This unit introduces students to core concepts of fundamental market design and structure, focussing on the processes that turn orders into trades in securities markets, and the forces that mould and effect order flow and execution. The unit provides insights into how the study of securities market microstructure can improve our understanding of today's global financial markets in order to: (a) facilitate better financing and investment decisions; (b) understand when, where and how to transact in financial instruments; and (c) make better use of the ever increasing flow of market information. An improved understanding of today's diverse financial markets allows for successful trading strategies to be developed in different instruments and across many markets, today and in the future.
1x 3hr seminar per week
mid-semester exam (30%), 2x group assignments (2x10%), and final exam (50%)