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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
2、the 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 ma
3、rketphysical 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
4、agenciesRegulatory agencies : 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
5、现金货币和存款货币之后，称之为“准货币”，所以将该市场称为“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 mone
6、y.（本科）5 Financial Marketppt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
7、(国库国库券市场券市场) ) with a maturity of one year or less 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Purpose
8、sInvestors in Money Market: Provides a place for warehousing 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. Mone
9、y markets provide a way to solve these cash-timing problems.（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 Mar
10、ketppt课件Who Participates in the Money Markets?（本科）5 Financial 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 Financ
11、ial 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 o
12、ne day, that is, they are usually overnight investment. The interest 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 m
13、oney markets and also the most representative interest rate in financial 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
14、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 not
15、es such as treasury bills, commercial bills, certificates of deposits and other 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 dedu
16、ction of discount interest. After discounting the relationship of credit and debt 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 bi
17、ll that has been discounted and yet is not due. Re-discount refers to the action 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
18、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.Eurodo
19、llars are U. S. dollar-denominated deposits at banks outside of the United States. This 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
20、narrower margins than their counterparts in the United States.（本科）5 Financial Marketppt课件Eurodollars 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 Eu
21、rodollar CD is basically the same as a domestic CD, except that its the liability of a non-U. S. bank 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，
22、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，一般可分为3个月、6个月、9个月、1年期四种，其面额起点各国不一。 （本科）5 Financial Marketppt课件Treasury Bills美国的国库券是美国财政部通过公债局发行的政府债券。T-Bills，是Treasury Bills的简写，美国财政部发行的短期债券，期限不超过一年。T-Notes，是Treasury Note的简写，美国财政部发行的中期债券，期限不超过十年。T-Bond
23、s，是Treasury Bonds的简写，美国财政部发行的长期债券，期限十年以上。（本科）5 Financial Marketppt课件Treasury BillsT-bills are short-term securities that mature in one year or less from their issue date. They are issued with 3-month, 6-month, and 1-year maturities. You buy T-bills for a price less than their par (face) value, and w
24、hen they mature, the government pays you their par value. （本科）5 Financial Marketppt课件Treasury BillsTreasury bills are attractive to investors because they are backed by the government and therefore are virtually free of default risk. The risk of unexpected changes in inflation is also low because of
25、 the short term to maturity. （本科）5 Financial Marketppt课件Negotiable Certificates of Deposit大额可转让定期存单(简写为NCDs or CDs），是银行印发的一种定期存款凭证，凭证上印有一定的票面金额、存入和到期日以及利率，到期后可按票面金额和规定利率提取全部本利，逾期存款不计息。大额可转让定期存单可流通转让，自由买卖。 可转让大额定期存单市场的主要参与者是货币市场基金、商业银行、政府和其他非金融机构投资者，市场收益率高于国库券。（本科）5 Financial Marketppt课件Negotiable Ce
26、rtificates of DepositA negotiable certificate of deposit is a bank-issued security that documents a deposit and specifies the interest rate and the maturity date. Because a maturity date is specified, a CD is a term security as opposed to a demand deposit. （本科）5 Financial Marketppt课件Negotiable Certi
27、ficates of DepositNegotiable CDs are in large denominations. Although NCDs denominations are too large for individual investors, they are sometimes purchased by money market funds that have pooled individual investors funds.Thus, the existence of money market funds allows individuals to be indirect
28、investors in NCDs, making a more active NCD market. The certificate of deposit is now the second most popular money market instrument in the US, behind only the Treasury bill. （本科）5 Financial Marketppt课件Commercial Papers商业票据是指由金融公司或某些信用较高的企业开出的无担保短期票据。商业票据的可靠程度依赖于发行企业的信用程度，可以背书转让，可以贴现。商业票据的期限在一年以下，由
29、于其风险较大，利率高于同期银行存款利率，商业票据可以由企业直接发售，也可以由经销商代为发售。但对出票企业信誉审查十分严格。（本科）5 Financial Marketppt课件Commercial PapersCommercial paper is an unsecured, short-term loan issued by a corporation, typically for financing accounts receivables and inventories. It is usually issued at a discount, reflecting current mar
30、ket interest rates. Maturities on commercial paper are usually no longer than 9 months, with maturities of 1-2 months being the average. （本科）5 Financial Marketppt课件Commercial PapersFor the most part, commercial paper is a very safe investment because the financial situation of a company can easily b
31、e predicted over a few months. Furthermore, typically only companies with high credit ratings and credit worthiness issue commercial paper. （本科）5 Financial Marketppt课件Repos回购（repo）是“出售及回购协议”（sale and repurchase agreement）的简称，一般是指债券交易的双方在进行债券交易的同时，以契约方式约定在将来某一日期以约定的价格，由“卖方”向“买方”买回该笔债券的交易行为。 （本科）5 Fin
32、ancial Marketppt课件ReposRepo is short for repurchase agreement. Those who deal in government securities use repos as a form of overnight borrowing. A dealer or other holder of government securities (usually T-bills) sells the securities to a lender and agrees to repurchase them at an agreed future da
33、te at an agreed price. They are usually very short-term, from overnight to 30 days or more. This short-term maturity and government backing means repos provide lenders with extremely low risk. （本科）5 Financial Marketppt课件ReposThere are also variations on standard repos:Reverse Repothe complete opposi
34、te of a repo, where a dealer buys government securities from an investor and then sells them back on a later date at a higher price.Term Repoexactly the same as a repo except the term of the loan is greater than 30 days. （本科）5 Financial Marketppt课件Comparing Money Market Securities: Money Market Secu
35、rities and Their DepthCopyright 2009 Pearson Prentice Hall. All rights reserved.（本科）5 Financial Marketppt课件Capital Market资本市场（亦称“长期金融市场”、“长期资金市场”），期限在一年以上各种资金借贷和证券交易的场所。资本市场是政府、企业、个人筹措长期资金的市场，包括长期借贷市场和长期证券市场。在长期借贷中，一般是银行对个人提供的消费信贷；在长期证券市场中，主要是股票市场和长期债券市场。资本市场上的交易对象是一年以上的长期证券。因为在长期金融活动中，涉及资金期限长、风险大，具
36、有长期较稳定收入，类似于资本投入，故称之为资本市场。（本科）5 Financial Marketppt课件Capital Market资本市场原理示意图资本市场原理示意图（本科）5 Financial Marketppt课件Capital MarketCapital markets deal in long-term debts with a maturity longer than one year, including long-and medium-term government securities, corporate stocks and bonds, and long-and m
37、edium-term bank loans. （本科）5 Financial Marketppt课件Capital Market 资本市场的交易对象：资本市场的交易对象：股票债券基金（本科）5 Financial Marketppt课件Capital Market 资本市场的参与者：资本市场的参与者：资本市场的资金供应者为各金融机构，如商业银行、储蓄银行、人寿保险公司、投资公司、信托公司等。资金的需求者主要为国际金融机构、各国政府机构、工商企业、房地产经营商以及向耐用消费零售商买进分期付款合同的销售金融公司等。股票、债券和基金 （本科）5 Financial Marketppt课件Capita
38、l MarketThe characteristics of capital markets:long maturity from one year to several decadeshigher yields, higher risks and lower liquidity of financial instruments in capital markets compared with those in money marketsinvolving huge amounts of funds （本科）5 Financial Marketppt课件Capital Market 资本市场的
39、类型：资本市场的类型： 资本市场可以分一级市场和二级市场：在一级市场上新的吸收资本的证券发行并被投资者需求。在二级市场上已经发行的证券易手。（本科）5 Financial Marketppt课件Securities MarketPrimary and Secondary Market The primary market is that part of the capital market that deals with the issue of new securities. The secondary market is a financial market in which securi
40、ties that have been previously issued (and thus secondhand) can be resold. （本科）5 Financial Marketppt课件Public offering and Private placement In the primary markets, securities may be offered to the public in a public offer through underwriting. Alternatively, they may be offered privately to a limite
41、d number of qualified persons in a private placement. （本科）5 Financial Marketppt课件Listing and OTC dealing In the secondary market, securities are often listed and traded in a stock exchange, an organized and officially recognized market on which securities can be bought and sold.Issuers may seek list
42、ings for their securities to attract investors, by ensuring there is a liquid and regulated market in which investors can buy and sell securities. （本科）5 Financial Marketppt课件Listing and OTC dealing In the OTC market, trading occurs via a network of middlemen, called dealers, who carry inventories of securities to facilitate the buy and sell orders of investors, rather than providing the order matchmaking service seen in specialist exchanges such as the NYSE. （本科）5 Financial Marketppt课件Thank You! （本科）5 Financial Marketppt课件
