(本科)5-Financial-Marketppt课件.ppt
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1、Financial EnglishCourseSecond Edition(本科)5 Financial Marketppt课件Chapter 5Financial Market(本科)5 Financial Marketppt课件Financial Markets1Describe the functions of financial markets 2Illustrate the different classifications of financial markets Learning Objectives3Tell the features of money market and t
2、he various instruments in the market 4Define some terms of securities markets as IPO,underwriting etc.(本科)5 Financial Marketppt课件 IntroductionFinancial markets can be classified as:money market&capital market(stock market,bond market)primary market&secondary marketspot market&forward marketphysical
3、market&intangible market(本科)5 Financial Marketppt课件The financial systemNet LendersFinancial Markets(stock markets,bond market,etc)Financial Intermediaries(banks,insurance companies,mutual fund etc)Net BorrowersDirect FinanceIndirect Finance(本科)5 Financial Marketppt课件 Regulatory agenciesRegulatory ag
4、encies:to regulate the financial systemFinancial System(本科)5 Financial Marketppt课件Capital MarketFinancial Markets Money Market(本科)5 Financial Marketppt课件Money Market货币市场是短期资金市场,是指融资期限在一年以下的金融市场,是金融市场的重要组成部分。由于该市场所容纳的金融工具,主要是政府、银行及工商企业发行的短期信用工具。具有期限短、流动性强和风险小的特点,在货币供应量层次划分上被置于现金货币和存款货币之后,称之为“准货币”,所以将
5、该市场称为“货币市场”。(本科)5 Financial Marketppt课件Money MarketThere are some arguments existed with the name of money market Moneycurrencyis not traded in the money markets.Because the securities that do trade there are short-term and highly liquid,however,they are close to being money.(本科)5 Financial Marketpp
6、t课件Money MarketDefinitionMarket for short-term debt securities,such as call market(短期拆借市场短期拆借市场),bankers acceptances(银行承兑票据市场银行承兑票据市场),commercial paper(商业票据市场商业票据市场),repos(回购市场回购市场),negotiable certificates of deposit(大额可转让存单市场大额可转让存单市场),and Treasury Bills(国库国库券市场券市场)with a maturity of one year or le
7、ss and often 3 to 6 months.(本科)5 Financial Marketppt课件CharacteristicsThey have low default risk They are usually sold in large denominations(面额)The central bank can be directly involved by monetary policy instruments.(本科)5 Financial Marketppt课件PurposesInvestors in Money Market:Provides a place for w
8、arehousing surplus funds for short periods of timeBorrowers from money market provide low-cost source of temporary fundsCorporations and U.S.government use these markets because the timing of cash inflows and outflows are not well synchronized.Money markets provide a way to solve these cash-timing p
9、roblems.(本科)5 Financial Marketppt课件ParticipantsGovernment(U.S.Treasury Department)Central Bank(Federal Reserve System)Commercial BanksFinancial InstitutionsInvestment CompaniesFinance CompaniesInsurance CompaniesPension Funds(本科)5 Financial Marketppt课件Who Participates in the Money Markets?(本科)5 Fina
10、ncial Marketppt课件Where?Money market transactions do not take place in any one particular location or building.Instead,traders usually arrange purchases and sales between participants over the phone and complete them electronically.(本科)5 Financial Marketppt课件Inter-bank Market同业拆借市场是金融机构为解决临时性或短期同业拆借市
11、场是金融机构为解决临时性或短期资金的余缺而进行资金融通的场所。资金的余缺而进行资金融通的场所。(本科)5 Financial Marketppt课件Inter-bank MarketInter-bank markets are money markets in which short-term funds transferred(lent or borrowed)between financial institutions,usually for a period of one day,that is,they are usually overnight investment.The inte
12、rest rate for borrowing these funds is close to,but always slightly higher than,the rate that is available from the central bank.(本科)5 Financial Marketppt课件Inter-bank MarketInter-bank market interest rate is the key interest rate of money markets and also the most representative interest rate in fin
13、ancial markets.In the international money markets there are three typical and representative inter-bank interest rates,namely,LIBOR,SIBOR and HIBOR.(本科)5 Financial Marketppt课件Discount Market贴现市场是指为客户提供短期资金融通,对未到期票据进行贴现的市场。是商业票据市场的重要组成部分。西方国家贴现市场的参加者主要是商业票据持有人、商业银行、中央银行以及专门从事贴现业务的承兑公司和贴现公司。可贴现的票据主要有商
14、业本票、商业承兑汇票、银行承兑汇票、政府债券和金融债券等。(本科)5 Financial Marketppt课件Discount MarketDiscount market is a market where bills are transferred,i.e.,discounted,on-discounted and re-discounted.What are usually discounted in this market are notes such as treasury bills,commercial bills,certificates of deposits and oth
15、er short-term financial instruments.(本科)5 Financial Marketppt课件Discount MarketDiscount refers to the business in which the holders of bills transfer them before the maturity to banks and get cash immediately after the deduction of discount interest.After discounting the relationship of credit and de
16、bt is changed from the holder and issuer to the bank and the issuer.(本科)5 Financial Marketppt课件Discount MarketOn-discount refers to the action in which a discount house or bank transfers or discounts at another bank a bill that has been discounted and yet is not due.Re-discount refers to the action
17、in which a discount house or bank transfers or discounts at the central bank a bill that has been discounted and is not due when in need of funds.(本科)5 Financial Marketppt课件Eurodollars Market欧洲通货市场,又称Euromarket,是一个银行交易的市场,交易的对象为银行的存款,放款,其交易的信用工具的衡量通货种类不同于市场所在地的国际借贷市场。例如以美元表示的货款,存款,证券,在美国管辖权以外的地区发行流通
18、的市场即是。由于市场不是国内或国家金融体系的一部分,因此不受政府的管制,例如没有利率上限的规定,不必提列法定准备(legal reserve)等。(本科)5 Financial Marketppt课件Eurodollars MarketContrary to the name,Eurodollars have very little to do with the Euro or European countries.Eurodollars are U.S.dollar-denominated deposits at banks outside of the United States.This
19、 market evolved in Europe(specifically London),hence the name,but Eurodollars can be held anywhere outside the United States.The Eurodollar market is relatively free of regulation,and so banks can operate on narrower margins than their counterparts in the United States.(本科)5 Financial Marketppt课件Eur
20、odollars MarketThe average Eurodollar deposit is very large(in the millions)and has a maturity of less than 6 months.A variation on the Eurodollar time deposit is the Eurodollar certificate of deposit.A Eurodollar CD is basically the same as a domestic CD,except that its the liability of a non-U.S.b
21、ank and they are typically less liquid and so offer higher yields.(本科)5 Financial Marketppt课件Treasury Bills国库券是指国家财政当局为弥补国库收支不平衡而发行的一种政府债券。国库券是1877年由英国经济学家和作家沃尔特巴佐特发明,并首次在英国发行。因国库券的债务人是国家,其还款保证是国家财政收入,所以它几乎不存在信用违约风险,是金融市场风险最小的信用工具。(本科)5 Financial Marketppt课件Treasury Bills中国国库券的期限最短的为一年,而西方国家国库券品种较多,
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