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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

Electronic trading of securities. --- Securities --- Data processing. --- Online investing --- Online trading of securities --- Screen trading (Securities) --- Trading of securities, Electronic --- Online stockbrokers --- Data processing

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Historically, specialists and other floor brokers, in direct contact on the trading floor, have been at the heart of operations at the national U.S. equity exchanges. At the other end of the spectrum, electronic trading platforms have characterized most other equity markets globally for many years. Recent developments at the NYSE have moved in this direction, but fundamental questions effecting market quality remain. Can the unique services offered by the floor be provided as effectively in an electronic environment? Which environment would institutional and retail traders each find most suitable to their special needs? Which environment offers better price and quantity discovery? These are some of the questions that are addressed in this book, while providing perspective on the future direction that exchange market structure is likely to follow in the coming years.

Electronic trading of securities --- Stock exchanges --- Stocks --- Computer networks. --- Common shares --- Common stocks --- Equities --- Equity capital --- Equity financing --- Shares of stock --- Stock issues --- Stock offerings --- Stock trading --- Trading, Stock --- Securities --- Bonds --- Corporations --- Going public (Securities) --- Stock repurchasing --- Stockholders --- Online investing --- Online trading of securities --- Screen trading (Securities) --- Trading of securities, Electronic --- Online stockbrokers --- Data processing --- Finance. --- Finance, general. --- Science, Humanities and Social Sciences, multidisciplinary. --- Funding --- Funds --- Economics --- Currency question --- 333.610 --- AA / International- internationaal --- Computer networks --- Effectenbeurzen: algemeenheden

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Explore Automated Market Makers (AMMs), the underlying protocols used by decentralized exchanges (DEX) to allow users to perform trades of cryptocurrencies in a decentralized way with no middlemen. This book provides a thorough study and a clear-cut exposition of the principal AMMs (Uniswap v2 and v3, Balancer, and Curve). You'll receive a detailed description of how these AMMs work, unveiling the mathematics behind them and showing plenty of examples as well as novel proofs for several interesting facts. Each chapter describes an AMM's core idea and derives the mathematical formulas used in the code, giving careful explanations of the logical thinking involved and detailing the steps needed to reach those formulas. All these explanations are complemented with thoughtfully chosen examples which further help to enlighten the readers on how the formulae work. In addition, the relevant parts of the codes of the AMMs are shown after explaining each formula so that the actual implementation of the formulae can be seen. In a traditional trading market a buy order has to be matched with a sell order to achieve a trade. However, for an AMM, users trade against the protocol itself, a smart contract, or a community pool of funds. In simple terms this is an open source computer program in which mathematical formulas define prices. Automated Market Makers examines this critical point revealing that no banks or intermediaries are necessary, giving crucial financial access to a much larger crowd, regardless of who they are with less barriers to access. You will: Understand the principals of decentralized finance (DeFi) Grasp mathematical formulae that underpin decentralized exchanges Work with Solidity programming language Review current industry best practices .

Open source software. --- Blockchains (Databases). --- Financial engineering. --- Mathematics. --- Capital market. --- Open Source. --- Blockchain. --- Financial Technology and Innovation. --- Mathematics for Professionals. --- Capital Markets. --- Capital markets --- Market, Capital --- Finance --- Financial institutions --- Loans --- Money market --- Securities --- Crowding out (Economics) --- Efficient market theory --- Math --- Science --- Computational finance --- Engineering, Financial --- Block chains (Databases) --- Database security --- Distributed databases --- Free software (Open source software) --- Open code software --- Opensource software --- Computer software --- Electronic trading of securities. --- Cryptocurrencies. --- Blockchains (Databases) --- Data processing. --- Crypto coins --- Cryptocoins --- Digital currency --- Online investing --- Online trading of securities --- Screen trading (Securities) --- Trading of securities, Electronic --- Online stockbrokers --- Data processing

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For years, systems theory has been applied successfully in all fields of technology, but its impact on the world of finance has to date been limited. This book aims to rectify this situation. Readers will no longer be able to assert that money cannot be reliably earned on the financial markets: one might just as well say that man has never set foot on the moon or that, in the age of digital remastering, it is impossible to listen to Caruso’s recorded voice without the hiss of time and wear. The potential reader may be frightened by the number of formulas, but can be reassured that almost all of them – starting with the more complicated – can be skipped. What makes possible the miracle of guaranteed trading success are the worksheets and the codes for Internet platforms which provide functions that once had to be built with great difficulty.

Asset allocation. --- Investments. --- Portfolio management. --- Electronic trading of securities --- Stocks --- System theory --- Finance --- Business & Economics --- Banking --- Investment & Speculation --- Finance - General --- Mathematical models --- Electronic trading of securities. --- System theory. --- Mathematical models. --- Online investing --- Online trading of securities --- Screen trading (Securities) --- Trading of securities, Electronic --- Finance. --- Economics, Mathematical. --- Popular works. --- Control engineering. --- Finance, general. --- Popular Science, general. --- Quantitative Finance. --- Control. --- Common shares --- Common stocks --- Equities --- Equity capital --- Equity financing --- Shares of stock --- Stock issues --- Stock offerings --- Stock trading --- Trading, Stock --- Securities --- Bonds --- Corporations --- Going public (Securities) --- Stock repurchasing --- Stockholders --- Online stockbrokers --- Systems, Theory of --- Systems science --- Science --- Data processing --- Philosophy --- Science (General). --- Control and Systems Theory. --- Funding --- Funds --- Economics --- Currency question --- Economics, Mathematical . --- Control engineering --- Control equipment --- Control theory --- Engineering instruments --- Automation --- Programmable controllers --- Mathematical economics --- Econometrics --- Mathematics --- Methodology

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This volume contains ten thoroughly refereed and revised papers detailing recent advances in research on designing trading agents and mechanisms for agent-mediated e-commerce. They were originally presented at the 13th International Workshop on Agent-Mediated Electronic Commerce (AMEC 2011), collocated with AAMAS 2011 in Taipei, Taiwan, or at the 2011 Workshop on Trading Agent Design and Analysis (TADA 2011), collocated with IJCAI 2011 in Barcelona, Spain. The papers presented at these two workshops illustrate both the depth and broad range of research topics in this field. They range from providing solutions to open theoretical problems in online scheduling and bargaining under uncertainty, to designing bidding agents in a wide area of application areas, such as electronic commerce, supply chain management, or keyword advertising, to designing agents that can successfully replicate actual human behaviors in realistic games.

Computer science. --- Artificial intelligence. --- Information systems. --- Management information systems. --- Computer Science. --- e-Commerce/e-business. --- Business Information Systems. --- Artificial Intelligence (incl. Robotics). --- Computer Appl. in Administrative Data Processing. --- Information Systems Applications (incl. Internet). --- Electronic commerce --- Multiagent systems --- Electronic trading of securities --- Commerce --- Business & Economics --- Marketing & Sales --- Online investing --- Online trading of securities --- Screen trading (Securities) --- Trading of securities, Electronic --- Agent-based model (Computer software) --- MASs (Multiagent systems) --- Multi-agent systems --- Systems, Multiagent --- Computer-based information systems --- EIS (Information systems) --- Executive information systems --- MIS (Information systems) --- AI (Artificial intelligence) --- Artificial thinking --- Electronic brains --- Intellectronics --- Intelligence, Artificial --- Intelligent machines --- Machine intelligence --- Thinking, Artificial --- Informatics --- Information technology. --- Business --- Application software. --- E-commerce. --- IT in Business. --- Data processing. --- Securities --- Online stockbrokers --- Intelligent agents (Computer software) --- Data processing --- Artificial Intelligence. --- Bionics --- Cognitive science --- Digital computer simulation --- Electronic data processing --- Logic machines --- Machine theory --- Self-organizing systems --- Simulation methods --- Fifth generation computers --- Neural computers --- IT (Information technology) --- Technology --- Telematics --- Information superhighway --- Knowledge management --- Business—Data processing. --- Application computer programs --- Application computer software --- Applications software --- Apps (Computer software) --- Computer software --- Cybercommerce --- E-business --- E-commerce --- E-tailing --- eBusiness --- eCommerce --- Electronic business --- Internet commerce --- Internet retailing --- Online commerce --- Web retailing --- Electronic commerce. --- Business information services. --- Information technology --- e-Commerce and e-Business. --- Computer Application in Administrative Data Processing. --- Computer and Information Systems Applications. --- Management. --- Business enterprises --- Information services