By David M. Weiss
The totally up to date vintage advisor to the mechanics of securities processing—a needs to for specialist traders This 3rd version of After the exchange Is Made displays the alterations that experience taken position in contemporary years because of new items, technological breakthroughs, and the globalization of the securities undefined. complete and simple to appreciate, it offers agents, operations team of workers, and person traders with definitive and up to the moment reasons of every step within the buying and selling process—from the instant a buyer makes a decision to shop for or promote a safety throughout the ultimate specifications of checklist protecting. Written for either securities execs and person traders, no matter if family or in different nations, this new version basically explains the middle of underwritings, new and proven buying and selling markets, transaction processing, margin, and more—while offering severe insights into the main fresh wave of adjustments. David M. Weiss, a veteran securities expert, lines the whole strategy of deciding to buy or promoting a safety, from order administration to transaction processing to the ultimate posting at the firm’s books and files. He covers the really expert attributes of every functionality in a customary brokerage enterprise, as good as their relationships with advertisement banks, move brokers, clearing organisations, and depositories. After the alternate Is Made is the definitive source for someone desirous to comprehend and with a bit of luck navigate the giant and infrequently superb international of securities.
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Extra info for After the Trade Is Made: Processing Securities Transactions
Usually small corporations are privately owned. These corporations are either family owned or closely held by a few principals. Because the shares of these companies are not traded on any of the public markets, they are not easily bought or sold. As a corporation grows in size, it needs capital. Once it outgrows the capital raised by the insiders, it must turn to the public. ” The Initial Public Offering (IPO) of a corporation’s securities takes place through a procedure known as underwriting. The corporation wanting to make a public offering will turn to its investment banker.
That means that there is a bid and an offer. This is known as the quote. The amount of the security comprising the bid and the offer is known as the size. 70, 40 × 80. 70. As we trade in 100-share lots, the last two zeros are dropped when displaying the size. Therefore, the bid is comprised of 4,000 shares; the offer is for 8,000. I-B-3 The Different Marketplaces The marketplaces are where financial assets exchange hands. They include the American Stock Exchange (AMEX), Boston Stock Exchange (BSE), Chicago Board Option Exchange (CBOE), Chicago Stock Exchange (CHX), Cincinnati Stock Exchange (CSE), International Security Exchange (ISE), New York Stock Exchange (NYSE), Pacific Exchange (PSX), and Philadelphia Stock Exchange [PHLX].
Traders, on the other hand, focus on volatility of a security. We are not referring to a broker/dealer that is a market maker in securities and trades against the public or other broker/dealers. We are referring to clients of broker/dealers who actively trade. They are interested in securities whose prices are changing rapidly, either up or down. They buy and sell, trying to outguess the market and thus profit from these short-term transactions. These clients do not hold securities in position for long periods of time.
After the Trade Is Made: Processing Securities Transactions by David M. Weiss