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