김형래의 개구리운동장

Dow Jones Index	NASDAQ

NIKKEI 225	KOSPI

Hang Seng Index	Taiwan Weighted Index

BSE, India	SSE, China

STI, Singapore	France

United Kingdom	Germany

Russia	Brazil

Switzerland	Australlia

Belgium	Canada

Indonesia	S&P 500

NYSE

e마켓플레이스(온라인장터) G마켓은 지난달 29일 미국 나스닥 시장에서 거래를 시작했습니다. 상장 규모는 주당 15.25달러, 총 911만9565주로, G마켓은 이번 상장으로 1억3900여만 달러(약 1,320억 원)를 조달하게 됐답니다. 첫날 거래에선 공모가($15.25) 보다 $0.15(0.98%) 내린 $15.10달러로 장을 마쳤습니다.

개인적으로는 가끔 "지름신"을 발동시키는 못된 곳이기는 하지만, 옥션이후 새로운 모델로 시장에 성공적인 정착을 축하할만합니다.

By Reuters. June 22, 2005

NEW YORK (Reuters)—Online broker Ameritrade Holding Corp. on Wednesday said it agreed to buy rival TD Waterhouse USA from parent Toronto-Dominion Bank for $2.9 billion in stock, consolidating the struggling online brokerage sector as analysts had said was inevitable.

Ameritrade said Canada's TD Bank would retain a 32 percent stake in the merged company, to be called TD Ameritrade, as part of the deal. Ameritrade shareholders would receive a special cash dividend of $6 per share.

Ameritrade valued the combined company at $9 billion.

"For the companies, it's a logical play," said Andrew Fishman, president of trading firm Schonfeld Group. "It clearly makes Ameritrade the leader in this space."

The agreement now raises questions over rival E-Trade Financial Corp.'s next move. E-Trade, which could be left without a large takeover target in the brokerage sector if the deal is completed, tried aggressively to scuttle talks between Ameritrade and TD Waterhouse as it pursued its own bid for Ameritrade.

Omaha, Nebraska-based Ameritrade rebuffed E-Trade's first bid, an offer of 47.5 percent of the combined company plus $1.5 billion in cash.

After Ameritrade and TD Waterhouse USA confirmed they were discussing a possible deal, a source close to the situation said E-Trade sweetened its bid and offered a 49.5 percent stake in the combined company and about $2 billion in cash.

Analysts have long expected a deal between two of the discount online brokerages, and many have said a match between Ameritrade and TD Waterhouse made the most sense.

The discount brokerages are trying to add heft to cut costs and offset slipping trading volumes, after individual investors who got burned in the dot-com crash of 2000 backed away and sank online trading volumes.

"You have an industry in which volumes are clearly down from historic highs," Schonfeld Group's Fishman said. "So if you can reduce costs by combining more customers on one platform, eliminate personnel, and spread it out over a bigger customer base, it's clearly going to be a very profitable endeavor."

Shares of Ameritrade rose 17.5 percent to $17.42 on Nasdaq after the agreement was announced.

Ameritrade said it expects the deal to close in about six months and add to earnings within 12 months. It said its chief executive, Joe Moglia, would be CEO of the enlarged group.

Ameritrade also said it would sell its Canadian brokerage operations for $60 million in cash to TD Bank. TD Bank, Canada's No. 2 by assets, will rebrand the Ameritrade business under the Waterhouse banner and merge it into its domestic Waterhouse unit.
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Analysts gave a broad thumbs-up on Thursday to Toronto-Dominion Bank's sale of its Waterhouse USA unit to Ameritrade Holding Corp., a deal that will give TD a hefty stake in a top player in the competitive discount brokerage industry. The deal, announced on Wednesday, will give TD a 32 percent interest in the $9 billion merged company in exchange for a Waterhouse USA franchise that had struggled with weak profits and softening trading volumes. File photo shows TD President and CEO Ed Clark at the company's annual general meeting in Ottawa, March 23, 2005.


Photo by Jim Young/Reuters Email Photo Print Photo

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Why Should you care? One reason is that understanding how all this works is the first step to making the stock trading system work for you. As an ordinary investor, your interests are not always uppermost in the minds of exchange officials who oversee the trading process. The exchange, frankly, operate to benefit listed companies and the middlemen, such as the NYSE seat holders and specialists and Nasdaq dealers, because these are the people who handle your trades and interact with the exchange.

←Beardstown Ladies

You should also care because the stock transcation process, much like the plumbing in your own home, can cost you dearly if you don't pay attention to it. Individual investors pay higher transaction costsno one is paid to look out for their interests. There was even a long peroid when investors were routinely cheated by corrupt practices among Nasdaq dealers. Dealers were able to get away with this behavior beacuse few investors understood the business of trading stocks. A group of Nasdaq floor brokers in 1998 also were found to be taking unfair advantage of their customers by trading ahead of their orders. If you understand the basic mechanics of how stock trade, you'll be better equipped to watch out for your own interests.

Some of the changes we'll discuss in this chapter were forced on the stock markets by Congress and the Sec, such as the switch in 2001 from quoting prices in fractions to dollars and cents. The exchanges, on their own, adoped other measures to survive an onslaught of competitive pressure. With each new change in market structure, the individual investor has been a major benificiary. My hope is that the more you understand this, the more you'll want to keep pressure on the markets.

Transaction costs today are a lot lower than they were just five years ago. Nasdaq and the NYSE have adopted new trading technologies and their middlemen have elimenated markups that increase investor costs. Quoting prices in decimals instead of fractions alone have saves investors billions. But while both markets have made huge strides, more can be done, especially at the New York Stock Exchange, which has resisted trading technologies that would erode the franchise of its specialists and floor brokers. The evolution of our markets is like the nine innings of baseball game - and we're only in the top of the third inning.

영한사전을 찾아서 보면 "특별한 자, 전문가"라고 합니다. 단순하게 언어적으로 접근하자면 정확하게 그 뜻을 설명하기 어렵습니다.

그러나!

여기에서는 주식시장에서 쓰는 용어로 한정지어 생각해야 합니다.
NYSE나 AMEX에서 직접 매매에 관여하는 사람들을 Specialist라고 하면, NASDAQ에서 직접 매매에 관여하는 사람들을 Market Maker라고 합니다. 즉, 일하는 곳이 다릅니다.

Specialist는 상장기업(Listed Company)에서 고용한 사람입니다.  예를 들면 GE(General Electronic)에서 Specialist를 고용하는 것입니다.

이 Specialst의 직접적인 목적은 자기를 고용한 상장기업(Listed Company)의 주식의 안정적인 가격유지를 목적으로 합니다. 아주 중요한 사실이지요. 그렇기 때문에 급격한 하락이나 급격한 상승이 있을 때는 당연히 완충제 역할을 하게 된다는 것입니다. 물론 잘못낸 주문의 경우에 바로 가격에 반영되지 않도록 그 물량을 흡수하는 역할을 합니다. 예를 들어 시세보다 아주 낮은 가격의 팔자 주문이 있다면 그 종목의 Specialist는 보유한 현금으로 조금 높은 가격에 사줄 수 있습니다. 그것이 Specialist의 고유한 권한이기도 합니다.

SEC에서는 Specialist를 다음과 같이 정의합니다.



NYSE에서는 Specialist를 또 다르게 설명하고 있습니다.


The Specialist Firms at the NYSE are:

1.Banc of America Specialist, Inc.
2.Bear Wagner Specialist LLC
3.LaBranche & Co., LLC
4.Performance Specialist Group, LLC
5.Spear, Leeds & Kellogg Specialists LLC
6.SIG Specialists, Inc.
7.Van der Moolen Specialists USA, LLC

1963년 미국증권거래위원회(SEC)는 OTC 시장에 대한 조사보고를 의회에 제출하고 전국증권거래협회(NADS)에 새로운 시스템의 도입을 맡겼다.

1971년 2월8일에 OTC의 2,500여 개의 주식에 대한 NASDAQ 거래가 시작되었다. 이때 나스닥 지수를 1971년 2월 5일을 100으로 시작하게 된다.

1980년 나스닥이 주식가격을 컴퓨터로 보여주기 시작하였다.

1984년 나스닥에 소수주문시스템(SOES)이 도입되었다.

1990년 셀렉넷(selecnet)이 도입되었다.

30여 년의 짧은 역사에도 불구하고 나스탁은 IT주식들을 중심으로 놀라운 성장을 보였다.

앞으로 수년 내에 전 세계의 주식시장은 컴퓨터 네트웍을 기반으로 전 세계 어디에서나 실시간으로 주식가격을 확인하고 거래가 가능한 시스템으로 갖추어가고 있다.

마켓메이커란 나스닥에 등록되어 있는 회원사들을 말한다. 현재 600여 개의 회원사가 있으나 이들 모두가 마켓메이커를 하고 있는 것은 아니다 .마켓메이커는 나스닥이 정한 법규에 따라 주식이 안정적이고 질서 정연하게 거래될 수 있도록 하는 역할을 수행하고 있다.
이름 그대로 시장을 만들고 유지하는 사람을 뜻한다.

현재 나스닥에서 힘께나 쓴다는 10대 마켓메이커를 열거하고자 한다.

1. Goldman Sachs, Inc.
2. Merril Lynch, Inc.
3. Morgan Stanley, Inc.
4. First Boston corp
5. Lehman Brothers, Inc.
6. Spears, Leeds and Kellogg LP.
7. Montgomery Securities, Inc.
8. Knight Secuirties, Inc.
9. Prudential Securities, Inc.
10. JP Morgan, Hambrecht & Quist, Inc.

보다 자세한 사항은 계속 보완하기로 약속하고

Day Trading Makes a Comeback

Sun Dec 19,11:30 AM ET Business - Reuters
http://news.yahoo.com/news?tmpl=story&u=/nm/20041219/bs_nm/bizfinancial_daytrade_dc_1
By Michael Flaherty

NEW YORK (Reuters) - As the stock market edges up and the economy improves, day traders are tiptoeing back into a much-maligned profession that was nearly wiped out a few years ago.

The success of day traders, who rapidly buy and sell small chunks of shares throughout a market session, excited envy and admiration during the stock market boom of the 1990s.

But the collapse of the Internet bubble in 2000 not only sent these rookie investors back to their day jobs, but also gave day trading a bad name.

The unlicensed newcomers were blamed for adding irrationality to an exuberant market. Many of them quit day trading when stock prices plunged and their million-dollar earnings evaporated.

Now experts say a new breed of day trader has emerged. Although there are not nearly so many of these investors as the estimated 8,000 that joined the profession in the late 1990s, their influence on the market is growing.

Day trading transactions often are still a matter of pennies, conducted in seconds. But veterans of the field say it's a different game now, and today's day trader is better trained, more averse to risk, and more knowledgeable about the market.

While good day traders can make a decent living, their earnings potential remains well below the big bucks they got in the boom years and what top Wall Street traders receive today.

"We no longer have chiropractors and dentists coming in and telling us they quit their jobs to be day traders," said Charles Vaccaro, president of HLV Capital Inc. "What's completely changed is the type of person doing this."

In the last year, the New York-based private equity trading firm increased its crew of intraday traders from six to 40. The people who walk through its door tend to be younger, smarter and more aware of the risks, Vaccaro said.

Day trading newsletter publisher Christopher Worsh agreed.

"The Joe Schmo trucker isn't really day trading anymore," said Worsh, who day trades from his San Francisco home. "Three years of hard lessons scared quite a few people away from the business."

DAY DREAM

At HLV's one-room office in Times Square, dozens of casually dressed young men sat at computer terminals and stared at their screens. Except for the tapping of their keyboards, the only sound came from mounted televisions tuned to financial news channels.

By 12:45 p.m., Alex had made $1,700 on a handful of stocks and was on pace to trade at least 1 million shares. HLV did not want the last name of its traders in print.

The 30-year-old Yale graduate earned $25,000 in a recent month -- a good living, but nowhere near the millions that day traders raked in during the Internet boom.

"I knew guys who were pulling in $30 million a year as day traders," said Erik Solomon, an HLV manager. "But they didn't have a plan, and they paid the price. The first thing we teach our traders is what not to do."

Among those lessons: Focus on a small number of relatively cheap stocks; close out positions at the end of the day no matter what; and don't try to outthink the market.

Aside from better fundamentals, the major difference in day trading today is the level of sophistication of those doing it, said Don Bright, director of education at Las Vegas-based Bright Trading LLC.

"The environment is a lot more professional," said Don Bright. "We're not seeing people coming in blind-eyed anymore."

Traders at Bright Trading are licensed, and learn about the market in "boot camp" training at the company, he said.

BACK IN THE GAME

Signs of a trading resurgence from the retail crowd include spikes in customer activity at online brokerage firms like Ameritrade Holding Corp. (Nasdaq:AMTD), Charles Schwab Corp. (NYSE:SCH) andE*Trade Financial Corp. (NYSE:ET), which cater to individual investors, though not necessarily hard-core day traders.

Large volume upswings in a single stock are another indication that the day traders are back. Such was the case on Dec. 8 with Sirius Satellite Radio Inc. (Nasdaq:SIRI), which sank 27 percent after a downgrade. About 500 million of the shares changed hands, nearly one-fourth of the Nasdaq's entire volume that day.

"You wouldn't see that kind of volume if it wasn't for day traders," said Richard Repetto, associate director of research at Sandler O'Neill & Partners. "They're still having a material impact, especially with volatile, speculative stocks."

The federal government has also done its part to limit the risks of day traders. That push began shortly after July 1999, when Mark Barton, an Atlanta day trader, killed his family and nine people at two brokerages in Atlanta after he had taken more than $150,000 in losses.

Among the rules that the U.S. Securities and Exchange Commission (SEC) (news) put in place was a stipulation that day traders must open accounts worth at least $25,000.

"Most of those day trading today understand the risks," said Joe Borg, enforcement chairman for the North American Securities Administrators Association. "It's not like the Wild West of before, but it's definitely making a little bit of a comeback."

세계일보에서 이 기사를 번역해서 올렸군요

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Suitable Stocks for Day Trading

Basic Criteria (네 가지 기본 요건)
What basic characteristics should a stock have in order to make it a suitable candidate for potential day trading? In my view, the most important attributes are:


1. Liquidity (유동성)
Liquidity, broadly defined, is the existence of a sufficiently large number of buyers and sellers in a stock to permit one to quickly and easily acquire or exit a position in the stock. Good liquidity is important to the day trader who requires fast executions at relatively predictable prices. High liquidity also has the additional advantage of (generally) reducing the bid-ask spread for a particular stock therefore reducing execution costs for the day trader.

There is no quantitative measure of liquidity.



Most of the stocks of the larger companies on Nasdaq and the NYSE will have a sufficient degree of liquidity to make them potential day trading candidates. This is particularity true of stocks included in the major indexes such as the Dow Jones Industrials or Nasdaq 100. On the other hand, relatively few small-cap companies would have sufficient liquidity to be attractive to most day traders.

2. Volume (거래량)

Volume is a component of liquidity and is easily measurable. A good day trading stock should trade at least 500,000 shares a day and preferably much more. Stocks with high volumes permit the day trader to acquire or sell a large quantity of stock without unduly affecting the price of the stock.

3. Volatility (주가변동성, 올라가고 내려가는 정도)

Volatility refers to the actual or expected price movement of a stock (either up or down) over a particular period of time. In the case of day trading, the period of time to look at is a single day. Stocks which tend to exhibit little movement in price during a typical trading day are not good candidates for day trading. A good rule of thumb is to select for trading only those stocks which tend to fluctuate in price by at least $2.00 in a typical trading day.

4. Price Transparency (가격 투명성, 공정성)

Price transparency refers to the ability to obtain information as to the order flow for a particular stock. This is also referred to as market depth. The Nasdaq II quote system provides information on all the bids and asks at various price levels for a particular stock and not just the "inside market" quote (i.e. the highest ask and lowest bid). In addition, the quantities of stock being offered and bid for at the various price levels are made available. For day traders who have arranged for access to Nasdaq Level II quote screens, this greatly helps the trader in assessing the relative strength or weakness of a stock and its likely direction in price.

By way of contrast, NYSE quotes display only the highest bid and lowest ask prices. Only the specialist (market maker) responsible for handling orders in a particular NYSE stock has knowledge of the complete order flow for the stock.

Accordingly, many day traders prefer to trade only Nasdaq stocks. This is not to suggest that NYSE stocks are not good candidates for day trading under certain circumstances. However, there is less price transparency on this exchange than on Nasdaq.

NYSE, 뉴욕증권거래소 [New York Stock Exchange, www.nyse.com] 주식거래소

NASDAQ, 나스닥 [NASDAQ, www.nasdaq.com] 미국의 장외주식시장. 주식거래소

CME, 시카고상품거래소 [CME, Chicago Mercantile Exchange, www.cme.com] 선물, 옵션거래, (금융상품외 현물까지)

CBOT, 시카고거래소 (CBOT, Chicago Board of Trade, www.cbot.com) 채권만 거래하는 거래소

NASD, 미국증권업협회 (NASD, National Association of Securities Dealers, Inc., www.nasd.com)

SEC, 미국증권거래위원회 (SEC , Securities and Exchange Commission,. www.sec.gov)

PAY ATTENTION TO THE PLUMBING

Every wonder wht happen to your order to buy stock once you place it with your broker, or hit "send" to an online broker? If you think it goes directly to the floor of the New York Stock Exchange (NYSE) or into the computerized network run by Nasdaq, think again. What happens to your order is one of the mysteries of Wall Street that few people understand. Many orders are matched off-exchange, then centrally reported to an exchange. There is a cost to buying stock, over and above the per-share price you pay. The cost depends on how and where your order id filled. Sometimes the "cost"of trading involves paying a higher price for your shares because your broker failed to route your order to the market with the best selling price. Higher trading costs also result if your broker, or the exchange he sent it to, delayed filling your order and the share price moved against you. Other times your broker may send your order to a market that doesn't have the best price because he received a payment to do so.

Did you ever stop to ask who pays for the army of people buzzing about the NYSE floor every day? Or for the thousands of people working behind the scenes at Nasdaq? If You think it's your brokerage firm or some other third party, wrong gain. As an investor, you pay for all the middlemen, floor clerks, and telecommunications and other electronic apparatus that makes run smmthly. The cost may not be apparent. It may be hidden in the commission you pay for your shares. But it's there.

Both cases - the cost of not finding the best match for your order and the cost exacted by the exchange and its various milddlemen who handle your trade - are called transaction costs. The are costs over whitch you have little control. But that is changing. Transaction costs are cause of much debate and controvery today, and the root of an exchanges gainst new electronic networks; large investment banking firms against the exchanges; and small investors against institutional investors.

We'll learn all about tracation costs and how they affect you. We'll also learn about recent structural changes in the trading costs. I`ll explain the differences between the NYSE ans Nasdaq ; the role of middlemen, such as NYSE specialist and Nasdaq market-makers; and the importance of newfangled system called electronic communication networks, or ECNs. In short, this is where you'll learn about the stock markets plumbing.