Money Free and Unfree
by George A. Selgin · 14 Jun 2017 · 454pp · 134,482 words
bank’s books, grew out of the pre–central banking practice of regular note exchange, with banks returning rivals’ notes directly to them or to central clearinghouses and settling accounts in specie. This routine note-exchange and settlement process imposes strict limits on credit expansion by individual note-issuing banks and, hence
Who Gets What — and Why: The New Economics of Matchmaking and Market Design
by Alvin E. Roth · 1 Jun 2015 · 282pp · 80,907 words
by trading differently among themselves. As I began to play with this model, I started to think of it as the potential architecture for a centralized clearinghouse that could help traders overcome the obstacles to barter. But for such a clearinghouse to find the most desirable set of trades, it would need
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interviews, also as before. But then a change: after the interviews had been conducted, the process of making offers would be done through the new centralized clearinghouse. This meant that students would submit to the clearinghouse a rank order list of the residency programs at which they had interviewed, indicating their first
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. It enjoyed very high participation rates for years without encountering further difficulties, in contrast to the troubled variety of market failures that had preceded this centralized clearinghouse. When I studied this and other successful labor market clearinghouses, I discovered one of the secrets of their success. It was that they produced outcomes
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when the British markets for medical interns experienced increasingly early appointments in the 1960s, each region of the British National Health Service devised its own centralized clearinghouse. Several used algorithms very similar to the one initially proposed for American doctors—the one that was rejected as unsafe for students. These unstable British
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to have become a priority for the Conservative Party. In China, about 10 million students each year are assigned to colleges through a variety of centralized clearinghouses, a different one for each province. These all use a student’s preferences and scores on a national exam as inputs to match each student
Stigum's Money Market, 4E
by Marcia Stigum and Anthony Crescenzi · 9 Feb 2007 · 1,202pp · 424,886 words
but are maintained in computerized records. Securities that are not book-entry do not move from holder to holder but are usually kept in a central clearinghouse or by another agent. book value: The value at which a debt security is shown on the holder’s balance sheet. Book value is often
The Man Who Knew: The Life and Times of Alan Greenspan
by Sebastian Mallaby · 10 Oct 2016 · 1,242pp · 317,903 words
defended.40 It was party to almost a million bilateral derivatives contracts, those over-the-counter deals that Brooksley Born had wanted to move into centralized clearinghouses. It was also an enthusiastic responder to the incentives created by the Fed: it had borrowed billions in short-term funds, loading up on cheap
Trading at the Speed of Light: How Ultrafast Algorithms Are Transforming Financial Markets
by Donald MacKenzie · 24 May 2021 · 400pp · 121,988 words
interdealer segment. The chief obstacle to Direct Match turned out to be clearing. As noted earlier, in the trading of shares and of futures a central clearinghouse stands between the two parties to a trade (buying from the seller, and selling to the buyer), preserving anonymity and protecting each party from a
A First-Class Catastrophe: The Road to Black Monday, the Worst Day in Wall Street History
by Diana B. Henriques · 18 Sep 2017 · 526pp · 144,019 words
Amex’s ambitious options trading operation. A few years later, he was appointed to the board of the Options Clearing Corporation, which acted as the central clearinghouse for settling all options trades, and he traveled regularly to Chicago for board meetings. The trips had become a bit of a romance for the
The Business Blockchain: Promise, Practice, and Application of the Next Internet Technology
by William Mougayar · 25 Apr 2016 · 161pp · 44,488 words
new regulation while simultaneously updating the existing regulation to accommodate the innovation introduced by the blockchain. The litmus test is to run transactions without a central clearinghouse in the middle. Verifying identity and validating counterparties can be done in a peer-to-peer manner on the blockchain, and that is the preferred
Bernie Madoff, the Wizard of Lies: Inside the Infamous $65 Billion Swindle
by Diana B. Henriques · 1 Aug 2011 · 598pp · 169,194 words
similar invitation that day to Carlo Grosso, a principal of the Kingate funds based in London, who was visiting New York. 119 Wall Street’s central clearinghouse, the Depository Trust & Clearing Corporation: Originally named the Depository Trust Company, the clearinghouse later combined with a separate clearinghouse called the National Securities Clearing Corporation
The Inner Lives of Markets: How People Shape Them—And They Shape Us
by Tim Sullivan · 6 Jun 2016 · 252pp · 73,131 words
new members, comes from the frenzied competition among sororities to lock in new members.4) It’s what prompted medical residency programs to develop a centralized clearinghouse in the 1940s to fend off students receiving exploding offers before they were done with their intro to anatomy course. These allocation problems all now
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have centralized clearinghouses, many designed with the basic deferred acceptance algorithm as their foundations. But that’s really all that Gale and Shapley provided: a conceptual framework that
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for order-loving Swedes). So the “market” for coat hooks began to unravel backward in much the same way that, in the absence of a centralized clearinghouse, residency programs and judges raced to recruit medical and law students earlier and earlier. Now, Jonas Vlachos is hardly an apologist for the glories of
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, 82 capitalism, free-market, 172–173 car service platform, 169–171 cash-back bonus, 116 cash-for-sludge transactions, 167–169 See also Summers, Larry centralized clearinghouses, 140–141 Champagne fairs, 105–106, 126–128 Changi POW camp, 175–177 Le Chatelier, Henry Louis, 29 Le Chatelier’s principle, 29 cheap talk
The Bankers' New Clothes: What's Wrong With Banking and What to Do About It
by Anat Admati and Martin Hellwig · 15 Feb 2013 · 726pp · 172,988 words
banking. In any arrangement, the key question is how to ensure proper governance for the funding of risky investment banking activities. 46. Attempts to form central clearinghouses for derivatives might actually create new and particularly dangerous systemically important institutions. Being owned by the participating banks would make the clearinghouses highly connected. It
Crisis Economics: A Crash Course in the Future of Finance
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The Quants
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Cataloging the World: Paul Otlet and the Birth of the Information Age
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The Wizard of Menlo Park: How Thomas Alva Edison Invented the Modern World
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Utopia Is Creepy: And Other Provocations
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The Teeth of the Tiger
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Business Lessons From a Radical Industrialist
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Hard Landing
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