Market(国际金融国家级课程上海金融学院)

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1、Click to edit Master title style,,Click to edit Master text styles,,Second level,,Third level,,Fourth level,,Fifth level,,*,,*,,单击此处编辑母版标题样式,,单击此处编辑母版文本样式,,第二级,,第三级,,第四级,,第五级,,,,*,Chapter 9International Financial Market,国际金融市场的概念：,国际间居民与非居民之间，非居民与非居民之间进行金融活动的场所和关系的总和。,International money market vs.

2、 International capital market;,International,security,market and stock market;,Traditional (on-shore) market and,off-shore,market;,,,,Formation of International financial market—Conditions:,Economic and political stability;,No strict exchange control, currency convertibility, and national treatment;

3、,Developed (mature) domestic financial market, and agglomeration of financial institutions;,Advanced facilities for international communication and location of easy transportation.,Rich in skilled and trained personnel and staff members.,,,Development of international financial market—1,Before,,Wor

4、ld War I,Center:,London,,Key Currency: Pound Sterling,,Bank of England dominated,,During and after World War I; 1914,~1931,Center:,London,,Sterling Bloc, Sterling Area,,Declining of British Dominance,After World War II; 1944,~1950,Center 1:,New York,;,Key Currency dollar,,both money and capital ma

5、rket,,Center 2:,Zurich,;,Foreign Exchange,,market and gold market,,Center 3:,London,;,,,Development of international financial market—2,1960s,Off-shore Dollar Market,: Escape control,,Euro-Dollar Market,;,Euro- Money Market,,London,, Paris, Frankfurt, Bruxelles, Amsterdam, Milan, Stockholm, Tokyo, M

6、ontreal,1970s,“Tax Haven” Off-shore Center,:,,Bahamas (,Nassau,), Grand Cayman (along Caribbean Sea), Luxembourg, Singapore,Late 1970s,Emerge of,Asian Financial Market,:,,Singapore,, Hong Kong, Thailand, Indonesia, The Philippines,,,Functions of,International,Financial Market,国际金融市场的,作用,：,离岸金融市场为各国筹

7、集资金提供了方便。尤其是,欧洲美元市场,的出现。,加速资本国际化，推动了国际贸易，为跨国公司的发展提供了条件。,资本流动自由化，是国际信贷，跨国银行业务也有长足发展。,与此同时，增大了各国政府对国际游资管理的难度。,,,,,International Financial Market,The bulk of the financial assets traded in the,money market,have a maturity of,less than a year,. However, active trading is carried on in documents of up to

8、 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 traded,,,International Money Market,国际,货币,市场包括如下三大市场：,银行短期,信贷,市场；,短期,证券,市场；,贴现,市场。,银行短期信贷市场,(1)国际银行,同业间,拆借或拆放；,(2)银行,对工商,企业提供短期信贷资金。,拆放利率是,伦敦银行同业拆

9、放利率(London Inter-bank Offered Rate, 略LIBOR),,,Short-term Security Market,短期证券市场(Security Market)包括：,短期国库券市场(,Treasury Bill,),: 它是西方国家财政部发行的短期债券。期限3,~6,个月，按票面金额折扣发行。到期按票面金额偿还。,可转让的银行定期存单(Negotiable Certificate of Deposit, 略CD),: 标准定额为100万美元以上，期限为1,~,12 月以上。可随时转让。,商业票据(Commercial Bill): 工商企业为筹集短期资金而开出

10、的票据,，可通过银行发行，按票面金额贴现的方式。,银行承兑票据(Bank Acceptance Bill),:,经银行承兑过的商业票据。有银行信誉，便宜流通。,,,Discount Market,贴现市场：对未到期票据按贴现方式进行融资的交易场所。,贴现的票据：政府国库券，短期债券，银行承兑票据及商业承兑票据。,贴现率高于银行贷款利率。,贴现行,再贴现Rediscount中央银行用于调节信贷和控制资金市场。,世界最大的贴现市场在伦敦。,,,International Capital Market,国际,资本,市场=银行,中长期信贷,市场+,证券,市场,,,,期限越长风险越大,采取,银团,

11、贷款需求者的,还债能力,。,The market in which residents of different countries trade assets is called the,international capital market,.,证券市场=新发行市场（初级）+二级市场（已发）,初级市场：在发行证券时，从规划，推销，承购等全阶段。,1年以上5年以内中期贷款,5年以上长期贷款,,,Secondary Market,二级市场,：狭义概念的证券市场。是证券转让，买卖和流通的场所。筹集社会闲散资金用于长期投资。为散户提供套期保值便利。,二级市场包括：,证券交易所；,经纪人；,证券商

12、；,证券管理机构,场内交易,：有场所，时间，种类限制，有一定准则和法规；有佣金。,场外交易,：没有中心场所，议价方式；方便。,,,Variety of securities issued in secondary market,,Treasury Notes,：中期国库券,Treasury Bonds,：长期国库券，随时可转让，但不到期不能兑换本金。,（比较：Treasury Bills：短期国库券）,Company,Bonds,：企业债券,Company,Stocks,：公司股票,Common Stocks：普通股,Preferred Stocks：优先股,,,,International

13、Gold Market,国际,五大,黄金市场,（固定场所）,London, New York, Zurich, Chicago, Hong Kong.,,黄金供给,黄金需求,1.南非等,黄金生产国,；,,2. IMF等,政府机构,，私人,抛售,的黄金；,,3.,其他,：美国，加拿大出售金币和Gold Certificate,1.,工业用金,：电子，首饰，牙科；,,2.,官方储备,资产：IMF, BIS, 各国中央银行；,,3.,私人,长藏金；,,,Gold Transactions,黄金贷款:,黄金互换交易Gold Swaps,:黄金持有者把金条转让给交易商，换取货币，在互换协议期满时，按约定

14、的远期价格购回黄金。,黄金期权，期货交易；,黄金担保Gold Warrants;,黄金杠杆合同Gold Leverage Contracts;,黄金存单Gold Depository Orders,,,Factors Affecting Gold Price,影响黄金价格变动的因素：,黄金供求关系；,通货膨胀,：世界性通货膨胀,货币贬值抢购黄金保值。,货币,利率,和汇率：利率 人们将手中货币存入银行获利息金价,国际政治因素：,,,Features of various gold markets,伦敦黄金市场 (Rothschild & Sond, Mocatta & Goldsm

15、id, Samuel Montagu & Co., Mase Westpac, Sharps Pixley),现货交易为主,苏黎世黄金市场 (Credit Suisse, Union Bank of Switzerland, Swiss Bank Corporation, Zurich Gold Pool),私人黄金存储中心,美国黄金市场 (The Commodities Exchange in New York, The Mercantile Exchange in Chicago),期货交易为主,香港黄金市场 时差优势,中东远东黄金分销结算中心,,,Euro Currency Marke

16、t--1,欧洲货币,并,非,指欧洲国家货币，而是指投在某种,货币发行国国境外,的银行所有的该种货币。又称“,离岸货币,”。在美国境外的银行所存贷的美元称为“欧洲美元”；在德国境外银行所存贷的马克称为“欧洲马克”。还有“欧洲日元”。,欧洲货币市场,是指,非居民互相之间,以银行为中介在某种,货币发行国国境之外,从事该种货币借贷的市场，即经营非居民的欧洲货币存贷活动的市场。又称,离岸或境外金融市场,。,,,Euro Currency Market--2,The growth of,offshore currency,trading has gone hand in hand with that of

17、,offshore banking,. An offshore deposit is simply a bank deposit denominated in a currency other than that of the country in which the bank resides—for example, yen deposits in a London bank or French franc deposits in Zurich. Many of the deposits traded in the foreign exchange market are offshore d

18、eposits. Offshore currency deposits are usually referred to as,Eurocurrencies,, something of a misnomer since much Eurocurrency trading occurs in such non-European centers as Singapore and Hong Kong. Dollar deposits located outside the United States are called,Eurodollars,.,,,Types of Euro Currency

19、Market,一体型,：境内与境外金融市场业务融为一体。离岸资金可随时转换为在岸资金（国内资金）。在岸资金也可随时转为离岸资金。,香港，伦敦,。,分离型,：境内与境外业务分开，居民与非居民的存贷业务分开。以隔绝国际游资对本国货币存量和宏观经济影响。美国(International Banking Facility)，,东京，新加坡,。,簿记型,（走帐型）：纯属为逃避税收和管制，为其他金融市场交易进行记帐或划帐。,巴哈马拿骚,,,What will a advanced financial center like?,国外居民的金融储蓄,国外居民的投资消费借款,国内居民的金融储蓄,国内居民的投资消

20、费借款,国内金融市场,国际（离岸）金融市场,,,Growth of Euro-Currency Market—Chinese version 1,欧洲美元市场,形成的原因,：,苏联在欧洲的存款。,1957苏联把出口所获美元存入法国银行（因为朝鲜战争美国冻结中国在美的资产）。,英国政府对英镑使用的限制。,为绕开管制，英国商业银行则利用美元存款贷给国际贸易商。美国境外经营美元存放款业务的资金市场在伦敦出现。,美国当局对国内银行活动的限制。,为限制美元外流，1963美国政府的Interest Equalization Tax, Regulation Q; 1965 Voluntary Foreign

21、 Credit Restrain Guideline等促使美国银行把美元转移到海外和欧洲。,,,Growth of Euro-Currency Market—Chinese version 2,4.,欧洲国家货币可兑换性的恢复。,1958年以后美元可以在欧洲地区自由流通。,5.,石油输出国组织的石油提价后的石油美元回流。,1973,~1976,期间,OPEC,在欧洲欧洲货币市场上的存款猛增100,540亿美元。主要贷给石油进口国。,6.,欧洲国家对非居民本币存款的限制,（到收利息）。为了对付美元危机对本国经济的影响。,,,Growth of Euro-Currency Market—Engl

22、ish version 1,Eurodollars 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 balances or to borrow dollars. Europeans often found it cheaper and more convenient to deal with lo

23、cal 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, British banks began financing the same trade by attracting dollar deposits and lending dollars in

24、stead 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.,,,Growth of Euro-Currency Market—English version 2,During the 1950s, the Soviet Union acquired dollar (lar

25、gely 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,.,The Eurodollar system mushroomed in the 1960s as a result of,new U.S. restrictions on

26、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 confiscation. Instead, these countries,placed funds with Eurobanks,.,,,Supply and Demand of Eur

27、odollars,资金来源,资金运用,1.美国商业性国际银行,,2.各国跨国公司和大工商企业,,3.各国政府和中央银行,,,4.石油输出国组织,,5.国际清算银行和欧洲投资银行,,6.派生存款,,1.,,2.各国跨国公司和大工商企业,,3.苏联与东欧对西方的负债,,4.非产油发展中国家,,5.国际性大银行和商业银行,,6.外汇投机,,,“Charm” of Eurocurrency Market,最自由,：超国家无国籍；不仅不管制，而且鼓励（对非居民的外币资金交易允许免缴存款准备金）。,金额大：,银行同业间的批发市场；一般为数万,~,十亿美元。,利差小：,存款利率较高，放款利率较低；没有存款利

28、率最高额及法定准备金限制。,范围广：,币种多；规模大。,中心多：,只要能吸引国际间投资商和借款人的地方都可以成为离岸金融中心。,,,Example of Eurocurrency Interest Rate,,,Raising funds in Eurocurrency Market,欧洲货币市场业务：,欧洲短期信贷,： 主要是一年以内的银行同业间的资金拆借（信贷）市场。由于中国可以利用的可能性较小，所以,省略,。,国际银团贷款,：中国,香港地区的地铁,的建造就是利用国际银团贷款的成功先例。（教材第291页）将详细介绍。,欧洲债券,：在,国际债券,市场中介绍。,,,International

29、Consortium Loan,国际银团贷款(Consortium Loan; Syndicated Loan),国际银团贷款是由一家或几家银行,牵头,，,联合,几家甚至几十家国际银行,组成一个银团共同向某客户或某工程进行贷款,的融资方式。,特点：,期限较长,；（5,~,20年）还有宽限期Grace Period,贷款数额较大,；千万,~,数亿美元,借款人要提供担保,；一般要政府，中央银行，大商业银行等提供担保,贷款选择性和针对性较强,。对工程项目评估调查,,,Prospect of Eurocurrency Market—Chinese version 1,欧洲货币市场的存在有利有弊,它是国

30、际经济一体化发展的产物。也是各国对银行的管理内外不对称而导致的。每一个国家都想利用它（获得融资和银行利润）同时也害怕它对本国国内金融业的冲击（使本国的货币政策失灵）。,1981年美国政府也批准了美国银行在美国本土进行欧洲货币业务。开放了,国际银行业务设施(IBF)。,,,Prospect of Eurocurrency Market—Chinese version 2,国际银行业务设施(IBF):,允许美国银行和在美国的外国银行,吸收,外国居民，外国银行和公司，美国在国外的公司的存款， 而无须缴纳存款准备金，也不受存款利率最高额的限制。同时允许,贷款给,外国居民，外国企业及美国的国外附属公司，

31、但,贷款必须用于美国境外。,,,Prospect of Eurocurrency Market—English version 1,Eurocurrency 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 d

32、eposits are heavily 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,.,,,Prospect of Eurocurrency Market—English version 2,Freedom from reserve requirements,is probably the most important regulat

33、ory factor that makes 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.,,,Prospect of Eurocurrency Market—English version 3,In 1981, the Fed allow

34、ed resident banks to 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,I

35、BF,is prohibited from 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.,,,Asian Offshore Currency Markets--1,Many countries intend to,lure lucrative,internation

36、al banking business to their 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.,,,Asian Offshore Currency Markets--2,亚洲货币市场的,形

37、成,和发展,1968.10.1,为标志该市场诞生。美国银行,新加坡,分行获准在银行内部设立一个,亚洲货币单位(Asian Currency Unit),。批准16家银行经营离岸金融业务。吸收存款3.9亿美元。,1978,香港,开始亚洲美元的争夺业务。1982,取消外币存款利息收入15%的预扣税,。将全世界欧洲美元存款吸引过来。（马尼拉的离岸业务1977开始）,1986.12.1,东京,离岸金融市场,模拟美国的国际银行业务设施(IBF),并且有,日元国际化,后盾的支持。,,,Of Samurai and Sushi: IOpening Japan’s Financial Markets,Sta

38、rting in the late 1970s the Japanese began to,liberalize 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. Specifical

39、ly,,a wider range of direct foreign investments in Japan was sanctioned,. Japanese residents were given greater freedom to purchase foreign assets, and restrictions on foreign issues of bonds within Japan were relaxed.,,,Of Samurai and Sushi: IIOpening Japan’s Financial Markets,In February 1986 the

40、 first foreign members of the Tokyo Stock Exchange took their 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 Jap

41、anese business.,,,Of Samurai and Sushi: IIIOpening Japan’s Financial Markets,Closer 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

42、foreign currencies rather than in yen, they are called,shogun,bonds. Foreign currency bonds issued abroad by Japanese residents are known as,sushi,bonds. Finally, yen bonds issued in the United States by Japanese residents don’t have a catchy Japanese name. These obligations, first issued in 1985,

43、 are called,Yankee yen,bonds.,,,Asian currency market,Special features:,交易额,的90%以上是,美元,。存款净额仅为整个欧洲市场的9%。,以,短期借贷,为主的市场。（实际上是银行同业间市场。）,时差,上填补欧洲和美洲。（形成,全球24小时运转,的金融服务网。）,政府诱导,而形成。（以新加坡政府为代表 ）,东京,已发展成为仅次於伦敦和纽约的世界第三大金融中心。世界金融,三足鼎立,。,,,,International Bond Market--1,国际债券市场,国际债券,:一国政府,金融机构或企业在国际金融市场上,以外国货币为

44、面值,发行的债券。,由于对发行者和投资者都有好处，国际金融市场证券化趋势在加强。,,,International Bond Market--2,国际债券的类型,按,发行方式,划分：,公募债券,(,Public Offering Bond,)：在证券市场上公开销售；通过国际认可的债券信用评定机构的评级；借款人公布自己各项情况。,私募债券,(,Private Placement Bond,)：私下向限定的投资者发行；债券不能上市转让；债券利率高于公募债券利率。无需债券信用评定机构评级；发行者也无需公布自己情况。,,,International Bond Market--3,按是否以,发行地所在国货

45、币为面值,划分：,外国债券,(,Foreign Bond,)：借款人在其本国以外某一国家发行的，以发行地所在国货币为面值的债券。发行必须经发行的所在国政府比准。在日本发行的外国债券(日元),,武士债券(Samurai Bond),；在美国发行的美元债券,洋基债券(Yankee Bond),；在英国发行的英镑债券,猛犬债券(Bulldog),。,欧洲债券,(,Euro-bond,)：借款者在债券票面货币发行国以外或在该国的离岸金融市场发行的债券。它的发行不受任何国家金融法规的管辖。例如，,中国在日本市场发行的美元债券,。,,,International Bond Market—4Engl

46、ish version,Foreign Bond,: Bond sold,outside,the country of the borrower,,but in,the country of the currency in which the bond is denominated. 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

47、 issue in the Swiss capital market, underwritten by a Swiss syndicate and denominated in Swiss francs. The bond issue is sold to investors in the Swiss capital market, where it will be quoted and traded.,,,International Bond Market—5English version,Euro-bond,: Bond denominated in the borrowers’ cur

48、rency but,sold outside,the country of the borrower, usually by an international syndicate. The Euro-bond market, although centered in Europe, is,truly international,in the sense that the underwriting syndicates comprise investment bankers from a number of countries, the bonds are sold to investors a

49、round the world, and floatations are not governed by national regulations.,,,International Bond Market--6,按利率确定划分,（,详细见教材第305页,）,固定利率债券,浮动利率债券,无息票债券,按可转换性划分,直接债券,可兑股债券,附认股权债券,可转让贷款证券,按发行货币划分,双重货币债券,欧洲货币单位债券,,,按短期票据种类划分,非承销欧洲商业票据,多成分票据便利,承销欧洲票据便利,展期承销票据便利,,,Censoring process of issuance,Step 1,: 借款者到

50、证券交易委员会,注册登记,，提交各种证明文件；经审查批准后，才能取得债券发行资格。,Step 2,: 债券发行管理机关对,借款者资格审查,：,担保证书,：要由政府，大企业，银行出出具保证书。,债信审查,： 调查发行人在历史上有无拖欠的 未偿清债务或债务诉讼纠纷。,发行经验,：,发行间隔,：同一发行人在1年中不得发行2-3次。避免偿债高峰集中。,信用评级,：对借款人经济实力作出信用评价。,,,Credit Grading--1,国际证券评级机构(authorized, designated),美国标准普尔公司,Standard and Poor’s Corp.,穆迪投资服务公司Moody’s

51、Investment Service,加拿大债券级别服务公司,英国艾克斯特尔统计服务公司,日本社债研究所,美国德发公司,,,Credit Grading—2,AAA,信用好 投资安全,AA,,A,,BBB,信用还可以，所在国政局和经济有突变能,BB,有风险,B,有风险,CCC,有风险,CC,有风险,C,有风险,,,Credit Grading—3,穆迪投资服务公司Moody’s Investment Service,1995年将中国的独资商业银行的信用评级降为E级。,,,Skipping-over parts for self-study,,,Financial Future Market,期

52、货交易,：在有组织的期货交易所以,公开竞价的方式,进行,标准化合同,的买卖。这种标准化合约称为,期货合约(Futures Contract),。虽然某商品需在规定的未来某日期交割，但到期进行实物交割的不足5%。,金融期货交易,：期货交易的,商品,是,金融资产,。这种资产一般为外汇，股票，有息金融资产，和黄金（有实物形态）等。,金融期货市场,：是一个,有形,市场；并有一定的规章制度。,,,Financial Future Market in U.S.,芝加哥商品交易所的国际货币市场,[,International Money Market (IMM) of Chicago Mercantile

53、Exchange (CME),],1972.5,外汇期货交易,,1974.12,黄金期货交易,,1975.10,抵押存款证,,1977.8,长期国库券,,1977.9,90天商业票据,,1979.5,30天商业票据,,1979.6,中期国库券,,1981.4,股票指数期货,堪萨斯农产品交易所,1981.2,股票指数,交易,纽约期货交易所,1981.5,股票指数交易,,,Standardized,,Market of FF,交易,对象,—标准化金融商品（价格，收益率，数量均资性，标准性和不变性）,交易,单位,—规范化（合同面额很大 ）,受付,期限,—规格化（3个月,~2,年半）,买卖,价格,—,

54、公开喊价,（竞价，高效率）,,,Comparison between “Futures Contract” & “Forward Contract”—1,金融期货交易合同,远期交易合同,交易,,交易受付期，单位规格化后，只需确定数量和价格。,交易过程简单,。,各个项目没有规范化；交易量和交割日都可以议定。,交易过程协调难度较大,。,市场,,具体有形,。场内交易,抽象无形,。银行间电讯,,,Comparison between “Futures Contract” & “Forward Contract”—2,金融期货交易合同,远期交易合同,,方式,,,交易所经纪人,公开喊价,。,,最终由交易各

55、方通过电话，电传，电脑,直接成交,。,风险,,,因交易对方是清算所，,没有信用风险,因直接成交，,有信用风险,,保证金,,,需缴存保证金，,保证金多退少补，形成现金流。,不需缴纳保证金，,也无现金流。,,,,Comparison between “Futures” & “Option”,期货,期权,期限标准化,买方一定要在规定的期限内行使权力，过期作废。,保证金是,合约金额的百分比,。,,买方或卖方的利润和风险是相同的。,保险费premium:,一笔固定金额。,,买方最大的损失是premium; 风险有限；利润无限。,,卖方是利润有限premium；风险无限。,,,Transactions

56、in Future Market,金融期货的套期保值,：,同时,在,现货,市场和,期货,市场上做,数量相等,而,方向相反,的交易。,,期货交易所,现货市场：将收,,到美元购买日元,期货市场：买入,,3个月日元期货合,,约，到期后抛出,情况1；准备3个月后拿美元投资购买日元债券,情况2：预测3个月后日元要升值,+,–,对冲,,,Process and Circles of Transaction,客 户,经纪公司,经纪公司在交易所的代表,场内,经纪人,清算所,下达指令,通知,入市交易,送交易单,回复指令,回复指令,回复指令,发出保证书,,,Various Swap Transactions,互

57、换交易,:一种双方商定在经过,一段时间后,彼此,交换支付,的金融工具。,它是一种金融工具的创新。,More flexible to meet various financial demands.,demands,Supply,转移汇率和利率,,转移信用风险,,用新技术来提高交易的流动性,,竞争使金融机构创造新的工具获得客户,,电讯和信息技术进步使得设计出复杂工具,,银行资产负债表外交易需要,,,Intermediator & market-maker,,银行,中介人,市场创造者,需求方,供给方,,安排和担保,安排和担保,Various Swaps,,,Purpose of Swap Trans

58、action,互换交易的作用（或称目的）,利率互换,管理利率风险（浮动利率债务转换成固定利率债务，,降低利率风险,，延长债券到期日）,套头机会较便宜融资方式（在不同的金融市场上互换）,进入市场为无法筹资的金融机构取得进入借债市场的机会。,,,Variety of Swaps,,互换交易的方式：,利率,互换 Interest Rate Swap,基础,利率互换 Basic Rate Swap,固定,利率货币互换 Fixed Rate Currency Swap,货币,利率交叉互换 Cross-currency,,,相同货币,不同货币,,,Interest Rate Swap-1,市场利率,

59、利率,,后,投资净收益,损失,利率,,后,投资净收益,损失,利率互换产生的原因,,,Interest Rate Swap-2,,绝对优势,相对优势,,,A方,B方,比较成本,信用等级,AAA,BBB,,借入资金,$50000000,$50000000,,固定,利率筹资成本,11,½%,14%,2,½%,浮动,利率筹资成本,LIBOR,LIBOR+1%,1%,净差,,,1,½%,,,Interest Rate Swap-3,A 方,B 方,固定利率资金市场,11,½%,浮动利率资金市场,LIBOR+1%,固定利率,LIBOR,互换,,,Interest Rate Swap-4,假定A方与B方

60、谈判确定固定利率：,,,Interest Rate Swap-5,A方使其浮动利率成本从：LIBOR,,LIBOR,–0.75%,B方使其固定利率成本从：14%,,13.25%,假定中介银行获利50基点: 0.5% (由A方和B方平摊),A方使其浮动利率成本从：LIBOR,,LIBOR,–0.75%+0.25%,B方使其固定利率成本从：14%,,13.25%+0.25%,A方使其浮动利率成本从：LIBOR,,LIBOR,–0.5%,B方使其固定利率成本从：14%,,13. 5%,,A方,B方,中介银行,固定利率资金市场,11.5%,浮动利率资金市场,LIBOR+1%,12.25%

61、,12.25%,LIBOR+0.25%,LIBOR,–0.25%,,,Interest Rate Swap-6,终结,互换交易,定义：两个借款人由于存在,信用等级差别,，筹资成本不同，负债结构各异，为了,避免利率风险,或调整和改善资产负债结构，利用各自在金融市场,筹资的相对优势,进行,债务互换,，,不涉及本金实际转移,，故称为互换交易。,,,Basic Rate Swap—1,基础利率,互换：,不同期限,的基础,浮动汇率,的金融凭证之间的利率互换。 （教材第329页例）,,A银行,中介银行,客户,B银行,,向客户融资3个月LIBOR,持有1个月商业票据,1个月商业票据,3个月LIBOR,3个月

62、LIBOR,,,Self-Studies of the Rest of Swaps,,固定利率货币互换交易Fixed Rate Currency Swap,货币利率交叉互换交易,Cross-currency Interest Swap,其他互换方式,Other forms of Swaps,资产互换,Asset Swaps,远期互换,Forward Swap,分期偿还互换,Amortizing Swap,零息债券互换A Zero-coupon Swap,互换期权,An Option on a Swap,指数互换,An Index Swap,多边互换,A Multi-legged Swap,,,

63、Global Integration of Financial Markets,Integration,: The bringing of 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 p

64、ut under,international control,.,Boundless,:Being without boundaries or limits;,infinite,.,,,Financial Globalization at Momentum,Multinational companies,,Multinational banks,. (investment drive, after service),Cost reduction ,IT and telecommunication,made global financial operation available and p

65、ossible.,Deregulation inducement, “Tax Haven”, relaxation of “interest ceiling” and so on.,Financial innovation  Newly financial tools to cater for various demand.,Securitization,gives an impetus to financial globalization,,,Deregulation vs. Regulation,,,Maximum Profit,Most Efficient: Best allocat

66、ion of capital in the world.,Promote and finance international trade,Deregulation will facilitate the process of global integration.,,,Increase of risks and disorder,Impotent in domestic financial policy,Regulation is necessary: Interest ceiling; reserve requirement and so on,,,,Basle Committee--1,In response to the 1974 banking crises, central bank heads from,11,industrialized countries set up a group called,Basel Committee,whose job was achieve “a better co-ordination of the surveillance exer