Financial markets take many different forms and operate in diverse ways. But all of them, whether highly organised, like the London Stock Exchange, or highly informal, like the money changers on the street corners of many African capitals, serve the same basic functions.
All these events are examples of ﬁnancial markets at work. That markets exercise enormous inﬂuence over modern life comes as no news. But although people around the world speak glibly of “Wall Street”, “the bond market” and “the currency markets”, the meanings they attach to these time-worn phrases are often vague and usually out of date. This book explains the purposes different ﬁnancial markets serve and clariﬁes the way they work. It cannot tell you whether your investment portfolio is likely to rise or to fall in value. But it may help you understand how its value is determined, and how the different securities in it are created and traded. If you trade stocks, options,forex or futures, you need this book.
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