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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Additional resources for An Arbitrage Guide to Financial Markets (The Wiley Finance Series)
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.