chapter3introductiontodirectfinancing(編輯修改稿)
2025-01-19 01:58 本頁面
【文章內(nèi)容簡(jiǎn)介】 onal 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 enterprises are the main clients of wholesale markets whereas individuals and small businesses are the main retail clients . Most financial markets have large minimumsized trading parcels ,which allow them to establish very low transaction costs. 9. Professional dealers and brokers Trading is undertaking by professional dealers in major dealeranized markets and by brokers in exchange –anized markets. 10. Primary market Financing market have two related purposes, one being to facilitate direct financing and the other to anized trading in financial instruments . New securities are issued in the primary market . The issue of new securities involves a number of specialist functions ,such as the preparation of legal documents ,the registration of the securities ,their sale to the wholesale or retail markets,and the arrangements for making interest and redemption payments. Underwriting The process of arranging the sale of new securities on beh
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