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After the Trade Is Made, Revised Ed. Processing Securities Transactions

by: Weiss, David M.

After the Trade Is Made, Revised Ed. Processing Securities Transactions

by: Weiss, David M.

ISBN 13:
9781591841272
ISBN 10:
1591841275
Edition: Revised
Format: Hardcover
Copyright: 08/17/2006
Publisher: Portfolio Hardcover

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Summary

"Written for both securities industry personnel and individual investors, this new edition of After the Trade Is Made reflects the latest changes in the industry - new products, new processes and technological breakthroughs in the securities industry. As in previous editions, it takes you step by step through the entire process of buying or selling a security, from the front office where the account executive receives the order, the middle office where the order is routed to be executed and operation functions begin, the back office where customer and street-side settlement occurs, to the books and records of the firm."--BOOK JACKET.

Preface

vii

CHAPTER I Overview of the Industry

(26)

I-A BROKER/DEALERS

(12)

I-A-1 What Are Broker/Dealers?

(1)

I-A-2 'What Are the Types of Broker/Dealers?

(5)

I-A-3 What Are the Component Parts of a Typical Broker/Dealer?

(6)

I-A-3-a Front Office

(1)

I-A-3-b Middle Office

(2)

I-A-3-c Back Office

(1)

I-A-3-d Other Key Components

(2)

I-B THE MARKETS

(2)

I-B-1 What Are Markets?

(1)

I-B-2 What Is a "Two-Sided" Market?

(1)

I-B-3 The Different Marketplaces

(1)

I-C INDUSTRY REGULATORS

(3)

I-C-1 Who Are the Regulators?

(4)

I-C-1-a Securities and Exchange Commission

(1)

I-C-1-b State Regulators

(1)

I-C-1-c Self-Regulatory Organizations (SROs)

(1)

I-C-1-d The Commodities Futures Trading Commission

(1)

I-C-1-e Other Regulators

(1)

I-D REQUIRED EXAMINATIONS

(1)

I-E REGULATORY REPORTING

(1)

I-E-1 Net Capital

(1)

I-E-2 Customer Protection

(1)

I-E-3 FOCUS

(1)

I-F WHO ARE OUR CLIENTS?

(1)

I-F-1 Clients Who Provide Product

(1)

I-F-2 Types of Clients

(1)

I-F-3 Main Categories of Clients

(1)

I-F-4 Types of Accounts

(1)

I-G WHAT ARE THE INDUSTRY ORGANIZATIONS?

(4)

I-G-1 Depositories

(1)

I-G-2 Clearing Corporations

(1)

I-G-3 Industry Utilities

(1)

I-G-4 Banks

(1)

I-G-5 The Bond Market Association (TBMA)

(1)

I-G-6 Security Industry Association (SIA)

(1)

CHAPTER II Products That We Offer

(108)

II-A CORPORATE SECURITIES

(39)

II-A-1 Common Stock

(6)

II-A-1-a Voting

(1)

II-A-1-b Dividends

(1)

II-A-1-c Underwriting

(1)

II-A-1-d Trading of Common Stock

(3)

II-A-1-e Common Stock as an Investment Vehicle

(1)

II-A-2 Preferred Stock

(9)

II-A-2-a Dividends

(1)

II-A-2-b Underwriting

(8)

II-A-2-b-i Dividend Rate

(1)

II-A-2-b-ii Cumulative and Noncumulative Dividends

(2)

II-A-2-b-iii Callable

(1)

II-A-2-b-iv Convertible

(1)

II-A-2-b-v Participating

(1)

II-A-2-b-vi Adjustable-Rate Preferred

(1)

II-A-2-b-vii Reverse Floating Rate

(1)

II-A-2-b-viii Putable Preferred

(1)

II-A-2-b-ix Self-Liquidating Preferred

(1)

II-A-2-c Summary of Preferred

(1)

II-A-3 Rights and Warrants

(5)

II-A-3-a Rights

(2)

II-A-3-a-i Cum Rights

(1)

II-A-3-b Ex-Rights

(1)

II-A-3-c Arbitrage

(1)

II-A-3-d Warrants

(1)

II-A-3-e The Certificate

(1)

II-A-4 Corporate Bonds and Notes

(15)

II-A-4-a Payment of Interest

(1)

II-A-4-b The Marketplace

(1)

II-A-4-c Pricing of a Corporate Bond

(1)

II-A-4-c-i Accrued Interest

(3)

II-A-4-d Bond Ratings

(1)

II-A-4-e Indenture

(1)

II-A-4-f Retiring Bonds

(1)

II-A-4-g Bond Security

(1)

II-A-4-g-i Mortgage Bonds

(1)

II-A-4-g-ii Collateral Trust Bonds

(1)

II-A-4-g-iii Equipment Trust Bonds

(1)

II-A-4-g-iv Debenture Bonds

(1)

II-A-4-h Registration

(1)

II-A-4-i Default

(1)

II-A-4-j Other Bond Features

(4)

II-A-4-j-i Callable Bonds

(1)

II-A-4-j-ii Convertible Bonds

(1)

II-A-4-j-iii Zero-Coupon and Floating-Rate Bonds

(2)

II-A-4-k Bonds and Notes Summary

(1)

II-A-5 Commercial Paper

(3)

II-A-5-a Issuance

(1)

II-A-5-b Trading

(1)

II-A-5-c Settlement

(1)

II-A-5-d Handling the Certificates

(1)

II-A-5-e Financing

(1)

II-A-5-f Maturity

(1)

II-B MUNICIPAL SECURITIES

(11)

II-B-1 The Competitive Underwriting

(1)

II-B-2 Offering of Municipal Bonds

(1)

II-B-3 The Effect of Income Tax Rates

(1)

II-B-4 Municipal Bonds

(8)

II-B-4-a Trading Municipal Bonds

(1)

II-B-4-b Basis Pricing

(6)

II-B-4-c Types of Municipal Bonds

(1)

II-B-5 Municipal Notes

(1)

II-B-6 Municipal Securities Summary

(1)

II-C U.S. TREASURY INSTRUMENTS

(6)

II-C-1 The Fed Auction

(1)

II-C-2 U.S. Treasury Bonds and Notes

(1)

II-C-3 Treasury Strips

(1)

II-C-4 U.S. Treasury Bills

(2)

II-C-5 Settlement

(1)

II-C-6 U.S. Treasury Instruments Summary

(1)

II-D MORTGAGE-BACKED AND ASSET-BACKED SECURITIES

(9)

II-D-1 Role of Mortgage Banker

(1)

II-D-2 TBAs/Forwards

(1)

II-D-3 Modified Passthroughs

(2)

II-D-4 Collateralized Mortgage Obligations (CMOs)

(2)

II-D-5 Interest Only/Principal Only

(1)

II-D-6 Puts, Calls, and Standbys

(1)

II-D-7 Asset-Backed Securities (ABSs)

(1)

II-E BANK-ISSUED SECURITIES

(4)

II-E-1 Bankers' Acceptances (BAs)

(2)

II-E-1-a Use in Importing

(1)

II-E-1-b Trading

(1)

II-E-2 Certificates of Deposit (CDs)

(1)

II-E-2-a Types of CDs

(1)

II-E-2-b Trading

(1)

II-E-2-c Interest

(1)

II-E-3 Asset-Backed Securities and Private Label

(1)

II-F MUTUAL FUNDS

(7)

II-F-1 Open- and Closed-End Funds

(1)

II-F-2 Net Asset Value versus Market Value

(1)

II-F-3 Load versus No-Load

(3)

II-F-3-a Load Funds

(2)

II-F-3-b No-Load Funds

100

(1)

II-F-3-c ABC Funds

101

(1)

II-F-3-d Quotes

101

(1)

II-F-4 Rule 12b-1

101

(1)

II-F-5 Bond Units

102

(1)

II-F-6 Money Market Funds

102

(1)

II-F-7 Mutual Funds Summary

102

(1)

II-G EXCHANGE-TRADED FUNDS (ETFS)

103

(1)

II-G-1 Types of ETFs

103

(1)

II-G-2 How They Are Named

103

(1)

II-G-3 Characteristics of ETFs

104

(1)

II-H HEDGE FUNDS

104

(1)

II-H-1 Goals of Hedge Funds

104

(1)

II-H-2 Pricing Hedge Funds

105

(1)

II-I OPTIONS

105

(9)

II-I-1 Listed versus OTC Options

106

(1)

II-I-2 American versus European Forms

107

(1)

II-I-3 Equity Options

107

(2)

11-I-4 Debt or Interest Rate Options

109

(1)

II-I-4-a U.S. Treasury Bill Options

109

(1)

II-I-4-b U.S. Treasury Note and Bond Options

109

(1)

II-I-5 Index Options

109

(1)

II-I-6 Foreign Currency Options

110

(1)

II-I-7 Settlement

111

(1)

II-I-8 Option Clearing Corporation (OCC)

111

(1)

II-I-9 Expiration

112

(2)

II-J FUTURES AND FORWARDS

114

(4)

11-J-1 Futures Contracts

114

(4)

II-J-1-a Types of Futures Contracts

115

(1)

II-J-1-b Settlement

115

(1)

II-J-1-c Margin

116

(1)

II-J-1-d Margin Requirements

116

(1)

II-J-1-d-i Clearing Corporation Margin Requirements

116

(1)

II-J-1-d-ii Brokerage Firm Margin Requirements

116

(1)

II-J-1-e Types of Margin

116

(1)

II-J-1-f Delivery

117

(1)

II-J-1-g Daily Trading Limits

117

(1)

II-J-2 Forward Contracts

118

(1)

II-K SWAPS

118

(7)

II-K-1 Interest Rate Swaps

119

(2)

II-K-2 Currency Swaps

121

(2)

II-K-3 Commodity Swaps

123

(2)

II-K-4 Swaps Summary

125

(1)

II-L CURRENCY

125

(4)

II-L-1 What Is Foreign Exchange (FX)?

125

(1)

II-L-2 Users of the Market

126

(2)

II-L-3 Derivatives

128

(1)

II-L-4 Settlement

128

(1)

II-M AMERICAN DEPOSITARY RECEIPTS (ADRs), AMERICAN DEPOSITARY SHARES (ADSs), AND GLOBAL DEPOSITARY RECEIPTS (GDRs)

129

(1)

II-M-1 American Depositary Receipts and Shares

129

(1)

II-M-2 Global Depositary Receipts

130

(1)

II-N RESTRICTED STOCK

130

(3)

II-N-1 Rule 144 Stock

130

(1)

II-N-2 Rule 145 Stock

131

(1)

II-N-3 Rule 144A Stock

132

(1)

II-O SUMMARY OF INVESTMENT PRODUCTS

133

(2)

CHAPTER III The Marketplaces and Order Management

135

(64)

III-A THE MARKET

135

(7)

III-A-1 Agency Transaction

140

(1)

III-A-2 Principal Transaction

140

(2)

III-B ORDER ROUTING

142

(18)

III-B-1 Retail Order Entry

142

(1)

III-B-2 Institutional Order Entry

143

(1)

III-B-3 Order Requirements

144

(2)

III-B-4 The Quote

146

(1)

III-B-5 The Size

146

(1)

III-B-6 Time Constraints of Orders

147

III-B-6-a Day Order

147

(1)

III-B-6-b Good Through (GTC, GTM, GTW: and so on)

147

III-B-7 Type of Orders

(112)

III-B-7-a Market Order

148

(1)

III-B-7-b Limit Order

149

(1)

III-B-7-c Short Sales

150

(1)

III-B-7-d Stop Orders

151

(1)

III-B-7-e Stop Limit Order

152

(1)

III-B-7-f Fill or Kill (FOK) Order

153

(1)

III-B-7-g Immediate or Cancel (I0C) Order

153

(1)

III-B-7-h All or None (AON) Order

154

(1)

III-B-7-i Not Held (NH) Order

154

(1)

III-B-7-j At the Opening Orders

155

(1)

III-B-7-k On the Close Orders

155

(1)

III-B-7-l Spread Orders

155

(2)

III-B-7-m Straddle Orders

157

(2)

III-B-7-n Combination Orders

159

(1)

III-B-7-o One-Cancels-the-Other (OCO) Order

159

(1)

III-B-7-p Facilitation Order

160

(1)

III-B-8 Conclusion

160

(1)

III-C THE EXCHANGES

160

(17)

III-C-1 Types of Exchanges

161

(1)

III-C-2 The New York Stock Exchange

162

(7)

III-C-2-a House Brokers

163

(1)

III-C-2-b Independent Brokers

163

(1)

III-C-2-c Specialists

163

(2)

III-C-2-c-i Making Markets

163

(1)

III-C-2-c-ii Executing Orders

164

(1)

III-C-2-d The Crowds on the Floor

165

(1)

III-C-2-e The Auction Market

165

(1)

III-C-2-f Priority, Precedence, and Parity

166

(2)

III-C-2-f-i Priority

166

(1)

III-C-2-f-ii Precedence

166

(1)

III-C-2-f-iii Parity

167

(1)

III-C-2-g The Specialist's Book

168

(1)

III-C-3 The American Stock Exchange (AMEX)

169

(3)

III-C-4 Chicago Board Option Exchange

172

(4)

III-C-4-a Opening Rotation

172

(1)

III-C-4-b The Floor

172

(1)

III-C-4-c Executing Orders

173

(4)

III-C-4-c-i Time and Date Entered

174

(1)

III-C-4-c-ii Buy or Sell

174

(1)

III-C-4-c-iii Open or Close

174

(1)

III-C-4-c-iv Quantity, Type, Class, and Series of Option

174

(1)

III-C-4-c-v Customer, Firm, Market Maker/Specialist

174

(1)

III-C-4-c-vi Firm Name or Designation

175

(1)

III-C-5 The International Security Exchange

176

(1)

III-C-6 The Future Exchanges

176

(1)

III-D THE OVER-THE-COUNTER (OTC) MARKET

177

(19)

III-D-1 NASDAQ

177

(5)

III-D-1-a NASDAQ Systems

180

(2)

III-D-1-a-i SOES

180

(1)

III-D-1-a-ii ACES

181

(1)

III-D-1-a-iii CAES

182

(1)

III-D-2 Other Over-the-Counter Equity Markets

182

(2)

III-D-2-a Bulletin Board Securities

182

(1)

III-D-2-b Electronic Commerce Networks (ECNs) and Alternate Trading Systems (ATSs)

183

(1)

III-D-3 The Debt Market

184

(11)

III-D-3-a The Corporate Bond Market

184

(4)

III-D-3-b The Municipal Bond Market

188

(4)

III-D-3-c The Treasury Market

192

(1)

III-D-3-d The Mortgage-Backed and Asset-Backed Securities Markets

193

(1)

III-D-3-e Money Market Instruments

194

(1)

III-D-4 The Derivative Market

195

(9)

III-D-4-a Options

195

(1)

III-D-4-b Forwards

195

(1)

III-E THE THIRD MARKET

196

(1)

III-F THE FOURTH MARKET

197

(1)

III-G ODD LOTS

197

(2)

CHAPTER IV The Trade-Processing System

199

(72)

IV-A ORDER MANAGEMENT SYSTEM

199

(5)

IV-B CLIENT ACCOUNT CONTROL

204

(11)

IV-B-1 New Accounts/Name and Address

204

(8)

IV-B-1-a New Account Form

204

(4)

IV-B-1-a-i Terms and Conditions

205

(1)

IV-B-1-b-ii Client Information

206

(1)

IV-B-1-c-iii Standing Instructions

206

(1)

IV-B-1-d-iv Type of Account

207

(1)

IV-B-1-e-v Client's Signature Block

207

(1)

IV-B-1-b Types of Accounts

208

(4)

IV-B-2 Client Master Database Information Gathering

212

(3)

IV-B-2-a Data Entry (NAOW)

212

(1)

IV-B-2-b Automated Client Account Transfer System (ACATS)

213

(1)

IV-B-2-c Account Opening Procedure

213

(1)

IV-B-2-d Account Maintenance

214

(1)

IV-C SECURITY PROPERTIES CONTROL

215

(6)

IV-C-1 Security Master Database

216

(4)

IV-C-2 Security Master Database Information Gathering

220

(1)

IV-D CODING

221

(1)

IV-D-1 Unique Number

221

(1)

IV-E TRADE FIGURATION

222

(6)

IV-E-1 Agency versus Principal Transactions

223

(1)

IV-E-2 Regulatory Fee

223

(1)

IV-E-3 Equity Trade Figuration

223

(1)

IV-E-4 Bond Figuration

224

(3)

IV-E-5 Money Market Instruments

227

(1)

IV-F COMPARISON

228

(20)

IV-F-1 Order Management System

228

(2)

IV-F-2 Equity Comparison

230

(1)

IV-F-3 Workings of the Clearing Corporation

231

(12)

IV-F-3-a National Securities Clearing Corporation

233

(5)

IV-F-3-a-i Principal Transactions

234

(1)

IV-F-3-a-ii Market-Maker Trades

234

(2)

IV-F-3-a-iii Agency Transactions

236

(1)

IV-F-3-a-iv Principal Transactions (Modified)

236

(2)

IV-F-3-b Equity Transaction Comparison

238

(2)

IV-F-3-b-i What Is Being Compared?

238

(1)

IV-F-3-b-ii Types of Comparison

238

(2)

IV-F-3-c Regular Way Contract

240

(2)

IV-F-3-d Trade Reporting and Compliance Engine (TRACE) Comparison

242

(1)

IV-F-4 Netting

243

(2)

IV-F-5 Continuous Net Settlement (CNS)

245

(3)

IV-G BALANCING OF THE CUSTOMER SIDE

248

(1)

IV-H FIXED-INCOME CLEARING CORPORATION

249

(7)

IV-H-1 Forwards and TBAs

249

(3)

IV-H-2 Mortgage-Backed Security Division of Fixed Income Clearing Corporation

252

(3)

IV-H-2-a The Allocation

255

(1)

IV H-3 Government Security Division of Fixed Income Clearing Corporation (GSD)

255

(1)

IV-I OPTIONS

256

(10)

IV-I-1 OTC Options Comparison

256

(1)

IV-I-2 Listed Option Comparison

257

(2)

IV-I-2-a ROTNs

258

(1)

IV-I-3 Position Reconcilement

259

(5)

IV-I-4 Option Exercise

264

(2)

IV-I-5 Ex by Ex

266

(1)

IV-J FUTURES COMPARISON

266

(1)

IV-K TRADE CONFIRMATION

267

(4)

CHAPTER V Margin

271

(58)

V-A CASH VERSUS MARGIN PURCHASES

271

(1)

V-B TERMINOLOGY

272

(1)

V-C CASH ACCOUNT

273

(1)

V-D MARGIN ACCOUNT

274

(2)

V-E A BRIEF LESSON IN MARGIN

276

(11)

V-E-1 Regulation T ("Reg T")

276

(1)

V-E-2 Maintenance Rules

276

(2)

V-E-3 Loan Value

278

(1)

V-E-4 Margin Excess and Buying Power

279

(2)

V-E-5 Minimum Maintenance Requirement

281

(3)

V-E-6 Restricted Accounts

284

(2)

V-E-7 Special Memorandum Account (SMA)

286

(1)

V-F MARGIN—LONG POSITION

287

(8)

V-F-1 Reg T Excess

287

(2)

V-F-2 Buying Power

289

(1)

V-F-3 Minimum Maintenance Requirement

290

(5)

V-F-3-a A Working Illustration

290

(5)

V-G MARGIN—SHORT SALES

295

(5)

V-G-1 Required Margin

295

(1)

V-G-2 Mark to the Market

296

(1)

V-G-3 Maintenance Requirement

296

(4)

V-H MAINTENANCE EXCESS

300

(2)

V-I DAY TRADING

302

(3)

V-J THE MARGIN/CREDIT DEPARTMENT AS PART OF CLIENT RELATIONSHIP MANAGEMENT

305

(2)

V-J-1 Account Maintenance

305

(1)

V-J-2 Sales Support

305

(1)

V-J-3 Clearance for Issuance of Checks

306

(1)

V-K MARGIN DEPARTMENT'S DAILY ROUTINE

307

(5)

V-K-1 Reports to Produce

308

(1)

V-K-1-a Exception Report

308

(1)

V-K-1-b Items Due

308

(1)

V-K-2 Extensions

309

(1)

V-K-3 Close-Outs

309

(1)

V-K-4 Delivery of Securities

310

(1)

V-K-5 The Margin/Credit Workstation

311

(1)

V-L OPTION MARGIN

312

(9)

V-L-1 Option Margin Theory

312

(2)

V-L-2 Margin Calculation for an Uncovered Equity Option

314

(2)

V-L-3 Margin for Spread Positions

316

(3)

V-L-4 Margin for Straddle or Combo Positions

319

(2)

V-M FUTURE MARGIN

321

(8)

V-M-1 Standard and Maintenance Margin

321

(1)

V-M-2 Mark to the Market

322

(1)

V-M-3 Variation Margin

322

(1)

V-M-4 Delivery and Payment

323

(3)

V-M-5 Standard Portfolio Analysis of Risk (SPAN) Margin

326

(3)

CHAPTER VI Settlement

329

(44)

VI-A SEGREGATION (SEG)

330

(1)

VI-B RECEIVE AND DELIVER

331

(10)

VI-B-1 Preparation for Settlement

332

(1)

VI-B-2 Settlement Cycle Begins

333

(9)

VI-B-2-a The Projection Report

334

(1)

VI-B-2-b The Seg Report

335

(1)

VI-B-2-c Seg Control

335

(4)

VI-B-2-d Needs Analysis Report

339

(2)

VI-C FAIL TO RECEIVE/FAIL TO DELIVER

341

(1)

VI-D FINANCING POSITIONS

342

(11)

VI-D-1 Bank Loan

343

(1)

VI-D-2 Stock Loan

344

(1)

VI-D-3 Stock Borrows

345

(1)

VI-D-4 Repos

345

(6)

VI-D-4-a Government Security Division (GSD) of FICC GCF Repo Service

350

(1)

VI-D-4-b Matched Book

350

(1)

VI-D-5 Letters of Credit

351

(1)

VI-D-6 Unsecured Loans

352

(1)

VI-E CUSTODIAL SERVICES

353

(5)

VI-E-1 Safekeeping

354

(1)

VI-E-2 Customer Seg

355

(1)

VI-E-3 Exemptions

356

(2)

VI-F SETTLEMENTS OF MORTGAGE-BACKED SECURITIES

358

(1)

VI-F-1 GNMA Passthrough Securities

358

(1)

VI-F-2 Electronic Pool Notification (EPN)

359

(1)

VI-G SETTLEMENT WITH GSCC AND THE FED

359

(1)

VI-H OPTION SETTLEMENT

360

(3)

VI-H-1 Daily Activity Settlement

360

(1)

VI-H-2 OCC Margin

361

(1)

VI-H-3 Expiration

362

(1)

VI-I INSTITUTIONAL SETTLEMENT

363

(3)

VI I-1 Trade Suite, OASYS, Omgeo

363

(2)

VI-I-2 Alert and SID

365

(1)

VI-J MUTUAL FUND SETTLEMENT

366

(7)

VI-J-1 Clearance

366

(1)

VI-J-1-a Closed-End Fund Transaction Clearance

366

(1)

VI-J-1-b Open-End Fund Transaction Clearance

367

(1)

VI-J-2 Acquiring Fund Shares

367

(4)

VI-J-2-a FundSery

368

(2)

VI-J-2-b Mutual Fund Profile Service (MFPS)

370

(1)

VI-J-2-c ACATS/FundSery

370

(1)

VI-J-3 Defined Contribution

371

(2)

CHAPTER VII Custodial Services

373

(16)

VII-A AUTOMATED CUSTOMER ACCOUNT TRANSFER SYSTEM (ACATS)

373

(1)

VII-B TRANSFERS

373

(6)

VII-C STANDING INSTRUCTIONS

379

(1)

VII-D DIVIDENDS AND BOND INTEREST

379

(4)

VII-E CORPORATE ACTIONS (AKA REORGANIZATIONS)

383

(6)

VII-E-1 Mergers

383

(1)

VII-E-2 Acquisitions

384

(1)

VII-E-3 Tender Offers

384

(1)

VII-E-4 Stock Splits

385

(1)

VII-E-5 Reverse Stock Splits

386

(1)

VII-E-6 Spinoffs

387

(1)

VII-E-7 Processing Corporate Actions

388

(1)

CHAPTER VIII Role of the Banks

389

(8)

VIII-A CUSTODIAN

389

(1)

VIII-B FINANCING

390

(1)

VIII-B-1 Collateralized Loans and Hypothecation

390

(1)

VIII-B-2 Letters of Credit

391

(1)

VIII-B-3 Lines of Credit

391

(1)

VIII-C TRANSFER AGENT

391

(1)

VIII-D REGISTRAR

392

(1)

VIII-E PAYING AGENT

393

(1)

VIII-F PRODUCT ISSUER

393

(2)

VIII-F-1 Commercial Paper

393

(1)

VIII-F-2 Certificates of Deposit

394

(1)

VIII-F-3 Bankers' Acceptances

394

(1)

VIII-F-4 Asset-Backed and Mortgage-Backed Securities and Whole Loans

394

(1)

VIII-G FOREIGN EXCHANGE

395

(1)

VIII-H CLIENT

395

(2)

CHAPTER IX Cash Accounting

397

(14)

IX-A THE ACCOUNTING PROCESS

398

(1)

IX-B ACCOUNT CATEGORIES

399

(1)

IX-C DEBITS AND CREDITS

400

(3)

IX-D JOURNAL AND LEDGER

403

(8)

IX-D-1 Journal Entries

403

(2)

IX-D-2 Ledger Account

405

(1)

IX-D-3 Trial Balance

406

(1)

IX-D-4 Profit and Loss Statement and Balance Sheet

407

(4)

CHAPTER X Brokerage Accounting

411

(8)

X-A CASH MOVES THE SECURITY

411

(3)

X-B LOCATION ACCOUNTS

414

(2)

X-C OFFSET TO SHORT SALES

416

(1)

X-D CHART OF BROKERAGE ACCOUNTS

417

(2)

CHAPTER XI Stock Record

419

(18)

XI-A TYPES OF STOCK RECORDS

421

(8)

XI-A-1 Activity Stock Record

421

(2)

XI-A-2 Summary Stock Record

423

(5)

XI-A-3 Trade Date Stock Record

428

(1)

XI-B BREAKS AND ILLOGICAL POSITIONS

429

(1)

XI-C ACCOUNT NOMENCLATURE

430

(7)

CHAPTER XII General Ledger

437

(8)

XII-A DAILY CASH REPORT

439

(1)

XII-B GENERAL BUSINESS

440

(1)

XII-C TRIAL BALANCE

440

(1)

XII-D PROFIT AND LOSS STATEMENT

441

(1)

XII-E BALANCE SHEET

442

(2)

XII-F STATEMENT OF CASH FLOW

444

(1)

CHAPTER XIII Regulatory Reporting

445

(8)

XIII-A NET CAPITAL AND AGGREGATE INDEBTEDNESS (RULE 15c3-1 OF THE 1934 SECURITIES AND EXCHANGE ACT)

445

(5)

XIII-A-1 The Broker/Dealer's Capital

447

(1)

XIII-A-2 Computation of Net Capital

447

(3)

XIII-B CUSTOMER PROTECTION—RESERVES AND CUSTODY OF SECURITIES (RULE 15c3-3 OF THE 1934 SECURITIES AND EXCHANGE ACT)

450

(1)

XIII-C FOCUS

451

(2)

CHAPTER XIV Conclusion

453

(2)

Glossary

455

(40)

Index

495

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After the Trade Is Made, Revised Ed. Processing Securities Transactions

After the Trade Is Made, Revised Ed. Processing Securities Transactions

9781591841272

1591841275

Summary

Author Biography

Table of Contents

Supplemental Materials

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Amazon no longer offers textbook rentals. We do!

After the Trade Is Made, Revised Ed. Processing Securities Transactions

After the Trade Is Made, Revised Ed. Processing Securities Transactions

9781591841272

1591841275

Summary

Author Biography

Table of Contents

Supplemental Materials

Write a Review

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