chapter3introductiontodirectfinancing(文件)
【正文】 Equity securities arrangements The financial markets are anized either by an exchange or by an association of market dealers . Auction market is an exchange –anized market Overthe counter market is a dealeranized market The trading activities of a financial market can be divided into two parts : The dealmaking arrangements The backroom functions of clearing and settlement that result in the traded securities being exchanged for cash. 4. Trading system Deal making can occur on a trading floor ,where buy and sell prices are municated by open outcry. Twoway prices Australia stock exchange Sydney future exchange 5. Clearing and settlement Settlement can follow after a transaction has been cleared. Information Insider trading 7. Participants The main participants in financial markets are: Deficit units ,being largescale borrowers Surplus units,mainly largescale investors,such as fund managers Professional deals and /or brokers Specialist services providers ,such as investment banks ,clearing –houses,rating agencies and information systems regulators 8. Wholesale and retail clients Financial institutions ,governments and large business ent
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