ANNALS OF THE UNIVERSITY OF ORADEA Fascicle of Management and Technological Engineering

Abstract—In contemporary market economy, banking is increasingly related to financial market on which securities are issued by companies and the state. Issued securities, which have found their buyers in primary market, can still be in circulation in secondary market. Development of primary market of securities is largely based on development of secondary market, which provides permanent liquidity of long term securities. In this paper, the following is analyzed: 1) functions of investment banks; 2) goals of investment policies of banks and 3) strategies of complex portfolio. Keywords—investment banks, investment portfolio, shares, bonds, risk. I