- New York Stock Exchange
- an auction market and uses specialists to trade securities.
- specialists: keeping the market in equilibrium, they are required to execute all customer orders ahead of their own
- SuperDOT system is an electronic system used to place orders for stocks on the NYSE.
- NASDAQ (National Association of Security Dealers Automatic Quote System)
- an OTC market where trading is facilitated through market makers.
- Market makers: ensure there is a buyer for every sell order and a seller for every buy order at any time. The major risk is the time lapse between the two transactions; the faster he or she can make the spread the more money the market maker has the potential to make.
- ECNs network major brokerages and traders, so that they can trade between themselves without involving a middleman.
- SOES is an automatic order execution for individual traders with orders less than or equal to 1,000 shares.
- There are three levels on the Nasdaq that vary on the amount of information and access they provide to investors. (Not Fair)
- American Stock Exchange (AMEX)
- Chicago Board of Trade (CBOT)
- Commodity Exchange of New York
2. Regulation and control
- Federal Reserve
- Securities and Exchange Commission (SEC)
- Federal Deposit Insurance Corporation
- Commodity Futures Trading Commission
- Department of the Treasury
3. Market Player and Roles
- Companies & Investors
- Hedge Fund Sector
- investment advisers, investment managers, fund administrators, buy-side analysts, fund custodians, legal advisers, auditors, registrars, research analysts, transfer agents
- Mutual Fund Sector
- investment advisers, investment managers, fund administrators, buy-side analysts, fund custodians, legal advisers, auditors, registrars, research analysts, transfer agents
- Private-Equity Sector
- financial analysts and associates, portfolio managers, research analysts, accountants, and lawyers
- Venture Capital Sector
- general partners, junior partners, financial analysts, financial associates, research analysts, and accountants. Many funds have only partners and support staff
No comments:
Post a Comment