Trading and Exchanges
Larry Harris
16 people recommended it in 7 threads, 2009–2020.
1 commenter pushed back on it — worth reading the threads.
What people on Hacker News said
If you want some practical discussions, "Trading and Exchanges" by Larry Harris is a bit dated, but nothing comes close. Most of the descriptions are still valid today (even if some of the mechanics have changed)
For that you really need to understand how algorithmic trading works, how the market microstructure works, how to place trades, etc. For this there are a bunch of books but the best introductory book is definitely "Trading and Exchanges: Market Microstructure for Practitioners".
I found Larry Harris' Trading and Exchanges: Market Microstructure for Practitioners a solid introduction to market making and trading. Terms and concepts are easy to pick up from the text.
I'm finding this a more interesting and detailed read than _Capital Markets for Quantitative Professionals_. For instance, the book traces through everything that happens when placing, executing, and settling typical trades.
Trading and Exchanges was my detailed introduction to what really happens in the markets. I wish I could find a similarly detailed and coherent book on corporate actions.
The technology is all out of date (hello SuperDot), but otherwise it's a great introduction to modern financial markets.
Where it comes up
- Good books for hackers interested in quant finance? 2011 · 5 recommendations
- Ask HN: Book recommendations for understanding financial systems? 2020 · 3 recommendations
- Quantitative Finance Reading List 2013 · 3 recommendations
- Ask HN: What are the must-read books about economics/finance? 2016 · 2 recommendations
- Ask HN: Books you plan to read in 2020? 2019 · 1 recommendation
- Ask HN: What are the best textbooks in your field of expertise? 2018 · 1 recommendation
- Reading list for those who love to learn 2009 · 1 recommendation