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208030
Brokers
Description
Bachelor's degree Trading and Dealing (The Structure of Trading) Mind Map on Brokers, created by Vhia Rose on 14/09/2013.
No tags specified
the structure of trading
trading and dealing
trading and dealing
the structure of trading
bachelor's degree
Mind Map by
Vhia Rose
, updated more than 1 year ago
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Created by
Vhia Rose
about 11 years ago
29
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Resource summary
Brokers
Function
Arrange trades for clients
Clearing and settlement among traders**
Provide access to exchanges
Provide access to dealers
Expert traders
Principal-Agent Problem
Performance measurement difficult
Agency responsible for brokers
Conflict of interests
Order preferencing certain dealers (may not be best execution for client)
Honesty leads to good reputation = firm survival
Market type
Order flow
Small to medium size trades
Order driven or quote driven
Receive orders and match with orders"es
Block
Large size trades
Brokered
Receive order on one side, search for opposite side
New and Seasoned Offerings
Large size corporation trades
Brokered
Sell securities to buyers on behalf of issuers and holders
M&A
Company to company trades
Brokered (investment banks)
Find one or both parties
Firm Type
Full Service
Discount
Deep Discount
Diff: Commission, Research, Advice and Services
Firm Structure
Front office operations
Back office operations
Proprietary operations
Sources of Profit
Commissions
Payments for order flow
Interest
Short interest rebate
Underwriting, M&A & security lending fees
Brokerage and commission recapture
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