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CSC Ch 1-5 Questions and Answers
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CSC Ch 1-5 Questions and Answers Financial Intermediary (definition): - Describes any organization that facilitates the trading or movement of financial instruments - Investment dealers that act on their clients' behalf as agents and sometimes act as principals, risking their own capital ...

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  • September 21, 2024
  • 24
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • csc ch 1 5 questions and answers
  • financial intermediary definition describes a
  • financial intermediary functions help transfe

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CSC Ch 1-5 Questions and Answers
Financial Intermediary (definition): - answer - Describes any organization that
facilitates the trading or movement of financial instruments

- Investment dealers that act on their clients' behalf as agents and sometimes act as
principals, risking their own capital

Financial Intermediary (functions): - answer - Help transfer capital from suppliers to
users through the underwriting and distribution of new securities (primary market
distribution)

- Maintain secondary markets in which previously issued or outstanding securities can
be traded

Financial Intermediary / Investment Dealers (categories): - answer - Retail firms
which include full-service investment dealers and self-directed brokers (discount
brokers)

- Institutional firms that service clients like pension funds and mutual funds

- Integrated firms

The Canadian securities industry is mainly regulated by the [...]. There are [...] such as
the Investment Industry Regulatory Organization of Canada (IIROC) - answer 1.
Provinces

2. Self-regulatory organizations (SROs)

Major participants in the Investment Industry include: - answer - Suppliers of Capital
- Investment Dealers
- Users of Capital (Borrowers)
- Self-regulatory Organizations
- Markets
- Clearing and Settlement
- Canadian Securities Institute
- Canadian Investor Protection Fund
- Provincial Regulators

Organization Within Investment Firms - answer - Front Office
Portfolio Management, Trading, Sales, Marketing

- Middle Office
Compliance, Accounting, Audits, Legal

,- Back Office
Trade Settlement

Most of the time, securities firms act as [...], buying and selling on behalf of clients [...] to
those securities.

Synonym: [...] - answer 1. Agents

2. Without taking title (ownership)

3. Broker

Securities firms tend to act as [...] in the [...] and in [...].

"Generally, for most secondary trading of debt securities, the investment dealer acts as
[...]." - answer 1. Principals

2. Underwriting function (primary market)

3. Secondary trading of non-equity securities

4. Principal

When acting as broker, a securities firm is an agent in a [...].

However, the term "broker" may be used interchangeably to describe an investment
dealer acting as a [...]. - answer 1. Secondary securities transaction

2. Principal or an agent

Services provided by the investment dealer include: - answer - Providing informed
advice about the terms and features for new issues in the primary market

- Adding liquidity to the market

- Acting as market makers in assigned listed stocks

- buying listed stocks as principals

During the day, an exchange member will buy and sell many different listed stocks. A
designated clearing systems handles the daily settlement process between members,
which means [...]. - answer Exchanging securities for cash

, Securities in Canada are cleared through [...]. Marketplaces like the TSX and TSX
Venture and ATSs report trades to [...]. Participants with access to the clearing system
include [...]. - answer 1. CDS Clearing and Depository Securities

2. CDSX clearing and settlement

3. Banks, investment dealers and trust companies

The clearing system [...] that has to change hands among the various members each
day.

The clearing system uses a process called [...] to establish and confirm a credit or debit
position. - answer 1. Reduces the number of securities and amount of cash

2. Netting

Banks operate under the Bank Act, which specifies [...].

Banks are the most important player in the Canadian Securities Industry and each Bank
is designated as either [...]. - answer 1. What they can and cannot do

2. Schedule I, Schedule II or Schedule III

Schedule I Banks - answer Most Canadian owned banks are designated as such.

There are ownership rules - voting shares must be widely held and subject to no more
than 20% ownership by any individual or group. There are 30 of these banks altogether.

Number of Schedule I banks and examples: - answer 30

Royal Bank, CIBC, TD, Bank of Nova Scotia, Bank of Montreal and National Bank

Schedule II Banks - answer Incorporated and operate in Canada, but are owned by a
foreign parent.

By law, may engage in all types of business permitted to a Schedule I Bank. However,
most derive their greatest share of revenue from retail banking and electronic financial
services.

Examples of Schedule II Banks - answer Citibank Canada, AMEX Bank of Canada
and BNP Paribas (Canada).

Schedule III Banks - answer Foreign bank branches of foreign institutions. These
banks tend to focus on corporate and institutional finance and investment banking.

Other Investment Industry Players: - answer - Trust and Loan Companies

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