chap003how securities are traded(金融工程-南开大学,王小麓))

《chap003how securities are traded(金融工程-南开大学,王小麓))》由会员上传分享，免费在线阅读，更多相关内容在教育资源-天天文库。

1、HowSecuritiesAreTradedChapter3Primaryvs.SecondarySecuritySalesPrimaryNewissueKeyfactor:issuerreceivestheproceedsfromthesale.SecondaryExistingownersellstoanotherparty.Issuingfirmdoesn’treceiveproceedsandisnotdirectlyinvolved.InvestmentBankingArrangeme

2、ntsUnderwrittenvs.“BestEfforts”Underwritten:firmcommitmentonproceedstotheissuingfirm.BestEfforts:nofirmcommitment.Negotiatedvs.CompetitiveBidNegotiated:issuingfirmnegotiatestermswithinvestmentbanker.Competitivebid:issuerstructurestheofferingandsecure

3、sbids.PublicOfferingsPublicofferings:registeredwiththeSECandsaleismadetotheinvestingpublic.Shelfregistration(Rule415,since1982)InitialPublicOfferings(IPOs)EvidenceofunderpricingPerformancePrivatePlacementsPrivateplacement:saletoalimitednumberofsophis

4、ticatedinvestorsnotrequiringtheprotectionofregistration.Dominatedbyinstitutions.Veryactivemarketfordebtsecurities.Notactiveforstockofferings.OrganizationofSecondaryMarketsOrganizedexchangesOTCmarketThirdmarketFourthmarketOrganizedExchangesAuctionmark

5、etswithcentralizedorderflow.Dealershipfunction:canbecompetitiveorassignedbytheexchange(Specialists).Securities:stock,futurescontracts,options,andtoalesserextent,bonds.Examples:NYSE,AMEX,Regionals,CBOE.OTCMarketDealermarketwithoutcentralizedorderflow.

6、NASDAQ:largestorganizedstockmarketforOTCtrading;informationsystemforindividuals,brokersanddealers.Securities:stocks,bondsandsomederivatives.MostsecondarybondstransactionsThirdMarketTradingoflistedsecuritiesawayfromtheexchange.Institutionalmarket:tofa

7、cilitatetradesoflargerblocksofsecurities.InvolvesservicesofdealersandbrokersFourthMarketInstitutionstradingdirectlywithinstitutionsNomiddlemaninvolvedinthetransactionOrganizedinformationandtradingsystemsECNDevelopmentInternationalMarketStructuresLond

8、onStockExchangeDealermarketsimilartoNASDAQStockExchangeAutomatedQuotationGreaterAnonymityTokyoStockExchangeNomarketmakingserviceSartoriprovidesbookkeepingserviceFeatureafloorandelectronictradingGlobalMarketAlliancesCostsofTradingCommission:feepaidtob