Pictures Flashcards
What are the features of MTFs, OTFs, dark pools and systematic internalisers
MTF, OTF are treated as exchanges, pre and post trade transparency (regulation)
Dark Pool: benefit reducing market impact of large orders. If volumes larger then treated as an MTF.
SI: work as principal, if have two clients that want to buy and sell the SI matches by buying and selling as principal
equation for dividend yield and what is a possible interpretation of a low dividend yield
equation for EPS
What are some of the differences between unit trusts, OEIC and inv. trusts (do acc need to know differences between these)
What are some of the differences between warrants, covered warrants and options
What are the different features of international government bonds of France, Germany, UK, US and Japan
What are the different periods in the trading day for an order book
Trading day: automatic execution, enter various orders.
House-keeping period: can only delete, not add new orders. Generally with limit orders they tend to get deleted at the end of the day. Can have good til cancel which stays on system
What classes investment grade and speculative grade from S&P, Moody’s and Fitch
What is an ADR and what are the cash flows/ownership?
what is the effect of a bonus issue vs a stock split on the market and on the statement of financial position
what is the equation for debt/equity ratio and what is a possible interpretation of a high one
Higher % indicates more debt financing - indicator of risk (due to obligations of debt)
what is the equation for interest cover
what is the equation for ROCE
What is the equation for the dividend cover
how many times over can they pay the dividend
What is the process that follows trades (novation)
Trade execution, clearing, settlement
As soon as trade executed
Novation: take original deal, breaks into two and makes clearing house the legal counterparty
what is the timeline of a dividend payment
Company announces dividend, cum-div period, ex-div date (buyer now not entitled to div), record date, payment date
Write out the order of the income statement
write out the the diagram of debt seniority (8)
