By David M. Weiss
The absolutely up to date vintage consultant to the mechanics of securities processing—a needs to for specialist traders This 3rd version of After the alternate Is Made displays the adjustments that experience taken position in fresh years because of new items, technological breakthroughs, and the globalization of the securities undefined. finished and straightforward to appreciate, it offers agents, operations team of workers, and person traders with definitive and up to the moment causes of every step within the buying and selling process—from the instant a purchaser comes to a decision to shop for or promote a safety in the course of the ultimate standards of checklist maintaining. Written for either securities execs and person traders, even if family or in different international locations, this re-creation truly explains the middle of underwritings, new and confirmed buying and selling markets, transaction processing, margin, and more—while offering severe insights into the main contemporary wave of alterations. David M. Weiss, a veteran securities specialist, strains the full technique of procuring or promoting a safeguard, from order administration to transaction processing to the ultimate posting at the firm’s books and documents. He covers the really expert attributes of every functionality in a standard brokerage enterprise, as good as their relationships with advertisement banks, move brokers, clearing companies, and depositories. After the exchange Is Made is the definitive source for someone wanting to comprehend and expectantly navigate the substantial and sometimes extraordinary international of securities.
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Additional info for After the Trade Is Made: Processing Securities Transactions
Trades for clients that are executed on an agency basis are charged commission. Trades that are executed in the over-the-counter market on a principal basis, that is, against a dealer’s inventory, will be charged a markup. The unit of trading in common stock is usually 100 shares, which is called a round lot. Transactions from 1 to 100 shares are known as odd lots. In a very few cases, the unit of trading is 10 shares. Ten-share traders are usually high-priced preferred stocks. Common stock is a registered issue, that is, the stock certificates are registered to a party.
The names and addresses of the registered holders are maintained by the corporate transfer agent, which is usually a bank or trust company. When common stock changes hands and there is a need to change the registration, the certificate is sent to its respective transfer agent, which cancels the old certificate and issues a new one in the name of the new owner. We will see later that stocks maintained at DTCC have their ownership adjusted by bookkeeping entry on DTCC books, negating the need to send physical securities to the transfer agent for canceling and issuing new certificates.
CHAPTER II Products That We Offer II-A CORPORATE SECURITIES A corporation is a unique type of business enterprise in that the law recognizes it as a legal individual. As such, it can sue or be sued. Its shares of ownership can be easily transferred. It can amass large amounts of capital in its own name. Generally, its life, as defined by its charter, is perpetual. The corporate charter describes what the corporation may or may not do. The charter is obtained from one of the 50 states, usually the corporation’s home state.