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Readers reviews of CNBC 24/7 Trading

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The world of 24 hour trading and 24 hour volatility is closer than we think. CNBC is well positioned or examine the issues as they provide breaking financial news on a  24 hour basis. Given these impressive credentials it is disappointing to see some serious gaps in understanding of individual markets, mechanisms, and procedures. The book fails to make use of the knowledge base within CNBC provided by other regional presenters like Martin Soong and Christine Tan.


The book is very much written from the US and looking outwards wondering why the rest of the world is not like the US. This makes the book a poor guide to other market operations. Australian readers will be surprised to read that a reason for caution in Australia is that there are no market makers which is seen as posing a problem with risk. The author cannot conceive of a liquid order driven as distinct from quote driven market.


The understanding of risk is also a little strange with an intense focus on liquidity risk and little understanding of the increase risk posed by 24 hour volatility. In fact they confidently suggest that price gaps will disappear because of the continuous nature of the market. Then in the next chapter they talk about arbitrage across markets which can only exist when there is a ‘gap’ in prices for the same instrument in different markets due to delays in news and information. As one exchange closes and another opens the impact of news is always reflected in price and gapping will still occur.


Despite these cautions, this is a very good introduction to 24/7 trading.  It should be teamed with Robert Deels' work on trade planning and volatility based risk management.


24/7 trading will become an important factor. And new services like CNBC will play an important role in providing a flow of information about news and larger companies. This is the first of many books that will deal with this developing trading frontier. Look on it as an important primer.



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