How the U.S. Securities Industry Works

Great reference book.

Most books on the securities industry are focused on recommending investment strategies. This one actually explains the processes behind how the market works. I highly recommend it for someone new to the securities industry or anyone in a sales or marketing role that is selling to firms in the capital markets. It is long, 700 pages, but the chapters are written in such a way that you can easily jump around the book to learn what you need to know. I was disappointed with the chapters on "Buying and Selling Securities" and "Post Trade Processing, Clearing and Settlement", but the sections on "Bank Processing" and "Investment Manager Processing" are some of the best content out there.