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Intro to Sales and Trading

Understand what activities are undertaken within the Sales and Trading desk of an investment bank. Explore the various activities and roles carried out by those working within the Sales and Trading division and also dives into OTC and exchange trading activities.

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11 Lessons (23m)

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  • Description & Objectives

  • 1. Primary Markets

    01:18
  • 2. Secondary Markets

    01:35
  • 3. Roles Within a Sales and Trading Desk

    01:56
  • 4. Exchange vs. OTC

    02:03
  • 5. The Order Book

    02:10
  • 6. Limit Orders

    02:10
  • 7. Market Orders

    01:24
  • 8. Trading Venues

    02:06
  • 9. Limit Order Workout

    04:34
  • 10. Market Order Workout

    04:19
  • 11. Introduction to Sales and Trading Tryout


Prev: Intro to Asset Management Next: Intro to Banking

Exchange vs. OTC

  • Notes
  • Questions
  • Transcript
  • 02:03

Exchange versus OTC

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Glossary

Exchange Traded OTC Over the Counter
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Transcript

There are two main ways, in which securities can be traded. Over the counter, or OTC refers to when securities are traded directly between two parties. When a client trades on an OTC basis, they will most typically be trading with a market maker. The role of a market maker is to continuously quote a bid price, a price they're willing to buy a security for, and an offer price, a price they're willing to sell the security for. In this way, they are agreeing to potentially be both a buyer and a seller of the same security. This effectively allows investors who wish to either sell or buy the security to have someone to trade with the market makers, which results in the market maker providing liquidity, in that security. If a client agrees to trade at a quoted price, the market maker is obligated to trade at that price. This is referred to, as a quote driven market. Since the market maker is quoting prices, that an investor can trade at. Market makers make money from the bid ask spread, which is the difference between the price they're willing to buy at and sell for, and may also charge a fee for facilitating the trade. The alternative way, in which securities can be traded is over an exchange. Most exchanges operate an order book system. This allows buyers and sellers to have their broker place their orders to buy or sell a particular security, into a centralized system, which automatically matches trades, which have a common price. If trades cannot be automatically matched, they are held on a log of unmatched trades, called the Order Book. This is referred to as an order driven system. Since the liquidity in the system comes from the volume of orders to buy and sell a particular security.

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