Bibliography This section contains a bibliography of over 750 entries which can be used as sources for more in-depth study. The bibliography itself is in three sub-sections.

The first contains details of books which have been classified broadly into the following headings:

1. General investment. 2. Bonds and money markets. 3. Equities. 4. Financial investment analysis. 5. Foreign exchange and international finance. 6. Options, futures and commodities. 7. Theory and mathematics. 8. Portfolio management. 9. Funds and trusts.

Publications GENERAL INVESTMENT

1974. The Federal Reserve System: Purposes and Functions. Washington, DC: Board of Governors of the Federal Reserve

System. 1980. Banking in the United States. New York/London: Peat.

Marwick, Mitchell & Co. 1982. How Central Banks Manage Their Reserves. New York:

Group of Thirty. 1983. Government Debt Management. Paris: OECD. Auerbach, A.J. (ed.). 1988. Corporate Takeovers. Chicago,

Illinois: University of Chicago Press. Auerbach, A.J. (ed.). 1988. Mergers and Acquisitiom.

Chicago, Illinois: University of Chicago Press. Barnes, P. 1988. Case Studies in Finance. Oxford, UK: Philip

Allan. Bench, N. 1986. Questions and Answers About Today's

Securities Markets. Englewood Cliffs, New Jersey: Prentice-Hall.

Bernstein, J. 1986. Beyond the Investors Quotient. New York: John Wiley & Sons.

Bicksler, J.L. (ed.). 1979. Handbook of Financial Econ­omics. New York: North-Holland Publishing Co.

Blotnick. 1978. Psychology of Successful Investing. New York: McGraw-Hill.

Boleat, M. 1986. The Building Society Industry. 2nd edn. London: Allen & Unwin.

Boleat, M.and Coles, A. 1987. The Mortgage Market. (Vol.III of Studies in Financial Institutions and Markets -Series Editor, J.R.S. Revell). London: Allen & Unwin.

10. Procedures and market operations. 11. International trade.

Many of these topics overlap, so any particular author's title may well contain material relevant to headings other than that in which it appears. The classification under these headings should, however, be useful.

The second sub-section contains names and addresses of key publishers of market data related to investments.

The third sub-section contains a list of journals and periodicals of general interest to the banking. finance and economic spheres.

Finally, the bibliography contains a list of journals and periodicals which provide on-going information about market participants, events, and individiual investments.

Blume, and Friedman, J.P. 1982. Encyclopedia of Im·est­ments. New York: Warren, Gorham & Lamont.

Campbell, T. 1982. Financial lnstitutiom, Market5 and Economic Activity. New York: McGraw-Hill.

Carosso. 1979. More Than a Century of Investment Banking: The Kidder, Peabody and Company Story. New York: McGraw-Hill.

Christy. G. and Clendenin. J.C. 1982. Introduction to Investments, 8th edn. New York: McGraw-Hill.

Clarke, W.M. 1983. Inside the Citv. London: Allen & Unwin. Clay, C.J. and Wheble, B.s.· 1983. Modem Merchallt

Banking. Cambridge. UK: Woodhead-Faulkner. Coates. 1978. Investment Strategy. New York: McGraw-Hill. Cockerell. H.C. 1984. Lloyd's of London; a Portrait. Cam­

bridge, UK: Woodhead-Faulkner. Coler. M. and Ratner. E. (eds). 1988. Financial Sen·ices.

New York: New York Institute of Finance. Cooper, S.K. and Fraser. D.R. 1982. The Financial Markets.

Reading. Mass: Addison-Wesley. Dale, R. ( ed. ). 1986. Financial Deregulation. Cambridge.

UK: Woodhead-Faulkner. Dalgaard, B.R. 1987. Money, Financial lnstitllfiom, and

Economic Activitv. Glenview. Illinois: Scott, Foresman & Co. ·

Diamond, B.B. 1988. Twenty-Four Hour Trading. New York: John Wiley & Sons. -

Dicks-Mireaux, L.A. 1987. Dictionary o( Financial lnstm­ments. Aldershot. UK: Gower Publishing Co.

Eckstein, 0. 1984. The DR/ Model o(the u:{j Economr. New York: McGraw-Hill. · -

Feldman, R.A. 1986. Japanese Financial l'vlarkets. London:

301

Bibliography

The MIT Press. Firth, M. 1986. Issues in Finance. Oxford. UK: Philip Allan. Francis et at. 1980. Readings in lm·estment. New York:

McGraw-Hill. Friedman, B.M. ( ed. ). 1982. The Changing Roles of Debt and

Equity in Financing US Capital Formation. Chicago, Illinois: University of Chicago Press.

Friedman, B.M. (ed.). 1985. Corporate Capital Structllres in the United States. Chicago. Illinois: University of Chicago Press.

Friedman. B.M. (ed.). 1986. Financing Corporation Capital Formation. Chicago. Illinois: University of Chicago Press.

Friedman. Milton and Schwartz. A.J. 1982. Monetary Trends in the United States and the United Kingdom. Chicago. Illinois: University of Chicago Press.

Fry. E.H. 1983. The Politics of lntemationallnvestmellt. New York: McGraw-Hill.

Garbadc. K. 1982. Secunties Markets. New York: McGraw­Hill.

Gargiulo. A.F. and Kenard. R.J. 1981. Leveraged Leasing. New York: American Management Association.

Gart. A. 1983. The Insider's Guide to the Financial Services Rei'Olution. New York: McGraw-Hill.

Gibson-Jarvie. R. 1979. The City of London: A Financial and Commercial History. Cambridge. UK: Woodhead­Faulkncr.

Gibson-Jarvie. R. 1983. The London Metal Exchange. Cam­bridge. UK: Woodhead-Faulkner.

Goacher. D.J. and Curwen, P.J. with Apps. R. and Boocock, J. G. 1987. British Non- Bank Financial Intermediaries. London: Allen & Unwin.

Goff. T.G. 1982. Theory and Practice of lnvestmellt. London: Heinemann.

Goodhart. C.A.E. 1984. Monetary Theory and Practice. London: Macmillan.

Gop. B.E. 1986. The Basics of Investing. 3rd edn. New York: John Wiley & Sons.

Gordon. R.J. (ed.). The American Business Cycle. Continuity and Change. Chicago. Illinois: University of Chicago Pre~s.

Gross. L. 1988. Art of Selling Imangibles. How to Make Your ;V/illion{$) Im·esting Other People's Money. 2nd edn. New York: New York Institute of Finance.

Gruba!. H.G. 1984. The International Monetary System, London: Penguin Books.

Hall. M.J.B. 1987. Financial Deregulation. London: Mac­millan.

Harper. V.L. 1986. Handbook of bn·estment Products and Sen·ices. 2nd edn. New York: New York Institute of Finance.

Harper. V.L. 1988. New York Instifllte of Finance Investors Desk Reference. New York: New York Institute of Finance.

Harris. L. 1981. A1onetary TheOI}'· New York: McGraw-Hill. Harrison. 1973. Capital bn·esunellt Appraisal. Maidenhead.

UK: McGraw-Hill. Hayes. S.L. IlL Spence. A.M .. and Van Praag Marks. D.

1983. Competition in the Investmem Banking Industry. Cambridge. Mass: Harvard University Press.

Henderson. J. and Scott. J. 1988. Securitisation. Cambridge, UK: Woodhead-Faulkner.

Hennessy. J .H. Jr. 1986. Handbook of Long-term Financing. Englewood Cliffs. New Jersey: Prentice-Hall.

Homrich. D. E. 1988. Total Financial Planning. A Guide for Financial Ad1·isors and Serious Investors. New York: New York Institute of Finance.

Honeygold. D. 1988. International Financial Markets. Cam­bridge. UK: Woodhead-Faulkner.

Hosek and Zahn. 1976. Monetan· Theorv, Policy and Financial Markets. New York: McGraw-Hill.

302

Ibbotson. R.G. and Brinson, G.P. 1987. Investment Markets: Gaining the Performance Advantage. New York: McGraw-Hill.

Jones. C.P. 1985. Investments: Analysis and Management. New York: John Wiley & Sons.

Jones. D.M. 1986. Fed Watching and Interest-Rate Projec­tions. New York: New York Institute of Finance.

Kemp. L.J. 1984. World Money and Securities Markets. London: Euromoney Publications.

Kindleberger, C.P. 1978. Manias, Panics and Crashes. London: Macmillan.

Kolb, R.W. 1987. Investments. Glenview, Illinois: Scott, Foresman & Co.

Lester. R. G. and Cropley. J. 1987. Information Sources in Finance and Banking. Vol. I - Data Sources. Sevenoaks, UK: Butterworths.

Levy. H. and Sarnat, M. (eds). 1977. Financial Decision Making under Uncertainty. New York: Academic Press.

Luckett, D.G. 1984. Money and Banking. 3rd edn. New York: McGraw-Hill.

MacBcan. A.I. and Snowden, P.N. 1981. International Institutions in Trade and Finance. London: Allen & Unwin.

Mason. S. 1983. The McGraw-Hill Handbook of British Finance and Trade. Maidenhead, UK: McGraw-Hill.

Maycock. J .E. 1986. Financial Conglomerates: The New Phenomenon. Aldershot, UK: Gower Publishing Co:

McLoughlin. J.D. 1975. Introduction to Negotiable Instru­ments. London: Butterworths.

Meek, P.K. 1982. US Monetary Policy and Financial Markets. New York: Federal Reserve Bank.

Miller. R.L. and Pulsinelli. R.W. 1985. Modern Money and Banking. New York: McGraw-Hill.

Nelson, C.R. 1987. The Investor's Guide to Economic Indicators.New York: John Wiley & Sons.

Nevitt, P.K. 1983. Project Financing. London: Euromoney Publications.

O'Shea, D. 1984. Investing for Beginners. London: Financial Times Business Information.

Pessin, A.H. 1986. Fundamentals of the Securities Industry, revised edn. New York: New York Institute of Finance.

Pessin, A.H. 1988. The Illustrated Encyclopedia of the Securities Industry. New York: New York Institute of Finance.

Pring, M.J. 1980. International Investing Made Easy. New York: McGraw-Hill.

Prodano. S. 1986. Pmsion Funds: Investments and Perform­mice. Aldershot, UK: Gower Publishing Co.

Ritchie, N. 1986. What Goes on in the City, 4th edn. Cambridge, UK: Woodhead-Faulkner.

Rosenberg, -C.N. 1986. Investing with the Best. New York: John Wiley & Sons.

Ross. D.. Clark, I. and Taiyeb, S. 1987. International Treasury Management. Cambridge, UK: Woodhead­Faulkner.

Roszel. W.D. 1988. The Big Plan for the Small Investor. Illinois: Scott, Foresman & Co.

Sarnoff. P. 1980. Trading 111 Gold. Cambridge. UK: Woodhead-Faulkner.

Sarnoff, P. 1988. Trading in Silver. Cambridge, UK: Woodhead-Faulkner.

Skully, M.T. (ed.). 1982. Financial Institutions and Markets in the Far East. London: Macmillan.

Skully. M. T. 1984. Financial Institutions and Markets in South East Asia. London: Macmillan.

Skully, M.T. 1987. Financial Institutions and Markets in the South Pacific. London: Macmillan.

Smilow, M.A. 1983. The Move Towards Mortgage Securitiza­tion. New York: Mortgage Banker.

Sokolof. 1979. The Paine Webber Handbook of Stock and

Bond Analysis. New York: McGraw-Hill. Stevenson. 1980. Fundamentals of Finance. New York:

McGraw-Hill. Stoken. 1978. Cycles: What They Are, What They Mean, How

to Profit By Them. New York: McGraw-Hill. Stonham, P. 1985. World Stock Market Reforms for Investors

and Borrowers. Aldershot, UK: Gower Publishing. Teweles, R.J. and Bradley, E.S. 1987. The Stock Market. 5th

edn. New York: John Wiley & Sons. Tiner, J. and Conneely, J.M. 1987. Accounting for Treasury

Products: A Practical Guide to Accounting, Tax and Risk Control. Cambridge, UK: Woodhead-Faulkner.

Verheirstraeten, A. ( ed. ). Competition and Regulation in Financial Markets. London: Macmillan.

Walmsley, J. 1988. The New Financial Instruments. New York: John Wiley & Sons.

Williamson, J.P. (ed.). 1988. Investment Banking Handbook. New York: John Wiley & Sons.

BONDS AND MONEY MARKETS 1979. The Underwriting Business In Switzerland. Zurich:

Union Bank of Switzerland. 1980. Treasury Bond Futures and Treasury Note Futures

Conversion Factors. Boston, Mass: Financial Publishing Co.

1981. Fundamentals of Municipal Bonds. New York: Public Securities Association.

March 1982. The Role of the Bank of England in the Money Market. London: Bank of England Quarterly Bulletin.

1983. Government Debt Management: Vol. II. Debt Instru­ments and Selling Techniques. Paris: OECD.

Altman, E.l. and Nammacher, S.A. 1986. Investing in Junk Bonds. New York: John Wiley & Sons.

Bell, S. 1983. Foreign Exchange Handbook. London: Graham and Trotman.

Bierwag, G.O. Duration Analysis. Managing Interest Rate Risk. Hagerstown, MD: Harper & Row.

Bootie, R. 1985. Index-linked Gilts: A Practical Guide. Cambridge, UK: Woodhead-Faulkner.

Buchanan, A.J. 1988. The Money Market. Cambridge, UK: Woodhead-Faulkner.

Cook, T.Q. and Summers, B.J. (eds). 1981. Instruments of the Money Market. Federal Reserve Bank of Virginia.

Cooner, J.J. 1987. Investing in Municipal Bonds: Balancing Risks and Rewards. New York: John Wiley & Sons.

Crawford, E.K. 1987. A Management Guide to Leveraged Buyouts. New York: John Wiley & Sons.

Darst, D. 1981. The Handbook of the Bond and Money Markets. New York: McGraw-Hill.

Davis, S.I. 1980. The Euro-Bank, 2nd edn. London: Macmillan.

De Metz, G. 1985. Off Balance Sheet Finance. London: Graham and Trotman.

Dennis, G. 1984. International Financial Flows. London: Graham and Trotman.

Deutsche Bundesbank Monthly Report. January 1983. The Euro-DM Market. BIS Annual Reports.

Donaldson, T.H. 1979. Lending in International Commercial Banking. London: Macmillan.

Donaldson, J.A. and Donaldson, T.H. 1982. The Medium­Term Loan Market. London: Macmillan.

Douglas, L.G. 1988. Yield Curve Analysis. The Fundamentals of Risk and Return. New York: New York Institute of Finance.

Dufey, G. and Krishnan, E. 1983. West Germany: Banking, Money and Bond Markets, in George, A.M. and Giddy.

Bibliography

I.H. International Finance Handbook. New York: John Wiley & Sons.

Fabozzi, F.J. and Pollack, I.M. (eds). 1983. Handbook of Fixed Income Securities. Homewood. Illinois: Dow-Jones Irwin.

Fisher, F.G. 1981 International Bonds. London: Euromoney Publications.

Gallant, P. 1988. The Eurobond Market. Cambridge, UK: Woodhead-Faulkner.

Geisst, C. 1982. A Guide to the Financial Markets. London: Macmillan.

Grant, C. October 1983. The liquefaction of the Euromarkets. London: Euromoney.

Hartfield,H. Bank Credits and Acceptances, 6th edn. New York: John Wiley & Sons.

Hogan, W.P. and Pearce, I.F. 1984. The Incredible Euro­dollar, Or Why the World's Money System is Collapsing, 3rd edn. London: Allen & Unwin.

Homer, S. and Leibowitz, M.I. 1972. Inside the Yield Book. New York: New York Institute of Finance.

Kemp, L.J. 1981. A Guide to World Money and Capital Markets. Maidenhead, UK: McGraw-Hill.

Kettel, B. 1985. Businessman's Guide to the Foreign Ex­change Market. London: Graham and Trotman.

Kingman-Brundage, J. and Schultz, S.A. 1986. The Funda­mentals of Trade Finance. New York: John Wiley & Sons.

Klaffky, T.E. and Kapprasch, R.W. 1983. Understanding the Volatility of CATS and other Zero-Coupon Bonds. New York: Salomon Brothers Inc.

Krefetz, G. 1986. Leverage: The Key to Multiplying Money. New York: John Wilev & Sons.

Lamb, R. and Rappapo~t. S. 1987. Municipal Bonds: The Comprehensive Review of Municipal Securities and Public Finance, 2nd edn. New York: McGraw-Hill.

Laskey, J. December 1982. How Stripping Became Respect­able. London: Euromoney.

Lombra et a!. 1980. Money and the Financial System. New York: McGraw-Hill.

Mayer, E. 1984. International Lending. Englewood Cliffs, New Jersey: Prentice-Hall.

Mitchell, C. (ed.). 1988. The Sterling Commercial Paper Market. Cambridge, UK: Woodhead-Faulkner.

Mullineux. A. 1988. International Banking and Financial Systems. London: Graham and Trotman.

Nagy, P. 1981. Country Risk. London: Euromoney Publica­tions.

New York Institute of Finance. 1988. How The Bond Market Works. New York: New York Institute of Finance.

Park, Y.S. 1983. Asian Money Market, in George, A.M. and Giddy, I.H., lntemational Finance Handbook. New York: John Wilev & Sons.

Phillips, P. 1987. Inside the New Gilt-Edged Market, 2nd edn. Cambridge, UK: Woodhead-Faulkner.

Platt, R.B. 1986. Controlling Interest Rate Risk. New York: John Wiley & Sons.

Quinn, B.S. 1975. The New Euromarkets. London: Mac­millan.

Rosen, L. 1986. Investing in Zero Coupon Bonds. New York: John Wiley & Sons.

Sarver, E. 1988. The Eurocurrency Market Handbook. New York: New York Institute of Finance.

Savona, P. and Sutija. C. (eds). 1985. Eurodollars and lntemational Banking. London: Macmillan.

Shaw. E.R. 1984. The London Money Market. London: Heinemann.

Sherwood. 1976. How to Invest in Bonds. New York: McGraw-Hill.

Standard and Poor. 1979. Standard and Poor's Rating Guide: Corporate Bonds, Commercial paper, Municipal Bonds, Intemational Security. New York: McGraw-Hill.

303

Bibliography

Stigum. M. 1982. Maner Market Calculations. Homewood. Illinois: Dow-Jones Irwin.

Stigum. M. 1983. The Money Market. revised edn. Home­wood. Illinois: Dow-Jones Irwin.

Taton. J .A. March 1983. Afoney Market Deposit Accounts, Super NOWs and Monetary Policy. Federal Reserve Bank of St. Louis.

Ugeux. G. 1981. Floating Rate Notes. London: Euromoney Publications.

van Horne. J. C. 1984. Financial Market Rates and Flows. 2nd edn. Englewood Cliffs. New Jersey: Prentice-Hall.

Veale. S.R. 1988. Bond Yield Analysis. New York: New York Institute of Finance.

Venedikian. H.M. and Warfield, G.A. 1986. Export-Import Financing. 2nd edn. New York: John Wiley & Sons.

EQUITIES Adams, A. 1988. Investment. London: Graham and Trotman. Brody, K.D. eta/. 1983. The revival of Equity Financing, in

Darrow. P.H. and Mestres, R.H. (eds), Creative Financ­ing in the 1980s. New York: Practising Law Institute.

Buck, E.A. 1988. The SIB Stock Market Ratio. Profiting from Legal Insider Trading. New York: New York Institute of Finance.

Campbell. J. 1987. Personal Equity Plans: How to Build a Nest Egg in Shares - with Tax Relief. Cambridge, UK: Woodhead-Faulkner.

Cragg. J.C. and Malkiel, B.G. 1982. Expectations and the Structure of Share Prices. Chicago, Illinois: University of Chicago Press.

Dalton. J.M. (ed.). 1988. How the Stock Market Works. New York: New York Institute of Finance.

Firth, M. 1976. Share Prices and Mergers, Aldershot, UK: Gower Publishing Co.

Gianturco, M. 1987. The Stock Market Investor's Computer Guide. New York: McGraw-Hill.

Gurney. R. 1987. Share Valuation Manual Theory and Practice. Aldershot. UK: Gower Publishing Co.

Hamilton, J.D. 1979. Stockbroking Today. 2nd edn. London: Macmillan.

Hamilton. J.D. 1986. Stockbroking Tomorrow. London: Macmillan.

Jenks, J.C. and Jenks, R.W. 1984. Stock Selection: Buying and Selling Stocks Using the IBM PC. New York: John Wiley & Sons.

Johnson, M.A. 1988. The Random Walk and Beyond: An Insider Guide to the Stock Market. New York: John Wiley & Sons.

Keane. S. 1983. Stock Market Efficiency. Oxford, UK: Philip Allan.

Loll, L.M. and Buckley, J.G. 1981. The Over-the-Counter Securities Market. Englewood Cliffs, New Jersey: Prentice-Hall.

Mclachlan. S. 1988. Life After Big Bang. London: Graham and Trotman.

Meier, H.B. (ed.). 1985. The Swiss Equity Market: A Guide for Investors. Cambridge, UK: Woodhead-Faulkner.

Mitchell, W.E. and Ireland, T.R. 1986. Common Stocks for Common Sense Investors. New York: John Wiley & Sons.

Neate, F. 1987. The Developing Global Securities Market. London: Graham and Trotman.

New York Institute of Finance. 1988. Asset Plays. Profiting from Undervalued Stocks. New York: New York Institute of Finance.

Rappaport, A. 1987. Creating Shareholder Value. London: Macmillan.

304

Rutterford, J. 1983. Introduction to Stock Exchange Invest­ment. London: Macmillan.

Sobel, R. 1987. The Investment Challenge. New York: John Wiley & Sons.

Sokoloff, K. 1983. The Thinking Investor's Guide to the Stock Market, revised edn. New York: McGraw-Hill.

Stafford, J.T. 1987. The Share-owner's Guide: How to Invest Profitably and Safely in Shares. Cambridge, UK: Woodhead-Faulkner.

Stapley, N.F. 1986. The Stock Market: A Guide for the Private Investor, 3rd edn. Cambridge, UK: Woodhead­Faulkner.

Thomas, W.A. 1986. The Big Bang. Oxford, UK: Philip Allan.

Verzariu, P. 1984. Countertrade, Barter and Offsets. New York: McGraw-Hill.

Wilmot, T. 1985. Inside the Over-the-Counter Market. Cam­bridge, UK: Woodhead-Faulkner.

FINANCIAL/INVESTMENT ANALYSIS Blocher, E. and Williams, J.J. 1985. Analytical Review: A

Guide to Evaluating Finance Statements. New York: McGraw-Hill.

Costales. 1979. The Guide to Understanding Financial State­ments. New York: McGraw-Hill.

Finnerty, J.J. 1986. Corporate Financial Analysis: A Com­prehensive Guide to Real World Approaches for Financial Managers. New York: McGraw-Hill.

Francis, J.L. 1986. Investments: Analysis and Management, 4th edn. New York: McGraw-Hill.

Francis, J.C. and Kirzner, E. 1987. Investments: Analysis and Management, First Canadian Edition. Scarborough, Ont., Canada: McGraw-Hill.

Fuller, R. and Farrell, J.L. 1987. Modern Investments and Security Analysis. New York: McGraw-Hill.

Gipson, J. 1984. Winning the Investment Game: A Guide for all Seasons. New York: McGraw-Hill.

Graham eta/. 1988. Security Analysis, 5th edn. New York: McGraw-Hill.

Kaushik, S.K. and Krakow, L.M. 1988. The Practical Financial Manager. New York: New York Institute of Finance.

Kolb, R.W. 1987. Financial Management. Glenview, Illinois: Scott, Foresman & Co.

Pike, R.H. and Dobbins, R. 1986. Investment Decisions and Financial Strategy. Oxford, UK: Philip Allan.

Pring, M.J. 1985. Technical Analysis Explained: The Success­ful Investor's Guide to Spotting Investment Trends and Turning Points, 2nd edn. New York: McGraw-Hill.

Riley, W.B. and Montgomery, A. 1982. Guide to Computer­Assisted Investment Analysis. New York: McGraw-Hill.

Sherman, E.J. 1986. Gold Investment. New York: New York Institute of Finance.

Stein, L.M. 1987. Value Investing: New Strategies for Stock Market Success. New York: John Wiley & Sons.

FOREIGN EXCHANGE AND INTERNATIONAL TRADE Bhandar, J.S. (ed.). 1985. Exchange Rate Management under

Uncertainty. London: the MIT Press. Brow, B. 1979. The Dollar-Mark Axis. London: Macmillan. Buckley, A. 1986. Multinational Finance. Oxford, UK: Philip

Allan.

Coninx, R.G.F. 1980. Foreign Exchange Today. Cambridge, UK: Woodhead-Faulkner.

Coninx, R.G.F. 1986 Foreign Exchange Dealer's Handbook, 2nd edn. Cambridge, UK: Woodhead-Faulkner.

Donaldson, J.A. 1980. Corporate Currency Risk. London: Financial Times.

Dornbusch, R. 1986. Dollars, Debts, and Deficits. London: The MIT Press.

Douch, N. and Sanderson, P. 1988. The Economics of Foreign Exchange. Cambridge, UK: Woodhead-Faulkner.

Dufey, G. and Giddy, I. H. 1978. The International Money Market. Englewood Cliffs, New Jersey: Prentice-Hall.

Gossage, J. and Goode, T. 1988. Swaps. Cambridge, UK: Woodhead-Faulkner.

Hefferman, S.A. 1986. Sovereign Risk Analysis. London: Allen & Unwin.

Hudson, N.R.L. 1979. Money and Exchange Dealings in International Banking. London: Macmillan.

Jones, D.L. and Jones, E.T. 1987. Hedging Foreign Ex­change. New York: John Wiley & Sons.

Levi, M. 1983. International Finance: Financial Management and the International Economy. New York: McGraw-Hill.

MacDonald, R. 1987. Floating Exchange Rates: Theories and Evidence. London: Allen & Unwin.

Oxelheim, L. 1985. International Financial Market Fluctua­tions. New York: John Wiley & Sons.

Pearcy, J. 1984. How to Account for Foreign Currencies. London: Macmillan.

Prindle, A.R. 1976. Foreign Exchange Risk. New York: John Wiley & Sons.

Riehl, H. and Rodriguez, R.M. 1983. Foreign Exchange and Money Markets, 2nd edn. New York: McGraw-Hill.

Solberg, R.L. 1988. Sovereign Rescheduling: Risk and Port­folio Management. London: Allen & Unwin.

Sweeny, H.A.W. and Rachlin, R. 1985. Handbook of Imernational Financial Management. New York: McGraw­Hill.

von Pfeil, E. 1987. Effective Control of Currency Risks. London: Macmillan.

Walker, T. 1981. A Guide for Using the Foreign Exchange Market. New York: John Wiley & Sons.

Walmsley. J. 1983. The Foreign Exchange Handbook. New York: John Wiley & Sons.

Watson, A. 1981. Finance of International Trade. London: Institute of Finance.

Weisweiller. R. 1984. Introduction to Foreign Exchange, 2nd edn. Cambridge, UK: Woodhead-Faulkner.

Weisweiller, R.(ed.). 1984. Managing a Foreign Exchange Department: A Manual of Effective Practice. Cambridge, UK: Woodhead-Faulkner.

Weisweiller, R. 1986. Arbitrage: Opportunities and Tech­niques in the Financial and Commodity Markets. Cam­bridge, UK: Woodhead-Faulkner.

Weisweiller, R.(ed.). 1988. Foreign Exchange Manual. Cambridge. UK: Woodhead-Faulkner.

OPTIONS, FUTURES AND COMMODITIES Barnes, R.W. 1982. Commodity Profits Through Trend

Trading. New York: John Wiley & Sons. Beale, R. 1985. Trading in Gold Futures. Cambridge, UK:

Woodhead-Faulkner, Bernstein, J. 1988. Cyclic Analysis in Futures Trading. New

York: John Wiley & Sons. Bernstein, J. 1980. The Investor's Quotient: The Psychology

of Successful Investing in Commodities and Stocks. New York: John Wiley & Sons.

Bibliography

Bernstein. J. 1982. How to Profit fi'Oin Seasonal Commodity Spreads. New York: John Wiley & Sons.

Bernstein, J. 1982. The Handbook of Commodity Cycles. New York: John Wiley & Sons.

Bernstein, J. 1985. How to Profit in Precious Metals. New York: John Wiley & Sons. ·

Bernstein. J. 1986. Seasonal Concepts in Fwures Trading: Turning Seasonality into Profits. New York: John Wiley & Sons.

Bookstaber. R.M. 1981. Option Pricing and Strategies in Investing. Reading, Mass: Addison-Wesley.

Brenner, M. (ed.). 1983. Option Pricing. Lexington. Mass: D.C. Heath.

Brown. B. 1983. Financial Futures Markets. London: Mac­millan.

Chamberlain. G. 1982. Trading in Options: An Inrestor's Guide to Making High Profits in the Traded Options Market. 2nd edn. Cambridge. UK: Woodhead-Faulkner.

Cleeton. C.E. 1979. Strategies for the Option Trader. New York: John Wiley & Sons.

Cox. J.C. and Rubinstein. M. 1985. Option Markets. Engle­wood Cliffs, New Jersey: Prentice-Hall.

Fay, S. 1982. The Sih·er Bubble. London: Hodder & Stoughton.

Fink. R.E. and Feduniak. R.B. 1988. Fwures Trading. Concepts and Strategies. New York: New York Institute of Finance.

Fitzgerald. M.D. 1987. Directory of Financial Futures Ex­changes. London: Macmillan.

Gastineau. 1979. The Stock Options Manual. 2nd edn. New York: McGraw-Hill.

Gay. G.D. and Kolb, R.W. 1983. /merest Rate Futures: Concepts and Issues. Englewood Cliffs. New Jersey: Prentice-Hall.

Gehm, F. 1983. Commodity Market Money Management. New York: John Wiley & Sons.

Granger. C.W.J. 1983. Trading in Commodities. Cambridge. UK; Woodhead-Faulkner.

Grumball. C. 1986. Managing Interest Rate Risk. Cambridge, UK: Woodhead-Faulkner.

Herbst, A.F. 1986. Commodity Fwures: Markets, Methods of Analysis, and Management of Risk. New York: John Wiley & Sons.

Horn. F.F. (revised by Fink, R.E.). 1984. Trading in Commodity Fuwres. New York: New York Institute of Finance.

Kaufman, P.J. 1980. Technical Analvsis in Commodities. New York: John Wiley & Sons. ·

Kaufman, P.J. 1984. Handbook of Futures Markets. New York: John Wiley & Sons.

Kaufman, P.J. 1986. The Concise Handbook of Futures Markets. New York: John Wiley & Sons.

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311

APPENDIX

LIFFE APT (Automatic Pit Trading) system

APT: A TRADING SYSTEM FOR THE FUTURE

LIFFE's Automat d Pit Trading (APT) S) stem has been dcn~loprd by the E. change to provide its members with a trading._ tem for the future.

APT i an entir ly n w system which uses highlv advanced technology and state-of­th -art colour di play method to maximum effP I. Th trading principle usPd within APT are however not new- they ar. the tri d and te ted principles of open out ry. The innovali e t, hnolog} used allow the pit traclino m chan ism to be pr en ted on the sere n. Th .se underl~·ing principle · \ ill b very familiar to the Exchanoe' · member . In APT, a in th trading pit:

bids and of~ rs ar valid ''for as long ns the br alh is warm"

alltrad r r ceive all bid and offer information at preci ely th . arne tim

any trader bas a precisely equal chance of accepting any bid or offer.

As busine i done today at LIFFE. only members wilJ have dir ct acces to APT, and member ' trading rights will b mirrored within APl.

APT has b en d igned to combine for member th ben fits of technolog with the ad antages of the open outer_ procc s. The peed and flexibility of pit trading ar maintained within APT.

* Respons limes are m a ur d in mall fraction of a con d.

* Bids, offers, bu and sell in !ruction can b made virtuallv instantaneou ly­at the touch of a button.

* AP' is flexibl enough to support a range f differ nt t_ pes of tra ing .g. long term position building/liquidating, braking, hart t rm trading. arbitraoe tc. Such flexibilit i vital - to repres nt the needs of all u ers, to maintain integrity of th market and to maximi e liquidity.

APT, together\ ith LIFFE's Trad R gistration ystem (TRS), will provide a sc ond­b '-second audit trail of all events in the trading pr e s. This will greatly as i t

members and the Ex chang in th ir functions of risk management, compliance and surv illancc.

Appendix

315

Appendix

316

HOW DOES APT WORK

APT\ ill op •rat through Sun\ orkstations provided by I.IFFE. Workstations will be local .d in memb rs' offiC'e ·and also within LIFFE' premi ' . for use b) member . Ea h work ·tat ion consist of a lour sLr •n, processor, kc~ ho<~rd and "nwusP". The "m u "i. u. cd to point to commands on lh sere n, and i .licked to a<'livate th commands. Ea ·h work tali n will aii0\-\1 the following !unctions: * •cur logging in and out * Trading * Maintenanc of ord rs and "prompting" lor x ution * Automatic bidding and on ring of ord •rs (if rcquir d) * Interfac with LIFFE' Triid R gi · tration S_ stern, tor iv ortl rs and to lran mittraciPs. The main trading creen for trader AAA i shown below. The . cr n an he s •t up to di. play th trading 'pit· for any two contract months. This enables the trader to di ·pi • either:

two differ nl months of the sam ontr ct e.g. Jun . and. pt mb r L ng Gilt . as shcl\\ n in the illustration. The facilit_ e ist within t\PT to trade not just th two contract months separat ly but also the spr ad. two different contracts e.g. June German Go\'ernrncnt Bond and June Long Gilt.

1. TRADER I 0 fhe sere n displa s the icon of the trader who is lugg.·d 111 to the: particular contmr.l (\\·h1:lh r or not ht is bidding or offnring). This is the scrf!en cquivaiPnt of a trader stund111g intlw pit. nids <lllO offt 1s can b mach: by. ny trader in lhu pit. so long a the hid/oriPr is at the Ill's! priu:. Qflprcd ~·olum s are shown against the trader's OPHloni~.; in red -lml volumes in blue.

Z. BEST BIDS!OFFf:RS In the centre oft he scr en is ·hnwn the best hicl/offerPrl prices. together with llw total mlumt c:urrcmtly br:ing hid/oHcrl'd. The offered plin~ and volum is shown in rnd- tlw b1d prier: and volume in blue.

3. TR DIN INSTR CTJON As in the pit. there arP t.ssf!nti,JI!y two nwthods or tr,Hling for a giv n wntrm t mo11th. bu /sell at the b st offnr1 d/birl price. and bid/offer at a spec.itled price (i) Buy/Sell: fl\ clicking the 'mouse" against the B Y command on the c.r n. tht. trad r i · e~bl I bu\'

at the lwst on .. d pric 1, up to the pr viousl .. spec:iried ''Oiume Similarly.thPSELLcommand is ll ·pel to sell at th • l.wsl i.Jid prict'. .

(ii) Bid/OITer: By cl iddng th "mous , .. against the HID command on th . ere n. the trader l'.i abiP to uicl .1 pmviou. ly specifi d numbtlr of c:ontrat.ls nt a gi\' n prier.. J\ bid mad1• in such a manner 1. \alid lor a pre-set p .riod r time. ( .g. 5 s .conds). utter which time it r:an be r lr shed at the touch 0 a butt 11. The OFFER command works similarly. In addition. the BID & OFFER command prm ides the ladlity to bid and offer simultaneously.

Volunws. pnces <tncl r1fnrcnw inforn1<llion can be rapidly and Lonwniently entewd and moditlcd bv the trad r. For 11;, mple. price. and ,·olunws can be toggl .d up and down using I he "mouse'. \'olumes , n he s .t to show total quantity and "wveal" quantity. etc.

4. T'' & "STOP" t\t an\ limr. a tradrr can imnwcliately cancel individual bids or offers hy using the "OUT" commcmd .. \1 o. all bid and ofler:. can immediately hl' cane .IIPd, and acti\'1' ord rs ~usponded. by u ing thr "STOP" c:omm, nrl

5. SPRE D TRADI G INSTR CfiONS If two difft.r •nl months of the samP conlr<~cl an. displny£~d. tht>n the trading command'' indO\\ . inth c 1mtre of the scrNm can b<• used to trark th' pr ad b<•lween the two months.

6. ME SAGES These windows show advisory. warning and error mcs age. c ..

hid rejected because it is at <I lower prke than <Ill Hxisting bid. pit opcning/clo in • warn ina mes. ages. incorr .ct \·olunw or pricin~ vahms

7. LAST TRADE & OTHER CONTRACf INFORMATION Thcs~~ windows displn~ for chostln contract months. (i) The last trade e m:ut •d. (ii) High/Low and volume inrormation (iii) Tho trader's net and ross position for the day.

8. PRICE TICKER This' indow displuy three ticker lines of prices. fhc trader st:lc ·ts the contr<t ·ts which he is intcre ·ted in foliO\\ ing.

9. TRADER CARD The "I r<tcler card" automat it:ally disphw the details of ctlllrC~dcs I'Xe ttl cl. i nducl ing counll•rpart~, cuntrac:t dctails. prit: , volume. tinw (A!Yf storf': exec:ution time to tlw nearHsl hundredth of u second). ThPse trade <HC passPd to thr. TrariP l{rgistral ion Syslt>m (TRS) cler.tronicalh. J:;<tch worJ...sl<ttion will also imm .di<~tnh print out fnll drtail~ of all trades executed.

10. PRICE Dl PLAY The trader can sPiecl up to seven conlrm.t months for'' hi .h ht• wishP.o; to display prit. • mformation in a format similm In tlw lcrrgp di play <m ho lloor of the ExchangP i.e. last 4 prict>s. \ olume and chanuc on th day.

11. ORDERS The IJ"iJdcr is abiP within ,\PT lo maintain a "hook" of nrd •rs. Thn~1· llll'lhod'i of ln•atml'nt an' possihll' "ithin APT. (i) Orcl!•r,. r.an ht• alPrted to tlw trad .r nnw a giv1~11 pricE' is r achrd. and tlwn (pfl to the trader to lradP

\\' Jthin .\PT <lt his discretion (ii) Ord •rs can hP scll'cl ~d ll\' tlw trader one lh \' I.Jeronw c.urrent. and th •n uid/offpn•d automatiralh

with111 AI'T. (iii) Orders <.an be injl'tlt•d into thP pit automatic:alh by .\PT onw the\' bf!com t.urn•nl. and bid/olfpn•d

automalicalh· tlwrt•uftl•r. 12. RESTI G B Y A D ELL ORDERS

This wind1m shows a summ.Jr ol all limit md •rs entered to tlw s\"slem of ea1 h prir.l'. Thi~ informal ion i intended to givl' an _ii.rlicaii!JJl of thl' depth olthe lllCJrkl'l. •

Appendix

317

Appendix

318

APT: CENTRAL TO LIFFE'S FUTURE DEVELOPME T APT is an important part of LIFJ'E's o Prall system stralcg\' The dm elopmcnl ol :\PT. togetlwr with the further nhanumwnl of TR to providl' orclet routing and dearing proccs. ing ct~pabilitit•s, will combine with tlu• e 1 ·ting fum lion,dity ofTRS to pro\'id • thl' nwmbership \\'ith an inlegral<•d and compatibl group ol systPms, 'llw:w S_\ tt•ms will support ,mel augmcntthn •. i ·ting pit trading prm.t·ss. LJIT£' ·on rail syst •ms stratcg\ is summarist•d cli.tgramtltit:nlh IIPiow:

Ord . 1· Routing * ystcms art• < Ul n•ntl~ bl'i ng dm 1 lopt•d to assi.-1 nwrnhers' d i •nts cllld n·motl' nwmht•r

nflicns in routing orch-rs to Lll•FE nwmlll'r . * t\r cPss to LJFF ~·, mcmlwrs through md •r routing terminals \\'ill be made as broad as

po ·sib! .. ll\ intPrlacing LIII'E'~ yst ms with those ol information \"t•ndors.

* These orclPr routings~ s!Pms. wht•n intc•rfa< Pd \\'ith a mmnbt!r\ trading operation on LJFFE. will int rcasc th numbm of c:liPnts whose trading iniPn·sts a nH mbcr C.Jll

rnprt•scnl. Trading * Ordt•rs will b • rou!Hd \'i,t nwmlwrs. eitlwr I the Ooor r r pit trading or for rl'le\'ant

hour<: and< ontra<.ts into APT.

* ·1cmb rs will bP abll' to 11 ·'APT to fill clh·nt orders nr to trade proprietat • business.

* PT will b impiPrnr·ntPd to supplcnwnttmcling acli \'ilv, so that LIFFE trading hours are • tcndr•d to c m·er tully tlw EuropPan hu ·iness da}. APT wi ll also !Jp usml for adciitional prodtu.ts. whNI' this is tlw most Plfectivc trading mcch.mism.

lea ring * All trades P nnth:d within APT will be fcrl.llltumatic II) toLl Fl· E'-: Tradt RPgistration

SvstPm (T S). saving manual wnrl.. . and eliminnting mis-nhttc.hcs.

* 'IRS. logcthet with thn enhancement:-, curn•ntly !wing put in piau• to provid . clc>arin pron ·sing fa iii til'~.\\ ill pro\'idn a common clearing ystl'm lor all trades- wht.th •r pit trad .d or tradnd via APT

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