PL9fwy3NUQKwaXMtLxRSoV_pW-SkLTtZg7/4qmkBLfi5sY_raw.srt

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اليوم احنا هنحكي ب chapter three which .. which

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about how securities are traded okay خلينا ناخد بس

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ملخص ل chapter one و chapter two عشان احنا نمشي ب

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chapter three ب chapter one we talk about the ..

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the main differences between financial assets and

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real assetsوالقصة الثالثة تحتوي على ثلاث نقطة

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الرئيسية والأولى هي الفرق الرئيسي بين الواحدة

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المالية والواحدة الحقيقية والنقطة الثانية هي

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التعامل بين الواحدة المالية والواحدة الاقتصادية أو

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الواحدة المالية الاقتصادية والنقطة الثالثة مرتبطة

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مع كيفThe investors process their investments or

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the investment process So these are the three main

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points we talk about in chapter one In chapter two

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it is mainly focused on the main difference

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between the money market instruments and the

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capital market instruments So you should know

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about the main characteristics of the money market

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instruments or tools and the capital market

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instruments and toolstoday I'm going to talk about

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how these securities which is discussed in chapter

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one and chapter two how these securities are

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traded in the financial markets يعني كيف هاي ال

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tools هاي ال instruments كيف احنا تم تدولها في

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الأسواق المالية okay which is more practical

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chapter هذا chapter practicalit includes some

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regulations and some instructions on how to trade

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in the financial markets يعني هي في بعض ال

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instructions بعض التعليمات والتوجيهات اللي كيف أنه

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احنا نستخدمه في الأسواق المالية it mainly depends

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on the .. the .. the regulations and instructions

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in the United Statesهي بتعتمد على ال regulations

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الموجودة بال United States however most of these

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regulations are applied in the Palestine Stock

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Exchange كل أغلب ال regulations هذه اللي احنا

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هبنحكي فيها هي مطبقة في صور خلاصين الأوراق المالية

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so we don't have .. we .. we don't have major

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differences between the regulations applied in the

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United States and the regulations applied in the

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.. in the .. in the Palestine Stock ExchangeSo

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don't get confused about these regulations So

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these regulations mainly important for the

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investors because they should consider these

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regulations before taking any action in the

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position يعني هم المستثمرين لازم ياخدوا بالهم من

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هذه ال regulations قبل ما هم يروحوا يفكروا

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بالاستثمارات So our subject today is how

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securities are traded So I will give you

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The main difference between the primary market and

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the secondary market which is the first important

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point in this chapter

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the first thing how firms issue securities كيف

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الشركات بتصدر الأوراق المالية اي سوق مالي في

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العالم او اي ورقة مالية لازم تكون فيها two steps

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to be in the financial markets لازم يكون في two

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steps or two stages two stages to be in the

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financial markets لازم تمر في مرحلتينI'm talking

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about the public limited companies I'm not talking

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about the private limited company أنا بحكي عن

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الشركات المساهمة العامة I'm not talking about the

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private limited company ومابحكيش عن الشركات

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المساهمة المحدودة okay I think this is in the

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business research or in the business studies you

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have a good knowledge on the main differences

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between the corporations so I don't want to go

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back to the businessstudies so in your free time

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you can go back and read about the main

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differences of these corporations يعني هذا الموضوع

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أنه احنا هنحكي عن شركات مساهمة عامة مش هنحكي عن

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شركات مساهمة محدودة شركات مساهمة محدودة و other

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types of corporations و الأنواع الأخرى من الشركات

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مثل ال solid trader and others هي أصلا أنت درستها

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أنت درستوها في دراسات تجارية ففي الوقت الضائع في

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الوقت ال ..نحكي ال free time تبعكم ممكن ترجعوا

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لدراسات تجارية and you are you seeking the

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knowledge from there okay so I'm

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talking about the two stages the first stage any

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security must be in the primary market this is the

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first thing any security it doesn't matter if this

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security is issued by the government by

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corporation by any other institutionit must be go

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through the primary markets then after the primary

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market it go or it might go to the secondary

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markets why I say it might go because it is not

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necessary that all of the securities will go to

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the secondary markets unless unless they meet the

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regulations and the instructions of the financial

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marketsيعني فقط بروح على ال secondary market السوق

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الثانوي لما يطبقوا كل المعايير اللي مطلوبة من اللي

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هي ال .. ال .. ال ESC ESC أنا هنشرح في الكلام هذا

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في التفاصيل so just to summarize any financial ..

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any security should go through the primary markets

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okay then after that to the secondary markets

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The secondary market is the normal market that you

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are talking about هو الشكل العادى اللي هو ال ..

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اللي هو السوق العادي اللي احنا بنعرفه دائما في

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الأخبار اللي هو نحكي عن Dow Jones، نحكي عن NASDAQ،

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نحكي عن New York Stock Exchange، نحكي عن سوق

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فلسطين الأوراق المالية، نحكي عن سوق القاهرة، نحكي

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عن سوق خمان، هدول بيسموهم secondary markets The

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primary market is running by the investment bank

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ال investment bankis in charge to market the

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securities in the primary markets يعني البنك

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الاستثمار هو المسئول على الأسواق المالية الأولية

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لأن من خلاله the securities are markets to the

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investors لال investors يعني إذا كان عندنا أي شركة

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بدأت تصدر شركة ولا حكومة بدأت تصدر أي securityAny

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security it must go to the .. to the investment

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bank IB IB is stand for the investment bank and

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then this is the .. the investors then the

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investors buying the securities okay اتفضل اتفضل

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اتفضل اتفضلبس بناء على طرح ال combo شركة okay so

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primary markets I'm talking about .. سوري أنا حكيت

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عن ال primary market اه okay ال primary market

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فهمش ايش و نيه ال securities through underwriting

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to public يعني اي إصدار ماليأي إصدار أوراق مالية

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أي اكتساب underwriting معناها اكتساب لازم يتم من

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خلال اللي هو ال primary markets particularly

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investment bank تحديدا هو ال investment bank

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investors get new securities firms get funds اتنوا

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احنا طلعنا على الرسم اللي هان خلينا نوضحها ناخد

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مثال بسيط على primary markets لو شركة مثلا بدها

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تصدر أسهم this company و تكن شركة مثلاPadico،

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عارفين شركة Padico؟ شركة Padico، شركة Padico شركة

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فلسطينية طبعا، بدهم يصدروا أسمنة، it's a new

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issue، يعني إصدار جديد، so they have to go through

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the investment bankand then investment bank the ..

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the role of investment bank is to market these

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securities يعني دور ال .. ال .. البنك الاستثمار هو

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يعمل تسويق للإصدار طبعا من خلال طبعا هنا هم ال

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public ال public هم ال investorsالpublic هم ال

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investors المستثمرين okay this is why the .. so if

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you look at this chart investment bank is

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considered as financial intermediary if you want

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to link with the previous chapterلأنه خلينا نحكي

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.. نربط الشبات في التلاتة مع بعض ال investment

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bank هذا بيكون ال previous chapter the badico is

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the deficit unit the public is the surplus of the

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investors so badico go through the investment bank

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investment bank then market the .. so public pay

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funds to the .. to the badico so they become as

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investors

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Okay I discussed this before go back to the

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chapter one شرحت الكلام هذا ب chapter one okay so

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just go back to chapter one لأن حكينا احناحكينا

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احنا المرة اللي فاتت chapter one انه مافي face to

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face relationship مافيش علاقة مباشرة في الأسواق

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المالية لازم يكون في وسطاء ماليين ففي السوق الأول

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لما انا بضأ أصدر أوراق مالية ASOL مثلا فبديكون في

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علاقة مباشرةأول إشي بين ال badico بين الشركة وبين

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ال investment bank بعدين ال investment bank they

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communicate with the investors هم بيتصفوا مع ال

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investors طيب هل ال badico محتاجين فلوس؟Okay

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بيصدروا أسهم ال investment bank بيعمل marketing

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للأسهم يعني بيعمل تسويق للأسهم طبعا ال public they

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invest بيشتريوا هذه الأسهم فبصير فيه fund ل .. ل

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بدك طبعا بالمقابل ال public بيحصلوا على dividends

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بيحصلوا على نسبة أرباح regarding the investment in

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.. in the company okay

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for secondary market which is different totally

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different storyOkay the secondary market is

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different story القصة بتختلف after meeting the

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regulations and instructions of the .. of the

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secondary market .. of the primary market then it

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might go to the secondary market بعد ما ال

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regulations و ال instructions بتاعة السوق المالي

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يتم تطبيقها مباشرة الأسهم أو السندات أو الأوراق

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المالية تنتقل للاتجار في السوق الثانوي Investors

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trade previously issued securities among

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themselves وفي هاللحظة هذه بيكون المستثمرين

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بيبيعوا وبيشتريوا الأسهم من بعض بيبطل في علاقة

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للشركة زي ما انتوا شايفين بيصير ال investors هدول

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طلعواخلصنا ال investment bank، بيصير في starting

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the secondary market، هال investor A بده يبيع ل

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investor B، فهذا where .. where they are buying

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and selling، they buy and selling in the .. in the

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secondary market، they cannot buy and sell

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directlythey have to go through the dealers or the

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brokers which we will talk about these different

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types of dealers and brokers later on in this

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chapter يعني هدول الناسهتقول الناس لما بيشتريوا

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وبيعوا ممنوع يروحوا يشتريوا وبيعوا من بعض مثلا انا

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بعرف مثلا واحدة من البنات معها عندها أسهم لشركة

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badicon بس ليش انا أروح مباشرة اللي هاجيلها انا

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بدي اشتري .. بدي أشتري من شركة badicon لازم نروح

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.. we have to go to the .. to the dealer لازم نروح

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لل dealer then we exchange the securities with the

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dealerنعمل exchange the securities مع ال dealer مش

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زي ما الواحد بيمتلك مثلا زي ما مثلا بيمتلك mobile

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so you are the owner of this mobile you can sell

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it directly to the investors or to the public the

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financial market cannot work like this ال

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financial market ماتعمل بهذه الطريقة انه buying

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and selling directly لازم يكون في intermediate

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institutions to organize the relationship between

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buyer and sellersOkay and this is the rule of the

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secondary markets Okay what the second .. what the

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.. the financial markets .. how we trade in the

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primary and the secondary first of all regarding

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stocks regarding stocks we have something known as

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IPO IPO is stand for initial public offerings I

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initial

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public offerings it means initial public offerings

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it means the first securities issued by the

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company it must beit traded in the with the

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primary markets and this process known as initial

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public offerings so initial public offerings any

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newly company أي شركة جديدة it has to go through

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the primary markets this process known initial

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public offeringsinitial public اللي هو الاكتتاب

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العام بيسموه initial public offering initial

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public offering اللي هو الاكتتاب العام طبعا لشركة

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جديدة if it is a newly established company this

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process known as initial public offerings I will

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go in details about the initial public offerings

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حنروح بالتفاصيل كمان شوية the second thing of the

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00:14:50,290 --> 00:14:56,200
stocksseasons offering what it means season

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offerings this issue is for the already

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established companybut this company needs to .. to

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extra funds or to need .. need for .. for

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expansion لتعمل توصيات اجتماعية issue a new

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securities يعني الفرق بين الأولى والتانية أن هذه

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شركة جديدة هذه شركة أصلا موجودة لكن هم منهم يعملوا

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إصدار جديد يعني مثلا زي مثلا Baltel or Badicoبدهم

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يعملوا توسع مثلا، بدهم يشتريوا مثلا new antennas،

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بدهم يشتريوا new antennas و .. and it cost them

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million of dollar، بتكلفهم مليون دولارات، so they

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think to .. to selling shares أو to issue shares،

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يصدروا أسهم، so this process known as seasoned

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offering، هاي الطريقة نسميها seasoned offering،

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okay؟

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and there is the third one which is a combination

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between the bonds and stocks I will talk about the

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third one but not now bonds, bonds is similar to

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the stocks في بدل ما عندهم ال initial public

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offerings في عندهم ال public offerings

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public offerings public offerings is similar to

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the initial public offerings why we call this

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public offerings because anyone anyone can buy the

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securities this is why it's called public

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offerings يعني أنا أنت أي واحد في الجامعة أي واحد

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في الشارع أي واحد بيشتغل أي يعني أي إنسان مع ثمن

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ال securities بيقدر يروح يشتريهمso there is no

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00:16:36,320 --> 00:16:40,080
limitations في بعض الدول تحط limitations على ال ..

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00:16:40,080 --> 00:16:43,020
ال foreign people و ال local people يعني مثلا إذا

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بنحكي أجاري مثلا في السعودية مثلا ممكن ي .. في

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00:16:46,620 --> 00:16:51,420
limitations لل .. لل non-saudi peopleفال non-Saudi

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00:16:51,420 --> 00:16:54,540
people they have limitations, they cannot buy

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these securities, unlimited securities، فيلهم عدد

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محدد من ال securities، if you talk other areas for

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instance if you talk about Kuwait and other

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00:17:06,020 --> 00:17:09,580
countries they .. they apply similar regulations

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00:17:09,580 --> 00:17:14,790
as in the Saudistock markets okay في بعض الناس لأ

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it is open يعني مفتوحة و أي واحد بيشتري سواء

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international people or local people they can buy

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and sell the securities يعني بيقدروا يشتريوا و

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يبيعوا ال securities private placements private

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placements this is this private placements is

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issued for a particular peopleparticular wealthy

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people or a particular wealthy institution هاي ال

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private placements ورقة مالية ممكن تكون سند هاي بس

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مش واضحة شوية بالكتاب خلينا نوضح لكم بيها بس

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بالكتاب المحتوط اللي هو private placements ال

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private placement لل bonds بس ممكن نعمل احنا

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private placement لل stocks كمان okay فإيش معنى

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private placements private placement اللي احنا

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نطرح سند او نطرح سهمفقط لأشخاص معينين في البلد

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they have a good reputation they have a good

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prestige they have a good wealth and so on يعني

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مثلا عندنا عائلة معينة مثلا في لبنان okay يتم

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إصدار أسهم فقط لهذه العائلة because of the

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prestigious of the social position of this family

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and this issue is is limited to this familyو هذا

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الإصدار فقط لهذه العائلة أو لبعض الناس الموجودين

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في هذه العائلة كمان ممكن يتم إصدار لشركة معينة

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يعني انه انا .. انا شركة بدكو تروح تصدر أسهم فقط

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اشتريها بنك فلسطين فبسموه private placement why ..

277
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why companies they do this because private

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00:18:52,600 --> 00:18:57,620
placement is cheaper thanyes so you don't need to

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pay a commission or high commission to the

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investment bank يعني مابالذناش ندفع كتير

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commission لل investment bank so some companies

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they prefer to do private placement rather to do

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likethe initial public offerings or public

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offerings العمولة أقل this is the first thing the

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second thing some companies they want to secure a

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particular people as a member in their

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organization بعض الشركات بفضله أشخاص معينين يكونوا

288
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عندهم في الشركة so they they do private placement

289
00:19:29,880 --> 00:19:34,600
for them these private placement stocks have هذه

290
00:19:34,600 --> 00:19:39,460
الإصدارات الخاصةthe securities of private

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00:19:39,460 --> 00:19:41,840
placement are not listed in the financial markets

292
00:19:41,840 --> 00:19:44,960
ممنوع يتم تدوّلها في السوق الماني because this is

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just for a particular people يعني بعد ما يتم

294
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الإصدار حتى بالسوق الأولي هذه مابتروحش على السوق

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الثانوي وخلاص بتظلها limited يعني هدول الناس ممنوع

296
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يبيعوا ممنوع يشتريوا في هذه الأسهم خلاص بتظلها

297
00:19:58,620 --> 00:20:01,360
ملكية اللي هم هدول الناس

298
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بنقش نحكي احتكار بس عشان نضمن ان هم ضالوا معنا

299
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عشان نضمن ان الشركة هذه تبقى بها المستوى هنا okay

300
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underwriting

301
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قبل شوية كنا نسمع بال the rule of the investment

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bank نرجع طلعه هانتطلعوا ال investment bank is

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playing the intermediate role between the

304
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companies or the firms and the investors so what

305
00:20:40,660 --> 00:20:43,860
the investors or what is the investment bank

306
00:20:43,860 --> 00:20:47,420
doing؟ the first thing is the underwriting

307
00:20:47,420 --> 00:20:53,720
التغطية، أه بيسموها التغطية الإصدار the investment

308
00:20:53,720 --> 00:20:58,870
bank has two main underwriting systemin your

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00:20:58,870 --> 00:21:02,630
textbook it is just only one يعني في ال textbook

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تبعكم فيه نقطة واحد من الإصدارات اللي بيعملها

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investment bank if in other advanced books there

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are at least two في بعض الكتب المتقدمة شوية بال

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investment في عندنا نوعين من دور ال investment

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bank the first one is the underwriting investment

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bank helps the firms to issue and market new

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securities يعني بتساعدهم هدول الناس على إنهم

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يعملوا إصدارات و يسوقولهم إيهاwhich known the

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general or the well-known type of underwriting is

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the firm commitments firm commitments it means the

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00:21:37,670 --> 00:21:44,530
investment bank sell the securities on behalf of

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the companies full commitments full commitments

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يعني هم بروحوا ببيعوا الإصدار بالكاملبالنيابة عن

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اللي هو الشركة المصدرة للأسهم طبعا هاي ال

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underwriting في شغل اسمه prospectus prospectus it

325
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means is the guidelines of .. of the issue of ..

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or the underwriting is the guidelines of the

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underwriting هي عبارة عن دليل للإصدارهي إيش بتشمل؟

328
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بتشمل ال .. بتشمل اسم الشركة مثلاال objective

329
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الأهداف تبع الشركة ال strategic tools ال vision ال

330
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values ال aims the name of trustees أشخاص الناس

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المؤسسين ال ال areas اللي بنعملوا فيها investment

332
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الأماكن اللي بيعملوا فيها استثمار طريقة الإصدار

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عدد الأسهم رأس المال المصرح بيه يعني details about

334
00:22:49,500 --> 00:22:53,260
the the companies and details about theissue or

335
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the underwriting يعني شغلات عامة الشركة وشغلات

336
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بتخص الإصدار نفسه يعني أكمل سهل بدهم يصدروا؟ مين

337
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بروك الاستثمار اللي هتروح تعملهم تسبيخ لهذه

338
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الأسهم؟ إلى آخرينwhich includes prospectus as you

339
00:23:08,120 --> 00:23:10,960
say describe the issue and prospectus of the

340
00:23:10,960 --> 00:23:16,360
company تعمل شغل تاني الشغلة شو الشركة بتشتغل

341
00:23:16,360 --> 00:23:19,540
أهدافها، استراتيجياتها، ال values تبعتها، مين

342
00:23:19,540 --> 00:23:22,080
المؤسسين تبعونها، إيش ال vision تبعوها، إيه

343
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الأخرين اللي حكيته وشغلة تانية بتخص الإصدار نفسه،

344
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أكم ساهم بدون مين بنوك الاستثمار و هكذا prospectus

345
00:23:29,620 --> 00:23:33,800
includes the red herring لو أنتوا روحتوا على ال ..

346
00:23:34,850 --> 00:23:37,230
عال dictionary اللي كتبته red herring عارفيني شو

347
00:23:37,230 --> 00:23:40,950
معناها red herring؟ red herring معناها ال .. زي ال

348
00:23:40,950 --> 00:23:45,010
.. اه؟ ال ranch الحمراء اللي ايش؟ ال ranch الحمراء

349
00:23:45,010 --> 00:23:48,790
اه اللي هي السمكة الحمراء او بيسموه بتعرفوا ال ..

350
00:23:48,790 --> 00:23:53,790
سمك ال .. الهمور الهمور او سمك اللقس يعني بس اللون

351
00:23:53,790 --> 00:23:57,450
أحمر هذا هذا اسمه ال red herring طبعا إيش موضوع؟

352
00:23:57,450 --> 00:24:04,180
ليش دخل هنا؟ و هو؟بنك Red herring هذا مصطلح قديم

353
00:24:04,180 --> 00:24:10,460
بال financial markets it means the

354
00:24:10,460 --> 00:24:14,340
prospectus is stamped in red يعني ال prospectus

355
00:24:14,340 --> 00:24:18,620
الدليل لسه محطوط عليه ختم بالأحمر which means the

356
00:24:18,620 --> 00:24:24,920
company should meet the regulations of the of the

357
00:24:24,920 --> 00:24:28,840
stock exchange commission طبعا في stock exchange

358
00:24:28,840 --> 00:24:33,520
commissionاللي هو ال stock exchange I think

359
00:24:33,520 --> 00:24:37,540
commission okay stock exchange commission لأ اللي

360
00:24:37,540 --> 00:24:42,620
هو لجنة تسويق الإصدار أو لجنة السوق المالي لأ هيئة

361
00:24:42,620 --> 00:24:45,160
الأوراق المالية اسمها هيئة الأوراق المالية يعني

362
00:24:45,160 --> 00:24:48,820
موجودة هذه في في سوق فلسطين الأوراق المالية يعني

363
00:24:48,820 --> 00:24:53,220
الهيئة اللي بتنظم الإصدارات وهي بتكون غالبا هيئة

364
00:24:53,220 --> 00:24:58,000
حكوميةإذا ما كانتش حكومية بتكون هي مرتبطة بالحكومة

365
00:24:58,000 --> 00:25:01,260
بشكل غير مباشر لازم هم يوافقوا على إيش، يوافقوا

366
00:25:01,260 --> 00:25:03,480
على الإصدار قبل ما يحكوا مع ال investment bank

367
00:25:03,480 --> 00:25:08,460
فهذا ال process بيسموها red herring يعني is a

368
00:25:08,460 --> 00:25:11,580
preliminary of prospectus يعني هي عبارة عن

369
00:25:11,580 --> 00:25:16,240
prospectus لكن fast draftيعني ايش first draft؟

370
00:25:16,240 --> 00:25:20,620
يعني نسخة أولى، الواحد لما بيعمل يعني بيعمل واجب

371
00:25:20,620 --> 00:25:22,600
بيبقى من النسخة الأولى، يعني لسه مش ال final draft

372
00:25:22,600 --> 00:25:26,960
فبيعمل نسخة الأولى ال subject to some exchange وهي

373
00:25:26,960 --> 00:25:31,220
ممكن يتم التغيير فيها لأنه هي مرتبطة بال

374
00:25:31,220 --> 00:25:35,020
regulations و ال instructions اللي بتتطبق من ال

375
00:25:35,020 --> 00:25:39,910
SEC اللي هو security exchange commissionفبعد ما هم

376
00:25:39,910 --> 00:25:44,690
يقرروا يوافقوا على كل المتطلبات ويقولوا إن الشركة

377
00:25:44,690 --> 00:25:51,010
فعلا يعني طبقت كل المعايير فبيصدروا ال final

378
00:25:51,010 --> 00:25:57,710
prospectus يعني أول إشي بيردوا ال red herring ال

379
00:25:57,710 --> 00:26:00,650
red herring هذه بتكون لسه first draft لل

380
00:26:00,650 --> 00:26:04,450
prospectus and subject to change يعني مثلا أعطيكم

381
00:26:04,450 --> 00:26:07,870
مثال بسيط لما بيبعتوا ال prospectus اللي هو الدليل

382
00:26:09,240 --> 00:26:13,080
أول مرة بيسموه red herring بيكون مثلا اسم شخص مش

383
00:26:13,080 --> 00:26:17,120
عاجبهم الحكومة أوه فبيحكيولهم انه هذا الشخص ما

384
00:26:17,120 --> 00:26:20,780
بيبناش إياكم في هالشركة طب عامين اللي بيحكيلهم

385
00:26:20,780 --> 00:26:23,560
الكلام هذا هيئة الأوراق المالية لأنه because this

386
00:26:23,560 --> 00:26:26,300
is a public company هذه شركة مساهمة عامة so

387
00:26:26,300 --> 00:26:28,940
sometimes the government intervene in the trustees

388
00:26:28,940 --> 00:26:37,200
بتدخلوا في ال trustees ممكن رأس المال يعني

389
00:26:37,200 --> 00:26:43,310
مثلاأكتر من المطلوب فبالتالي ممكن يتدخلوا في تخفيض

390
00:26:43,310 --> 00:26:47,450
رأس المال ممكن يحكي مثلا some objectives they have

391
00:26:47,450 --> 00:26:50,830
a vague objective يعني أهداف غير واضحة فممكن

392
00:26:50,830 --> 00:26:54,850
يتدخلوا في الأهداف الواضحة كل هذا الأمور بدخل في

393
00:26:54,850 --> 00:26:57,970
ال red herring بعد ما يعملوا يرتبوا أمور الشركة

394
00:26:57,970 --> 00:27:01,310
ويتم الموافقة they issue the final prospectus

395
00:27:01,310 --> 00:27:08,620
بصدروا ال final prospectus كيف الاتفاق معال .. ال

396
00:27:08,620 --> 00:27:13,120
investment bank كيف الشركة بتدفق الشركة هاي مثلا

397
00:27:13,120 --> 00:27:16,020
Badico و لا Battel و لا اي شركة مثلا بتدفق مع ال

398
00:27:16,020 --> 00:27:19,560
investment bank عادة زي ما انتوا شايفين هاي الشركة

399
00:27:19,560 --> 00:27:23,220
اللي بيبدأ تصدر الإصدار بيسموه issuing فعلا لازم

400
00:27:23,220 --> 00:27:27,400
يكون في واحد اسمه lead underwriter يعني اللي هو

401
00:27:27,400 --> 00:27:30,840
اللي بيقود الإصدار لازم يعني إذا كان investment

402
00:27:30,840 --> 00:27:35,670
bank بتبقى بس هانا ال chartلو مثلا عندنا احنا شركة

403
00:27:35,670 --> 00:27:38,470
كبيرة مثلا زي IBM و لا شركة General Motors و لا

404
00:27:38,470 --> 00:27:42,370
شركة مثلا جديدة بتتنتشق و .. و الرأس المال سبعها

405
00:27:42,370 --> 00:27:45,830
مثلا مليارات الدولارات فبالتالي ممكن ال investment

406
00:27:45,830 --> 00:27:49,250
bank لوحده one investment bank cannot cover this

407
00:27:49,250 --> 00:27:53,030
process مقدرش يغطي كل هذا ال process so it is

408
00:27:53,030 --> 00:27:56,070
managed by different investment banks فممكن اكتر

409
00:27:56,070 --> 00:27:59,950
من بنك استثمار يدخل في هذا ال process فعشان اكتر

410
00:27:59,950 --> 00:28:02,050
يعني لو كان عندنا احنا five investment banks لو

411
00:28:02,050 --> 00:28:06,960
كان عندنا خمسةلازم يكون فيه leader لازم يكون في

412
00:28:06,960 --> 00:28:10,740
واحد leading and coordinating the .. the

413
00:28:10,740 --> 00:28:15,660
underwriting واحد يقود وينسق ال underwriting فهم

414
00:28:15,660 --> 00:28:18,540
بختاروا زي ما انتوا موجودين هنا هاي عندنا ال

415
00:28:18,540 --> 00:28:22,260
leader فعلا اللي هو lead underwriter اللي هو ال ..

416
00:28:22,260 --> 00:28:25,680
البنك الاستثمار المسئول الأول و الأخير عن إصدار

417
00:28:25,680 --> 00:28:28,500
طبعا في زي ما انتوا شايفين في عندنا كذا bank يعني

418
00:28:28,500 --> 00:28:32,670
هنا ايه؟ Bank A, Bank B, Bank C, Bank Dهدول هما

419
00:28:32,670 --> 00:28:35,870
بيكونوا دخلين في عملية الإصدار، بعدين اللي هو

420
00:28:35,870 --> 00:28:40,230
بروحوا لل private investors أو ل public investors

421
00:28:40,230 --> 00:28:45,290
اللي هم المستثمرين اللي بدهم يشتريوا الإصدار okay

422
00:28:47,950 --> 00:28:50,410
ال investment banking طبعا فهمنا احنا ال red

423
00:28:50,410 --> 00:28:53,810
herring و ال prospectus نكمل برضه بال .. بال ..

424
00:28:53,810 --> 00:28:55,910
بال investment bank .. banking و حكينا ال firm

425
00:28:55,910 --> 00:29:01,450
commitment ال firm commitment حكيتها قبل شوية انه

426
00:29:01,450 --> 00:29:08,410
تغطية كاملة بتعهد البنك الاستثمار بشراء او بتسويق

427
00:29:08,410 --> 00:29:13,290
الإصدار لل publicو حكيت إنه في شغلة .. شغلة تانية

428
00:29:13,290 --> 00:29:16,610
أو نوع تاني مش مطلوب منكم في هذا المستوى ممكن فقط

429
00:29:16,610 --> 00:29:19,570
يكون دور البنك الاستثمار هو بيسموها partial

430
00:29:19,570 --> 00:29:23,550
coverage اللي هو التغطية الجزئية يعني يروح فقط هو

431
00:29:23,550 --> 00:29:27,810
مهمته بس يروح يبيع مش مهمته تغطية كاملة و بعد هيك

432
00:29:27,810 --> 00:29:34,250
إذا مابعش فممكن ي .. ي .. يتم مثلا إجراءات أخرى

433
00:29:34,250 --> 00:29:37,410
بالاتفاق مع بنك الاستثمار طيب فى هى ال commitment؟

434
00:29:37,660 --> 00:29:40,340
investment bank بيشير ال securities بنك الاستثمار

435
00:29:40,340 --> 00:29:42,580
بيشتري ال securities from the issuing company

436
00:29:42,580 --> 00:29:45,440
بيشتري من هذه الشركة زي ما انتوا شايفينه على ال

437
00:29:45,440 --> 00:29:48,700
charts and then resell them to the public يعني

438
00:29:48,700 --> 00:29:53,700
أولا بروح بنك الاستثمار بيشتري الإصدار كله يعني لو

439
00:29:53,700 --> 00:29:58,120
مثلا شركة جديدة عندها مثلا عشرين مليون دولار بدهم

440
00:29:58,120 --> 00:30:04,100
يصدروهم فبروح بنك الاستثمار بيشتريهم كلهمو بيروحوا

441
00:30:04,100 --> 00:30:09,480
ببيعهم ل ال .. ل ال investors او لل public فهي

442
00:30:09,480 --> 00:30:13,600
طريقة .. في طرق تانية طبعا مش مطلوبة منكم لأن فيها

443
00:30:13,600 --> 00:30:22,260
تفاصيل اكتر من ال .. اه تفضل يا عفاف وينها؟ الاش؟

444
00:30:22,260 --> 00:30:29,100
تغطية الاسدارة الاسدارة يعني الأسهم المصدرة او

445
00:30:29,100 --> 00:30:33,020
الأوراق المالية المصدرةطبعا بتعهد أول إيش بشتريها

446
00:30:33,020 --> 00:30:41,980
و بعدين بروح ببيعها طبعا بناخد بالناهان يا بنات أن

447
00:30:41,980 --> 00:30:48,000
ال IBO is good for investment هو كتير كويس

448
00:30:48,000 --> 00:30:52,980
للاستثمار حسب الحالة اللي بتصير عن ال IBO لأنه

449
00:30:52,980 --> 00:31:01,980
عادة ال investment bankas .. as the .. they manage

450
00:31:01,980 --> 00:31:07,500
the .. the underwriting they issue .. they .. they

451
00:31:07,500 --> 00:31:11,040
issue the securities below the predicted price

452
00:31:11,040 --> 00:31:16,140
يعني إذا كان السعر السهم في السوق مثلا عشرين دولار

453
00:31:16,140 --> 00:31:20,300
فهم بيحاولوا ينزلوا السعر مثلا لخمساش to encourage

454
00:31:20,300 --> 00:31:23,700
.. to encourage investors to buy the .. the

455
00:31:23,700 --> 00:31:28,450
underwriting عشان يشجعوهملكن هذا لا يعني ان

456
00:31:28,450 --> 00:31:32,330
الشركات كل شركات الاستثمار هبتعمل لك لأ some

457
00:31:32,330 --> 00:31:36,150
companies they do this طيب بال investment banking

458
00:31:36,150 --> 00:31:38,810
process we have something is known shelf

459
00:31:38,810 --> 00:31:44,210
registration okay shelf يعني rough التسجيل طبعا هي

460
00:31:44,210 --> 00:31:51,530
التسجيل التسجيل الشركات انتبه

461
00:31:51,530 --> 00:31:55,370
انا حكيت انا ال SECاللي هو security exchange

462
00:31:55,370 --> 00:32:00,590
commission في عندها role رقم 415 وهذا ال role فيه

463
00:32:00,590 --> 00:32:04,050
role .. role مشابه له او مشابه انه في سوق فلسطين

464
00:32:04,050 --> 00:32:07,330
أوراق المالية يعني تقريبا نفس التعليمات والتوجيهات

465
00:32:07,330 --> 00:32:11,810
هذا shelf registration اشمنه allows firm to

466
00:32:11,810 --> 00:32:14,930
register securities and gradually sell them to the

467
00:32:14,930 --> 00:32:20,550
public for two years مسموح للشركة انه

468
00:32:23,640 --> 00:32:28,200
يتم تسجيل ال securities في هيئة الأوراق المالية و

469
00:32:28,200 --> 00:32:32,360
خلال فترة سنتين لازم هذه الشركة تنتقل لل primary

470
00:32:32,360 --> 00:32:37,660
markets لأ معهم two years يعني بيبدوا يبيعوا ال ..

471
00:32:37,660 --> 00:32:40,120
ال .. الأسهم لل .. أو ال securities لل investors

472
00:32:40,120 --> 00:32:45,600
within two years خلال سنتين the company or the

473
00:32:45,600 --> 00:32:49,810
securities should go to the secondary marketsthey

474
00:32:49,810 --> 00:32:53,290
have to apply the regulations and instructions of

475
00:32:53,290 --> 00:32:57,450
the SEC لازم يطبقوا ال .. ال regulations what

476
00:32:57,450 --> 00:32:59,610
these regulations شو هاد ال regulations for

477
00:32:59,610 --> 00:33:03,170
instance they have to issue to a profitable income

478
00:33:03,170 --> 00:33:07,550
statement مثلا واحدة من التعليمات لازم يصدروا

479
00:33:07,550 --> 00:33:11,650
سنتين أرباح تحقيق أرباح أو بيسموها income

480
00:33:11,650 --> 00:33:15,850
statement لازم يصدروا سنتين فيها أرباحتمام؟ لازم

481
00:33:15,850 --> 00:33:19,230
يكون مثلا ال .. ال liquidity ratios ال activity

482
00:33:19,230 --> 00:33:22,630
ratios ال .. ال leverage ratios and is acceptable

483
00:33:22,630 --> 00:33:27,030
يعني التحليل المالي تبع الشركة تحليل وضع جيد ال

484
00:33:27,030 --> 00:33:30,170
market شركتها بقتها مقبولة بعد هيك إذا صار في

485
00:33:30,170 --> 00:33:35,030
الشروط هذه ممكن تروح على ال secondary markets فهي

486
00:33:35,030 --> 00:33:39,110
.. هي .. هي الخطوة بيسموها shelf registration يعني

487
00:33:39,110 --> 00:33:42,830
بروح بسجلهفي ال .. في هيئة الأوراق البالية and

488
00:33:42,830 --> 00:33:45,050
they are waiting to be in the secondary market

489
00:33:45,050 --> 00:33:48,690
يعني هم they are in the queue يعني بيظلهم سنتين مش

490
00:33:48,690 --> 00:33:52,610
دخلين في السوق المالي العادي بيظلهم لمدة سنتين برا

491
00:33:52,610 --> 00:33:57,730
السوق لكن مسجلين هم مافيه حتى يكتمل الشروط و تروح

492
00:33:57,730 --> 00:34:02,990
على السوق المالي الثانوي within two years in some

493
00:34:02,990 --> 00:34:07,430
countries they ask for three years في بعض الدول

494
00:34:07,430 --> 00:34:09,630
ممكن .. بعد تلت سنوات

495
00:34:15,240 --> 00:34:21,000
زاية بقى؟ زاية من الأولى .. زاية من الأولى بعد سنة

496
00:34:21,000 --> 00:34:23,540
بيشوفون علم علشان دي و بعدين بروحوا على ال

497
00:34:23,540 --> 00:34:24,540
secondary market بروحوا على ال secondary market

498
00:34:24,540 --> 00:34:28,160
فهي ال .. ال .. ال .. ال queue عارفة إيش معنى

499
00:34:28,160 --> 00:34:31,340
queue، queue يعني بالانتظار، بكونوا هبقى بالانتظار

500
00:34:31,340 --> 00:34:34,960
لازم إنه يكون عندهم وضع مالي كويس و لازم يكون

501
00:34:34,960 --> 00:34:41,100
عندهم تقارير مالية جيدة و بعد هيك بروحوا على ال

502
00:34:41,100 --> 00:34:41,940
secondary markets

503
00:34:46,730 --> 00:34:50,430
بال .. اه بي .. بيصير .. طبعا بيفرق كتير لإنه

504
00:34:50,430 --> 00:34:54,050
ممنوع يصير trade ممنوع يصير التجارة في أسهمها

505
00:34:54,050 --> 00:34:59,090
بيصير

506
00:34:59,090 --> 00:35:01,710
لما يقع .. اه بالظبط بيصير .. بيصير أعمالية بيع

507
00:35:01,710 --> 00:35:05,510
داخلية بين المستثمرين، تمام؟ لكن مش بالطريقة اللي

508
00:35:05,510 --> 00:35:10,030
بيصير فيها ال secondary markets، تمام؟

509
00:35:10,030 --> 00:35:15,150
طيب طب ماعش الحل، احنا ب .. we just end هذا الحل