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Information Security Identification: Confidential Regulations and Securities Market Players Domain Refresher Training
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Information Security Identification: Confidential © 2011 iNautix Technologies India Private Ltd. iNautix Technologies India Private Ltd is a subsidiary of The Bank of New York Mellon Corporation. Trademark(s) belong to their respective owners. For professional use only. Not for distribution to the public. The information contained herein, including any attachments, is proprietary to, and constitutes confidential information of iNautix. It may not be reproduced, retransmitted or redistributed in any manner without the express written consent of iNautix.. Course Outline 1. SECURITIES MARKET PLAYERS Overview Market Structure Major Players Trading – Accounts and Orders Exchange – NYSE, NASDAQ, ECN’s 2. REGULATIONS Regulatory Bodies in US Laws Governing the Securities Market Broker-Dealer Regulation 2
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Information Security Identification: Confidential © 2011 iNautix Technologies India Private Ltd. iNautix Technologies India Private Ltd is a subsidiary of The Bank of New York Mellon Corporation. Trademark(s) belong to their respective owners. For professional use only. Not for distribution to the public. The information contained herein, including any attachments, is proprietary to, and constitutes confidential information of iNautix. It may not be reproduced, retransmitted or redistributed in any manner without the express written consent of iNautix.. 3 Section 1 Securities Market - Overview
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Information Security Identification: Confidential © 2011 iNautix Technologies India Private Ltd. iNautix Technologies India Private Ltd is a subsidiary of The Bank of New York Mellon Corporation. Trademark(s) belong to their respective owners. For professional use only. Not for distribution to the public. The information contained herein, including any attachments, is proprietary to, and constitutes confidential information of iNautix. It may not be reproduced, retransmitted or redistributed in any manner without the express written consent of iNautix.. Securities Market - Overview 4 >A securities market is an exchange where securities are traded >Primary Vs. Secondary Markets –The primary market refers to the market where new issues (stocks and bonds not sold before) are sold –A secondary market is the market in which assets are traded after they have been sold through the primary market. In this market, investors trade directly with each other through an exchange
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Information Security Identification: Confidential © 2011 iNautix Technologies India Private Ltd. iNautix Technologies India Private Ltd is a subsidiary of The Bank of New York Mellon Corporation. Trademark(s) belong to their respective owners. For professional use only. Not for distribution to the public. The information contained herein, including any attachments, is proprietary to, and constitutes confidential information of iNautix. It may not be reproduced, retransmitted or redistributed in any manner without the express written consent of iNautix.. Securities Market - Overview A SECURITIES MARKET IS AN EXCHANGE WHERE SECURITIES ARE TRADED PRIMARY VS. SECONDARY MARKETS The primary market refers to the market where new issues (stocks and bonds not sold before) are sold A secondary market is the market in which assets are traded after they have been sold through the primary market. In this market, investors trade directly with each other through an exchange 5
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Information Security Identification: Confidential © 2011 iNautix Technologies India Private Ltd. iNautix Technologies India Private Ltd is a subsidiary of The Bank of New York Mellon Corporation. Trademark(s) belong to their respective owners. For professional use only. Not for distribution to the public. The information contained herein, including any attachments, is proprietary to, and constitutes confidential information of iNautix. It may not be reproduced, retransmitted or redistributed in any manner without the express written consent of iNautix.. Exchange Types NATIONAL STOCK EXCHANGES Trade numerous issues of diverse shares to a wide number of investors Operate as auction markets where buyers and sellers are driven by price Eg: NYSE, AMEX, LSE, CBOE (Futures) REGIONAL EXCHANGES Serve smaller markets and typically trade smaller issues A company that cannot list its shares on a national stock exchange may choose to list its share on a regional exchange Eg: Boston Exchange OVER-THE-COUNTER MARKETS (OTC) Operates as an order- driven market where buyers and sellers submit bids and a dealer buys or sells the stock from his own inventory In the U.S., the Nasdaq system is used as the quotation system for the OTC market Eg: OTCBB 6
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Information Security Identification: Confidential © 2011 iNautix Technologies India Private Ltd. iNautix Technologies India Private Ltd is a subsidiary of The Bank of New York Mellon Corporation. Trademark(s) belong to their respective owners. For professional use only. Not for distribution to the public. The information contained herein, including any attachments, is proprietary to, and constitutes confidential information of iNautix. It may not be reproduced, retransmitted or redistributed in any manner without the express written consent of iNautix.. Dealer or Principal Capacity Subject to risk on transaction Mark-up or markdown Broker or Agency Capacity No risk on transaction Commission 7
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Information Security Identification: Confidential © 2011 iNautix Technologies India Private Ltd. iNautix Technologies India Private Ltd is a subsidiary of The Bank of New York Mellon Corporation. Trademark(s) belong to their respective owners. For professional use only. Not for distribution to the public. The information contained herein, including any attachments, is proprietary to, and constitutes confidential information of iNautix. It may not be reproduced, retransmitted or redistributed in any manner without the express written consent of iNautix.. Major Players in a Market (Cont’d) DEALER Principal in a securities transaction -trade for their own account An individual or firm willing to buy or sell securities for their own account. Dealer takes ownership of assets and is exposed to inventory risk. Certain securities are available for purchase by retail investors from dealers who sell the securities directly from their own accounts. The dealer's only compensation for the sale comes in the form of the markup, the difference between the price the security was purchased at and the price the dealer charges to the retail investor. 8 BROKER Middleman in a trade and Buys and sells securities for customers An individual or firm that charges a fee or commission for executing buy and sell orders submitted by an investor. Investor takes ownership of assets and is exposed to inventory risk. No inventory risk to the broker.
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Information Security Identification: Confidential © 2011 iNautix Technologies India Private Ltd. iNautix Technologies India Private Ltd is a subsidiary of The Bank of New York Mellon Corporation. Trademark(s) belong to their respective owners. For professional use only. Not for distribution to the public. The information contained herein, including any attachments, is proprietary to, and constitutes confidential information of iNautix. It may not be reproduced, retransmitted or redistributed in any manner without the express written consent of iNautix.. Major Players in a Market (Cont’d) MARKET MAKER Provide continuous bid and offer prices within a prescribed percentage spread for shares designated to them 4 to 40 (or more) market makers for a particular stock depending on the average daily volume Play an important role in the secondary market as catalysts, particularly for enhancing stock liquidity INVESTMENT PROFESSIONAL An individual who has passed the NASD's registration process and is licensed to work in the securities industry Usually a brokerage firm employee acting as an account executive for clients Sell to the public; they do not work on exchange floors 9
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Information Security Identification: Confidential © 2011 iNautix Technologies India Private Ltd. iNautix Technologies India Private Ltd is a subsidiary of The Bank of New York Mellon Corporation. Trademark(s) belong to their respective owners. For professional use only. Not for distribution to the public. The information contained herein, including any attachments, is proprietary to, and constitutes confidential information of iNautix. It may not be reproduced, retransmitted or redistributed in any manner without the express written consent of iNautix.. Major Players in a Market (Cont’d) CUSTODIANS A financial institution that has the legal responsibility for a customer's securities A custodian has the ability to gather assets, effectively employ technology, and process huge volumes of transactions Functions: Manage customer’s account Settle trades Collect Incomes generated from investment Invest cash as directed Reporting performance of the account Corporate action Processing 10
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Information Security Identification: Confidential © 2011 iNautix Technologies India Private Ltd. iNautix Technologies India Private Ltd is a subsidiary of The Bank of New York Mellon Corporation. Trademark(s) belong to their respective owners. For professional use only. Not for distribution to the public. The information contained herein, including any attachments, is proprietary to, and constitutes confidential information of iNautix. It may not be reproduced, retransmitted or redistributed in any manner without the express written consent of iNautix.. Major Players in a Market (Cont’d) CLEARING HOUSES Financial institution that provides clearing and settlement services for financial and commodities derivatives and securities transactions Its purpose is to reduce the risk due to Brokerage firms failing to honor their trade settlement obligations DEPOSITORY Organization holding securities either in certificated or dematerialized form, to enable book entry transfer of securities Functions Safekeeping Securities Deposit and Withdrawal Dividend, interest, and principal processing, as well as corporate actions including proxy. Securities Lending and Borrowing, Matching, and Repo Settlement Pledge - to provide legal framework to protect the interest of the borrower and lender. 11
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Information Security Identification: Confidential © 2011 iNautix Technologies India Private Ltd. iNautix Technologies India Private Ltd is a subsidiary of The Bank of New York Mellon Corporation. Trademark(s) belong to their respective owners. For professional use only. Not for distribution to the public. The information contained herein, including any attachments, is proprietary to, and constitutes confidential information of iNautix. It may not be reproduced, retransmitted or redistributed in any manner without the express written consent of iNautix.. Role of an Exchange RAISING CAPITAL FOR BUSINESSES MOBILIZING SAVINGS FOR INVESTMENT FACILITATING COMPANY GROWTH REDISTRIBUTION OF WEALTH CORPORATE GOVERNANCE CREATING INVESTMENT OPPORTUNITIES FOR SMALL INVESTORS GOVERNMENT CAPITAL-RAISING FOR DEVELOPMENT PROJECTS BAROMETER OF THE ECONOMY 12
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Information Security Identification: Confidential © 2011 iNautix Technologies India Private Ltd. iNautix Technologies India Private Ltd is a subsidiary of The Bank of New York Mellon Corporation. Trademark(s) belong to their respective owners. For professional use only. Not for distribution to the public. The information contained herein, including any attachments, is proprietary to, and constitutes confidential information of iNautix. It may not be reproduced, retransmitted or redistributed in any manner without the express written consent of iNautix.. Stock Exchange Setup 13 Exchange Broker C Branch B Advisor B Client B Account B Branch ABranch C Advisor CAdvisor A Client CClient A Account CAccount A Broker BBroker A
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Information Security Identification: Confidential © 2011 iNautix Technologies India Private Ltd. iNautix Technologies India Private Ltd is a subsidiary of The Bank of New York Mellon Corporation. Trademark(s) belong to their respective owners. For professional use only. Not for distribution to the public. The information contained herein, including any attachments, is proprietary to, and constitutes confidential information of iNautix. It may not be reproduced, retransmitted or redistributed in any manner without the express written consent of iNautix.. Trading Execution Procedure ON THE FLOOR Investor tells broker to buy shares Broker’s order department sends the order to their floor clerk on the exchange The floor clerk alerts one of the firm’s floor traders to other floor trader willing to sell The two agree on a price and complete the deal Broker calls the investor back with the final price. The process may take a few minutes or longer depending on the stock and the market ELECTRONICALLY The electronic markets use vast computer networks to match buyers and sellers, rather than human brokers Individuals don’t have access to the electronic markets The broker accesses the exchange network and the system finds a buyer or seller depending on the order 14
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Information Security Identification: Confidential © 2011 iNautix Technologies India Private Ltd. iNautix Technologies India Private Ltd is a subsidiary of The Bank of New York Mellon Corporation. Trademark(s) belong to their respective owners. For professional use only. Not for distribution to the public. The information contained herein, including any attachments, is proprietary to, and constitutes confidential information of iNautix. It may not be reproduced, retransmitted or redistributed in any manner without the express written consent of iNautix.. Sources of Revenue TRADING AND TRADING SERVICES Exchange charges (directly and indirectly) for trades that occur and for software supplied to its members LISTING To be listed on the Stock Exchange, a corporation must meet/maintain certain financial standards and pay listing fees A Stock Exchange listing is a certification that enhances a firm’s credibility INFORMATION The Stock Exchange is (indirectly) an information vendor REGULATION The Stock Exchange monitors and regulates the trading activity of its members Through the listing relationship and the listing standards, it can affect corporate governance behavior 15
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Information Security Identification: Confidential © 2011 iNautix Technologies India Private Ltd. iNautix Technologies India Private Ltd is a subsidiary of The Bank of New York Mellon Corporation. Trademark(s) belong to their respective owners. For professional use only. Not for distribution to the public. The information contained herein, including any attachments, is proprietary to, and constitutes confidential information of iNautix. It may not be reproduced, retransmitted or redistributed in any manner without the express written consent of iNautix.. Typical Stock Exchange Systems 16 Updates Quote Quotation Execution Trade Reporting Computer to Computer Links Computer to Computer Links Quote and Trade Data Vendors Orders Trade Market Surveillance Quote Data Trade Data Broker Dealers Trade Confirmation Reports Clearing and Settlement Locked-In Trades Nasdaq Workstation
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Information Security Identification: Confidential © 2011 iNautix Technologies India Private Ltd. iNautix Technologies India Private Ltd is a subsidiary of The Bank of New York Mellon Corporation. Trademark(s) belong to their respective owners. For professional use only. Not for distribution to the public. The information contained herein, including any attachments, is proprietary to, and constitutes confidential information of iNautix. It may not be reproduced, retransmitted or redistributed in any manner without the express written consent of iNautix.. Electronic Communication Networks Electronic trading systems that automatically match buy and sell orders at specified prices Registered with SEC as Brokers/Dealers The primary products that are traded on ECNs are stocks and currencies Subscribers enter orders into the ECN via a custom computer terminal or network protocols Contra-side orders are matched for execution while unmatched orders are posted on system for other subscribers to view 17
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Information Security Identification: Confidential © 2011 iNautix Technologies India Private Ltd. iNautix Technologies India Private Ltd is a subsidiary of The Bank of New York Mellon Corporation. Trademark(s) belong to their respective owners. For professional use only. Not for distribution to the public. The information contained herein, including any attachments, is proprietary to, and constitutes confidential information of iNautix. It may not be reproduced, retransmitted or redistributed in any manner without the express written consent of iNautix.. 18 Section 2 Regulations
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Information Security Identification: Confidential © 2011 iNautix Technologies India Private Ltd. iNautix Technologies India Private Ltd is a subsidiary of The Bank of New York Mellon Corporation. Trademark(s) belong to their respective owners. For professional use only. Not for distribution to the public. The information contained herein, including any attachments, is proprietary to, and constitutes confidential information of iNautix. It may not be reproduced, retransmitted or redistributed in any manner without the express written consent of iNautix.. Why Regulate? Globalization of financial markets – countries compete to get a piece of the pie International standards and best practices are being negotiated and developed – every country must be able to participate Fundamentally - ensuring the markets’ safety and soundness 19
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Information Security Identification: Confidential © 2011 iNautix Technologies India Private Ltd. iNautix Technologies India Private Ltd is a subsidiary of The Bank of New York Mellon Corporation. Trademark(s) belong to their respective owners. For professional use only. Not for distribution to the public. The information contained herein, including any attachments, is proprietary to, and constitutes confidential information of iNautix. It may not be reproduced, retransmitted or redistributed in any manner without the express written consent of iNautix.. Regulatory Bodies in US SEC (SECURITIES AND EXCHANGE COMMISSION) Regulatory agency created during the great depression that followed the crash of 1929 It works with criminal law enforcement agencies to prosecute individuals and companies alike for offenses which include a criminal violation Enforces the statutory requirement that public companies submit quarterly and annual reports CFTC (COMMODITY FUTURES TRADING COMMISSION) AND NATIONAL FUTURES ASSOCIATION Prohibits fraudulent conduct in the trading of futures contracts Division of enforcement - investigates and prosecutes alleged violations of the commodity exchange act and CFTC regulations FINRA(FINANCIAL INDUSTRY REGULATORY AUTHORITY) Protects America’s investors by making sure the securities industry operates fairly and honestly Investigates and regulates - Trade Reporting Facilities and other over-the-counter operations 20
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Information Security Identification: Confidential © 2011 iNautix Technologies India Private Ltd. iNautix Technologies India Private Ltd is a subsidiary of The Bank of New York Mellon Corporation. Trademark(s) belong to their respective owners. For professional use only. Not for distribution to the public. The information contained herein, including any attachments, is proprietary to, and constitutes confidential information of iNautix. It may not be reproduced, retransmitted or redistributed in any manner without the express written consent of iNautix.. Regulations & Economic Events - Timeline 21 1900 Major Economic Events Important Laws Governing U.S. Securities Market Important Laws Governing U.S. Securities Market 2010 Securities Act (1933) Securities Exchange Act (1934) Investment Advisers Act (1940) Securities Investor Protection Act (1970) Insider Trading Sanctions Act (1984) Sarbanes-Oxley Act (2002) Patriot Act (2001) 2000 Wall Street Crash of 1929 Black Wednesday (Sep 16, 1992) Stock market crash (1973–1974) Black Monday (1987) Dot-com Bubble (2000) Oil Crisis 1973 Great Depression 1929 Subprime crisis (2007) Japanese asset price bubble(1991–2003) Asian financial crisis (1997) Flash Crash (2010) 1900 BASEL-I (1988) BASEL-II (2004) Dodd–Frank Wall Street Reform (2010)
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Information Security Identification: Confidential © 2011 iNautix Technologies India Private Ltd. iNautix Technologies India Private Ltd is a subsidiary of The Bank of New York Mellon Corporation. Trademark(s) belong to their respective owners. For professional use only. Not for distribution to the public. The information contained herein, including any attachments, is proprietary to, and constitutes confidential information of iNautix. It may not be reproduced, retransmitted or redistributed in any manner without the express written consent of iNautix.. Regulatory Bodies - Interaction 22
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Information Security Identification: Confidential © 2011 iNautix Technologies India Private Ltd. iNautix Technologies India Private Ltd is a subsidiary of The Bank of New York Mellon Corporation. Trademark(s) belong to their respective owners. For professional use only. Not for distribution to the public. The information contained herein, including any attachments, is proprietary to, and constitutes confidential information of iNautix. It may not be reproduced, retransmitted or redistributed in any manner without the express written consent of iNautix.. Regulatory Bodies - Interaction 23
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Information Security Identification: Confidential © 2011 iNautix Technologies India Private Ltd. iNautix Technologies India Private Ltd is a subsidiary of The Bank of New York Mellon Corporation. Trademark(s) belong to their respective owners. For professional use only. Not for distribution to the public. The information contained herein, including any attachments, is proprietary to, and constitutes confidential information of iNautix. It may not be reproduced, retransmitted or redistributed in any manner without the express written consent of iNautix.. Laws Governing the Securities Market THE SECURITIES ACT OF 1933 First major federal legislation to regulate the offer and sale of securities Prior to this law, securities were chiefly governed by state laws referred to as blue sky laws Primary objective - prohibit deceit, misrepresentations, and other fraud in the sale of securities to the public THE SECURITIES EXCHANGE ACT OF 1934 Laws governing stocks, bonds, and debentures in the secondary market Regulate the exchanges and broker-dealers in order to protect the investing public Extended the registration and disclosure requirements of the Securities Act of 1933 to all companies with securities listed for sale on a national exchange, as well as other companies with assets over $1 million and more than 500 shareholders 24
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Information Security Identification: Confidential © 2011 iNautix Technologies India Private Ltd. iNautix Technologies India Private Ltd is a subsidiary of The Bank of New York Mellon Corporation. Trademark(s) belong to their respective owners. For professional use only. Not for distribution to the public. The information contained herein, including any attachments, is proprietary to, and constitutes confidential information of iNautix. It may not be reproduced, retransmitted or redistributed in any manner without the express written consent of iNautix.. Laws Governing the Securities Market INVESTMENT ADVISERS ACT OF 1940 Requires that firms or sole practitioners who are paid to advise others about investments register with SEC Investment advisor does not have to give advice as his/her principal business activity – simply doing so with some regularity is enough to abide by this act SECURITIES INVESTOR PROTECTION ACT OF 1970 Supervise the liquidation of financially troubled securities firms and the payment of the claims of their customers It covers up to $500,000, of which no more than $100,000 can be cash claims INSIDER TRADING SANCTIONS ACT OF 1984 Companies are required to announce times to their employees as to when they can safely trade without being accused of trading on inside information 25
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Information Security Identification: Confidential © 2011 iNautix Technologies India Private Ltd. iNautix Technologies India Private Ltd is a subsidiary of The Bank of New York Mellon Corporation. Trademark(s) belong to their respective owners. For professional use only. Not for distribution to the public. The information contained herein, including any attachments, is proprietary to, and constitutes confidential information of iNautix. It may not be reproduced, retransmitted or redistributed in any manner without the express written consent of iNautix.. Laws Governing the Securities Market INSIDER TRADING AND SECURITIES FRAUD ENFORCEMENT ACT OF 1988 Talks about the fines and penalties that can be levied SEC may seek civil and criminal penalties against anyone it believes to have violated this Act SARBANES-OXLEY ACT OF 2002 Senior executives take individual responsibility for the accuracy and completeness of corporate financial reports Timely reporting of material changes in financial condition Describes specific criminal penalties for fraud by manipulation, destruction or alteration of financial records or other interference with investigations, while providing certain protections for whistle-blowers Restricts auditing companies from providing non-audit services for the same clients 26
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Information Security Identification: Confidential © 2011 iNautix Technologies India Private Ltd. iNautix Technologies India Private Ltd is a subsidiary of The Bank of New York Mellon Corporation. Trademark(s) belong to their respective owners. For professional use only. Not for distribution to the public. The information contained herein, including any attachments, is proprietary to, and constitutes confidential information of iNautix. It may not be reproduced, retransmitted or redistributed in any manner without the express written consent of iNautix.. Laws Governing the Securities Market PATRIOT ACT OF 2001 Amongst other acts the financial industry related acts that were modified were Money Laundering Control Act of 1986 and Bank Secrecy Act Aggregate amounts of transactions processed from areas of the world where money laundering is a concern to the U.S. government is collected Improve communication between law enforcement agencies and financial institutions Increases record keeping and reporting requirements, thereby dealing with currency smuggling and counterfeiting, including quadrupling the maximum penalty for counterfeiting foreign currency DODD–FRANK WALL STREET REFORM AND CONSUMER PROTECTION ACT (2010) Passed as a response to the late-2008 recession Regulatory changes covering capital investment by banks and insurance companies Regulations to increase transparency of derivatives Consumer protection reforms and uniform standards for "plain vanilla" products Provides incentives to promote banking among low- and medium-income residents. 27
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Information Security Identification: Confidential © 2011 iNautix Technologies India Private Ltd. iNautix Technologies India Private Ltd is a subsidiary of The Bank of New York Mellon Corporation. Trademark(s) belong to their respective owners. For professional use only. Not for distribution to the public. The information contained herein, including any attachments, is proprietary to, and constitutes confidential information of iNautix. It may not be reproduced, retransmitted or redistributed in any manner without the express written consent of iNautix.. Broker-Dealer Regulation WHAT'S NEEDED Register with SEC Member of an SRO & SPIC Complies with all applicable state requirements “Associated persons" satisfy qualifying requirements CONDUCT REGULATION OF BROKER- DEALERS Anti-fraud provisions prohibit misleading omissions of material facts Broker-dealer also has an obligation to determine customer-specific suitability Clearly disclose date, time, identity, price, and number of shares in a transaction Notify customers purchasing securities on credit about the credit terms and the status of their accounts Investment banking operations of broker-dealers must refrain from insider trading Limit order display rule requires that specialists and market makers publicly display certain limit orders they receive from customers Privacy of consumer financial information 28
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Information Security Identification: Confidential © 2011 iNautix Technologies India Private Ltd. iNautix Technologies India Private Ltd is a subsidiary of The Bank of New York Mellon Corporation. Trademark(s) belong to their respective owners. For professional use only. Not for distribution to the public. The information contained herein, including any attachments, is proprietary to, and constitutes confidential information of iNautix. It may not be reproduced, retransmitted or redistributed in any manner without the express written consent of iNautix.. Broker-Dealer Regulation CONDUCT REGULATION OF BROKER-DEALERS CONT D.. FINANCIAL RESPONSIBILITY OF BROKER-DEALERS Making and preserving accurate books and records Maintaining minimum amounts of liquid assets, or net capital Taking certain steps to safeguard the customer funds and securities OTHER REQUIREMENTS Maintaining AML program Lost and stolen securities program Guidelines for communicating information Business continuity planning 29
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Information Security Identification: Confidential © 2011 iNautix Technologies India Private Ltd. iNautix Technologies India Private Ltd is a subsidiary of The Bank of New York Mellon Corporation. Trademark(s) belong to their respective owners. For professional use only. Not for distribution to the public. The information contained herein, including any attachments, is proprietary to, and constitutes confidential information of iNautix. It may not be reproduced, retransmitted or redistributed in any manner without the express written consent of iNautix.. Reference Research study - Financial industry regulation in Canada – http://www.expertpanel.ca/eng/reports/research-studies/index.html Broker-dealer regulation guide – http://www.sec.gov/divisions/marketreg/bdguide.htm Regulations for research analyst – http://www.sifma.org/research/pdf/RsrchRprtVol4-5.pdf Main stock market players – http://www.stockmarketinvestinginfo.com/smi_mainplayers.html http://www.stockmarketinvestinginfo.com/smi_mainplayers.html Wikipedia, Investopedia, Answers.com for Regulatory bodies, Laws NYSE – http://www.nyse.com/about/1088808971270.htmlhttp://www.nyse.com/about/1088808971270.html NASDAQ – http://www.investopedia.com/university/electronictrading/trading3.asphttp://www.investopedia.com/university/electronictrading/trading3.asp SuperMontage – http://www.yourdictionary.com/finance/supermontage-systemhttp://www.yourdictionary.com/finance/supermontage-system ECN – en.wikipedia.org/wiki/Electronic_Communication_Networken.wikipedia.org/wiki/Electronic_Communication_Network 30
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Information Security Identification: Confidential © 2011 iNautix Technologies India Private Ltd. iNautix Technologies India Private Ltd is a subsidiary of The Bank of New York Mellon Corporation. Trademark(s) belong to their respective owners. For professional use only. Not for distribution to the public. The information contained herein, including any attachments, is proprietary to, and constitutes confidential information of iNautix. It may not be reproduced, retransmitted or redistributed in any manner without the express written consent of iNautix.. Thank You 31
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