An Introduction to International Capital Markets: Products, by Andrew M. Chisholm

By Andrew M. Chisholm

Totally revised and up to date from the highly well known first version, this ebook is an available and handy one-volume advent to overseas capital markets, perfect for these coming into or making plans to go into funding banking or asset administration. in addition to serving as a useful reference instrument for execs already operating within the trying to expand their wisdom base it is going to additionally profit all these operating in buying and selling, revenues and help roles.

Describing how the most important items and markets paintings, who the primary members are and their total pursuits and pursuits, Andrew Chisholm presents a radical review of the worldwide capital markets. The e-book covers quite a lot of fairness, debt, foreign currency echange and credits tools in addition to the vital spinoff items. In a step by step type, making vast use of actual international circumstances and examples, it explains cash markets, foreign currencies, bond markets, funds fairness markets, fairness valuation recommendations, swaps, forwards, futures, credits derivatives, innovations, choice danger administration and convertible bonds. an in depth word list additionally explains concisely a few of the ‘jargon’ expressions utilized in the monetary markets.

Boasting a world concentration, examples are drawn from significant overseas markets around the globe. It makes wide use of numerical examples and case experiences to assist clarify quite a lot of funds and by-product items utilized in the capital markets company. It covers either debt and fairness items and comprises new fabric on credits items resembling collateralized debt duties and credits spinoff constructions; fairness primary research, portfolio thought and convertible bonds. industry facts has been totally up-to-date from the 1st version and up to date occasions resembling the ‘credit main issue’ are mentioned.

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The haircut will depend on how much the collateral fluctuates in value in the market. In practice repo transactions are usually conducted using safe securities such as US Treasuries and it may be difficult to use riskier assets as collateral. 1 Sell/Buy-backs A sell/buy-back agreement is very similar to a classic repo except that it is structured in a slightly different way. e. later) date at a higher price. The rate of interest charged on the loan is not explicitly stated; it is implied in the fact that the repurchase price on the forward date is higher than the cash sale price.

Source: Bank of Japan, reproduced with permission. The Money Markets 21 The Bank of England drew a line in 1995 when it declined to rescue Barings Bank from collapse as the result of speculative trading by Nick Leeson. However in 2007 and in 2008 the Bank and the UK government did decide to rescue two mortgage banks, Northern Rock and Bradford and Bingley, because of fears for the overall health of the UK financial system. In particular, the authorities were keen to reassure bank depositors that their savings were secure.

In practice nowadays the Fed normally tends to perform its open market operations through so-called repo transactions rather than outright sales and purchases of Treasury securities. When the Fed conducts repo transactions it supplies funds to the banking system on a temporary basis and accepts Treasuries as collateral against loans. Repos are explained in more detail in the final sections of this chapter. 2 Federal Funds and the Discount Window The FOMC directives to the New York Federal Reserve Bank are designed to maintain the Federal funds rate at a certain target level.

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