第三讲 证券交易

null 第3章 证券是如何交易的 HOW DO SECURITIES TRADE 第3章 证券是如何交易的 HOW DO SECURITIES TRADE 证券是如何交易的 HOW DO SECURITIES TRADE 证券是如何交易的 HOW DO SECURITIES TRADE3.1 公司如何发行证券 3.2 证券在何处交易 3.3 交易所中的交易 3.4 场外交易市场中的交易 3.5 交易成本 3.6 保证金信用购买 3.7 卖空 3.8 证券市场的监管null 股票、债劵和其他证券的发行通常由投资银行在一级市场上完成（首次发行和增发 “IPO”）。 Shares 、 bonds and other securities can be offered on first market by investment bank(initial public offering) 公司如何发行证券 How does company offer securities证券在何处交易 WHERE DO SECURITIES TRADE证券在何处交易 WHERE DO SECURITIES TRADE证券市场　Securities Market　 证券持有人将证劵卖给其他人 Holders of securities sell securities to others 　 证劵发行公司不会收到资本，与证劵的买卖没有直接联系 Issuer of security will not receive assets from trading, and no directly relationship with securities trading 证券在何处交易 WHERE DO SECURITIES TRADE证券在何处交易 WHERE DO SECURITIES TRADE 证券一旦向公众发行，投资者彼此之间即可进行交易。买卖已发行的证券是在二级市场上进行的，这包括： (1)国家和地区证券交易所； (2) 场外市场； (3)在两个当事人之间的直接交易。 Once securities are issued to the public, investors may trade them among themselves. Purchase and sale of already-issued securities take place in the secondary markets, which consist of (1) national and local securities exchanges, (2) the over-the-counter market, and (3) direct trading between two parties.证券在何处交易-二级市场 WHERE DO SECURITIES TRADE -SECOND MARKET证券在何处交易-二级市场 WHERE DO SECURITIES TRADE -SECOND MARKET 在美国有许多股票交易所。其中的纽约证券交易所和美国股票交易所均为国家级交易所。其他如波士顿与太平洋（ Boston and Pacific ）交易所，是地区级交易所，其主要上市公司位于一个特殊的地理区域。 There are several stock exchanges in the United States. Two of these, the New York Stock Exchange (NYSE) and the American Stock Exchange (Amex), are national in scope. The others, such as the Boston and Pacific exchanges, are regional exchanges, which primarily list firms located in a particular geographic area. 证券在何处交易-场外交易 WHERE DO SECURITIES TRADE-OTC MARKET证券在何处交易-场外交易 WHERE DO SECURITIES TRADE-OTC MARKET 约有35 000种证券在场外交易市场（over-the-counter，即OTC市场）进行交易，任何证券都可以在OTC市场中交易，但是这种市场并不是一种正式的交易场所。那里没有会员资格的要求，也不需要证券上市的要求（虽然在纳斯达克上市是有要求的，但是计算机联网正是为了进行场外的证券交易）。在OTC市场中，有数以千计的在证券与交易委员会注册的经纪人作为证券场外交易的交易商。证券交易商在此按照自己意愿进行证 券的买卖报价，而经纪人则选择具有吸引力的报价并通过与交易商的接触实现交易。证券在何处交易-场外交易 WHERE DO SECURITIES TRADE-OTC MARKET证券在何处交易-场外交易 WHERE DO SECURITIES TRADE-OTC MARKET Roughly 35,000 issues are traded on the over-the-counter (OTC) market and any security may be traded there, but the OTC market is not a formal exchange. There are no member- ship requirements for trading, nor are there listing requirements for securities (although there are requirements to be listed on Nasdaq, the computer-linked network for trading of OTC securities). In the OTC market thousands of brokers register with the SEC as dealers in OTC securities. Security dealers quote prices at which they are willing to buy or sell securities. A broker can execute a trade by contacting the dealer listing an attractive quote.交易所中的交易 Trading in security trading center 交易所中的交易 Trading in security trading center 指令的类型 Types of Orders 限价指令（LIMIT ORDER） 限价卖出指令 LIMIT SELL ORDER 限价买入指令 LIMIT BUY ORDER 止损卖出令 （STOP-LOSS ORDER） 止损买入令 （STOP-BUY ORDER）场外交易市场中的交易 OTC Market场外交易市场中的交易 OTC Market 交易商市场（Dealer market without centralized order flow) 纳斯达克：最大的有组织的场外交易股票市场，为个人，经纪人和交易商服务的信息系统 全国性市场系统 纳斯达克小公司市场 NASDAQ: largest organized stock market for OTC trading; information system for individuals, brokers and dealers National Market System Nasdaq SmallCap Market 场外交易市场中的交易 OTC Market场外交易市场中的交易 OTC Market 低价值证券 Lower volume securities 场外交易公告扳 OTC Bulletin Board 来自NASD的粉红报单 Pink Sheets from NASD 证券：股票，债券和衍生品 Securities: stocks, bonds and some derivatives 大部分二手证券交易 Most secondary bonds transactions 三级市场 Third Market三级市场 Third Market在场外交易市场上交易在交易所上市的的证券 Trading of listed securities away from the exchange 机构投资者市场:有利大宗证券的交易Institutional market: to facilitate trades of larger blocks of securities 含有经纪人和代理人服务 Involves services of dealers and brokers四级市场 Fourth Market四级市场 Fourth Market投资者之间直接交易上市公司的证券 Investors trading directly with other investors 原来是为机构投资者而应用的 Originally developed for institutional trading 在电子通讯网络上交易 Trading now on ECNs 技术发展导致投资者之间直接进行交易Technological developments leading to individual investors trading directly交易成本 Trading Cost交易成本 Trading Cost价差:与经纪人交易的成本 Spread: cost of trading with dealer 报价 Bid: price dealer will buy from you 卖价 Ask: price dealer will sell to you 价差 Spread: ask - bid 综合： 买卖双方支付费用 Combination: on some trades both are paid保证金信用购买 Margin Trading保证金信用购买 Margin Trading用部分资金投资 Using only a portion of the proceeds for an investment 借部分价款 Borrow remaining component 保证金信用购买与股票和期货投资有区别 Margin arrangements differ for stocks and futures保证金信用购买股票 Stock Margin Trading保证金信用购买股票 Stock Margin Trading当前最大保证金比例是股票价值的50% Maximum margin is currently 50%; you can borrow up to 50% of the stock value Set by the Fed 美联储规定了此比例 维持保证金 如果保证金比例跌到了维持水平以下，必需增加额外的资金到保证金帐户 Maintenance margin: minimum amount equity in trading can be before additional funds must be put into the account保证金信用交易-初始状态 Margin Trading - Initial Conditions保证金信用交易-初始状态 Margin Trading - Initial ConditionsX Corp $70 50% 初始保证金 Initial Margin 40% 维持保证金 Maintenance Margin 1000 购买股票数 Shares Purchased 初始位置 股票 $70，000 借 $ 35，000 权益 $35，000 Initial Position Stock $70,000 Borrowed $35,000 Equity $35,000 保证金信用交易-维持保证金 Margin Trading - Maintenance Margin保证金信用交易-维持保证金 Margin Trading - Maintenance Margin股票价格下降到每股$60 Stock price falls to $60 per share 新的位置 股票 $60，000 借 $35，000 权益 25，000 保证金比例% $25,000/$60,000 = 41.67% New Position Stock $60,000 Borrowed $35,000 Equity $25,000 Margin% = $25,000/$60,000 = 41.67% 保证金信用交易-追加保证金通知Margin Trading - Margin Call保证金信用交易-追加保证金通知Margin Trading - Margin Call在股票价格下降到什么位置时要增加保证金？ How far can the stock price fall before a margin call? (1000P - $35,000)* / 1000P = 40% P = $58.33 * 1000P – 借款（Amt Borrowed） = 权益（Equity） 卖空 Short Sales卖空 Short Sales 目的： 在股票价格下跌时获利 Purpose: to profit from a decline in the price of a stock or security 投资技术 向股票经纪人借股票 Borrow stock through a dealer 卖掉它 Sell it and deposit proceeds and margin in an account 买回同一股票和偿还借入的股票 Closing out the position: buy the stock and return to the party from which is was borrowed卖空-初始状态 Short Sale - Initial Conditions卖空-初始状态 Short Sale - Initial Conditions Z Corp 100 股股票 100 Shares 50% 初始保证金 Initial Margin 30% 维持保证金 Maintenance Margin $100 初始价格 Initial Price 卖出价 Sale Proceeds $10,000 保证金和权益 Margin & Equity $5,000 所欠股票 Stock Owed $10,000卖空-维持保证金 Short Sale - Maintenance Margin卖空-维持保证金 Short Sale - Maintenance Margin 股票价格上升到 $110 Stock Price Rises to $110 卖股票所得 Sale Proceeds $10,000 初始保证金 Initial Margin $5,000 所欠股票 Stock Owed $11,000 净权益 Net Equity $ 4,000 保证金比例 Margin % (4000/11000) 36% 卖空-增加保证金通知 Short Sale - Margin Call卖空-增加保证金通知 Short Sale - Margin Call 在股票价格上升到什么位置时要增加保证金？ How much can the stock price rise before a margin call? ($15,000* - 100P) / (100P) = 30% P = $115.38 *初始保证金加上股票的卖出收入 Initial margin plus sale proceeds市场规则和发展趋势 Regulation and Trends in Markets市场规则和发展趋势 Regulation and Trends in Markets证券交易法 ECNs present new challenges in regulation 全球市场联合是发展趋势关系 Global markets with alliances are developing 市场规则和发展趋势 Regulation and Trends in Markets市场规则和发展趋势 Regulation and Trends in Markets当前的问题 Current Issues with 代理人问题（投资银行和研究） Agency problems associated with investment banking and research 内部交易违规 Insider trading violations 小结小结 公司发行证券是为他们的投资项目筹集必要的资金。投资银行在初级市场将证券出售给公众，投资银行通常充当承销商，从公司那里购买证券，再加价转售给公众。 在证券卖给公众之前，公司必须出版一个经证券与交易委员会核准的募股说明书，其 中应提供有关公司前景的信息。 Firms issue securities to raise the capital necessary to finance their investments. In- vestment bankers market these securities to the public on the primary market. Investment bankers generally act as underwriters who purchase the securities from the firm and resell them to the public at a markup. Before the securities may be sold to the public, the firm must publish an SEC-approved prospectus that provides information on the firm’s prospects. 小结小结 已发行的证券在二级市场上进行交易，也就是说，在有组织的股票交易所、场外交易市场，或对于较大的交易者来说，也可通过直接谈判进行交易。只有交易所的会员才可以在交易所进行交易，经纪人公司在交易所拥有自己的席位，为散户的交易提供服务，并收取佣金。纽约证券交易所以及较小一些的美国股票交易所有相当严格的上市要 求。地区性交易所为那些不能满足国家交易所上市要求的地方性公司提供上市机会。 Issued securities are traded on the secondary market, that is, on organized stock ex- changes, the over-the-counter market, or, for large traders, through direct negotiation. Only members of exchanges may trade on the exchange. Brokerage firms holding seats on the exchange sell their services to individuals, charging commissions for executing trades on their behalf. The NYSE has fairly strict listing requirements. Regional ex- changes provide listing opportunities for local firms that do not meet the requirements　of the national exchanges.小结小结 在交易所中，普通股的交易要通过特定经纪商来完成。特定经纪商的作用是维持一个有序的由一个或多个公司的股票形成的股票市场，掌握限价买入指令和限价卖出指令的订单，并按双方可以接受的价格撮合交易。特定经纪商也用自己的股票帐户按市价指令买入或卖出股票. Trading of common stocks in exchanges takes place through specialists. Specialists act　to maintain an orderly market in the shares of one or more firms, maintaining “books”　of limit-buy and limit-sell orders and matching trades at mutually acceptable prices. Specialists also will accept market orders by selling from or buying for their own inventory of stocks. 小结小结 场外交易市场不是一个正式的交易所，而是经纪人与交易商通过谈判进行证券 交易的非正式网络。纳斯达克系统由计算机提供交易者们提出的在线股票报价。当某人希望买或卖股票时，经纪人搜寻公布的买卖报价，通知交易者最理想的价位，并执行交易。 The over-the-counter market is not a formal exchange but an informal network of brokers and dealers who negotiate sales of securities. The Nasdaq system provides online computer quotes offered by dealers in the stock. When an individual wishes to purchase or sell a share, the broker can search the listing of offered bid and asked prices, contact the dealer who has the best quote, and execute the trade. 小结小结 大宗交易约占交易总量的一半。这些交易太大，特定经纪商无力处理，因而专为处理这类交易的大宗交易所就应运而生了，它的任务是发现潜在的大宗交易者并为他们提供服务. Block transactions account for about half of trading volume. These trades often are too large to be handled readily by specialists, and thus block houses have developed that specialize in these transactions, identifying potential trading partners for their clients. 。小结小结 用保证金信贷购买是指从经纪人那里借钱以购买更多的证券。对投资者来说， 这种用保证金信贷购买的方式既增加了股价上升的潜在收益，又扩大了股价下跌的潜 在风险。如果保证金帐户中股权下降到所要求的水平之下，投资者将收到经纪人发出 的催缴保证金的通知。 Buying on margin means borrowing money from a broker in order to buy more securities. By buying securities on margin, an investor magnifies both the upside potential and the downside risk. If the equity in a margin account falls below the required maintenance level, the investor will get a margin call from the broker. 小结小结 卖空是指卖方出售并不属于自己的证券。卖空者通过经纪人借来证券出售，在任何时间都有可能被要求结算股票空头。卖空的现金合约总是保存在经纪人手中，经纪人通常要求卖空者在其帐户存入额外的现金或证券，作为卖空的保证金（抵押）。 Short selling is the practice of selling securities that the seller does not own. The short seller borrows the securities sold through a broker and may be required to cover the short position at any time on demand. The cash proceeds of a short sale are kept in escrow by the broker, and the broker usually requires that the short seller deposit additional cash or securities to serve as margin (collateral) for the short sale.小结小结 证券交易受到证券与交易委员会的监管，同样也受到交易所的自我约束。目前 对许多涉及披露证券信息的重要规定存在着争议。有关熟悉内情人交易的规定禁止交 易者利用内部信息获利。 Securities trading is regulated by the Securities and Exchange Commission, as well as by self-regulation of the exchanges. Many of the important regulations have to do with full disclosure of relevant information concerning the securities in question. Insider trading rules also prohibit traders from attempting to profit from inside information. 小结小结 综合服务经纪人除了负责执行基本的买卖指令、证券保存、保证金贷款、促进 卖空之外，他们同时还为投资者提供信息、建议，甚至为投资者做出投资决策。而折 扣经纪人只提供基本的经纪人服务，但收费通常较低。 In addition to providing the basic services of executing buy and sell orders, holding securities for safekeeping, making margin loans, and facilitating short sales, full-service brokers offer investors information, advice, and even investment decisions. Discount brokers offer only the basic brokerage services but usually charge less. 小结小结 总交易成本包括佣金、交易者买卖报价价差及价格让步。 In Total trading costs consist of commissions, the dealer’s bid–asked spread, and price concessions. null作业 1、我国证券市场主板上市规程与条件？ 2、中小板上市规程与条件？ 3、上证交易所每笔股票交易费用？举例