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, ...
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.
作者简介
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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...
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.
原文摘录
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The work performed in the middle office can best be described as "order control". Broker/dealers that are heavily automated employ this function to verify different aspects of a client's order to purchase and sell securities. The order control system verifies the authenticity of the client and the security while keeping track of the order as it goes througth the execution process...this process includes the employment of a client master database, a security master database, and an order match system. (查看原文)
On the other hand, the CMO is similar to the stack of automobile tires. If we had interest in a tire in the middle of a five-tire stack, that tire would not be obtainable until the two tires above it were removed. If the tires were removed and used one at a time and the next tir wasn't removed until the tire being used was worn out, the third tire wouldn't come into play until the first two tires ahead of it were worn out.
...
CMOs were first offered by the Federal Home Loan Mortgage Corporation (Freddie Mac). They initially appealed to those who wanted better control of their cash flows than was provided by passthroughs. It also made the instrument more appealing to different sectors of the market. For example, an investor looking to acquire an instrument for a few years whould not inves... (查看原文)
0 有用 eleholic 2024-01-13 22:45:18 广东
草草读完了。不太确定这个东西和实务之间有多大gap
0 有用 J·文森特 2013-08-08 06:13:19
FINISHED IN LESS THAN TWO WEEKS HELL TO THE YEAH. DEFINITELY WILL READ AGAIN AND AGAIN AND KEEP AS REFERENCE.
0 有用 以游🦊 2021-08-23 11:56:29
讲券商清算环节的，需要一定会计常识，不然当入门书读有点吃力。
0 有用 戴尼尔 2010-12-13 03:56:36
豆瓣居然有这本书的。。。
0 有用 eleholic 2024-01-13 22:45:18 广东
草草读完了。不太确定这个东西和实务之间有多大gap
0 有用 以游🦊 2021-08-23 11:56:29
讲券商清算环节的，需要一定会计常识，不然当入门书读有点吃力。
0 有用 J·文森特 2013-08-08 06:13:19
FINISHED IN LESS THAN TWO WEEKS HELL TO THE YEAH. DEFINITELY WILL READ AGAIN AND AGAIN AND KEEP AS REFERENCE.
0 有用 戴尼尔 2010-12-13 03:56:36
豆瓣居然有这本书的。。。