Chapter 3 Financial Instruments, Financial Markets, …：3章金融工具，金融市场.pptVIP

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Chapter 3 Financial Instruments, Financial Markets, …：3章金融工具，金融市场.ppt

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Chapter 3 Financial Instruments, Financial Markets, …：3章金融工具，金融市场

* * * * * * * * * * * * * * * * * * * * * * 3-* Centralized Exchanges, OTC’s, and ECN’s History (cont.) In the past, the only alternative was an OTC market. Networks of physically dispersed dealers, who buy and sell electronically. The largest is the Nasdaq. In 2005, the NYSE merged with Archipelago (now NYSE Arca), and Nasdaq merged with Instinet. 3-* Centralized Exchanges, OTC’s, and ECN’s History (cont.) Market continues to globalize. In 2007, the NYSE merged with Paris-based Euronext becoming the first international operator of major exchanges. Nasdaq attempted to acquire the London Stock Exchange but dropped its bid in 2007 right before the financial crisis. 3-* Trading is what makes financial markets work. Placing an order in a stock market has the following characteristics: The stock you wish to trade. Whether you wish to buy or sell. The size of the order - number of shares. The price you would like to trade. 3-* You can place a market order. Your order is executed at the most favorable price currently available. Values speed over price. You can place a limit order: Places a maximum on the price to buy or a minimum price to sell. 3-* Executing a trade requires someone on the other side. Broker Direct access to electronic trading network through an ECN like Acra or Instinet. Customer orders interact automatically without an intermediary. Liquidity is provided by customers. 3-* For a well known stock, the NYSE is another place from which to order. Liquidity is supplemented by designated market makers (DMMs). The person on the floor charged with making a market. To make the market work, they often buy and sell on their own account. 3-* Debt and Equity versus Derivative Markets Used to distinguish between markets where debt and equity are traded and those where derivative instruments are traded. Equity markets are the markets for stocks. Derivative markets are the markets where investors trade instruments like futures and options. 3-* Debt and Equity versus Deri