ofSecuritiesMarkets中文4证券市场组织与运作图课件

ofSecuritiesMarkets中文4证券市场组织与运作图2022/12/21ofSecuritiesMarkets中文4证券市场组织与运作图ofSecuritiesMarkets中文4证券市场组织与运1Chapter4

OrganizationandFunctioningofSecuritiesMarketsQuestionstobeanswered:Whatisthepurposeandfunctionofamarket?Whatarethecharacteristicsthatdeterminethequalityofamarket?Whatisthedifferencebetweenaprimaryandsecondarycapitalmarketandhowdothesemarketssupporteachother?ofSecuritiesMarkets中文4证券市场组织与运作图Chapter4

OrganizationandFu2Chapter4

OrganizationandFunctioningofSecuritiesMarketsWhatarethenationalexchangesandhowarethemajorsecuritymarketsbecominglinked(whatismeantby“passingthebook”)?Whataretheregionalstockexchangesandtheover-the-counter(OTC)market?Whatarethealternativemarket-makingarrangementsavailableontheexchangesandtheOCTmarket?ofSecuritiesMarkets中文4证券市场组织与运作图Chapter4

OrganizationandFu3Chapter4

OrganizationandFunctioningofSecuritiesMarketsWhatarethemajortypesofordersavailabletoinvestorsandmarketmakers?WhatarethemajorfunctionsofaspecialistontheNYSEandhowdoesthespecialistdifferfromthecentralmarketmakeronotherexchanges?Whatarethemajorfactorsthathavecausedthesignificantchangesinmarketsaroundtheworldinthepast10to15years?ofSecuritiesMarkets中文4证券市场组织与运作图Chapter4

OrganizationandFu4Chapter4

OrganizationandFunctioningofSecuritiesMarketsWhataresomeofthemajorchangesinworldcapitalmarketsexpectedoverthenextdecade?ofSecuritiesMarkets中文4证券市场组织与运作图Chapter4

OrganizationandFu5Whatisamarket?BringsbuyersandsellerstogethertoaidinthetransferofgoodsandservicesDoesnotrequireaphysicallocationBothbuyersandsellersbenefitfromthemarketofSecuritiesMarkets中文4证券市场组织与运作图Whatisamarket?Bringsbuyers6CharacteristicsofaGoodMarketAvailabilityofpasttransactioninformationmustbetimelyandaccurateLiquiditymarketabilitypricecontinuitydepthLowTransactioncostsRapidadjustmentofpricestonewinformationofSecuritiesMarkets中文4证券市场组织与运作图CharacteristicsofaGoodMark7OrganizationoftheSecuritiesMarketPrimarymarketsMarketwherenewsecuritiesaresoldandfundsgotoissuingunit

SecondarymarketsMarketwhereoutstandingsecuritiesareboughtandsoldbyinvestors.TheissuingunitdoesnotreceiveanyfundsinasecondarymarkettransactionofSecuritiesMarkets中文4证券市场组织与运作图OrganizationoftheSecurities8GovernmentBondIssues1.TreasuryBills–negotiable,non-interestbearingsecuritieswithoriginalmaturitiesofoneyearorless2.TreasuryNotes–originalmaturitiesof2to10years3.TreasuryBonds–originalmaturitiesofmorethan10yearsofSecuritiesMarkets中文4证券市场组织与运作图GovernmentBondIssues1.Treas9MunicipalBondIssuesSoldbythreemethodsCompetitivebidNegotiationPrivateplacementUnderwriterssellthebondstoinvestorsOriginationRisk-bearingDistributionofSecuritiesMarkets中文4证券市场组织与运作图MunicipalBondIssuesSoldbyt10TheUnderwritingFunctionTheinvestmentbankerpurchasestheentireissuefromtheissuerandresellsthesecuritytotheinvestingpublic.Thefirmchargesacommissionforprovidingthisservice.Formunicipalbonds,theunderwritingfunctionisperformedbybothinvestmentbankingfirmsandcommercialbanks

ofSecuritiesMarkets中文4证券市场组织与运作图TheUnderwritingFunctionThei11CorporateBondandStockIssuesNewissuesaredividedintotwogroupsSeasonednewissues-newsharesofferedbyfirmsthatalreadyhavestockoutstandingInitialpublicofferings(IPOs)-afirmsellingitscommonstocktothepublicforthefirsttimeofSecuritiesMarkets中文4证券市场组织与运作图CorporateBondandStockIssue12UnderwritingRelationshipswithInvestmentBankers1.NegotiatedMostcommonFullservicesofunderwriter2.CompetitivebidsCorporationspecifiessecuritiesofferedLowercostsReducedservicesofunderwriter3.Best-effortsInvestmentbankeractsasbrokerofSecuritiesMarkets中文4证券市场组织与运作图UnderwritingRelationshipswit13IntroductionofRule415AllowsfirmstoregistersecuritiesandsellthempiecemealoverthenexttwoyearsReferredtoasshelfregistrationsGreatflexibilityReducesregistrationfeesandexpensesAllowsrequestingcompetitivebidsfromseveralinvestmentbankingfirmsMostlyusedforbondsalesofSecuritiesMarkets中文4证券市场组织与运作图IntroductionofRule415Allows14PrivatePlacementsandRule144AFirmssellstoasmallgroupofinstitutionalinvestorswithoutextensiveregistrationLowerissuingcoststhanpublicofferingofSecuritiesMarkets中文4证券市场组织与运作图PrivatePlacementsandRule1415WhySecondaryFinancialMarketsAreImportantProvidesliquiditytoinvestorswhoacquiresecuritiesintheprimarymarketResultsinlowerrequiredreturnsthanifissuershadtocompensateforlowerliquidityHelpsdeterminemarketpricingfornewissuesofSecuritiesMarkets中文4证券市场组织与运作图WhySecondaryFinancialMarket16SecondaryBondMarketSecondarymarketforU.S.governmentandmunicipalbondsU.S.governmentbondstradedbybonddealersBanksandinvestmentfirmsmakeupmunicipalmarketmakersSecondarycorporatebondmarketTradedthroughanOTCmarketofSecuritiesMarkets中文4证券市场组织与运作图SecondaryBondMarketSecondary17FinancialFuturesBondfuturesaretradedinChicagoBoardofTrade(CBOT)ChicagoMercantileExchange(CME)ofSecuritiesMarkets中文4证券市场组织与运作图FinancialFuturesBondfutures18SecondaryEquityMarkets1.MajornationalstockexchangesNewYork,American,Tokyo,andLondonstockexchanges2.RegionalstockexchangesChicago,SanFrancisco,Boston,Osaka,Nagoya,Dublin,Cincinnati3.Over-the-counter(OTC)marketStocksnotlistedonorganizedexchangeofSecuritiesMarkets中文4证券市场组织与运作图SecondaryEquityMarkets1.Maj19TradingSystemsPureauctionmarketBuyersandsellersarematchedbyabrokeratacentrallocationPrice-drivenmarketDealermarketDealersprovideliquiditybybuyingandsellingsharesDealersmaycompeteagainstotherdealersofSecuritiesMarkets中文4证券市场组织与运作图TradingSystemsPureauctionma20CallVersusContinuousMarketsCallmarketstradeindividualstocksatspecifiedtimestogatherallordersanddetermineasinglepricetosatisfythemostordersUsedforopeningpricesonNYSEifordersbuildupovernightoraftertradingissuspendedInacontinuousmarket,tradesoccuratanytimethemarketisopenofSecuritiesMarkets中文4证券市场组织与运作图CallVersusContinuousMarkets21NationalStockExchangesLargenumberoflistedsecuritiesPrestigeoffirmslistedWidegeographicdispersionoflistedfirmsDiverseclienteleofbuyersandsellersofSecuritiesMarkets中文4证券市场组织与运作图NationalStockExchangesLarge22NewYorkStockExchange(NYSE)LargestorganizedsecuritiesmarketinUnitedStatesEstablishedin1817,butdatesbacktothe1792ButtonwoodAgreementby24brokersOver3,000companieswithsecuritieslistedTotalmarketvalueover$13trillionofSecuritiesMarkets中文4证券市场组织与运作图NewYorkStockExchange(NYSE)23AmericanStockExchange(AMEX)StartedbyagroupwhotradedunlistedstocksatthecornerofWallandHanoverStreetsinNewYorkastheOutdoorCurbMarketEmphasisonforeignsecuritiesDoesn’ttradestockslistedonNYSEMergedwiththeNASDAQIN1998althoughtheycontinuedtooperateasseparatemarketsWarrantstradedonAMEXyearsbeforeNYSElistedanyofSecuritiesMarkets中文4证券市场组织与运作图AmericanStockExchange(AMEX)24TokyoStockExchange(TSE)LargestoftheeightexchangesinJapanDominatestheJapanesemarketEstablishedin1878andreorganizedin1943,1947,and1949Price-drivesystemDomesticandforeignstockslistedApproximately1700stockslistedwithatotalmarketvalueof$2.4trillionMostactive150stocksaretradedonfloor,othersbycomputerofSecuritiesMarkets中文4证券市场组织与运作图TokyoStockExchange(TSE)Larg25LondonStockExchange(LSE)LargestsecuritiesmarketintheUnitedKingdomTradeslistedandunlistedsecuritiesMorethan2,600companieslistedLargestlistingofforeignstocksonanyexchangeTotalmarketvalueofmorethan$561billionPricingsystembycompetingdealersviacomputerssimilartoNASDAQsysteminU.S.ofSecuritiesMarkets中文4证券市场组织与运作图LondonStockExchange(LSE)Lar26TrendsNewexchangesinemergingeconomiessuchasRussia,Poland,China,Hungary,Peru,SriLankaConsolidationofexistingexchangesindevelopedcountriesGlobaltwenty-four-hourmarket–madepossiblebyadvancesintechnologyofSecuritiesMarkets中文4证券市场组织与运作图TrendsNewexchangesinemergin27RecentConsolidationsIn1995,Germany’sthreelargestexchangesmergedintotheoneinFrankfurtNASDmergedwithAMEXPhiladelphiaStockExchangemergedwithNASD/AMEXCBOEmergedwithPacificExchangeTheAmsterdam,BrusselsandParisexchangesformedanallianceTheStockholm,Copenhagen,andOsloexchangesformedanalliancecalledtheNordicCountryAllianceofSecuritiesMarkets中文4证券市场组织与运作图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证券市场组织与运作图TheGlobalTwenty-fourHourMa29RegionalExchangesStocksnotlistedonaformalexchangeListingrequirementsvaryListedstocksAllowbrokersthatarenotmembersofanationalexchangeaccesstosecuritiesRegionalExchangesinUnitedStatesChicago,Boston,Cincinnati,Pacific,PhiladelphiaofSecuritiesMarkets中文4证券市场组织与运作图RegionalExchangesStocksnotl30Over-the-Counter(OTC)MarketNotaformalorganizationLargestsegmentoftheU.S.secondarymarketUnlistedstocksandlistedstocks(thirdmarket)LenientrequirementsforlistingonOTC5,000issuesactivelytradedonNASDAQNMS(NationalAssociationofSecuritiesDealersAutomatedQuotationsNationalMarketSystem)

1,000issuesonNASDAQapartfromNMS1,000issuesnotonNASDAQofSecuritiesMarkets中文4证券市场组织与运作图Over-the-Counter(OTC)MarketN31OperationoftheOTCAnystockmaybetradedaslongasithasawillingmarketmakertoactadealerOTCisanegotiatedmarketofSecuritiesMarkets中文4证券市场组织与运作图OperationoftheOTCAnystock32TheNASDAQSystemAutomatedelectronicquotationsystemDealersmayelecttomakemarketsinstocksAlldealerquotesareavailableimmediatelyThreelevelsofquotationsprovidedLevel1providesasinglemedianrepresentativequoteforthestocksonNASDAQLevel2showsquotesbyallmarketmakersLevel3isforOTCmarketmakerstochangetheirquotesshownofSecuritiesMarkets中文4证券市场组织与运作图TheNASDAQSystemAutomatedele33ListingRequirementsforNASDAQTwolistsNationalMarketSystem(NMS)RegularNASDAQFoursetsofrequirementsInitiallisting-leaststringentAutomaticNMSinclusion-uptotheminuteAlternative1forprofitablecompanieswithlimitedassetsAlternative2forlargebutlessprofitableofSecuritiesMarkets中文4证券市场组织与运作图ListingRequirementsforNASDA34ThirdMarketOTCtradingofshareslistedonanexchangeMostlywellknownstocksGM,IBM,AT&T,XeroxCompeteswithtradesonexchangeMaybeopenwhenexchangeisclosedortradingsuspendedofSecuritiesMarkets中文4证券市场组织与运作图ThirdMarketOTCtradingofsha35FourthMarketDirecttradingofsecuritiesbetweentwopartieswithnobrokerintermediaryUsuallybothpartiesareinstitutionsCansavetransactioncostsNodataareavailableregardingitsspecificsizeandgrowthofSecuritiesMarkets中文4证券市场组织与运作图FourthMarketDirecttradingof36DetailedAnalysisof

ExchangeMarketsExchangeMembershipMajorTypesofOrdersExchangeMarketMakersofSecuritiesMarkets中文4证券市场组织与运作图DetailedAnalysisof

Exchange37ExchangeMembershipSpecialistCommissionbrokersEmployeesofamemberfirmwhobuyorsellforthecustomersofthefirmFloorbrokersIndependentmembersofanexchangewhoactasbrokerforothermembersRegisteredtradersUsetheirmembershiptobuyandsellfortheirownaccountsofSecuritiesMarkets中文4证券市场组织与运作图ExchangeMembershipSpecialisto38MajorTypesofOrdersMarketordersBuyorsellatthebestcurrentpriceProvidesimmediateliquidityLimitordersOrderspecifiesthebuyorsellpriceTimespecificationsforordermayvaryInstantaneous-“fillorkill”,partofaday,afullday,severaldays,aweek,amonth,orgooduntilcanceled(GTC)ofSecuritiesMarkets中文4证券市场组织与运作图MajorTypesofOrdersMarketor39MajorTypesofOrdersShortsalesSelloverpricedstockthatyoudon’townandpurchaseitbacklater(atalowerprice)Borrowthestockfromanotherinvestor(throughyourbroker)CanonlybemadeonanupticktradeMustpayanydividendstolenderMarginrequirementsapplyofSecuritiesMarkets中文4证券市场组织与运作图MajorTypesofOrdersShortsal40MajorTypesofOrdersSpecialOrdersStoplossConditionalordertosellstockifitdropstoagivenpriceDoesnotguaranteepriceyouwillgetuponsaleMarketdisruptionscancancelsuchordersStopbuyorderInvestorwhosoldshortmaywanttolimitlossifstockincreasesinpriceofSecuritiesMarkets中文4证券市场组织与运作图MajorTypesofOrdersSpecialO41MarginTransactionsOnanytypeorder,insteadofpaying100%cash,borrowaportionofthetransaction,usingthestockascollateralInterestrateonmargincreditmaybebelowprimerateRegulationslimitproportionborrowedMarginrequirementsarefrom50%upChangesinpriceaffectinvestor’sequityofSecuritiesMarkets中文4证券市场组织与运作图MarginTransactionsOnanytype42MarginTransactionsBuy200sharesat$50=$10,000positionBorrow50%,investmentof$5,000Ifpriceincreasesto$60,positionValueis$12,000Less-$5,000borrowedLeaves$7,000equityfora$7,000/$12,000=58%equitypositionofSecuritiesMarkets中文4证券市场组织与运作图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证券市场组织与运作图MarginTransactionsBuy200sha44MarginTransactionsInitialmarginrequirementatleast50%.SetupbytheFed.MaintenancemarginRequirementproportionofequitytostockProtectsbrokerifstockpricedeclinesMinimumrequirementis25%MargincallonundermarginedaccounttomeetmarginrequirementIfmargincallnotmet,stockwillbesoldtopayofftheloanofSecuritiesMarkets中文4证券市场组织与运作图MarginTransactionsInitialmar45ExchangeMarketMakers

U.S.MarketsSpecialistisexchangememberassignedtohandleparticularstocksHastworoles:BrokertomatchbuyersandsellersDealertomaintainfairandorderlymarketSpecialisthastwoincomesourcesBrokercommission,withoutriskDealertradingincomefromprofit,withriskofSecuritiesMarkets中文4证券市场组织与运作图ExchangeMarketMakers

U.S.Ma46ExchangeMarketMakers

TokyoStockExchange(TSE)RegularmembersSeveralemployeesallowedontradingfloorTradingclerksforcustomersaccountsBuyandsellforownaccountsSaitorimemberHundredsofemployeesontradingfloorIntermediaryclerksBrokersamongmembersMaintainlimitordersofSecuritiesMarkets中文4证券市场组织与运作图ExchangeMarketMakers

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

October27,1986BigBangBrokerscanactasmarketmakersJobberscandealwiththepublicandinstitutionsCommissionsarenegotiableGiltmarketwasrestructuredlikeU.S.governmentsecuritiesmarketTradesreportedonStockExchangeAutomatedQuotations(SEAQ)ofSecuritiesMarkets中文4证券市场组织与运作图LondonStockExchange

October69EffectsoftheBigBangCompetitivemarketmakers&SEAQreducednumberofpeopleonthetradingfloorMoreactivityinthesystem,butprofitmarginhasreducedfromcompetitionManyfirmshavemergedorbeenacquiredbyforeignfirmsofSecuritiesMarkets中文4证券市场组织与运作图EffectsoftheBigBangCompeti70TokyoStockExchange(TSE)1998broughtTSEitsownBigBangintroducingmorecompetitionintradingcommissionsandcompetitionamongmarketparticipantsofSecuritiesMarkets中文4证券市场组织与运作图TokyoStockExchange(TSE)199871ParisBourseThebigbrokeragehousemonopolyonstocktradinghasbeenopeneduptoFrenchandforeignbanksInvestmentfirmsaremergingwithbankstoacquirecapitalneededtotradeinworldmarketContinuousauctionmarketintroducedtoreplacecallmarketofSecuritiesMarkets中文4证券市场组织与运作图ParisBourseThebigbrokerage72FutureDevelopmentsContinuingconsolidationofsecurityexchangesMorespecializedinvestmentcompaniesChangesinthefinancialservicesindustryFinancialsupermarketsFinancialboutiquesAdvancesintechnologyComputerizedtrading24-hourmarketofthefuturemaybefloorless,global,andhighlyautomatedofSecuritiesMarkets中文4证券市场组织与运作图FutureDevelopmentsContinuing73TheInternet

InvestmentsOnlineofSecuritiesMarkets中文4证券市场组织与运作图TheInternet

InvestmentsOnlin74演讲完毕，谢谢听讲!再见，seeyouagain2022/12/21ofSecuritiesMarkets中文4证券市场组织与运作图演讲完毕，谢谢听讲!再见，seeyouagain202275ofSecuritiesMarkets中文4证券市场组织与运作图2022/12/21ofSecuritiesMarkets中文4证券市场组织与运作图ofSecuritiesMarkets中文4证券市场组织与运76Chapter4

OrganizationandFunctioningofSecuritiesMarketsQuestionstobeanswered:Whatisthepurposeandfunctionofamarket?Whatarethecharacteristicsthatdeterminethequalityofamarket?Whatisthedifferencebetweenaprimaryandsecondarycapitalmarketandhowdothesemarketssupporteachother?ofSecuritiesMarkets中文4证券市场组织与运作图Chapter4

OrganizationandFu77Chapter4

OrganizationandFunctioningofSecuritiesMarketsWhatarethenationalexchangesandhowarethemajorsecuritymarketsbecominglinked(whatismeantby“passingthebook”)?Whataretheregionalstockexchangesandtheover-the-counter(OTC)market?Whatarethealternativemarket-makingarrangementsavailableontheexchangesandtheOCTmarket?ofSecuritiesMarkets中文4证券市场组织与运作图Chapter4

OrganizationandFu78Chapter4

OrganizationandFunctioningofSecuritiesMarketsWhatarethemajortypesofordersavailabletoinvestorsandmarketmakers?WhatarethemajorfunctionsofaspecialistontheNYSEandhowdoesthespecialistdifferfromthecentralmarketmakeronotherexchanges?Whatarethemajorfactorsthathavecausedthesignificantchangesinmarketsaroundtheworldinthepast10to15years?ofSecuritiesMarkets中文4证券市场组织与运作图Chapter4

OrganizationandFu79Chapter4

OrganizationandFunctioningofSecuritiesMarketsWhataresomeofthemajorchangesinworldcapitalmarketsexpectedoverthenextdecade?ofSecuritiesMarkets中文4证券市场组织与运作图Chapter4

OrganizationandFu80Whatisamarket?BringsbuyersandsellerstogethertoaidinthetransferofgoodsandservicesDoesnotrequireaphysicallocationBothbuyersandsellersbenefitfromthemarketofSecuritiesMarkets中文4证券市场组织与运作图Whatisamarket?Bringsbuyers81CharacteristicsofaGoodMarketAvailabilityofpasttransactioninformationmustbetimelyandaccurateLiquiditymarketabilitypricecontinuitydepthLowTransactioncostsRapidadjustmentofpricestonewinformationofSecuritiesMarkets中文4证券市场组织与运作图CharacteristicsofaGoodMark82OrganizationoftheSecuritiesMarketPrimarymarketsMarketwherenewsecuritiesaresoldandfundsgotoissuingunit

SecondarymarketsMarketwhereoutstandingsecuritiesareboughtandsoldbyinvestors.TheissuingunitdoesnotreceiveanyfundsinasecondarymarkettransactionofSecuritiesMarkets中文4证券市场组织与运作图OrganizationoftheSecuri