김형래의 개구리운동장

독일 작센주 (Free State of Saxony), 키몬다 (Qimonda AG, NYSE: QI) 및 인피니언 테크놀로지스 (Infineon Technologies AG, FSE/NYSE: IFX)가 지난해 2008년 12월 21일(현지시간) 공동으로 키몬다에 대한 구제 자금 지원을 발표했었다.

지난 번 금융 지원에는 독일 작센주가 1억 5000만 유로, 포르투갈의 금융 기관 1억 유로, 그리고 인피니언 테크놀로지스가 7,500만 유로를 제공하는 내용이 포함되었었다. 인피니언은 현재 키몬다의 77.5% 지분을 보유하고 있다.

인피니언 테크놀로지스의 CEO 피터 바우어는 “작센주, 독일 연방 정부 및 포르투갈 정부의 전폭적인 지원으로 구제자금에 대한 성공적인 합의가 이루어져 매우 기쁘게 생각한다. 이번 지원으로 키몬다는 회생할 수 있는 발판을 마련하게 되었으며, 크리스마스를 앞두고 전세계 키몬다 사원들에게 반가운 소식이 될 것이다”라고 말했다.

세계 시장과 반도체 업계가 직면하고 있는 매우 어려운 상황에도 불구하고 인피니언은 7500만 유로를 이번 금융 지원에 제공하기로 하였는데, 지난해에 지원금은 인피니언이 제공할 수 있는 최대한의 금액으로 알려졌었다.

지난해 발표된 금융 지원 외에 키몬다(Qimonda AG, NYSE: QI)는 독일 연방 정부와 작센주로부터 총 2억 8000만 유로의 지불 보증을 받을 것으로 예상되었는데, 이러한 보증을 바탕으로 키몬다는 총 1억 5000만 유로에 달하는 은행의 추가 지원 협상에서 진척을 보이고 있다.

전체 구제 자금의 제공은 다양한 금융 지원의 세부 조건에 대한 최종 합의뿐 아니라 관련 국가 및 유럽의 승인 절차의 성공적인 완료 여하에 달려 있다. 이번 전체 구제 자금은 키몬다가 회사를 안정시키고 Buried Wordline Technology를 양상화 하는데 있어 돌파구를 제공하게 될 것이라고 알려졌다.

그런데 1월24일 불과 지난해말 지원책이 발표된지 불과 한 달만에 키몬다는 파산 신청을 한 것으로 알려지고 있다.

독일 경제부는 1월 23일(현지시간) 파산 신청한 세계 5위 D램업체인 독일 키몬다에 대해 구제 조치를 검토하고 있다고 24일 밝혔는데, 독일 경제부 관계자는 정례 기자 회견에서 “협의를 계속중”이라며 “독일 연방 정부를 포함해 관련 주 정부가 구제조치를 지원하고 있다”고 말했다.

작년 12월 키몬다는 독일 작센주 정부와 모회사인 인피니온 테크놀로지, 포르투갈 투자은행으로부터 3억2500만 유로(4억2,100만 달러)를 지원받아 퇴출을 모면했었지만 파산 신청을 하는 최악의 상황까지 온 것은 경기침체의 가속화 때문인 것으로 알려지고 있다.

독일 증시 애널리스트들은 키몬다가 3억 유로의 추가지원이 필요할 것이라는 견해를 나타냈다.
아래의 수치는 지난 1월23일 NYSE에서 거래된 키몬다의 주가. 전일대비 58% 하락했다.

Susan Kitchens ·Michael Ozanian 기자

▲ 사양길로 치닫는 데이트레이딩과 석연찮은 기업 인수로 의문을 불러일으키고 있는 스티븐 숀펠드

스티븐 숀펠드는 가장 규모가 크고 성공적인 증권 데이트레이딩 업체를 운영한다고 주장한다. 과연 그럴까.

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1990년대 후반을 풍미했던 데이트레이딩(day trading ·주식과 채권의 하루 가격 움직임에 따라 매매차익을 노리고 하는 거래) 군단을 기억하는가. 그들 대다수는 인터넷 관련주를 특히 선호했다가 2000년 나스닥의 붕괴로 투자금액을 날려버리고 말았다. 하지만 모두가 손해본 것은 아니었다. 스티븐 숀펠드(Steven Schonfeld ·45)는 그 와중에 살아남아 지금도 잘나가고 있다.

숀펠드는 자신의 장비 ·소프트웨어 ·자본에 의존하는 많은 반(半)독립 증권 중개인을 감독하고 이들로부터 수익 중 일부와 거래수수료를 받는다. 그는 지난해 매출 2억 달러에 세전 순이익률 15%를 기록했다고 주장했다. 자신이 살아남은 것은 “월등한 실적과 철저한 규정 준수로 높은 평판을 얻었기 때문”이라고 설명했다.

과연 그럴까. 뉴욕주 제리코에 본사를 두고 뉴욕과 플로리다주에서 영업 중인 숀펠드 그룹(Schonfeld Group)은 제재 ·벌금으로 얼룩졌다. 99년 뉴욕증권거래소(NYSE)는 숀펠드가 자신의 사금고로 2,300만 달러의 대출 만기 연장에 나서 고객 계좌를 개설하고 장부도 조작했다고 비난했다. 자격이 필요한 업무를 무자격 직원에게 맡기기도 했다. 숀펠드는 벌금 130만 달러에 30일 영업정지 처분을 받았다.

그는 문제의 사업 관행이 ‘합법적이고 신뢰할 수 있는 것들’이라고 생각하지만 즉각 중단했다고 밝혔다. 이어 2000년 이후 지금까지 미국증권거래업협회(NASD)로부터 적어도 두 차례 벌금을 부과받았다. NASD의 소액주문집행시스템(SOES) 관련 규정을 어겼다는 이유에서다. SOES란 시장조성자가 제시한 가격에 1,000주 이하의 주문이 자동 이행되도록 설계한 시스템을 말한다.

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.

우리나라에는 유통시장인 Secondary Market에 거래소시장과 코스닥시장 그리고 ECN 및 제3시장이 있습니다.

미국에서는 1st Market, 2nd Market, 3rd Market, 4th Market이 있습니다.

1st Market은 증권거래소에 상장된 주식들이 거래되는 증권시장입니다. 이곳에는 전국적인 증권시장과 지역 증권시장이 있습니다. 전국을 대상으로 하는 이른바 National Stock Exchange에는 NYSE와 AMEX가 있습니다.
그리고 Regional Stock Exchange에는 시카고, LA, 필라델피아, 보스턴, 신시네티 등 다섯 곳이 있습니다.
규모로 보면 필라델피아와 보스톤, 신시네티 등은 하루 약 5백만주가 거래되는 소규모의 시장인데 LA와 AMEX시장은 이들 시장의 두 배인 천만주 시카고 시장은 약 6배인 3천만주, NYSE는 100인 5억주가 거래되는 시장입니다.

2nd Market은 증권거래소에 상장되지 못한 주식들이 장외(시장 바깥, "over-the-counter"에서 거래되는 증권시장입니다. NASDAQ 이 바로 OTC Market의 대표주자이다.

3nd Market은 증권거래소에 상장된 종목들이 거래소가 아닌 나스닥에서 거래할 수 있는 증권시장입니다.

4th Market은 기관들만이 거래하는 증권시장입니다.

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

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

more..

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.