Providing an explanation of each step in the trading process, this updated edition covers the technological changes and developments which have increased the speed and ease of data dissemination and their consequent effect on the globalization of the industry.

Customer Rating:
Summary: The best investment in my life
Comment: I can't recommend this book highly enough. I own a second edition, and it literally made me tens of thousands of dollars (which, being young and irresponsible, I have spend almost entirely on alcohol, laptops, and occasionally girls). Now I am a successful consultant in Geneva, Switzerland, designing and development trading platforms for buy-side and sell-side companies in foreign exchange markets. My expertise started with this book.

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Customer Rating:
Summary: Dated but Valuable
Comment: The first edition of this book was written back when computers and automated processing was emerging and 'a new thing' so much of the information this book started with is pretty dated. The second edition was updated in the '90s and correspondingly updates some things but, suffice it to say, is still dated now. I would argue though that the information contained therein is still very, very valuable for reference, particularly for purposes of following the 'money and paper trail'. The concepts and theories still apply and the methods by which things are done today are effectively the same (just done electronically not with paper). It also provides good overviews of the processing and bookeeping of various product types.

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Customer Rating:
Summary: Happy Memories
Comment: I had the fortune to be personally tought by Mr David Weiss. He used this incredible book as the basis of a 2 week series of lectures on the minutiae of trade processing. He made up for the shocking content of the book with his array of monogrammed Brooks Brothers shirts and sandwiches with english mustard. What can you say about this fine gentleman....hats off to you for making a great career about such fascinating stuff! I remember the time vividly as it was my first job and a unique life experience.

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Customer Rating:
Summary: Excellent Book
Comment: Each and every concept is well explained with examples. I would request the author to add separate chapter for derivatives as well.

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Customer Rating:
Summary: Not comprehensive enough and unfortunately outdated on marketplaces
Comment: The topics suggested by the title (settlement, etc) are well addressed, but the first half of the book is dedicated to marketplaces and here the book comes up short. Many recent market developments, even those that were in place at the time of writing, appear to be inadequately or inaccurately addressed. Examples:

ATSes/ECNs are much more center stage than the book would suggest and are not sufficiently discussed

Hybrid market mechanics are not discussed much

Dark pool liquidity is not addressed

Options market making is not addressed beyond a single paragraph that sheds no light into how Citadel et al make continuous markets electronically


And unfortunately, given that the major development of Reg NMS took place after the book, this makes the marketplace info even less useful.

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