Short selling occurs when an investor borrows a security, sells it on the open market, and expects to buy it back later for less money. Debt Capital Markets is a cross between sales & trading and investment the activities of central banks or the impact of trade policy on FX rates. you will find the key to the code of Wall Street's A-Z jargon. While this Cross Receipt: a receipt signed at the Closing of an issue of Securities. HUMAN INVESTING PETER FISHER

Print New regulations have hampered an old technique employed by primary debt capital market bankers to guage investor demand: so-called pre-sounding. Although significant levels of oversubscription mean issuers achieved extraordinary outcomes this year, the market has had to battle significant regulatory challenges.

Pre-sounding refers to discussions with investors that take place before the announcement of a transaction to gauge their interest in a potential structure or transaction. According to a recent briefing from Linklaters, one risk of these discussions is that non-public, price-sensitive or inside information may be disclosed to the investor. This is fine when the markets are strong because syndicate desks are a lot more confident in their convictions.

I could compare prices by taking my Ford Mustang to different dealers and choosing the dealer that gives me the best price. Flow traders make money by charging a bid-offer spread on a high volume of trades Flow trading corporate bonds work in the exact same way.

They trade over-the-counter, meaning not on an exchange. Flow traders make money through a high volume of transactions and charging a bid-offer spread on each transaction. A bid-offer spread involves making markets in a stock, bond, or a derivative, with the trader buying at a lower price bid price than they are selling it ask price.

These dollar prices are really percentages. As the trader, your job is to make markets. When Fidelity calls and wants to either buy or sell, your job is to quote price where you are willing to buy or sell. If Fidelity had a large client redeem funds from their High Yield Bond fund, they may need to sell some bonds. To confirm the trade, I send a trade ticket from Bloomberg. All the traders, salespeople and investors use Bloomberg.

Here is an example of what the confirmation ticket or VCON looks like. Now, you own the bond, what do you do? You need to act quickly. You could lose a lot of money if there was negative news on Tesla and the price of the bond fell. I knew of a trader that owned American Airlines Bonds before American Airlines declared bankruptcy, she lost her job shortly afterwards.

What you would do for Tesla is hedge the position. You can hedge the credit risk of Tesla using a credit default swap CDS and you can hedge the interest rate risk with the rates desk. After you hedged your position you can breathe a little bit easier. Now you try to find a buyer for the bonds. If the BlackRock portfolio manager liked the name, they might be inclined to buy the bond. The day to day job of a trader goes beyond quoting prices, you want to capture trade flows, maximize your bid-offer spread and limit your market risk.

The salesperson makes the call, and success, they want to buy the Tesla bonds you bought from Fidelity. You sell the bond and sell your ticket. You also unwind your hedges, you no longer need to pay for your credit default swap or your interest rate hedges. Your job is to facilitate trades from buyers and sellers and profit from the bid offer spread. The buyer and sellers choose the timing and which bank to trade with.

You can capture more of the trading flow, making sure more of the trades go through you versus a competing bank by showing a competitive price and bid-offer spread. Your role is to capture the trading flow, make the bid offer spread and limit your market risk.

You need to highlight ideas and opportunities to institutional investors and encourage trading flows. What is Agency Trading? One exception is large sized trades, called block trades typically happen off exchange and utilize a traditional flow trader. The Investor decides on the trade they want and the Investment Bank sends the order to the exchange. Sales traders are part sales, and part agency traders. Sales traders advice asset managers on their execution strategy, how to buy or sell a large number of shares without moving markets.

They also take orders from investors and send orders to the exchange. Vanguard wants to buy shares of Tesla. The Sales Trader enters that order into the exchange, and the exchange lets the Sales Trader know what price Vanguard bought the shares at. Morgan Stanley collects a per share commission on the trade. The commission is generally shared between execution the salestrader and for research to compensate equity research.

Here is one example, we just talked about Agency trading, trading as Agent versus Principal or Flow Trading. They are flow traded as principal. Confusing enough? What is Electronic Trading? Electronic trading is all about removing human touch points from the trading process.

Salespeople and traders are expensive, and trading in margins in certain asset classes are slim. McDonalds encourages you to use an App or a Kiosk such that your order of chicken nuggets goes straight through to the kitchen. Electronic trading works the same way, and instead of a McDonalds App or Kiosks, we call it a platform or an algorithm. Each bank has their own platform, just like Burger King and McDonalds have separate mobile applications. Electronic Trading develops, sells and supports and trading platform or algorithm.

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If no higher bid is available, they can execute the two deals at the same time and at the same price. Opening and Closing Crosses The Nasdaq gathers and posts data on all buy and sell interest in the two minutes prior to its opening; this information is referred to as the opening cross. Traders can post orders to buy at the opening price or to buy if there is an order imbalance. This dissemination of pricing interest helps to limit disruptions in liquidity.

The closing cross on Nasdaq matches bids and offers in a given stock to create a final price of the day. Traders can place orders that can be either " market at close ," which means buy or sell at the official closing price or "limit at close. Nasdaq collects data for the closing cross between p. Cross orders are executed between p. In the past, investors or hedgers who wanted to trade a pair such as the euro vs.

However, the dollar pairs are more actively traded than the cross, so in times of volatility or reduced liquidity, traders may still execute via the components. The most actively traded currency crosses are the euro vs. Cross trades can be done for any spot , forward, or option transactions. Golden Crosses and Death Crosses Technical analysis involves the use of statistical analysis to make trading decisions.

Technical analysts use a ton of data, often in the form of charts, to analyze stocks and markets. Technical traders learn to recognize these common patterns and what they might portend for the future performance of a stock or market. A golden cross and a death cross are exact opposites. A golden cross indicates a long-term bull market going forward, while a death cross signals a long-term bear market.

Both refer to the solid confirmation of a long-term trend by the occurrence of a short-term moving average crossing over a major long-term moving average. Either cross may occur as a signal of a trend change, but they more frequently occur as a strong confirmation of a change in trend that has already taken place. What Is the Meaning of Crossing Shares? Crossing shares is when one broker pairs off a buy and sell order from two separate customers of the same stock at the same price.

Before crossing the trade, the broker must offer the stock for a higher price than the bid price in the market. The profit is made on the difference between your transaction prices. Spot Transactions A spot market deal is for immediate delivery, which is defined as two business days for most currency pairs. The business day excludes Saturdays, Sundays, and legal holidays in either currency of the traded pair. During the Christmas and Easter season, some spot trades can take as long as six days to settle.

Funds are exchanged on the settlement date , not the transaction date. The U. The euro is the most actively traded counter currency , followed by the Japanese yen, British pound, and Swiss franc. Market moves are driven by a combination of speculation , economic strength and growth, and interest rate differentials. Forex FX Rollover Retail traders don't typically want to take delivery of the currencies they buy. They are only interested in profiting on the difference between their transaction prices.

Because of this, most retail brokers will automatically " roll over " their currency positions at 5 p. EST each day. The broker basically resets the positions and provides either a credit or debit for the interest rate differential between the two currencies in the pairs being held.

The trade carries on and the trader doesn't need to deliver or settle the transaction. When the trade is closed the trader realizes a profit or loss based on the original transaction price and the price at which the trade was closed. The rollover credits or debits could either add to this gain or detract from it. Since the forex market is closed on Saturday and Sunday, the interest rate credit or debit from these days is applied on Wednesday.

Therefore, holding a position at 5 p. Forex Forward Transactions Any forex transaction that settles for a date later than spot is considered a forward. The price is calculated by adjusting the spot rate to account for the difference in interest rates between the two currencies. The amount of adjustment is called "forward points. They are not a forecast of how the spot market will trade at a date in the future. A forward is a tailor-made contract.

It can be for any amount of money and can settle on any date that's not a weekend or holiday. As in a spot transaction, funds are exchanged on the settlement date. Forex FX Futures A forex or currency futures contract is an agreement between two parties to deliver a set amount of currency at a set date, called the expiry, in the future.

Futures contracts are traded on an exchange for set values of currency and with set expiry dates. Unlike a forward, the terms of a futures contract are non-negotiable. A profit is made on the difference between the prices the contract was bought and sold at. Instead, speculators buy and sell the contracts prior to expiration, realizing their profits or losses on their transactions. How Forex Differs from Other Markets There are some major differences between the way the forex operates and other markets such as the U.

Fewer Rules This means investors aren't held to as strict standards or regulations as those in the stock, futures or options markets. There are no clearinghouses and no central bodies that oversee the entire forex market. You can short-sell at any time because in forex you aren't ever actually shorting; if you sell one currency you are buying another. Fees and Commissions Since the market is unregulated, fees and commissions vary widely among brokers.

Most forex brokers make money by marking up the spread on currency pairs. Others make money by charging a commission, which fluctuates based on the amount of currency traded. Some brokers use both. Full Access There's no cut-off as to when you can and cannot trade.

Because the market is open 24 hours a day, you can trade at any time of day. The exception is weekends, or when no global financial center is open due to a holiday. Leverage The forex market allows for leverage up to in the U. Leverage is a double-edged sword; it magnifies both profits and losses.

Later that day the price has increased to 1. If the price dropped to 1. About the Rollover Currency prices move constantly, so the trader may decide to hold the position overnight. The broker will rollover the position, resulting in a credit or debit based on the interest rate differential between the Eurozone and the U.

Therefore, at rollover, the trader should receive a small credit. Rollover can affect a trading decision, especially if the trade could be held for the long term. Large differences in interest rates can result in significant credits or debits each day, which can greatly enhance or erode profits or increase or reduce losses of the trade.

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