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Elsevier Science and Technology, July 2009, Pages: 352
Anyone reading the business section of a newspaper lately knows that the financial exchanges--stock, bonds, FX, commodities, and so forth--are undergoing tremendous transformations. Fund managers, market makers, traders, exchange professionals, marekt data providers and analyzers, investors--anyone involved with the financial exchanges needs to understand the major forces pushing this transformation in order to position themselves and their institutions to the best advantage.
In this book, veteran exchange expert Michael Gorham joins his twenty-five years of experience with CME and CBOT to the technical expertise of Nidhi Singh of Goldman Sachs to write a book that tells the story of this dramatic transformation. They chronicle the shift:
-from floors to screens
-from private clubs to public companies, and
-from local and national to global competition.
They analyze each of these shifts, identify the drivers behind them and look forward to the implications arising out of them for exchange business in the future. They also explore several key trends:
-an increase in product innovation
-the integration of markets from all over the world onto a single screen,
-the rise of the modular exchange
-the outsourcing of various exchange functions, and
-the difficulty of transcending geography for regulatory purposes.
So join Gorham and Singh in learning the story of this fundamental transformation. As old ways of working are being destroyed, entirely new types of jobs are being created, and new ways of working with exchanges. This book will help you chart the way forward to financial success.
Only book to analyze the major changes in exchanges that points the way forward for finance professionals in terms of new jobs and new ways of making money for users of exchange services
Michael Gorham spent 18 years with the Chicago Mercantile Exchange and then five years with the Chicago Board of Trade
Users of exchange services include banks, pension funds, mutual funds, hedge funds, energy companies, insurance companies, general corporate treasury departments, and individual investors
Exchanges: an unprecedented era of creative destruction
Back story: What is an exchange?
Transformation of Exchanges
From private club to public company
A new wave of product innovation
From local to global competition
From smaller to larger via mergers and acquisitions
Integration of markets on a single screen
Who is the exchange? The modular exchange and outsourcing
Where is the exchange and regulatory challenges
Implications of the transformation.
Michael Gorham is Industry Professor and Director of the IIT Stuart Center for Financial Markets at the Stuart School of Business in the Illinois Institute of Technology. He serves on the board of directors for two exchanges - the CBOE Futures Exchange and the National Commodity and Derivatives Exchange of India. He also serves on the Business Conduct Committees of the Chicago Mercantile Exchange and the National Futures Association and the editorial boards of the GARP Risk Review and of Futures Industry magazine.
Nidhi Singh is currently a Vice President at Goldman Sachs. She manages the Client Technology Solutions and product development groups for the for the clearing services in the global Listed Derivatives group. . . Previously, she was the Vice President of Global Technical Sales at Trading Technologies. She helped to expand their customer base to sell-side firms globally. She provided technical recommendations for integrating TT's products into customers' existing trading infrastructure. She began her career at TT as a Senior Product Manager responsible for developing the back-end infrastructure, including exchange connectivity and a FIX API to integrate third party applications. She contributed to the Global Derivatives Business Practices subcommittee of the FIX Protocol standards body. While at TT, she was also an adjunct faculty at the Center for Law and Financial Markets at the Illinois Institute of Technology (IIT). She taught graduate level courses in electronic trading and market infrastructure. . . She was the Marketing Director for the Center for Law and Financial Markets at IIT, where she helped to develop curriculum for graduate students and continuing education for financial industry professionals. Prior to IIT, she was an Application Architect at the Options Clearing Corporation (OCC). She contributed to new projects in clearing services, risk management, and margin allocation. She worked closely with DTCC, NSCC, various equity options exchanges, and clearing members. She earned an M.S. in Financial Markets from the IIT Stuart School of Business at the Illinois Institute of Technology, where she was one of only two students to publish a paper in the Journal of Global Financial Markets ("Cycles of Fragmentation and Centralization of Equities Markets?). She also holds a BS in Economics from Purdue University.