国际金融市场主要交易工具.docxVIP

国际金融市场主要交易工具

▲TreasuryBills:T-billsrepresentthesimplestformofborrowing:Thegovernmentraisesmoneybysellingbillstopublic.

●Investorsbuythebillsatadiscountfromthestatedmaturityvalue.

●Atthebillsmaturity,theholderreceivesfromthegovernmentapaymentequaltothefacevalueofthebill.

●T-billswithinitialmaturitiesof91daysor182daysareissuedweekly.

▲certificatesofdeposit:CDisatimedepositwithabank.

●ThebankspayinterestandprincipaltothedepositoronlyattheendofthefixedtermoftheCD.

●CDsissuedindenominationsgreaterthan$100,000areusuallynegotiable.

●CDsaretreatedasbankdepositsbytheFederalDepositInsuranceCorporation.

▲CommercialPaper:Large,well-knowncompaniesoftenissuetheirownshort-termunsecureddebtnotesratherthanborrowdirectlyfrombanks.

●Commercialpaperisbackedbyabanklineofcredit.

●Commercialpapermaturitiesrangeupto270days.

▲Bankers’Acceptances:Abanker’sacceptancestartsasanordertoabankbyabank’scustomertopayasumofmoneyatafuturedate,typicallywithinsixmonths.

▲Eurodollars:Eurodollarsaredollar-denominateddepositsatforeignbanksorforeignbranchesofAmericanBanks.

▲Reposandreserves:Dealersingovernmentsecuritiesuserepurchaseagreements,alsocalled“repos”or“RPs”,asaformofshortterm,usuallyovernight,borrowing.

▲FederalFunds:Fundsinthebank’sreserveaccountarecalledfederalfunds.

▲Broker’sCalls:Individualswhobuystocksonmarginborrowpartofthefundstopayforthestocksfromtheirbroker.Thebrokerinturnmayborrowthefundsfromabank,agreeingtorepaythebankimmediately（oncall）ifthebankrequestsit.

●Theratepaidonsuchloansisusuallyabout1%higherthantherateonshort-termT-bills.

货币市场

▲国库券：国库券代表借款的最简洁形式：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