投资银行的结构Investment Banking Structure.pdf

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1、InvestmentBankingOverviewInvestmentBankOverviewAnInvestmentBank(“IB”)isafinancialinstitutionthatassistscorporationsandgovernmentsinraisingcapitalbyunderwritingandactingastheagentintheissuanceofsecurities.AsanunderwriterofsecuritiesafirmmustbeamarketmakerforthethenissuedsecurityIB

2、’sadviseonmergersandacquisitionsandprovideavarietyofservicesfortheirclients:oStructure,SellandTradesecuritiesfortheirclientsandtheirownaccount..ThesemayincludeoEquitiesoBondsoDerivativesoForeignExchangeoCommoditiesBanksseektomaximizeprofitabilityforagivenamountofriskontheirbalance

3、sheet.SNKCapitalLLCSummer2014IBOverviewUnlikecommercialbanksandretailbanks,investmentbanksdonottakedeposits.Until1999,theUnitedStatesmaintainedaseparationbetweeninvestmentbankingandcommercialbanks.Otherindustrializedcountries,includingG7countries,havenotmaintainedthisseparationhi

4、storically.InvestmentBankscanbeBankHoldingCompanieswhichallowsthemtoaccessthediscountwindowattheFederalReserve.GoldmanSachsandMorganStanleyannouncedtheywouldbecomeBankHoldingCompaniesinSeptember2008.InvestmentBanksintheUnitedStatesmustbealicensedbroker-dealerandissubjecttooversig

5、htbySecurities&ExchangeCommission(SEC)andtheFinancialIndustryRegulatoryAuthority(FINRA).SNKCapitalLLCSummer2014IBOverviewBuySideandSellSideTradingsecuritiesforcashorsecurities(i.e.,facilitatingtransactions,market-making),mergersandacquisitionadvisoryservicesorthepromotionofsecuriti

6、es(i.e.,underwriting,research,etc.)isreferredtoasthe"sellside".Pensionfunds,mutualfunds,hedgefunds,andtheinvestingpublicwhoconsumeproductsandservicesofthesell-sideconstitutethe"buyside".Manyfirmshavebuyandsellsidecomponents.Whilelargefull-serviceinvestmentbanksofferallofthelineso

7、fbusinesses,bothsellsideandbuyside,smallersellsideinvestmentfirmssuchasboutiqueinvestmentbanksandsmallbroker-dealerswillfocusoninvestmentbankingandsales/trading/research,respectively.SNKCapitalLLCSummer2014IBOverviewSTRUCTUREOFANINVESTMENTBANKSNKCapitalLLCSummer2014•CreditSuisseOrga

8、nizationalStructure