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BUS315 Ch03.pdf

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Simon Fraser University
Business Administration
BUS 315
Robert Grauer

CHAPTER 3 on Securities Markets g Tradin Limited 2011 McGraw-Hill Ryerson ©   3-2  nd  etails  ecurities  ns itutiissue  arkets the n    rders   and  irms  ecurities Summary    investHow markets  f    o  f •  arkets ostrading  f ng   pes di T pescuidiMeargegulation Objective:cs • • • • • Limited Chhaapptt•rr ©011 McGraw-Hill Ryerson   3-3     ist  rom    nd  ecurity  roceeds  arty the  roceeds    nother  o  eceive  eceives  ells  econdary issuer  oesn’t    s.  wne irmnvolved  ssu ac ale ls •eew•eythe •xxs•indirgcctyy a Primary Secondary Limited Prim Slary • • ©011 McGraw-Hill Ryerson       3-4  o g  ith s offerin  roceeds ts   on es  he   a  id ti  rrangements ego a es  fforts”    tructures commitmentmitmfirm “Best g issuer   firm  irm in     anking  s.        omp  ubankerd ids  irm  s. :   ad issuingorts:i pti ecures   egoo a ed UndterwBrtten:N inve stmaent Underwritten Negotiated • Limited Invveesst•me enntt • ©011 McGraw-Hill Ryerson 3-5 public the ,nd underwriters ,he securities Structure   issuing airm  arket between 3Relationship Limited Prriima arry Fgur  3 1Relationship between a firm issuing securities the underwriters and the public ©   3-6   to OSC     he ade  s  ith  ale  nd  IPOs)   g SA)red  n public    ros ectusngspricing SEC  f offerings:herringormPublic  fferings   investing     RedProSspertusEviPenroermance Pub(Ontario • • Initial• • • Limited Puubbllic ©011 McGraw-Hill Ryerson   3-7    he number    equiring aimited  ecurities to  ot   ons  ebt sale ui  fferings    tit  or  nvi t iit  egiytration tock  f d  ark or  lacements placement:t   ia active sophisticated  ctive PriofterotDdi VeryNot Limited Prrivaatte • • • • ©011 McGraw-Hill Ryerson 3-8  arkets  arkets transactionsr xchanges  earch     arket Block OTC Major DirBctokeredalerAucctonn  arkets • • • •  f Limited Tyypeess ©011 McGraw-Hill Ryerson 3-9    etails  rders securities.   in  nd institutional    arkets  he  arkets  nves ecu ities explain  ecurities  eminder   issue  f y  o   Typpesscosts •    rading  irms  echanics ow Sec• •ri•is•genulLimited Summar Objective: ©011 McGraw-Hill Ryerson • 3-10  arkets   search     DirectoDerAerction • • • •  econdary  f Limited  011 McGraw-Hill Ryerson Tyypees © 3-11 to   how    n  rokers  imit)  he rder  o  ‐y,  rders  he y of ‐oss,ir    ont nge t InscompletekitetopTme e Limited Tyypeess • • • • ©011 McGraw-Hill Ryerson 3-12 ) s sECN ) k wor tk  e on ca iit Mechanisms commun   i  arkets  arkets ton ec Limited Trraddingg•ea •lr•tpecialist ©011 McGraw-Hill Ryerson     3-13   price )icks ” market down maker) u( ) ‐  arket   bout trades Trades (market  rderlg      nd  f abook”  nformation trader    air      stabilizin  nside MaMinaiitniecute  xecution • • • Reg fintetiodns ValdirectLimited Thhee • • ©011 McGraw-Hill Ryerson 3-14   details    ecurities.    n  nstitutional markets    arkets  he  rders investinand    ecurities explain Securities ecurities  eminder    ssue •  f  o  arkets ostrading firms   mechanics   HowTyypes TraM agrinulatonn Objective:  • • • Limited Suummm ma•aryy ©011 McGraw-Hill Ryerson 3-15   Stock   ld Tenor    dl   tth n  he   .1anges h xc Limited TabEle ©011 McGraw-Hill Ryerson      f ) 3-16    illion    2149)  ompanies  $  arket ‐ifths  SX  n  n  enior centralized inna he    he  with  ra ed48510)  wn  xc isted ti  ssuested  TSli  xchange it li tinie rou argest arket  rimarcap   junior Exchange  om  MX  ompanies   illi  f  f  ig fh  uction  tock  anStockilExchange the an  n   .    s  s  1 9  umber  low ith  SX  SX •orwont•enturel Limited Toor ron nttouities ShaTrhhcapitalization • • • • ©011 McGraw-Hill Ryerson   3-17    ix to and      010)  ork  arty  roup  ew  June oppositeTMX    rading hrough  f    elllocates rading    argely  ril iquidity $3  s bonds Market   quoted  lectronic     for  nve radees anks)  rading  ngredient  ond OTC Lim iesCredmdeaoryInternationaLimited • • • • • Thhee ©011 McGraw-Hill Ryerson 3-18 (ECNs)    etworks   ange h  xcE change  ystem k  TC StocStock  xckanges  omMarkettion sheets  or   Markets  tock   Pink New AmeReginnals
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