ofSecuritiesMarkets中文4证券市场组织与运作_图

LecturePresentationSoftwaretoaccompanyInvestmentAnalysisandPortfolioManagementSeventhEditionbyFrankK.Reilly&KeithC.BrownChapter4Chapter4OrganizationandFunctioningofSecuritiesMarketsQuestionstobeanswered:•Whatisthepurposeandfunctionofamarket?•Whatarethecharacteristicsthatdeterminethequalityofamarket?•Whatisthedifferencebetweenaprimaryandsecondarycapitalmarketandhowdothesemarketssupporteachother?Chapter4OrganizationandFunctioningofSecuritiesMarkets•Whatarethenationalexchangesandhowarethemajorsecuritymarketsbecominglinked(whatismeantby“passingthebook”)?•Whataretheregionalstockexchangesandtheover-the-counter(OTC)market?•Whatarethealternativemarket-makingarrangementsavailableontheexchangesandtheOCTmarket?Chapter4OrganizationandFunctioningofSecuritiesMarkets•Whatarethemajortypesofordersavailabletoinvestorsandmarketmakers?•WhatarethemajorfunctionsofaspecialistontheNYSEandhowdoesthespecialistdifferfromthecentralmarketmakeronotherexchanges?•Whatarethemajorfactorsthathavecausedthesignificantchangesinmarketsaroundtheworldinthepast10to15years?Chapter4OrganizationandFunctioningofSecuritiesMarkets•Whataresomeofthemajorchangesinworldcapitalmarketsexpectedoverthenextdecade?Whatisamarket?•Bringsbuyersandsellerstogethertoaidinthetransferofgoodsandservices•Doesnotrequireaphysicallocation•BothbuyersandsellersbenefitfromthemarketCharacteristicsofaGoodMarket•Availabilityofpasttransactioninformation–mustbetimelyandaccurate•Liquidity–marketability–pricecontinuity–depth•LowTransactioncosts•RapidadjustmentofpricestonewinformationOrganizationoftheSecuritiesMarket•Primarymarkets–Marketwherenewsecuritiesaresoldandfundsgotoissuingunit•Secondarymarkets–Marketwhereoutstandingsecuritiesareboughtandsoldbyinvestors.TheissuingunitdoesnotreceiveanyfundsinasecondarymarkettransactionGovernmentBondIssues•1.TreasuryBills–negotiable,non-interestbearingsecuritieswithoriginalmaturitiesofoneyearorless•2.TreasuryNotes–originalmaturitiesof2to10years•3.TreasuryBonds–originalmaturitiesofmorethan10yearsMunicipalBondIssues•Soldbythreemethods–Competitivebid–Negotiation–Privateplacement•Underwriterssellthebondstoinvestors–Origination–Risk-bearing–DistributionTheUnderwritingFunction•Theinvestmentbankerpurchasestheentireissuefromtheissuerandresellsthesecuritytotheinvestingpublic.•Thefirmchargesacommissionforprovidingthisservice.•Formunicipalbonds,theunderwritingfunctionisperformedbybothinvestmentbankingfirmsandcommercialbanksCorporateBondandStockIssuesNewissuesaredividedintotwogroups1.Seasonednewissues-newsharesofferedbyfirmsthatalreadyhavestockoutstanding2.Initialpublicofferings(IPOs)-afirmsellingitscommonstocktothepublicforthefirsttimeUnderwritingRelationshipswithInvestmentBankers1.Negotiated–Mostcommon–Fullservicesofunderwriter2.Competitivebids–Corporationspecifiessecuritiesoffered–Lowercosts–Reducedservicesofunderwriter3.Best-efforts–InvestmentbankeractsasbrokerIntroductionofRule415•Allowsfirmstoregistersecuritiesandsellthempiecemealoverthenexttwoyears•Referredtoasshelfregistrations•Greatflexibility•Reducesregistrationfeesandexpenses•Allowsrequestingcompetitivebidsfromseveralinvestmentbankingfirms•MostlyusedforbondsalesPrivatePlacementsandRule144A•Firmssellstoasmallgroupofinstitutionalinvestorswithoutextensiveregistration•LowerissuingcoststhanpublicofferingWhySecondaryFinancialMarketsAreImportant•Providesliquiditytoinvestorswhoacquiresecuritiesintheprimarymarket•Resultsinlowerrequiredreturnsthanifissuershadtocompensateforlowerliquidity•HelpsdeterminemarketpricingfornewissuesSecondaryBondMarket•SecondarymarketforU.S.governmentandmunicipalbonds–U.S.governmentbondstradedbybonddealers–Banksandinvestmentfirmsmakeupmunicipalmarketmakers•Secondarycorporatebondmarket–TradedthroughanOTCmarketFinancialFuturesBondfuturesaretradedin•ChicagoBoardofTrade(CBOT)•ChicagoMercantileExchange(CME)SecondaryEquityMarkets1.Majornationalstockexchanges–NewYork,American,Tokyo,andLondonstockexchanges2.Regionalstockexchanges–Chicago,SanFrancisco,Boston,Osaka,Nagoya,Dublin,Cincinnati3.Over-the-counter(OTC)market–StocksnotlistedonorganizedexchangeTradingSystems•Pureauctionmarket–Buyersandsellersarematchedbyabrokeratacentrallocation–Price-drivenmarket•Dealermarket–Dealersprovideliquiditybybuyingandsellingshares–DealersmaycompeteagainstotherdealersCallVersusContinuousMarkets•Callmarketstradeindividualstocksatspecifiedtimestogatherallordersanddetermineasinglepricetosatisfythemostorders•UsedforopeningpricesonNYSEifordersbuildupovernightoraftertradingissuspended•Inacontinuousmarket,tradesoccuratanytimethemarketisopenNationalStockExchanges•Largenumberoflistedsecurities•Prestigeoffirmslisted•Widegeographicdispersionoflistedfirms•DiverseclienteleofbuyersandsellersNewYorkStockExchange(NYSE)•LargestorganizedsecuritiesmarketinUnitedStates•Establishedin1817,butdatesbacktothe1792ButtonwoodAgreementby24brokers•Over3,000companieswithsecuritieslisted•Totalmarketvalueover$13trillionAmericanStockExchange(AMEX)•StartedbyagroupwhotradedunlistedstocksatthecornerofWallandHanoverStreetsinNewYorkastheOutdoorCur