How The U.S. Securities Industry Works

How the US Securities Industry Works is the only book that describes the complete securities processing environment in the United States. It starts with the pre-trade activities that are conducted by individual and institutional investors and follows the progress of the different types of trades to the post settlement activities that are required to service each position in the portfolio.

With a forward written by William F. Jaenike, former CEO of The Depository Trust Company, the book also describes how securities are created and the different types of securities that are used throughout the US today, including equities, fixed income and derivatives. The author discusses the various participants in the industry, from the traditional banks, brokers and investment managers to the industry utilities, regulators, associations and vendors that make efficient trade processing possible in the US.

Other books on securities processing have focused on a single segment of the industry, such as brokers or banks. This book recognizes that the securities industry involves a series of complex interdependencies, and describes the relationships between the participants in a clear and easy to read style. Numerous drawings and graphics enhance the narrative and make this a must read for any serious securities processing professional.