DOCSLIB.ORG

Sales and Trading Equity Sales and Trading. Our Institutional Equity

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Sales and Trading Equity Sales and Trading. Our Institutional Equity Sales and Trading Equity Sales and Trading. Our institutional equity sales team serves customers out of our New York, London, Boston, Hartford, Atlanta and San Francisco offices. Unlike many of our larger, less specialized competitors, all of our sales representatives are specifically trained in the analysis of financial services companies. Our sales and trading team provides specialized services, including value-added, industry and sector-specific trading expertise, research and access to capital markets transactions. Through an extensive use of sector-focused presentations and transaction-related teach-ins we have emphasized educating our sales force as we have expanded our business model to include additional sectors of the financial services industry. We have access to all major exchanges in the United States and Europe. Our U.S. equity trading team makes markets in over 800 Nasdaq and NYSE financial services stocks and consistently ranks among the top traders of financial services securities. As reported by AutEx/BlockDATA, for the twelve months ended December 31, 2007 we were one of the top three market makers in 36% of the stocks in the NASDAQ 100 Financial Index. We are the largest trader of bank stocks with a market capitalization below $5 billion. During this same twelve month period, we traded 9.9% of small cap bank stocks, with a trade volume in excess of 510 million shares. In overall reported trading volume in the NASDAQ 100 Financial Index companies during this period, we ranked seventh, with a market share of 4.6% or 769 million shares. We maintain relationships with many of the world’s largest institutional investors including both domestic and international investment advisors, banks, mutual funds, hedge funds, pension funds and insurance companies. Our equity sales group provides institutional customers with significant access to company managements and our research analysts. This is accomplished through our many industry focused conferences, roadshow access for capital markets transactions, and a combination of issuer management marketing days, including marketing trips, group meetings and field trips, combined with analyst marketing trips and “Best Ideas” presentations and our annual “Bruyette Dinners.” We are an active participant in corporate repurchase programs for small, mid and large cap companies. We have also been willing to commit our capital to participate in “bought” deals and accelerated share repurchase programs. Fixed Income Sales and Trading. Our fixed income group conducts sales and trading operations in New York City with sales branches in Atlanta, Boston, Chicago, Hartford and San Francisco. We trade and underwrite a wide range of fixed income securities, including mortgage-backed securities, U.S. Treasury and Federal Agency securities, and a wide array of corporate bonds and preferred stock, including those issued by banks, insurance companies, REITs, and finance companies, including Trust Preferred Securities and PreTSLsTM and similar securities issued by competitors. Our fixed income syndicate team works with the firm’s investment banking department to provide financing for M&A activity, balance sheet restructuring and capital raising. We support such financings with secondary trading. Our financial balance sheet management group provides valuations and restructuring strategies for the full range of securities and loans, including those loans which are sub-performing, non-performing and charged- off. Research As of December 31, 2007, our research covered 569 domestic and international financial services companies such as bank and thrift holding companies, banks, thrifts, REITs, and specialty finance, insurance and securities firms and securities exchanges. Our research group follows nearly all of the financial services industry companies in the S&P 500 and Dow Jones STOXX 600 Index, as well as hundreds of other U.S. and European financial services companies on a daily basis. Our research provides the foundation for five widely followed domestic industry indices: the KBW Bank Index (BKX), the KBW Regional Banking Index (KRX), the KBW Insurance Index (KIX), the KBW Capital Markets Index (KSX), and the KBW Mortgage Finance 4.
Load more

Recommended publications
  • Business Strategy
    Corporate Summary Executive Messages Business Strategy Summary of the Daiwa Securities Group’s Medium-Term Management Plan Business “Passion for the Best” 2014 14 Strategy Interview with the CEO 16 Message from the COO 20 Management Systems At a Glance 22 Retail Division 24 Wholesale Division 26 Asset Management Division 28 Investment Division 30 IT/Think Tank Division 31 Financial Section Other Information Daiwa Securities Group Annual Report 2013 13 Summary of the Daiwa Securities Group’s Medium-Term Management Plan “Passion for the Best” 2014 Daiwa Securities Group Management Vision • To become Asia’s leading financial services firm possessing and leveraging a solid business platform in Japan • Establish a robust business structure capable of securing profit even under stressful economic conditions Daiwa Securities Group Basic Management Policy • Achieve sustainable growth by linking Japan and the growth of Asia Outline of Medium-Term Management Plan • Establish a robust business structure immune to the external environment and aspire to achieve sound growth based on a new growth strategy “Passion for the Best” 2014 Milestones FY2012 Turnaround FY2013 Growth Management Targets Consolidated Ordinary Income [Initial FY] Return to Profitability Basic Policy I: Return to profitability by pursuing management efficiencies (Focus of execution in the first fiscal year) R Steadily implement the plan to reduce SG&A R Realize greater organizational efficiencies by shifting personnel from the middle and back offices to the front divisions Basic
    [Show full text]
  • The Technical Interview Guide to Investment Banking
    k Trim Size: 7in x 10in Pignataro ffirs.tex V1 - 01/10/2017 5:21pm Pagei The Technical Interview Guide to Investment Banking k k k k Trim Size: 7in x 10in Pignataro ffirs.tex V1 - 01/10/2017 5:21pm Page ii The Wiley Finance series contains books written specifically for finance and investment professionals as well as sophisticated individual investors and their financial advisors. Book topics range from portfolio management to e-commerce, risk management, finan- cial engineering, valuation and financial instrument analysis, as well as much more. For a list of available titles, visit our Web site at www.WileyFinance.com. Founded in 1807, John Wiley & Sons is the oldest independent publishing company in the United States. With offices in North America, Europe, Australia and Asia, Wiley is globally committed to developing and marketing print and electronic products and services for our customers’ professional and personal knowledge and understanding. k k k k Trim Size: 7in x 10in Pignataro ffirs.tex V1 - 01/10/2017 5:21pm Page iii The Technical Interview Guide to Investment Banking PAUL PIGNATARO k k k k Trim Size: 7in x 10in Pignataro ffirs.tex V1 - 01/10/2017 5:21pm Page iv Copyright © 2017 by Paul Pignataro. All rights reserved. Published by John Wiley & Sons, Inc., Hoboken, New Jersey. Published simultaneously in Canada. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the Publisher, or authorization through payment of the appropriate per-copy fee to the Copyright Clearance Center, Inc., 222 Rosewood Drive, Danvers, MA 01923, (978) 750–8400, fax (978) 646–8600, or on the Web at www.copyright.com.
    [Show full text]
  • Copyrighted Material
    Index A general business overview, 153 Accounting, introduction to, 56–58 management’s discussion and financial, 56 analysis (MD&A), 153–154 generally accepted accounting Apple Inc. principles (GAAP), 57–58 Income statement example, 68 managerial, 57 balance sheet example, 81–83 tax, 56–57 statement of cash flows example, Accounts payable (AP), 73–74 86–87 days, 168–169 Asset managers, 106–107 Accounts receivable (AR), 70 Asset management, 7 days, 168 Asset purchase, 301–302 Accretion/dilution analysis, 311–319 Assets, 69–72 impact of P/E ratios on, 318–319 current, 70–71 Accrual basis of accounting, 59–60 accounts receivable (AR), 70 Accrued expenses, 74 cash and equivalents, 70 Acquisition comps, 211–214 inventories, 70 selecting, 211–212 prepaid expenses, 71 criteria for, 211–212 noncurrent (long-term), 71–72 sources for, 211 intangible, 72 spreading and normalizing, 212–214 property, plant, and equipment Activity ratios, 167–169 (PP&E), 71–72 accounts payable days, 168–169 Associates, 24–25, 39–40, 45 accounts receivable days, 168 compensation, 45 days sales of inventory, 168 exit opportunities for, 46–47 inventory turnover, 168 Amortization, 314–315 B Analysis at various prices (AVP), Balance sheet, 69–83, 90–99, 275–281, 320–321 336–340 Analysts, 23–24,COPYRIGHTED 39, 44 assets, MATERIAL 69–72 compensation, 44 current, 70–71 exit opportunities for, 46 noncurrent (long-term), 71–72 Annual report (SEC Schedule 10-K), consolidation and noncontrolling 149–150, 152–155 interest, 81 cover, 152–153 deferred tax assets and liabilities,
    [Show full text]
  • FINANCIAL MODELING, INTERVIEW PREP, and TECHNICAL SKILLS DEVELOPMENT 1 Bridging the Gap: Financial Modeling, Interview Prep, and Technical Skills Development
    BRIDGING THE GAP: FINANCIAL MODELING, INTERVIEW PREP, AND TECHNICAL SKILLS DEVELOPMENT 1 Bridging the Gap: Financial Modeling, Interview Prep, and Technical Skills Development Training programs for post-secondary students seeking roles in business and corporate finance EXPERTS IN FINANCIAL MODELING TRAINING [email protected] · +1 416 583 1802 WWW.MARQUEEGROUP.CA BRIDGING THE GAP: FINANCIAL MODELING, INTERVIEW PREP, AND TECHNICAL SKILLS DEVELOPMENT 2 About The Marquee Group Our Clients We believe that spreadsheet- based financial models are For several years, Marquee has led the annual the most important tools in training programs at numerous investment modern finance. Using our banks, pension funds and commercial banks. framework and discipline We have taught thousands of professionals all to develop best-in-class, across Canada, the United States, the United user-friendly models, we Kingdom, Mexico, Australia and China. help students and finance The following table highlights some of our professionals turn their models major clients: into powerful communication tools that lead to better, more UNIVERSITIES effective decisions. Acadia University Saint Mary’s University Brandeis University U of T - Rotman The Marquee Group is the only Dalhousie - Rowe UBC dedicated financial modeling firm HEC Waterloo in Canada. For over a decade, our McGill - Desautels Western - Ivey business has delivered what has McMaster - DeGroote York - Schulich become the industry standard Queen’s - Smith in financial modeling, training, SOCIETIES FINANCIAL consulting
    [Show full text]
  • Equities Business Overview PRESENTATION to HYPERLEDGER CAPITAL MARKETS SIG JUNE 17TH 2020
    Equities Business Overview PRESENTATION TO HYPERLEDGER CAPITAL MARKETS SIG JUNE 17TH 2020 Presented by: Junji Katto Sateesh Vidhyanadhan 1 Agenda 1. Holistic View of Capital Markets 2. What are equities 3. Equities Trade Lifecycle 4. Current Equities Trading and Settlement Process 5. Challenges in Capital Markets 6. Key problems to solve 7. Blockchain Potential Benefits 8. Sample implementations 2 Holistic view of Capital Markets A capital market is a financial market in which long-term debt or equity-backed securities are bought and sold. Capital market refers to a broad spectrum of tradeable assets that includes the stock market as well as other venues for trading different financial products. The stock market allows investors and banking institutions to trade stocks, either publicly or privately. Stocks are financial instruments that represent partial ownership of a company. These documents are used extensively by companies as a means of raising capital. Within the stock market itself are primary and secondary markets that trade among banks underwriting stock and public investors trading stock, respectively. The Sales & Trading Division of the Investment Bank connects Investment Banks are intermediaries between buyers and sellers of stocks, bonds, commodities and other the providers of funding (investors-in the form of assets. Salespeople and traders sit on a trading floor. both debt and equities investors) and the users The trading floor is split out by asset class. Any large of funding (corporates, financial institutions, investment banks has following roles hedge funds, supranational, municipals and Front office Sales & Trading : governments). When talking about investment 1. Sales Traders – Client orders and contract management banking, it is important to know the difference 2.
    [Show full text]
  • The Wall Street Program
    THE VALUATION TRAINING PROGRAM Corporate Finance M&A Private Equity Sales and Trading Hedge Funds Equity Research Asset Management The definitive Job Search Strategy and Training Program for careers in Investment Banking, Corporate Finance, Public Finance, M&A, Private Equity, Equity Research, Sales & Trading, Hedge Funds, Asset Management, Corporate Law and anywhere else on Wall Street! THE WALL STREET PROGRAM The Wall Street Program’s Valuation Training Program will give you the skills and knowledge to build financial models in Excel to value a company. The purpose of the Valuation Training Program is to help you understand the bigger picture behind valuation and also all of the ins and outs of actually doing valuation modeling in Excel. The Training Program takes you step-by-step through the process of building a Comparable Company Analysis, Precedent Transactions Analysis, Discounted Cash Flow (DCF) Analysis, Leveraged Buy-Out Analysis and a M&A Accretion/Dilution Analysis. Our goal is to teach you valuation as if you were working at a Wall Street firm. We want you to learn everything and gain as much experience as you would gain if you worked on Wall Street. With this type of experience, you will be better prepared to successfully go through any interview process and receive job offers. Congratulations on taking the vital first step for landing a dream job on Wall Street. At The Wall Street Program, our team is committed to helping you achieve your personal best, whether it is in the area of job search strategy, cover letter and resume preparation, interviewing or financial modeling knowledge.
    [Show full text]
  • Why Are Ipos in the ICU?
    Why are IPOs in the ICU? By David Weild and Edward Kim Why are IPOs in the ICU? 1 Contents Page Introduction 2 History of the IPO market 3 Decline of the IPO market 7 Effect on capital markets 12 Conclusion 15 The Perfect Storm 16 About the authors 19 About Grant Thornton LLP 20 Grant Thornton offices 21 © Grant Thornton LLP. All rights reserved. Why are IPOs in the ICU? 2 Introduction Over the last several years, the IPO market in the United States has practically disappeared. While conventional wisdom may say the U.S. IPO market is going through a cyclical downturn, exacerbated by the recent credit crisis, many are beginning to share a view of a new and much darker reality: The market for underwritten IPOs, given its current structure, is closed to most (80 percent) of the companies that need it. In this white paper, Grant Thornton LLP explores the history of the IPO market, what led us to this crisis, and our ideas for a new, opt-in stock market capable of reinvigorating the U.S. IPO market. © Grant Thornton LLP. All rights reserved. Why are IPOs in the ICU? 3 History of the IPO market Let’s take a look at the IPO market that preceded the Dot Com Bubble of 1996 (see Exhibit 1). The “By killing the IPO goose Pre-Bubble period traded about the same number of IPOs as the Dot Com Bubble period.1 Yet, the that laid the golden egg of U.S. economic growth, Pre-Bubble period had over three times more IPOs than the Post-Bubble period.
    [Show full text]
  • Global Corporate and Investment Banking: an Agenda for Change
    Global Corporate & Investment Banking Practice Global Corporate and Investment Banking: An Agenda for Change Global Corporate and Investment Banking: An Agenda for Change Foreword 1 Day of Reckoning? New Regulation and Its Impact 3 On Capital Markets Businesses Europe: Beyond the Crisis, New Challenges 31 And Opportunities Asia: The Future of Corporate and 37 Investment Banking Out of the Shadows: Central Clearing of 56 Repurchase Agreements Winning in Flow: Scale Is Everything 83 Foreword 1 Foreword our years after the financial crisis, the agenda for change within the F global corporate and investment banking (CIB) industry remains signifi- cant. In this compendium, we bring together five articles published over the past year that serve as a ready reckoner for the CIB agenda—not just for capital markets and banking, but also for critical components of the bank- ing infrastructure that supports funding. Day of Reckoning explores the impact of new regulation on capital markets businesses. After-tax return on equity for these businesses is likely to fall from 20 percent pre-regulation to 7 percent, absent any mitigating actions by banks. We suggest strategies that banks can pursue to manage the impact of regulation on their capital markets businesses and to maintain an accept- able level of profitability. We examine portfolio optimization, model and data quality improvements, financial efficiency and operational enhancements. In Europe: Beyond the Crisis, New Challenges and Opportunities, we review the impact of new regulation on corporate banking businesses. De- spite significant reductions in credit costs, profits remain well below 2007 peaks in these businesses. Many of the mitigation strategies for capital markets businesses are relevant to restoring profitability to corporate bank- ing.
    [Show full text]
  • Investment Banking Compliance
    © Practising Law Institute Chapter 49 Investment Banking Compliance Russell D. Sacks* Partner, Shearman & Sterling LLP Richard B. Alsop Partner, Shearman & Sterling LLP [Chapter 49 is current as of June 15, 2018.] § 49:1 Information § 49:1.1 Insider Trading [A] Generally [B] Legal Framework [B][1] Securities Exchange Act § 10(b) [B][2] Insider Trading and Securities Fraud Enforcement Act § 49:1.2 Information Barriers [A] Generally [B] Effective Information Barriers: Minimum Elements [B][1] Written Policies and Procedures [B][2] Wall-Crossing Procedures [B][3] Restricted List and Watch List [B][4] Surveillance of Trading Activity * The authors gratefully acknowledge the contributions to this chapter of former co-author and former partner Robert Evans III, and the contribu- tions of Shearman & Sterling LLP associate Steven R. Blau for his work coordinating the chapter. (Broker-Dealer Reg., Rel. #14, 9/18) 49–1 © Practising Law Institute BROKER-DEALER REGULATION [B][5] Physical and Electronic Separation [B][6] Training and Education Programs [B][7] Employee Attestation § 49:1.3 Sales Practices; Testing-the-Waters and Gun-Jumping § 49:1.4 2012 OCIE Report on the Use of Material Nonpublic Information by Broker-Dealers [A] Sources of MNPI [B] Control Structure [B][1] Issues Identified [B][2] Control Room [B][3] “Above the Wall” Designations [B][4] Materiality Determinations [B][5] Oversight of Non-Transactional Sources of MNPI [B][6] Compliance with Oral Confidentiality Agreements [B][7] Personal Trading Problems [C] Access Controls [C][1]
    [Show full text]
  • Regulatory Notice 15-31 Attachment A
    Page 1 of 31 Regulatory Notice 15-31 New and Amended Rule Text New language is underlined; deletions are in brackets. * * * * * Text of New FINRA Rule * * * * * 2242. Debt Research Analysts and Debt Research Reports (a) Definitions For purposes of this Rule, the following terms shall be defined as provided. (1) “Debt research analyst” means an associated person who is primarily responsible for, and any associated person who reports directly or indirectly to a debt research analyst in connection with, the preparation of the substance of a debt research report, whether or not any such person has the job title of “research analyst.” (2) “Debt research analyst account” means any account in which a debt research analyst or member of the debt research analyst’s household has a financial interest, or over which such analyst has discretion or control. This term shall not include an investment company registered under the Investment Company Act over which the debt research analyst or a member of the debt research analyst’s household has discretion or control, provided that the debt research analyst or member of a debt research analyst’s household has no financial interest in such investment company, other than a performance or Page 2 of 31 management fee. The term also shall not include a “blind trust” account that is controlled by a person other than the debt research analyst or member of the debt research analyst’s household where neither the debt research analyst nor a member of the debt research analyst’s household knows of the account’s investments or investment transactions.
    [Show full text]
  • Overview of the Banking and Investment Industry a Document Created by Maddie Judge, Mbiol Biology, Pembroke College, University of Oxford
    Overview of the Banking and Investment Industry A document created by Maddie Judge, MBiol Biology, Pembroke College, University of Oxford I have recently completed the first year of my undergraduate degree in Biology at Pembroke College. I cannot claim to have any experience in finance or investment, but I was eager to find out about the sector and explore opportunities for learning. This document is aimed at people considering a career in financial services. Its purpose is to demystify the industry, to explain the different areas within it and the skills required, to clarify some of the terminology and to recommend resources for further research. Investment banks and other providers of financial services providers vary in their structures and the services they offer. The attached diagram gives an overview of the key areas and their functions. It explains the differences between front office (revenue generating), middle office (supporting front office, often with regulatory roles) and back office (general functions common to all firms). Most Oxford graduates tend to work in front office, although some end up in middle and back office, often in IT or in legal and accounting roles. Throughout the document I have highlighted complex financial terms in blue and in the Key Terms section below, I explain this financial jargon used in banking in plain English. For terms that are not included use the online financial dictionary, Investopedia’s dictionary is a useful tool. 1 Front Office - Customer-facing function, responsible for revenue generation Investment Banking/Corporate Finance - Markets - SECURITIES Fund/Asset/Investment Management - INVESTING ADVISORY Sales and Trading Fund managers design and implement investment strategies (choosing markets, combining equities, bonds Clients are mainly companies and private equity Clients are mainly institutional investors (i.e.
    [Show full text]
  • NYSE IPO Guide Third Edition
    NYSE IPO Guide NYSE IPO Guide Third Edition www.nyse.com/ipo Publisher Timothy Dempsey Project Manager Chloe Tuck NYSE Editorial William Kantrowitz and Zachary Harvey Printing and Binding AGS NYSE IPO Guide, Third Edition, is published by Caxton Business & Legal, Inc. 27 North Wacker Drive, Suite 601 Chicago, IL 60606 Phone: +1 312 361 0821 Email: [email protected] Web: www.caxtoninc.com ISBN: 978-0-9964982-5-8 Copyright in individual sections rests with the co- publishers. No photocopying: copyright licenses do not apply. DISCLAIMER The NYSE IPO Guide, Third Edition (the “Guide”), contains summary information about legal and regulatory aspects of the IPO process and is current as of the date of its initial publication (April 2021). The Guide should not be relied upon as a substitute for specific legal or financial advice from a professional. Although efforts have been made to ensure that the information herein is correct, the Guide may contain errors or omissions, and the NYSE, the publishers, and the contributing authors disclaim any responsibility for, or duty to update or correct, any such errors or omissions. The views expressed in the Guide are those of the authors alone. Published by NYSE IPO Guide Third Edition www.nyse.com/ipo Preface 5 2.8 Anti-takeover protections 18 6.6 Market perception feedback 62 Simpson Thacher & Bartlett IHS Markit Stacey Cunningham President, NYSE Group 2.9 Incentive compensation 6.7 Investment community arrangements 19 database and CRM 62 Simpson Thacher & Bartlett IHS Markit Introduction: Advantages of listing on the NYSE 7 2.10 ​Managing third-party risk 22 6.8 ESG and the newly public IHS Markit company 64 IHS Markit NYSE 3.
    [Show full text]