1. How firms issue securities: 公司如何發行股票

A.       primary market: 新的股票，債券和其他的證券第一次發行的market

B.       secondary market: Trading ofalready-issued securities among investors occurs in the  secondary market. 已發行證券交易的地方

C.       兩類新股票：1. IPO(Initial publicofferings)新上市公司第一次發行的股票 2.Seasoned equity offerings

D.       Investment Banking：投資銀行，例如高盛公司、美林公司、所羅門兄弟公司、摩根·斯坦利公司

E.        underwriters(承銷商): Publicofferings of both stocks and bonds typically are marketed by investment bankerswho in this role are called underwriters.

F.        SEC: Securities and Exchange Commission: 美國證券交易委員會

G.       prospectus：招股書，需要SEC稽核的申請材料

H.       當發行股票的申請被SEC通過之後，就可以發行股票了。一般承銷銀行先自己將公司要發行的股票買下，然後在賣給投資者。

I.         Shelf Registration：暫擱註冊：美國證監會第415條條款，容許一家企業在實行公開發行前最多兩年進行註冊手續。有關企業必須向美國證監會提交規定的年度及季度報告。就是註冊了並不立即發行股票

J.         Private Placement：所謂的私募。股票不對外銷售，只對一些機構或者大額投資者開放。

K.        Initial Public Offerings：傳說中的IPO，當申請被SEC批准之後，需要舉行路演(roadshows), 一來告知公眾股票即將發行，為上市做宣傳；二是公佈公司資訊和承銷銀行已經IPO股票售價，拉攏潛在投資者

         圖一: 公司-投資銀行-個人投資者的關係

                                    表一：投資銀行和商業銀行的區別

2. How securities are traded: 股票如何交易

2.1 Types of Markets

We can differentiate four types of markets: directsearch markets, brokered markets, dealer

markets, and auction markets.

1)        direct search markets：A directsearch market is the least organized market. Buyers and sellers must seek eachother out directly. 比如在趕集上賣二手車

2)        Brokered Markets 代理市場: 例如 estatemarket (房地產市場)，房屋中介就是brokers

3)        Dealer Markets： 交易商市場：交易雙方不會 直接聚到一起，他們的買賣指令由做市商執行。 例子：Nasdaq市場和櫃檯交易市場。OTC(over-the-counter) 場外交易市場也是一個例子。

4)        Auction Markets 拍賣市場： Themost integrated market is an  auctionmarket,  in which all traders converge atone place (either physically or “electronically”) to buy or sell an asset.例子：紐約證券交易所NewYork Stock Exchange (NYSE) is an example of an auction market.

5)        第三市場（third market ）是指證券在交易所上市卻在場外市場進行交易的市場。

2.2 Types of orders

1)        Marker Orders 委託指令: Marketorders are buy or sell orders that are to be executed immediately at currentmarket prices. 第二章將的bid price、ask price如果符合條件就會執行買賣交易。

2)        Price-Contingent Orders：特定價格指令。包括各種limitorders

A limit buy order may instruct the broker to buy some number of shares if andwhen IBM may be obtained at or below a stipulated price.

Conversely, a limit sellinstructs the broker to sell if and when the stock price rises above aspecified limit.

Stop orders are similar to limit orders in that the trade is not to be executedunless the stock hits a price limit.

For stop-loss orders, thestock is to be sold if its price falls below a stipulated level. As the namesuggests, the order lets the stock be sold to stop further losses fromaccumulating.    

Similarly, stop-buy ordersspecify that a stock should be bought when its price rises above a limit.

limit buy: 價格低於limit時買入

limit sell: 價格高於limit是賣出

stop loss: 價格低於limit是賣出，為了防止虧損擴大

stop-buy: 在高於limit是買入

用投資學書本上的圖來表示

2.3 Trading Mechanisms

三種交易系統型別:

1)        OTC(over-the-counter)場外交易市場

2)        ECN(electronic communicationnetworks)電子交易網路

3)        formal exchange

像NYSE和NASDAQ包含多種交易系統

DealerMarkets （OTC）：Roughly 35,000 securities trade on the over-the-counter or OTCmarket. Thousands of brokers register with the SEC as security dealers. Dealersquote prices at

which they are willing to buy or sell securities.A broker then executes a trade by contacting

a dealer listing an attractive quote.

ElectronicCommunication Networks (ECNs)    Electronic communication networks

allow participants to post market and limit ordersover computer networks.

SpecialistMarkets 專業市場  In formal exchanges such as the New YorkStock Exchange, trading in each security is managed by a specialist assignedresponsibility for that security.

3. U.S.Securities Market 美國證券市場

1)        NASDAQ 納斯達克

2)        The New York Stock Exchange 紐交所

3)        Electronic CommunicationNetworks

ECNs are private computer networks that directly linkbuyers with sellers. As an order is received, the system determines whetherthere is a matching order, and if so, the trade is executed immediately.

4)        The National Market System

The Securities Act Amendments of 1975 directed theSecurities and Exchange Commission to implement a national competitivesecurities market.

BondTrading： 債券交易

大部分都是在OTC場外交易的，但是NYSE也提供債券交易功能。

4. 其他國家的證券交易市場

1)        London Stock Exchange

2)        Euronext： 由好幾家歐洲證券交易所合併而來，2007年和NYSE合併。

3)        Tokyo Stock Exchange

5. TradingCosts

一是顯式的付給broker的佣金，即服務費。如果用電子交易系統，這部分費用就會非常便宜。

二是隱式的交易者的買賣報價價差（bid-asked spread ）

總交易成本包括佣金、買賣報價價差與可能數額很大的價格讓步。

其餘見 第三章 下