Chapter 2
Market Participants
Abstract
Financial intermediaries provide customers with financial instruments that cannot efficiently be obtained by making direct transactions on security markets.
Keywords
intermediates
stock exchange
business model
IPO
order
execution
investment activities
short selling
2.1. Financial intermediaries
Financial intermediaries provide customers with financial instruments that cannot efficiently be obtained by making direct transactions on security markets.
Consider:
An investment fund collects money from small investors and invests a lump sum into a security, thereby achieving a price discount ...
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