There are three basic institutional systems for governing the exchange of property. One is consensual: the exchange of property rights in ordinary markets. The other two, however, are nonconsensual: the involuntary exchange of entitlements in either civil or criminal liability cases. In The Exchange Order, Richard Adelstein argues that while markets, torts, and criminal justice are ostensibly different constellations of institutions, organizations and individuals, they are remarkably alike. Each governs a particular kind of exchange through a distinctive set of institutions, rules and procedures. They have all evolved over many centuries from the same root, a deep-seated human propensity to communicate with others through trade, to exchange goods for goods and costs for costs as a means of reconciling opposing interests and increasing personal welfare. They perform the same social function, facilitating individually efficient exchanges of rights and compensatory prices, in very different exchange environments that demand very different institutional responses to the problem all three are in place to solve: identifying efficient transfers and seeing that they are completed. The Exchange Order provides a sweeping historical, comparative, and philosophical analysis of how rights and objects, goods and harms, are exchanged in these apparently very different realms. What unites them is a core norm: take only what you can pay for, and pay for everything you take. In markets free exchange is governed by prices and the willingness to sell or buy. Tort and criminal law apply when consensual exchange is violated. The violation is the non-consensual seizure of entitlements and the payment is a liability price on the taker that compensates the victim for the costs imposed by the taking. Tit for tat, an eye for an eye, is the principle of exchange that unites markets, tort and crime.

Explore techniques to design and implement low latency applications and study the impact of latency reduction Purchase of the print or Kindle book includes a free PDF eBook Key Features Understand the impact application performance latencies have on different business use cases Develop a deep understanding of C++ features for low latency applications through real-world examples and performance data Learn how to build all the components of a C++ electronic trading system from scratch Book Description C++ is meticulously designed with efficiency, performance, and flexibility as its core objectives. However, real-time low latency applications demand a distinct set of requirements, particularly in terms of performance latencies. With this book, you'll gain insights into the performance requirements for low latency applications and the C++ features critical to achieving the required performance latencies. You'll also solidify your understanding of the C++ principles and techniques as you build a low latency system in C++ from scratch. You'll understand the similarities between such applications, recognize the impact of performance latencies on business, and grasp the reasons behind the extensive efforts invested in minimizing latencies. Using a step-by-step approach, you'll embark on a low latency app development journey by building an entire electronic trading system, encompassing a matching engine, market data handlers, order gateways, and trading algorithms, all in C++. Additionally, you'll get to grips with measuring and optimizing the performance of your trading system. By the end of this book, you'll have a comprehensive understanding of how to design and build low latency applications in C++ from the ground up, while effectively minimizing performance latencies. What you will learn Gain insights into the nature of low latency applications across various industries Understand how to design and implement low latency applications Explore C++ design paradigms and features for low latency development Discover which C++ features are best avoided in low latency development Implement best practices and C++ features for low latency Measure performance and improve latencies in the trading system Who this book is for This book is for C++ developers who want to gain expertise in low latency applications and effective design and development strategies. C++ software engineers looking to apply their knowledge to low latency trading systems such as HFT will find this book useful to understand which C++ features matter and which ones to avoid. Quantitative researchers in the trading industry eager to delve into the intricacies of low latency implementation will also benefit from this book. Familiarity with Linux and the C++ programming language is a prerequisite for this book.

This book describes the dramatic changes that have occurred in the exchange industry during the past two decades. The strategies adopted by major world exchanges during this period are explained and the roles of multilateral trading systems and over-the-counter (OTC) players are clearly described, highlighting their economics and their interconnections with traditional exchanges. Up-to-date, comprehensive comparisons are made of the performances of the main exchanges, and important governance issues are considered. In addition, threats and opportunities for major types of trading venue, deriving either from new regulatory approaches or from the surge in new markets, are presented and discussed with a view to forecasting future developments in the secondary market industry.The background to the book is the strong erosion in traditional profit drivers for exchanges produced by the progress in communications and trading technology. In many countries, regulation has reduced barriers to entry in the equity field, facilitating a surge in new players and a shift of liquidity toward alternative trading platforms and dark pools.

Based on evidence obtained from the IMF's 2001 Survey on Foreign Exchange Market Organization, the author argues that, for several reasons, some central banks in developing and transition economies may be able to conduct foreign exchange intervention more effectively than the central banks of developed countries issuing the major international currencies. First, these central banks do not always fully sterilize their foreign exchange interventions. In addition, they issue regulations and conduct their foreign exchange operations in a way that increases the central bank's information advantage and the size of their foreign exchange intervention relative to foreign exchange market turnover. Some of the central banks also use moral suasion to support their foreign exchange interventions.

Risk management solutions for today's high-speed investing environment Real-Time Risk is the first book to show regular, institutional, and quantitative investors how to navigate intraday threats and stay on-course. The FinTech revolution has brought massive changes to the way investing is done. Trading happens in microsecond time frames, and while risks are emerging faster and in greater volume than ever before, traditional risk management approaches are too slow to be relevant. This book describes market microstructure and modern risks, and presents a new way of thinking about risk management in today's high-speed world. Accessible, straightforward explanations shed light on little-understood topics, and expert guidance helps investors protect themselves from new threats. The discussion dissects FinTech innovation to highlight the ongoing disruption, and to establish a toolkit of approaches for analyzing flash crashes, aggressive high frequency trading, and other specific aspects of the market. Today's investors face an environment in which computers and infrastructure merge, regulations allow dozens of exchanges to coexist, and globalized business facilitates round-the-clock deals. This book shows you how to navigate today's investing environment safely and profitably, with the latest in risk-management thinking. Discover risk management that works within micro-second trading Understand the nature and impact of real-time risk, and how to protect yourself Learn why flash crashes happen, and how to mitigate damage in advance Examine the FinTech disruption to established business models and practices When technology collided with investing, the boom created stratospheric amounts of data that allows us to plumb untapped depths and discover solutions that were unimaginable 20 years ago. Real-Time Risk describes these solutions, and provides practical guidance for today's savvy investor.