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国际金融市场主要交易工具

2006-05-16 08:37

THE MONEY MORKET
▲Treasury Bills: T-bills represent the simplest form of borrowing: The government raises money by selling bills to public.
●Investors buy the bills at a discount from the stated maturity value.
●At the bills maturity, the holder receives from the government a payment equal to the face value of the bill.
●T-bills with initial maturities of 91 days or 182 days are issued weekly.
▲certificates of deposit: CD is a time deposit with a bank.
●The banks pay interest and principal to the depositor only at the end of the fixed term of the CD.
●CDs issued in denominations greater than $100,000 are usually negotiable.
●CDs are treated as bank deposits by the Federal Deposit Insurance Corporation.
▲Commercial Paper: Large, well-known companies often issue their own short-term unsecured debt notes rather than borrow directly from banks.
●Commercial paper is backed by a bank line of credit.
●Commercial paper maturities range up to 270 days.
▲Bankers’ Acceptances: A banker’s acceptance starts as an order to a bank by a bank’s customer to pay a sum of money at a future date, typically within six months.
▲Eurodollars: Eurodollars are dollar-denominated deposits at foreign banks or foreign branches of American Banks.
▲Repos and reserves: Dealers in government securities use repurchase agreements, also called “repos” or “RPs”, as a form of short term, usually overnight, borrowing.
▲Federal Funds: Funds in the bank’s reserve account are called federal funds.
▲Broker’s Calls: Individuals who buy stocks on margin borrow part of the funds to pay for the stocks from their broker. The broker in turn may borrow the funds from a bank, agreeing to repay the bank immediately (on call) if the bank requests it.
●The rate paid on such loans is usually about 1% higher than the rate on short-term T-bills.
 
货币市场
▲国库券:国库券代表借款的最简单形式:政府通过向公众出售国库券筹集资金。
●投资者以确定的到期价值的贴现买入国库券。
●在国库券到期日,投资者从政府收到一个等于国库券面值的支付额。
●初始期限为91天或182天的国库券每周发行。
▲存单:存单是银行的定期存款。
●银行只在存单的固定期限的到期日向存款人支付本金和利息。
●发行面额在$100,000以上的存单通常可以流通。
●存单被作为银行存款由联邦存款保险公司保险。
▲商业票据:信誉良好的大公司通常发行自己的短期无担保债务票据而不是向银行直接借款。
●商业票据的支付在银行贷款之后。
●商业票据到期日在270天以内。
▲银行承兑汇票:银行承兑汇票是作为银行客户对银行的命令出票,要求银行在未来某日支付一定数额货币,通常在六个月之内。
▲欧洲美元:欧洲美元是在外国银行或美国银行海外分行的美元存款。
▲回购和准备金:政府证券经纪人使用回购协议,又称“回购”,作为短期、通常是隔夜拆借的一种形式。
▲联邦基金:在银行准备金帐户的资金被称为联邦基金。
▲经纪人追加保证金通知:借入部分资金作为保证金买入股票的人通过经纪人支付股票价款。同时经纪人向银行借款,并同意一旦银行要求偿还,随时向银行还款。
●支付此类贷款的利率通常比短期国库券利率高1%。
 

THE BOND MARKET  债券市场 
▲Treasure Notes and Bonds: The U.S. government borrows funds in large part by selling Treasury notes and Treasury bonds. T-note maturities range up to 10 years, whereas bonds on issued with maturities ranging from 10 to 30 years.
●Both make semiannual invest payments called coupon payments.
●T-bonds may be callable during a given period, usually the last five years of the bond’s life. The call provision gives the Treasury the right to repurchase the bond at par value.
▲Federal Agency Debt: Some government agencies issue their own securities to finance their activities.
●The majority of the debt is issued in support of farm credit and home mortgages.
▲Eurobond: A Eurobond is a bond denominated in a currency other than that of the country in which it is issued.
▲Municipal Bonds: Municipal bonds are issued by state and local governments.
—General Obligation bonds are backed by the “full faith and credit” of the issuer.
—Revenue bonds are issued to finance particular projects and are backed either by the revenues from that project or by the particular municipal agency operating the project.
●Their interest income is except from federal income taxation. The interest income also is exempt from state and local taxation in the issuing state. Capital gains taxes, however, must be paid on “munis” when the bonds mature or if they are sold for more than the investor’s purchase price.
▲Corporate Bonds: Corporate bonds are the means by which private firms borrow money directly from the public.
—Secured bonds have specific collateral backing them in the event of firm bankruptcy.
—Unsecured bonds, called debentures, have no collateral.
—Subordinated debentures have a lower priority claim to the firm’s assets in the event of bankruptcy.
—Callable bonds give the firm the option to repurchase the bond from the holder at a stipulated call price.
—Convertible bonds give the holders the option to convert each bond into a stipulated number of shares of stock.
▲Mortgages and Mortgage-Backed Securities:
—Fixed-rate mortgages have posed difficulties to lenders in years of increasing interesting rates.
—The adjustable-rate mortgage was a response to this interest rate risk.
—A mortgage-backed security is either an ownership claim in a pool of mortgages or an obligation that is secured by such a pool.
 
▲国债:美国政府通过卖出国债大规模借入资金。短期国债到期日在10年以内,长期国债距离发行日长达10年至30年。
●每半年一次的投资支付称为息票。
●国债可能在给定的期限,通常是国债的最后五年被赎回。赎回给财政一项以平价再买回国债的权利。
▲联邦机构债务:政府机构发行自己的证券为他们的行为融资。
●发行的债务主要用于农业贷款和房屋抵押。
▲欧洲美元债券:欧洲美元债券是一种发行人以在发行所在国以外的其他货币进行标价的债券。
▲市政债券:市政债券是由州或地方政府发行的债券。
—普通债务债券由发行人的信用做保证。
—收益债券是为特定的工程筹资的债券。由该工程的收入,或特定的经营市政工程的代理机构做保证。
●市政债券的利息收入不用交纳联邦利息税,利息收入在所发行的州也不用交纳州和地方所得税。然而必须在债券到期日,或投资者以高于债券买入价出售债券时交纳资本利得税。
▲公司债券:公司债券是私人公司直接向公众借入资金发行的债券。
—一旦公司破产,担保债券由特定的资产作保证。
—无担保债券,又称信用债券,没有保证。
—一旦公司破产,次级债务对公司的资产有较低的优先受偿权。
—可赎回债券赋予公司一项权利,可以从持有者手中以特定的赎回价格回购债券。
—可转换债券赋予持有人一项权利,每张债券可以转换成约定数额的股票。
▲抵押和抵押凭证:
—固定利率抵押将使贷款人在利率上升的年份处境困难。
—可调整利率抵押将消除利率风险。
—抵押凭证既是抵押资产池的所有权凭证,又是这一资产池作保证的债务。
 

THE EQUITY SECURITIES MARKET
▲Common stocks: Common stocks, also known as equity securities or equities, represent ownership shares in a corporation.
●Residual claim means that stockholders are the last in line of all those who have a claim on the assets and income of the corporation.
●Limited liability means that the most shareholders can lose in the event of failure of the corporation is their original investment.
▲Preferred Stocks: Preferred stock is like a perpetual bond. A given dollar amount is to be paid each year by the issuer to the investor.
—The cumulative preferred stocks are the preferred stocks that all previously unpaid preferred stock dividends must be paid before any dividends may be paid on the common stock.
—The uncumulative preferred stocks are the preferred stocks that all previously unpaid preferred stock dividends needn’t be paid.
—The adjustable rate preferred stock is preferred stock that the dividend is reset periodically in terms of an applicable rate. The auuualized “percent of par” for the dividend might be reset every three months to be equal to the largest of the rates on: (1) three-months Treasure bills;(2)ten-year Treasury bonds;(3)20-year Treasure bonds.
—The callable preferred stocks are callable at a stated redemption price.
—Participating preferred stock entitles the holder to receive extra dividends when earnings permit.
—Convertible preferred stock may, at the option of the holder, be converted into another security (usually the firm’s common stock) on the stated terms.
 
股票市场
▲普通股:普通股,又被称为股票或股份,代表在公司的所有权凭证。
●剩余索取权意味着股票所有者最终的对公司财产和收入的要求权。
●有限责任意味着一旦公司破产,大多数股票所有者的损失仅限于他们的初始投资。
▲优先股:优先股就好象永续债券。发行人每年向投资人支付一个给定的货币额。
—累积优先股是这样一种优先股,所有以前未支付的优先股股利必须在普通股股利支付之前支付。
—非累积优先股是这样一种优先股,所有以前未支付的优先股股利不必支付。
—可调整比例的优先股是这样一种优先股,股利依据一个合适的利率定期重新确定。红利的年化利率以下利率的最高值每三个月重新设定一次:(1)三个月的国库券;(2)十年期国债;(3)二十年期国债。
—可回购的优先股可以一个预先确定的价格回购。
—当赢利允许,参与优先股赋予持有人收取额外红利的权利。
—可转换优先股赋予持有人一项期权,在确定的期限转换为另外一种证券(通常是公司的普通股票)。 
THE DERIVATIVE SECURITY MARKET  衍生证券市场 
▲Forward and future contract: Forward and futures contracts are not securities but rather trade agreements that enable both buyers and sellers of an underlying commodity or security to lock in eventual price of their traction. Forward contracts are agreements negotiated directly between two parties in the OTC markets.
—Commodity future contracts are the contracts that trade commodities.
—Interest rate forward: (Forward Rate Agreement FRA): The forward rate agreement is the most basic of the OTC interest rate contract. The FRA is an agreement that two parties agree today to a future exchange of cash flows based on two different interest rates.
●The settlement flow will be adjusted to the actual number of days in the holding period and calculated by the following formula:
(Libor-Fixedrate)xNatioal PrincipalxNumberOfDays/360
—Long-term interest rate futures
●For the T-bond contract, any Treasure bond that has at least 15 years to the nearest call date or to maturity (if non-callable) can be used for delivery.
●Bonds with maturities ranging from 6.5 to 10 years and 4.25 to 5.25 years can be used to satisfy the 10 year and 5 year T-note contracts, respectively.
●Delivery can take place on any day during the month of maturity, with the last trading day of the contract falling 7 business days prior to the end of the month.
●The CBT uses conversion factors to correct for the differences in the deliverable bonds.
—Short-term interest rate futures: Eurodollar and treasury bill contract.
●Eurodollar futures use this settlement price index because it conveniently preserves the inverse relation between price and yield.
●The minimum price change, or ”tick”, for this contract is one basis point and equals a $25 change in the value of the contract.(25=$1,000,000‰0.0001‰90/360)
●Similar to the Eurodollar derivative, the T-bill contract is standardized to an amount of $1,000,000 so that each basis point change in the price (or rate) is worth $25 per contract.
—Stock-index futures.
—Currency forwards and futures.
 
▲远期和期货合约:远期和期货合约不是股权,而是一项交易协议,使买方和卖方锁定他们交易基础资产或股票的最终价格。远期合约是双方在场外交易市场直接谈判达成的协议。
—商品期货合约是交易商品的合约。
—利率远期(利率远期协议FRA):远期利率协议是场外交易利率合约中最基本的合约。远期利率协议是交易双方目前达成的在未来交换基于不同利息率的现金流的协议。
●现金流结算将按照持有期的准确天数进行调整,并按下列公式计算:
(Libor-固定利率)x名义本金x持有期天数/360
—长期利率期货
●对于国债期货,任何距最近的赎回日或到期日(假如不可赎回)长达至少15年的国债可用于交割。
●距离到期在6.5年到10年和4.25年到5.25年的债券可各自用于满足10年期和5年期的国债期货合约交割。
●交割可在到期月份的任何一天行使,合约最后交易日是该月月底的前七个工作日。
●芝加哥债券交易使用转换因子对不同的可交割债券进行矫正。
—短期利率期货:欧洲美元和国库券期货合约
●欧洲美元期货使用结算价格指数,因为这样方便地保留了价格和收益之间的相反关系。
●最小价格变动,或“滴”,对这一合约是一个基本点,等于合约价值变动$25.。
●与欧洲美元衍生证券类似,国库券合约以$1,000,000的金额标准化,以至于每张合约的每个基本点变动引起价格变动$25.
—股票指数期货。
—货币远期或货币期货。
 
   
   
▲Option Contracts:
—Equity options;
—Stock index options;
—Foreign currency options;
—Options on futures contracts;
—Option-based interest rate contracts:
●Caps and floors;
●Collars: special combinations of caps and floors;
●Swaption: Options that allow the holder to enter into a swap contract at a later date.
 
▲期权合约:
—股票期权;
—股票指数期权;
—外汇期权;
—期货合约期权;
—基于利率合约的期权:
●利率顶和利率底;
●利率套:利率顶和利率底的特定组合;
●互换权:允许持有者在一个日期以后进入互换的期权。
 
▲Swap:
—Interest rate swap;
—Currency swaps;
—Equity index-linked swaps;
—Commodity swaps.
 
▲互换:
—利率互换;
—货币互换;
—股票指数互换;
—商品互换。
 
OTHER EMBEDDED DERIVATIVES  其他嵌入衍生证券 
▲Dual Currency Bonds: A dual currency bond is a debt instrument that has coupons denominated in a different currency than its principal amount.
▲Equity Index-Linked Notes;
▲Commodity-Linked Bull and Bear Bonds;
▲Swap-Linked Notes.
 
▲二重货币债券:二重货币债券是一种债务工具,息票以不同与本金的货币币种标识。
▲与股票指数联系的债券;
▲与商品联系的牛式/熊式债券;
▲与互换相联系的债券。
 
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