chap003howsecuritiesaretraded金融工程南開大學(xué)(參考版)
2025-01-03 14:29本頁面
【正文】 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. 344 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. 342 Short Sales ? Purpose: to profit from a decline in the price of a stock or security. Mechanics Borrow stock through a dealer. Sell it and deposit proceeds and margin in an account. Closing out the position: buy the stock and return to the party from which it was borrowed. 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. 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. 336 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. 334 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. 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. 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. 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 reserv
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