Market(國際金融國家級課程上海金融學(xué)院)

1、Chapter 9International Financial Market國際金融市場的概念：國際間居民與非居民之間，非居民與非居民之間進(jìn)行金融活動的場所和關(guān)系的總和。International money market vs. International capital market;International security market and stock market;Traditional (on-shore) market and off-shore market;1Formation of International financial marketConditions:E

2、conomic and political stability;No strict exchange control, currency convertibility, and national treatment;Developed (mature) domestic financial market, and agglomeration of financial institutions;Advanced facilities for international communication and location of easy transportation.Rich in skille

3、d and trained personnel and staff members. 2Development of international financial market1Before World War ICenter: LondonKey Currency: Pound SterlingBank of England dominated During and after World War I; 19141931Center: LondonSterling Bloc Sterling AreaDeclining of British DominanceAfter World War

4、 II; 19441950Center 1: New York; Key Currency dollar both money and capital marketCenter 2: Zurich; Foreign Exchange market and gold marketCenter 3: London; 3Development of international financial market21960sOff-shore Dollar Market: Escape control Euro-Dollar Market; Euro- Money MarketLondon, Paris

5、, Frankfurt, Bruxelles, Amsterdam, Milan, Stockholm, Tokyo, Montreal1970s“Tax Haven” Off-shore Center:Bahamas (Nassau), Grand Cayman (along Caribbean Sea), Luxembourg, SingaporeLate 1970sEmerge of Asian Financial Market:Singapore, Hong Kong, Thailand, Indonesia, The Philippines4Functions of Internat

6、ional Financial Market國際金融市場的作用：離岸金融市場為各國籌集資金提供了方便。尤其是歐洲美元市場的出現(xiàn)。加速資本國際化，推動了國際貿(mào)易，為跨國公司的發(fā)展提供了條件。資本流動自由化，是國際信貸，跨國銀行業(yè)務(wù)也有長足發(fā)展。與此同時，增大了各國政府對國際游資管理的難度。5International Financial MarketThe bulk of the financial assets traded in the money market have a maturity of less than a year. However, active trading is c

7、arried on in documents of up to five years maturity. Anything above five years is pretty much the domain of the investors in the capital markets where these longer-term securities are traded6International Money Market國際貨幣市場包括如下三大市場：銀行短期信貸市場；短期證券市場；貼現(xiàn)市場。銀行短期信貸市場 (1)國際銀行同業(yè)間拆借或拆放； (2)銀行對工商企業(yè)提供短期信貸資金。 拆

8、放利率是倫敦銀行同業(yè)拆放利率(London Inter-bank Offered Rate, 略LIBOR)7Short-term Security Market短期證券市場(Security Market)包括：短期國庫券市場(Treasury Bill): 它是西方國家財政部發(fā)行的短期債券。期限36個月，按票面金額折扣發(fā)行。到期按票面金額償還?？赊D(zhuǎn)讓的銀行定期存單(Negotiable Certificate of Deposit, 略CD) : 標(biāo)準(zhǔn)定額為100萬美元以上，期限為112 月以上。可隨時轉(zhuǎn)讓。商業(yè)票據(jù)(Commercial Bill): 工商企業(yè)為籌集短期資金而開出的票據(jù)，

9、可通過銀行發(fā)行，按票面金額貼現(xiàn)的方式。銀行承兌票據(jù)(Bank Acceptance Bill): 經(jīng)銀行承兌過的商業(yè)票據(jù)。有銀行信譽(yù)，便宜流通。8Discount Market貼現(xiàn)市場：對未到期票據(jù)按貼現(xiàn)方式進(jìn)行融資的交易場所。貼現(xiàn)的票據(jù)：政府國庫券，短期債券，銀行承兌票據(jù)及商業(yè)承兌票據(jù)。貼現(xiàn)率高于銀行貸款利率。貼現(xiàn)行再貼現(xiàn)Rediscount中央銀行用于調(diào)節(jié)信貸和控制資金市場。世界最大的貼現(xiàn)市場在倫敦。9International Capital Market國際資本市場=銀行中長期信貸市場+證券市場期限越長風(fēng)險越大采取銀團(tuán)貸款需求者的還債能力。The market in which res

10、idents of different countries trade assets is called the international capital market.證券市場=新發(fā)行市場（初級）+二級市場（已發(fā)）初級市場：在發(fā)行證券時，從規(guī)劃，推銷，承購等全階段。1年以上5年以內(nèi)中期貸款5年以上長期貸款10Secondary Market二級市場：狹義概念的證券市場。是證券轉(zhuǎn)讓，買賣和流通的場所?；I集社會閑散資金用于長期投資。為散戶提供套期保值便利。二級市場包括：證券交易所；經(jīng)紀(jì)人；證券商；證券管理機(jī)構(gòu)場內(nèi)交易：有場所，時間，種類限制，有一定準(zhǔn)則和法規(guī)；有傭金。場外交易：沒有中心場所，議

11、價方式；方便。11Variety of securities issued in secondary market Treasury Notes：中期國庫券Treasury Bonds：長期國庫券，隨時可轉(zhuǎn)讓，但不到期不能兌換本金。（比較：Treasury Bills：短期國庫券）Company Bonds：企業(yè)債券Company Stocks：公司股票Common Stocks：普通股Preferred Stocks：優(yōu)先股12International Gold Market國際五大黃金市場（固定場所）London, New York, Zurich, Chicago, Hong Kong

12、.黃金供給黃金需求1.南非等黃金生產(chǎn)國；2. IMF等政府機(jī)構(gòu)，私人拋售的黃金；3. 其他：美國，加拿大出售金幣和Gold Certificate1.工業(yè)用金：電子，首飾，牙科；2.官方儲備資產(chǎn)：IMF, BIS, 各國中央銀行；3.私人長藏金；13Gold Transactions黃金貸款:黃金互換交易Gold Swaps:黃金持有者把金條轉(zhuǎn)讓給交易商，換取貨幣，在互換協(xié)議期滿時，按約定的遠(yuǎn)期價格購回黃金。黃金期權(quán)，期貨交易；黃金擔(dān)保Gold Warrants;黃金杠桿合同Gold Leverage Contracts;黃金存單Gold Depository Orders14Factors

13、Affecting Gold Price影響黃金價格變動的因素：黃金供求關(guān)系；通貨膨脹：世界性通貨膨脹貨幣貶值搶購黃金保值。貨幣利率和匯率：利率 人們將手中貨幣存入銀行獲利息金價國際政治因素：15Features of various gold markets倫敦黃金市場 (Rothschild & Sond, Mocatta & Goldsmid, Samuel Montagu & Co., Mase Westpac, Sharps Pixley) 現(xiàn)貨交易為主蘇黎世黃金市場 (Credit Suisse, Union Bank of Switzerland, Swiss Bank Corp

14、oration, Zurich Gold Pool) 私人黃金存儲中心美國黃金市場 (The Commodities Exchange in New York, The Mercantile Exchange in Chicago) 期貨交易為主香港黃金市場 時差優(yōu)勢中東遠(yuǎn)東黃金分銷結(jié)算中心16Euro Currency Market-1歐洲貨幣并非指歐洲國家貨幣，而是指投在某種貨幣發(fā)行國國境外的銀行所有的該種貨幣。又稱“離岸貨幣”。在美國境外的銀行所存貸的美元稱為“歐洲美元”；在德國境外銀行所存貸的馬克稱為“歐洲馬克”。還有“歐洲日元”。歐洲貨幣市場是指非居民互相之間以銀行為中介在某種貨幣發(fā)

15、行國國境之外從事該種貨幣借貸的市場，即經(jīng)營非居民的歐洲貨幣存貸活動的市場。又稱離岸或境外金融市場。17Euro Currency Market-2The growth of offshore currency trading has gone hand in hand with that of offshore banking . An offshore deposit is simply a bank deposit denominated in a currency other than that of the country in which the bank residesfor ex

16、ample, yen deposits in a London bank or French franc deposits in Zurich. Many of the deposits traded in the foreign exchange market are offshore deposits. Offshore currency deposits are usually referred to as Eurocurrencies, something of a misnomer since much Eurocurrency trading occurs in such non-

17、European centers as Singapore and Hong Kong. Dollar deposits located outside the United States are called Eurodollars.18Types of Euro Currency Market一體型：境內(nèi)與境外金融市場業(yè)務(wù)融為一體。離岸資金可隨時轉(zhuǎn)換為在岸資金（國內(nèi)資金）。在岸資金也可隨時轉(zhuǎn)為離岸資金。香港，倫敦。分離型：境內(nèi)與境外業(yè)務(wù)分開，居民與非居民的存貸業(yè)務(wù)分開。以隔絕國際游資對本國貨幣存量和宏觀經(jīng)濟(jì)影響。美國(International Banking Facility)，東京，新

18、加坡。簿記型（走帳型）：純屬為逃避稅收和管制，為其他金融市場交易進(jìn)行記帳或劃帳。巴哈馬拿騷19What will a advanced financial center like?國外居民的金融儲蓄國外居民的投資消費(fèi)借款國內(nèi)居民的金融儲蓄國內(nèi)居民的投資消費(fèi)借款國內(nèi)金融市場國際（離岸）金融市場20Growth of Euro-Currency MarketChinese version 1歐洲美元市場形成的原因：蘇聯(lián)在歐洲的存款。1957蘇聯(lián)把出口所獲美元存入法國銀行（因?yàn)槌r戰(zhàn)爭美國凍結(jié)中國在美的資產(chǎn)）。英國政府對英鎊使用的限制。為繞開管制，英國商業(yè)銀行則利用美元存款貸給國際貿(mào)易商。美國境外經(jīng)

19、營美元存放款業(yè)務(wù)的資金市場在倫敦出現(xiàn)。美國當(dāng)局對國內(nèi)銀行活動的限制。為限制美元外流，1963美國政府的Interest Equalization Tax, Regulation Q; 1965 Voluntary Foreign Credit Restrain Guideline等促使美國銀行把美元轉(zhuǎn)移到海外和歐洲。21Growth of Euro-Currency MarketChinese version 24. 歐洲國家貨幣可兌換性的恢復(fù)。1958年以后美元可以在歐洲地區(qū)自由流通。5. 石油輸出國組織的石油提價后的石油美元回流。19731976期間OPEC在歐洲歐洲貨幣市場上的存款猛增1

20、00540億美元。主要貸給石油進(jìn)口國。6. 歐洲國家對非居民本幣存款的限制（到收利息）。為了對付美元危機(jī)對本國經(jīng)濟(jì)的影響。22Growth of Euro-Currency MarketEnglish version 1Eurodollars were born in the late 1950s, a response to the needs generated by a growing volume of international trade. European firms involved in trade frequently wished to hold dollar balan

21、ces or to borrow dollars. Europeans often found it cheaper and more convenient to deal with local banks familiar with their circumstances.In 1957, the British government prohibited British banks from lending pounds to finance non-British trade. In order to avoid losing this lucrative business, Briti

22、sh banks began financing the same trade by attracting dollar deposits and lending dollars instead of pounds. The British government took a laissez-faire attitude toward foreign currency activities. As a result, London became-and has remained-the leading center of Eurocurrency trading.23Growth of Eur

23、o-Currency MarketEnglish version 2During the 1950s, the Soviet Union acquired dollar (largely through sales of gold and other raw materials). It feared the U.S. might confiscate dollars placed in American bands if the Cold War were to heat up. So instead, Soviet dollars were placed in European banks

24、.The Eurodollar system mushroomed in the 1960s as a result of new U.S. restrictions on capital outflows and U.S. banking regulations.Arab members of OPEC accumulated vast wealth as a result of the oil shocks, but reluctant to place most of their money in American banks for fear of possible confiscat

25、ion. Instead, these countries placed funds with Eurobanks.24Supply and Demand of Eurodollars資金來源資金運(yùn)用1.美國商業(yè)性國際銀行2.各國跨國公司和大工商企業(yè)3.各國政府和中央銀行4.石油輸出國組織5.國際清算銀行和歐洲投資銀行6.派生存款1.2.各國跨國公司和大工商企業(yè)3.蘇聯(lián)與東歐對西方的負(fù)債4.非產(chǎn)油發(fā)展中國家5.國際性大銀行和商業(yè)銀行6.外匯投機(jī)25“Charm” of Eurocurrency Market最自由：超國家無國籍；不僅不管制，而且鼓勵（對非居民的外幣資金交易允許免繳存款準(zhǔn)備金）。

26、金額大：銀行同業(yè)間的批發(fā)市場；一般為數(shù)萬十億美元。利差?。捍婵罾瘦^高，放款利率較低；沒有存款利率最高額及法定準(zhǔn)備金限制。范圍廣：幣種多；規(guī)模大。中心多：只要能吸引國際間投資商和借款人的地方都可以成為離岸金融中心。26Example of Eurocurrency Interest Rate27Raising funds in Eurocurrency Market歐洲貨幣市場業(yè)務(wù)：歐洲短期信貸： 主要是一年以內(nèi)的銀行同業(yè)間的資金拆借（信貸）市場。由于中國可以利用的可能性較小，所以省略。國際銀團(tuán)貸款：中國香港地區(qū)的地鐵的建造就是利用國際銀團(tuán)貸款的成功先例。（教材第291頁）將詳細(xì)介紹。歐洲債券

27、：在國際債券市場中介紹。28International Consortium Loan國際銀團(tuán)貸款(Consortium Loan; Syndicated Loan)國際銀團(tuán)貸款是由一家或幾家銀行牽頭，聯(lián)合幾家甚至幾十家國際銀行組成一個銀團(tuán)共同向某客戶或某工程進(jìn)行貸款 的融資方式。特點(diǎn)：期限較長；（520年）還有寬限期Grace Period貸款數(shù)額較大；千萬數(shù)億美元借款人要提供擔(dān)保；一般要政府，中央銀行，大商業(yè)銀行等提供擔(dān)保貸款選擇性和針對性較強(qiáng)。對工程項(xiàng)目評估調(diào)查29Prospect of Eurocurrency MarketChinese version 1歐洲貨幣市場的存在有利有弊

28、它是國際經(jīng)濟(jì)一體化發(fā)展的產(chǎn)物。也是各國對銀行的管理內(nèi)外不對稱而導(dǎo)致的。每一個國家都想利用它（獲得融資和銀行利潤）同時也害怕它對本國國內(nèi)金融業(yè)的沖擊（使本國的貨幣政策失靈）。1981年美國政府也批準(zhǔn)了美國銀行在美國本土進(jìn)行歐洲貨幣業(yè)務(wù)。開放了國際銀行業(yè)務(wù)設(shè)施(IBF)。30Prospect of Eurocurrency MarketChinese version 2國際銀行業(yè)務(wù)設(shè)施(IBF):允許美國銀行和在美國的外國銀行吸收外國居民，外國銀行和公司，美國在國外的公司的存款， 而無須繳納存款準(zhǔn)備金，也不受存款利率最高額的限制。同時允許貸款給外國居民，外國企業(yè)及美國的國外附屬公司，但貸款必須用于

29、美國境外。31Prospect of Eurocurrency MarketEnglish version 1Eurocurrency benefited governments discriminate between deposits denominated in the home currency and those denominated in others and between transactions with domestic customers and those with foreign customers. Domestic currency deposits are h

30、eavily regulated as a way of maintaining control over the domestic money supply, while banks are given much more freedom in their dealings in foreign currencies.32Prospect of Eurocurrency MarketEnglish version 2Freedom from reserve requirements is probably the most important regulatory factor that m

31、akes Eurocurrency trading attractive to banks and their customers. Eurodollar deposits are available in shorter maturities than the corresponding time deposits banks are allowed to issue in the United States.33Prospect of Eurocurrency MarketEnglish version 3In 1981, the Fed allowed resident banks to

32、 set up international banking facilities (IBFs) in the United States for the purpose of accepting time deposits and making loans to foreign customers. IBFs are not subject to reserve requirements or interest rate ceilings, and they are exempt from state and local taxes. But an IBF is prohibited from

33、 accepting deposits from or lending money to U.S. residents. Technically speaking, a dollar deposit in an IBF is not a Eurodollar because the IBF resides physically within the United States.34Asian Offshore Currency Markets-1Many countries intend to lure lucrative international banking business to t

34、heir shores while trying to insulate domestic financial systems from the banks international activities. Similar international banking enclaves in the Asian Currency Units of Singapore, Hong Kong and the Tokyo Offshore Market.35Asian Offshore Currency Markets-2亞洲貨幣市場的形成和發(fā)展1968.10.1為標(biāo)志該市場誕生。美國銀行新加坡分行

35、獲準(zhǔn)在銀行內(nèi)部設(shè)立一個亞洲貨幣單位(Asian Currency Unit)。批準(zhǔn)16家銀行經(jīng)營離岸金融業(yè)務(wù)。吸收存款3.9億美元。1978香港開始亞洲美元的爭奪業(yè)務(wù)。1982取消外幣存款利息收入15%的預(yù)扣稅。將全世界歐洲美元存款吸引過來。（馬尼拉的離岸業(yè)務(wù)1977開始）1986.12.1東京離岸金融市場模擬美國的國際銀行業(yè)務(wù)設(shè)施(IBF)并且有日元國際化后盾的支持。36Of Samurai and Sushi: IOpening Japans Financial MarketsStarting in the late 1970s the Japanese began to liberali

36、ze the capital account by removing restrictions on foreign purchases of domestic assets. In Many 1984, under American pressure, the U.S. Treasury and Japanese Ministry of Finance agreed o a long list of further liberalization measures. Specifically, a wider range of direct foreign investments in Jap

37、an was sanctioned. Japanese residents were given greater freedom to purchase foreign assets, and restrictions on foreign issues of bonds within Japan were relaxed.37Of Samurai and Sushi: IIOpening Japans Financial MarketsIn February 1986 the first foreign members of the Tokyo Stock Exchange took the

38、ir seats. And at the end of 1986 the Japanese opened an offshore banking market in Tokyo, in which Japanese as well as foreign banks can operate as long as they observe a strict separation between their foreign business and any domestic Japanese business.38Of Samurai and Sushi: IIIOpening Japans Fin

39、ancial MarketsCloser contact between the Japanese and foreign financial cultures has spawned some colorful terminology. Yen-denominated bonds issued in Japan by nonresidents are called samurai bonds. When these bonds are denominated in foreign currencies rather than in yen, they are called shogun bo

40、nds. Foreign currency bonds issued abroad by Japanese residents are known as sushi bonds. Finally, yen bonds issued in the United States by Japanese residents dont have a catchy Japanese name. These obligations, first issued in 1985, are called Yankee yen bonds.39Asian currency marketSpecial feature

41、s:交易額的90%以上是美元。存款凈額僅為整個歐洲市場的9%。以短期借貸為主的市場。（實(shí)際上是銀行同業(yè)間市場。）時差上填補(bǔ)歐洲和美洲。（形成全球24小時運(yùn)轉(zhuǎn)的金融服務(wù)網(wǎng)。）政府誘導(dǎo)而形成。（以新加坡政府為代表 ）東京已發(fā)展成為僅次於倫敦和紐約的世界第三大金融中心。世界金融三足鼎立。40International Bond Market-1國際債券市場國際債券:一國政府,金融機(jī)構(gòu)或企業(yè)在國際金融市場上以外國貨幣為面值發(fā)行的債券。由于對發(fā)行者和投資者都有好處，國際金融市場證券化趨勢在加強(qiáng)。41International Bond Market-2國際債券的類型按發(fā)行方式劃分：公募債券(Public

42、 Offering Bond)：在證券市場上公開銷售；通過國際認(rèn)可的債券信用評定機(jī)構(gòu)的評級；借款人公布自己各項(xiàng)情況。私募債券(Private Placement Bond)：私下向限定的投資者發(fā)行；債券不能上市轉(zhuǎn)讓；債券利率高于公募債券利率。無需債券信用評定機(jī)構(gòu)評級；發(fā)行者也無需公布自己情況。42International Bond Market-3按是否以發(fā)行地所在國貨幣為面值劃分：外國債券(Foreign Bond)：借款人在其本國以外某一國家發(fā)行的，以發(fā)行地所在國貨幣為面值的債券。發(fā)行必須經(jīng)發(fā)行的所在國政府比準(zhǔn)。在日本發(fā)行的外國債券(日元)武士債券(Samurai Bond)；在美國發(fā)行

43、的美元債券洋基債券(Yankee Bond)；在英國發(fā)行的英鎊債券猛犬債券(Bulldog)。歐洲債券(Euro-bond)：借款者在債券票面貨幣發(fā)行國以外或在該國的離岸金融市場發(fā)行的債券。它的發(fā)行不受任何國家金融法規(guī)的管轄。例如，中國在日本市場發(fā)行的美元債券。43International Bond Market4English versionForeign Bond: Bond sold outside the country of the borrower, but in the country of the currency in which the bond is denominat

44、ed. The bond is underwritten by local institutions and is issued under the regulations prevalent in that country. For example, a U.S. company might float a bond issue in the Swiss capital market, underwritten by a Swiss syndicate and denominated in Swiss francs. The bond issue is sold to investors i

45、n the Swiss capital market, where it will be quoted and traded.44International Bond Market5English versionEuro-bond: Bond denominated in the borrowers currency but sold outside the country of the borrower, usually by an international syndicate. The Euro-bond market, although centered in Europe, is t

46、ruly international in the sense that the underwriting syndicates comprise investment bankers from a number of countries, the bonds are sold to investors around the world, and floatations are not governed by national regulations.45International Bond Market-6按利率確定劃分（詳細(xì)見教材第305頁）固定利率債券浮動利率債券無息票債券按可轉(zhuǎn)換性劃分

47、直接債券可兌股債券附認(rèn)股權(quán)債券可轉(zhuǎn)讓貸款證券按發(fā)行貨幣劃分雙重貨幣債券歐洲貨幣單位債券按短期票據(jù)種類劃分非承銷歐洲商業(yè)票據(jù)多成分票據(jù)便利承銷歐洲票據(jù)便利展期承銷票據(jù)便利46Censoring process of issuanceStep 1: 借款者到證券交易委員會注冊登記，提交各種證明文件；經(jīng)審查批準(zhǔn)后，才能取得債券發(fā)行資格。Step 2: 債券發(fā)行管理機(jī)關(guān)對借款者資格審查：擔(dān)保證書：要由政府，大企業(yè)，銀行出出具保證書。債信審查： 調(diào)查發(fā)行人在歷史上有無拖欠的 未償清債務(wù)或債務(wù)訴訟糾紛。發(fā)行經(jīng)驗(yàn)：發(fā)行間隔：同一發(fā)行人在1年中不得發(fā)行2-3次。避免償債高峰集中。信用評級：對借款人經(jīng)濟(jì)實(shí)力作出

48、信用評價。 47Credit Grading-1國際證券評級機(jī)構(gòu)(authorized, designated)美國標(biāo)準(zhǔn)普爾公司Standard and Poors Corp.穆迪投資服務(wù)公司Moodys Investment Service加拿大債券級別服務(wù)公司英國艾克斯特爾統(tǒng)計(jì)服務(wù)公司日本社債研究所美國德發(fā)公司48Credit Grading2AAA信用好 投資安全AAABBB信用還可以，所在國政局和經(jīng)濟(jì)有突變能BB有風(fēng)險B有風(fēng)險CCC有風(fēng)險CC有風(fēng)險C有風(fēng)險49Credit Grading3穆迪投資服務(wù)公司Moodys Investment Service1995年將中國的獨(dú)資商業(yè)銀行的

49、信用評級降為E級。50Skipping-over parts for self-study51Financial Future Market期貨交易：在有組織的期貨交易所以公開競價的方式進(jìn)行標(biāo)準(zhǔn)化合同的買賣。這種標(biāo)準(zhǔn)化合約稱為期貨合約(Futures Contract)。雖然某商品需在規(guī)定的未來某日期交割，但到期進(jìn)行實(shí)物交割的不足5%。金融期貨交易：期貨交易的商品是金融資產(chǎn)。這種資產(chǎn)一般為外匯，股票，有息金融資產(chǎn)，和黃金（有實(shí)物形態(tài)）等。金融期貨市場：是一個有形市場；并有一定的規(guī)章制度。52Financial Future Market in U.S.芝加哥商品交易所的國際貨幣市場Intern

50、ational Money Market (IMM) of Chicago Mercantile Exchange (CME)1972.5外匯期貨交易1974.12黃金期貨交易1975.10抵押存款證1977.8長期國庫券1977.990天商業(yè)票據(jù)1979.530天商業(yè)票據(jù)1979.6中期國庫券1981.4股票指數(shù)期貨堪薩斯農(nóng)產(chǎn)品交易所1981.2股票指數(shù)交易紐約期貨交易所 1981.5股票指數(shù)交易53Standardized Market of FF交易對象標(biāo)準(zhǔn)化金融商品（價格，收益率，數(shù)量均資性，標(biāo)準(zhǔn)性和不變性）交易單位規(guī)范化（合同面額很大 ）受付期限規(guī)格化（3個月2年半）買賣價格公開喊價

51、（競價，高效率）54Comparison between “Futures Contract” & “Forward Contract”1金融期貨交易合同遠(yuǎn)期交易合同交易交易受付期，單位規(guī)格化后，只需確定數(shù)量和價格。交易過程簡單。各個項(xiàng)目沒有規(guī)范化；交易量和交割日都可以議定。交易過程協(xié)調(diào)難度較大。市場具體有形。場內(nèi)交易抽象無形。銀行間電訊55Comparison between “Futures Contract” & “Forward Contract”2金融期貨交易合同遠(yuǎn)期交易合同方式交易所經(jīng)紀(jì)人公開喊價。最終由交易各方通過電話，電傳，電腦直接成交。風(fēng)險因交易對方是清算所，沒有信用風(fēng)險因直

52、接成交，有信用風(fēng)險保證金需繳存保證金，保證金多退少補(bǔ)，形成現(xiàn)金流。不需繳納保證金，也無現(xiàn)金流。56Comparison between “Futures” & “Option”期貨期權(quán)期限標(biāo)準(zhǔn)化買方一定要在規(guī)定的期限內(nèi)行使權(quán)力，過期作廢。保證金是合約金額的百分比。買方或賣方的利潤和風(fēng)險是相同的。保險費(fèi)premium:一筆固定金額。買方最大的損失是premium; 風(fēng)險有限；利潤無限。賣方是利潤有限premium；風(fēng)險無限。57Transactions in Future Market金融期貨的套期保值：同時在現(xiàn)貨市場和期貨市場上做數(shù)量相等而方向相反的交易。期貨交易所現(xiàn)貨市場：將收到美元購買日元

53、期貨市場：買入3個月日元期貨合約，到期后拋出情況1；準(zhǔn)備3個月后拿美元投資購買日元債券情況2：預(yù)測3個月后日元要升值+對沖58Process and Circles of Transaction 客 戶 經(jīng)紀(jì)公司經(jīng)紀(jì)公司在交易所的代表場內(nèi)經(jīng)紀(jì)人清算所下達(dá)指令通知入市交易送交易單回復(fù)指令回復(fù)指令回復(fù)指令發(fā)出保證書59Various S互換交易:一種雙方商定在經(jīng)過一段時間后彼此交換支付的金融工具。它是一種金融工具的創(chuàng)新。More flexible to meet various financial demands.demandsSupply轉(zhuǎn)移匯率和利率轉(zhuǎn)移信用風(fēng)險用新技術(shù)來提高交易的流動性競爭使

54、金融機(jī)構(gòu)創(chuàng)造新的工具獲得客戶電訊和信息技術(shù)進(jìn)步使得設(shè)計(jì)出復(fù)雜工具銀行資產(chǎn)負(fù)債表外交易需要60Intermediator & market-maker 銀行中介人市場創(chuàng)造者需求方供給方安排和擔(dān)保安排和擔(dān)保Various Swaps61Purpose of S互換交易的作用（或稱目的）利率互換管理利率風(fēng)險（浮動利率債務(wù)轉(zhuǎn)換成固定利率債務(wù)，降低利率風(fēng)險，延長債券到期日）套頭機(jī)會較便宜融資方式（在不同的金融市場上互換）進(jìn)入市場為無法籌資的金融機(jī)構(gòu)取得進(jìn)入借債市場的機(jī)會。62Variety of Swaps 互換交易的方式：利率互換 Interest Rate Swap基礎(chǔ)利率互換 Basic Rate

55、 Swap固定利率貨幣互換 Fixed Rate Currency Swap 貨幣利率交叉互換 Cross-currency相同貨幣不同貨幣63Interest Rate Swap-1市場利率利率后投資凈收益損失利率后投資凈收益損失利率互換產(chǎn)生的原因64Interest Rate Swap-2絕對優(yōu)勢相對優(yōu)勢A方B方比較成本信用等級AAABBB借入資金$50000000$50000000固定利率籌資成本11%14%2%浮動利率籌資成本LIBORLIBOR+1%1%凈差1%65Interest Rate Swap-3A 方B 方固定利率資金市場11%浮動利率資金市場LIBOR+1%固定利率LIB

56、OR互換66Interest Rate Swap-4假定A方與B方談判確定固定利率：67Interest Rate Swap-5A方使其浮動利率成本從：LIBORLIBOR0.75%B方使其固定利率成本從：14%13.25%假定中介銀行獲利50基點(diǎn): 0.5% (由A方和B方平攤)A方使其浮動利率成本從：LIBORLIBOR0.75%+0.25%B方使其固定利率成本從：14%13.25%+0.25%A方使其浮動利率成本從：LIBORLIBOR0.5%B方使其固定利率成本從：14%13. 5%A方B方中介銀行固定利率資金市場11.5%浮動利率資金市場LIBOR+1%12.25%12.25%LIB

57、OR+0.25%LIBOR0.25%68Interest Rate Swap-6終結(jié)互換交易定義：兩個借款人由于存在信用等級差別，籌資成本不同，負(fù)債結(jié)構(gòu)各異，為了避免利率風(fēng)險或調(diào)整和改善資產(chǎn)負(fù)債結(jié)構(gòu)，利用各自在金融市場籌資的相對優(yōu)勢進(jìn)行債務(wù)互換，不涉及本金實(shí)際轉(zhuǎn)移，故稱為互換交易。69Basic Rate Swap1基礎(chǔ)利率互換：不同期限的基礎(chǔ)浮動匯率的金融憑證之間的利率互換。 （教材第329頁例）A銀行中介銀行客戶B銀行向客戶融資3個月LIBOR持有1個月商業(yè)票據(jù)1個月商業(yè)票據(jù)3個月LIBOR3個月LIBOR70Self-Studies of the Rest of Swaps固定利率貨幣互

58、換交易Fixed Rate Currency Swap貨幣利率交叉互換交易Cross-currency Interest Swap其他互換方式Other forms of Swaps資產(chǎn)互換Asset Swaps遠(yuǎn)期互換Forward Swap分期償還互換Amortizing Swap零息債券互換A Zero-coupon Swap互換期權(quán)An Option on a Swap指數(shù)互換An Index Swap多邊互換A Multi-legged Swap71Global Integration of Financial MarketsIntegration: The bringing of

59、people of different racial or ethnic groups into unrestricted and equal association, as in society or an organization; desegregation.Globalization: To make global or worldwide in scope or application.Internationalization: To put under international control.Boundless:Being without boundaries or limit

60、s; infinite.72Financial Globalization at MomentumMultinational companies Multinational banks. (investment drive, after service)Cost reduction IT and telecommunication made global financial operation available and possible.Deregulation inducement “Tax Haven”, relaxation of “interest ceiling” and so o