The efficiency, safety, and soundness of financial markets depend on the operation of core infrastructure--exchanges, central counter-parties, and central securities depositories. How these institutions are governed critically affects their performance. Yet, despite their importance, there is little certainty, still less a global consensus, about their governance. Running the World's Markets examines how markets are, and should be, run. Utilizing a wide variety of arguments and examples from throughout the world, Ruben Lee identifies and evaluates the similarities and differences between exchanges, central counter-parties, and central securities depositories. Drawing on knowledge and experience from various disciplines, including business, economics, finance, law, politics, and regulation, Lee employs a range of methodologies to tackle different goals. Conceptual analysis is used to examine theoretical issues, survey evidence to describe key aspects of how market infrastructure institutions are governed and regulated globally, and case studies to detail the particular situations and decisions at specific institutions. The combination of these approaches provides a unique and rich foundation for evaluating the complex issues raised. Lee analyzes efficient forms of governance, how regulatory powers should be allocated, and whether regulatory intervention in governance is desirable. He presents guidelines for identifying the optimal governance model for any market infrastructure institution within the context of its specific environment. Running the World's Markets provides a definitive and peerless reference for how to govern and regulate financial markets.

This book is an economic survey of international capital mobility from the late nineteenth century to the present.

Praise for The Markets Never Sleep "An excellent primer for futures and the global financial market, a clear voice of their importance for all traders. Tom also gives an easy-to-understand professional approach to discipline, money management, and the 'numbers' to watch that indicate market direction. Help for all traders to earn bigger, more consistent profits." --Ned W. Bennett, CEO, optionsXpress, Inc. "Well . . . they've done it again! Tom and Patsy have written another insightful and entertaining book on understanding and trading the world's markets. The Markets Never Sleep shows how to analyze all the global markets and use timing and money management to control losses and reap significant rewards without using up all of one's emotional energy. In other words, everything needed to make trading fun and profitable!" --Russ Mothershed, former corporate executive and current DTI student "Trading follows the sun, as Busby points out, and with a click of one's mouse, traders today have the full advantage of global trading. Busby makes a compelling case for opportunistic trading. In an easy-to-follow outline, he shares trading strategies to ensure a high probability of profit. The Markets Never Sleep is a must-read for traders and investors who seek insight navigating the global markets." --Chuck Dukas, President, TRENDadvisor.com

At almost $2 trillion per day in trades, currency markets vitally link the world together. Yet few people understand how they work and why they are prone to instability and bouts of panic. This book takes the reader behind the scenes on a tour of the places, the machines, the circuitry and the people involved in moving world money. This journey begins as a traveler removes foreign currency from an ATM machine in Istanbul. The author guides us from the periphery of the market into its neural centers in financial hubs such as London and New York. Currency traders, market analysts, money managers and payments systems architects show their workplaces and reveal their day-to-day experiences in this unpredictable and rapidly evolving world. The experts interviewed may use unfamiliar terms, but the logical progression of the chapters and participants' stories told in workplace settings bring abstract concepts down to earth. After completing the tour, the reader will have a clear picture of the geographical and structural organization of global currency markets and the people who run them. This vision of a volatile, evolving structure will provide a useful framework for deciphering the complex causes of yet unforeseen financial events.

The Art of Markets tells us that one of the most important skills that a successful trader must develop is their trading view. In fact, it is indispensable to always have a view and to be able to intelligently articulate that view. “Is the market going up, down, sideways?” “Why?” If you have found the information contained in the book interesting and of value to you, and you would like to know more, I am happy to connect with you. For a small monthly fee (annual plan) I can provide you with a regular update of my thoughts and views that I currently only share with select relationships here and overseas.

The COVID-19 pandemic struck the global economy after a decade that featured a broad-based slowdown in productivity growth. Global Productivity: Trends, Drivers, and Policies presents the first comprehensive analysis of the evolution and drivers of productivity growth, examines the effects of COVID-19 on productivity, and discusses a wide range of policies needed to rekindle productivity growth. The book also provides a far-reaching data set of multiple measures of productivity for up to 164 advanced economies and emerging market and developing economies, and it introduces a new sectoral database of productivity. The World Bank has created an extraordinary book on productivity, covering a large group of countries and using a wide variety of data sources. There is an emphasis on emerging and developing economies, whereas the prior literature has concentrated on developed economies. The book seeks to understand growth patterns and quantify the role of (among other things) the reallocation of factors, technological change, and the impact of natural disasters, including the COVID-19 pandemic. This book is must-reading for specialists in emerging economies but also provides deep insights for anyone interested in economic growth and productivity. Martin Neil Baily Senior Fellow, The Brookings Institution Former Chair, U.S. President’s Council of Economic Advisers This is an important book at a critical time. As the book notes, global productivity growth had already been slowing prior to the COVID-19 pandemic and collapses with the pandemic. If we want an effective recovery, we have to understand what was driving these long-run trends. The book presents a novel global approach to examining the levels, growth rates, and drivers of productivity growth. For anyone wanting to understand or influence productivity growth, this is an essential read. Nicholas Bloom William D. Eberle Professor of Economics, Stanford University The COVID-19 pandemic hit a global economy that was already struggling with an adverse pre-existing condition—slow productivity growth. This extraordinarily valuable and timely book brings considerable new evidence that shows the broad-based, long-standing nature of the slowdown. It is comprehensive, with an exceptional focus on emerging market and developing economies. Importantly, it shows how severe disasters (of which COVID-19 is just the latest) typically harm productivity. There are no silver bullets, but the book suggests sensible strategies to improve growth prospects. John Fernald Schroders Chaired Professor of European Competitiveness and Reform and Professor of Economics, INSEAD

John Ruggie introduced the concept of embedded liberalism in a 1982 article that has become one of the most frequently cited sources in the study of international political economy. The concept was intended to convey the manner by which capitalist countries learned to combine the efficiency of markets with the broader values of the community that socially sustainable markets themselves require in order to survive and thrive. Examining the concept and the institutionalized practice of embedded liberalism, this collection provides a survey of the macro patterns in industrialized countries. Leading scholars combine to demonstrate the benefits of embedded liberalism in practice as well as its gradual erosion at national levels, and to analyze public opinion. They provide a better understanding of what embedded liberalism means, why it matters and how to reconstitute it in the context of the global economy. The contributors contextualize the current challenge historically and theoretically so that students, scholars and policy makers alike are reminded of what is at stake and what is required.

As stock prices and investor confidence have collapsed in the wake of Enron, WorldCom, and the dot-com crash, people want to know how this happened and how to make sense of the uncertain times to come. Into the breach comes one of Wall Street's legendary investors, Leon Levy, to explain why the market so often confounds us, and why those who ought to understand it tend to get chewed up and spat out. Levy, who pioneered many of the innovations and investment instruments that we now take for granted, has prospered in every market for the past fifty years, particularly in today's bear market. In The Mind of Wall Street he recounts stories of his successes and failures to illustrate how investor psychology and willful self-deception so often play critical roles in the process. Like his peers George Soros and Warren Buffett, Levy takes a long and broad view of the rhythms of the markets and the economy. He also offers a provocative analysis of the spectacular Internet bubble, showing that the market has not yet completely recovered from its bout of "irrational exuberance." The Mind of Wall Street is essential reading for all of us, whether we are active traders or simply modest contributors to our 401(k) plans, as volatile and unnerving markets come to define so much of our net worth.