How The U.S. Securities Industry Works

by Hal McIntyre

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.

Unknown Binding

First published January 1, 2000

Reviews

[Dale Grauman · Rating 1 out of 5]

Note: Review based on 3rd edition.

Not helpful to beginners. It's a massive outline of decontextualized information about the securities industry. The list is elaborately nested, with at least 5 levels of subheadings, possibly more. Long bulleted lists are embedded throughout--lists within the elements of a larger list. The only visual cue to distinguish between different levels of headings is a small difference in indentation. It's difficult to track which level of heading you are on, especially if the break between sections occurs at a page break, which means that you won't be able to align the two sections visually to compare the indentation. I regularly struggled to figure out if I was reading a sub-sub-sub-subheading, or if I was still on the sub-sub-subheading level. Technical terms are used with little or no explanation and then defined in greater depth literally hundreds of pages later.

[Rupal · Rating 1 out of 5]

ugh why do i have to read this?

[Rajashree · Rating 4 out of 5]

Securities operations are explained very clearly.I like it.

[Todd Andress · Rating 3 out of 5]

Nice book for overview of securities industry. Nice reference book to point me to topics I have yet to dabble in.