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FINANCIAL MARKET COURSES

US Equity Market

The fortunes of the US stock market are felt worldwide, with the market inextricably linked to global equity market performance and significantly influencing the overall global economy. It is by far the most important market of its kind, containing not only the largest stock market in the world (the New York Stock Exchange) but also the world-famous NASDAQ, an electronic stock market that lists more companies and, on average, trades more shares per day than even the NYSE. This course examines not only the NYSE and the NASDAQ, but the US equity market as a whole.

  • OBJECTIVES

    On completion of this course, you will be able to:

    List the stock exchanges, market regulators, stock indexes, and types of security in the US market

    Describe the listing, trading, and settlement procedures for equities in the US

  • COURSE OUTLINE

    Topic 1:  Market Structure & Reform

    Size & Scale

    Market Structure

    o Impact of Decimalization

    o Impact of Regulation NMS

    o Growth of High Frequency Trading (HFT)

    o Emergence of Dark Liquidity

    Market Disruptions and Failures

    o Flash Crash

    o Facebook IPO

    o Knight Capital Group’s Trading Loss

    o Problems on the BATS Exchanges

    Regulatory Reforms

    o Large Trader Reporting

    o Extraordinary Volatility

    • Limit-Up-Limit-Down (LULD)

    • Market-Wide Circuit Breakers

    o Consolidated Audit Trail (CAT)

    o Systems Compliance and Integrity

    Topic 2: Primary Market Issuing

    What is a Primary Market?

    o Initial Public Offerings (IPOs)

    o Seasoned Offerings

    Issuing Process

    o SEC Registration

    o Regulation D

    • Rule 504

    • Rule 505

    • Rule 506

    Competition for New Issues

    o NYSE vs. NASDAQ

    o Listing Requirements

    Topic 3: Secondary Market Trading

    National Securities Exchanges

    NYSE Euronext

    o NYSE

    o NYSE MKT

    o NYSE Arca

    o ArcaEdge

    o NYSE Market Model

    NASDAQ QMX

    o NASDAQ Stock Market (NASDAQ)

    o NASDAQ QMX PSX

    OTC Markets

    Dark Liquidity Providers

  • PREREQUISITE KNOWLEDGE

  • ESTIMATED COMPLETED TIME

    75 Minutes

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