After the Trade Is Made, Revised Ed.

The fully updated classic guide to the mechanics of securities processinga must for professional investors This third edition of After the Trade Is Made reflects the changes that have taken place in recent years as a result of new products, technological breakthroughs, and the globalization of the securities industry. Comprehensive and easy to understand, it provides brokers, operations personnel, and individual investors with definitive and up-to-the-minute explanations of each step in the trading processfrom the moment a customer decides to buy or sell a security through the final requirements of record keeping. Written for both securities professionals and individual investors, whether domestic or in other countries, this new edition clearly explains the core of underwritings, new and established trading markets, transaction processing, margin, and morewhile providing critical insights into the most recent wave of industry changes.

David M. Weiss, a veteran securities professional, traces the entire process of buying or selling a security, from order management to transaction processing to the final posting on the firm's books and records. He covers the specialized attributes of each function in a typical brokerage firm, as well as their relationships with commercial banks, transfer agents, clearing corporations, and depositories.

After the Trade Is Made is the definitive resource for anyone eager to understand and confidently navigate the vast and often surprising world of securities.

Autorentext

David M. Weiss has been active in the brokerage industry for more than thirty-five years. Currently an independent consultant and lecturer, he was formerly the director of business, industry, and product training for a major international investment bank, vice president of new products for a primary marketplace, and chief operations officer of a broker dealer as well as holding other management positions.

Klappentext

The fully updated classic guide to the mechanics of securities processing—a must for professional investors This third edition of After the Trade Is Made reflects the changes that have taken place in recent years as a result of new products, technological breakthroughs, and the globalization of the securities industry. Comprehensive and easy to understand, it provides brokers, operations personnel, and individual investors with definitive and up-to-the-minute explanations of each step in the trading process—from the moment a customer decides to buy or sell a security through the final requirements of record keeping.Written for both securities professionals and individual investors, whether domestic or in other countries, this new edition clearly explains the core of underwritings, new and established trading markets, transaction processing, margin, and more—while providing critical insights into the most recent wave of industry changes.

David M. Weiss, a veteran securities professional, traces the entire process of buying or selling a security, from order management to transaction processing to the final posting on the firm's books and records. He covers the specialized attributes of each function in a typical brokerage firm, as well as their relationships with commercial banks, transfer agents, clearing corporations, and depositories.

After the Trade Is Made is the definitive resource for anyone eager to understand and confidently navigate the vast and often surprising world of securities.

Inhalt

After The Trade Is Made, Revised Ed.Preface Chapter I. Overview of the Industry I-A. Broker/Dealers

I-A-1. What Are Broker/Dealers? I-A-2. What Are the Types of Broker/Dealers? I-A-3. What Are the Component Parts of a Typical Broker/Dealer? I-A-3-a. Front Office I-A-3-b. Middle Office I-A-3-c. Back Office I-A-3-d. Other Key Components I-B. The Markets I-B-1. What Are Markets? I-B-2. What Is a "Two-Sided" Market? I-B-3. The Different Marketplaces I-C. Industry Regulators I-C-1. Who Are the Regulators? I-C-1-a. Securities and Exchange Commission I-C-1-b. State Regulators I-C-1-c. Self-Regulatory Organizations (SROs) I-C-1-d. The Commodities Futures Trading Commission I-C-1-e. Other Regulators I-D. Required Examinations I-E. Regulatory Reporting

I-E-1. Net Capital I-E-2. Customer Protection I-E-3. FOCUS I-F. Who Are Our Clients? I-F-1. Clients Who Provide Product I-F-2. Types of Clients I-F-3. Main Categories of Clients I-F-4. Types of Accounts I-G. What Are The Industry Organizations? I-G-1. Depositories I-G-2. Clearing Corporations I-G-3. Industry Utilities I-G-4. Banks I-G-5. The Bond Market Association (TBMA) I-G-6. Security Industry Association (SIA) Chapter II. Products That We Offer II-A. Corporate Securities

II-A-1. Common Stock II-A-1-a. Voting II-A-1-b. Dividends II-A-1-c. Underwriting II-A-1-d. Trading of Common Stock II-A-1-e. Common Stock as an Investment Vehicle II-A-2. Preferred Stock II-A-2-a. Dividends II-A-2-b. Underwriting II-A-2-b-i. Dividend Rate II-A-2-b-ii. Cumulative and Noncumulative Dividends II-A-2-b-iii. Callable II-A-2-b-iv. Convertible II-A-2-b-v. Participating II-A-2-b-vi. Adjustable-Rate Preferred II-A-2-b-vii. Reverse Floating Rate II-A-2-b-viii. Putable Preferred II-A-2-b-ix. Self-Liquidating Preferred II-A-2-c. Summary of Preferred II-A-3. Rights and Warrants II-A-3-a. Rights II-A-3-a-i. Cum Rights II-A-3-b. Ex-Rights II-A-3-c. Arbitrage II-A-3-d. Warrants II-A-3-e. The Certificate II-A-4. Corporate Bonds and Notes II-A-4-a. Payment of Interest II-A-4-b. The Marketplace II-A-4-c. Pricing of a Corporate Bond II-A-4-c-i. Accrued Interest II-A-4-d. Bond Ratings II-A-4-e. Indenture II-A-4-f. Retiring Bonds II-A-4-g. Bond Security II-A-4-g-i. Mortgage Bonds II-A-4-g-ii. Collateral Trust Bonds II-A-4-g-iii. Equipment Trust Bonds II-A-4-g-iv. Debenture Bonds II-A-4-h. Registration II-A-4-i. Default II-A-4-j. Other Bond Features II-A-4-j-i. Callable Bonds II-A-4-j-ii. Convertible Bonds II-A-4-j-iii. Zero-Coupon and Floating-Rate Bonds II-A-4-k. Bonds and Notes Summary II-A-5. Commercial Paper II-A-5-a. Issuance II-A-5-b. Trading II-A-5-c. Settlement II-A-5-d. Handling the Certificates II-A-5-e. Financing II-A-5-f. Maturity II-B. Municipal Securities II-B-1. The Competitive Underwriting II-B-2. Offering of Municipal Bonds II-B-3. The Effect of Income Tax Rates II-B-4. Municipal Bonds II-B-4-a. Trading Municipal Bonds II-B-4-b. Basis Pricing II-B-4-c. Types of Municipal Bonds II-B-5. Municipal Notes II-B-6. Municipal Securities Summary II-C. U.S. Treasury Instuments II-C-1. The Fed Auction II-C-2. U.S. Treasury Bonds and Notes II-C-3. Treasury Strips II-C-4. U.S. Treasury Bills II-C-5. Settlement II-C-6. U.S. Treasury Instruments Summary II-D. Mortgage-Backed and Asset-Backed Securities II-D-1. Role of Mortage Banker II-D-2. TBAs/Forwards II-D-3. Modified Passthroughs II-D-4. Collateralized Mortgage Obligations (CMOs) II-D-5. Interest Only/Principal Only II-D-6. Puts, Calls, and Standbys II-D-7. Asset-backed Securities (ABSs) II-E. Bank-issued Securities II-E-1. Bankers' Acceptances (BAs) II-E-1-a. Use in Importing II-E-1-b. Trading II-E-2. Certificates of Deposits (CDs) II-E-2-a. Types of CDs II-E-2-b. Trading II-E-2-c. Interest II-E-3. Asset-backed Securities and Private Label II-F. Mutual Funds II-F-1. Open- and Closed-End Funds II-F-2. Net Asset Value versus Market Value II-F-3. Load versus No-Load II-F-3-a. Load Funds II-F-3-b. No-Load Funds II-F-3-c. ABC Funds II-F-3-d. Quotes II-F-4. Rule 12b-1 II-F-5. Bond Units II-F-6. Money Market Funds II-F-7. Mutual Funds Summary II-G. Exchange-Traded Funds (ETFS) II-G-1. Types of ETFs II-G-2. How They Are Named II-G-3. Characteristics of ETFs II-H. Hedge Funds II-H-1. Goals of Hedge Funds II-H-2. Pricing Hedge Funds II-I. Options II-I-1. Listed versus OTC Options II-I-2. American versus European Forms II-I-3. Equity Options II-I-4. Debt or Interest Rate Options II-I-4-a. U.S. Treasury Bill Opti…