美国证券交易制度.ppt

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1、OverviewofMarketStructureTheSecuritiesandExchangeCommission(SEC)wascreatedin1934.StockexchangesareregulatedbytheSEC,buttheyareconsideredself-regulatoryorganizations(SROs)withconsiderablelatitude.ThemajornationalstockexchangesaretheNewYorkStockExchange(NYSE)andtheAmericanStockExchange(AMEX).In1

2、998,theNationalAssociationofSecurityDealers(NASD)acquiredtheAMEX.ItthensoldtheAMEXin2003toaprivateequitygroupforonly$110million.TheNASDregulatesanelectronictradingnetworkcalledtheNASDAQ(NASDAutomatedQuoteSystem).TheNASDwentpublicin2001,tradesunderthesymbolNDAQandisnowcalledtheNasdaqStockMarket

3、Incorporated.Afunnynameforanexchangethatisnotastockmarket(atleastaccordingtotheSEC).1ECON394Lecture2TheNewYorkStockExchangeStockmarketsliketheNewYorkStockExchangeprovidestrictcriteriaforsharestobetradedontheirexchange.Forthisreason,theyarestillcalledlistedsecurities.NYSEFactsandFigures:U.S.lis

4、tingrequirementsDailytradingvolumeMarketcapitalization10LargestCompanies2ECON394Lecture2TheNYSETradingFloorVirtualtour3ECON394Lecture2NYSEParticipantsTogainaccesstothefloor,youmustbuyaseat.Thenumberofseatshasremainedat1,366since1953.Theycurrentlysellforabout$1.5million.EachstocklistedontheNYSE

5、isallocatedtoaspecialist,amarketmakerwhotradesonlyinspecificstocksatadesignatedlocation.Allbuyingandsellingofastockoccursatthatlocation,calledatradingpost.Buyersandsellers-representedbythefloorbrokers-meetopenlytofindthebestpriceforasecurity.4ECON394Lecture2TheNYSEAuctionProcessSpecialistsorga

6、nizetheauctionprocessonthetradingfloor.Theyprovideinformationaboutthecurrentstateofthemarket,thepriceatwhichsharescanbebought(bid)orsold(offerorask)andthequantityofsharesavailableateachprice,calleddepth.Thedifferencebetweenthebidandofferiscalledthespread.In2001,allU.S.equitymarketswenttodecima

7、lswithaminimumspreadof$0.01.5ECON394Lecture2TheSpecialist–Agent&PrincipalSpecialistsactasagents,executingordersentrustedtothembythepublic.Ininstanceswhenthereisatemporaryshortageofbuyersorsellers,NYSEspecialistsactasagents,buyingorselli