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1、THE MARKETPLACE,CHAPTER THREE,Practical Investment Management Robert A. Strong,Outline,The Role of the Capital Markets Economic Function Continuous Pricing Function Fair Pricing Function The Exchanges National Exchanges Regional Exchanges Trading Systems The Specialist System SuperDOT and NYSE Direc
2、t+ Marketmakers Circuit Breakers and Trading Curbs,The Nasdaq Stock Market The Small Order Execution System (SOES) The Nasdaq National Market The Nasdaq Small Cap Market The Over-the-Counter Market Over-the-Counter Bulletin Board (OTCBB) Pink Sheet Stocks Third and Fourth Markets,Outline,Regulation
3、The Exchanges The SEC Background Primary Acts The NASD SIPC Ethics Illegal vs. Unethical The Chartered Financial Analyst Program History The CFA Program Exams AIMR Standards of Professional Conduct,Outline,An exchange serves three principal functions.,The Role of the Capital Markets,Continuous Prici
4、ng Function Fair Pricing Function,Economic Function,Even in the days before perestroika, socialism was never a monolith. Within the Communist countries, the spectrum of socialism ranged from the quasi-market, quasi-syndicalist system of Yugoslavia to the centralized totalitarianism of neighboring Al
5、bania. One time I asked Professor von Mises, the great expert on the economics of socialism, at what point on this spectrum of statism would he designate a country as “socialist“ or not. At that time, I wasnt sure that any definite criterion existed to make that sort of clear-cut judgment. And so I
6、was pleasantly surprised at the clarity and decisiveness of Misess answer. “A stock market,“ he answered promptly. “A stock market is crucial to the existence of capitalism and private property. For it means that there is a functioning market in the exchange of private titles to the means of product
7、ion. There can be no genuine private ownership of capital without a stock market: there can be no true socialism if such a market is allowed to exist.“ - Murray Rothbard, from Making Economic Sense,Economic Function,Capital markets facilitate the flow of capital from savers to borrowers.,Economic Fu
8、nction,Economic Function: An Example,Economic Function: An Example,The primary market is the “new securities” market where securities are sold to the public for the first time.,The secondary market is the “used securities” market, where previously issued securities are traded among security holders.
9、,Economic Function,Dollar Holdings Investor Group (billions) % of Total Household sector $6,579 38.70% State/local governments 115 0.68 Rest of world 1,712 10.07 Bank trusts/estates 315 1.85 Life insurance companies 938 5.52 Other insurance companies 179 1.05 Private pension funds 1,999 11.76 State/
10、local retirement funds 1,937 11.39 Mutual funds 3,226 18.98 Total $17,000 100.00,Economic Function,Capital markets enable market participants to get accurate, up-to-date price information.,Continuous Pricing Function,Capital markets remove the fear that people have of buying or selling at a rip-off
11、price. The greater the number of participants and the more formal the marketplace, the “fairer” the price.,Fair Pricing Function,Functions of the Capital Markets Fair price function Continuous pricing function Economic function,The Role of the Capital Markets,The Exchanges,Trading Systems,Specialist
12、s are charged with making a fair and orderly market in one or more assigned securities at posts on the exchange floor. SuperDot and NYSE Direct+ are electronic systems enabling NYSE firms to send market and limit orders directly to the specialists posts. Marketmakers are groups of competing individu
13、als who maintain a fair and orderly market through open outcry trading in pits on the exchange floor.,Both trading curbs and circuit breakers are designed to reduce temporary volatility in the market.,At the NYSE, when the Dow Jones Industrial Average fluctuates by more than 2%, the circuit breaker
14、is activated and computerized trading becomes restricted. When a trading curb is triggered, all trading at the exchange is halted.,Circuit Breakers and Trading Curbs,The Nasdaq (National Association of Securities Dealers Automated Quotations) market is a worldwide computerized linkup of brokerage fi
15、rms, investment houses and large commercial banks. The Nasdaq market is sometimes still erroneously called the over-the-counter (OTC) market.,The Nasdaq Stock Market,The Nasdaq Stock Market,In Nasdaq trading, bids and offers for securities ranging from small unfamiliar firms to some of the largest c
16、ompanies in the world are posted to an electronic bulletin board. Trades of up to 1,000 shares can be executed in less than one minute via the Small Order Execution System (SOES).,The Nasdaq stock market comprises two distinct markets: The Nasdaq National Market. The largest and most established firms in the Nasdaq market are the national market issues. The Nasdaq Small Cap Market. These small-cap issues have a low l
