InhaltsangabeReading all about market structure, trade clearance and settlement, and other foundational elements of today's markets gives exactly the in-depth knowledge-on electronic trading, the role of market makers, the impact of economic forces, and other behind-the-scenes aspects of market architecture-that is essential if one is to operate successfully in today's highly dynamic trading environment. Equity Markets in Action is a comprehensive and thoroughly up-to-date course on how markets work, what really drives the movements of the market, and the nuances of trading. Written by two of today's most globally recognized and respected market authorities, this hands-on exploration of the modern trading environment examines: * How exchanges function as market centers, and how their efficiency-or lack thereof-drives a market's quality and value * Architecture of different markets, with particular focus on U.S. and European market centers * Posttrade clearing and settlement, a vital link in the value chain of a securities market Because the most valuable market lessons occur in the heat of the trading moment, the book's accompanying CD-ROM provides real-life trading sessions to help traders hone their knowledge and decision-making skills. Simulations provide hands-on practice in making split-second tactical trading decisions. Equity Markets in Action is a detailed look at the foundations of today's markets, and will provide all traders-whether professional or independent-with new insights and answers into the dynamics of the marketplace.

ROBERT A. SCHWARTZ is Marvin M. Speiser Professor of Finance and University Distinguished Professor in the Zicklin School of Business, Baruch College, CUNY. Prior to his current position, he was Professor of Finance and Economics and Yamaichi Faculty Fellow at New York University's Leonard N. Stern School of Business. Professor Schwartz received his PhD in economics from Columbia University. He has produced numerous journal articles and eleven books, has been an associate editor for several finance journals, and has served as a consultant to various market centers including, the New York Stock Exchange, the American Stock Exchange, NASDAQ, Instinet, and Deutsche Börse. In December 1995, Professor Schwartz was named the first chairman of NASDAQ's Economic Advisory Board and served on the EAB until spring 1999. RETO FRANCIONI is President and Chairman of the Board of SWX, the Swiss Stock Exchange. Prior to assuming his current position in May 2002, he was co-CEO of Consors Discount Broker AG, Nuremberg. Earlier in his career, in 1993, Francioni was named to the executive board of Deutsche Börse AG, where he was responsible for its entire cash market division. In 1999, he became Deputy Chief Executive Officer. Francioni has a law degree and PhD in law from Zurich University, and is an adjunct Professor of Economics and Finance in the Zicklin School of Business, Baruch College, CUNY. He has held management positions in the securities exchange, corporate finance, and banking industry.