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David M. Weiss has been active in the brokerage industry for more than thirty-five years. Currently an independent consultant and lecturer, he was formerly the director of business, industry, and product training for a major international investment bank, vice president of new products for a primary marketplace, and chief operations officer of a broker dealer as well as holding other management positions.
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Publisher New York Institute of Finance (former training arm of the NYSE) has another hit book here! This book steps you through a fictional stockbrokerage firm: "Stone, Forrest & Rivers" and leaves no department out except the one we know so well: Sales. You find out about the business of the Purchase & Sales department, Margin Department, Reorg Dept. and several others. This is the easy way for a newcomer to the securities industry to find out how the firm actually runs. When I was a student at NASD "Phase" classes--training designed to get new examiners (the NASD is the largest regulator of the securities industry, with more examiners than even the US SEC) up to speed quickly on the working details of the stock brokerage and investment banking industry--I noticed an earlier edition of this book in the bookshelf in the classroom. I asked about it because another, veteran examiner told me to get the book. The training instructor said "There is no other book like it. . ." "It is the best there is for covering the entire operations of the back office of a stockbroker". It is no wonder this book is a hit with Lehman Bros. or with CPA firm Deloitte & Touche (they need to audit stockbrokerage firms). If you are only investing, you don't need this book, but if you are charged with running a broker-dealer or auditing it, then this is the book to get you up to speed quickly!
Consider yourself warned: this book is really, really boring. Astonishingly so. I do this stuff for a living, and it still put me to sleep. The reason it is so dull, however, is that it explains securities processing with great clarity and precision, without any mistakes or digressions. It is slightly outdated, so if the advances of the last seven years are very important to you (they won't be, to most people--the back office doesn't change as quickly as one would think), get Michael Reddy's book "Securities Operations" instead.
I have always been a fan of handbooks. They always provide practical information about a subject in concise articles that help practitioners (or, in my case, would-be practitioners) get oriented on the vast array of topics in their field. Most of us are expert in narrow areas of information, yet we cannot afford to be ignorant of the broader sweep of the fields in which we work. Handbooks and practical guides help us competently handle those activities that are relevant to our work, but only come up once in awhile or in areas we are just beginning work. This really cool book, `After the Trade is Made" by David Weiss, is ideal for investment professionals, investors, and anyone curious about how the back of the house processes and clears the trades made by the customers and the sales team. I like the way handbooks discuss things in practical and easy to implement language. Theory is great and appropriate for textbooks, but in doing a job you want to know what it is you should and have to do.
The book has fourteen chapters (all made up of smaller named and numbered articles so they can be easily found), but the first three chapters take up the first 199 pages. These three chapters would be great reading for anyone investing in securities and wanting to understand the scope of the industry and its products for themselves. I believe it is much better to be an active learner when placing your hard earned money rather than taking the word of someone whose interests aren't as aligned with yours as you might want to believe.
The first three chapters are: 1) Overview of the Industry, 2) Products that We Offer (this title shows the perspective of the book as investment professionals), and 3) The Marketplaces and Order Management.Read more ›
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This book seems to be highly overrated. It deals with the long-gone days of paper processing in the securities industry with scant reference to computer technology. It is also short on the detail that you would expect from someone that understood the subject in depth. If you know of a book that covers this industry both currently and including its essential technology I would like to hear from you.
I was given this book to read when I started a contract assignment at a Securities Data-Processing service Company. I can't put it down, the world of finance and money trading is absolutely fascinating. I'm reviewing this book with absolutely no previous "money industry" experience. I'm just reviewing it based on it's "readability". The subject matter is very interesting, the author is very knowledgeable. For me, he explains things "just enough" so that I "get it" but I'm not overwhelmed. Very interesting book if you want to learn about the financial world or, if your involved, it doesn't hurt to refresh.
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If you manage to stay awake then you too can learn about securities processing from start to finish. This is a great book about how the sell-side brokerage firm works, although much of the information here is outdated; electronic systems have streamlined the process and made it more efficient. Still, this book has a great wealth of information in it. This book impressed me in its clarity and at the same time, its magical ability to be so boring.