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CISI: Securities > Chapter 1: Introduction > Flashcards

Chapter 1: Introduction Flashcards

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SIE Exam flashcards
1
Q

What rights do security vs bondholders have

A

Right to vote
Bondholders receive equity first in windup

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2
Q

What is the issue with Bearer securities? (3)

A

Difficult for authorities to monitor ownership, easy to money launder
Issuing org has difficulty issuing div/interest payments
Physical security of the certificates is costly

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3
Q

Where are many bearer securities held?

A

CSDs

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4
Q

What are examples of securities held in bearer form? (2)

A

Eurobonds & ADRs

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5
Q

What is the Wholesale Sector known as? (2)

A

Professional Sector or Institutional Sector

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6
Q

What is the wholesale sector?

A

B2B, no individuals

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7
Q

What makes up the Wholesale Sector? (8)

A

Equity markets
Bond markets
Forex
Derivatives
Insurance (reinsurance, captive)
Fund management
IB
Custodial Banking

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8
Q

What is the retail sector?

A

BSC, Businesses serving individuals

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9
Q

What makes up the retail sector? (5)

A

Retail Banking
Insurance
Pensions
Investment Services
FP&A (advice)

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10
Q

What is the total market cap?

A

~$100 trillion

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11
Q

What are the largest exchanges? (3)

A

NYSE (24.3T)
NASDAQ (20T)
SSE, Shanghai (7.2T)

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12
Q

Asia Exchanges? (5)

A

SSE, Shanghai (7.2T)
JPX & TSE, Japan (5.65T)
SZSE, Shenzen (5.21T)
HKEX, Hong Kong (5T)

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13
Q

European Exchanges?

A

Euronext (6.6T)
LSE (3.26T)
FSE, Germany (2.1T)
SIX, Swiss (1.95T)

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14
Q

What is rivalling stock exchanges? (2)

A

MTFs (multilateral trading facility)
ATSs (alternative trading systems)

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15
Q

How do off-exchange trading systems work?

A

Brining together buyers and sellers on one platform

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16
Q

What are MTFs and ATSs sometimes known as? (2)

A

Crossing networks or matching engines

17
Q

What is larger? Equities or Bonds?

A

Bonds, 113T vs 100T

18
Q

What is the largest market?

A

FX

19
Q

What market is FX?

A

OTC
(aside from some futures and options contracts)

20
Q

What do insurance companies do with premiums?

A

They invest them, which makes them a key player in the markets.

21
Q

What is a fiduciary?

A

A person/organisation that acts on behalf of others and puts clients interests ahead of their own.

22
Q

Which participant provides services to help clients manage exchange rate risk?

A

Investment Banking

23
Q

What does CIS stand for?

A

Collective Investment Scheme

24
Q
A

CISI: Securities (10 decks)

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