An Arbitrage Guide to Financial Markets (The Wiley Finance by Robert Dubil

By Robert Dubil

A really transparent manner of proposing the complicated fabric. this can be my favourite ebook with complex assurance. writer makes use of loads of examples with real numbers in order that it is more uncomplicated to appreciate what the numbers are and what they mean.

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Developing countries’ governments strive to establish a well-functioning government bond market. They start by issuing short-term obligations and introduce longer maturities as quickly as the market will have an appetite for them. 20 An Arbitrage Guide to Financial Markets The main objective in establishing these secondary trading places is to lower the cost of raising capital in the primary markets by offering the primary market investors a large outlet for risk sharing. Unless investors are convinced that they can easily get in and out of these securities, they will not buy the equities and bonds offered by the issuers (local businesses and governments) in the first place.

CEOs often do too. Nearly everyone has heard of the Barings, IG Metallgesellschaft, and Orange County fiascos of the 1990s. History is filled with examples of financial institutions gone bankrupt as a result of gambling. Institutional trading floors are designed to best take advantage of relative arbitrage within each market. They are arranged around individual trading desks, surrounded by associated marketing and clearing teams, each covering customers within a specific market segment. Trading desks that are likely to buy each other’s products are placed next to each other.

It is worth noting however that exchanges differ greatly from each other. The NYSE gives access to trade flow information to human market-makers called specialists to ensure the continuity of the market-making in a given stock, while the Tokyo Stock Exchange is an electronic market where continuity is not guaranteed, but no dealer can earn monopoly rents from private information about buys and sells (see Chapter 4). Corporate and government bond trading (see Chapter 3) are the best examples of OTC markets.

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