资本市场和金融机构7.pptVIP

Ch 4 Securities Firms (Based on Saunders et al, 2006) Outline Definition Quick Facts Dimensions of Investment Banking and Activities Balance Sheet Examples of Derivatives Regulations Venture Capital Conclusions 1. Securities Firms Also called investment dealers (Canada) Main functions: 1. Help issuers raise funds by selling debt, equity, and derivative securities directly to ultimate investors (investment banking) 2. Help investors in the trading of securities (broker/dealers) 2. Quick Facts The Canadian securities industry plays a key role in assisting corporations and governments to raise capital In 2001 the securities dealer affiliates of the six major domestic banks and one major U.S. dealer, generated over 70 per cent of the industry’s revenues. With the current financial meltdown it has decreased drastically. Significant growth in 1990s; at end of 2008 included 216 firms Toronto Stock Exchange (TSX) Equity exchange 1,541 listed stocks; Market capitalization C$1.3 trillion (March 2009) Approximately 300 firms are cross-listed in major U.S. exchanges (Nasdaq, NYSE, Amex). Currently, it is very costly to list and issue equity in the US to comply with corporate governance regulations such as the Sarbanes-Oxley Act enacted to avoid the occurrence of fraudulent firms, e.g., Enron. Montreal Exchange (ME). Derivatives:stock index options, bond futures and stock options (e.g. 161 options on stocks May 2009. TSX Venture Exchange: 2,269 listings junior equity; market capitalization C$ 20.7 billion (March 2009). CNSX. Canadian National Stock Exchange: 48 issues with Market capitalization above C$1 billion) Toronto Stock Exchange Volume and Transactions (2004-2008) Volume Transactions 2004 40.3 billion 61.3 million 2005 55.2 64.2.7 2006 85.7 82.0 2007 118.6 96.1 2008 182.9