chap003howsecuritiesaretraded金融工程南開大學-閱讀頁
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【正文】 opyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 330 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。 information system for individuals, brokers and dealers. ?Securities: stocks, bonds and some derivatives. Most secondary bonds transactions McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 333 Fourth Market ?Institutions trading directly with institutions ?No middleman involved in the transaction ?Organized information and trading systems ?ECN Development McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 335 Costs of Trading ?Commission: fee paid to broker for making the transaction ?Spread: cost of trading with dealer Bid: price dealer will buy from you Ask: price dealer will sell to you Spread: ask bid ?Combination: on some trades both are paid McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 337 ?Using only a portion of the proceeds for an investment. ?Borrow remaining ponent. ?Margin arrangements differ for stocks and futures. Margin Trading McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 339 X Corp $70 50% Initial Margin 40% Maintenance Margin 1000 Shares Purchased Initial Position Stock $70,000 Borrowed $35,000 Equity $35,000 Margin Trading Initial Conditions McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 341 Margin Trading Margin Call How far can the stock price fall before a margin call? (1000P $35,000)* / 1000P = 40% P = $ * 1000P Amount Borrowed = Equity McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 343 Short Sale Initial Conditions Z Corp 100 Shares 50% Initial Margin 30% Maintenance Margin $100 Initial Price Sale Proceeds $10,000 Margin Equity 5,000 Stock Owed 10,000 McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 345 Short Sale Margin Call How much can the stock price rise before a margin call? ($15,000* 100P) / (100P) = 30% P = $ * Initial margin plus sale proceeds McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 347 謝謝觀看 /歡迎下載 BY FAITH I MEAN A VISION OF GOOD ONE CHERISHES AND THE ENTHUSIASM THAT PUSHES ONE TO SEEK ITS FULFILLMENT REGARDLESS OF OBSTACLES. BY FAITH I BY FAITH
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