Book & podcast collection

Broken Markets

bySal ArnukandJoseph Saluzzi

Market-structure experts Sal Arnuk and Joseph Saluzzi examine how electronic trading transformed American stock markets. They explain high-frequency strategies, fragmented exchanges, dark pools, rebates, and complex order types, arguing that speed advantages and conflicted incentives can disadvantage ordinary investors. Written from the perspective of practitioners, the book translates technical mechanisms into a broader critique of fairness, transparency, and regulation. Arnuk and Saluzzi show how markets designed to appear highly liquid can behave unpredictably under stress, and they call for reforms that reconnect trading infrastructure with its core purpose: efficient capital formation and trustworthy price discovery.

Publisher

Financial Times/Prentice Hall

Publication date

2012

Format

Print edition

Pages

320

ISBN

9780132875264