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MARGIN TRADING FROM A TO Z
Trading on margin may be considered a high-risk strategy, but purchasing securities in this manner is nothing more than purchasing securities on credit. And if properly performed, this investment approach can yield significant profits.
While there's risk in any leveraged investment, with knowledge of the product, diversification, and constant monitoring, this risk can be greatly reduced. Certainly, there is nothing new in these concepts, and nobody is more familiar with them than author Michael Curley. With over fifty years of experience in the field of finance--including fifteen years in the banking industry and fifteen years in the brokerage industry--Curley knows what it takes to make it as a successful investor, and now, with Margin Trading from A to Z, he'll show you how.
Margin Trading from A to Z offers a step-by-step explanation of the mechanics of the margin account. Filled with in-depth insights and expert advice, this book uses a hands-on approach to show how a Regulation T margin call is arrived at; how it may be answered; and what an account looks like once a call is issued and after the call is met.
Throughout these pages, you'll quickly become familiar with the essential elements of margin trading and learn how to operate within this dynamic environment. Some of the issues covered by this detailed guide include:
- Initial and minimum maintenance requirements
- The intricacies of the Special Memorandum Account (SMA)
- Margin trading as it relates to short selling, bonds, and options
- The opportunities that a Portfolio Margining methodology presents
- And much more
MARGIN TRADING FROM A TO Z
Trading on margin may be considered a high-risk strategy, but purchasing securities in this manner is nothing more than purchasing securities on credit. And if properly performed, this investment approach can yield significant profits.
While there's risk in any leveraged investment, with knowledge of the product, diversification, and constant monitoring, this risk can be greatly reduced. Certainly, there is nothing new in these concepts, and nobody is more familiar with them than author Michael Curley. With over fifty years of experience in the field of finance--including fifteen years in the banking industry and fifteen years in the brokerage industry--Curley knows what it takes to make it as a successful investor, and now, with Margin Trading from A to Z, he'll show you how.
Margin Trading from A to Z offers a step-by-step explanation of the mechanics of the margin account. Filled with in-depth insights and expert advice, this book uses a hands-on approach to show how a Regulation T margin call is arrived at; how it may be answered; and what an account looks like once a call is issued and after the call is met.
Throughout these pages, you'll quickly become familiar with the essential elements of margin trading and learn how to operate within this dynamic environment. Some of the issues covered by this detailed guide include:
- Initial and minimum maintenance requirements
- The intricacies of the Special Memorandum Account (SMA)
- Margin trading as it relates to short selling, bonds, and options
- The opportunities that a Portfolio Margining methodology presents
- And much more
MICHAEL T. CURLEY has fifty years of experience in the field of finance, including fifteen years in the banking industry and fifteen years in the brokerage industry. He has attained experience as a manager of operations at Citibank, as a vice president of operations at both State Street and Hartford Trust Company of New York, and from work in the Division of Compliance, Finance, and Margin at the New York Stock Exchange. Since 1987, Curley has been a full-time financial trainer and consultant. He currently teaches at the New York Institute of Finance and at the Securities Operations Forum.
Preface xi
About the Author xv
CHAPTER 1 Cash Accounts 1
Sale of Securities 3
Paying for Securities by the Sale of Other Securities 3
Delivery against Payment 4
Employee Stock Options 6
Chapter One Questions 7
CHAPTER 2 Initial Federal Margin Requirements 9
Purchases 9
Sales 16
Meeting a Margin Call 17
Chapter Two Questions 19
CHAPTER 3 Initial and Minimum Maintenance Requirements 21
Initial Requirements 21
House Requirements 23
NYSE Minimum Maintenance Requirements 23
Chapter Three Questions 29
CHAPTER 4 The Special Memorandum Account 31
Customer's Account 35
Chapter Four Questions 42
CHAPTER 5 Short Sales 45
Covering Short Sales 51
NYSE Minimum Maintenance Requirements 52
Sample Transactions 53
Short Sale versus the Box or Short against the Box 55
Prime Broker 59
Chapter Five Questions 62
CHAPTER 6 Bonds 65
U.S. Government Securities 67
Zero-Coupon Government Obligations 67
Municipals 69
Nonconvertible Corporate Bonds 72
Chapter Six Questions 74
CHAPTER 7 Miscellaneous Categories 77
When-Issued and When-Distributed Transactions 77
Customer's Accounts 78
Marks to the Market 80
When-Distributed Securities 80
Segregation of Customers' Securities 80
Review of Customers' Accounts 81
Interest Charges 83
Margin on New Issues 85
Day Trades 85
Requirements for a Pattern Day Trader 86
Time and Tick 87
Chapter Seven Questions 89
CHAPTER 8 Options 91
Definitions 92
Additional Definitions Related to the Types of Options 93
Examples 95
Requirements for the Purchase and/or Sale of Options 100
Long-Term Equity Anticipation Securities 101
LEAPS 101
LEAPS Example 102
Bull Spread Call Debit 106
Bear Spread Call Credit 107
Bull Spread Put Credit 107
Bear Spread Put Debit 108
The American Style 108
The European Style 108
Other Types of Options 108
Index Options 108
Interest Rate Options 109
Additional Details Concerning Options 113
Chapter Eight Questions 114
CHAPTER 9 Portfolio Margining 121
Margin Deficiencies 125
Chapter 9 Questions 126
Eligible/Hedged/Unhedged Positions 126
Account Set-up 126
Unlisted Derivatives 126
Liquidations 127
APPENDIX A The Federal Reserve 129
APPENDIX B Customer Margin Account and SMA Sheets 137
APPENDIX C Answers to Chapter Questions 139
APPENDIX D Final Examination Questions 151
APPENDIX E Final Examination Answers 161
Glossary of Terms 169
Index 177
| Erscheinungsjahr: | 2008 |
|---|---|
| Fachbereich: | Betriebswirtschaft |
| Genre: | Importe, Wirtschaft |
| Rubrik: | Recht & Wirtschaft |
| Medium: | Taschenbuch |
| Inhalt: | Einband - flex.(Paperback) |
| ISBN-13: | 9781119108511 |
| ISBN-10: | 1119108519 |
| Sprache: | Englisch |
| Einband: | Kartoniert / Broschiert |
| Autor: | Curley, Michael T |
| Hersteller: | Wiley |
| Verantwortliche Person für die EU: | Libri GmbH, Europaallee 1, D-36244 Bad Hersfeld, gpsr@libri.de |
| Maße: | 229 x 152 x 11 mm |
| Von/Mit: | Michael T Curley |
| Erscheinungsdatum: | 03.03.2008 |
| Gewicht: | 0,304 kg |
MICHAEL T. CURLEY has fifty years of experience in the field of finance, including fifteen years in the banking industry and fifteen years in the brokerage industry. He has attained experience as a manager of operations at Citibank, as a vice president of operations at both State Street and Hartford Trust Company of New York, and from work in the Division of Compliance, Finance, and Margin at the New York Stock Exchange. Since 1987, Curley has been a full-time financial trainer and consultant. He currently teaches at the New York Institute of Finance and at the Securities Operations Forum.
Preface xi
About the Author xv
CHAPTER 1 Cash Accounts 1
Sale of Securities 3
Paying for Securities by the Sale of Other Securities 3
Delivery against Payment 4
Employee Stock Options 6
Chapter One Questions 7
CHAPTER 2 Initial Federal Margin Requirements 9
Purchases 9
Sales 16
Meeting a Margin Call 17
Chapter Two Questions 19
CHAPTER 3 Initial and Minimum Maintenance Requirements 21
Initial Requirements 21
House Requirements 23
NYSE Minimum Maintenance Requirements 23
Chapter Three Questions 29
CHAPTER 4 The Special Memorandum Account 31
Customer's Account 35
Chapter Four Questions 42
CHAPTER 5 Short Sales 45
Covering Short Sales 51
NYSE Minimum Maintenance Requirements 52
Sample Transactions 53
Short Sale versus the Box or Short against the Box 55
Prime Broker 59
Chapter Five Questions 62
CHAPTER 6 Bonds 65
U.S. Government Securities 67
Zero-Coupon Government Obligations 67
Municipals 69
Nonconvertible Corporate Bonds 72
Chapter Six Questions 74
CHAPTER 7 Miscellaneous Categories 77
When-Issued and When-Distributed Transactions 77
Customer's Accounts 78
Marks to the Market 80
When-Distributed Securities 80
Segregation of Customers' Securities 80
Review of Customers' Accounts 81
Interest Charges 83
Margin on New Issues 85
Day Trades 85
Requirements for a Pattern Day Trader 86
Time and Tick 87
Chapter Seven Questions 89
CHAPTER 8 Options 91
Definitions 92
Additional Definitions Related to the Types of Options 93
Examples 95
Requirements for the Purchase and/or Sale of Options 100
Long-Term Equity Anticipation Securities 101
LEAPS 101
LEAPS Example 102
Bull Spread Call Debit 106
Bear Spread Call Credit 107
Bull Spread Put Credit 107
Bear Spread Put Debit 108
The American Style 108
The European Style 108
Other Types of Options 108
Index Options 108
Interest Rate Options 109
Additional Details Concerning Options 113
Chapter Eight Questions 114
CHAPTER 9 Portfolio Margining 121
Margin Deficiencies 125
Chapter 9 Questions 126
Eligible/Hedged/Unhedged Positions 126
Account Set-up 126
Unlisted Derivatives 126
Liquidations 127
APPENDIX A The Federal Reserve 129
APPENDIX B Customer Margin Account and SMA Sheets 137
APPENDIX C Answers to Chapter Questions 139
APPENDIX D Final Examination Questions 151
APPENDIX E Final Examination Answers 161
Glossary of Terms 169
Index 177
| Erscheinungsjahr: | 2008 |
|---|---|
| Fachbereich: | Betriebswirtschaft |
| Genre: | Importe, Wirtschaft |
| Rubrik: | Recht & Wirtschaft |
| Medium: | Taschenbuch |
| Inhalt: | Einband - flex.(Paperback) |
| ISBN-13: | 9781119108511 |
| ISBN-10: | 1119108519 |
| Sprache: | Englisch |
| Einband: | Kartoniert / Broschiert |
| Autor: | Curley, Michael T |
| Hersteller: | Wiley |
| Verantwortliche Person für die EU: | Libri GmbH, Europaallee 1, D-36244 Bad Hersfeld, gpsr@libri.de |
| Maße: | 229 x 152 x 11 mm |
| Von/Mit: | Michael T Curley |
| Erscheinungsdatum: | 03.03.2008 |
| Gewicht: | 0,304 kg |
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