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Larry Harris » Profile

Larry Harris holds the Fred V. Keenan Chair in Finance at the USC (http://www.usc.edu/) Marshall School of Business (http://www.marshall.usc.edu/). His research, teaching, and consulting address trading and investment management issues that arise in financial markets. He has written extensively about trading rules, transaction costs, index markets, and market regulation. His introduction to the economics of trading, TRADING AND EXCHANGES: Market Microstructure for Practitioners (http://tradingandexchanges.com/) (Oxford University Press: 2003), is widely regarded as a “must read” for entrants into the securities industry.

Chairman Harvey Pitt appointed Dr. Harris to serve as Chief Economist of the U.S. Securities and Exchange Commission (http://www.sec.gov/) in July 2002 where he continued to serve under Chairman William Donaldson through June 2004. As Chief Economist, Harris was the primary advisor to the Commission on all economic issues. He contributed extensively to the development of regulations implementing Sarbanes-Oxley, to the resolution of the mutual fund timing crisis, to the specification of the proposed Regulation NMS (National Market System), and to numerous legal cases. Harris also directed the SEC Office of Economic Analysis (http://www.sec.gov/about/economic.shtml) Interactive Brokers, Inc (http://www.interactivebrokers.com/). (IBKR) and of Clipper Fund, Inc. (http://www.clipperfund.com/) (CFIMX), as the director of the USC Marshall School Center for Investment Studies, and as the research coordinator of the Institute for Quantitative Research in Finance (The Q-Group (http://www.q-group.org/)). In the past, he has served as an associate editor of the Journal of Finance, the Review of Financial Studies, and the Journal of Financial and Quantitative Analysis. Other professional service has included year-long assignments to the U.S. Securities and Exchange Commission and to the New York Stock Exchange immediately following the Stock Market Crash of 1987. Dr. Harris has also worked at UNX, Inc., an electronic pure agency institutional equity broker, and at Madison Tyler, LLC, a broker-dealer engaged in electronic proprietary trading in various markets.

The University of Chicago awarded Dr. Harris his Ph.D. in Economics in 1982.

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Larry Harris' Book

Trading & Exchanges TRADING & EXCHANGES: Market Microstructure for Practitioners is about trading, the people who trade securities and contracts, the marketplaces where they trade, the rules that govern trading, and the differences between investing, speculating, and gambling. It is the definitive guide for anyone interested in learning about investors, brokers, dealers, arbitrageurs, retail traders, day traders, rogue traders, and gamblers; exchanges, boards of trade, dealer networks, ECNs (electronic communications networks), crossing markets, and pink sheets; single price auctions, open outcry auctions, screen-based markets, and brokered markets; limit orders, market orders, and stop orders; program trades, block trades, and short trades; price priority, time precedence, public order precedence, and display precedence; and insider trading, scalping, and bluffing.
Trading and Exchanges describes in plain words how markets work; how governments and exchanges regulate them; and how traders create liquidity, volatility, informative prices, trading profits, and transaction costs. It identifies the trading strategies that make markets liquid, produce prices that reflect information about fundamental values, and allow some traders to consistently profit while others lose. Since the success of trading strategies depends on the trading rules used in various markets, the text also considers the regulatory forces that create and enforce trading rules.

If you trade, this book can improve your trading strategies. If you are—or aspire to be—a dealer, broker, regulator, or exchange official, it can help you design better markets. If you are merely curious about how markets work, you will find Trading and Exchanges to be highly informative and entertaining.

The presentation assumes no prior knowledge and does not rely upon mathematical methods. It therefore should be accessible to all interested readers.

Numerous text boxes appear throughout the book. These boxes contain examples, entertaining stories, and historical explanations that illustrate and illuminate points made in the text.

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