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investments and portfolio management How Securities are Traded推荐.docx

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investments and portfolio management How Securities are Traded推荐

Chapter3: How Securities are TradedChapter Openerp. 59PART??ITHIS CHAPTER WILL?provide you with a broad introduction to the many venues and procedures available for trading securities in the United States and international markets. We will see that trading mechanisms range from direct negotiation among market participants to fully automated computer crossing of trade orders.?The first time a security trades is when it is issued to the public. Therefore, we begin with a look at how securities are first marketed to the public by investment bankers, the midwives of securities. We turn next to a broad survey of how already-issued securities may be traded among investors, focusing on the differences between dealer markets, electronic markets, and specialist markets. With this background, we then turn to specific trading arenas such as the New York Stock Exchange, NASDAQ, and several foreign security markets, examining the competition among these markets for the patronage of security traders. We consider the costs of trading in these markets, the quality of trade execution, and the ongoing quest for cross-market integration of trading.?We then turn to the essentials of some specific types of transactions, such as buying on margin and short-selling stocks. We close the chapter with a look at some important aspects of the regulations governing security trading, including insider trading laws and the role of security markets as self-regulating organizations.3.1 How Firms Issue SecuritiesWhen firms need to raise capital they may choose to sell or?float?securities. These new issues of stocks, bonds, or other securities typically are marketed to the public by investment bankers in what is called the?primary marketNew issues of securities are offered to the public here..?Trading of already-issued securities among investors occurs in the?secondary marketAlready existing securities are bought and sold on the exchanges or in the OTC market..?Trading in secondary markets does not af