Unit1_3_post_new(1).ppt

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1、SecuritiesMarkets&TradingIntroductiontoSecuritiesMarketsPurposeandCharacteristicsofWell-PerformingMarketsPrimaryMarketsSecondaryMarketsNYSEAMEXNASDAQTradingPlacingTradeOrdersBuying/SellingonMarginTextbook:Ch.3;Bodie/Kane/Marcus;8thEd.FinancialMarketsPurposeofFinancialMarkets?Efficientlybringtoget

2、herbuyersandsellersoffinancialassetsWhatdowemeanby“Efficiently”?CharacteristicsofWell-FunctioningFinancialMarketsSufficientcompetitiontoensurelowtransactioncostsSufficientLiquiditytoallowforquick,low-costtransactionsPriceContinuity–NoLargePriceJumpsMarketDepth–market’sabilitytosustainlargemarket

3、orderswithoutimpactingthepriceofthefinancialassetInformationalEfficiencyAllocationEfficiencyMarketTypesDirectSearchBrokeredMarketDealerMarketAuctionMarketFinancialMarketsPrimaryMarketNewissuesofsecuritiesTypes:SecondaryMarketFinancialMarketSpecialistsInvestmentBankingFirm–Underwriter–BrokerageFir

4、m–PrimaryMarkets-IPOsWhatisanIPO?Whosellsthesharesandhowdoinvestorsknowwhetherornottheywanttoinvest?InvestmentBankersellsthesharesThe“leadfirm”,alongwithotherfirmsthatmakeuptheunderwritingsyndicate,marketsthesharestoinvestorsTheUnderwritingSyndicateSecondaryMarketsExchangesNational:NYSE,AMEXListi

5、ngrequirementsRegional:Boston,Pacific,Philadelphia,Chicago,SanFrancisco,CincinnatiMightnotmeetlistingrequirementsofnationalexchangesOver-the-counter(OTC)InformalnetworkofbrokersanddealersNoformallistingrequirementsforOTCmarketNASDAQ(NationalAssoc.ofSecuritiesDealersAutomaticQuotationSystem)Linked

6、computers–noformalexchangeListingrequirementsListingRequirementsSummaryofSecondaryMarketsNYSEExchangeAuctionApprox3,000securitiesLargerfirmsAMEXExchangeAuctionApprox1,000securitiesModerately-sizedfirms,ETFsOwnedbyNYSEEuronextasofJan2008NASDAQDealerMarket(nocentralizedtradingfloor/exchangeneeded)A

7、pprox3,000securitiesSmallerfirms,heavily-weightedtotechnologyLargestaveragedailytradingvolumeTradinginSecondaryMarketsWhatHappenswhenIactually“makeatrade”?Youplaceyourorderwithyourbroker(recallwhatthisis?)Thebrokerelec