Download An Introduction to Capital Markets: Products, Strategies, by Andrew Chisholm PDF

By Andrew Chisholm

ISBN-10: 0471498661

ISBN-13: 9780471498667

This booklet covers a wide variety of up to date monetary markets in under four hundred pages. the writer states prematurely that he has taught classes in this topic for years, and it quite exhibits. His reasons are crystal transparent, and the markets are offered in a really logical order and from a world prespective. moreover, the textual content is stuffed with many examples and case reports that truly reduction in knowing. there are many formulation during this booklet, however the point of mathematical sophisticiation by no means is going past algbra.

Downsides? a section dated and -- for the yankee reader -- written in British English with a few of the examples in sterling. in my view, I felt this gave the publication a extra worldwide style (or flavour) which appeared becoming given the topic.

A final word, Amazon has the web page count number mistaken. regardless of thesaurus, this ebook is below 450 pages.

Strongly prompt for an individual drawn to international finance both with a watch in the direction of buying and selling monetary tools or simply to raised understanded the advanced underpinnings of the fashionable international monetary system.

An first-class e-book.

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Read or Download An Introduction to Capital Markets: Products, Strategies, Participants (The Wiley Finance Series) PDF

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Additional resources for An Introduction to Capital Markets: Products, Strategies, Participants (The Wiley Finance Series)

Example text

Because of the advent of the euro, trading in formerly active currency pairs such as the Deutschemark against the French franc has ended. Some of the slack has been taken up by trading in emerging markets currencies such as the Polish zloty and the South African rand. The professional F X market is an over-the-counter market. In other words, deals are made directly between market participants over the telephone or using electronic networks such as the Reuters system, and there is no physical marketplace or exchange.

1 21 Credit ratings for money market paper S&P Moody’s A1 + A1 A2 A3 P1 P2 P3 So urce: R atings agencies. The highest rated paper is at the top of the list, the lowest at the bottom. Because of the short-term nature of the securities being evaluated the agencies focus on assessing the cash flow-generating ability of the issuer — how likely or otherwise it is that the paper will be repaid at maturity in 30 or so days’ time. The concern is normally not so much with the risk of outright bankruptcy as with liquidity risk — the danger that the issuer may not have enough cash to redeem all the paper at maturity.

Money dealers working for major banks provide liquidity to the market by continuously taking in deposits and making loans (also known as ‘placements’). Borrowers can also raise funds directly from investors by issuing short-term debt securities which are tradable in secondary markets. We look at key domestic money markets and also at the international market for funds, known as the Eurocurrency market. A domestic market is one in which funds are borrowed and lent in the domestic currency, subject to the authority of the central bank.

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