Global Securities Processing: The Markets, The Products [Hardcover]

David M. Weiss (Author)

Book Description

Publication Date: August 1, 1997

Explains in simple, step-by-step terms the processes of financial transactions from execution through to final settlement. The text, intended for novices as well as readers with brokerage experience, discusses the many markets, clearing and depository entities and various financial products.

Product Details

• Hardcover: 512 pages
• Publisher: New York Institute of Finance (August 1, 1997)
• Language: English
• ISBN-10: 0133239659
• ISBN-13: 978-0133239652
• Product Dimensions: 9.1 x 6.3 x 1.9 inches
• Shipping Weight: 2.1 pounds
• Average Customer Review: 3.0 out of 5 stars  See all reviews (1 customer review)
• Amazon Best Sellers Rank: #1,957,931 in Books (See Top 100 in Books)

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Most Helpful Customer Reviews

64 of 64 people found the following review helpful:

3.0 out of 5 stars Back-shop 101, April 17, 2000

By 

Judy Metz (Omaha, Nebraska) - See all my reviews

This review is from: Global Securities Processing: The Markets, The Products (Hardcover)

"Portions of this book were previously published as, "After the Trade is Made"", quoted from the title page. A significant understatement. In fact 75% of the material is a direct word-for-word copy from the mentioned title. The result is an easily read book with fundamental information about the securities industry and the relationships between the customer, brokerages, and stock exchanges. It could be called "back-shop 101" and was probably written as a college freshman introduction to the securities/financial industry. Many of the typographical errors from the first book are corrected, however some new ones are introduced. Many of the examples shown are of poor print quality making them hard to read and interpret.

Part I, "The Multifaceted Securities Industry", and Part II, "Types of Securities", offer definitions of terms and financial instruments used in the securities industry. These chapters may be skipped by one familiar with the industry. Selected topics can then be reviewed chapter by chapter as needed. "Municipal Bonds and Notes" (Chapter 10) is a very good explanation of bond yields and prices. "Commercial Paper" (Chapter 13) describes the physical handling of the paper. "Mutual Funds" (Chapter 16) offers a very poor and superficial explanation. "Swaps" (Chapter 19) is a discussion of `off-balance-sheet' items.

Part III, "Operations Procedures", describes how things are processed and includes a high level flow diagram. The chapters in this section are combined chapters from Parts II and IV of "After the Trade is Made". This makes for a clearer understanding of the material. Chapter 21, "Brokerage Operations", is a complete rewrite of the corresponding chapter and as such is more informative and more inclusive of current EDP operations. Chapter 30, "Name and Address", should be titled, "New Accounts", as it describes a larger functional process. A new chapter, "Security Data Base", has been added containing codes and information about individual securities. It should have been folded into Chapter 21 or Chapter 33, "Electronic Data Processing", instead of being a stand-alone chapter.

Part IV, "Compliance, Technology, and Financing", makes no mention of the audit function, in fact "audit/auditor/auditing" is not even included in the index. Chapter 32, "Compliance", and Chapter 33, "Electronic Data Processing", describe functions, and as such should have been included in Part III, "Operations Procedures". Chapter 33 has been rewritten to reflect current EDP practices. The balance of this section returns to the basic, definitional style of the early sections in the book, and are copied directly from "After the Trade is Made".

Part V, "Foreign Markets", is definitional. The chapters in this section are new or rewritten from the previous edition. They contain very spotty, inconsistent information about various foreign exchanges and their unique practices. It would have helped the descriptions to include the number of issues registered for exchange and some average volume figures. Following these chapters is a very extensive glossary.

In conclusion, Chapter 21, "Brokerage Operations", Chapter 33, " Electronic Data Processing", and Chapter 31, "Security Data Base", contain the important information in the book. The balance of the book is good information about the industry. A good text for basic information, but no substitute for first-hand analysis of the business processes.