Lecture 19 - Brokerage, ECNs, etc.

author: Robert J. Shiller, Department of Economics, Yale University
recorded by: Yale University
published: Oct. 7, 2009,   recorded: March 2008,   views: 2871
released under terms of: Creative Commons Attribution No Derivatives (CC-BY-ND)
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Description

The exchanges in which stocks and other securities are traded serve an important function in finance. They bring together people interested in buying and selling securities in order to create a universal price. Brokers and dealers are also an important part of the system, their methods and standards are ultimately behind the success of the exchanges. Many information innovations have advanced the functioning of exchanges, going all the way back to the ticker machine, which was created to communicate the price of securities at a point in time to all interested parties. Electronic Communication Networks and automatic exchanges, more generally, have significantly impacted the exchange of securities and few exchanges still have physical trading floors.

Reading assignment:

Fabozzi et al.Foundations of Financial Markets and Institutions, chapters 17, 18, 19, 20 and 21

Resources:

PowerPoint slides from screen - Lecture 19[PDF]

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