How The U.S. Securities Industry Works

How the US Securities Industry Works is the only book that describes the complete securities processing environment in the United States. It starts with the pre-trade activities that are conducted by individual and institutional investors and follows the progress of the different types of trades to the post settlement activities that are required to service each position in the portfolio.

With a forward written by William F. Jaenike, former CEO of The Depository Trust Company, the book also describes how securities are created and the different types of securities that are used throughout the US today, including equities, fixed income and derivatives. The author discusses the various participants in the industry, from the traditional banks, brokers and investment managers to the industry utilities, regulators, associations and vendors that make efficient trade processing possible in the US.

Other books on securities processing have focused on a single segment of the industry, such as brokers or banks. This book recognizes that the securities industry involves a series of complex interdependencies, and describes the relationships between the participants in a clear and easy to read style. Numerous drawings and graphics enhance the narrative and make this a must read for any serious securities processing professional.

Hal has over 30 years of management experience, including 16 years at Citibank. He founded The Summit Group in 1991. Prior to establishing The Summit Group, Hal managed numerous banking and securities functions for Citibank, including marketing, operations, and technology. During his last four years at Citibank, he managed a systems division of over 300 people who supported Citibank's worldwide securities processing applications.

While at Citibank, he worked for four years in Zurich as the head of Operations and Technology for Citibank's Swiss Investment and Private Banks, and was the Chief Administrative Officer for Citicorp Investment Bank. Hal is a Managing Partner of The Summit Group, which, with over fifty employees, is active in consulting to major banks, brokers, investment managers, and other financial institutions, and provides comprehensive services in Management Consulting, Market Research, and Systems Integration.