After the Trade is Made, Processing Securities Transactions (2nd) Second Edition

by David M. Weiss

The fully updated classic guide to the mechanics of securities processing—a must for professional investors This third edition of After the Trade Is Made reflects the changes that have taken place in recent years as a result of new products, technological breakthroughs, and the globalization of the securities industry. Comprehensive and easy to understand, it provides brokers, operations personnel, and individual investors with definitive and up-to-the-minute explanations of each step in the trading process—from the moment a customer decides to buy or sell a security through the final requirements of record keeping. Written for both securities professionals and individual investors, whether domestic or in other countries, this new edition clearly explains the core of underwritings, new and established trading markets, transaction processing, margin, and more—while providing critical insights into the most recent wave of industry changes.David M. Weiss, a veteran securities professional, traces the entire process of buying or selling a security, from order management to transaction processing to the final posting on the firm's books and records. He covers the specialized attributes of each function in a typical brokerage firm, as well as their relationships with commercial banks, transfer agents, clearing corporations, and depositories.After the Trade Is Made is the definitive resource for anyone eager to understand and confidently navigate the vast and often surprising world of securities.

Genres: Finance, Business, Nonfiction, Banking, Reference

Hardcover

First published October 26, 1993

Reviews

[Jasonb · Rating 5 out of 5]

this book is a complete snooze....but after getting a job leading part of a back office without ever working in this industry....this book is saving my life....

[Daniel · Rating 4 out of 5]

Not my usual read, for sure, but I found myself working in equities, and my boss recommended I read it (hence the paying nearly $40 for a Kindle edition). It’s basically a reference book for how equities, futures contracts, and other financial instruments are handled after a trade. As such, you can typically refer just to the sections relevant to you and your job. Technology is moving fast, and we’re probably due for a fourth edition soon (there are some details even I noticed were out of date, for instance, settlement today is typically a day shorter [T+2 instead of T+3] than it was even in 2006, when this edition was released). But the foundations are largely the same, stock certificates are typically held at a deposit house, electronic trading uses most of the same protocols, a lot of the regulatory concerns are the same (though there are a lot of new ones post-2008). It is, as other reviewers have mentioned, a very dry, technical book. If you’re involved in equities or securities professionally, you probably ought to have it on your shelf. If you’re a small time trader or just looking to maximize your 401k, it’s probably not all that useful.

[Jacob · Rating 3 out of 5]

This was handed to me as required reading at my new job. It's not exactly thrilling, but since I'm interested in trading anyway, it wasn't a chore for me to get through. You should definitely be able to tell from the title and back text whether you'd be interested. The target demographic is pretty focused ;)

This edition is from 2006. with ~15 years of hindsight it's interesting to read some of the description of mortgage-backed securities, and how they are a hot new thing, and who knows what the future will hold?

Even if you're not as interested in what happens behind the scenes (a setup only a hardcore finance fan could love), the description of the different kinds of trading instruments and their intricacies is helpful. I learned more about preferred stock, not to mention futures and options and collateralized debt obligations, than I knew before. It also has a handy, quick crash-course in double entry bookkeeping that has helped me understand that subject better than ever before, too.

[Tech Nossomy · Rating 3 out of 5]

Matter of factly and for a topic that does not lend itself very well to textual exposition, the author made a valiant effort to be comprehensive. The text suffers from major omissions however and is poorly structured: for example how each product is actually formalised into a trade and flows through various systems is not very well discussed and if it is, it is disjoint. Covers the North-American markets only, so that many agencies and nationwide systems do not apply to other continents. Images and working examples look amateurish and often contain so little detail, that they are not very informative. The reader might as well read just the glossary to gain an understanding of the subject matter. The regulatory landscape has changed to such a degree since publication, that the book can almost be qualified as for historical purposes only.

[Lavanyakumar Nanabala · Rating 5 out of 5]

Amazing Book! Worth every penny!

[May Ling · Rating 3 out of 5]

Because financial technology has advanced so signficanty in the last 20 years, this book will appear slightly dated. That said, for those that are interested in understanding the markets, its sometimes important to understand all the moving parts. Viewing trades in this old style manner can be very helpful as it reminds a person of the degree to which the system has changed. This can be important for those who are in technology functions or academics who ae reviewing the evolution of the trade and the simplifications in process that have occurred in the last 20 years.



For a newbie that is learning to trade, this can be a good way to learn th back office. One needs to realize that it might now be one person doing several functions b/c of automation. Still, it's somewhat important to appreciate what goes on behind the scenes. This book accomplishes this in gross detail.



For technology folks, either at a financial institution or at a vendor to financial institutions, this is a good purchase. For academics trying to understad the advancements in Trade Techology this is great.



If you need to know exactly how these things are now done, it would be important to find a references that describes how much technology has simplified the staffing needs of trading.

[Marta · Rating 3 out of 5]

"Like" is a strong word, but this book is extraordinarily useful if you find yourself in a position where you must understand what happens "after the trade is made." Strongly recommend if youre interested in securities / securities law /institutional sales/compliance.

[Michael Easter · Rating 3 out of 5]

I read the older edition about 11 years ago. The older edition from what I remember seemed more informative and I would rate 4 stars. This edition felt like it was written in a rush and there were many errors that I caught.

[KZ · Rating 3 out of 5]

i read the older edition tho..i should pick up this one to check out the updates

[Katie · Rating 3 out of 5]

So dry, but work related necessity. I wonder if it counts toward 50 books in 2010?

[Jeff · Rating 4 out of 5]

A dense tome on almost on the caliber of a text book. A book you read because you are in the Capital Markets business and you keep on your office bookshelf to demonstrate your knowledge

[Adrian Veidt · Rating 2 out of 5]

A bore, but very useful.

[Anna Piranha · Rating 4 out of 5]

Not so much entertaining as essential reading for anyone working in the finance industry.

[Ravindra Mahato]

If any one Have Ebook please share it with me on ravindramahato@gmail.com

[Dalwadia · Rating 5 out of 5]

hjgh

[Ruchika Agrawal · Rating 5 out of 5]

Awesome book

[Sujeetp · Rating 4 out of 5]

cv vc vc v

[Ayush · Rating 5 out of 5]

just about to start the book

[Shiny Das]

Great book

[Xaris · Rating 3 out of 5]

It is what it is. Very informative.