chap003howsecuritiesaretraded金融工程南開(kāi)大學(xué)(存儲(chǔ)版)
【正文】 25,000 Margin% = $25,000/$60,000 = % 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. 332 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. 340 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. 346 Regulation of Securities Markets ?Government Regulation ?SelfRegulation ?Circuit Breakers ?Insider Trading ?ECNs and Fragmentation McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 338 ?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. 331 OTC Market ?Dealer market without centralized order flow. ?NASDAQ: largest anized stock market for OTC trading。 2023 by The McGrawHill Companies, Inc. All rights reserved. 323 Regulation of Securities Markets ?Government Regulation ?SelfRegulation ?Circuit Breakers ?Insider Trading ?ECNs and Fragmentation 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. 38 OTC Market ?Dealer market without centralized order flow. ?NASDAQ: largest anized stock market for OTC trading。McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 37 Organized Exchanges ?Auction markets with centralized order flow. ?Dealership function: can be petitive or assigned by the exchange (Specialists). ? Securities: stock, futures contracts, options, and to a lesser extent, bonds. ?Examples: NYSE, AMEX, Regionals, CBOE. McGrawHill/Irwin Copyright 169。 2023 by The McGra
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