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SIE Exam Chapters 1-5 Questions & Answers 2023/2024 $10.49   Add to cart

Exam (elaborations)

SIE Exam Chapters 1-5 Questions & Answers 2023/2024

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SIE Exam Chapters 1-5 Questions & Answers 2023/2024 Bid - ANSWER-Represents a clients selling price - This is the price at which the MM will buy dealer to dealer markets - ANSWER-NASDAQ -Non-physical; phone and computer network - Negotiated market - unlimited number of registered "market...

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  • July 23, 2023
  • 27
  • 2022/2023
  • Exam (elaborations)
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SIE Exam Chapters 1-5 Questions &
Answers 2023/2024
Bid - ANSWER-Represents a clients selling price

- This is the price at which the MM will buy



dealer to dealer markets - ANSWER-NASDAQ

-Non-physical; phone and computer network

- Negotiated market

- unlimited number of registered "market makers"

-Classified as a securities exchange



OTCBB (Bulletin Board) - ANSWER-Must be reporting companies



Third Market - ANSWER-- Listed securities traded otc

- Do not maintain an inventory



Issuers - ANSWER-Are legal entities that raise capital by issuing securities. These include:

Corporations

U.S. Treasury and Government Agencies

State and local governments

Banks

Foreign Governments



Equity - ANSWER-Used by corporations and banks

- represents ownership



Debt - ANSWER-Ex: Notes and bonds

,Represent and issuers promise to pay



Broker - ANSWER--Firm acts as a agent or conduit

- Finds another party willing to take the other side of trade

- Collect commission for the service

- No risk to the firm



Dealer - ANSWER--Firm acts as a principal

- Firm takes the other side of the trade

- Entitled to markup/markdown

- Risk= Using their own money to take the other side of the trade



Investment Banking - ANSWER--Issuance

- Acts as an underwriter

- Merger and Acquisition

- Private Equity

- Debt and equity capital markets



Research - ANSWER--Research reports on which companies should be bought or sold



Private Client - ANSWER-- Retail Brokerage



Sales and Trading - ANSWER--Fixed income

-Equity

-Bonds and debt



Market-Maker - ANSWER-Is a broker-dealer that chooses to display quotes to buy or sell a specific
amount of securities at specific prices

-Quotes are firm for at least 100 shares=round lots

, Make Spreads



Ask or Offer - ANSWER-Represents a clients purchase price

- This is the price at which the MM will sell



Investment Adviser - ANSWER-Is a firm that charges customers a fee for managing their securities
portfolios.

- The fee is based on the assets under management

- An IA is considered a large or institutional customer of a broker dealer



Municipal Advisor - ANSWER-Is a person or firm who advises municipalities on bond offerings and must
be registered with the SEC

- Typically advise issuers (ex: state, county or city) regarding the structure and timing of a new offering.



institutional investor - ANSWER-Customers with a large amount of assets

- Banks

- Insurance companies

- Investment companies

-corporations, partnerships

-Registered investment advisers

- public and private pension plans

-Hedge funds



Retail Investor - ANSWER-- Individual Investors who are not defined as institutional investors



Accredited Investors - ANSWER-Institutional investors as well as individuals who have met a financial test

- Net worth of $1,00,000 excluding primary residence

- Annual income of $200,000 in each of the last 2 years, $300,000 for married couples

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