Добавил:
Upload
Опубликованный материал нарушает ваши авторские права? Сообщите нам.
Вуз:
Предмет:
Файл:Financial Markets and Institutions 2007.doc
X
- •5.2 The ‘parallel’ markets
- •Introduction: the nancial system
- •Introduction: the nancial system
- •1.1 Financial institutions
- •1.1.2Financial institutions as ‘intermediaries’
- •1.1 Financial institutions
- •1.1.3The creation of assets and liabilities
- •1.1 Financial institutions
- •1.1 Financial institutions
- •1.1 Financial institutions
- •1.1 Financial institutions
- •1.1.4Portfolio equilibrium
- •1.2 Financial markets
- •1.2Financial markets
- •1.2.1Types of product
- •1.2.2The supply of nancial instruments
- •1.2.3The demand for nancial instruments
- •1.2.4Stocks and ows in nancial markets
- •1.3 Lenders and borrowers
- •1.3Lenders and borrowers
- •1.3.1Saving and lending
- •1.3 Lenders and borrowers
- •1.3.2Borrowing
- •1.3.3Lending, borrowing and wealth
- •1.4 Summary
- •1.4Summary
- •2.1Lending, borrowing and national income
- •2.1 Lending, borrowing and national income
- •2.1 Lending, borrowing and national income
- •2.1 Lending, borrowing and national income
- •2.2 Financial activity and the level of aggregate demand
- •2.2Financial activity and the level of aggregate demand
- •2.2 Financial activity and the level of aggregate demand
- •2.2.2Liquid assets and spending
- •2.2.3Financial wealth and spending
- •2.3 The composition of aggregate demand
- •2.3The composition of aggregate demand
- •2.4 The nancial system and resource allocation
- •2.4The nancial system and resource allocation
- •2.4 The nancial system and resource allocation
- •2.5 Summary
- •2.5Summary
- •3.1The Bank of England
- •3.1 The Bank of England
- •3.1.1The conduct of monetary policy
- •3.1 The Bank of England
- •3.1.2Banker to the commercial banking system
- •3.1 The Bank of England
- •3.1.3Banker to the government
- •3.1.4Supervisor of the banking system
- •3.1 The Bank of England
- •3.1.5Management of the national debt
- •3.1.6Manager of the foreign exchange reserves
- •3.1.7Currency issue
- •3.2 Banks
- •3.2Banks
- •3.2 Banks
- •3.2 Banks
- •3.3Banks and the creation of money
- •3.3 Banks and the creation of money
- •3.3.1Why banks create money
- •3.3 Banks and the creation of money
- •3.3.2How banks create money
- •3.3 Banks and the creation of money
- •3.4 Constraints on bank lending
- •3.4Constraints on bank lending
- •3.4.1The demand for bank lending
- •3.4.2The demand for money
- •3.4 Constraints on bank lending
- •3.4.3The monetary base
- •3.4 Constraints on bank lending
- •3.4 Constraints on bank lending
- •3.4 Constraints on bank lending
- •3.5Building societies
- •3.5 Building societies
- •3.6 Liability management
- •3.6Liability management
- •3.6 Liability management
- •4.1 Insurance companies
- •4.1Insurance companies
- •4.1 Insurance companies
- •4.1 Insurance companies
- •4.1 Insurance companies
- •4.2Pension funds
- •4.2 Pension funds
- •4.2 Pension funds
- •4.3Unit trusts
- •4.3 Unit trusts
- •4.3 Unit trusts
- •4.5NdtIs and the ow of funds
- •4.6Summary
- •Issuing house
- •5.1The discount market
- •5.1 The discount market
- •5.1 The discount market
- •5.1 The discount market
- •5.1 The discount market
- •5.2 The ‘parallel’ markets
- •5.2The ‘parallel’ markets
- •5.2.1The interbank market
- •5.2.2The market for certicates of deposit
- •5.2 The ‘parallel’ markets
- •5.2.3The commercial paper market
- •5.2 The ‘parallel’ markets
- •5.2.4The local authority market
- •5.2.5Repurchase agreements
- •5.2.6The euromarkets
- •5.2 The ‘parallel’ markets
- •5.2.7The signicance of the parallel markets
- •5.2 The ‘parallel’ markets
- •5.3Monetary policy and the money markets
- •5.3 Monetary policy and the money markets
- •5.3 Monetary policy and the money markets
- •5.3 Monetary policy and the money markets
- •5.4Summary
- •6.1The importance of capital markets
- •6.2 Characteristics of bonds and equities
- •6.2Characteristics of bonds and equities
- •6.2.1Bonds
- •6.2 Characteristics of bonds and equities
- •Index-linked bonds
- •6.2 Characteristics of bonds and equities
- •6.2.2Equities
- •6.2 Characteristics of bonds and equities
- •6.2.3The trading of bonds and equities
- •6.2 Characteristics of bonds and equities
- •6.2 Characteristics of bonds and equities
- •6.2 Characteristics of bonds and equities
- •6.3Bonds: supply, demand and price
- •6.3 Bonds: supply, demand and price
- •6.3 Bonds: supply, demand and price
- •6.3 Bonds: supply, demand and price
- •6.3 Bonds: supply, demand and price
- •6.3 Bonds: supply, demand and price
- •6.4Equities: supply, demand and price
- •6.4 Equities: supply, demand and price
- •6.4 Equities: supply, demand and price
- •6.4 Equities: supply, demand and price
- •6.4 Equities: supply, demand and price
- •6.5The behaviour of security prices
- •6.5 The behaviour of security prices
- •6.5 The behaviour of security prices
- •6.5 The behaviour of security prices
- •6.5 The behaviour of security prices
- •6.6 Reading the nancial press
- •6.6Reading the nancial press
- •Interest rate concerns biggest one-day decline
- •6.6 Reading the nancial press
- •6.6 Reading the nancial press
- •6.7Summary
- •Interest rates
- •7.1The rate of interest
- •7.1 The rate of interest
- •7.2The loanable funds theory of real interest rates
- •7.2 The loanable funds theory of real interest rates
- •7.2 The loanable funds theory of real interest rates
- •7.2.1Loanable funds and nominal interest rates
- •7.2 The loanable funds theory of real interest rates
- •7.2.2Problems with the loanable funds theory
- •7.3 Loanable funds in an uncertain economy
- •7.3Loanable funds in an uncertain economy
- •7.4 The liquidity preference theory of interest rates
- •7.4The liquidity preference theory of interest rates
- •7.6 The monetary authorities and the rate of interest
- •7.5Loanable funds and liquidity preference
- •7.6The monetary authorities and the rate of interest
- •7.6 The monetary authorities and the rate of interest
- •7.6 The monetary authorities and the rate of interest
- •7.7The structure of interest rates
- •7.7 The structure of interest rates
- •7.7.1The term structure of interest rates
- •7.7.2The pure expectations theory of interest rate structure
- •7.7 The structure of interest rates
- •7.7.3Term premiums
- •7.7 The structure of interest rates
- •7.7 The structure of interest rates
- •7.7.4Market segmentation
- •7.8 The signicance of term structure theories
- •7.7.5Preferred habitat
- •7.7.6A summary of views on maturity substitutability
- •7.8The signicance of term structure theories
- •7.8 The signicance of term structure theories
- •7.9Summary
- •8.1 The nature of forex markets
- •8.1The nature of forex markets
- •8.1 The nature of forex markets
- •Indirect quotation
- •8.1 The nature of forex markets
- •8.2 Interest rate parity
- •8.2Interest rate parity
- •8.2 Interest rate parity
- •8.3 Other foreign exchange market rules
- •8.3Other foreign exchange market rules
- •8.3.1Differences in interest rates among countries – the Fisher effect
- •8.3 Other foreign exchange market rules
- •8.3.3Equilibrium in the forex markets
- •8.4Alternative views of forex markets
- •8.4 Alternative views of forex markets
- •8.6Monetary union in Europe
- •8.6 Monetary union in Europe
- •8.6 Monetary union in Europe
- •8.6 Monetary union in Europe
- •8.6.2The uk and the euro
- •8.7Summary
- •9.1Forms of exposure to exchange rate risk
- •9.1 Forms of exposure to exchange rate risk
- •9.2Exchange rate risk management techniques
- •9.3.1Financial futures
- •9.3 Derivatives markets
- •9.3 Derivatives markets
- •9.3 Derivatives markets
- •9.3 Derivatives markets
- •9.3.2Options
- •9.3 Derivatives markets
- •9.3 Derivatives markets
- •9.3.3Exotic options
- •9.4 Comparing different types of derivatives
- •9.4.2Forward versus futures contracts
- •9.4.3Forward and futures contracts versus options
- •9.5 The use and abuse of derivatives
- •9.5The use and abuse of derivatives
- •9.5 The use and abuse of derivatives
- •9.6 Summary
- •9.6Summary
- •International capital markets
- •10.1 The world capital market
- •10.1The world capital market
- •10.2Eurocurrencies
- •10.2 Eurocurrencies
- •10.2 Eurocurrencies
- •10.2.2The nature of the market
- •10.2 Eurocurrencies
- •10.2.3Issues relating to eurocurrency markets
- •10.2 Eurocurrencies
- •10.3 Techniques and instruments in the eurobond and euronote markets
- •10.3 Techniques and instruments in the eurobond and euronote markets
- •10.3 Techniques and instruments in the eurobond and euronote markets
- •10.4 Summary
- •10.4Summary
- •11.1 The measurement of public decits and debt
- •11.1The measurement of public decits and debt
- •11.1 The measurement of public decits and debt
- •11.1 The measurement of public decits and debt
- •11.1 The measurement of public decits and debt
- •11.2 Financing the psncr
- •11.2Financing the psncr
- •11.2.1The psncr and interest rates
- •11.2 Financing the psncr
- •11.2.2The sale of bonds to banks
- •11.2.3The sale of bonds overseas
- •11.2.4Psncr, interest rates and the money supply – a conclusion
- •11.2 Financing the psncr
- •11.3 Attitudes to public debt in the European Union
- •11.4The public debt and open market operations
- •11.6Summary
- •12.1 Borrowing and lending problems in nancial intermediation
- •12.1.1The nancing needs of rms and attempted remedies
- •12.1 Borrowing and lending problems in nancial intermediation
- •12.1 Borrowing and lending problems in nancial intermediation
- •12.1.2Financial market exclusion
- •12.1 Borrowing and lending problems in nancial intermediation
- •12.1.3The nancial system and long-term saving
- •12.1 Borrowing and lending problems in nancial intermediation
- •12.1 Borrowing and lending problems in nancial intermediation
- •12.1 Borrowing and lending problems in nancial intermediation
- •12.1.4The nancial system and household indebtedness
- •12.2 Financial instability: bubbles and crises
- •12.2Financial instability: bubbles and crises
- •12.2 Financial instability: bubbles and crises
- •12.3 Fraudulent behaviour and scandals in nancial markets
- •12.3Fraudulent behaviour and scandals in nancial markets
- •12.3 Fraudulent behaviour and scandals in nancial markets
- •12.3 Fraudulent behaviour and scandals in nancial markets
- •12.4The damaging effects of international markets?
- •12.4 The damaging effects of international markets?
- •12.5Summary
- •13.1 The theory of regulation
- •13.1The theory of regulation
- •13.2 Financial regulation in the uk
- •13.2Financial regulation in the uk
- •13.2 Financial regulation in the uk
- •13.2.1Regulatory changes in the 1980s
- •13.2 Financial regulation in the uk
- •13.2 Financial regulation in the uk
- •13.2 Financial regulation in the uk
- •13.2.3The 1998 reforms
- •13.2 Financial regulation in the uk
- •13.2.4The Financial Services Authority (fsa)
- •13.2 Financial regulation in the uk
- •13.3 The European Union and nancial regulation
- •13.3The European Union and nancial regulation
- •13.3 The European Union and nancial regulation
- •13.3.1Regulation of the banking industry in the eu
- •13.3 The European Union and nancial regulation
- •13.3.2Regulation of the securities markets in the eu
- •13.3 The European Union and nancial regulation
- •13.3.3Regulation of insurance services in the eu
- •13.4 The problems of globalisation and the growing complexity of derivatives markets
- •13.4 The problems of globalisation and the growing complexity of derivatives markets
- •13.4 The problems of globalisation and the growing complexity of derivatives markets
- •13.4 The problems of globalisation and the growing complexity of derivatives markets
- •13.4 The problems of globalisation and the growing complexity of derivatives markets
- •13.5Summary
- •Interest rates (I%)
- •Interest rates (I%)
- •Interest rates (I%)
- •Interest rates (I%)
9.4 Comparing different types of derivatives
conjunction with bonds, it is generally a means of raising funds by creating new
shares if the warrants are exercised.
-
l
Contracts for difference (CFDs)– cash-settled futures and options where there is nounderlying asset. Contracts for difference are settled on the difference between thepurchase or sale price in the case of futures or the difference between the exerciseprice and the settlement price in the case of options. They involve a swap of cashows and have been compared to borrowing money and then using this to buyshares.
-
l
Spread betting – betting as to whether a market will rise or fall and by how much. Thebet can be on a wide range of futures including share price indices, commoditiesand currencies. Spread betting on nancial assets is classied as gambling ratherthan as investment but is administered by the Financial Services Authority.
-
9.4
Comparing different types of derivatives
-
9.4.1
Exchange-traded versus OTC products
Exchange-traded derivatives have three principal advantages over OTC derivatives:
-
l
The existence of the clearing house guarantees all contracts and virtually eliminatesthe default risk present in OTC trades; thus, exchange-based derivatives are lowerin price than OTC derivatives since there will almost always be some residual riskfor a bank in writing an OTC contract even though it will attempt to minimise its risks by arranging offsetting contracts with other customers/banks and/or bytaking a position in exchange-traded derivatives.
-
l
Markets for exchange-based derivatives are more liquid than bilateral OTC tradessince there are many traders dealing in each futures contract.
-
l
Exchange-based futures and options are highly tradable because they are standard-ised whereas OTC options, being non-standard and redeemable only at the bankwhere they were bought, have a low resale value.
Against these, we must set the fact that OTC options are designed to meet the
specic requirements of each customer in terms of size, strike price and expiry.
Соседние файлы в предмете [НЕСОРТИРОВАННОЕ]