Download An Introduction to Trading in the Financial Markets: by R. Tee Williams PDF

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By R. Tee Williams

Buying and selling at the monetary markets calls for the mastery of many matters, from concepts and the tools being traded to marketplace buildings and the mechanisms that force executions.  This moment of 4 volumes explores them all.  After brief reasons of the actions linked to procuring and selling, the book covers principals, brokers, and the industry venues in which they interact.  subsequent come the instruments that they purchase and sell:  how are they labeled and how do they act?  Concluding the quantity is a dialogue approximately significant approaches and the ways in which they range through industry and instrument.  Contributing to those causes are visible cues that consultant readers during the material.  Making ecocnomic trades will not be effortless, yet with the assistance of this ebook they're possible.

  • Explains the fundamentals of making an investment and buying and selling, markets, tools, and tactics.
  • Presents significant strategies with graphs and easily-understood definitions 
  • Builds upon the advent supplied via publication 1 whereas getting ready the reader for Books three and 4
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Extra info for An Introduction to Trading in the Financial Markets: Trading, Markets, Instruments, and Processes

Sample text

Because proprietary trading is performed by a broker/dealer, the proprietary trader often has lower trading costs than other traders in the markets where the firm is a member. One advantage of a proprietary trading firm is that the broker/dealer of which the proprietary trader is a part probably has access to much better ­information ­concerning what is happening in the market than other traders. Most regulatory authorities do not permit a broker/dealer to take advantage of a customer by using the ­customer's orders for the broker/dealer's profit at the expense of the customer.

The service would have to be paid out of the firm's management fees if it is not provided by soft dollars. By shifting to soft dollars, the customer effectively pays for the service. Often regulators require that the good or service purchased by soft commissions/dollars must be explicitly related to providing investment management services that directly benefit the beneficial owner of the funds being managed. The mechanics of soft dollars operate as follows: An institution decides to use a good or service (for example, an information service or investment research).

Market Making Market making is acting as a dealer with special obligations and privileges granted by a market center. Market makers provide immediacy as explained earlier in the “Concepts” section. Often market makers are expected to maintain two-sided ­markets, in some cases even when the process results in a trading loss for the ­market maker on mandated trades. A market maker often has access to information not available to other traders about the supply and demand in the market. Market makers may also have access to preferred credit to support trading operations.

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