After the Trade Is Made: Processing Securities Transactions by David M. Weiss

By David M. Weiss

The absolutely up to date vintage consultant to the mechanics of securities processing—a needs to for expert traders This 3rd variation of After the alternate Is Made displays the alterations that experience taken position in fresh years due to 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 date causes of every step within the buying and selling process—from the instant a patron comes to a decision to shop for or promote a safety in the course of the ultimate necessities of checklist conserving. Written for either securities pros and person traders, no matter if family or in different nations, this new version truly explains the center of underwritings, new and tested buying and selling markets, transaction processing, margin, and more—while offering serious insights into the main contemporary wave of adjustments. David M. Weiss, a veteran securities specialist, strains the full strategy of paying for or promoting a protection, from order administration to transaction processing to the ultimate posting at the firm’s books and files. He covers the really good attributes of every functionality in a customary brokerage enterprise, as good as their relationships with advertisement banks, move brokers, clearing businesses, and depositories. After the exchange Is Made is the definitive source for somebody wanting to comprehend and expectantly navigate the big and infrequently mind-blowing global of securities.

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That means that a broker, who has no financial interest in the trade, executes the public order against another broker and charges a commission for the service. The over-the-counter market is primarily a principal (dealer’s) market where public orders are executed against market makers who have a financial commitment to the particular product. For this service, the dealer charges a markup. If we look outside the industry, we see the same use of the terminology. Real estate brokers and insurance brokers act as agents for their clients.

In most cases, the nature of the product (security) itself determines in which market it trades. Certain products have enough issue depth and interest to sustain trading without the need of an intermediator (dealer); others do not. Most common stocks trade on an agency basis through a broker. Municipal bonds mostly trade on a principal basis against a market maker. Later on, we’ll discuss the various products in detail. I-B-2 What Is a “Two-Sided” Market? The markets that we are referring to are known as two-sided markets.

25×4 shares). If the preferred is worth more than the value of the converted common, it is said to be above parity. Example: A growth company’s common stock is trading at $20 per share. The corporation offers a preferred that is convertible into four shares of common. The dividends paid on this preferred and the financial strength of the issuing company cause its market price to be $100. The convertible feature is then computed to be worth $25 ($100/4=$25 per each common share). If the company continues to prosper, the value of the common stock normally increases.

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