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Trading and Exchanges: Market Microstructure for Practitioners
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Trading and Exchanges: Market Microstructure for Practitioners

4.26  ·  Rating details ·  243 ratings  ·  16 reviews
This book is about trading, the people who trade securities and contracts, the marketplaces where they trade, and the rules that govern it. Readers will learn about investors, brokers, dealers, arbitrageurs, retail traders, day traders, rogue traders, and gamblers; exchanges, boards of trade, dealer networks, ECNs (electronic communications networks), crossing markets, and ...more
Hardcover, 656 pages
Published October 24th 2002 by Oxford University Press, USA (first published September 30th 2002)
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Average rating 4.26  · 
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 ·  243 ratings  ·  16 reviews

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Tim O'Hearn
Jul 13, 2017 rated it it was amazing
T&E is the bible of market microstructure. It's also a sobering reminder of why most people can't even begin to imagine why they can't compete in modern markets and why Flash Boys succeeded as a mass-market novel but failed as a criticism of the industry. Whether you care about regulation, making money, or the efficiencies of capitalistic societies (aren't all of these the same thing?), this book has something for you.

I work in the industry and have finally completed reading the book from front
Sep 05, 2009 rated it liked it
Shelves: finance, non-fiction
This is an exceptionally dry, boring book, but it is one of the only ones out there on an increasingly important topic: market microstructure. It is thorough and precise, and more or less devoid of fluff. This material is the pipes and sewers of the industry, and as such it affects the execution of every trade on every exchange. Not just for market makers and employees of Getco and Rentech, this should be required reading for anyone for whom execution matters (and who doesn't want to get picked ...more
Juraj Spilda
Jun 06, 2019 rated it really liked it
Provides a good structured perspective on viewing different market participants and what they contribute. Occasionally feels a little dated at this point (especially references to Bernard Maddoff Securities being a reliable shares dealer)
Aditya Mittal
Sep 20, 2017 rated it it was amazing
Essential reading for any trader.
Alain Walder
Mar 31, 2020 rated it it was amazing
Foundational book for understanding markets and exchanges.
Must-read for traders, very instructive, well-written and more entertaining than thought.
Seth Thomson
Jun 08, 2011 rated it liked it
This book is a little dated (2002), but is a good read for anyone interested in understanding the way some of our markets work or why and how traders trade. Very little about high frequency trading in this book, as it was pretty new at the time. I'd rate the book higher if it was updated.
Feb 11, 2011 rated it it was amazing
The best book you can read to understand (microstructure of) financial markets. I also recommend his papers.
James Hull
Apr 30, 2016 rated it it was amazing
If you're interested in trading and capital markets, market microstructure is important.
Apr 17, 2014 rated it it was amazing
This book explains in detail exactly how exchanges function. I was surprised by how much I learned about a topic that I thought I knew well.
Louis Marascio
Dec 30, 2009 rated it it was amazing
Amazing treatment of the financial markets and what makes them tick.
Sep 09, 2012 rated it liked it
in my opinion the best book in market microstructure
May 16, 2009 rated it really liked it
Great book--comprehensive and entertaining! Highly recommended for those who want to learn about trading, exchanges and market structure.
Max Bolingbroke
Nov 03, 2013 rated it really liked it
Clearly written and comprehensive. A bit dated in its description of some particulars of the markets but fundamentally sound.
Jan 19, 2011 rated it it was ok
So dry! No idea why people like this book.
Jiasun Li
Feb 10, 2014 rated it it was amazing
A must-read for any serious investor.
Jan 07, 2009 rated it it was amazing
Shelves: math, finance
If you want a complete understanding of how and why financial markets work, this is the book for you. Its surprisingly readable, and fairly light on the math.
James Chapman
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