                                                75

 ,   NYSE, ,   
    20%      0,62% 
.       ,    20% 
     2,06%20.

      (  -
)          ,   
         
.     ,      
    (        ). -
,        ,  
,      ,   
     .

3.3.2          

         
          
( 100 .).     ,    , -
         
(price impact).    .     ,
      ,  ,   -
     .  ,     
        ,  
,    ,  .

  () . 3.3      
   .       : 
,       .   -
         , -
  .   ,       
    .   ,   
     ,    
  . (   ,   -
 ()  .)

  () . 3.3      
  $25 000,         ()
. 3.3.     27,3% (     -
  )  1,2% (      
).

  () . 3.3       
        .   
,       () . 3.3.   -
,         
,          .

3.10

  

          , 
   ,    .  
     (primary market),   
    .  - 
     ,     
(investment bankers),        
.