金融市场中的电子商务与革新 英文版PDF电子书下载

CHAPTER 1: ELECTRONIC COMMERCE AND THE ORGANEZATION OF FINANCIAL MARKETS 1

1.1 The Internet and the Digital Revolution 2

1.2 Financial Markets in the 21st Century:Functions and Institutions 4

1.2.1 A Functional Analysis 4

1.2.2 Institutions 6

1.3 Dis-intermediation or Re-intermediation? 8

1.4 Value Chain Model 10

1.5 Reinventing the New Value Chain 12

1.5.1 Customers Take Control 12

1.5.2 Understanding Customers Value Chain 13

1.5.3 Digitizing the Value Chain 14

1.5.4 Creating a Value Web 15

1.5.5 Acquiring a Critical Mass 16

1.5.6 Mass Customization 18

1.6 Financial Supermarkets 19

1.6.1 E?Trade 19

1.6.2 Citigroup 22

1.7 Threats to Organized Exchanges 25

1.8 Summary 27

CHAPTER 2: ONLINE REVOLUTION 29

2.1 Online Brokers and Online Trading 30

2.1.1 The Traditional Stock Broker 30

2.1.2 Internet Technology and Brokerage Services 31

2.1.3 Real-Time Access and Lower Fees 31

2.1.4 Convergence of the Traditional and the New 33

2.2 Online Financial Information 35

2.2.1 The Race to e-Inform 35

2.2.2 Information and Market Democracy 36

2.2.3 Methods for Sharing Financial Information 39

2.2.4 Buying and Selling Financial Information Online 40

2.2.5 Demystifying Finance 44

2.3 The Changing Business Model 48

2.3.1 From Trading to Full Services 48

2.3.3 Search for Other Income Sources 49

2.3.2 From Broker to Personal Intelligent Agent 49

2.3.4 Intermediaries as Facilitators 51

2.4 Online Banking and Other Online Services 52

2.4.1 Banking and Payment Services 53

2.4.2 Asset Management:Everyone s Business 54

2.4.3 Competing Online for Assets 54

2.4.4 Online Insurance 55

2.5 Summary 57

CHAPTER 3: TOWARD A DIGITAL MARKETPLACE 59

3.1 Investment Styles 60

3.1.1 Direct Investing in Stocks 60

3.1.2 Indirect Investing in Mutual Funds 61

3.2 Market Imperfections 62

3.2.1 Traditional Initial Public Offering Process 63

3.2.2 Order Routing 64

3.2.3 Clearing and Settlement 64

3.2.4 Trading on the Exchange Floor 65

3.2.5 Outdated Accounting Conventions 66

3.2.6 Asset-by-Asset Trading and Execution 67

3.3 Internet IPOs 69

3.3.1 Pricing and Distributing an IPO 69

3.3.2 New Kids on the IPO Block 70

3.3.3 IPOs and the Dutch Auction Process 71

3.3.4 The Case of Ravenswood Winery 73

3.3.5 Potential Problems 73

3.3.6 Will Online IPOs Do Away with Underwriters? 74

3.3.7 Future Prospects for Online IPOs 76

3.4 Direct Trading and Real-Time Settlement System 78

3.4.1 Digital Identification 78

3.4.2 Electronic Payment System 83

3.4.3 Digital Transaction System 85

3.5 Summary 87

CHAPTER 4: FINANCIAL MARKETS IN A NUTSHELL 89

4.1 Auction Markets 90

4.1.1 Double Auction 91

4.1.2 Continuous and Periodic Trading 94

4.2.1 Bid-Ask Spread and Dealer Cost 96

4.2 Dealer Markets 96

4.2.2 Dealer versus Auction Markets 97

4.3 Transaction Costs 98

4.4 Market Liquidity 98

4.4.1 The Importance of Liquidity 99

4.4.2 Risk and Return in Providing Liquidity 100

4.4.3 Trends among Liquidity Providers 101

4.5.1 Agency Problems 103

4.5 The Needs of Institutional Investors 103

4.5.2 Illiquid Markets 104

4.5.3 The Upstairs Market 106

4.6 Liquidity Suppliers in a Digital Marketplace 108

4.7 Technology and the Evolution of Markets 111

4.8 Summary 113

CHAPTER 5: NEW YORK STOCK EXCHANGE 115

5.1 Market Organization 116

5.1.1 NYSE Membership 116

5.1.2 Trading Process 118

5.1.3 Order Book 120

5.1.4 Competing to Trade 121

5.1.5 Continuous Trading and Call Auctions 121

5.2 Technology and the NYSE Market Structure 123

5.2.1 Pre-and Post-Trade Technology 124

5.2.2 SuperDOT and the Specialist 125

5.3 Structural Weakness 126

5.3.1 A Labor-Intensive Process 127

5.3.3 Broker Fraud 128

5.3.2 Resistance to Technology 128

5.4 Responding to Competitive Pressures 132

5.4.1 Network NYSE 133

5.4.2 Institutional Express Order 134

5.4.3 NYSE Direct+ 136

5.4.4 OpenBook 138

5.4.5 MarkeTrac 139

5.4.6 A 24-Hour Market 140

5.4.8 Competing with Nasdaq 142

5.4.7 Experimenting with After-Hours Trading 142

5.5 NYSE as a For-Profit Company 145

5.5.1 Theory of Cashing-in 146

5.5.2 Everyone Else is Doing It 146

5.5.3 De-Mutualization and Balanced Focus 146

5.5.4 Money to Buy Others 147

5.5.5 A For-Profit Self-Regulating Business 147

5.6 Summary 149

CHAPTER 6: NASDAQ MARKET 151

6.1 Overview 152

6.1.1 Background Information 152

6.1.2 Legacy Issue 154

6.1.3 Quote-Driven Market 154

6.1.4 Market Makers 156

6.1.5 Market Opening 158

6.2 Role of Technology 159

6.2.1 SelectNet 159

6.2.2 SOES 160

6.2.3 SuperSoes 163

6.2.4 OptiMark Experiment 164

6.3 Collusion among Market Makers 165

6.3.1 Why No Odd-Eighth Quotes? 165

6.3.2 Monitoring and Punishing 165

6.3.3 Wider Spreads and Time Preference 167

6.4 New Regulations 167

6.4.1 Order Handling Rules 168

6.4.2 Lower Liquidity,Improved Transparency 169

6.5.1 Online Investors 170

6.5 Recent Developments 170

6.5.2 Breakdowns in SelectNet 171

6.5.3 Greater Volatility 172

6.5.4 IPOs and Market Volatility 172

6.5.5 Inefficient Market Opening Procedures 173

6.5.6 Nasdaq-AMEX Merger 174

6.5.7 Nasdaq s Web-Based Services 175

6.5.8 Decimalization 175

6.5.9 A Nasdaq IPO 176

6.6 Plans for the Future—SuperMontage 177

6.6.1 Quotes and Orders 178

6.6.2 Collecting Quotes and Orders 178

6.6.3 Displaying Quotes 179

6.6.4 Execution Services 181

6.6.5 Price-Time Priority Rules 183

6.6.6 Reactions 185

6.7 Summary 190

CHAPTER 7: ELECTRONIC COMMUNICATIONS NETWORK 191

7.1 Overview of ECNs 192

7.2 ECNs Impact 195

7.3 Who Are Some of These ECNs? 197

7.3.1 Instinet 197

7.3.2 Archipelago 203

7.3.3 Island 204

7.3.4 NexTrade 204

7.3.5 Brut 204

7.3.6 Bloomberg Tradebook 206

7.4.1 ECNs and Brokerage Firms 207

7.4 Changing Landscape of Equity Markets 207

7.4.2 Dealer-Friendly ECNs 209

7.4.3 Market Fragmentation 210

7.4.4 Do ECNs Make Any Money? 211

7.4.5 Do ECNs Have a Future? 212

7.4.6 ECNs as Exchanges 213

7.5 Crossing Networks 215

7.5.1 Crossing Explained 216

7.5.2 POSIT 216

7.5.3 Evaluating Crossing Networks 218

7.6 Summary 220

CHAPTER 8: COMPUTERIZED AUTOMATED TRADING SYSTEMS 221

8.1 Arizona Stock Exchange 222

8.1.1 Trading Mechanism 222

8.1.2 Competing for Order Flow 224

8.2 OptiMark System 224

8.2.1 Multidimensional Trading 225

8.2.2 Matching Algorithm 228

8.2.3 A Credible Promise 229

8.2.4 Competing to Trade 229

8.3 Primex 231

8.3.1 Alliance with Nasdaq 231

8.3.2 Replicating Floor Trading:Price Improvement 231

8.3.3 Challenges 232

8.4 Bundle Trading 233

8.5 Summary 237

CHAPTER 9: OVERSEAS FINANCIAL MARKETS 239

9.1 Development of a Pan-European Stock Market 240

9.1.1 Euronext 240

9.1.2 Ups and Downs of iX 242

9.1.3 Global Equity Market 242

9.1.4 You Ain t Seen Nothing Yet 242

9.2 OM Group 243

9.2.1 Computerized Equity Trading System:SAX 244

9.2.2 SOX:The Automated Bond Trading System 245

9.2.3 OM CLICK Exchange System 246

9.2.4 Trading in Euros 248

9.2.5 Nordic Exchange 249

9.2.6 Jiway 251

9.3 Swiss Exchange 251

9.3.1 Innovations in the 1990s 252

9.3.2 Market Design 252

9.3.3 Electronic Trading and Settlement System 253

9.4.2 Products and Trading 255

9.4.1 Market Organization 255

9.4 Eurex 255

9.4.3 Clearing and Settlement 256

9.5 Easdaq 257

9.5.1 Market Organization 257

9.5.2 Trading and Settlement 259

9.5.3 Nasdaq Europe 259

9.6 Australian Stock Exchange 260

9.6.1 Demutualization 260

9.6.2 Electronic Trading and Settlement 261

9.7 Summary 262

CHAPTER 10: FIXED-INCOME MARKETS 263

10.1 U.S. Treasury Securities Market 264

10.2 Corporate Bond Markets 266

10.3 Municipal Bond Markets 267

10.4 Advances in Information Dissemination 267

10.4.1 GovPx 268

10.4.2 FIPS 268

10.5 Electronic Bond Markets 269

10.5.1 Single-Dealer Systems 269

10.5.2 MultiDealer Exchange Markets 270

10.5.3 Interdealer Systems 275

10.5.4 Market Design and Market Success 275

10.6 Summary 277

CHAPTER 11: UNCONVENTIONAL FINANCIAL MARKETS 279

11.1 Electricity Markets 280

11.1.1 Deregulation of the Electricity Market 281

11.1.3 California Power Exchange 284

11.1.2 California Electricity Market Structure 284

11.1.4 What Went Wrong in California? 285

11.1.5 Trading Energy Futures and Options at CBOT 286

11.2 Catastrophe Insurance Markets 287

11.2.1 Insurance and Reinsurance 287

11.2.2 Securitizing Insurance Risk 288

11.2.3 Cat Bonds 288

11.2.4 CBOT Cat Options 289

11.2.5 CATEX 292

11.3 Iowa Electronic Market 295

11.3.1 Market Instruments and Payoffs 297

11.3.2 Market Format 298

11.3.3 Market Performance 299

11.4 Hollywood Stock Exchange 299

11.4.1 MovieStocks,StarBonds,and Options 300

11.4.2 Market Information 302

11.4.3 The Future 303

11.5 Summary 304

CHAPTER 12: EMERGING TECHNOLOGIES FOR ELECTRONIC MARKETS 305

12.1 Electronic Trading Networks 306

12.2 Internet-Based Development Tools 308

12.2.1 HTML and CGI 308

12.2.2 CORBA 311

12.2.3 Java 313

12.2.4 Java and the WWW 316

12.2.5 RMI and IIOP 319

12.2.6 ASP and JSP 320

12.2.7 XML 321

12.3 Secure Transactions 323

12.3.1 Internet Security Issues 323

12.3.2 Basic Cryptographic Techniques 324

12.3.3 Secure Socket Layer 324

12.4 Distributed Computing and Financial Trading Systems 325

12.4.1 ATM:Example of a Distributed System 326

12.4.2 Characteristics of a Distributed Computing System 327

12.4.3 Financial Trading Systems 329

12.4.4 A Component-Based Trading System Architecture 331

12.5 Concurrent Processing and Synchronization 335

12.5.1 Concurrent Processing 335

12.5.2 Threads 335

12.5.3 Synchronization 337

12.6 Synchronous Communication 338

12.7 Fault Tolerance 339

12.8 Summary 342

13.1 Barriers to a Frictionless Marketplace 343

CHAPTER 13: CREATIVE DESTRUCTION 343

13.2 Impact of Technology 345

13.3 New Problems and Threats 347

13.3.1 Online Fraud 347

13.3.2 Computer Glitches 350

13.3.3 Market Fragmentation 351

13.4 Process of Creative Destruction 351

13.5 Summary 353

Notes 354

Index 361