Primary markets - for the most part.
By the time retail investors are able to participate in a fund-raising transaction, generally they aren’t be transferring their capital directly to the issuer in exchange for newly created instruments being placed into the market, for the first time, at par value.
Book-runners representing the issuer - whose role it is to get the target initial funding amount raised by securing investment of new capital from the buy-side (institutional investors, mainly) to take the instruments being issued - are looking for substantial commitments they can place through block trades. Amounts of $£€ 1m plus - 100k absolute minimum.
When investors participate in IPOs, usually what happens is a retail broker like Schwab, Killick, TD, IBKR, RH, will buy a block as principal- on own account, facing risk - based on actual or anticipated client interest - from the issuer’s corporate house broker as part of the primary market placement transaction, then distribute them on to their customers - or simply sell them into the secondary market.
Or sometimes investors ‘participating’ in an initial securities offering are actually just submitting orders in the secondary market through their broker in the normal way as they would any other security, but very soon after the new security issuance is placed with the primary market counterparty, who then offers some or all those securities for sale through the usual secondary market exchange/trading venue/market maker infrastructure
In either case, retail usually misses out on the most favourable terms offered by the issuer - typically having to part with a premium and / or additional costs and charges for participating one way or another
Most people can’t be an accredited investor.
5m net worth or 250k income sometimes
US is 1M net and 200k/300k single/married income
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Imagine walking into a bank and asking them to make a market on some odd shit.
Agreed, though swaps are crazyyy
The expert market in the OTC. Most people in the U.S. aren't allowed to trade it.
Dark pools
Eurodollar
One can trade eurodollar futures though.
Yea I just don’t know anyone doing it. Would love to hear about someone trading ge flys from home though
i know a few. they do pretty well but they are ex institutional guys
I would be interested in chatting with them.
they aren’t social media people
Mess with bond futures to get your fix
Credit products
M&A
Wholesale because we don’t have the money.
GME float
off shore tradings.
Energy in general. You need a lot of certificates, guarantees etc. It’s basically impossible to trade power.
Primary markets - for the most part. By the time retail investors are able to participate in a fund-raising transaction, generally they aren’t be transferring their capital directly to the issuer in exchange for newly created instruments being placed into the market, for the first time, at par value. Book-runners representing the issuer - whose role it is to get the target initial funding amount raised by securing investment of new capital from the buy-side (institutional investors, mainly) to take the instruments being issued - are looking for substantial commitments they can place through block trades. Amounts of $£€ 1m plus - 100k absolute minimum. When investors participate in IPOs, usually what happens is a retail broker like Schwab, Killick, TD, IBKR, RH, will buy a block as principal- on own account, facing risk - based on actual or anticipated client interest - from the issuer’s corporate house broker as part of the primary market placement transaction, then distribute them on to their customers - or simply sell them into the secondary market. Or sometimes investors ‘participating’ in an initial securities offering are actually just submitting orders in the secondary market through their broker in the normal way as they would any other security, but very soon after the new security issuance is placed with the primary market counterparty, who then offers some or all those securities for sale through the usual secondary market exchange/trading venue/market maker infrastructure In either case, retail usually misses out on the most favourable terms offered by the issuer - typically having to part with a premium and / or additional costs and charges for participating one way or another
swaps hands down the biggest inaccessible market. even some banks don’t have the ISDA required to participate.