×

Uh-oh, it looks like your Internet Explorer is out of date.

For a better shopping experience, please upgrade now.

Global Securities Processing: The Markets, the Products
     

Global Securities Processing: The Markets, the Products

by David M. Weiss
 

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

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.

Product Details

ISBN-13:
9780133239652
Publisher:
New York Institute of Finance
Publication date:
10/28/1997
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

Customer Reviews

Average Review:

Post to your social network

     

Most Helpful Customer Reviews

See all customer reviews