chap003howsecuritiesaretraded金融工程南開大學-文庫吧
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【正文】 23 by The McGrawHill Companies, Inc. All rights reserved. 310 Fourth Market ?Institutions trading directly with institutions ?No middleman involved in the transaction ?Organized information and trading systems ?ECN Development McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 311 International Market Structures ? London Stock Exchange Dealer market similar to NASDAQ Stock Exchange Automated Quotation Greater Anonymity ? Tokyo Stock Exchange No market making service Sartori provides bookkeeping service Feature a floor and electronic trading ? Global Market Alliances McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 312 Costs of Trading ?Commission: fee paid to broker for making the transaction ?Spread: cost of trading with dealer Bid: price dealer will buy from you Ask: price dealer will sell to you Spread: ask bid ?Combination: on some trades both are paid McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 313 Types of Orders ?Instructions to the brokers on how to plete the order ?Market ?Limit ?Stop loss McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 314 ?Using only a portion of the proceeds for an investment. ?Borrow remaining ponent. ?Margin arrangements differ for stocks and futures. Margin Trading McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 315 ?Maximum margin Currently 50% Set by the Fed ?Maintenance margin Minimum level the equity margin can be ?Margin call Call for more equity funds Stock Margin Trading McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 316 X Corp $70 50% Initial Margin 40% Maintenance Margin 1000 Shares Purchased Initial Position Stock $70,000 Borrowed $35,000 Equity $35,000 Margin Trading Initial Conditions McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 317 Margin Trading Maintenance Margin Stock price falls to $60 per share New Position Stock $60,000 Borrowed $35,000 Equity 25,000 Margin% = $25,000/$60,000 = % McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 318 Margin Trading Margin Call How far can the stock price fall before a margin call? (1000P $35,000)* / 1000P = 40% P = $ * 1000P Amount Borrowed = Equity McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 319 Short Sales ? Purpose: to profit from a decline in the price of a stock or security. Mechanics B
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