How Ultrafast Algorithms Are Transforming Financial Markets

A remarkable look at how the growth, technology, and politics of high-frequency trading have altered global financial markets In today's financial markets, trading floors on which brokers buy and sell

Financial markets, processes, and instruments are often difficult to fathom; the credit crisis highlights both their importance and their fragility. Donald MacKenzie is one of the most perceptive anal

Uber. Airbnb. Amazon. Apple. PayPal. All of these companies disrupted their markets when they launched. Today they are industry leaders. What’s the secret to their success?These cutting-edge businesse

Facebook, PayPal, Alibaba, Uber—these seemingly disparate companies have upended entire industries by harnessing a single phenomenon: the platform business model. Platform Revolution delivers the firs

Financial markets, processes, and instruments are often difficult to fathom; and recent turbulence suggests they may be out of control in some respects. Donald Mackenzie is one of the most perceptive

Warnings of the threat of an impending financial crisis are not new, but do we really know what constitutes an actual episode of crisis and how, once begun, it can be prevented from escalating into a

Silicon Valley technology is transforming the way we work, and Uber is leading the charge. An American startup that promised to deliver entrepreneurship for the masses through its technology, Uber ins

Silicon Valley technology is transforming the way we work, and Uber is leading the charge. An American startup that promised to deliver entrepreneurship for the masses through its technology, Uber ins

In the wake of the 2016 U.S. presidential election, investors and the electorate alike are seeking clarity on a wide range of macro policy issues that will impact the economy and markets in the years

This book explains in simple settings the fundamental ideas of financial market modelling and derivative pricing, using the no-arbitrage principle. Relatively elementary mathematics leads to powerful notions and techniques - such as viability, completeness, self-financing and replicating strategies, arbitrage and equivalent martingale measures - which are directly applicable in practice. The general methods are applied in detail to pricing and hedging European and American options within the Cox–Ross–Rubinstein (CRR) binomial tree model. A simple approach to discrete interest rate models is included, which, though elementary, has some novel features. All proofs are written in a user-friendly manner, with each step carefully explained and following a natural flow of thought. In this way the student learns how to tackle new problems.

This book explains in simple settings the fundamental ideas of financial market modelling and derivative pricing, using the no-arbitrage principle. Relatively elementary mathematics leads to powerful notions and techniques - such as viability, completeness, self-financing and replicating strategies, arbitrage and equivalent martingale measures - which are directly applicable in practice. The general methods are applied in detail to pricing and hedging European and American options within the Cox–Ross–Rubinstein (CRR) binomial tree model. A simple approach to discrete interest rate models is included, which, though elementary, has some novel features. All proofs are written in a user-friendly manner, with each step carefully explained and following a natural flow of thought. In this way the student learns how to tackle new problems.

As the global financial crisis unfolds people everywhere are seeking to understand how markets devolved to this perilous, volatile state. In this dazzling and meticulously researched work of financia

Students and professionals intending to work in any area of finance must master not only advanced concepts and mathematical models but also learn how to implement these models computationally. This comprehensive text, first published in 2002, combines the theory and mathematics behind financial engineering with an emphasis on computation, in keeping with the way financial engineering is practised in capital markets. Unlike most books on investments, financial engineering, or derivative securities, the book starts from very basic ideas in finance and gradually builds up the theory. It offers a thorough grounding in the subject for MBAs in finance, students of engineering and sciences who are pursuing a career in finance, researchers in computational finance, system analysts, and financial engineers. Along with the theory, the author presents numerous algorithms for pricing, risk management, and portfolio management. The emphasis is on pricing financial and derivative securities: bonds,

How did we get to where we are? This title shows that the roots of our financial failure lie not with individuals, but with an idea - the idea that markets are inherently rational.

Financial markets, quantitative theories about how they work, and technologies for exploiting them all evolve at a rapid pace. Systematic Trading captures Ernie Chan's latest knowledge and views on al

This is a book about traders in financial markets: what they do, the kind of people they are, how they perceive the world they inhabit, how they make decisions and take risks. This is also a book ab

In a world increasingly run by algorithms and artificial intelligence, Hatim Rahman traces how organizations are using algorithms to control workers in an "invisible cage." Inside the Invisible Cage uses unique longitudinal data to investigate how digital labor platforms use algorithms to dictate the actions of high-skilled workers by determining accepted behaviors, work opportunities, and even success. As Hatim Rahman explains, employers can use algorithms to shift rules and guidelines without notice, explanation, or recourse for workers. The invisible cage signals a profound shift in the way markets and organizations categorize and ultimately control people. Unlike previous forms of labor control, the invisible cage is ubiquitous, yet it is also opaque and shifting, which makes breaking free from it difficult for workers. This book traces how the invisible cage was developed over time and the implications it has for the spread of new technology, such as generative artificial intellig

Maximizing reader insights into the methodologies and cutting-edge research concerning the financial aspects of carbon markets, this book analyzes the economic and financial effects of carbon trading

Supercycles, according to international economist and strategist, Arun Motianey, are the continuous, long waves of boom and bust that undulate through the global economic and financial systems. More o

榮獲│公理商業圖書獎Axiom Business Book Awards│商業技術類選書在這個世界，每一個跳動點，都是程式與交易員的無聲較量！高頻交易商與演算法如何撼動當代金融？他們是誰？又如何靠全球市場交易單上的訊號獲利？一個演算法針對股票指數期貨的訊號反應速度有多快（比如說針對價格變動做出反應的速度），即決定了該演算法將能獲利還是虧損。在近二十年的金融市場中，經紀人面對面買賣股票的交易大廳逐漸被閃電般快速的電子交易系統所取代，以演算法執行大量的交易。《光速交易》講述了這個史詩般的轉變。作者展示了如何在一九九〇年代、在當時美國金融體系聲名狼藉的情況下，一種新的交易方法──自動化高頻交易或稱HFT──如何展露頭角並傳播到世界各地。 HFT為全球交易帶來了全新的效率，但也引發了一場無情的速度競賽，導致了一場HFT演算法之間有系統地、暗中的較勁。在HFT的世界中，時間以毫微秒（十億分之一秒）為單位，而在毫微秒中最快的訊號──真空中的光──只能傳播三十公分，或者大約一英尺。這使得HFT對將計算機伺服器連接到交易所系統的電纜的長度和傳輸容量以及在計算機數據中心之間傳輸訊號的微波塔的位置非常敏感。透過與高頻交易員、提供他們技術和通訊能力的人員、交易所工作人員、監管機構和其他眾多人300多次的訪談，本書揭示了為了加快交易速度的各個層面所需付出的努力。他研究了一些市場上的大銀行如何應對來自HFT公司的挑戰，以及交易所有時如何設計技術系統以支持某些類型的演算法，而非其他類型的演算法。本書也與市面許多的商業財經書不同，《光速交易》專注於HFT的物質性、政治和經濟特徵，採訪了三百多位業內及相關專業人士，他們共同在作者的研究中打造出了一幅監管者／造市商／大投資銀行、小型程式交易商與自動化投資間的全攻防紀錄，堪稱解釋最尖端技術的金融社會學鉅著；以獨特視角詳述了HFT行業對全球金融的影響，以及它在未來將引領我們至何方。

This innovative analysis investigates a complex issue of tremendous economic and political importance: what makes some countries vulnerable to banking crises, while others emerge unscathed? Banks on the Brink explains why some countries are more vulnerable to banking crises than others. Copelovitch and Singer highlight the effects of two variables in combination: foreign capital inflows and the relative prominence of securities markets in the domestic financial system. Foreign capital is the fuel for banks' potentially dangerous behavior, and banks are more likely to take on excessive risks when operating in a financial system with large securities markets. The book analyzes over thirty years of data and provides historical case studies of two key countries, Canada and Germany, each of which explores how political decisions in the 19th and early-20th centuries continue to affect financial stability today. The analyses in this book have crucial policy implications, identifying potential

Why and in what ways have lawyers been importing economic theories into a legal environment, and how has this shaped scholarly research, judicial and legislative work? Since the financial crisis, corporate or capital markets law has been the focus of attention by academia and media. Formal modelling has been used to describe how capital markets work and, later, has been criticised for its abstract assumptions. Empirical legal studies and regulatory impact assessments offered different ways forward. This book presents a new approach to the risks and benefits of interdisciplinary policy work. The benefits economic theory brings for reliable and tested lawmaking are contrasted with important challenges including the significant differences of research methodology, leading to misunderstandings and problems of efficient implementation of economic theory's findings into the legal world. Katja Langenbucher's innovative research scrutinises the potential of economic theory to European legislat

A timely guide to uncovering financial fraud 2008 and 2009 will be remembered for bear markets, a global credit crunch, and some of the largest investment scams ever. But these scams are nothing new,

A timely guide to uncovering financial fraud 2008 and 2009 will be remembered for bear markets, a global credit crunch, and some of the largest investment scams ever. But these scams are nothing new,

This book is for anyone who is interested in the economic analysis of the future of the international monetary system and the USD, and the rising importance of the RMB. It points out the unsustainability of the dollar standard in the long run, that China has unique incentives to internationalize its currency, and how Hong Kong plays an important role. It explains the real reasons for China to internationalize its currency, including using external commitments to force financial sector reforms ('daobi' in Chinese). It applies economic theories accessible to laymen to establish that financial development and openness are crucial for RMB internationalization to succeed, and that greater exchange rate volatility is inevitable due to the 'open-economy trilemma'. Employing the 'gravity model', the book predicts quantitatively that the RMB is likely to be a distant third payment currency after the USD and the euro, but surpassing the Japanese yen in the next decade.

This book introduces readers to the financial markets, derivatives, structured products and how the products are modelled and implemented by practitioners. In addition, it equips readers with the nece

Americans do best when they are on the frontier. We have a spirit within ourselves that drives us towards untapped markets, to seek opportunity and fortune. In the world of stocks and investments, pen

Two disruptions of absolutely unimaginable scale are radically and totally transforming retail banking: (1) a worldwide convergence of financial services, telecom, retail, healthcare and media and (2)

The macroeconomic experience of emerging and developing economies has tended to be quite different from that of industrial countries. Compared to industrial countries, emerging and developing economies have tended to be much more unstable, with more severe boom/bust cycles, episodes of high inflation and a variety of financial crises. This textbook describes how the standard macroeconomic models that are used in industrial countries can be modified to help understand this experience and how institutional and policy reforms in emerging and developing economies may affect their future macroeconomic performance. This second edition differs from the first in offering: extensive new material on themes such as fiscal institutions, inflation targeting, emergent market crises, and the Great Recession; numerous application boxes; end-of-chapter questions; references for each chapter; more diagrams, less taxonomy, and a more reader-friendly narrative; and enhanced integration of all parts of the

The macroeconomic experience of emerging and developing economies has tended to be quite different from that of industrial countries. Compared to industrial countries, emerging and developing economies have tended to be much more unstable, with more severe boom/bust cycles, episodes of high inflation and a variety of financial crises. This textbook describes how the standard macroeconomic models that are used in industrial countries can be modified to help understand this experience and how institutional and policy reforms in emerging and developing economies may affect their future macroeconomic performance. This second edition differs from the first in offering: extensive new material on themes such as fiscal institutions, inflation targeting, emergent market crises, and the Great Recession; numerous application boxes; end-of-chapter questions; references for each chapter; more diagrams, less taxonomy, and a more reader-friendly narrative; and enhanced integration of all parts of the

The British financial pages are a minefield of jargon and impenetrable terminology - they are also your key to having a true understanding of how the financial markets work, and taking full control of

If you're interested in real estate investing, you may have noticed notice the lack of coverage it gets in mainstream financial media, while stocks, bonds, and mutual funds are consistently touted as

榮獲ANTHEM大獎，入選《金融時報》2024年度最佳好書——《演算法》揭露AI正在悄悄主宰我們的工作與生活。記者Hilke Schellmann深入追蹤演算法如何影響求職、監控員工、甚至預測心理健康。她揭示AI背後的偏見與錯誤，並呼籲人類應奪回對未來的主導權。在這個AI重塑世界的時代，本書是一道警鐘，也是一線希望。ANTHEM AWARD WINNER • NAMED A FINANCIAL TIMES BEST BOOK OF THE YEAR 2024AI is on the brink of dominating our lives, threating our privacy and human future—if we don’t take action now. In The Algorithm, Emmy‑award winning Wall Street Journal and Guardian contributor Hilke Schellmann delivers a shocking and illuminating exposé on one of the most pressing civil rights issues of our time: how AI has quietly, and mostly out of sight, taken over the world of work. Schellmann takes readers on a journalistic detective story, meeting job applicants and employees who have been subjected to these technologies, playing AI-based video games that companies use for hiring, and investigating algorithms that scan our online activity to construct personality profiles— including if we are prone to self -harm. She convinces whistleblowers to share r

RISK MANAGEMENT AND FINANCIAL INSTITUTIONS THE GOLD STANDARD IN FINANCIAL RISK MANAGEMENT TEXTBOOKS In the newly revised sixth edition of Risk Management and Financial Institutions, celebrated risk and derivatives expert John C. Hull delivers an incisive and comprehensive discussion of financial risk and financial institution regulation. In the book, you’ll learn to understand the financial markets, the risks they pose to various kinds of financial institutions, and how those risks are affected by common regulatory structures.This book blends discussion of best practices in risk management with holistic treatments of how financial institutions are regulated. It explores market, credit, liquidity, model, climate, cyber, and operational risk. This latest edition also offers: Updated ancillary and digital materials covering all the latest content, including software, practice questions, and teaching supplementsAccess to an updated website that reflects the new contentFulsome coverage of t

Whose fault are financial crises, and who is responsible for stopping them, or repairing the damage? Impunity and Capitalism develops a new approach to the history of capitalism and inequality by using the concept of impunity to show how financial crises stopped being crimes and became natural disasters. Trevor Jackson examines the legal regulation of capital markets in a period of unprecedented expansion in the complexity of finance ranging from the bankruptcy of Europe's richest man in 1709, to the world's first stock market crash in 1720, to the first Latin American debt crisis in 1825. He shows how, after each crisis, popular anger and improvised policy responses resulted in efforts to create a more just financial capitalism but succeeded only in changing who could act with impunity, and how. Henceforth financial crises came to seem normal and legitimate, caused by impersonal international markets, with the costs borne by domestic populations and nobody in particular at fault.

We often hear that AI is revolutionising the financial sector, like no other technology has done before. This book looks beyond these clich s and explores all aspects of this transformation at a deep level. It spells out a vision for the future and answers many questions that are routinely ignored.What do we mean by Artificial Intelligence in finance? How do we move past the myths and misconceptions to reveal the key driving forces?What are the industry trends that align with this transformation? Is it the explosion of digital touchpoints in retail, the reduced risk taking by investment banks, or the ascent of passive funds in asset management?How do we develop concrete use cases from idea generation to production? How do we engineer systems to make accurate predictions, offer recommendations to clients, or analyse unstructured news data?How do we build a successful data-driven organisation? What are the key pitfalls to avoid? Is it about culture, data governance, or management vision?