5、Ch5TradingofSecurities完整版综述.pptx

Investment Banking 投资银行业务 POWERPOINT TEMPLATE CHAPERT FIVE TRADINGS SAYINGS After all, you only find out who is swimming naked when the tide goes out. ----Warren Buffett, 1930- Pre-Class Watch, Think Answer Why did the securities market emerge? Why did a Market Maker come to the reality? ? Why are the brokers necessary for the market? Roles of Investment Banks in the Secondary Market Broker Investment Banks Dealer Market Maker Secondary Market Participants of Secondary Market Natural Buyer Participants Brokers Natural Seller Dealers/Market Maker Driven Mechanism of Secondary Market Order-driven Quote-driven Driven Mechanism auction market dealer market Trading Locations of Secondary Market Exchange Curb Market Trading Locations Member System Demutualization OTC The Fourth Market The Third Market Brokerage Roles of Brokers Retail Brokerage Prime Brokerage Brokerage Discounted Broker Full Service Broker Case: Merrill Lynch Credit Brokerage 抵押物 资金、证券 商业银行 其他经纪商 投资者 非银行金融机构 分散信用模式——美国，香港 转融通 客 户 证券经纪商 Credit Brokerage 抵押物 资金、证券 转融通 客 户 证券经纪商 证券金融公司 集中信用模式——日本，韩国 Credit Brokerage 抵押物 资金、证券 转融通 客 户 证券经纪商 证券金融公司 双轨信用模式——台湾 融资融券 我国的转融通业务模式 Regulations of Brokerage Unfair Spread Illegal Practices Churning Interest-ralated Scalping Boiler-room Operation 我国对证券经纪业务的监管 一般经纪业务 风险提示与信息披露 客户适当性管理 信用经纪业务 限额管理 投资顾问业务 利益冲突管理 Principal Transaction Institutional Trading Exchange Curb Market Institution Trading (P234) Block Trade Basket Trade Asset Allocation Index Arbitrage Institutional Trading 投机（Speculation） 套利（Arbitrage） 自营交易策略 绝对价格交易 信用等级交易 相对价格交易 无风险套利 风险套利（并购套利） 投机（speculation） Roles of speculations Sustainable consumption level Market efficiency and liquidity Bearing risks Shorting mechanism Victor Niederhoffer Merger and Acquisition Arbitrage 在国际市场上，并购套利活动往往与股市具有较大的相关性，市场较好时，并购活动频繁，因此并购套利获利丰厚，而在市场下跌过程中，并购活动逐渐消失，并购套利的收益也随着减少。 在第三次全球兼并收购潮中，几个大的投行继高盛之后都建立了专门的并购套利部门；在第四次全球兼并收购潮中，由于杠杆收购模式兴起，并购套利进入黄金时代，伊万·博斯基(Ivan Boesky)等并购套利投资者成为华尔街历史上的传奇人物；在2002年以后的全球股市繁荣中，对冲基金、PE等机构投资者纷纷参