Electronic Exchanges: The Global Transformation from Pits to by Michael Gorham

By Michael Gorham

I had the excitement of analyzing the draft of this publication. This ebook is a good researched, packed with institutional information, records, and anecdotes. The authors really partook the digital revolution of the buying and selling company, and may be able to learn the transition from "pits to bits" from diversified angles. in addition they provide insights concerning the way forward for the inventory and spinoff exchanges. The authors are nice tale tellers and the publication is enjoyable to learn. hugely advised for investors, regulators, and likewise researchers who're drawn to industry microstructure, monetary industry rules and business association and dynamics.

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Extra resources for Electronic Exchanges: The Global Transformation from Pits to Bits (He Elsevier and Iit Stuart Center for Financial Markets Press)

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Then came the runaway bride; Pfauwadel left Franke standing alone at the altar. What neither he nor Franke anticipated was the pushback by the smaller MATIF members concerned about the cost of going electronic. They voted not to move the French products to the screen. As a result, Pfauwadel lost his job; Franke lost half his bonus, and it was quite an embarrassment—except that the French traders still had their DTB terminals, and many of them began using them to trade and add liquidity to the DTB products.

26. This is the key short-term interbank reference rate known in Spanish as the Tasa de Interés Interbancaria de Equilibrio, or interbank equilibrium interest rate. 27. David Barboza, “In Chicago’s Trading Pits, This May Be the Final Generation,” http://query. res=9901E7DD153CF935A3575BC0A9669C8B63&sec=&sp on=&pagewanted=print, August 2000. Part One The Four Basic Transformations 2 From Floor to Screen: The Electronic Pioneers Executive Summary The most important of all the transformations that exchanges are undergoing is the shift from trading floors to trading screens.

Despite the fact that it took such a long time to become substantially electronic, through a combination of solid, consistent leadership the CME ended up taking over both the CBOT and NYMEX, replacing the electronic giant Eurex as the world’s largest derivatives exchange. But let’s take a closer look at how this second phase played out. Late Arrivals Get Absorbed MATIF MATIF, the Paris-based derivatives exchange, no longer exists. It opened for business as a traditional floor-based exchange on February 20, 1986.

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