After_the_Trade_Is_Made

Preface I have been fortunate to participate in an exciting and ever-changing industry. The dramatic changes that have occurred are borne out in the major differences that exist between the first and second editons and the second and third editions of this book. One edition, though 80% written, never made it to the publisher because the industry changed directions, necessitating a major rewrite. This edition, like the previous editions, is as up to date as the production schedule would allow. The industry has changed in many way s since the last edition was published. Technology has played an ever-increasing role in our products and processes. Globalization, a new word then, is now an everyday term. Electronic trading is now a major force in the market. Structured products, once thought to be a strange, one-of-a-kind product, trade alongside other instruments. The efficiencies brought by technology on trade processing, settlement, and finance have permitted these products to be processed in a non-cost-offensive manner. The growth of the institutional side of the business, which includes new types of entities, has made its own demands on the brokerage business. New trading strategies and complex order and reporting requirements have impacted operations. Their collective demands for more cost-efficient processes, both intrafirm and interfirm, have changed the way we conduct business. This book captures the products and processes. The products that we trade are