Studies how and why investors trade and the impact of various market structures on the interaction and outcomes of security transactions. Examines existing market structures, types of traders and the strategies they use to achieve their objectives. By concentrating on how market participants trade, the course lays the foundation necessary to understand the practical implications of the introduction of new technologies to securities trading and the economic opportunities they present to market participants. Emphasis is placed on case studies, examples, practitioner presentations and illustrations inspired by the shift from traditional to electronically-facilitated trading. Analyses securities trading venues as operating firms; in particular concentrating on implications for competition between markets and trading systems.