Le rôle des spécialistes et opérateurs boursiers au New York Stock Exchange

Résumé du document

The New York Stock Exchange is an organized securities exchange is a location with a trading floor where all stock transactions take place. Organized exchanges in the United States include the New York Stock Exchange (NYSE) and the American Stock Exchange (AMEX), as well as several regional exchanges such as the Boston, Chicago, Philadelphia Stock Exchanges.

New York Stock Exchange's origin goes back up to the signature, by 24 stockbrokers of New York on May 17th, 1792, of a said agreement "the Agreement of Buttonwood". Marsh Carter is the president of the New York Stock Exchange.

Extraits

[...] Structure of the new york stock exchange Like all the stock exchanges, the objective of the New York Stock Exchange is to provide a convenient meeting place where buyers and sellers of securities may conduct business. In addition, the NYSE provides facilities for the settlement of transactions, establishes rules for the trading processes and the activities of its members, provides publicity for the transactions and establishes standards for the corporations that have securities trading on the exchange. The New York Stock Exchange is a voluntary association of 1,366 members. Membership seats are considered quite valuable. [...]

[...] Each stock is assigned to a specialist, who has a trading post on the exchange floor. All trades in a specialist's assigned stock need to take place at the specialist's post. As a market maker, the specialist maintains an inventory of the assigned security and stands ready to buy or sell to maintain a fair and orderly market. That means they must be ready to purchase shares of their assigned stock when there are many sellers and they must be willing to sell shares when traders want to buy. [...]

[...] Le rôle des spécialistes et opérateurs boursiers au New York Stock Exchange The new york stock exchange An organized securities exchange is a location with a trading floor where all stock transactions take place. Organized exchanges in the United States include the New York Stock Exchange (NYSE) and the American Stock Exchange (AMEX), as well as several regional exchanges such as the Boston, Chicago, Philadelphia Stock Exchanges. New York Stock Exchange's origin goes back up to the signature, by 24 stockbrokers of New York on May 17th of a said agreement " the Agreement of Buttonwood Marsh Carter is the president of the New York Stock Exchange. [...]

[...] Registered traders are individuals who purchase a seat on the exchange to buy and sell stocks for their own account. Since they do their own trading, they do not pay any commissions. They may also be on retainer from a brokerage house, often a regional firm that does not have their own seat on the exchange. “Traders receiving orders via telephone from brokerage offices throughout the country scurry about placing orders with particular specialists”. Specialists, or assigned dealers, have the responsibility of making a market for an assigned security. [...]

[...] Bid price is the price the buyer is willing to pay for the securities; ask price is the price at which the owner is willing to sell the securities. For example, if the current bid price from brokers is $ 50 and the current ask price is $ the specialist may enter a bid of $ 50.02 or $ 50.03 or a lower ask price in order to lower the spread and maintain market order. The spread is the difference between the offer price and the price paid by the investment bank. The lower the spread, the more likely an investor's buy order will be accepted. [...]