ترجمه فصل دوم (Introduction to Market Microstructure) کتاب Investment Management: A Modern Guide to

ترجمه فصل دوم (Introduction to Market Microstructure) کتاب Investment Management: A Modern Guide to Security Analysis and Stock Selection Taxonomy of Trading Systems Trading systems can be classified on the basis of participants. Using this classification, we have (a) Dealer Markets and (b) Agency Markets. A broker is a trader’s agent. A broker does not herself participate in the market but merely matches the order with a counterparty on the other side of the transaction. A dealer on the contrary participates in a trade as a principal. Dealer Markets As a principal, a dealer satisfies a public order by buying for her own inventory or by selling from her inventory. In a dealer market, public traders do not trade directly with each other but with a dealer who serves as intermediary. The over-the-counter (OTC) market in the United States is an example of a dealer market. Agency Markets In an agency market, public orders are directed to a broker’s broker who matches them with ...