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Note #8 - ECON 133 Securities Markets Lecture 8 Jia-Yuh...

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ECON 133 Securities Markets Lecture 8 Jia-Yuh Chen August 12, 2009
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Stock of the Day I I Apple Inc. (AAPL) I S&P 500 and NASDAQ 100 member I Very high valuation: P/E=29 (Dell°s: 13, Microsoft°s 14, and IBM°s 13; but Google°s 31) I Why do I hold it? I Disclaimer: this is not a stock recommendation and I am exempt from registering as an investment adviser
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Brokers and Dealers I Brokers± on behalf of others I Dealers± participating in trade I Regulated by the SEC I Financial Industry Regulatory Authority (FINRA) I Independent, self-regulatory institute I FINRA series 7 exam
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The Traditional Four Markets I First market± NYSE I Second market± NASDAQ national market I Third market± NASDAQ small cap I Fourth market± where institutional investors trade among themselves
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Exchanges and ECNs I Exchanges I NYSE and specialists I An association of B-D, regulated by the SEC I Electronic Communications Networks (ECNs) I Started as traders°bulletin board I Granted access to NASDAQ in 1997 I Regulated by the SEC, too I Mergers among exchanges I NYSE Euronext I ArcaEx I EuroNext I Amex I NASDAQ I Instinet
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