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1、Chapter3:HowSecuritiesareTradedChapterOpenerp.59PART ITHISCHAPTERWILL provideyouwithabroadintroductiontothemanyvenuesandproceduresavailablefortradingsecuritiesintheUnitedStatesandinternationalmarkets.Wewillseethattradingmechanismsrangefromdirectnegotiationamongm
2、arketparticipantstofullyautomatedcomputercrossingoftradeorders. Thefirsttimeasecuritytradesiswhenitisissuedtothepublic.Therefore,webeginwithalookathowsecuritiesarefirstmarketedtothepublicbyinvestmentbankers,themidwivesofsecurities.Weturnnexttoabroadsurveyofhowal
3、ready-issuedsecuritiesmaybetradedamonginvestors,focusingonthedifferencesbetweendealermarkets,electronicmarkets,andspecialistmarkets.Withthisbackground,wethenturntospecifictradingarenassuchastheNewYorkStockExchange,NASDAQ,andseveralforeignsecuritymarkets,examiningt
4、hecompetitionamongthesemarketsforthepatronageofsecuritytraders.Weconsiderthecostsoftradinginthesemarkets,thequalityoftradeexecution,andtheongoingquestforcross-marketintegrationoftrading. Wethenturntotheessentialsofsomespecifictypesoftransactions,suchasbuyingonma
5、rginandshort-sellingstocks.Weclosethechapterwithalookatsomeimportantaspectsoftheregulationsgoverningsecuritytrading,includinginsidertradinglawsandtheroleofsecuritymarketsasself-regulatingorganizations.3.1HowFirmsIssueSecuritiesWhenfirmsneedtoraisecapitaltheymaycho
6、osetosellor float securities.Thesenewissuesofstocks,bonds,orothersecuritiestypicallyaremarketedtothepublicbyinvestmentbankersinwhatiscalledthe primarymarketNewissuesofsecuritiesareofferedtothepublichere.. Tradingofalready-issuedsecuritiesamonginvestorsoccursinthe
7、secondarymarketAlreadyexistingsecuritiesareboughtandsoldontheexchangesorintheOTCmarket.. Tradinginsecondarymarketsdoesnotaffecttheoutstandingamountofsecurities;ownershipissimplytransferredfromoneinvestortoanother. Therearetwotypesofprimarymarketissuesofcommonsto
8、ck. InitialpublicofferingsStockissuedtothepublicforthefirsttimebyaformerlyprivatelyownedcompany., orIPOsStockissuedtothepublicforthefirsttimebyaformerly
