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Financial Trading and Investing, Second Edition, delivers the most current information on trading and market microstructure for undergraduate and master’s students. Without demanding a background in econometrics, it explores alternative markets and highlights recent regulatory developments, implementations, institutions and debates. New explanations of controversial trading tactics (and blunders), such as high-frequency trading, dark liquidity pools, fat fingers, insider trading, and flash orders emphasize links between the history of financial regulation and events in financial markets. New sections on valuation and hedging techniques, particularly with respect to fixed income and derivatives markets, accompany updated regulatory information.
In addition, new case studies and additional exercises are included on a website that has been revised, expanded and updated. Combining theory and application, the book provides the only up-to-date, practical beginner's introduction to today's investment tools and markets.
- Concentrates on trading, trading institutions, markets and the institutions that facilitate and regulate trading activities
- Introduces foundational topics relating to trading and securities markets, including auctions, market microstructure, the roles of information and inventories, behavioral finance, market efficiency, risk, arbitrage, trading technology, trading regulation and ECNs
- Covers market and technology advances and innovations, such as execution algo trading, Designated Market Makers (DMMs), Supplemental Liquidity Providers (SLPs), and the Super Display Book system (SDBK)
Economics and finance upper-division undergraduates, graduate students, and professionals worldwide working in finance, financial engineering, quantitative finance, and risk management
- Introduction to Securities Trading and Markets
2. Financial Markets, Trading Processes, and Instruments
3. Institutional Trading
4. Regulation of Trading and Securities Markets
5. Adverse Selection, Trading, and Spreads
6. Random Walks, Risk and Arbitrage
7. Arbitrage and Hedging with Fixed Income Instruments and Currencies
8. Arbitrage and Hedging with Options
9. Evaluating Trading Strategies and Performance
10. The Mind of the Investor
11. Market Efficiency
12. Trading Gone Awry
End-of-Chapter Exercise Solutions
- No. of pages:
- © Academic Press 2018
- 21st March 2018
- Academic Press
- eBook ISBN:
- Paperback ISBN:
John Teall is a visiting professor at LUISS Business School in Rome, Italy. He is a former member of the American Stock Exchange and has served as a consultant to Deutsche Bank, Goldman Sachs, and other financial institutions.
LUISS University in Rome, Italy
"Dr. John Teall’s Financial Trading and Investing textbook provides a clearly written, comprehensive, and self-contained easy to read overview of trading and investments that is most appropriate for upper-level undergraduates, graduate students, and financial practitioners. In addition, this book would make an essential and valuable addition to every financial practitioner’s reference library." --Anthony Joseph, Pace University
"John Teall provides a comprehensive guide to the fascinating and volatile world of securities trading. Replete with cases, numerical examples, and fully developed models, this book leads the reader through the complexities of investor behavior, market structure, regulation, and the uses and abuses of trading tactics in a decidedly clear and straightforward manner." --Elisabeth Oltheten, University of Illinois at Urbana-Champaign
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