chap003howsecuritiesaretraded金融工程南開大學(xué)-全文預(yù)覽
【正文】 McGrawHill Companies, Inc. All rights reserved. 329 Organization of Secondary Markets ?Organized exchanges ?OTC market ?Third market ?Fourth market McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 325 Primary vs. Secondary Security Sales ?Primary New issue Key factor: issuer receives the proceeds from the sale. ?Secondary Existing owner sells to another party. Issuing firm doesn’t receive proceeds and is not directly involved. McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 321 Short Sale Maintenance Margin Stock Price Rises to $110 Sale Proceeds $10,000 Initial Margin 5,000 Stock Owed 11,000 Net Equity 4,000 Margin % (4000/11000) 36% 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. 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. 39 Third Market ?Trading of listed securities away from the exchange. ?Institutional market: to facilitate trades of larger blocks of securities. ?Involves services of dealers and brokers McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 36 Organization of Secondary Markets ?Organized exchanges ?OTC market ?Third market ?Fourth market McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 32 Primary vs. Secondary Security Sales ?Primary New issue Key factor: issuer receives the proceeds from the sale. ?Secondary Existing owner sells to another party. Issuing firm doesn’t receive proceeds and is not directly involved. McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 31 How Securities Are Traded Chapter 3 McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 35 Private Placements ?Private placement: sale to a limited number of sophisticated investors not requiring the protection of registration. ?Dominated by institutions. ?Very active market for debt securities. ?Not active for stock offerings. McGrawHill/Irwin Copyright 169。 information system for individuals, brokers and dealers. ?Securities: stocks, bonds and some derivatives. Most secondary bonds transactions McGrawHill/Irwin Copyright 169。 2023 by The M
語文相關(guān)推薦
鄂ICP備17016276號-1