By David M. Weiss
The absolutely up-to-date vintage advisor to the mechanics of securities processing—a needs to for expert traders This 3rd version of After the alternate Is Made displays the alterations that experience taken position in fresh years due to new items, technological breakthroughs, and the globalization of the securities undefined. accomplished and simple to appreciate, it offers agents, operations team of workers, and person traders with definitive and up to the moment factors of every step within the buying and selling process—from the instant a purchaser makes a decision to shop for or promote a safety in the course of the ultimate specifications of list holding. Written for either securities execs and person traders, no matter if family or in different international locations, this new version basically explains the center of underwritings, new and confirmed buying and selling markets, transaction processing, margin, and more—while supplying severe insights into the main fresh wave of adjustments. David M. Weiss, a veteran securities specialist, lines the complete means of procuring or promoting a safety, from order administration to transaction processing to the ultimate posting at the firm’s books and documents. He covers the really good attributes of every functionality in a customary brokerage enterprise, as good as their relationships with advertisement banks, move brokers, clearing businesses, and depositories. After the exchange Is Made is the definitive source for a person desirous to comprehend and expectantly navigate the giant and sometimes fantastic global of securities.
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Extra info for After the Trade Is Made: Processing Securities Transactions
Unlike shareowners of fixed-income securities, who can sue for nonpayment of interest and/or initiate bankruptcy proceedings in the case of nonpayment of interest, the preferred shareowner is an owner of the company and, as such, cannot take that type of action. Such a failure to pay the required dividend also broadcasts the company’s financial difficulties to the world. Dividends on preferred stock are usually paid four times a year. As with fixed-income debt instruments, newly issued preferred stock must carry a dividend payment that is competitive with other fixed-income instruments.
There is still one major difference between the two marketplaces. Security trades on exchanges, such as the New York Stock Exchange or the International Security Exchange for the public, are executed on an agency basis. That means that a broker, who has no financial interest in the trade, executes the public order against another broker and charges a commission for the service. The over-the-counter market is primarily a principal (dealer’s) market where public orders are executed against market makers who have a financial commitment to the particular product.
Here’s an example: Stone, Forrest & Rivers is a market maker. 30 for shares of ABBAB common stock. 10 per share. That is Dan’s bid. 30 per share. That is Dan’s offer. 00 per hundred shares on the normal trading unit of 100 shares. Dan can also make a profit by properly maintaining a position in these securities. Let’s assume Dan is of the opinion that ABBAB will rise in value. He will maintain a position by buying more shares initially than he is selling. After the desired position is attained, Dan tries to balance his buy-and-sell trades by adjusting his bid and offers.
After the Trade Is Made: Processing Securities Transactions by David M. Weiss