原创力文档- 1、本文档共58页，可阅读全部内容。
- 2、原创力文档（book118）网站文档一经付费（服务费），不意味着购买了该文档的版权，仅供个人/单位学习、研究之用，不得用于商业用途，未经授权，严禁复制、发行、汇编、翻译或者网络传播等，侵权必究。
- 3、本站所有内容均由合作方或网友上传，本站不对文档的完整性、权威性及其观点立场正确性做任何保证或承诺！文档内容仅供研究参考，付费前请自行鉴别。如您付费，意味着您自己接受本站规则且自行承担风险，本站不退款、不进行额外附加服务；查看《如何避免下载的几个坑》。如果您已付费下载过本站文档，您可以点击 这里二次下载。
- 4、如文档侵犯商业秘密、侵犯著作权、侵犯人身权等，请点击“版权申诉”（推荐），也可以打举报电话：400-050-0827(电话支持时间：9:00-18:30)。
查看更多
Chapter 3 Financial Instruments, Financial Markets, …：3章金融工具，金融市场
* * * * * * * * * * * * * * * * * * * * * * 3-* Centralized Exchanges, OTC’s, and ECN’s History (cont.) In the past, the only alternative was an OTC market. Networks of physically dispersed dealers, who buy and sell electronically. The largest is the Nasdaq. In 2005, the NYSE merged with Archipelago (now NYSE Arca), and Nasdaq merged with Instinet. 3-* Centralized Exchanges, OTC’s, and ECN’s History (cont.) Market continues to globalize. In 2007, the NYSE merged with Paris-based Euronext becoming the first international operator of major exchanges. Nasdaq attempted to acquire the London Stock Exchange but dropped its bid in 2007 right before the financial crisis. 3-* Trading is what makes financial markets work. Placing an order in a stock market has the following characteristics: The stock you wish to trade. Whether you wish to buy or sell. The size of the order - number of shares. The price you would like to trade. 3-* You can place a market order. Your order is executed at the most favorable price currently available. Values speed over price. You can place a limit order: Places a maximum on the price to buy or a minimum price to sell. 3-* Executing a trade requires someone on the other side. Broker Direct access to electronic trading network through an ECN like Acra or Instinet. Customer orders interact automatically without an intermediary. Liquidity is provided by customers. 3-* For a well known stock, the NYSE is another place from which to order. Liquidity is supplemented by designated market makers (DMMs). The person on the floor charged with making a market. To make the market work, they often buy and sell on their own account. 3-* Debt and Equity versus Derivative Markets Used to distinguish between markets where debt and equity are traded and those where derivative instruments are traded. Equity markets are the markets for stocks. Derivative markets are the markets where investors trade instruments like futures and options. 3-* Debt and Equity versus Deri
文档评论（0）