Introduction to the Equities Marketplace
April 11, 2007
Instructor: Robert Iati, Partner, TABB Group (Bio)
Level: Entry Level
Time: 8:30 a.m. - 5:00 p.m.
This one day seminar begins with a description of the players in the equities marketplace, their responsibilities and details about the products they handle. The presentation then delves into the life cycle of a transaction from pre-trade, trade and post-trade processes and the impacts felt from industry regulations and technology advancements. Although this is a beginner level course, participants should have some understanding of the securities industry. This seminar is tailored to individuals that deal with equities and have particular focus on support for equities trades, sales, or investment management.
| I. The Players & Their Roles |
| a. Buy-Side |
| i. Who are they? |
| ii. How do they service their customers? |
| b. Sell-Side |
| i. Who are they? |
| ii. How do they service their customers? |
| II. Product Characteristics |
| III. The Places |
| a. Execution Venues |
| i. Exchanges |
| ii. ATSs |
| b. Utilities, Clearing Corps and Depositories |
| c. Banks and Custodians |
| IV. The Process |
| a. Pre-Trade |
| i. Data |
| 1. Market Data |
| 2. Reference Data |
| ii. Research |
| iii. The Decision Process |
| b. Trading |
| i. Trading Floor vs. Electronic Trading |
| 1. The Changing Role of the Sales Trader |
| 2. The importance of FIX |
| 3. Impact on Commissions |
| ii. Routing Choices & Advanced Trading Tools |
| 1. DMA |
| 2. Algorithms |
| 3. Crossing |
| 4. Internalization |
| 5. TCA |
| c. Post Trade |
| i. Matching, Confirmation & Allocation |
| 1. Client and Counterparty match |
| 2. Allocation |
| ii. Clearance |
| 1. Clearance Fund |
| 2. Netting |
| iii. Settlement |
| iv. Financing and Funding |
| v. Reconciliation and Reporting |
| 1. Stock Record |
| 2. Financial Reporting |
| d. The Impact of Regulation |
| i. Market Structure |
| ii. Broker Research |
| iii. Inv. Mgrs vs Hedge Funds |
| e. The Role of Technology |
| i. The Business - Tech Relationship |
| ii. The Organization |
Agenda:
| 8:30 | Registration and Breakfast |
| 9:00 | Seminar Begins |
| 10:30 | Refreshment Break |
| 12:30 | Lunch Break* |
| 3:30 | Refreshment Break |
| 5:00 | Seminar Adjourns |
* This seminar includes a continental breakfast and two refreshment breaks. Lunch is not included. There is a one hour break provided at 12:30. A sampling of local restaurants can be found on the "Event Location" page.
