How to run a market

The famous US economist Myron Scholes once said that failed energy trader Enron’strading of unregulated over-the-counter energy derivatives was a new model thatwould replace the organised securities exchanges. At the time, he was workingat Long Term Capital Management (LTCM), the now-defunct Wall Street hedge fundfounded by former Salomon Brothers trader John Meriwether. The firm also employedRobert Merton, a mathematician who pioneered the development of credit risk models.LTCM traded from 1994

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