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After the Trade Is Made: Processing Securities Transactions

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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, techno … weiterlesen

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Titel: After the Trade Is Made: Processing Securities Transactions
Autor/en: David M. Weiss

ISBN: 1591841275
EAN: 9781591841272
Empfohlen ab 18 Jahre.
Sprache: Englisch.

September 2006 - gebunden - 509 Seiten


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.


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-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 Options
II-I-4-b. U.S. Treasury Note and Bond Options
II-I-5. Index Options
II-I-6. Foreign Currency Options
II-I-7. Settlement
II-I-8. Option Clearing Corporation (OCC)
II-I-9. Expiration
II-J. Futures and Forwards
II-J-1. Futures Contracts
II-J-1-a. Types of Futures Contracts
II-J-1-b. Settlement
II-J-1-c. Margin
II-J-1-d. Margin Requirements
II-J-1-d-i. Clearing Corporation Margin Requirements
II-J-1-d-ii. Brokerage Firm Margin Requirements
II-J-1-e. Types of Margin
II-J-1-f. Delivery
II-J-1-g. Daily Trading Limits
II-J-2. Forward Contracts
II-K. Swaps
II-K-1. Interest Rate Swaps
II-K-2. Currency Swaps
II-K-3. Commodity Swaps
II-K-4. Swaps Summary
II-L. Currency
II-L-1. What Is Foreign Exchange (FX)?
II-L-2. Users of the Market
II-L-3. Derivatives
II-L-4. Settlement
II-M. American Depositary Receipts (ADRs), American Depositary Shares (ADSs), and Global Depositary Receipts (GDRs)
II-M-1. American Depositary Receipts and Shares
II-M-2. Global Depositary Receipts
II-N. Restricted Stock
II-N-1. Rule 144 Stock
II-N-2. Rule 145 Stock
II-N-3. Rule 144A Stock
II-O. Summary of Investment Products
Chapter III. The Marketplaces and Order Management
III-A. The Market

III-A-1. Agency Transaction
III-A-2. Principal Transaction
III-B. Order Routing
III-B-1. Retail Order Entry
III-B-2. Institutional Order Entry
III-B-3. Order Requirements
III-B-4. The Quote
III-B-5. The Size
III-B-6. Time Constraints of Orders
III-B-6-a. Day Order
III-B-6-b. Good Through (GTC, GTM, GTW, and so on)
III-B-7. Type of Orders
III-B-7-a. Market Order
III-B-7-b. Limit Order
III-B-7-c. Short Sales
III-B-7-d. Stop Orders
III-B-7-e. Stop Limit Order
III-B-7-f. Fill or Kill (FOK) Order
III-B-7-g. Immediate or Cancel (IOC) Order
III-B-7-h. All or None (AON) Order
III-B-7-i. Not Held (NH) Order
III-B-7-j. At the Opening Orders
III-B-7-k. On the Close Orders
III-B-7-l. Spread Orders
III-B-7-m. Straddle Orders
III-B-7-n. Combination Orders
III-B-7-o. One-Cancels-the-Other (OCO) Order
III-B-7-p. Facilitation Order
III-B-8. Conclusion
III-C. The Exchanges
III-C-1. Types of Exchanges
III-C-2. The New York Stock Exchange
III-C-2-a. House Brokers
III-C-2-b. Independent Brokers
III-C-2-c. Specialists
III-C-2-c-i. Making Markets
III-C-2-c-ii. Executing Orders
III-C-2-d. The Crowds on the Floor
III-C-2-e. The Auction Market
III-C-2-f. Priority, Precedence, and Parity
III-C-2-f-i. Priority
III-C-2-f-ii. Precedence
III-C-2-f-iii Parity
III-C-2-g. The Specialist's BookIII-C-3. The American Stock Exchange (AMEX)
III-C-4. Chicago Board Option Exchange
III-C-4-a. Opening Rotation
III-C-4-b. The Floor
III-C-4-c. Executing Orders
III-C-4-c-i. Time and Date Entered
III-C-4-c-ii. Buy or Sell
III-C-4-c-iii. Open or Close
III-C-4-c-iv. Quantity, Type, Class, and Series of Option
III-C-4-c-v. Customer, Firm, Market Maker/Specialist
III-C-4-c-vi. Firm Name or Designation
III-C-5. The International Security Exchange
III-C-6. The Future Exchanges
III-D. The Over-The-Counter (OTC) Market
III-D-1-a. NASDAQ Systems
III-D-1-a-i. SOES
III-D-1-a-ii. ACES
III-D-1-a-iii. CAES
III-D-2. Other Over-the-Counter Equity Markets
III-D-2-a. Bulletin Board Securities
III-D-2-b. Electronic Commerce Networks (ECNs) and Alternate Trading Systems (ATSs)
III-D-3 The Debt Market
III-D-3-a. The Corporate Bond Market
III-D-3-b. The Municipal Bond Market
III-D-3-c. The Treasury Market
III-D-3-d. The Mortgage-Backed and Asset-Backed Securities Markets
III-D-3-e. Money Market Instruments
III-D-4. The Derivative Market
III-D-4-a. Options
III-D-4-b. Forwards
III-E. The Third Market
III-F. The Fourth Market
III-G. Odd Lots

Chapter IV. The Trade-Processing System
IV-A. Order Management System
IV-B. Client Account Control

IV-B-1. New Accounts/Name and Address
IV-B-1-a. New Account Form
IV-B-1-a-i. Terms and Conditions
IV-B-1-a-ii. Client Information
IV-B-1-a-iii. Standing Instructions
IV-B-1-a-iv. Type of Account
IV-B-1-a-v. Client's Signature Block
IV-B-1-b. Types of Accounts
IV-B-2. Client Master Database Information Gathering
IV-B-2-a. Data Entry (NAOW)
IV-B-2-b. Automated Client Account Transfer System (ACATS)
IV-B-2-c. Account Opening Procedure
IV-B-2-d. Account Maintenance
IV-B-2-e. Institutional Accounts/SID/ALERT
IV-C. Security Properties Control
IV-C-1. Security Master Database
IV-C-2. Security Master Database Information Gathering
IV-D. Coding
IV-D-1. Unique Number
IV-E. Trade Figuration
IV-E-1. Agency versus Principal Transactions
IV-E-2. Regualtory Fee
IV-E-3. Equity Trade Figuration
IV-E-4. Bond Figuration
IV-E-5. Money Market Instruments
IV-F. Comparison
IV-F-1. Order Management System
IV-F-2. Equity Comparison
IV-F-3. Workings of the Clearing Corporation
IV-F-3-a. National Securities Clearing Corporation
IV-F-3-a-i. Principal Transactions
IV-F-3-a-ii. Market-Maker Trades
IV-F-3-a-iii. Agency Transactions
IV-F-3-a-iv. Principal Transactions (Modified)
IV-F-3-b. Equity Transaction Comparison
IV-F-3-b-i. What Is Being Compared?
IV-F-3-b-ii. Types of Comparison
IV-F-3-c. Regular Way Contract
IV-F-3-d. Trade Reporting and Compliance Engine (TRACE) Comparison
IV-F-4. Netting
IV-F-5. Continuous Net Settlement (CNS)
IV-G. Balancing of The Customer Side
IV-H. Fixed-Income Clearing Corporation

IV-H-1. Forwards and TBAs
IV-H-2. Mortgage-Backed Security Division of Fixed Income Clearing Corporation
IV-H-2-a. The Allocation
IV-H-3. Government Security Division of Fixed Income Clearing Corporation (GSD)
IV-I. Options
IV-I-1. OTC Options Comparison
IV-I-2. Listed Option Comparison
IV-I-2-a. ROTNs
IV-I-3. Posistion Reconcilement
IV-I-4. Option Exercise
IV-I-5. Ex by Ex
IV-J. Futures Comparison
IV-K. Trade Confirmation

Chapter V. Margin
V-A. Cash Versus Margin Purchases
V-B. Terminology
V-C. Cash Account
V-D. Margin Account
V-E. A Brief Lesson In Margin

V-E-1. Regulation T ("Reg T")
V-E-2. Maintenance Rules
V-E-3. Loan Value
V-E-4. Margin Excess and Buying Power
V-E-5. Minimum Maintenance Requirement
V-E-6. Restricted Accounts
V-E-7. Special Memorandum Account (SMA)
V-F. Margin-Long Position
V-F-1. Reg T Excess
V-F-2. Buying Power
V-F-3. Minimum Maintenance Requirement
V-F-3-a. A Working Illustration
V-G. Margin-Short Sales
V-G-1. Required Margin
V-G-2. Mark to the Market
V-G-3. Maintenance Requirement
V-H. Maintenance Excess
V-I. Day Trading
V-J. The Margin/Credit Department as Part of Client Relationship Management

V-J-1. Account Maintenance
V-J-2. Sales Support
V-J-3. Clearance for Issuance of Checks
V-K. Margin Department's Daily Routine
V-K-1. Reports to Produce
V-K-1-a. Exception Report
V-K-1-b. Items Due
V-K-2. Extensions
V-K-3. Close-Outs
V-K-4. Delivery of Securities
V-K-5. The Margin/Credit Workstation
V-L. Option Margin
V-L-1. Option Margin Theory
V-L-2. Margin Calculation for an Uncovered Equity Option
V-L-3. Margin for Spread Positions
V-L-4. Margin for Straddle or Combo Positions
V-M. Future Margin
V-M-1. Standard and Maintenance Margin
V-M-2. Mark to the Market
V-M-3. Variation Margin
V-M-4. Delivery and Payment
V-M-5. Standard Portfolio Analysis of Risk (SPAN) Margin
Chapter VI. Settlement
VI-A. Segregation (SEG)
VI-B. Receive and Deliver

VI-B-1. Preparation for Settlement
VI-B-2. Settlement Cycle Begins
VI-B-2-a. The Projection Report
VI-B-2-b. The Seg Report
VI-B-2-c. Seg Control
VI-B-2-d. Needs Analysis Report
VI-C. Fail To Receive/Fail To Deliver
VI-D. Financing Positions

VI-D-1. Bank Loan
VI-D-2. Stock Loan
VI-D-3. Stock Borrows
VI-D-4. Repos
VI-D-4-a. Government Security DIvision (GSD) of FICC GCF Repo Service
VI-D-4-b. Matched Book
VI-D-5. Letters of Credit
VI-D-6. Unsecured Loans
VI-E. Custodial Services
VI-E-1. Safekeeping
VI-E-2. Customer Seg
VI-E-3. Exemptions
VI-F. Settlements of Mortgage-Backed Securities
VI-F-1. GNMA Passthrough Securities
VI-F-2. Electronic Pool Notification (EPN)
VI-G. Settlement with GSCC and The FED
VI-H. Option Settlement

VI-H-1. Daily Activity Settlement
VI-H-2. OCC Margin
VI-H-3. Expiration
VI-I. Institutional Settlement
VI-I-1. Trade Suite, OASYS, Omgeo
VI-I-2. Alert and SID
VI-J. Mutual Fund Settlement
VI-J-1. Clearance
VI-J-1-a. Closed-End Fund Transacton Clearance
VI-J-1-b. Open-End Fund Transaction Clearance
VI-J-2. Acquiring Fund Shares
VI-J-2-a. FundServ
VI-J-2-b. Mutual Fund Profile Service (MFPS)
VI-J-2-c. ACATS/FundServ
VI-J-3. Defined Contribution
Chapter VII. Custodial Services
VII-A . Automated Customer Account Transfer Systems (ACATS)
VII-B. Transfers
VII-C. Standing Instructions
VII-D. Dividends and Bond Interest
VII-E. Corporate Actions (AKA Reorganizations)

VII-E-1. Mergers
VII-E-2. Acquisitions
VII-E-3. Tender Offers
VII-E-4. Stock Splits
VII-E-5. Reverse Stock Splits
VII-E-6. Spinoffs
VII-E-7. Processing Corporate Actions
Chapter VII. Role of the Banks
VIII-A. Custodian
VIII-B. Financing

VIII-B-1. Collateralized Loans and Hypothecation
VIII-B-2. Letters of Credit
VIII-B-3. Lines of Credit
VIII-C. Transfer Agent
VIII-D. Registrar
VIII-E. Paying Agent
VIII-F. Product Issuer

VIII-F-1. Commercial Paper
VIII-F-2. Certificates of Deposit
VIII-F-3. Bankers' Acceptances
VIII-F-4. Asset-Backed and Mortgage-Backed Securities and Whole Loans
VIII-G. Foreign Exchange
VIII-H. Client

Chapter IX. Cash Accounting
IX-A. The Accounting Process
IX-B. Account Categories
IX-C. Debits and Credits
IX-D. Journal and Ledger

IX-D-1. Journal Entries
IX-D-2. Ledger Account
IX-D-3. Trial Balance
IX-D-4. Profit and Loss Statement and Balance Sheet
Chapter X. Brokerage Accounting
X-A. Cash Moves The Security
X-B. Location Accounts
X-C. Offset To Short Sales
X-D. Chart of Brokerage Accounts

Chapter XI. Stock Record
XI-A. Types of Stock Records

XI-A-1. Activity Stock Record
XI-A-2. Summary Stock Record
XI-A-3. Trade Date Stock Record
XI-B. Breaks and Illogical Positions
XI-C. Account Nomenclature

Chapter XII. General Ledger
XII-A. Daily Cash Report
XII-B. General Business
XII-C. Trial Balance
XII-D. Profit and Loss Statement
XII-E. Balance Sheet
XII-F. Statement of Cash Flow

Chapter XIII. Regulatory Reporting
XIII-A. Net Capital and Aggregate Indebtedness (Rule 15c3-1 of The 1934 Securities and Exchange Act)

XIII-A-1. The Broker/Dealer's Capital
XIII-A-2. Computation of Net Capital
XIII-B. Customers Protection-Reserves and Custody of Securities (Rule 15c-3-3 of The 1934 Securities and Exchange Act)
XIII-C. Focus

Chapter XIV. Conclusion


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.
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