PART Four
Applications: Market Activity
This part analyzes practical aspects of financial market activity. The discussion examines the differing capabilities of exchanges and over-the-counter markets, as well as those of broker and dealer markets. As the book’s earlier theory holds, differences in kinds of markets can be explained by discriminating alignments: Particular transaction attributes are aligned with differing markets’ capabilities on the basis of cost-effectiveness. Moreover, market organizations evolve with a view to enhancing market performance and are driven by changing economics.
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