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Global Securities Processing: The Markets, the Products

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Providing a much-needed global overview of financial instruments' trade processing, Global Securities Processing explains in simple, step-by-step terms exactly how the various parts of a brokerage firm work...how, collectively, they account for and process a trade...and how trades are made around the world. It illustrates the terminologies used and the functions of the various participants, entities, and agencies involved. For example, it ...
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Overview


Providing a much-needed global overview of financial instruments' trade processing, Global Securities Processing explains in simple, step-by-step terms exactly how the various parts of a brokerage firm work...how, collectively, they account for and process a trade...and how trades are made around the world. It illustrates the terminologies used and the functions of the various participants, entities, and agencies involved. For example, it shows...

-Just what foreign exchange is-and how multinational brokers and dealers accommodate its daily requirements
-How a financial market functions...how clearing corporations work...how books and records are developed and maintained
-How the amounts involved in trades are computed, including accruing of interest on national and international debt, and how the costs of options are calculated
-How the various clearing and depository facilities operate worldwide
-How margin is computed for equities, debt, options and futures
-How the Stock Record and General Ledger are maintained
-How firms manage security positions in their own vaults-as participants in a depository-or as customers of agent banks

Global Securities Processing provides up-to-date information on the many changes and developments that have occurred, both nationally and internationally, as a result of the flourishing new markets...new products...new technological innovations...new competitive strategies and breakthroughs...and new laws, rules, and regulatory modifications.
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Product Details

  • ISBN-13: 9780133239652
  • Publisher: New York Institute of Finance
  • Publication date: 10/28/1997
  • Edition number: 1
  • Pages: 518
  • Product dimensions: 6.37 (w) x 9.27 (h) x 1.64 (d)

Read an Excerpt

GLOBAL SECURITIES PROCESSING
"The more things change, the more they stay the same," goes the adage. That could be true elsewhere but not in the securities industry, which is in a constant state of change. Changes emanate from many sources: globalization, technological advancements, product innovation, and regulatory modifications. Each affects the processing of transactions throughout the financial industry. Each year brings new challenges and each year the industry meets those challenges.
As we approach the twenty-first century, globalization continues to offer exciting challenges to the processing areas of financial institutions. From new markets offering interesting investment alternatives to the ongoing changes in existing markets as they try to stay competitive, the scope of the effort necessary to accommodate these changes seems to grow each year. Whatever the situation is, transaction processing personnel must be ready to work through the required steps accurately and efficiently and to complete the settlement cycle.

Technological innovation continues to be a catalyst of change. Each passing day seems to bring a more error-free and cost-efficient way to process an entry. The benefits derived outweigh the cost of implementation. These advances occur both within and between financial institutional firms and industry entities. From new ways to accept a client's order to industry wide central sources for trade settlement, automation is very much a part of our lives.

As a result of competition among financial advisors and intermediaries, the industry continues to offer new products and modify existing ones. New approaches address changes in tax codes, factors of the economy, or the special needs of investors. Financial institutions are developing ways for all investors to accomplish their goals, from a parent looking for a way to secure the necessary funds for a newborn baby's college education to a major corporation looking to better match cash inflow to cash outflow.

Regulatory modifications have a huge impact on how we conduct business. Whether they are internal changes within a specific country or changes with a global impact, financial institutions must adapt. These regulatory changes range from a change in the settlement cycle of a particular product to the currency that will be used to settle all financial transactions. Doing business in different countries makes it necessary for a firm to be on top of any and all changes, both local and global.

This book was written to give the reader a snapshot of the processing side of the brokerage business. It tracks a transaction from order entry to final settlement. In addition, it describes the entities that function in many of the markets and explains the settlement processes used.

The book also includes sections on the securities we trade, what they are, and how they differ from one another. Product knowledge is important because it allows the reader to better understand why certain issues are processed one way and others are processed differently. The book also discusses how these various issues are first brought to market.

Because the security industry is constantly changing, it is a challenge to keep a book such as this completely up-to-date. Every effort has been made to provide readers with the most current information available. I trust you will find this book useful and meaningful to you as you pursue your career.

DAVID M. WEISS

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Table of Contents

Preface ix
Part I: THE MULTIFACETED SECURITIES INDUSTRY 3
1. Underwritings: The Birth of a Security 3
2. Other Types of Underwritings 15
3. The Over-the-Counter (OTC) Market 23
4. The Exchanges 32

Part II TYPES OF SECURITIES 61
5. Corporate Securities 61
6. Common Stock 63
7. Preferred Stock 69
8. Corporate Bonds and Notes 78
9. Rights and Warrants 92
10. Municipal Bonds and Notes 100
11. U.S. Treasury Bills, Notes, and Bonds 114
12. Asset-Backed Securities 118
13. Commercial Paper 127
14. Banker's Acceptances (BAs) 131
15. Certificates of Deposit (CDs) 133
16. Mutual Funds 135
17. Options 140
18. Futures 146
19. Swaps 150
20. Currency 155

Part III OPERATIONS PROCEDURES 163
21. Brokerage Operations 163
22. Order Room 181
23. Purchase and Sales (P&S) Function 202
24. Margin 253
25. Cashiering 292
26. Accounting 319
27. Stock Record 336
28. Dividend and Bond Interest 349
29. Proxy 361
30. Name and Address 366
31. Security Data Base (SBD) 387

Part IV COMPLIANCE, TECHNOLOGY, AND FINANCING 393
32. Compliance 393
33. Electronic Data Processing (EDP) 397
34. The Commercial Bank As a Source of Financing 405
35. The Commercial Bank As Underwriter 411
36. The Commercial Bank as Issuer of Commercial Loans and Paper 413
37. The Commercial Bank's Role in International Trade 417
38. The Commercial Bank and Cashiering Services 419
39. The Commercial Bank As Dividend Disbursing Agent 423
40. The Commercial Bank As Customer of the Brokerage Firm 428

Part V FOREIGN MARKETS 433
41. Clearing Corporations and Depositories 433
42. Markets of North America 450
43. Markets of Europe 453
44. Markets of Asia 469
45. Markets of Latin America 481
46. Markets of Africa 487
47. Markets of Australia 489
Glossary 491
Index 510

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