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24 Cards in this Set

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New issues being sold for the first time are sold in the _______- market
primary
Trading of issued securities takes place in the___________market
secondary
The secondary market consists of 4 submarkets. These are:
First, Second, Third, and Fourth
Which market is the trading of Exchange listed securities?
First market
How many shares generally change hands on the AMEX daily?
150,000,000
Which options exchange is the largest?
CBOE

Others are AMEX PHILADELPHIA and Pacific
What market handles trading unlisted OTC securities?
second market
Which market handles trading of exchange listed securities OTC
Third Market
What is the fourth market?
Trading of securities between institutions.
What is an ECN?
Instinet, match customer buy and sell orders 24 hours a day on an agency basis. ECNS are Island and Archipelago
What is different about the after hours market?
The after hours market is much less liquid-order flow is very limited and getting execution is much more difficult. There is much greater price volatility.
What are specialists?
Specialists are dealers on NYSE. Specialists do not deal with the public
Brokers earn a ___________
Dealers earn a __________
commission
mark-up
In OTC transactions firm can act as ______________ or _________
broker or dealer
Shorts sales are subjuect to the __tick rule
up
If an order ticket is altered it must be approved By:
branch manager
Buy limit order is placed_____the current market
below
Sell limit order placed _________-the current market
above
Sell stop order placed _________the current market
below
Buy stop order placed__________the current market
above
Orders above the current market are:
Orders below the current market are:
OSLOBS_open sell limits open buy stops
Obloss open buy limits Open sell stops
An efficient market is characterized by:
narrow spreads Higher trading volumes
The first market is an:
auction market
The market diary represents activity in the________ market
first