Electronic Exchanges

Electronic Exchanges

The Global Transformation from Pits to Bits

1st Edition - May 29, 2009

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  • Authors: Michael Gorham, Nidhi Singh
  • Hardcover ISBN: 9780123742520
  • eBook ISBN: 9780080921402

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Description

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, marekt 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 Goldman Sachs 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.

Key Features

  • Gorham is an exchange expert and Singh is an electronic trading expert, they combine their expertise to reveal the inner workings of the exchanges and where they will go in the future
  • Only book to point to new skills needed and new ways of making money for users of exchange services

Readership

Finance professionals in investment banking (34,000 analysts), and in the securities and commodities industry (93,000 analysts and managers), exchange managers, staff, and members worldwide, providers of exchange services such as brokerage firms and market data vendors, users of exchange services such as banking, energy and agribusiness companies, pension, mutual, and hedge fund managers, corporate treasury departments.

Table of Contents

  • Intro: Basic Themes
    Chapter 1: Big Picture
    Chapter 2: Floor to Screen
    Chapter 3 From Private Club to Public Company
    Chapter 4: Nation to Global
    Chapter 5: Smaller to Larger
    Chapter 6: Electronic Trading
    Chapter 7: Modular Exchange
    Chapter 8: Implications for Regulators and Regulation of the Conquest of Electronic Trading Systems
    Chapter 9: New Wave of Product Innovation
    Chapter 10: The Upside
    Chapter 11: Not a Perfect World
    Chapter 12: Future of Electronic Markets

Product details

  • No. of pages: 352
  • Language: English
  • Copyright: © Elsevier Science 2009
  • Published: May 29, 2009
  • Imprint: Elsevier Science
  • Hardcover ISBN: 9780123742520
  • eBook ISBN: 9780080921402

About the Authors

Michael Gorham

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.

Affiliations and Expertise

Director, IIT Stuart Center for Financial Markets, Illinois Institute of Technology, Chicago, USA; 18-year veteran of the Chicago Mercantile Exchange

Nidhi Singh

Nidhi Singh is currently a Vice President at Goldman Sachs. She manages the Client Technology Solutions and product development groups for the for the clearing services in the global Listed Derivatives group.

Previously, she was the Vice President of Global Technical Sales at Trading Technologies. She helped to expand their customer base to sell-side firms globally. She provided technical recommendations for integrating TT’s products into customers’ existing trading infrastructure. She began her career at TT as a Senior Product Manager responsible for developing the back-end infrastructure, including exchange connectivity and a FIX API to integrate third party applications. She contributed to the Global Derivatives Business Practices subcommittee of the FIX Protocol standards body. While at TT, she was also an adjunct faculty at the Center for Law and Financial Markets at the Illinois Institute of Technology (IIT). She taught graduate level courses in electronic trading and market infrastructure.

She was the Marketing Director for the Center for Law and Financial Markets at IIT, where she helped to develop curriculum for graduate students and continuing education for financial industry professionals. Prior to IIT, she was an Application Architect at the Options Clearing Corporation (OCC). She contributed to new projects in clearing services, risk management, and margin allocation. She worked closely with DTCC, NSCC, various equity options exchanges, and clearing members. She earned an M.S. in Financial Markets from the IIT Stuart School of Business at the Illinois Institute of Technology, where she was one of only two students to publish a paper in the Journal of Global Financial Markets (“Cycles of Fragmentation and Centralization of Equities Markets”). She also holds a BS in Economics from Purdue University.

Affiliations and Expertise

Vice President, Goldman Sachs

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