Electronic Trading and Blockchain
Electronic Trading and Blockchain is the ultimate guide for finance students, researchers, and readers interested in learning about the early years of electronic trading in the United States. It discusses the market structure evolution from the perspectives of a market practitioner. It also examines Project CCARP, a preliminary design for an electronic market for Pacific Commodities Exchange. Furthermore, this book also analyzes blockchain reckoning and how to lower barriers to a just and sustainable future.
"Richard Sandor has been a leading financial innovator, beginning with his role in the nascent development of electronic trading in the 1960s and throughout subsequent decades as a pioneer of new markets, technologies and exchanges. He is uniquely qualified to write this highly recommended book, which provides both a fascinating and relevant look back at the evolution of financial innovation, as well as an expert's view on how blockchain technology will impact finance, trading and exchanges going forward."
— Edward T Tilly, Chairman and CEO, Cboe Global Markets
"Richard Sandor is one of the leading visionaries of the trading industry. Many of his earliest insights helped transform the derivatives business and establish the norms of today. His new book showcases the technology revolution that has taken us from pit trading to new financial technologies like blockchain. Written from his compelling, eye-witness perspective, Richard vividly captures the innovative spirit that continues to propel this dynamic industry forward."
— Terrence A Duffy, Chairman and CEO, CME Group
"Economists standardly assume the existence of financial markets. But this assumption misses the deeper and more difficult questions of when, why, and how markets exist, as well as how they can be made more efficient. This magnificent collection of essays by the very leaders who developed new financial markets tackles these vital questions. By looking both to the past (such as the first all-electronic exchange) and to the future (such as blockchain), the essays reveal how human creativity, relationships, and sheer hard work bring financial markets into existence. These are important, edifying, and inspiring lessons. No reader of this book will ever again be content to assume the existence of financial markets."
— Thomas J Miles, Dean and Clifton R Musser Professor of Law and Economics, University of Chicago Law School
"Dr Sandor has been at the forefront developing widely-accepted risk management solutions. As a young academic in the 1960's, he was already ahead of the curve on the digitization of markets with early-generation computers. Known throughout the world for pioneering many of the most relied upon instruments and techniques for transforming price risk, he has earned global recognition and is celebrated as the "father of financial futures." Most recently, he has successfully demonstrated how a well-designed market can solve for shortages of food and water, as well as encourage investment in clean air. And he's not resting, as he continues to pioneer new market solutions with blockchain technologies. Any time Dr Sandor shares his perspectives on a topic, the industry takes notice."
— Jeffrey C Sprecher, Chairman & CEO, Intercontinental Exchange (ICE) and Chairman, New York Stock exchange
"A modestly self-described student of markets, Richard Sandor has never been one for a heavy history lesson but he deftly weaves a compelling narrative through the past to take us well into the financial future, with an elegant self-deprecation for his sheer genius of thought, analysis, insight and vision. His insights alongside his elegant portfolio of persuasive thinkers is a treasure to behold. This one man blockchain of financial insight has assembled a cornucopia of ideas from among the best minds in this new technology."
— Patrick L Young, author of Capital Market Revolution!