Abstract
This more descriptive chapter introduces the major securities markets, detailing the structure and history of the NYSE and discussing other exchanges, both in equity and options markets. The OTC Markets and Alternative Trading Systems are described along with the growing importance of the ATS relative to exchange markets. Slippage and crossing networks are discussed along with broker internalization. Quotation, inter-market, and clearing and settlement systems are discussed in more detail here than in Chapter 1. While much of the chapter is concerned with equity markets, markets for options, fixed income, money, and currency markets are described as well. Exchange rates and forward and futures contracts in currency markets are introduced.
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