Stock Exchange
Content
2003. 09. 13.
jegyzetek.hu
NYV0011G NYV0011G
Kérlek ne felejtsd el, hogy az anyagban elford!lhatnak elford!lhatnak h"b#k, t#rgy" té$edések. %a "lyet tal#lt#l, kérlek jelezd nek&nk. '( tan!l#st k)$#n a jegyzetek.h! *sa+ata
Stock Exchange -he stock exchange "s the arket, /here se*!r"t"es are traded. -here are sto*k e*hanges "n alost e$ery ajor *"ty "n the /orld. -he ost "+ortant ones are "n New York, London, and Tokyo . -here "s also a sto*k e*hange "n !da+est. -he sto*k e*hanges "n a *o!ntry "s the "rror of the *o!ntr"es e*onoy, b!t th"s "s also re$ersely tr!e4 /hat ha++ens "n the sto*k e*hange "s *r!*"al to the e*onoy. 5e*!r"t"es "s a ter /h"*h *ob"nes d"fferent ty+es of "n$estents, l"ke shares, bonds, o+t"ons and also fore"gn *!rren*"es, /h"*h are traded on the sto*k e*hange or on the 6-7 arket. -here are 2 a"n ty+es of se*!r"t"es4 ;
Fixed interest stocks 4 by /h"*h the "n$estor kno/s "n ad$an*e the ao!nt of "nterest he or
she /"ll re*e"$e. -he "nterest "s the ret!rn on h"s or her "n$estent. ;
Equities4 are so *alled, be*a!se they re+resent an e8!al +ro+ort"on of the *a+"tal and the +rof"t
of the b!s"ness. -here "s no ass!red ret!rn on the "n$estent noth"ng "s f"ed:. -he ret!rn "s s!bje* s!bje*tt to the +erfora +erforan*e n*e of the *o+any *o+any.. ;f the *o+any *o+any +erfor +erfors s /ell, /ell, so does does the shareholder, "f the *o+any +erfors badly, the shareholder gets less or noth"ng "n ret!rn on h"s or her "n$estent. <eo+le b!y and sell se*!r"t"es on the sto*k e*hange be*a!se they /ant to ake a +rof"t. !t not e$erybody "s ent"tled to do b!s"ness on the sto*k e*hange, and not e$ery *o+any "s allo/ed to offer the"r the"r shares shares,, bonds bonds et*. et*. 6nly eber eber f"rs, f"rs, /h"*h /h"*h are *alled *alled brokers, *an trade on the sto*k e*hange. =nd +eo+le *an ake transa*t"ons tro!gh the. 5!**essf!l, gro/"ng *o+an"es *an a!y "#ake a $!otation% to a stock exchange to get !isted. -hese *o+an"es are +!bl"* l""ted *o+an"es. 6nly the se*!r"t"es of the l"sted *o+an"es *an be traded. -he sto*k e*hange "s *ontrolled by the Stock Exchange &ounci! . -he f!n*t"ons of the 7o!n*"l are4 ;
7ontrol the ad"ss"on of ne/ ebers
;
>or the r!les of the sto*k e*hange
;
5ettle the d"s+!tes bet/een ebers
;
?"s*"+l"ne the ebers /ho are g!"lty of "s*ond!*t
-rad"ng /"th o+t"ons "s also $ery "+ortant. %a$"ng an o+t"on bo!ght eans the right to buy or se!! a se*!r"ty at a g"$en +r"se /"th"n a g"$en +er"od of t"e. -here are 2 ty+es of o+t"ons4 ;
&a!! otions' -he r"ght to b!y a se*!r"ty on a +re@arrange +re@arranged d +r"*e /"th"n a *erta"n +er"od A at a
*erta"n t"e. ;
(ut otion' the r"ght to sell a se*!r"ty on a +re@arranged +r"*e /"th"n a *erta"n +er"od A at a
*erta"n t"e. 5o /hen soebody e+e*ts r"s"ng +r"ses on the sto*k e*hange "bu!!ish #arket%, he or she has to b!y a *all o+t"on. =t exiry, "f the +r"se of the se*!r"ty "s de fa*to h"gher, he or she wi!! exercise the otion and b!y the g"$en se*!r"t"es at a *hea+er +r"se. ;f not, he or she /"ll not eer*"se the o+t"on and loose the oney "n$ested "n the o+t"on, /h"*h "s *alled the +re"!. =nd /hen soebody th"nks, that +r"ses are abo!t to go do/n "bearish #arket%, a +!t o+t"on has to be bo!ght. =t exiry, "f the +r"se of the g"$en se*!r"ty "s de fa*to lo/er, the +!t o+t"on has to be eer*"sed, to sell the se*!r"ty at the forer h"gher +r"se.
http://www.jegyzetek.hu/
1
2003. 09. 13.
jegyzetek.hu
NYV0011G
Kérlek ne felejtsd el, hogy az anyagban elford!lhatnak h"b#k, t#rgy" té$edések. %a "lyet tal#lt#l, kérlek jelezd nek&nk. '( tan!l#st k)$#n a jegyzetek.h! *sa+ata
6f *o!rse the seller of an o+t"on e+e*ts the o++os"te of /hat the b!yer e+e*ts. -hose b!s"nesses, /ho do not +erfor as /ell as l"sted *o+an"es, !s!ally jo"n the )*er+the+ &ounter ")T&% #arket . -he 6-7 arket "s *ons"st of h!ndreds of se*!r"ty dealers and brokers "n d"fferent +arts of the /orld. 6n the 6-7 arket brokers deal /"th those se*!r"t"es, /h"*h ha$e not been a**e+ted on the off"*"al e*hange sto*k e*hange. -hese /ere the ost "+ortant "nforat"on abo!t the sto*k e*hange, b!t yo!r ea"ners "ght ask yo! soe 8!est"ons abo!t the co##odity #arkets "co##odity exchanges%, sots and $utures, or hedging as /ell, be*a!se j!st l"ke the sto*k e*hange, these to+"*s are also related to arkets. ;t "ght be !sef!l to "nfor yo!rsel$es abo!t the !da+est 5to*k B*hange and the doest"* bl!e *h"+s.
http://www.jegyzetek.hu/
2
jegyzetek.hu
NYV0011G NYV0011G
Kérlek ne felejtsd el, hogy az anyagban elford!lhatnak elford!lhatnak h"b#k, t#rgy" té$edések. %a "lyet tal#lt#l, kérlek jelezd nek&nk. '( tan!l#st k)$#n a jegyzetek.h! *sa+ata
Stock Exchange -he stock exchange "s the arket, /here se*!r"t"es are traded. -here are sto*k e*hanges "n alost e$ery ajor *"ty "n the /orld. -he ost "+ortant ones are "n New York, London, and Tokyo . -here "s also a sto*k e*hange "n !da+est. -he sto*k e*hanges "n a *o!ntry "s the "rror of the *o!ntr"es e*onoy, b!t th"s "s also re$ersely tr!e4 /hat ha++ens "n the sto*k e*hange "s *r!*"al to the e*onoy. 5e*!r"t"es "s a ter /h"*h *ob"nes d"fferent ty+es of "n$estents, l"ke shares, bonds, o+t"ons and also fore"gn *!rren*"es, /h"*h are traded on the sto*k e*hange or on the 6-7 arket. -here are 2 a"n ty+es of se*!r"t"es4 ;
Fixed interest stocks 4 by /h"*h the "n$estor kno/s "n ad$an*e the ao!nt of "nterest he or
she /"ll re*e"$e. -he "nterest "s the ret!rn on h"s or her "n$estent. ;
Equities4 are so *alled, be*a!se they re+resent an e8!al +ro+ort"on of the *a+"tal and the +rof"t
of the b!s"ness. -here "s no ass!red ret!rn on the "n$estent noth"ng "s f"ed:. -he ret!rn "s s!bje* s!bje*tt to the +erfora +erforan*e n*e of the *o+any *o+any.. ;f the *o+any *o+any +erfor +erfors s /ell, /ell, so does does the shareholder, "f the *o+any +erfors badly, the shareholder gets less or noth"ng "n ret!rn on h"s or her "n$estent. <eo+le b!y and sell se*!r"t"es on the sto*k e*hange be*a!se they /ant to ake a +rof"t. !t not e$erybody "s ent"tled to do b!s"ness on the sto*k e*hange, and not e$ery *o+any "s allo/ed to offer the"r the"r shares shares,, bonds bonds et*. et*. 6nly eber eber f"rs, f"rs, /h"*h /h"*h are *alled *alled brokers, *an trade on the sto*k e*hange. =nd +eo+le *an ake transa*t"ons tro!gh the. 5!**essf!l, gro/"ng *o+an"es *an a!y "#ake a $!otation% to a stock exchange to get !isted. -hese *o+an"es are +!bl"* l""ted *o+an"es. 6nly the se*!r"t"es of the l"sted *o+an"es *an be traded. -he sto*k e*hange "s *ontrolled by the Stock Exchange &ounci! . -he f!n*t"ons of the 7o!n*"l are4 ;
7ontrol the ad"ss"on of ne/ ebers
;
>or the r!les of the sto*k e*hange
;
5ettle the d"s+!tes bet/een ebers
;
?"s*"+l"ne the ebers /ho are g!"lty of "s*ond!*t
-rad"ng /"th o+t"ons "s also $ery "+ortant. %a$"ng an o+t"on bo!ght eans the right to buy or se!! a se*!r"ty at a g"$en +r"se /"th"n a g"$en +er"od of t"e. -here are 2 ty+es of o+t"ons4 ;
&a!! otions' -he r"ght to b!y a se*!r"ty on a +re@arrange +re@arranged d +r"*e /"th"n a *erta"n +er"od A at a
*erta"n t"e. ;
(ut otion' the r"ght to sell a se*!r"ty on a +re@arranged +r"*e /"th"n a *erta"n +er"od A at a
*erta"n t"e. 5o /hen soebody e+e*ts r"s"ng +r"ses on the sto*k e*hange "bu!!ish #arket%, he or she has to b!y a *all o+t"on. =t exiry, "f the +r"se of the se*!r"ty "s de fa*to h"gher, he or she wi!! exercise the otion and b!y the g"$en se*!r"t"es at a *hea+er +r"se. ;f not, he or she /"ll not eer*"se the o+t"on and loose the oney "n$ested "n the o+t"on, /h"*h "s *alled the +re"!. =nd /hen soebody th"nks, that +r"ses are abo!t to go do/n "bearish #arket%, a +!t o+t"on has to be bo!ght. =t exiry, "f the +r"se of the g"$en se*!r"ty "s de fa*to lo/er, the +!t o+t"on has to be eer*"sed, to sell the se*!r"ty at the forer h"gher +r"se.
http://www.jegyzetek.hu/
1
2003. 09. 13.
jegyzetek.hu
NYV0011G
Kérlek ne felejtsd el, hogy az anyagban elford!lhatnak h"b#k, t#rgy" té$edések. %a "lyet tal#lt#l, kérlek jelezd nek&nk. '( tan!l#st k)$#n a jegyzetek.h! *sa+ata
6f *o!rse the seller of an o+t"on e+e*ts the o++os"te of /hat the b!yer e+e*ts. -hose b!s"nesses, /ho do not +erfor as /ell as l"sted *o+an"es, !s!ally jo"n the )*er+the+ &ounter ")T&% #arket . -he 6-7 arket "s *ons"st of h!ndreds of se*!r"ty dealers and brokers "n d"fferent +arts of the /orld. 6n the 6-7 arket brokers deal /"th those se*!r"t"es, /h"*h ha$e not been a**e+ted on the off"*"al e*hange sto*k e*hange. -hese /ere the ost "+ortant "nforat"on abo!t the sto*k e*hange, b!t yo!r ea"ners "ght ask yo! soe 8!est"ons abo!t the co##odity #arkets "co##odity exchanges%, sots and $utures, or hedging as /ell, be*a!se j!st l"ke the sto*k e*hange, these to+"*s are also related to arkets. ;t "ght be !sef!l to "nfor yo!rsel$es abo!t the !da+est 5to*k B*hange and the doest"* bl!e *h"+s.
http://www.jegyzetek.hu/
2
