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An Introduction to Trading In the Financial Markets: Technology: Systems, Data, and Networks by R. Tee Williams

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Introduction

Data, or information, is both the fuel for and a major product of the financial markets. Robert Britz, who retired as co-president of the New York Stock Exchange (as it was then known) in 2005, is purported to have likened the NYSE to a factory that produces information. The same could be said for all firms involved in the trading markets including data vendors and data users.

In this part we explore the data used in and produced by the trading markets. We begin by describing the various types of data using several different methods of categorizing the data. We discuss how data is produced and how it is used. As we did with systems, we describe the broad purposes of data and describe how functions on the buy and sell sides consume ...

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