allocated, and whether regulatory intervention in governance is desirable. He presents guidelines for identifying the optimal governance model for any market infrastructure institution within the context of its specific environment. Running the World's Markets provides a definitive and peerless reference for how to govern and regulate financial markets.

Ladies of the Ticker

Author : George Robb
Publisher : University of Illinois Press
ISBN 13 : 0252099745
Total Pages : 400 pages
Book Rating : 4.2/5 (52 download)

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Book Synopsis Ladies of the Ticker by : George Robb

Download or read book Ladies of the Ticker written by George Robb and published by University of Illinois Press. This book was released on 2017-08-16 with total page 400 pages. Available in PDF, EPUB and Kindle. Book excerpt: Long overlooked in histories of finance, women played an essential role in areas such as banking and the stock market during the late nineteenth and early twentieth centuries. Yet their presence sparked ongoing controversy. Hetty Green’s golden touch brought her millions, but she outraged critics with her rejection of domesticity. Progressives like Victoria Woodhull, meanwhile, saw financial acumen as more important for women than the vote. George Robb’s pioneering study explores the financial methods, accomplishments, and careers of three generations of women. Plumbing sources from stock brokers’ ledgers to media coverage, Robb reveals the many ways women invested their capital while exploring their differing sources of information, approaches to finance, interactions with markets, and levels of expertise. He also rediscovers the forgotten women bankers, brokers, and speculators who blazed new trails--and sparked public outcries over women’s unsuitability for the predatory rough-and-tumble of market capitalism. Entertaining and vivid with details, Ladies of the Ticker sheds light on the trailblazers who transformed Wall Street into a place for women’s work.

Take on the Street

Author : Arthur Levitt
Publisher : Vintage
ISBN 13 : 0375422358
Total Pages : 459 pages
Book Rating : 4.3/5 (754 download)

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Book Synopsis Take on the Street by : Arthur Levitt

Download or read book Take on the Street written by Arthur Levitt and published by Vintage. This book was released on 2002-10-08 with total page 459 pages. Available in PDF, EPUB and Kindle. Book excerpt: In Take on the Street, Arthur Levitt--Chairman of the Securities and Exchange Commission for eight years under President Clinton--provides the best kind of insider information: the kind that can help honest, small investors protect themselves from the deliberately confusing ways of Wall Street. At a time when investor confidence in Wall Street and corporate America is at an historic low, when many are seriously questioning whether or not they should continue to invest, Levitt offers the benefits of his own experience, both on Wall Street and as its chief regulator. His straight talk about the ways of stockbrokers (they are salesmen, plain and simple), corporate financial statements (the truth is often hidden), mutual fund managers (remember who they really work for), and other aspects of the business will help to arm everyone with the tools they need to protect—and enhance—their financial future.

Europe and the Euro

Author : Alberto Alesina
Publisher : University of Chicago Press
ISBN 13 : 0226012859
Total Pages : 477 pages
Book Rating : 4.2/5 (26 download)

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Book Synopsis Europe and the Euro by : Alberto Alesina

Download or read book Europe and the Euro written by Alberto Alesina and published by University of Chicago Press. This book was released on 2010-04-15 with total page 477 pages. Available in PDF, EPUB and Kindle. Book excerpt: It is rare for countries to give up their currencies and thus their ability to influence such critical aspects of their economies as interest and exchange rates. Yet ten years ago a number of European countries did exactly that when they adopted the euro. Despite some dissent, there were a number of arguments in favor of this policy change: it would facilitate exchange of goods, money, and people by decreasing costs; it would increase trade; and it would enhance efficiency and competitiveness at the international level. A decade is an ideal time frame over which to evaluate the success of the euro and whether it has lived up to expectations. To that aim, Europe and the Euro looks at a number of important issues, including the effects of the euro on reform of goods and labor markets; its influence on business cycles and trade among members; and whether the single currency has induced convergence or divergence in the economic performance of member countries. While adoption of the euro may not have met the expectations of its most optimistic proponents, the benefits have been many, and there is reason to believe that the euro is robust enough to survive recent economic shocks. This volume is an essential reference on the first ten years of the euro and the workings of a monetary union.

Dark Pools

Author : Scott Patterson
Publisher : Crown Currency
ISBN 13 : 0307887197
Total Pages : 386 pages
Book Rating : 4.3/5 (78 download)

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Book Synopsis Dark Pools by : Scott Patterson

Download or read book Dark Pools written by Scott Patterson and published by Crown Currency. This book was released on 2012-06-12 with total page 386 pages. Available in PDF, EPUB and Kindle. Book excerpt: A news-breaking account of the global stock market's subterranean battles, Dark Pools portrays the rise of the "bots"--artificially intelligent systems that execute trades in milliseconds and use the cover of darkness to out-maneuver the humans who've created them. In the beginning was Josh Levine, an idealistic programming genius who dreamed of wresting control of the market from the big exchanges that, again and again, gave the giant institutions an advantage over the little guy. Levine created a computerized trading hub named Island where small traders swapped stocks, and over time his invention morphed into a global electronic stock market that sent trillions in capital through a vast jungle of fiber-optic cables. By then, the market that Levine had sought to fix had turned upside down, birthing secretive exchanges called dark pools and a new species of trading machines that could think, and that seemed, ominously, to be slipping the control of their human masters. Dark Pools is the fascinating story of how global markets have been hijacked by trading robots--many so self-directed that humans can't predict what they'll do next.