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CHAPTER7 MoneyMarkets
OverviewoftheMoneyMarketItiswhere–depositoryinstitutionsandotherbusinessesadjusttheirliquiditypositionsbyborrowingorinvestingforshortperiodoftime.theFederalReserveSystemconductsmonetarypolicy.theU.S.Treasuryfinancestheday-to-dayoperationsofthefederalgovernment2
OverviewoftheMoneyMarketShort-termdebtmarket-mostunder120days.Afewhighqualityborrowers.Manydiverseinvestors.InformalmarketcenteredinNewYorkCity.Standardizedsecurities--onesecurityisaclosesubstituteforanother.3
OverviewoftheMoneyMarket,cont.Goodmarketability-secondarymarket.Large,wholesaleopen-markettransactions.Manybrokersanddealersarecompetitivelyinvolvedinthemoneymarket.Paymentsinimmediatelyavailablefunds.Physicalpossessionofsecuritiesseldomoccurs-centralizedsafekeeping.4
MoneyMarketSecuritiesOutstandingCopyright?2012JohnWileySons,Inc5
EconomicRoleofMoneyMarket(MM)Themoneymarketisamarketforliquidity.LiquidityisstoredinMMbyinvestinginMMsecurities.LiquidityisboughtinMMbyissuingsecurities(borrowing).ProvidesaplaceforFed’sreservetransactions(openmarketoperations).Indicatorofeconomicconditions.6
CharacteristicsofMoneyMarketInstrumentsLowdefaultrisk.Shortmaturity.Highmarketability.Largewholesaledenominations.7
CharacteristicsofmoneymarketinstrumentsCopyright?2012JohnWileySons,Inc8
U.S.TreasuryBillsCharacteristicsIssuedbytheU.S.TreasuryDepartmentSoldondiscountbasis.Maturitiesuptooneyear.Minimumdenominationisusually$10,000,butsmallerinvestorscaninvestinmultiplesof$1,000throughtheTreasuryDirectProgramofferedbytheFed.Consideredfreeofdefaultrisk.Book-entrysecurities9
U.S.TreasuryBillsPricingTreasuryBillsTreasurybillsarepricedonabankdiscountratebasis,atraditionalyieldcalculation.Thebankdiscountyield,yd,is:10
U.S.TreasuryBillsTheWallStreetJournalrepor
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