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Page
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Chapter 1. An introduction to Securities business
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11
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1.1.Overview of securities market
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11
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1.1.1. Definition
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11
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1.1.2. Role of securities market
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12
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1.1.3. End users of the securities market
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16
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1.1.4. Ongoing trend
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17
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1.1.5. Instruments
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20
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1.1.5.1. Bond
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20
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1.1.5.2. Stock
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25
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1.1.5.3. Derivatives
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31
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1.2. Background of Securities business
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34
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1.2.1. Definition
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34
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1.2.2. Principles of Securities business
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36
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1.2.3. Players of Securities business
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36
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1.3. The factors influence on the operating of Securities business
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39
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1.3.1. Legal/Regulatory
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39
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1.3.2. Policy/Regime
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40
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1.3.3. Others factors
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40
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1.4. Code of conduct in Securities business
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42
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1.4.1. Definition
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42
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1.4.2. The meaning of code of conduct in the Securities business
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42
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1.4.3. Requirements of code of conduct
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43
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Questions
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44
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Chapter 2. Securities company operations
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2.1. Trading in Securities market
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48
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2.1.1. Primany market
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48
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2.1.2. The secondary markets
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48
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2.1.2.1. Stock exchange
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48
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2.1.2.2. OTC market
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56
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2.1.2.3. Special trading
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57
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2.1.3. Some main international stock market
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63
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2.2.Brokerage operation
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67
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2.2.1. Overview
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67
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2.2.2. Brokerage operation prodcedures
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67
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2.2.3.Regulations and risks in brokerage operation
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69
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2.3. Underwriting
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71
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2.3.1. Overview
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71
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2.3.2. Types of underwriting
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72
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2.3.3. Types of security issuing
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75
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2.3.4. Requirement conditions for issuing share to public
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77
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2.3.5. Security underwriting process
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78
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2.4. Security investment and financial consultancy
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82
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2.4.1. Why there is a need for nvestment consultancy
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83
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2.4.2. Ethetic in investment consultancy
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83
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2.4.3. Tools for investment consultancy
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86
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2.4.3.1. Fundamental analysis
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86
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2.4.3.2. Technical analysis
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91
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2.5. Portfolio management operation
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96
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2.5.1. Portfolio and Portfolio management
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96
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2.5.2. Process of Portfolio management
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97
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2.6. Principle trading
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99
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2.6.1. Definition of principle trading operation
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99
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2.6.2. Requirements for principle trading
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100
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2.6.3. Principle trading procedures
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101
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Questions
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103
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Chapter 3. Fund operations
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3.1. Introduction
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109
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3.1.1. What is fund?
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109
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3.1.2. The role of fund
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111
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3.1.3. Type role of fund
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114
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3.1.3.1. Fund classified by investment objective
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114
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3.1.3.2. Funds classified by investment objective
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115
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3.1.3.3. Funds by type of investment policy
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119
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3.1.3.4. Funds classified by investment reasonable level
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122
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3.1.3.5. Funds classified by organizing
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123
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3.2. Investment policy statement (IPS)
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125
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3.2.1. Objectives
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126
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3.2.2. Constraints
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133
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3.3. Issuing fund certificate/share
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137
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3.4. Asset allocation
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139
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3.4.1. What is asset allocation?
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139
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3.4.2. The role of asset allocation
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140
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3.4.3. The steps in asset allocation
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141
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3.5. Porfolio management
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146
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3.5.1. Bond portfolio management
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149
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3.5.2. Stock portfolio management
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154
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3.6. Wealth management
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156
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3.7. Pricing and redeeming shares of the fund
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160
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3.7.1. Fee structure
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160
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3.7.2. Net asset value - NAV
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163
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3.8. Fund performance
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166
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Questions
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170
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Chapters 4. Securities clearance and settlement systems
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4.1. Introduction
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173
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4.1.1. Components of a securities and settlement systems
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173
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4.1.2. Participants in securities and settlement systems
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178
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4.1.3. Securities clearance and settlement process
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183
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4.1.3.1.Trade execution
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184
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4.1.3.2. Trade clearance
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184
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4.1.3.3. Trade settlement
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185
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4.2. Exposure to risk within the system
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188
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4.3. Vietnam Securities clearance and settlement system
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197
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4.3.1. Introduction
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197
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4.3.2. Organnization
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203
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4.3.3. Operation
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204
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4.3.4. Settlement insurance
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205
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Questions
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206
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Chapter 5. Evaluating securities company performance
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5.1. Introduction
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208
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5.2. Performance measurement
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211
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5.2.1. Indicators for evaluation of liquidity
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211
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5.2.1.1. Disposable capital indicator
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211
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5.2.1.2. Debt to liquid assets indicator
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213
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5.2.1.3. Debt in securities trading settlement to capital ratio
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214
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5.2.2. Indicators for activity evaluation
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214
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5.2.2.1. Indicators for activity evaluation
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214
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5.2.2.2. Indicator of provision for securities devaluation
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214
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5.2.2.3. Revenue increment
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215
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5.2.2.4. Operating expenses ratio
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216
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5.2.3. Profit indicator
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216
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5.2.3.1. Ratio of profit to sales
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217
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5.2.3.2. The profit – capital ratio
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217
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5.2.3.3. Indicator for evaluation of firm’s investment quality
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218
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5.2.3.4. The profit – equity ratio
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218
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5.2.3.5. Indicator of the added equity efficiency
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219
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5.2.4. Portfolio evaluation
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219
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5.2.4.1. Jensen’s alpha
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220
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5.2.4.2. Treynor measure
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222
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5.2.4.3. Sharpe ratio
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223
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5.2.4.4. M2
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223
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5.2.4.5. Information ratio
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225
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5.3. Fators effect on the efficiency of securities firm’s business
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226
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5.3.1. Objective factors
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226
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5.3.1.1. Economic environment
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226
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5.3.1.2. Political and legal environment and policies mechanism
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227
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5.3.1.3. Technological environment
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228
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5.3.1.4. Specific environment
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228
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5.3.1.5. The impact of the securities market
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230
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5.3.2. Subjective factors
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230
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5.3.2.1. Financial potential
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230
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5.3.2.2. Credibility
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231
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5.3.2.3. Business resourece capacity
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231
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5.3.2.4. Human resource quality
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232
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5.4. Regulation of securities firm’s operations
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233
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5.4.1. The regulation in management securities firm’s activities
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233
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5.4.2. Capital management regulations and limits
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235
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5.4.3. Regulations in term of the report system
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237
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Questions
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238
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