金融信息系統(tǒng)--比較完備的知識點(diǎn)中英文

1、學(xué)習(xí)必備歡迎下載s currency for anotherForeign Exchange Foreign exchange (FX) is the exchange of one country country s currencyRankingQuote Pair (Base/Counter):USD / HKDRate (Bid / Ask):7.7753 / 7.7780Spread point: 27 basis point (Ask Price 7.7780 - Bid Price7.7753)差價(jià)Quote convention: 53/80 (the last two dig

2、its of decimal point) rate 約定Direct quote: Bank buy 1 US Dollar and sell 7.7753 HK Dollar to customerIndirect quote: Bank buy 1 Australia Dollar and sell US Dollar to customerTo determine which is Base and which is Counter in a Quote Pair, there is a currency ranking. Based on this currency ranking,

3、 the currency which is higher than another one in the ranking is the Base, and another currency is the Counter.(排名高的是 base 低的是 counter)Limit Order: An order placed with conditions to buy/sell currencies, such a s price range and duration of order validity 包括限價(jià)買單(Buy Limit Order )以及限價(jià)賣單(Sell Limit Or

4、der )種形式(價(jià)格范圍、訂單有效期持續(xù))Market Order: An order without conditions and marked to the market priceBenchmark Order: Order is executed with standard price published by benchmarking company, e.g. WMCompany 基準(zhǔn)訂單Spot Exchange The exchange of two currencies for immediate delivery , normally with T+2.Cross rat

5、e calculation:BidAskUSD / NZD1.56501.5642USD / JPY123.23123.78NZD / JPY = 123.23/1.5642 = 78.78 (Bid)NZD / JPY = 123.78/1.5650 = 79.10 (Ask)NZD / JPY 78.78/79.10學(xué)習(xí)必備歡迎下載Forward Exchange: Currency forward contracts, also known as outright forward” , is thecontract that holders are obligated to buy or

6、 sell the currency at a specified price, at a specified quantity, and on a specified future date, also known as outright forward”NDF: Non-Deliverable Forwards: An NDF is a short-term committed forward cash settlement currency derivative instrument. It is essentially an outright (forward) FX contract

7、 whereby on the contracted settlement date, profit or loss is adjusted between the two counterparties basing on the difference between the contracted NDF rate and the prevailing spot FX rates on an agreed notional amount.無本金交割遠(yuǎn)期Difference between NDF and Forward:? All NDFs have afixing date and a se

8、ttlement date . The fixing date is the date at which the difference between the prevailing market exchange rate and the agreed upon exchange rate is calculated. The settlement date is the date by which the payment of the difference is due to the party receiving payment.? NDFs are commonly quoted for

9、 time periods of one month up to one year, and are normally quoted and settled in U.S. dollars. They have become a popular instrument for corporations seeking to hedge exposure to foreign currencies that are not internationally traded.該項(xiàng)交易與遠(yuǎn)期外匯交易大致相同。這是一種場外交易的金融衍生工具。主要是由銀行充當(dāng)中介機(jī)構(gòu)，由于交 易雙方基于對匯率的不同看法，簽訂

10、非交割遠(yuǎn)期交易合約，確定遠(yuǎn)期匯率、期限和金額，合約到期只需看遠(yuǎn)期 匯率與實(shí)際匯率的差額進(jìn)行交割清算，與本金金額、實(shí)際收支毫無關(guān)系。結(jié)算的貨幣是自由兌換的貨幣，如美 元。無本金交割遠(yuǎn)期外匯交易一般用于實(shí)行外匯管制國家的貨幣。NDF為面對匯率風(fēng)險(xiǎn)的企業(yè)和投資者提供了一個(gè)對沖及投資的渠道。無本金交割遠(yuǎn)期外匯交易與遠(yuǎn)期外匯交易的差別在于，不用備有本金的收付，只要就到期日的市場匯率價(jià)格與 合約協(xié)定價(jià)格的差價(jià)進(jìn)行交割清算，本金實(shí)際上只是用于匯差的計(jì)算，無需實(shí)際收支，對未來現(xiàn)金流量不會(huì)造 成影響。而遠(yuǎn)期外匯交易到期后需現(xiàn)匯交割。FX SWAPTwo foreign exchange transactions

11、 involving a spot purchase of currency pair and a forward sell of the same currency pair兩個(gè)涉及一雙現(xiàn)貨購買貨幣的外匯交易和遠(yuǎn)期賣相同的貨幣SWAP can also involve two forward transactionsCurrency Future: Future contract is a standardized agreement with an organized exchange to buy or sell a currency pair at a fixed price at a

12、 certain date in the futureComparison of Forward & Future Contracts:學(xué)習(xí)必備歡迎下載ForwardFuture：SizeTailoredStandardized (h pically USD5K-USD100K)Ran 覬 ofCurreiK 儂Over 50Limited to tnaj or currenciesSettlemefitDateTailoredStandardized, typieal 4-8 times 3. year e.g. PULK (Nlar/Nfay.-Jijii.Jul Sep Dec)Coil

13、Nc fee: cost reflected in tht spread points.No spread, paid brokerage 氈卓ReguhtionSel regulatedReailaied by exdmigeCredit RiskC電unrerpaity ri我 is sigmficaiitMinimized withdepos.it and dailycash Eettlement of profits or lossMark. to marketOnJy 制 nntuiityProfitLoes期貨是現(xiàn)在進(jìn)行買賣，但是在將來進(jìn)行交收或交割的標(biāo)的物，這個(gè)標(biāo)的物可以是某種商

14、品例如黃金、原油、農(nóng) 產(chǎn)品，也可以是金融工具，還可以是金融指標(biāo)。交收期貨的日子可以是一星期之后，一個(gè)月之后，三個(gè)月之后, 甚至一年之后。買賣期貨的合同或者協(xié)議叫做期貨合約。買賣期貨的場所叫做期貨市場。期權(quán)又稱為選擇權(quán)，是在期貨的基礎(chǔ)上產(chǎn)生的一種衍生性金融工具。從其本質(zhì)上講，期權(quán)實(shí)質(zhì)上是在金融領(lǐng)域 中將權(quán)利和義務(wù)分開進(jìn)行定價(jià)，使得權(quán)利的受讓人在規(guī)定時(shí)間內(nèi)對于是否進(jìn)行交易，行使其權(quán)利，而義務(wù)方必 須履行。在期權(quán)的交易時(shí)，購買期權(quán)的一方稱作買方，而出售期權(quán)的一方則叫做賣方；買方即是權(quán)利的受讓人, 而賣方則是必須履行買方行使權(quán)利的義務(wù)人。Currency Options:期權(quán)A contract fo

15、r future delivery of a specific currency in exchange for another, in which the holder of the option has the right to buy (or sell) the currency at an agreed price, the strike price, or exercise price, but is not required to do so.期貨的權(quán)利的交易合同，買方可以行使也可以不行 使權(quán)利FX Traded:? Currency is traded in OTC (over-

16、the-counter) market meaning there is no specific location where the transaction takes place 場外交易? In the wholesale FX market (for corporate and institutional clients), trades are conducted by linked trading systems and telephone (i.e. there is no physical location like a stock exchange)外匯批發(fā)市場(企業(yè)和機(jī)構(gòu)客

17、戶)，使用電話和交易系統(tǒng)進(jìn)行的交易，即沒有 具體位置如證券交易所學(xué)習(xí)必備歡迎下載For trading between banks (interbank market), it is usually conducted via EBS or Reuters systems銀行間交易(銀行間市場，通常是通過ebs或路由系統(tǒng)For clients (e.g. fund mangers) to bank, trading can be conducted over electronic systems like FX Connect客戶(如基金經(jīng)理)與銀行，交易可以通過電子系統(tǒng)進(jìn)行Stock Als

18、o known as shares or equity: A type of security that signifies ownership in a corporation and represents a claim on part of the corporations assets and earnings. 一種有公司所 有權(quán)在公司和得到公司的部分資產(chǎn)和收入的證券A holder of stock (a shareholder) has a claim to a part of the corporations assets and earnings. In other word

19、s, a shareholder is an owner of a company.所有者Ownership is determined by the number of shares a person owns relative to the number of outstanding shares.所有權(quán)是由擁有股票的數(shù)量(相對于已發(fā)行股票的數(shù)量)決定的。Types:common stock:preferred stock: 1) Prior Preferred (Rank highest in terms of dividend distribution); 2) Preference

20、Preferred (rank behind“ prior all cttbeovtercks); 3)Convertible Preferred (able toconvert to common stocks); 4)Participative Preferred (receives extra dividend with special achievement of the company);5)Cumulative Preferred (dividends missed can be accumulated)Common Stock vs Preferred StockThere ar

21、e two main types of stock: common and preferred.Common stock usually entitles the owner to vote at shareholders meetings and to receive dividends.Preferred stock generally does not have voting rights, but has a higher claim on assets and earnings than the common shares. For example, owners of prefer

22、red stock receive dividends before common shareholders and have priority in the event that a company goes bankrupt and is liquidated.一 Prior Preferred (Rank highest in terms of dividend distribution)Preference Preferred (rank behind“ prior “ but over all other stocks)Convertible Preferred (able to c

23、onvert to common stocks) 可轉(zhuǎn)股票Participative Preferred (receives extra dividend with special achievement of the company)一 Cumulative Preferred (dividends missed can be accumulated)Definition - ownership 定義一所有權(quán)股票是股份證書的簡稱，是股份公司為籌集資金而發(fā)行給股東作為持股憑證并借以取得股息和紅利的一種有價(jià)學(xué)習(xí)必備歡迎下載證券。每股股票都代表股東對企業(yè)擁有一個(gè)基本單位的所有權(quán)。2.Types -

24、 common, preferred, convertible stocks, etc.-普通股：普通股是指在公司的經(jīng)營管理和盈利及財(cái)產(chǎn)的分配上享有普通權(quán)利的股份，代表滿足所有債權(quán)償付 要求及優(yōu)先股東的收益權(quán)與求償權(quán)要求后對企業(yè)盈利和剩余財(cái)產(chǎn)的索取權(quán)。普通股構(gòu)成公司資本的基礎(chǔ)，是股 票的一種基本形式。-優(yōu)先股：優(yōu)先股相對于普通股。優(yōu)先股在利潤分紅及剩余財(cái)產(chǎn)分配的權(quán)利方面優(yōu)先于普通股。（1）優(yōu)先分配權(quán)。（2）優(yōu)先求償權(quán)-可換優(yōu)先股：指持有該種股票股東的權(quán)益要受一定的限制。優(yōu)先股股票的發(fā)行一般是股份公司出于某種特定 的目的和需要，且在票面上要注明“優(yōu)先股”字樣。優(yōu)先股股東的特別權(quán)利就是可優(yōu)先于普通

25、股股東以固定的 股息分取公司收益并在公司破產(chǎn)清算時(shí)優(yōu)先分取剩余資產(chǎn)，但一般不能參與公司的經(jīng)營活動(dòng)，其具體的優(yōu)先條 件必須由公司章程加以明確。可轉(zhuǎn)換優(yōu)先股股票是指股票持有人可以在特定條件下按公司條款把優(yōu)先股股票轉(zhuǎn)換成普通股股票或公司債券的 股票，而不可轉(zhuǎn)換優(yōu)先股股票是指不具有轉(zhuǎn)換為其他金融工具功能的優(yōu)先股股票。Convertible Stock:可轉(zhuǎn)換債券? Securities, usually bonds or preferred shares, that can be converted into common stock.? Convertibles are ideal for inve

26、stors demanding greater potential for appreciation than bonds give and higher income than common stocks offer.Warrants:認(rèn)股權(quán)證? A derivative security that gives the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are oft

27、en included in a new debt issue as a sweetener to entice investors.? The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often m

28、easured in years, while the lifetime of a typical option is measured in months.Stock Tables/Quotes54539 11,63 njj njM4 二如51J5Columns 1 & 2: 52-Week High and Low. These are the highest and lowest prices at which a stock has traded over the past 52 weeks (1 year). This typically does not include the p

29、revious days trading.Column 3: Company Name and Type of Stock. This column lists the name of the company. If there are no special symbols or letters following the name, it is common stock. Different symbols imply different classes of shares. For example, pf means the shares are preferred stock.Colum

30、n 4: Ticker Symbol. This is the unique alphabetic name which identifies the stock. If you watch financial TV, the ticker tape will quote the latest prices alongside this symbol. If you are looking for stock quotes online, you always search for a company by the ticker symbol. If you dont know a parti

31、cular companys ticker symbol, you can search for it at Yahoo FinanceColumn 5: Dividend Per Share. This indicates the annual dividend payment per share. If this space is blank, the company does not currently pay out dividends.Column 6: Dividend Yield. The percentage return on the dividend, dividend y

32、ield is calculated as annual dividends per share divided by price per share.Column 7: Price/Earnings Ratio (P/E ratio). This is calculated by dividing the current stock price by earnings per share from the last four quarters.Column 8: Trading Volume. This figure shows the total number of shares trad

33、ed for the day, listed in hundreds. To get the actual number traded, add two zeros to the end of the number listed.Column 9 & 10: Day High and Low. This indicates the price range in which the stock has traded throughout the day. In other words, these are the maximum and the minimum prices that peopl

34、e have paid for the stock.Column 11: Close. The close is the last trading price recorded when the market closed on the day. If the closing price is more than 5% above or below the previous days close,學(xué)習(xí)必備歡迎下載52W 52WYieM Volhigh low Stock TkMr Div % P/E Ota HH)hRevlon A RioTnto Ritch feBr JUteAMI Rob

35、tHaH Rodcwfi學(xué)習(xí)必備歡迎下載the entire listing for that stock is bold-faced. Keep in mind, you are not guaranteed to get this price if you buy the stock the next day because the price is constantly changing, even after the exchange is closed for the day. The close is merely an indicator of past performance

36、and, except in extreme circumstances, it serves as a ballpark of what you should expect to pay.? Column 12: Net Change. This is the dollar value change in the stock price from the previous days closing price. When you hear about a stock being up for the day, it means the net change was positive.Role

37、s in Stock Exchange:Brokers:一 Commission broker: deal with the public at large, gathering orders off the NYSE floor to offer the best buying and selling priceSpecialist: a dealer (i.e., trades from his own inventory of securities) and is obligated, on 75% of transactions for his own account, to trad

38、e counter to the market trend. The specialist holds a monopoly in making a market in the securities assigned to himFloor broker: only work for other members, taking transactions which the other members are incapable of handling at the moment. They primarily provide excess capacity for overloaded bro

39、kers when order volume is highPrimary Market: Initial public offer (IPO)首次公開發(fā)行Secondary market: Stock exchange (NYSE, AMEX)Electronic Communication Networks (ECN): alternate trading systems that connect buyers and sellers directly to trade Nasdaq stocksOver the Counter (OTC):Over the Counter Bulleti

40、n Board (OTCBB)Pink SheetsOMS-Order Management system? The OMS has traditionally connected the buy-side portfolio manager with the buy-side trader, collecting orders and instructions from the various portfolio managers, aggregating them into blocks, managing executions, collecting fills (execution i

41、nformation from brokers or the market directly) and performing allocations.學(xué)習(xí)必備歡迎下載? Over the past few years OMS vendors have not only enabled their OMS systems to connect to brokers but also have expanded their level of connectivity to trading venues, crossing networks, algorithmic trading technolo

42、gies, and aggregation providers.? While vendor-supplied platforms are dominant, many buy-side firms still use proprietary OMS platforms.ATS-Alternative Trading System? Propriety trading systems( principal trading)? Broker-dealer trading systems? ECNs- order matching systems that generally match limi

43、t orders.? SEC: ATS is permitted to register as an exchange or as a broker-dealer. Only one ATS has elected to become a registered Exchange-Archipelago.TCA-Transaction Cost Analysis? Transaction cost analysis tools analyze a firm s executions and compares them to otherexecutions during that period o

44、r day? TCA should be a scorecard that helps traders, portfolio mangers, and the firm to better understand how well they traded and their strategies for performance improvement.? The technology is still too immature to give an accurate estimate of trade cost.Order Types? Limit Risks? Speed of Executi

45、on? Price Improvement? Market TimingCUSIP:An identifier which is used for most US and Canadian securities.The nine character alphanumeric code that makes up the assigned CUSIP number reflects three different aspects of security. (Issuer s alphabetic sequence, rate, maturity date oclass, check digit)

46、CINSServes the same purpose as a CUSIP number but iden學(xué)習(xí)必備歡迎下載SEDOLIdentify securities trading on the International Stock Exchange in LondonISINOne universal security system worldwide.Fixed Income Key Terminologie固定受益的要點(diǎn)術(shù)語? Par Value -also know as “face value “ which is the value return to the inves

47、tor when the bond matures 票面價(jià)值 也稱為 面值”債券到期時(shí)投資者收到的價(jià)值? Discount / Premium -Bond prices that are traded below or above the par value 折扣溢? Coupon Interest Rate - Interest rate that the bond issuer promises to pay to the bondholder票面利率債券發(fā)行人承諾付給債券持有者的利率? Maturity - Due date of the bond for repayment 償還債券的

48、到期日期? Call Provision-Issuer s right to repay the loan earl#贖回? Spread Price difference between bid and ask rates 差價(jià)?Basis Point - One hundredth of a percentage point? Duration -A measure of the approximate sensitivity of a bond s value to rate changes持續(xù)時(shí)間一一近似的測量債券價(jià)值的變化靈敏度? Convexity An adjustment to

49、 duration on bond value sensitivity to large interest rate changes債券凸性Government Securities 國債? Government securities - The short- and long-term bonds the government sells to finance its expenditures.政府證券，政府出售短期和長期債券來融資支出。? Public sector generally faces a funds deficit. Bonds provide long-term finan

50、ce, but these tend to be supplemented by regular issues of short-term securities, either rolled-over regularly to finance part of the public debt or to cover temporary shortfalls in fiscal revenue.公共部門普遍面臨著 資金赤字。債券提供長期融資，但這些往往是輔以常規(guī)短期證券，可以定期提供部分公共債務(wù)，也可以彌補(bǔ)臨時(shí)財(cái)政收入的不足。Corporate Securities 業(yè)證券學(xué)習(xí)必備歡迎下載? Co

51、rporate debt market has been used to raise capital several times more than the equity market.集資幾倍于股票市場? A typical corporate issue is of the order of $100 million to $200 million, whereas a typical Treasury auction is of the order of $10 billion to $12 billion.1/100 國庫? Most cost corporate issues ten

52、d to have call features or sinking fund features.早贖回特性/償債基金亦稱減債基金，是指國家或 發(fā)行公司 為償還未到期 公債或公司債而 設(shè)置的專項(xiàng)基金? The corporate debt issues fall into three groups:1. Short maturities under a year are the money markets sector. The key corporate debt here is the commercial paper.1 年內(nèi)2. In the one- to five-year sec

53、tor are the medium-term notes. Floaters also fall in this group. 1-5年證券發(fā)行人3.Finally, longer maturities come under the corporate bonds classification.企業(yè)債券類型? High-Yield Debt.高收益?zhèn)頜unicipal Securities市政證券：? Municipal securities are issued by state and local governments.? Most municipal bonds outstandi

54、ng are tax-exempt.? Types and Features of Municipal SecuritiesGeneral Obligation Bonds is secured by the issuer s unlimited taxing powerRevenue Bonds is secured by the revenue of issuers, such as Airport Revenue Bonds, University Revenue Bonds, Hospital Revenue Bonds, Public Power Revenue Bonds.Asse

55、t-Backed Securitie疑產(chǎn)支持證券? Asset-backed securities (ABS) are bonds or notes collateralized by the cash flows from a specified pool of underlying assets.? The financial institutions that originate the loans sell a pool of cash-flow-producing assets to a specially created third party that is called a s

56、pecial-purpose vehicle (SPV). The SPV sells the pools loans to a trust, which issues interest-bearing securities that can achieve a credit rating separate from the financial institution that originates the loan.Mortgage Backed Securities 押貸款證券學(xué)習(xí)必備歡迎下載A MBS is an instrument whose cash flow depends on

57、 the cash flows of an underlying pool of mortgages such as the purchase of homes or other real estate. mbs 是一種工具，其 現(xiàn)金流取決于潛在的現(xiàn)金流池等抵押貸款購買房屋或其他不動(dòng)產(chǎn)。? Three types of MBS:一 Mortgage pass-through securities 抵押傳遞證券一 Collateralized mortgage obligations 抵押擔(dān)保證券一 Stripped mortgage-backed securities 本息分離抵押證券? Ke

58、y Associations 重要組織Government National Mortgage Association (GNMA) backed by the National Housing Act 1970Federal National Mortgage Association (FNMA)-Federal Home Loan Mortgage Corporation (FHLMC)Bond market:? The bond market is as the market for fixed income security that have maturities of more t

59、han one year.債券市場是固定收益證券期限超過一年的市場。Corporate Bond Rating:Moodym SAEbitdiAaaAAAAAA瓦aiAA+AA*垢2AAAAAA-AA-A-A+AAI0BB+EBB+Eaai3BfiH-日BB-tiaB8+BB+BBBB.BEBl6*BB3BElnel Del niLunGilt edge, prime, inaxnunVtrvhgh qudhtyUpper mediurn qr*deLeaver rnedum qradeRisk of Corporate BondSh 業(yè)債券? Credit Risk 信用-Default R

60、isk違約風(fēng)險(xiǎn)-Downgrade Risk 降級風(fēng)險(xiǎn)? Liquidity Risk流通風(fēng)險(xiǎn)指與缺乏流動(dòng)性之市場的相關(guān)交易的風(fēng)險(xiǎn)Economic Risk學(xué)習(xí)必備歡迎下載Interest Rate Risk 利率Bond Table:Column 1:Issuer This is the company, state, province or country that is issuing the bond. 發(fā) 行人Column 2:Coupon.The coupon refers to the fixed interest rate that the issuer pays to the