This course introduces students to the theory and practice of trading securities at exchanges and dealer markets. This involves examining market structures, types of traders and the strategies they use to achieve their objectives. Students learn how and why investors trade and how market structure affect volatility, liquidity, trading costs, price efficiency and trading outcomes. There is a focus on barriers to trading; bid-ask spreads, trade impact on price, brokerage commissions etc. Students are exposed to the practical issues related to trading through the use of class exercises and trading simulations.