After the Trade is Made: Processing Securities Transactions

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Penguin, 2006 - Business & Economics - 509 pages
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The fully updated classic guide to the mechanics of securities processing—a must for professional investors 

This third edition of After the Trade Is Made reflects the changes that have taken place in recent years as a result of new products, technological breakthroughs, and the globalization of the securities industry. Comprehensive and easy to understand, it provides brokers, operations personnel, and individual investors with definitive and up-to-the-minute explanations of each step in the trading process—from the moment a customer decides to buy or sell a security through the final requirements of record keeping.

Written for both securities professionals and individual investors, whether domestic or in other countries, this new edition clearly explains the core of underwritings, new and established trading markets, transaction processing, margin, and more—while providing critical insights into the most recent wave of industry changes.

David M. Weiss, a veteran securities professional, traces the entire process of buying or selling a security, from order management to transaction processing to the final posting on the firm’s books and records. He covers the specialized attributes of each function in a typical brokerage firm, as well as their relationships with commercial banks, transfer agents, clearing corporations, and depositories.

After the Trade Is Made is the definitive resource for anyone eager to understand and confidently navigate the vast and often surprising world of securities.

 

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Contents

CHAPTER I
1
IB THE MARKETS
15
IE REGULATORY REPORTING
21
CHAPTER II
27
nA4 Corporate Bonds and Notes
48
nC U S TREASURY INSTRUMENTS
77
nD MORTGAGEBACKED
83
nE BANKISSUED SECURITIES
92
VH MAINTENANCE EXCESS
300
VK MARGIN DEPARTMENTS DAILY ROUTINE
307
CHAPTER vi
329
VIC FAIL TO RECEIVEFAIL TO DELIVER
341
VIE CUSTODIAL SERVICES
353
VIH OPTION SETTLEMENT
360
VIJ MUTUAL FUND SETTLEMENT
366
Custodial Services
373

IIG EXCHANGETRADED FUNDS ETFS
103
nJ FUTURES AND FORWARDS
114
nM AMERICAN DEPOSITARY RECEIPTS ADRs
129
n0 SUMMARY OF INVESTMENT PRODUCTS
133
mB ORDER ROUTING
142
mE THE THIRD MARKET
196
rvB CLIENT ACCOUNT CONTROL
204
rvD CODING
221
IVF COMPARISON
228
rvG BALANCING OF THE CUSTOMER SIDE
248
iVj FUTURES COMPARISON
266
VB TERMINOLOGY
272
VF MARGINLONG POSITION
287
VG MARGINSHORT SALES
295
vnc STANDING INSTRUCTIONS
379
CHAPTER VIII
389
vmE PAYING AGENT
393
CHAPTER X
397
DCB ACCOUNT CATEGORIES
399
Brokerage Accounting
411
CHAPTER XI
419
XIB BREAKS AND ILLOGICAL POSITIONS
429
CHAPTER XII
437
xnE BALANCE SHEET
442
xraB CUSTOMER PROTECTIONRESERVES
450
Index
495
Copyright

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About the author (2006)

David M. Weiss has been active in the brokerage industry for more than thirty-five years. Currently an independent consultant and lecturer, he was formerly the director of business, industry, and product training for a major international investment bank, vice president of new products for a primary marketplace, and chief operations officer of a broker dealer as well as holding other management positions.

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