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Trading and Exchanges: Market Microstructure for Practitioners. http://www.amazon.com/Trading-Exchanges-Market-Microstructure-Practitioners/dp/0195144708/ref=s

Trading and Exchanges: Market Microstructure for Practitioners. http://www.amazon.com/Trading-Exchanges-Market-Microstructure-Practitioners/dp/0195144708/ref=sr_1_1?ie=UTF8&qid=1320079747&sr=8-1 http://www.amazon.com/Trading-Exchanges-Market-Microstructur... I'm finding this a more interesting and detailed read than _Capital Markets for Quantitative Professionals_. For instance, the book traces through everything that happens when placing, executing, and settling typical trades. On the other hand, I've taken the Canadian Securities Course, so perhaps Capital Markets is a better introduction for total beginners.

kevinpet 15y ago
Trading and Exchanges was my detailed introduction to what really happens in the markets. I wish I could find a similarly detailed and coherent book on corporate actions. It's a few years out of date, but not painfully so. Madoff was still a huge market maker, not a scandal, and it makes no mention liquidity rebates. Edit: I should add that I had no trading background before reading the book, I was just an engineer at a finance startup who still thought "order" and "trade" were synonyms.