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Introduction for the MFM Orientation - page 11 / 14

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11 / 14

Securities Conventions

equity trades shares and lots of 100 shares, and pays dividends to registered holders as of the ex date

prices are quoted per share; trades settle in about three business days the broker may be able to provide financing or locate shares to borrow for shorting

bonds trade in increments of $1,000 par amount and pay periodic (annual or semi-annual) coupons

prices are quoted per $100 notional and exclude accrued interest for the current coupon settlement is typically two business days

futures settle daily through a margin account according to the tick size and the settlement price

the underlying for equity options is typically 100 shares; options covert to ordinary trades upon exercise

public open-ended funds trade at the end-of-day net asset value per share; ETF’s trade like equities

Measurement Concepts for Banking Trading and Investing

John Dodson

Introduction

Outline

Financial Accounting

Double-Entry Bookkeeping

Financial Statements

Investment Accounting

Performance Measurement

Active Return

Securities Conventions

Trading Terminology

Cases

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