Introduction

This part attempts to synthesize much of what we have described throughout the four books of this set. We want to create a narrative showing how the different functions within the different entities are brought into play in the process of first deciding to trade and then implementing the activities in the trading process up through clearing and settlement. We cannot possibly describe all the interactions that can be involved, because at any given moment the interactions are a dynamic function of the specific orders in a firm engaged in trading as well as the orders from others present in interconnected trading venues.

Too many descriptions of trading in the markets begin with the assumption that there is one buyer and one seller. ...

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