金融市场中的电子商务与革新 英文版PDF|Epub|txt|kindle电子书版本网盘下载

金融市场中的电子商务与革新 英文版PDF格式电子书版下载

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CHAPTER 1: ELECTRONIC COMMERCE AND THE ORGANEZATION OF FINANCIAL MARKETS1

1.1 The Internet and the Digital Revolution2

1.2 Financial Markets in the 21st Century:Functions and Institutions4

1.2.1 A Functional Analysis4

1.2.2 Institutions6

1.3 Dis-intermediation or Re-intermediation?8

1.4 Value Chain Model10

1.5 Reinventing the New Value Chain12

1.5.1 Customers Take Control12

1.5.2 Understanding Customers Value Chain13

1.5.3 Digitizing the Value Chain14

1.5.4 Creating a Value Web15

1.5.5 Acquiring a Critical Mass16

1.5.6 Mass Customization18

1.6 Financial Supermarkets19

1.6.1 E?Trade19

1.6.2 Citigroup22

1.7 Threats to Organized Exchanges25

1.8 Summary27

CHAPTER 2: ONLINE REVOLUTION29

2.1 Online Brokers and Online Trading30

2.1.1 The Traditional Stock Broker30

2.1.2 Internet Technology and Brokerage Services31

2.1.3 Real-Time Access and Lower Fees31

2.1.4 Convergence of the Traditional and the New33

2.2 Online Financial Information35

2.2.1 The Race to e-Inform35

2.2.2 Information and Market Democracy36

2.2.3 Methods for Sharing Financial Information39

2.2.4 Buying and Selling Financial Information Online40

2.2.5 Demystifying Finance44

2.3 The Changing Business Model48

2.3.1 From Trading to Full Services48

2.3.3 Search for Other Income Sources49

2.3.2 From Broker to Personal Intelligent Agent49

2.3.4 Intermediaries as Facilitators51

2.4 Online Banking and Other Online Services52

2.4.1 Banking and Payment Services53

2.4.2 Asset Management:Everyone s Business54

2.4.3 Competing Online for Assets54

2.4.4 Online Insurance55

2.5 Summary57

CHAPTER 3: TOWARD A DIGITAL MARKETPLACE59

3.1 Investment Styles60

3.1.1 Direct Investing in Stocks60

3.1.2 Indirect Investing in Mutual Funds61

3.2 Market Imperfections62

3.2.1 Traditional Initial Public Offering Process63

3.2.2 Order Routing64

3.2.3 Clearing and Settlement64

3.2.4 Trading on the Exchange Floor65

3.2.5 Outdated Accounting Conventions66

3.2.6 Asset-by-Asset Trading and Execution67

3.3 Internet IPOs69

3.3.1 Pricing and Distributing an IPO69

3.3.2 New Kids on the IPO Block70

3.3.3 IPOs and the Dutch Auction Process71

3.3.4 The Case of Ravenswood Winery73

3.3.5 Potential Problems73

3.3.6 Will Online IPOs Do Away with Underwriters?74

3.3.7 Future Prospects for Online IPOs76

3.4 Direct Trading and Real-Time Settlement System78

3.4.1 Digital Identification78

3.4.2 Electronic Payment System83

3.4.3 Digital Transaction System85

3.5 Summary87

CHAPTER 4: FINANCIAL MARKETS IN A NUTSHELL89

4.1 Auction Markets90

4.1.1 Double Auction91

4.1.2 Continuous and Periodic Trading94

4.2.1 Bid-Ask Spread and Dealer Cost96

4.2 Dealer Markets96

4.2.2 Dealer versus Auction Markets97

4.3 Transaction Costs98

4.4 Market Liquidity98

4.4.1 The Importance of Liquidity99

4.4.2 Risk and Return in Providing Liquidity100

4.4.3 Trends among Liquidity Providers101

4.5.1 Agency Problems103

4.5 The Needs of Institutional Investors103

4.5.2 Illiquid Markets104

4.5.3 The Upstairs Market106

4.6 Liquidity Suppliers in a Digital Marketplace108

4.7 Technology and the Evolution of Markets111

4.8 Summary113

CHAPTER 5: NEW YORK STOCK EXCHANGE115

5.1 Market Organization116

5.1.1 NYSE Membership116

5.1.2 Trading Process118

5.1.3 Order Book120

5.1.4 Competing to Trade121

5.1.5 Continuous Trading and Call Auctions121

5.2 Technology and the NYSE Market Structure123

5.2.1 Pre-and Post-Trade Technology124

5.2.2 SuperDOT and the Specialist125

5.3 Structural Weakness126

5.3.1 A Labor-Intensive Process127

5.3.3 Broker Fraud128

5.3.2 Resistance to Technology128

5.4 Responding to Competitive Pressures132

5.4.1 Network NYSE133

5.4.2 Institutional Express Order134

5.4.3 NYSE Direct+136

5.4.4 OpenBook138

5.4.5 MarkeTrac139

5.4.6 A 24-Hour Market140

5.4.8 Competing with Nasdaq142

5.4.7 Experimenting with After-Hours Trading142

5.5 NYSE as a For-Profit Company145

5.5.1 Theory of Cashing-in146

5.5.2 Everyone Else is Doing It146

5.5.3 De-Mutualization and Balanced Focus146

5.5.4 Money to Buy Others147

5.5.5 A For-Profit Self-Regulating Business147

5.6 Summary149

CHAPTER 6: NASDAQ MARKET151

6.1 Overview152

6.1.1 Background Information152

6.1.2 Legacy Issue154

6.1.3 Quote-Driven Market154

6.1.4 Market Makers156

6.1.5 Market Opening158

6.2 Role of Technology159

6.2.1 SelectNet159

6.2.2 SOES160

6.2.3 SuperSoes163

6.2.4 OptiMark Experiment164

6.3 Collusion among Market Makers165

6.3.1 Why No Odd-Eighth Quotes?165

6.3.2 Monitoring and Punishing165

6.3.3 Wider Spreads and Time Preference167

6.4 New Regulations167

6.4.1 Order Handling Rules168

6.4.2 Lower Liquidity,Improved Transparency169

6.5.1 Online Investors170

6.5 Recent Developments170

6.5.2 Breakdowns in SelectNet171

6.5.3 Greater Volatility172

6.5.4 IPOs and Market Volatility172

6.5.5 Inefficient Market Opening Procedures173

6.5.6 Nasdaq-AMEX Merger174

6.5.7 Nasdaq s Web-Based Services175

6.5.8 Decimalization175

6.5.9 A Nasdaq IPO176

6.6 Plans for the Future—SuperMontage177

6.6.1 Quotes and Orders178

6.6.2 Collecting Quotes and Orders178

6.6.3 Displaying Quotes179

6.6.4 Execution Services181

6.6.5 Price-Time Priority Rules183

6.6.6 Reactions185

6.7 Summary190

CHAPTER 7: ELECTRONIC COMMUNICATIONS NETWORK191

7.1 Overview of ECNs192

7.2 ECNs Impact195

7.3 Who Are Some of These ECNs?197

7.3.1 Instinet197

7.3.2 Archipelago203

7.3.3 Island204

7.3.4 NexTrade204

7.3.5 Brut204

7.3.6 Bloomberg Tradebook206

7.4.1 ECNs and Brokerage Firms207

7.4 Changing Landscape of Equity Markets207

7.4.2 Dealer-Friendly ECNs209

7.4.3 Market Fragmentation210

7.4.4 Do ECNs Make Any Money?211

7.4.5 Do ECNs Have a Future?212

7.4.6 ECNs as Exchanges213

7.5 Crossing Networks215

7.5.1 Crossing Explained216

7.5.2 POSIT216

7.5.3 Evaluating Crossing Networks218

7.6 Summary220

CHAPTER 8: COMPUTERIZED AUTOMATED TRADING SYSTEMS221

8.1 Arizona Stock Exchange222

8.1.1 Trading Mechanism222

8.1.2 Competing for Order Flow224

8.2 OptiMark System224

8.2.1 Multidimensional Trading225

8.2.2 Matching Algorithm228

8.2.3 A Credible Promise229

8.2.4 Competing to Trade229

8.3 Primex231

8.3.1 Alliance with Nasdaq231

8.3.2 Replicating Floor Trading:Price Improvement231

8.3.3 Challenges232

8.4 Bundle Trading233

8.5 Summary237

CHAPTER 9: OVERSEAS FINANCIAL MARKETS239

9.1 Development of a Pan-European Stock Market240

9.1.1 Euronext240

9.1.2 Ups and Downs of iX242

9.1.3 Global Equity Market242

9.1.4 You Ain t Seen Nothing Yet242

9.2 OM Group243

9.2.1 Computerized Equity Trading System:SAX244

9.2.2 SOX:The Automated Bond Trading System245

9.2.3 OM CLICK Exchange System246

9.2.4 Trading in Euros248

9.2.5 Nordic Exchange249

9.2.6 Jiway251

9.3 Swiss Exchange251

9.3.1 Innovations in the 1990s252

9.3.2 Market Design252

9.3.3 Electronic Trading and Settlement System253

9.4.2 Products and Trading255

9.4.1 Market Organization255

9.4 Eurex255

9.4.3 Clearing and Settlement256

9.5 Easdaq257

9.5.1 Market Organization257

9.5.2 Trading and Settlement259

9.5.3 Nasdaq Europe259

9.6 Australian Stock Exchange260

9.6.1 Demutualization260

9.6.2 Electronic Trading and Settlement261

9.7 Summary262

CHAPTER 10: FIXED-INCOME MARKETS263

10.1 U.S. Treasury Securities Market264

10.2 Corporate Bond Markets266

10.3 Municipal Bond Markets267

10.4 Advances in Information Dissemination267

10.4.1 GovPx268

10.4.2 FIPS268

10.5 Electronic Bond Markets269

10.5.1 Single-Dealer Systems269

10.5.2 MultiDealer Exchange Markets270

10.5.3 Interdealer Systems275

10.5.4 Market Design and Market Success275

10.6 Summary277

CHAPTER 11: UNCONVENTIONAL FINANCIAL MARKETS279

11.1 Electricity Markets280

11.1.1 Deregulation of the Electricity Market281

11.1.3 California Power Exchange284

11.1.2 California Electricity Market Structure284

11.1.4 What Went Wrong in California?285

11.1.5 Trading Energy Futures and Options at CBOT286

11.2 Catastrophe Insurance Markets287

11.2.1 Insurance and Reinsurance287

11.2.2 Securitizing Insurance Risk288

11.2.3 Cat Bonds288

11.2.4 CBOT Cat Options289

11.2.5 CATEX292

11.3 Iowa Electronic Market295

11.3.1 Market Instruments and Payoffs297

11.3.2 Market Format298

11.3.3 Market Performance299

11.4 Hollywood Stock Exchange299

11.4.1 MovieStocks,StarBonds,and Options300

11.4.2 Market Information302

11.4.3 The Future303

11.5 Summary304

CHAPTER 12: EMERGING TECHNOLOGIES FOR ELECTRONIC MARKETS305

12.1 Electronic Trading Networks306

12.2 Internet-Based Development Tools308

12.2.1 HTML and CGI308

12.2.2 CORBA311

12.2.3 Java313

12.2.4 Java and the WWW316

12.2.5 RMI and IIOP319

12.2.6 ASP and JSP320

12.2.7 XML321

12.3 Secure Transactions323

12.3.1 Internet Security Issues323

12.3.2 Basic Cryptographic Techniques324

12.3.3 Secure Socket Layer324

12.4 Distributed Computing and Financial Trading Systems325

12.4.1 ATM:Example of a Distributed System326

12.4.2 Characteristics of a Distributed Computing System327

12.4.3 Financial Trading Systems329

12.4.4 A Component-Based Trading System Architecture331

12.5 Concurrent Processing and Synchronization335

12.5.1 Concurrent Processing335

12.5.2 Threads335

12.5.3 Synchronization337

12.6 Synchronous Communication338

12.7 Fault Tolerance339

12.8 Summary342

13.1 Barriers to a Frictionless Marketplace343

CHAPTER 13: CREATIVE DESTRUCTION343

13.2 Impact of Technology345

13.3 New Problems and Threats347

13.3.1 Online Fraud347

13.3.2 Computer Glitches350

13.3.3 Market Fragmentation351

13.4 Process of Creative Destruction351

13.5 Summary353

Notes354

Index361