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Primary Market

Primary Market. Investment Banking Process Basic services: Advice Underwriting Distribution Competitive Underwriting Negotiated underwritng Private Placement Public Placement Issuing Costs. Secondary Market. The NYSE Commission Brokers Floor Brokers Registered Traders Specialists

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Primary Market

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  1. Primary Market • Investment Banking Process • Basic services: • Advice • Underwriting • Distribution • Competitive Underwriting • Negotiated underwritng • Private Placement • Public Placement • Issuing Costs

  2. Secondary Market • The NYSE • Commission Brokers • Floor Brokers • Registered Traders • Specialists • Maintain limit order book • market making • Listing Requirements • Super DOT system • The American Stock Exchange and other regional exchanges

  3. Secondary Markets (cont’d) • The Over-the-counter Market • NASDAQ • The Third Market • The Fourth Market • Instinet • POSIT

  4. Types of Orders • Round lot vs odd lot • market order • limit order • stop order • day order • good-till-cancelled order • program trading • block trades

  5. Margin trades • Initial margin • Maintenance margin • Actual margin • Short sales • Types of trading costs • Bid-asked spreads • Commissions • Price impacts • Tax effects

  6. Security Market Regulation • Securities and Exchange Commission • Commodity Futures Trading Commission • Security Investors Protection Corporation

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