chapter3introductiontodirectfinancing-展示頁(yè)
2025-01-07 01:58本頁(yè)面
【正文】 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 enterprises are the main clients of wholesale markets whereas individuals and small businesses are the main retail clients . Most financial markets have l
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