【投资学英文版课件】THEMARKETPLACE.pptVIP

THE MARKETPLACE The Role of the Capital Markets Continuous Pricing Function Fair Pricing Function Economic Function Economic Function: An Example Economic Function: An Example Economic Function Economic Function Continuous Pricing Function Fair Pricing Function The Role of the Capital Markets The Exchanges Trading Systems Specialists are charged with making a fair and orderly market in one or more assigned securities at posts on the exchange floor. SuperDot and NYSE Direct+ are electronic systems enabling NYSE firms to send market and limit orders directly to the specialists’ posts. Marketmakers are groups of competing individuals who maintain a fair and orderly market through open outcry trading in pits on the exchange floor. Circuit Breakers and Trading Curbs The Nasdaq Stock Market The Nasdaq (National Association of Securities Dealers Automated Quotations) market is a worldwide computerized linkup of brokerage firms, investment houses and large commercial banks. The Nasdaq market is sometimes still erroneously called the over-the-counter (OTC) market. The Nasdaq Stock Market In Nasdaq trading, bids and offers for securities ranging from small unfamiliar firms to some of the largest companies in the world are posted to an electronic bulletin board. Trades of up to 1,000 shares can be executed in less than one minute via the Small Order Execution System (SOES). The Nasdaq Stock Market The Nasdaq stock market comprises two distinct markets: The Nasdaq National Market. The largest and most established firms in the Nasdaq market are the national market issues. The Nasdaq Small Cap Market. These small-cap issues have a low level of capitalization. The Over-the-Counter Market Today, the term OTC equity security refers to an equity security that is not traded on Nasdaq or a national or regional exchange. OTC securities trade in two ways: The OTC Bulletin Board (OTCBB) is a regulated quotation service providing real-time information. Data on the smallest and often most s