Book
Trading & Capital Markets
Eight chapters on how markets actually work: the order lifecycle end to end, the limit order book and how a price is made, the Indian and US market structures side by side, what each instrument is really for, the full cost of a trade, market data and the errors that ruin research, and the latency budget.
Written from exchange, regulator and vendor sources rather than from the job-posting corpus. Parked at eight chapters — risk and margin, surveillance, backtesting and the trading interview are drafted but not yet published.
CHAPTER 1
What actually happens when you press buy
From a tap to a settled share, in both markets. The structural difference between India and the US is bigger than people expect, and it changes what the jobs are.
CHAPTER 2
The order book, the spread, and how a price is actually made
Price is not a number the market has. It is the outcome of a queue, and understanding the queue explains costs, liquidity and most of what a trading firm does.
CHAPTER 3
The Indian market: NSE, BSE, SEBI and the plumbing
Two exchanges, two depositories, one regulator that moves faster than most, and the largest derivatives market in the world by contract count.
CHAPTER 4
The US market: fragmentation, Reg NMS and the NBBO
Sixteen exchanges, dozens of dark pools, and a rulebook built to make a fragmented market behave like one. This is where American market-structure jobs come from.
CHAPTER 5
Cash, futures and options — what each is actually for
Not the payoff diagrams. What each instrument is used for, what it costs to hold, and the specific ways each one surprises people.
CHAPTER 6
The full cost of a trade — worked, in both markets
The arithmetic almost nobody does. The brokerage everyone compares is usually the smallest line on the bill.
CHAPTER 7
Market data: what it is, what it costs, and who sells it
The largest line item in most trading technology budgets, and the source of the errors that quietly invalidate research.
CHAPTER 8
Latency: where it comes from, and what it costs to remove
A budget in microseconds, an arms race with a physical floor, and the honest question of whether you should be in the race at all.