Dark Pools is a practical text dealing with the increasingly
important topic of dark pools, or non-displayed, off-exchange
trading and liquidity. A growing amount of institutional trading
occurs away from exchanges and expansion in this little understood
sector of the market is set to continue. The book is organized in
three parts: Market Structure, Micro Issues, and Environment of the
Future. The first chapters consider the development and evolution
of the equity trading marketplace over the past two decades,
including the creation of dedicated dark pool platforms, and
introduce the concept of market liquidity, the formation of
displayed and non-displayed orders, and the operation and structure
of key dark pools. Attention then turns to the architecture of a
typical dark pool, and how orders are routed to capture dimensions
of non-displayed liquidity. This is followed by an analysis of the
pricing and economics of dark liquidity and common trading
strategies employed by institutions - including dark algorithms,
high frequency trading and the controversial mechanism of
'gaming.' The final chapters analyze the regulatory and
control framework and consider how dark pools may evolve in a
post-financial crisis world.
'This is an excellent book. It is bang up to date, in what is a very fast changing area. It is clearly written, and provides a very comprehensive description of these markets and how they work. While it fully covers dark pools, its coverage is much wider than that - covering trading in equity markets more generally' - Professor Charles Sutcliffe, The ICMA Centre, University of Reading, UK
'This is an excellent book. It is bang up to date, in what is a very fast changing area. It is clearly written, and provides a very comprehensive description of these markets and how they work. While it fully covers dark pools, its coverage is much wider than that - covering trading in equity markets more generally' - Professor Charles Sutcliffe, The ICMA Centre, University of Reading, UK
ERIK BANKS is a Senior Risk Advisor for a European universal bank. Over the past 23 years, he has held senior risk positions in the investment banking and hedge fund sector in New York, Tokyo, Hong Kong, London and Munich. He is the author of more than 20 books on risk, derivatives, emerging markets and governance, including the Palgrave titles Failure of Wall Street, (2004), Dictionary of Finance, Investment and Banking (2009) and Dark Pools (2010).
Inhaltsangabe
PART I: THE NATURE OF CATASTROPHE Taxonomy of Risk Catastrophes Financial Catastrophe PART II: THE RISK FRAMEWORK The Risk Management Process Models, Metrics and Limitations PART III: PRACTICAL MANAGEMENT Past Catastrophes Lessons Learned and Prescriptive Measures The Future of Risk Management Notes Bibliography Index
