复旦大学现代金融研究讲义 张立坚

1.2 Buying and Selling Securities

Opening an Account
Cash Accounts (cover withdrawals)
Margin Accounts (overdraft privileges)
Hypothecation agreement: securities as collateral for loans
Street name: brokerage firm as owner of security
Choosing a Broker
Full-service
Discount
Online Brokers
Types of Orders
Market (executed immediately at the current market price)
Limit (if the price drops below x, then buy; if the price rises above x, then sell)
Stop loss (if the price drops below x, then sell; if the price rises above x, then buy)

Margin Purchase (financial leverage)
Expectation: stock price will rise in the near future.
Initial Margin
Actual Margin (marked to market; loss of broker for price dropping)
        =Equity/Market Value of Position
Maintenance Margin
Margin Call (new cash or securities into the account)
Short Sales
Purpose:  to profit from a decline in the price of a stock or security
Rules:
Short sale must be identified to the exchange
“Marked to market” each day
Executed only on an uptick
Securities sources
Brokerage firms
Institutional investors
Personal investors’ margin account  

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