ofSecuritiesMarkets中文4證券市場組織與運(yùn)作圖課件

ofSecuritiesMarkets中文4證券市場組織與運(yùn)作圖2022/12/21ofSecuritiesMarkets中文4證券市場組織與運(yùn)作圖ofSecuritiesMarkets中文4證券市場組織與運(yùn)1Chapter4

OrganizationandFunctioningofSecuritiesMarketsQuestionstobeanswered:Whatisthepurposeandfunctionofamarket?Whatarethecharacteristicsthatdeterminethequalityofamarket?Whatisthedifferencebetweenaprimaryandsecondarycapitalmarketandhowdothesemarketssupporteachother?ofSecuritiesMarkets中文4證券市場組織與運(yùn)作圖Chapter4

OrganizationandFu2Chapter4

OrganizationandFunctioningofSecuritiesMarketsWhatarethenationalexchangesandhowarethemajorsecuritymarketsbecominglinked(whatismeantby“passingthebook”)?Whataretheregionalstockexchangesandtheover-the-counter(OTC)market?Whatarethealternativemarket-makingarrangementsavailableontheexchangesandtheOCTmarket?ofSecuritiesMarkets中文4證券市場組織與運(yùn)作圖Chapter4

OrganizationandFu3Chapter4

OrganizationandFunctioningofSecuritiesMarketsWhatarethemajortypesofordersavailabletoinvestorsandmarketmakers?WhatarethemajorfunctionsofaspecialistontheNYSEandhowdoesthespecialistdifferfromthecentralmarketmakeronotherexchanges?Whatarethemajorfactorsthathavecausedthesignificantchangesinmarketsaroundtheworldinthepast10to15years?ofSecuritiesMarkets中文4證券市場組織與運(yùn)作圖Chapter4

OrganizationandFu4Chapter4

OrganizationandFunctioningofSecuritiesMarketsWhataresomeofthemajorchangesinworldcapitalmarketsexpectedoverthenextdecade?ofSecuritiesMarkets中文4證券市場組織與運(yùn)作圖Chapter4

OrganizationandFu5Whatisamarket?BringsbuyersandsellerstogethertoaidinthetransferofgoodsandservicesDoesnotrequireaphysicallocationBothbuyersandsellersbenefitfromthemarketofSecuritiesMarkets中文4證券市場組織與運(yùn)作圖Whatisamarket?Bringsbuyers6CharacteristicsofaGoodMarketAvailabilityofpasttransactioninformationmustbetimelyandaccurateLiquiditymarketabilitypricecontinuitydepthLowTransactioncostsRapidadjustmentofpricestonewinformationofSecuritiesMarkets中文4證券市場組織與運(yùn)作圖CharacteristicsofaGoodMark7OrganizationoftheSecuritiesMarketPrimarymarketsMarketwherenewsecuritiesaresoldandfundsgotoissuingunit

SecondarymarketsMarketwhereoutstandingsecuritiesareboughtandsoldbyinvestors.TheissuingunitdoesnotreceiveanyfundsinasecondarymarkettransactionofSecuritiesMarkets中文4證券市場組織與運(yùn)作圖OrganizationoftheSecurities8GovernmentBondIssues1.TreasuryBills–negotiable,non-interestbearingsecuritieswithoriginalmaturitiesofoneyearorless2.TreasuryNotes–originalmaturitiesof2to10years3.TreasuryBonds–originalmaturitiesofmorethan10yearsofSecuritiesMarkets中文4證券市場組織與運(yùn)作圖GovernmentBondIssues1.Treas9MunicipalBondIssuesSoldbythreemethodsCompetitivebidNegotiationPrivateplacementUnderwriterssellthebondstoinvestorsOriginationRisk-bearingDistributionofSecuritiesMarkets中文4證券市場組織與運(yùn)作圖MunicipalBondIssuesSoldbyt10TheUnderwritingFunctionTheinvestmentbankerpurchasestheentireissuefromtheissuerandresellsthesecuritytotheinvestingpublic.Thefirmchargesacommissionforprovidingthisservice.Formunicipalbonds,theunderwritingfunctionisperformedbybothinvestmentbankingfirmsandcommercialbanks

ofSecuritiesMarkets中文4證券市場組織與運(yùn)作圖TheUnderwritingFunctionThei11CorporateBondandStockIssuesNewissuesaredividedintotwogroupsSeasonednewissues-newsharesofferedbyfirmsthatalreadyhavestockoutstandingInitialpublicofferings(IPOs)-afirmsellingitscommonstocktothepublicforthefirsttimeofSecuritiesMarkets中文4證券市場組織與運(yùn)作圖CorporateBondandStockIssue12UnderwritingRelationshipswithInvestmentBankers1.NegotiatedMostcommonFullservicesofunderwriter2.CompetitivebidsCorporationspecifiessecuritiesofferedLowercostsReducedservicesofunderwriter3.Best-effortsInvestmentbankeractsasbrokerofSecuritiesMarkets中文4證券市場組織與運(yùn)作圖UnderwritingRelationshipswit13IntroductionofRule415AllowsfirmstoregistersecuritiesandsellthempiecemealoverthenexttwoyearsReferredtoasshelfregistrationsGreatflexibilityReducesregistrationfeesandexpensesAllowsrequestingcompetitivebidsfromseveralinvestmentbankingfirmsMostlyusedforbondsalesofSecuritiesMarkets中文4證券市場組織與運(yùn)作圖IntroductionofRule415Allows14PrivatePlacementsandRule144AFirmssellstoasmallgroupofinstitutionalinvestorswithoutextensiveregistrationLowerissuingcoststhanpublicofferingofSecuritiesMarkets中文4證券市場組織與運(yùn)作圖PrivatePlacementsandRule1415WhySecondaryFinancialMarketsAreImportantProvidesliquiditytoinvestorswhoacquiresecuritiesintheprimarymarketResultsinlowerrequiredreturnsthanifissuershadtocompensateforlowerliquidityHelpsdeterminemarketpricingfornewissuesofSecuritiesMarkets中文4證券市場組織與運(yùn)作圖WhySecondaryFinancialMarket16SecondaryBondMarketSecondarymarketforU.S.governmentandmunicipalbondsU.S.governmentbondstradedbybonddealersBanksandinvestmentfirmsmakeupmunicipalmarketmakersSecondarycorporatebondmarketTradedthroughanOTCmarketofSecuritiesMarkets中文4證券市場組織與運(yùn)作圖SecondaryBondMarketSecondary17FinancialFuturesBondfuturesaretradedinChicagoBoardofTrade(CBOT)ChicagoMercantileExchange(CME)ofSecuritiesMarkets中文4證券市場組織與運(yùn)作圖FinancialFuturesBondfutures18SecondaryEquityMarkets1.MajornationalstockexchangesNewYork,American,Tokyo,andLondonstockexchanges2.RegionalstockexchangesChicago,SanFrancisco,Boston,Osaka,Nagoya,Dublin,Cincinnati3.Over-the-counter(OTC)marketStocksnotlistedonorganizedexchangeofSecuritiesMarkets中文4證券市場組織與運(yùn)作圖SecondaryEquityMarkets1.Maj19TradingSystemsPureauctionmarketBuyersandsellersarematchedbyabrokeratacentrallocationPrice-drivenmarketDealermarketDealersprovideliquiditybybuyingandsellingsharesDealersmaycompeteagainstotherdealersofSecuritiesMarkets中文4證券市場組織與運(yùn)作圖TradingSystemsPureauctionma20CallVersusContinuousMarketsCallmarketstradeindividualstocksatspecifiedtimestogatherallordersanddetermineasinglepricetosatisfythemostordersUsedforopeningpricesonNYSEifordersbuildupovernightoraftertradingissuspendedInacontinuousmarket,tradesoccuratanytimethemarketisopenofSecuritiesMarkets中文4證券市場組織與運(yùn)作圖CallVersusContinuousMarkets21NationalStockExchangesLargenumberoflistedsecuritiesPrestigeoffirmslistedWidegeographicdispersionoflistedfirmsDiverseclienteleofbuyersandsellersofSecuritiesMarkets中文4證券市場組織與運(yùn)作圖NationalStockExchangesLarge22NewYorkStockExchange(NYSE)LargestorganizedsecuritiesmarketinUnitedStatesEstablishedin1817,butdatesbacktothe1792ButtonwoodAgreementby24brokersOver3,000companieswithsecuritieslistedTotalmarketvalueover$13trillionofSecuritiesMarkets中文4證券市場組織與運(yùn)作圖NewYorkStockExchange(NYSE)23AmericanStockExchange(AMEX)StartedbyagroupwhotradedunlistedstocksatthecornerofWallandHanoverStreetsinNewYorkastheOutdoorCurbMarketEmphasisonforeignsecuritiesDoesn’ttradestockslistedonNYSEMergedwiththeNASDAQIN1998althoughtheycontinuedtooperateasseparatemarketsWarrantstradedonAMEXyearsbeforeNYSElistedanyofSecuritiesMarkets中文4證券市場組織與運(yùn)作圖AmericanStockExchange(AMEX)24TokyoStockExchange(TSE)LargestoftheeightexchangesinJapanDominatestheJapanesemarketEstablishedin1878andreorganizedin1943,1947,and1949Price-drivesystemDomesticandforeignstockslistedApproximately1700stockslistedwithatotalmarketvalueof$2.4trillionMostactive150stocksaretradedonfloor,othersbycomputerofSecuritiesMarkets中文4證券市場組織與運(yùn)作圖TokyoStockExchange(TSE)Larg25LondonStockExchange(LSE)LargestsecuritiesmarketintheUnitedKingdomTradeslistedandunlistedsecuritiesMorethan2,600companieslistedLargestlistingofforeignstocksonanyexchangeTotalmarketvalueofmorethan$561billionPricingsystembycompetingdealersviacomputerssimilartoNASDAQsysteminU.S.ofSecuritiesMarkets中文4證券市場組織與運(yùn)作圖LondonStockExchange(LSE)Lar26TrendsNewexchangesinemergingeconomiessuchasRussia,Poland,China,Hungary,Peru,SriLankaConsolidationofexistingexchangesindevelopedcountriesGlobaltwenty-four-hourmarket–madepossiblebyadvancesintechnologyofSecuritiesMarkets中文4證券市場組織與運(yùn)作圖TrendsNewexchangesinemergin27RecentConsolidationsIn1995,Germany’sthreelargestexchangesmergedintotheoneinFrankfurtNASDmergedwithAMEXPhiladelphiaStockExchangemergedwithNASD/AMEXCBOEmergedwithPacificExchangeTheAmsterdam,BrusselsandParisexchangesformedanallianceTheStockholm,Copenhagen,andOsloexchangesformedanalliancecalledtheNordicCountryAllianceofSecuritiesMarkets中文4證券市場組織與運(yùn)作圖RecentConsolidationsIn1995,28TheGlobalTwenty-fourHourMarketInvestmentfirms“passthebook”aroundtheworldtomaintainnearlycontinuoustradingbyutilizingmarketsatTokyo,London,andNewYorkTHETRADINGDAY LocalTime ESTTSE 09:00-11:00 23:00-01:00 13:00-15:00 03:00-05:00LSE 08:15-16:15 02:15-10:15NYSE 09:30-16:00 09:30-16:00ofSecuritiesMarkets中文4證券市場組織與運(yùn)作圖TheGlobalTwenty-fourHourMa29RegionalExchangesStocksnotlistedonaformalexchangeListingrequirementsvaryListedstocksAllowbrokersthatarenotmembersofanationalexchangeaccesstosecuritiesRegionalExchangesinUnitedStatesChicago,Boston,Cincinnati,Pacific,PhiladelphiaofSecuritiesMarkets中文4證券市場組織與運(yùn)作圖RegionalExchangesStocksnotl30Over-the-Counter(OTC)MarketNotaformalorganizationLargestsegmentoftheU.S.secondarymarketUnlistedstocksandlistedstocks(thirdmarket)LenientrequirementsforlistingonOTC5,000issuesactivelytradedonNASDAQNMS(NationalAssociationofSecuritiesDealersAutomatedQuotationsNationalMarketSystem)

1,000issuesonNASDAQapartfromNMS1,000issuesnotonNASDAQofSecuritiesMarkets中文4證券市場組織與運(yùn)作圖Over-the-Counter(OTC)MarketN31OperationoftheOTCAnystockmaybetradedaslongasithasawillingmarketmakertoactadealerOTCisanegotiatedmarketofSecuritiesMarkets中文4證券市場組織與運(yùn)作圖OperationoftheOTCAnystock32TheNASDAQSystemAutomatedelectronicquotationsystemDealersmayelecttomakemarketsinstocksAlldealerquotesareavailableimmediatelyThreelevelsofquotationsprovidedLevel1providesasinglemedianrepresentativequoteforthestocksonNASDAQLevel2showsquotesbyallmarketmakersLevel3isforOTCmarketmakerstochangetheirquotesshownofSecuritiesMarkets中文4證券市場組織與運(yùn)作圖TheNASDAQSystemAutomatedele33ListingRequirementsforNASDAQTwolistsNationalMarketSystem(NMS)RegularNASDAQFoursetsofrequirementsInitiallisting-leaststringentAutomaticNMSinclusion-uptotheminuteAlternative1forprofitablecompanieswithlimitedassetsAlternative2forlargebutlessprofitableofSecuritiesMarkets中文4證券市場組織與運(yùn)作圖ListingRequirementsforNASDA34ThirdMarketOTCtradingofshareslistedonanexchangeMostlywellknownstocksGM,IBM,AT&T,XeroxCompeteswithtradesonexchangeMaybeopenwhenexchangeisclosedortradingsuspendedofSecuritiesMarkets中文4證券市場組織與運(yùn)作圖ThirdMarketOTCtradingofsha35FourthMarketDirecttradingofsecuritiesbetweentwopartieswithnobrokerintermediaryUsuallybothpartiesareinstitutionsCansavetransactioncostsNodataareavailableregardingitsspecificsizeandgrowthofSecuritiesMarkets中文4證券市場組織與運(yùn)作圖FourthMarketDirecttradingof36DetailedAnalysisof

ExchangeMarketsExchangeMembershipMajorTypesofOrdersExchangeMarketMakersofSecuritiesMarkets中文4證券市場組織與運(yùn)作圖DetailedAnalysisof

Exchange37ExchangeMembershipSpecialistCommissionbrokersEmployeesofamemberfirmwhobuyorsellforthecustomersofthefirmFloorbrokersIndependentmembersofanexchangewhoactasbrokerforothermembersRegisteredtradersUsetheirmembershiptobuyandsellfortheirownaccountsofSecuritiesMarkets中文4證券市場組織與運(yùn)作圖ExchangeMembershipSpecialisto38MajorTypesofOrdersMarketordersBuyorsellatthebestcurrentpriceProvidesimmediateliquidityLimitordersOrderspecifiesthebuyorsellpriceTimespecificationsforordermayvaryInstantaneous-“fillorkill”,partofaday,afullday,severaldays,aweek,amonth,orgooduntilcanceled(GTC)ofSecuritiesMarkets中文4證券市場組織與運(yùn)作圖MajorTypesofOrdersMarketor39MajorTypesofOrdersShortsalesSelloverpricedstockthatyoudon’townandpurchaseitbacklater(atalowerprice)Borrowthestockfromanotherinvestor(throughyourbroker)CanonlybemadeonanupticktradeMustpayanydividendstolenderMarginrequirementsapplyofSecuritiesMarkets中文4證券市場組織與運(yùn)作圖MajorTypesofOrdersShortsal40MajorTypesofOrdersSpecialOrdersStoplossConditionalordertosellstockifitdropstoagivenpriceDoesnotguaranteepriceyouwillgetuponsaleMarketdisruptionscancancelsuchordersStopbuyorderInvestorwhosoldshortmaywanttolimitlossifstockincreasesinpriceofSecuritiesMarkets中文4證券市場組織與運(yùn)作圖MajorTypesofOrdersSpecialO41MarginTransactionsOnanytypeorder,insteadofpaying100%cash,borrowaportionofthetransaction,usingthestockascollateralInterestrateonmargincreditmaybebelowprimerateRegulationslimitproportionborrowedMarginrequirementsarefrom50%upChangesinpriceaffectinvestor’sequityofSecuritiesMarkets中文4證券市場組織與運(yùn)作圖MarginTransactionsOnanytype42MarginTransactionsBuy200sharesat$50=$10,000positionBorrow50%,investmentof$5,000Ifpriceincreasesto$60,positionValueis$12,000Less-$5,000borrowedLeaves$7,000equityfora$7,000/$12,000=58%equitypositionofSecuritiesMarkets中文4證券市場組織與運(yùn)作圖MarginTransactionsBuy200sha43MarginTransactionsBuy200sharesat$50=$10,000positionBorrow50%,investmentof$5,000Ifpricedecreasesto$40,positionValueis$8,000Less-$5,000borrowedLeaves$3,000equityfora$3,000/$8,000=37.5%equitypositionofSecuritiesMarkets中文4證券市場組織與運(yùn)作圖MarginTransactionsBuy200sha44MarginTransactionsInitialmarginrequirementatleast50%.SetupbytheFed.MaintenancemarginRequirementproportionofequitytostockProtectsbrokerifstockpricedeclinesMinimumrequirementis25%MargincallonundermarginedaccounttomeetmarginrequirementIfmargincallnotmet,stockwillbesoldtopayofftheloanofSecuritiesMarkets中文4證券市場組織與運(yùn)作圖MarginTransactionsInitialmar45ExchangeMarketMakers

U.S.MarketsSpecialistisexchangememberassignedtohandleparticularstocksHastworoles:BrokertomatchbuyersandsellersDealertomaintainfairandorderlymarketSpecialisthastwoincomesourcesBrokercommission,withoutriskDealertradingincomefromprofit,withriskofSecuritiesMarkets中文4證券市場組織與運(yùn)作圖ExchangeMarketMakers

U.S.Ma46ExchangeMarketMakers

TokyoStockExchange(TSE)RegularmembersSeveralemployeesallowedontradingfloorTradingclerksforcustomersaccountsBuyandsellforownaccountsSaitorimemberHundredsofemployeesontradingfloorIntermediaryclerksBrokersamongmembersMaintainlimitordersofSecuritiesMarkets中文4證券市場組織與運(yùn)作圖ExchangeMarketMakers

TokyoS47TSEMembershipMembershiprequirescorporatelicenseFourtypesoflicenseareavailableandmaybecombined1.Tradesecuritiesasadealer2.Tradeasabroker3.Underwritenewsecuritiesonsecondaryofferings4.HandleretaildistributionofsecuritiesCapitalrequirementsvarybylicenseofSecuritiesMarkets中文4證券市場組織與運(yùn)作圖TSEMembershipMembershiprequi48LondonStockExchangeBrokerstradeonbehalfoftheircustomersJobbersbuyandsellasprincipalsMembershipbasedonexperienceandcompetenceMembershipfee1%ofgrossrevenuesofSecuritiesMarkets中文4證券市場組織與運(yùn)作圖LondonStockExchangeBrokerst49ChangesintheSecuritiesMarketsSince1965,thegrowthoftradingbylargefinancialinstitutionshashadmanyeffectsNegotiated(competitive)commissionratesInfluenceonblocktradesImpactonstockpricevolatilityDevelopmentofNationalMarketSystem(NMS)ofSecuritiesMarkets中文4證券市場組織與運(yùn)作圖ChangesintheSecuritiesMark50NegotiatedCommissionRatesNYSEminimumcommissionscheduleprohibitedpricecuttingsince1792NopricebreakforlargeordersInitialreactionwas“give-ups”paidtoadesignatedfirm-softdollarspaidformarketresearchThirdmarketcompetedwithflexiblecommissionsandgrewFostereddevelopmentofthefourthmarketofSecuritiesMarkets中文4證券市場組織與運(yùn)作圖NegotiatedCommissionRatesNYS51NegotiatedCommissionRatesIn1970SECbeganphasinginnegotiatedcommissionsCommissionrateshavefallenDiscountbrokeragefirmscompeteopenlyManybrokerageandresearchfirmshavemergedorliquidatedofSecuritiesMarkets中文4證券市場組織與運(yùn)作圖NegotiatedCommissionRatesIn52TheImpactofBlockTradesNumberandsizeofblocktradeshasincreasedThisstrainstheexchangespecialistsystemCapital-10,000shareorlargerblocksCommitment-largeriskwithlargeblocksContacts-Rule113prohibiteddirectcontacttoofferblockstoanotherinstitutionofSecuritiesMarkets中文4證券市場組織與運(yùn)作圖TheImpactofBlockTradesNumb53TheImpactofBlockTradesBlockhousesareinvestmentfirmsthathelpinstitutionslocateotherinstitutionsinterestedinbuyingorsellingblocksofstockAgoodblockhousehasThecapitalrequiredtopositionalargeblockThewillingnesstocommitthiscapitaltoablocktransaction,andContactsamonginstitutionsofSecuritiesMarkets中文4證券市場組織與運(yùn)作圖TheImpactofBlockTradesBloc54InstitutionsandStockPriceVolatilityEmpiricalstudieshavenotsupportedthetheorythatinstitutionaltradingincreasespricevolatilityWheretradingisdominatedbyinstitutions,activelyinvolvedinstitutionsmayprovideliquidityforoneanotherandnoninstitutionalinvestorsofSecuritiesMarkets中文4證券市場組織與運(yùn)作圖InstitutionsandStockPriceV55NationalMarketSystems(NMS)NMShasbeenadvocatedbyfinancialinstitutionstoprovidegreaterefficiency,competition,andlowercostoftransactionsNMSisexpectedtohave:1.Centralizedreportingofalltransactions2.Centralizedquotationsystem3.Centralizedlimitorderbook(CLOB)4.CompetitionamongallqualifiedmarketmakersofSecuritiesMarkets中文4證券市場組織與運(yùn)作圖NationalMarketSystems(NMS)N561.CentralizedReportingShouldrecordalltransactionsofastock,regardlessoflocationNYSEstartedacentraltapeinJune1975coveringallNYSEstockstradedonotherexchangesandOTCofSecuritiesMarkets中文4證券市場組織與運(yùn)作圖1.CentralizedReportingShould572.CentralizedQuotationSystemListquotesforastockfromallmarketmakersonthenationalexchanges,regionalexchanges,andOTCBrokerswouldcompletetradesonthemarketwiththebestquoteIntermarketTradingSystem(ITS)developedbyAmerican,Boston,Chicago,NewYork,Pacific,andPhiladelphiaStockExchangesandNASDofSecuritiesMarkets中文4證券市場組織與運(yùn)作圖2.CentralizedQuotationSyste583.CentralizedLimitOrderBookShouldcontainalllimitordersfromallmarketsShouldbevisibletoalltradersAllmarketmakersandtraderscouldfillordersonitTechnologyexists,butNYSEspecialistsfillmostlimitordersandopposeCLOBbecausetheydonotwanttosharethislucrativebusinessofSecuritiesMarkets中文4證券市場組織與運(yùn)作圖3.CentralizedLimitOrderBoo594.CompetitionAmongAllQualifiedMarketMakers(Rule390)MarketmakerscompeteonOTCmarketCompetitionreducesbid-askspreadNYSEopposescompetitionandarguesthatcentralauctionresultsinbestmarketandexecutionNYSERule390requiresmemberstoobtainpermissionoftheexchangebeforetradingalistedstockofftheexchange,forcingtransactionstotheexchangetocreateacentralmarketofSecuritiesMarkets中文4證券市場組織與運(yùn)作圖4.CompetitionAmongAllQuali60NewTradingSystemsDailytradingvolumehasincreasedfrom5millionsharestooverabillionsharesNYSEroutinelyhandlesdayswithvolumeoverabillionsharesTechnologyhasallowedthemarketprocesstokeeppaceofSecuritiesMarkets中文4證券市場組織與運(yùn)作圖NewTradingSystemsDailytradi61SuperDOTElectronicorder-routingsystemMemberfirmstransmitmarketandlimitordersinNYSEsecuritiestotradingpostsormemberfirm’sboothReportofexecutionreturnedelectronically85%ofNYSEmarketordersenterthroughSuperDOTsystemofSecuritiesMarkets中文4證券市場組織與運(yùn)作圖SuperDOTElectronicorder-rout62DisplayBookElectronicworkstationthatkeepstrackofalllimitordersandincomingmarketorders,includingincomingSuperDotlimitordersofSecuritiesMarkets中文4證券市場組織與運(yùn)作圖DisplayBookElectronicworksta63OpeningAutomatedReportService(OARS)Pre-openingmarketordersforSuperDotsystemOARSautomaticallyandcontinuouslypairsbuyandsellordersPresentsimbalancetothespecialistpriortotheopeningofastockHelpsdetermineopeningpriceandpotentialneedforpreopeningcallmarketofSecuritiesMarkets中文4證券市場組織與運(yùn)作圖OpeningAutomatedReportServi64MarketOrderProcessingSuperDot’spostopeningmarketordersystemisdesignedtoacceptmemberfirms’postopeningmarketordersupto3millionsharesRapidexecutionandreportingofmarketordersIn2000,ordersexecutedandreportedin15-16secondsonaverageofSecuritiesMarkets中文4證券市場組織與運(yùn)作圖MarketOrderProcessingSuperD65LimitOrderProcessingElectronicallyfilesorderstobeexecutedwhenandifaspecificpriceisreachedUpdatestheSpecialist’sDisplayBookGood-until-cancelledordersthatarenotexecutedarestoreduntilexecutedorcancelledofSecuritiesMarkets中文4證券市場組織與運(yùn)作圖LimitOrderProcessingElectron66GlobalMarketChangesNYSEOff-hourstradingCrossingSessionIprovidesfortradingstocksatNYSEclosingpricesaftertheregularsessionfrom4:15PMto5:00PMCrossingSessionIIprovidesfortradingacollectionofatleast15NYSEstockswithamarketvalueofatleast$1millionfrom4:00PMto5:15PMofSecuritiesMarkets中文4證券市場組織與運(yùn)作圖GlobalMarketChangesNYSEOff-67GlobalMarketChangesListingforeignstocksontheNYSEFuturegrowthwillbeinforeigncountriesandhencelistingforeignstocksisapriorityfortheNYSEProblem:ForeignaccountingstandardsarelessstringentthanSECrequirementsforNYSElistingofSecuritiesMarkets中文4證券市場組織與運(yùn)作圖GlobalMarketChangesListingf68LondonStockExchange

October27,1986BigBangBrokerscanactasmarketmakersJobberscandealwiththepublicandinstitutionsCommissionsarenegotiableGiltmarketwasrestructuredlikeU.S.governmentsecuritiesmarketTradesreportedonStockExchangeAutomatedQuotations(SEAQ)ofSecuritiesMarkets中文4證券市場組織與運(yùn)作圖LondonStockExchange

October69EffectsoftheBigBangCompetitivemarketmakers&SEAQreducednumberofpeopleonthetradingfloorMoreactivityinthesystem,butprofitmarginhasreducedfromcompetitionManyfirmshavemergedorbeenacquiredbyforeignfirmsofSecuritiesMarkets中文4證券市場組織與運(yùn)作圖EffectsoftheBigBangCompeti70TokyoStockExchange(TSE)1998broughtTSEitsownBigBangintroducingmorecompetitionintradingcommissionsandcompetitionamongmarketparticipantsofSecuritiesMarkets中文4證券市場組織與運(yùn)作圖TokyoStockExchange(TSE)199871ParisBourseThebigbrokeragehousemonopolyonstocktradinghasbeenopeneduptoFrenchandforeignbanksInvestmentfirmsaremergingwithbankstoacquirecapitalneededtotradeinworldmarketContinuousauctionmarketintroducedtoreplacecallmarketofSecuritiesMarkets中文4證券市場組織與運(yùn)作圖ParisBourseThebigbrokerage72FutureDevelopmentsContinuingconsolidationofsecurityexchangesMorespecializedinvestmentcompaniesChangesinthefinancialservicesindustryFinancialsupermarketsFinancialboutiquesAdvancesintechnologyComputerizedtrading24-hourmarketofthefuturemaybefloorless,global,andhighlyautomatedofSecuritiesMarkets中文4證券市場組織與運(yùn)作圖FutureDevelopmentsContinuing73TheInternet

InvestmentsOnlineofSecuritiesMarkets中文4證券市場組織與運(yùn)作圖TheInternet

InvestmentsOnlin74演講完畢，謝謝聽講!再見，seeyouagain2022/12/21ofSecuritiesMarkets中文4證券市場組織與運(yùn)作圖演講完畢，謝謝聽講!再見，seeyouagain202275ofSecuritiesMarkets中文4證券市場組織與運(yùn)作圖2022/12/21ofSecuritiesMarkets中文4證券市場組織與運(yùn)作圖ofSecuritiesMarkets中文4證券市場組織與運(yùn)76Chapter4

OrganizationandFunctioningofSecuritiesMarketsQuestionstobeanswered:Whatisthepurposeandfunctionofamarket?Whatarethecharacteristicsthatdeterminethequalityofamarket?Whatisthedifferencebetweenaprimaryandsecondarycapitalmarketandhowdothesemarketssupporteachother?ofSecuritiesMarkets中文4證券市場組織與運(yùn)作圖Chapter4

OrganizationandFu77Chapter4

OrganizationandFunctioningofSecuritiesMarketsWhatarethenationalexchangesandhowarethemajorsecuritymarketsbecominglinked(whatismeantby“passingthebook”)?Whataretheregionalstockexchangesandtheover-the-counter(OTC)market?Whatarethealternativemarket-makingarrangementsavailableontheexchangesandtheOCTmarket?ofSecuritiesMarkets中文4證券市場組織與運(yùn)作圖Chapter4

OrganizationandFu78Chapter4

OrganizationandFunctioningofSecuritiesMarketsWhatarethemajortypesofordersavailabletoinvestorsandmarketmakers?WhatarethemajorfunctionsofaspecialistontheNYSEandhowdoesthespecialistdifferfromthecentralmarketmakeronotherexchanges?Whatarethemajorfactorsthathavecausedthesignificantchangesinmarketsaroundtheworldinthepast10to15years?ofSecuritiesMarkets中文4證券市場組織與運(yùn)作圖Chapter4

OrganizationandFu79Chapter4

OrganizationandFunctioningofSecuritiesMarketsWhataresomeofthemajorchangesinworldcapitalmarketsexpectedoverthenextdecade?ofSecuritiesMarkets中文4證券市場組織與運(yùn)作圖Chapter4

OrganizationandFu80Whatisamarket?BringsbuyersandsellerstogethertoaidinthetransferofgoodsandservicesDoesnotrequireaphysicallocationBothbuyersandsellersbenefitfromthemarketofSecuritiesMarkets中文4證券市場組織與運(yùn)作圖Whatisamarket?Bringsbuyers81CharacteristicsofaGoodMarketAvailabilityofpasttransactioninformationmustbetimelyandaccurateLiquiditymarketabilitypricecontinuitydepthLowTransactioncostsRapidadjustmentofpricestonewinformationofSecuritiesMarkets中文4證券市場組織與運(yùn)作圖CharacteristicsofaGoodMark82OrganizationoftheSecuritiesMarketPrimarymarketsMarketwherenewsecuritiesaresoldandfundsgotoissuingunit

SecondarymarketsMarketwhereoutstandingsecuritiesareboughtandsoldbyinvestors.TheissuingunitdoesnotreceiveanyfundsinasecondarymarkettransactionofSecuritiesMarkets中文4證券市場組織與運(yùn)作圖OrganizationoftheSecuri