By Charles R. Geisst (auth.)
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Extra resources for A Guide to the Financial Markets
In fact, this is the actual process of intermediation described in a less formal sense in the last chapter. Intermediaries take the savings of households, aggregate them and redeploy them to borrowers meeting their institutional criteria. This becomes a form of intermediated investment with one substantial difference from the intermediation phenomenon in the stock markets: the intermediaries in the money markets are financial institutions and banks whose very business it is to perform this function.
1 0), due in no small part to the fact that many foreign companies actively seek a Swiss listing as a matter of prestige, public relations and vast investment possibilities through the large commercial banks. In Belgium, of the 540-odd shares listed on the Brussels Bourse, about 33 per cent are of foreign companies. The new share market is dominated by rights issues of banks and public utilities. Banks are the usual underwriters of new issues. At the same time, the actual number of stockbroking firms declined in the 1970s as most institutional investors tend to have their portfolios managed by bankers.
Otherwise, the procedure is almost similar with two exceptions; British listings include dividend cover and the pe ratio may be calculated 30 A Guide to the Financial Markets somewhat differently from standard American practice. 10 Customer orders do not necessarily specify a number of shares and the terms odd and even lots are not used. The volume for those shares actively traded is reported as the number of marks traded. An active share may have 25 marks in one day. This means that all orders for the day were aggregated into 25 different transactions.