一级基础班-权益其他

Topic

Weightings

in

CFA

Level

It361Study

Session

4-5Economics10Study

Session

6-9Financial

Reporting

andysis20Study

Session

10-11Corporate

Finance7Study

Session

12Portfolio

Management

and

Wealth

Planning7Study

Session

13-14Equity

Investment10Study

Session

15-16Fixed

e10Study

Session

17Derivatives5Study

Session

18Alternative

Investments4SessionNO.

Content

WeightingsStudy

Session

1 Ethics

&

Professional

StandardsStudy

Session

2-3

tative

ysis1512加

cfafrmpass2017CFA/FRM2017长线班内容：【前导班+基础班2+-强22化9班+冲刺班+百题班+班+讲义】FrameworkEquity

InvestmentsMarketanization,

Indicesanization

andand

EfficiencyR45

MarketStructureR46

Security

Market

IndicesR47

Market

EfficiencyEquity ysis

and

ValuationR48

Overview

of

EquitySecuritiesR49

Introduction

toIndustryand

company

ysisR50

Equity

Valuation:Concept

and

BasicTool加

cfafrmpass2017CFA/FRM2017长线班内容：【前导班+基础班3+-强22化9班+冲刺班+百题班+班+讲义】361Reading45Marketanization

and

Structure加

cfafrmpass2017CFA/FRM2017长线班内容：【前导班+基础班4+-强22化9班+冲刺班+百题班+班+讲义】t361FrameworkMain

Functions

of

the

Financial

MarketIntermediaries

of

Financial

MarketWell

functioned

financial

marketClassification

of

assetsClassification

of

marketsPrimary

vs.

Secondary

marketsMoney

vs.

Capital

marketsTraditional

vs.

Alternative

marketsPositions

in

an

assetInstructions

oftransaction

processes加

cfafrmpass2017CFA/FRM2017长线班内容：【前导班+基础班5+-强22化9班+冲刺班+百题班+班+讲义】Main

Functions

of

the

Financial

Market361

加

cfafrmpass

2017CFA/FRMMain

Functions

of

the

Financial

Market

(Totally

three

functions)Fulfill

different

entities’

requirementsSave

and

borrow

money,

raise

equity

capital,

manage

risks,

tradeassets

currently

or

in

the

future,

and

trade

based

on

their

estimatesof

asset

values.Determine

interest

ratesDetermine

the

returns

(i.e.,

interest

rates)

that

equate

the

totalsupply

of

savings

with

the

total

demand

for

borrowing.Allocate

capital

to

its

most

efficient

usesThe

financial

system

allows

the

transfer

of

assets

and

risks

from

oneentity

to

another

as

well

as

across

time.2017长线班内容：【前导班+基础班6+-强22化9班+冲刺班+百题班+班+讲义】Main

Functions

of

the

Financial

Market361

加

cfafrmpass

2017CFA/FRMfunction:

fulfill

different

entities’

requirementsSavings:

stocks,

bonds, s

of

deposit,

real

assets,

and

other

assetsare

tools

for

saving.Borrowing:

Borrow

money

from

lenders

who

require

collateral,

take

anequity

position,

or

investigate

the

credit

risk

of

the

borrower

to

protectthemselves

in

case

of

borrower

defaults.Issuing

equity:

Another

method

of

raising

capital

beside

borrowing

is

toissue

equity,

where

the

capital

providers

will

share

in

any

future

profits.Risk

management:

Entities

face

risks

from

changing

interest

rates,

currencyvalues,

commodities

values,

and

defaults

on

debt,

among

other

things.

Sothey

would

like

to

find

a

way

to

manage

these

risks.Exchanging

assets:

The

financial

market

also

allows

entities

to

exchangeassets

with

other

entities.Utilizing

information:

Investors

with

correctly yzed

information

expectto

earn

an

additional

return

by

identifying

assets

that

are

currentlyundervalued

or

overvalued.Information-motivated

traders:

trade

to

profit

from

information

thatthey

believe

allows

them

to

predict

future

prices.2017长线班内容：【前导班+基础班7+-强22化9班+冲刺班+百题班+班+讲义】Main

Functions

of

the

Financial

Market361

加

cfafrmpass

2017CFA/FRMSecond

function:

Determine

interest

ratesInterest

rates

are

justified

according

to

the

total

supply

of

savings

and

the

total

demand

of

borrowings.Equilibrium

interest

rate:When

the

interest

rate

at

which

the

entities

are

willing

to

borrow

isequal

to

the

amount

that

entities

are

willingto

lend,

we

say

that

thesupply

and

demand

are

balanced,

and

such

balanced

interest

rate

iscalled

the

equilibrium

interest

rate.Equilibrium

rates

for

different

types

of

borrowing

and

lending

willdiffer

due

to

differences

in

risk,

liquidity,

and

maturity.2017长线班内容：【前导班+基础班8+-强22化9班+冲刺班+百题班+班+讲义】Main

Functions

of

the

Financial

Market361

加

cfafrmpass

2017CFA/FRMThird

function:

Allocate

capital

to

its

most

efficient

usesInvestors

have

to

weigh

the

expected

risks

and

returns

of

differentinvestments

to

determine

their

most

preferred

investments

due

to

limited

availability

of

capital.This

would

result

in

location

to

capital

to

its

most

valuable

uses.2017长线班内容：【前导班+基础班9+-强22化9班+冲刺班+百题班+班+讲义】Intermediaries

of

Financial

Market361

加

cfafrmpassIntermediaries

of

Financial

Market

(Summary)Brokers,

Dealers

and

ExchangeSecuritizersDepository

InstitutionsInsurance

CompaniesArbitrageursClearinghouses

and

CustodiansHedgers2017CFA/FRM2017长线班内容：【前导班+基础班10+-强22化9班+冲刺班+百题班+】班+讲义Intermediaries

of

Financial

Market361

加

cfafrmpassBrokers,

Dealers

and

ExchangeBrokers:

Brokers

help

their

clients

buy

and

sell

securities

by

findingcounterparties

to

trades

in

a

cost

efficientmanner.Block

brokers:

help

with

the

placement

of

Large

trades.

Typically,

largetrades

are

difficult

to

place

without

moving

the

market.Investment

banks:

help

corporations

sell

common

stock,

preferredstock,

and

debt

securities

to

investors.Exchanges:

provide

a

venue

whew

traders

can

meet.

Exchangessometimes

a brokers

by

providing

electronic

order

matching.Alternative

trading

systems

(ATS):

serve

the

same

trading

function

asexchanges

but

have

no

regulatory

function,

are

also

known

aselectronic

communication

networks

(ECNs)

or

multilateral

trading

facilities

(MTFs).ATS

that

do

not

reveal

current

client

orders

are

known

as

darkpools.

(used

to

reduce

market

impact)2017CFA/FRM2017长线班内容：【前导班+基础班11+-强22化9班+冲刺班+百题班+】班+讲义Intermediaries

of

Financial

Market361

加

cfafrmpass

2017CFA/FRMBrokers,

Dealers

and

Exchange

(Cont.)Dealers:

trade

by

buying

for

or

selling

from

their

own

inventory

andthus

provide

liquidity

in

the

market

and

profit

primarily

from

thedifferences

of

buy

and

sell

prices.Dealers

that

trade

with

central

banks

to

affect

the

money

supplyare

referred

to

as

primary

dealers.Broker-dealers:

Some

dealers

also

a brokers.Broker-dealershave

an

inherent of

interest.Brokers:

should

seek

the

best

prices

for

their

clients;Dealers:

are

to

profit

through

prices

or

spreads.2017长线班内容：【前导班+基础班12+-强22化9班+冲刺班+百题班+】班+讲义Intermediaries

of

Financial

Market361

加

cfafrmpass

2017CFA/FRMsSecuritizersSecuritizers

pool

large

amounts

of

securities

or

other

assets

togetherand

sell

interests

in

the

pool

to

other

investors.By

securitizing

the

assets,

the

securitizer

creates

a

diversified

poolof

assets

with

more

predictable

cash

flows

than

the

individualassets

in

the

pool.This

creates

liquidity

in

the

assets,

because

the

ownershiare

more

easily

valued

and

traded.There

are

also

economies

of

scale

in

the

management

costs

oflarge

pools

of

assets

and

potential

benefits

from

the

manager’sselection

of

assets.2017长线班内容：【前导班+基础班13+-强22化9班+冲刺班+百题班+】班+讲义Intermediaries

of

Financial

Market361

加

cfafrmpass

2017CFA/FRMSecuritizers

(Cont.)Assets

that

are

often

securitized

include

mortgages,

car

loans,

creditcard

receivables,

bank

loans,

and

equipment

leases.A

firm

may

set

upa

special

purpose

vehicle

(SPV)

or

special

purposeentity

(SPE)

to

buy

firm

assets,

which

removes

them

from

the

firm’sbalance

sheet

and

may

increase

their

value

by

removing

the

risk

thatfinancial

trouble

at

the

firm

will

give

other

investors

a

claim

to

theassets’

cash

flows.Depository

InstitutionsAbsorb

deposits

by

paying

interest

on

customer

depositsProvide

transaction

services

on

one

hand,

and

then

make

loans

withthedeposits

on

the

other

hand.2017长线班内容：【前导班+基础班14+-强22化9班+冲刺班+百题班+】班+讲义Intermediaries

of

Financial

Market361

加

cfafrmpass

2017CFA/FRMInsurance

CompaniesInsurance

companies

collect

insurance

premiums

in

return

for

providingrisk

reduction

to

the

insured.Such

intermediaries

are

able

to

do

this

by

pooling

policyholders

withuncorrelated

risk

of

losses.Insurance

firms

also

provide

a

benefit

to

investors

by

managing

therisks:Moral

hazard

occurs

because

the

insured

may

take

more

risksonce

they

are

protected

against

losses.Adverse

selection

those

who

purchase

insurance

against

risk

aremore

likely

than

t eral

population

to

be

at

risk..In

fraud,

the

insured

purposely

cause

damage

or

claim

fictitiouslosses

so

they

can

collect

on

their

insurance

policies.2017长线班内容：【前导班+基础班15+-强22化9班+冲刺班+百题班+】班+讲义Intermediaries

of

Financial

Market361

加

cfafrmpass

2017CFA/FRMArbitrageursArbitrageurs

are

intermediaries

who

seek

to

gain

certain

return

withoutbearing

any

risk.In

markets

with

good

information,

pure

arbitrage

is

rare

becausetraders

will

favor

the

markets

with

the

best

prices.Clearinghouses

and

CustodiansClearinghouses:

a buyers

when

customers

want

to

sell

assets

andas

sellers

when

customers

want

to

buy

assets,

and

thus

limitcounterparty

risk.Custodians:

also

improve

market

integrity

by

holding

client

securitiesand

preventing

their

loss

due

to

fraud

or

other

events

that

affect

thebroker

or

investment

manager.2017长线班内容：【前导班+基础班16+-强22化9班+冲刺班+百题班+】班+讲义Well

functioned

financial

market361

加

cfafrmpass

2017CFA/FRMA

well

functioned

financial

market:allows

entities

to

achieve

their

purposes.Characteristics

of

a

well

functioned

financial

MarketComplete

markets:

Savers

receive

a

return,

borrowers

can

obtaincapital.

hedgers

can

manage

risks,

and

traders

can

acquire

neededassets.Operational

efficiency:

Trading

costs

are

low.Informational

efficiency:

Prices

reflect

fundamental

informationquickly.Allocational

efficiency:

Capital

is

allocated

to

its

most

productive

use.2017长线班内容：【前导班+基础班17+-强22化9班+冲刺班+百题班+】班+讲义Well

functioned

financial

marketMarket

RegulationProblems

when

there

are

no

regulationsFraud

and

theft:

the

potential

for

theft

andfraud

increases

because

investment

managerstake

advantage

of

unsophisticated

investors.Objectives

of

market

regulationsProtect

unsophisticated

investors.Require

minimum

standards

ofcompetency

to

make

it

easier

toperform

valuation.Insider

trading:

Investors

would

exit

the

market Prevent

insiders

from

exploitingother

investors.and

thus

reduced

liquidity

if

they

believetraderswith

inside

information

will

exploit

them.Costly

information:

If

obtaining

information

isRequire

common

financial

reportingrequirements.relatively

expensive,

markets

will

not

be

asinformational

efficient

and

investors

will

notinvest

as

much.Defaults:

Parties

might

not

honor

theirobligations

in

markets.Require

minimum

levels

of

capitalso

that

participants

will

honor

long-term

commitments.加cfafrmpass2017CFA/FRM2017长线班内容：【前导班+基础班18+-强22化9班+冲刺班+百题班+】班+讲义Classification

of

assets361

加

cfafrmpassClassification

of

assets

(Summary)Financial

AssetsSecurityFixed e

vs.

Equity

SecuritiesPublic

vs.

privateCurrencyDerivative

contractsFinancial

derivative

contractsPhysical

derivative

contractsReal

AssetsCommodityReal

Estate2017CFA/FRM2017长线班内容：【前导班+基础班19+-强22化9班+冲刺班+百题班+】班+讲义Classification

of

assetsClassification

of

assets-Financial

AssetsSecurity

(FixedFixede

vs.

Equity

Securities

)e

securities:

make

sure

the

borrowed

funds

can

be

repaid.BondsGenerally

long-term

(with

maturity

longer

than

10

years)NotesIntermediate

term

(with

maturity

between

2

to

10

years)BillsShort

term

(with

maturity

less

than

1

year)Commercial

p

rShort

term

issued

by

firms

(with

maturity

less

than

1-2

years)s

ofdepositIssued

by

banksRepurchaseagreeme

sBorrower

sells

a

high

quality

asset

and

has

both

the

rightandobligation

to

repurchase

it

(at

a

higher

price)

in

the

future.Repurchase

agreements

can

be

for

terms

as

short

as

one

day.Convertible

debtIs

debt

that

an

investor

can

exchange

for

a

specified

number加cfafrmpass2017CFA/FRM2017长线班内容：【前导班+基础班20+-强22化9班+冲刺班+百题班+】班+讲义Classification

of

assetsClassification

of

assets-Financial

Assets-SecuritySecurity

(Fixed e

vs.

Equity

Securities

)Equity

securities:

represent

ownership

in

a

firm.Common

stockResidual

claim

on

a

firm’s

assets.Dividends

are

paid

only

after

interest

is

paid

to

debt

holdersand

dividends

are

paid

to

preferred

stockholders.Debt

holders

and

preferred

stockholders

have

priority

overcommon

stockholders

in

the

event

of

firm

liquidationPreferred

stockIs

an

equity

security

with

scheduled

dividendsthat

typicallydo

not

change

over

the

security’s

life

and

must

be

paidbefore

any

dividends

on

common

stock

may

be

paid.WarrantAre

similar

to

options

in

that

they

give

the

holder

the

righttobuy

a

firm’s

equity

shares

(usually

common

stock)

at

a

fixedexercise

price

prior

to

the

warrant’s

expiration.加cfafrmpass2017CFA/FRM2017长线班内容：【前导班+基础班21+-强22化9班+冲刺班+百题班+】班+讲义Classification

of

assets361

加

cfafrmpassClassification

of

assets-Financial

Assets-SecuritySecurity

(Fixed e

vs.

Equity

Securities

)Pooled

investment

vehicles:individual

securities

can

be

combined

in

pooled

investmentvehicles.Include

mutual

funds,

depositories,

and

hedge

funds.The

investor’s

ownershi s

are

referred

to

as

shares,units,

depository

receipts,

or

limitedpartnershi

s.2017CFA/FRM2017长线班内容：【前导班+基础班22+-强22化9班+冲刺班+百题班+】班+讲义Classification

of

assetsClassification

of

assets-Financial

Assets-SecuritySecurity

(Fixed e

vs.

Equity

Securities

)Pooled

investment

vehicles:Mutual

fundsPooled

investment

vehicles;

investors

can

purchase

shares,

eitherfrom

the

fund

itself(open-end

funds)

or

inthe

secondarymarket(closed-end

funds).Exchange-tradedfunds

(ETFs)

&exchange-tradednotes

(ETNs)Like

closed-end

funds

but

have

special

provisions

allowingconversion

into

individual

portfolio

securities,

or

exchange

ofportfolio

shares

for

ETF

shares,

that

keep

their

market

prices

closeto

the

value

of

their

proportional

interest

in

the

overall

portfolio.Asset-backedsecuritiesRepresent

a

claim

to

a

portion

of

a

pool

of

financial

assets

suchas

mortgages,

car

loans,

or

credit

card

debt.Hedge

fundsanized

as

limited

partnerships(

investors

→

limited

partners;fund

manager

→general

partner).Hedge

funds

often

use

leverage.Hedge

fund

managers

are

compensated

based

on

the

amount

ofassets

under

management

as

well

as

on

their

investment

results.加cfafrmpass2017CFA/FRM2017长线班内容：【前导班+基础班23+-强22化9班+冲刺班+百题班+】班+讲义Classification

of

assets361

加

cfafrmpass

2017CFA/FRMClassification

of

assets-Financial

Assets-SecuritySecurity

(Public

vs.

private)Public

securities:

are

traded

on

exchanges

or

through

securitiesdealers

and

are

subject

to

regulatory

oversight.Private

securities:

are

not

traded

in

public

markets

which

are

oftenilliquid

and

not

subject

to

regulation.Currency:Are

issued

by

a

ernment’s

central

bank.Some

are

referred

to

as

reserve

currencies,

which

are

those

held

byernments

and

central

banks

worldwide.2017长线班内容：【前导班+基础班24+-强22化9班+冲刺班+百题班+】班+讲义Classification

of

assetsClassification

of

assets-Financial

AssetsContract:are

agreements

between

two

parties

that

require

some

action

in

thefuture,

such

as

exchanging

an

asset

for

cash.Forward

contractIs

an

agreement

to

buy

or

sell

an

asset

in

the

future

at

a

pricespecified

in

the

contract

at

its

inceptionFutures

contractsAre

similar

to

forward

contracts

except

that

they

arestandardized,

and

are

traded

on

an

exchange

so

that

theyareliquid

investments.Swap

contractsA

series

of

forward

contractsOption

contractsGives

its

owner

the

right

to

buy

or

sell

an

asset

at

a

specificexercise

price

at

some

specified

time

in

the

future.Insurance

contractsPays

a

cash

amount

if

a

future

event

occurs.

They

are

used

tohedge

against

unfavorable,

unexpected

events.Credit

defaultswapsAre

a

form

of

insurance

that

makes

a

payment

if

an

issuerdefaults

on

its

bonds.加cfafrmpass2017CFA/FRM2017长线班内容：【前导班+基础班25+-强22化9班+冲刺班+百题班+】班+讲义Classification

of

assets361

加

cfafrmpass

2017CFA/FRMClassification

of

assets-Real

AssetsCommodity:Commodities

are

goods

like

precious

metals,

industrial

metals,agricultural

products,

energy

products,

and

credits

for

carbonreduction

that

are

traded

in

spot,

forward,

and

futures

markets.Note:

Spot

markets

are

for

immediate

delivery

while

forwards,

futures,

and

options

markets

are

for

the

future

delivery

of

physical

and

financial

assets.Real

Assets:Examples

of

real

assets

are

real

estate,

equipment,

and

machinery.Characteristics:Provide e,

tax

advantage,

diversification

benefitsEntail

substantial

management

costsRequire

substantial

due

diligence

before

investing2017长线班内容：【前导班+基础班26+-强22化9班+冲刺班+百题班+】班+讲义Classification

of

markets361

加

cfafrmpassClassification

of

marketsPrimary

vs.

Secondary

marketsMoney

vs.

Capital

marketsTraditional

vs.

Alternative

markets2017CFA/FRM2017长线班内容：【前导班+基础班27+-强22化9班+冲刺班+百题班+】班+讲义Classification

of

markets361

加

cfafrmpass

2017CFA/FRMClassification

of

marketsPrimary

vs.

Secondary

marketsPrimary

market:

is

the

market

where

newly

issued

securitiesaresold.

Newly

issued

securities

involve:IPO

(initial

public

offerings):

-time

issues

by

firms

whoseshares

are

not

currently

publiclytraded.Seasoned

offerings

(secondary

issues):

new

shares

issued

by

firmswhose

shares

are

already

trading

in

the

marketplace.2017长线班内容：【前导班+基础班28+-强22化9班+冲刺班+百题班+】班+讲义Classification

of

markets361

加

cfafrmpass

2017CFA/FRMClassification

of

marketsMoney

vs.

Capital

marketsMoney

markets:

refer

to

markets

for

debt

securities

with

maturitiesof

one

year

or

less.Capital

markets:

refer

to

markets

for

longer-term

debt

securitiesand

equity

securities

that

have

no

specific

maturitydate.Traditional

vs.

Alternative

marketsTraditional

investment

markets:

refer

to

markets

for

debt

andequity.Alternative

markets:

refer

to

markets

for

hedge

funds,commodities,

real

estate,

collectibles,

gemstones,

leases,

andequipment.2017长线班内容：【前导班+基础班29+-强22化9班+冲刺班+百题班+】班+讲义anization

of

the

securities

market361

加

cfafrmpass

2017CFA/FRMHow

securities

are

sold

throughprimary

marketSold

PubliclyUnderwritten

Offering

(the

most

common

way)Best

EffortsIndications

of

InterestBook

buildingSoldPriva

yPrivate

placementOther

transaction

methodsShelf

registrationDividend

Reinvestment

PlanRights

OfferingCompetitive

bidsNegotiated

sales2017长线班内容：【前导班+基础班30+-强22化9班+冲刺班+百题班+】班+讲义anization

of

the

securities

market361

加

cfafrmpass

2017CFA/FRMHow

securities

are

sold

through

primary

market-

Sold

Publicly

:Underwritten

Offering

(the

most

common

way

)Investment

bank

purchases

the

entire

issue

at

a

price

thatisnegotiated

between

the

issuer

and

bank.Investment

bank

bears

the

risk

of

buying

the

unsold

portion

ofsecurities

if

the number

of

shares

to

be

issued

does

not

meet.Best

EffortsUnlike

underwriting

offering,

the

investment

bank

doesn’t

purchasethe

whole

issue.Bank

is

not

obligated

to

buy

the

unsold

portion

if

the

issue

isundersubscribed.Indications

of

Interest2017长线班内容：【前导班+基础班31+-强22化9班+冲刺班+百题班+】班+讲义anization

of

the

securities

marketHowsecurities

are

sold

through

primary

market-

Sold

Publicly

:Difference

between

underwritten

offering

and

best

efforts.Underwritten

offeringBest

EffortsObligated

to

buy

the

unsold

portionNot

obligated

to

buy

the

unsold

portionInvestment

bank

would

prefer

thatthe

price

be

set

low

enough

togainmore

profitInvestment

bank

sets

the

issue

price

ashigh

as

possible

to

raise

the

most

fundsfor

the

issuer加

cfafrmpass

2017CFA/FRM2017长线班内容：【前导班+基础班32+-强22化9班+冲刺班+百题班+】班+讲义anization

of

the

securities

market361

加

cfafrmpass

2017CFA/FRMHow

securities

are

sold

through

primary

market-

Sold

Publicly

:Underwritten

OfferingBest

EffortsIndications

of

InterestIndications

of

interest:

the

investment

bank

finds

investors

whoagree

to

buy

part

of

the

issue.This

process

of

gathering

indications

of

interest

is

called

book

building,

and

the

investment

bank

during

this

process

is

called

book

builder

or

book

runner.If

securities

must

be

issued

quickly,

the

process

is

called

acceleratedbook

building.2017长线班内容：【前导班+基础班33+-强22化9班+冲刺班+百题班+】班+讲义anization

of

the

securities

market361

加

cfafrmpass

2017CFA/FRMHow

securities

are

sold

through

primary

market-

Sold

Priva y

:Private

placementSecurities

are

sold

directly

to

qualified

investors,

typically

with

the

assistance

of

an

investment

bank.Shelf

registrationIn

a

shelf

registration

a

firm

makes

its

public

disclosures

as

in

aregular

offering,

but

then

issues

the

registered

securities

over

timewhen

it

needs

capitaland

when

the

markets

are

favorable.Dividend

Reinvestment

PlanA

dividend

reinvestment

plan

(DRP

or

DRIP)

allows

existingshareholders

to

use

their

dividends

to

buy

new

shares

from

the

firmat

a

slight

discount.RightsOfferingIn

rights

offering,

existing

shareholders

are

given

the

right

to

buynew

shares

at

a

discount

to

the

current

market

price.2017长线班内容：【前导班+基础班34+-强22化9班+冲刺班+百题班+】班+讲义anization

of

the

securities

market361

加

cfafrmpass

2017CFA/FRMSecondary

Capital

MarketsThe

secondary

market

is

theplace

wheresecuritiesare

traded

aftertheir

initial

offerings.The

secondary

market

supports

the

primary

market

by

providing:LiquidityInvestors

who

buy

stocks

inthe

primary

markets

want

to

sellthen

again

to

acquire

other

securities

such

as

risk

free

bondsand

cash.Price

discoveryNew

issuesof

stocksand

bondsare

based

on

pricesin

thesecondary

markets.2017长线班内容：【前导班+基础班35+-强22化9班+冲刺班+百题班+】班+讲义anization

of

the

securities

market361

加

cfafrmpass

2017CFA/FRMSecondary

Capital

MarketsWhen

securitiesare

traded

in

a

secondary

market.Call

MarketsTrading

for

individual

stocks

occurs

at

specific

times.All

bids

and

asks

are

gathered

and

then

a

negotiated

price

isproduced

to

make

the

demand ty