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Session 1: Types of Equity
- Ordinary shares
- Preference shares
- Convertible and hybrid shares
- Equity warrants
Session 2: Other types of Equity
- Depository receipts
- 'Alphabet' shares
- Infrequently issued shares
- NPV shares and their use in the Euro zone
Session 3: How Equities are Issued
- Types of issuance
- IPOs
- Issuance of depository receipts
Session 4: Benefits of Equities and their Importance
in Modern Capital Markets
- Historical performance
- The 'pension timebomb'
- Benefits to investors, intermediaries and issuers
Session 5: The Structure of a Stock Exchange
- Ownership
- Listing requirements
- Regulations
Session 6: The Structure of a Stock Exchange II
- Participants
- Trading systems
- 'The urge to merge'
- New exchanges
Session 7: Major Markets and their Trading Systems
- NYSE
- NASDAQ/AMSE
- London/Frankfurt
- Tokyo
Session 8: The 'New Markets'
- Tradepoint
- Euro NM
- EASDAQ
- Instinet/Posit/Optimark
Session 9: Investment Banks and Brokers
- Single and dual capacity
- Structure of an equity department
- How the bank interacts with its clients
- Adding value
Session 10: Sales and Research
- The role of a salesperson
- What does an analyst do?
- Trends in research
- The future for equity research
Session 11: Sales Traders and Corporate Brokers
- What is a sales trader?
- The importance of sales trading
- The rise of the centralised dealing desk
- The role of the corporate broker
Session 12: The importance of the 'Buy-Side'
- Who are the asset managers?
- How good are they?
- Active Vs passive equity investment and its effects on markets
- Structure of investment managers
Session 13: Disintermediation
- What is disintermediation?
- Examples of disintermediation at work
- Is the process irreversible?
- Steps taken by equity departments to attack the problem
Session 14: Emerging Markets
- What is an emerging market?
- Features of an emerging market
- Features of emerging stock exchange
- Risks in emerging markets
Session 15: Emerging Markets
- Latin America
- Eastern Europe
- Asia
- Africa
Session 16: The Future for Equities and Equity Markets
- Globalisation
- The single market?
- The triumph of capital?
- Funded pensions
Course Review and Summary
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