证券投资分析CH04.pptVIP

Secondary Equity Markets Classification Primary Listing Markets NYSE, AMEX, Tokyo, and LSE Regional Markets Chicago, San Francisco, Boston, Osaka, Nagoya, Dublin, Cincinnati Third Market Dealers/Brokers Madoff Investment Securities, Knight Trading Group, Jefferies Group, ITG Alternative Trading Systems Electronic Communications Networks (ECNs) Electronic Crossing Systems (ECSs) See Exhibit 4.3 4-* ? 2012 Cengage Learning. All Rights Reserved. May not scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Exhibit 4.3 ? 2012 Cengage Learning. All Rights Reserved. May not scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 4-* New York Stock Exchange (NYSE) Largest organized securities market in the United States Established in 1817, but dates back to the 1792 Buttonwood Agreement by 24 brokers At the end of 2010, approximately 2,850 companies with securities listed on NYSE Total market value nearly $14 trillion 2010 average daily volume of about 3.5 billion shares. 4-* ? 2012 Cengage Learning. All Rights Reserved. May not scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. American Stock Exchange (AMEX) Traded unlisted stocks at the corner of Wall Street in as the Outdoor Curb Market in 1910 Historically, it had an emphasis on foreign securities and warrants Merged with the NASDAQ IN 1998 but in 2005 NASDAQ sold the AMEX back to its members. The AMEX was finally acquired by the NYSE in 2007. 4-* ? 2012 Cengage Learning. All Rights Reserved. May not scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Global Stock Exchanges The major markets are Tokyo Stock Exchange, London Stock Exchange, Frankfurt Stock Exchange, and Paris Bourse. Trend toward consolidations or affiliations that will provide more liquidity and greater economies of scale to support the technology required by investors. Th