About the Author

ROBERT A. SCHWARTZ is Marvin M. Speiser Pro-fessor of Finance and University Distinguished Professor in the Zicklin School of Business, Baruch College, CUNY. Before joining the Baruch faculty in 1997, he was Professor of Finance and Economics and Yamaichi Faculty Fellow at New York University's Leonard N. Stern School of Business, where he had been a member of the faculty since 1965. Professor Schwartz received his PhD in economics from Columbia University. He has published over fifty journal articles and fifteen books, including Equity Markets in Action (Wiley), which he coauthored with Reto Francioni. He has served as a consultant to various market centers including the New York Stock Exchange, the American Stock Exchange, NASDAQ, and Deutsche Börse, and has been an associate editor for several finance journals. In 1995, Professor Schwartz was named the first chairman of NASDAQ's Economic Advisory Board, where he served until the spring of 1999.

RETO FRANCIONI has been the CEO of the Executive Board of Deutsche Börse AG, since November 2005, and was president and chairman of the board of SWX Group. In 1993, Francioni joined Deutsche Börse AG, where he was responsible for its entire cash market and later became its deputy chief executive officer. Earlier in his career, he was a director of the corporate finance division at Hoffmann-LaRoche AG, Switzerland. Francioni has a law degree and PhD in law from Zurich University and is Professor of Economics and Finance at the Zicklin School of Business, Baruch College, CUNY.

BRUCE W. WEBER is Associate Professor of InformationManagement at the London Business School, where he teaches information management and trading and financial market structure in MBA, master's, and executiveprograms. He has a PhD in decision sciences from the Wharton School of the University of Pennsylvania. His research on strategic uses of IT and the computerization of financial services has been published in a number of academic journals, and he has consulted for a host of financial services organizations. Prior to joining the London Business School in 2003, he was on the faculties of the Stern School of Business-New York University and Baruch College, CUNY.

Reviews

"Explains in plain English the trading process in stock transactions while providing a clear explanation of the various market structures available in the stock market....an excellent read for anyone interested in learning how stocks are traded, the participants in the equity markets, and the issues faced by institutional traders as they attempt to leave the smallest footprint in buying and selling large share quantities. I recommend it to both new traders as well as experienced traders who are undergoing fast change in their profession."--David Krell, President & CEO, International Securities Exchange "Vision is not enough when writing about the complex world of equity trading - clear writing and compelling delivery are also required. This book has all three." --Walter Kielholz, Chairman of the Board of Directors, Credit Suisse Group "This authoritative and fascinating book is must reading for all professional investors, not just traders."--Peter L. Bernstein, author of Capital Ideas and Against the Gods "...should be required reading for traders, old and new....Ignore this book at your investing peril!" --Theodore R. Aronson, CFA, Aronson+Johnson+Ortiz, and former chair of the Board of Governors, CFA Institute "...tomorrow's traders can benefit from this comprehensive overview of stock trading." --Matt Andresen, President, Citadel Execution Services, and former CEO, Island ECN "...guide[s] the reader toward the discipline of risk management and the goal of best execution." --Ralph J. Acampora, CUT, Managing Director, Knight Research, Knight Equity Markets, L.P. "An excellent update on the theory and practice of equity trading....a highly useful reference for today's professionals."--Dr. Josef Ackerman, Chairman, Group Executive Committee, Deutsche Bank AG "...superbly illuminates the picture for both the novice and the seasoned trader." --Peter Forstmoser, Chairman, Swiss Re, University Zurich "...[a] wonderfully insightful book." --Dr. Stefan Jentzsch, Member of the Board of Managing Directors, Dresdner Bank AG "...a clear, concise, and compelling assessment of the equity trading environment'" --Andrew M. Brooks, Vice President, Head of Equity Trading, T. Rowe Price Group "...one of the best guides available through the intricate environment that we face today." --Kurt Viermetz, Chairman of the Supervisory Board, Hypo Real Estate Holding AG and Deutsche Börse AG "...impressively fills a critical need." --Raymond J. Bär, Chairman of the Board of Directors, Julius Bär Holding AG "...represents a unique opportunity to gain deep insights in to what is a cornerstone of the American economy; stocks and the market."--John C. Giesea, President & CEO, Security Traders Association