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1、FinalPDFtoprinterCHAPTERTHREEHowSecuritiesAreTraded3THISCHAPTERWILL provideyouwithabetweendealermarkets,electronicmarkets,broadintroductiontothemanyvenuesandandspecialistmarkets.Withthisbackground,proceduresavailablefortradingsecuritiesinweconsiderspecifictradingarenassucha
2、sthetheUnitedStatesandinternationalmarkets.NewYorkStockExchange,NASDAQ,andsev-Wewillseethattradingmechanismsrangeeralall-electronicmarkets.Wecomparethefromdirectnegotiationamongmarketpartic-mechanicsoftradeexecutionandtheimpactipantstofullyautomatedcomputercrossingofcross-m
3、arketintegrationoftrading.oftradeorders.WethenturntotheessentialsofsomeThefirsttimeasecuritytradesiswhenitisspecifictypesoftransactions,suchasbuyingissuedtothepublic.Therefore,webeginwithonmarginandshort-sellingstocks.Weclosealookathowsecuritiesarefirstmarketedtothechapterw
4、ithalookatsomeimportantthepublicbyinvestmentbankers,themidwivesaspectsoftheregulationsgoverningsecurityofsecurities.Weturnnexttoabroadsurveyoftrading,includinginsidertradinglawsandhowalready-issuedsecuritiesmaybetradedtheroleofsecuritymarketsasself-regulatingamonginvestors,
5、focusingonthedifferencesorganizations.3.1HowFirmsIssueSecuritiesFirmsregularlyneedtoraisenewcapitaltohelppayfortheirmanyinvestmentprojects.Broadlyspeaking,theycanraisefundseitherbyborrowingmoneyorbysellingsharesinthefirm.Investmentbankersaregenerallyhiredtomanagethesaleofth
6、esesecuritiesinwhatiscalledaprimarymarketfornewlyissuedsecurities.Oncethesesecuritiesareissued,however,investorsmightwellwishtotradethemamongthemselves.Forexample,PARTIyoumaydecidetoraisecashbysellingsomeofyoursharesinAppletoanotherinvestor.Thistransactionwouldhavenoimpacto
7、nthetotaloutstandingnumberofAppleshares.Tradesinexistingsecuritiestakeplaceinthesecondarymarket.Sharesofpubliclylistedfirmstradecontinuallyonwell-knownmarketssuchastheNewYorkStockExchangeortheNASDAQStockMarket.There,anyinvestorcanchoosetobuysharesforhisorherportfolio.Thesec
8、ompaniesarealsocalledpubliclytraded,publiclyowned,orjustpubliccompanies.Otherfirms
