买卖证券开一个帐户现金盖上提款security tradingCH2安全交易.pptx

1.2BuyingandSellingSecuritiesOpeninganAccountCashAccounts(coverwithdrawals)MarginAccounts(overdraftprivileges)Hypothecationagreement:securitiesascollateralforloansStreetname:brokeragefirmasownerofsecurityChoosingaBrokerFull-serviceDiscountOnlineBrokersTypesofOrdersMarket(executedimmediatelyatthecurrentmarketprice)Limit(ifthepricedropsbelowx,thenbuy;ifthepricerisesabovex,thensell)Stoploss(ifthepricedropsbelowx,thensell;ifthepricerisesabovex,thenbuy)

MarginPurchase(financialleverage)Expectation:stockpricewillriseinthenearfuture.InitialMarginActualMargin(markedtomarket;lossofbrokerforpricedropping)=Equity/MarketValueofPositionMaintenanceMarginMarginCall(newcashorsecuritiesintotheaccount)ShortSalesPurpose:toprofitfromadeclineinthepriceofastockorsecurityRules:Shortsalemustbeidentifiedtotheexchange“Markedtomarket”eachdayExecutedonlyonanuptickSecuritiessourcesBrokeragefirmsInstitutionalinvestorsPersonalinvestors’marginaccount

XCorp $5060% InitialMargin25% MaintenanceMargin100 SharesPurchasedInitialPositionStock$5,000Borrowed $2,000Equity$3,000(0.6?50?100)MarginTrading-InitialConditions

MarginTrading-ActualMarginStockpricefallsto$40pershareNewPositionStock$4,000Borrowed$2,000Equity$2,000ActualMargin%=$2,000/$4,000=50%*WhathappenifStockpricefallsto$15pershare?

MarginTrading-MarginCallHowfarcanthestockpricefallbeforeamargincall?(100P-$2,000)*/100P=25%P=$26.66*100P-AmountBorrowed=Equity

XYZBrockLaneDividends,annualreports,votingrightForwardseverythingShortSalesMechanism1.Beforetheshortsale

XYZBrockLane2.TheshortsaleNotifiedthatMr.JonesnowownsstockAllowsstocktobelentSmithProvidesinitialmarginShortsaleorderJonesReceivesstockcertificatePayspurchaseprice