Andrew Chisholm's An Introduction to Capital Markets: Products, Strategies, PDF

By Andrew Chisholm

ISBN-10: 0471498661

ISBN-13: 9780471498667

This publication covers a vast diversity of latest monetary markets in below four hundred pages. the writer states prematurely that he has taught classes in this topic for years, and it rather indicates. His causes are crystal transparent, and the markets are awarded in a truly logical order and from a world prespective. moreover, the textual content is stuffed with many examples and case stories that actually reduction in figuring out. there are many formulation during this ebook, however the point of mathematical sophisticiation by no means is going past algbra.

Downsides? a piece dated and -- for the yank reader -- written in British English with a few of the examples in sterling. individually, I felt this gave the booklet a extra international style (or flavour) which appeared becoming given the topic.

A final notice, Amazon has the web page count number unsuitable. inspite of word list, this publication is lower than 450 pages.

Strongly steered for an individual attracted to worldwide finance both with an eye fixed in the direction of buying and selling monetary tools or simply to higher understanded the advanced underpinnings of the fashionable international monetary system.

An very good publication.

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

Example text

In a classic repo transaction: f a security is sold for cash to a counterparty; f with a simultaneous agreement that it will be repurchased on an agreed date in the future at the same price. 28 An Introduction to Capital Markets A classic repo deal involves drawing up a legal contract signed by both parties, although in developed markets the terms and conditions are often highly standardized. The repo market developed in the US but repos have become extremely common in financial markets around the world.

In one year the bank will collect the £1 million payment due from the importer for the goods. In the above example the 10% discount from the £1 million par or face value of the bill charged by the bank is not in fact the yield or return it earns by discounting the bill. The bank pays out £900,000 today and will receive £1 million in one year. 11% Clearly the bank must be earning more than 10% on the deal. If it invested £900,000 at 10% for one year it would only have £990,000 at the end of the period.

1 Quotation Method The key difference between Euro-CP and USCP is that Euro-CP is normally quoted on a yield basis and not using the traditional bank discount method employed for US Tbills and U SCP. D eals are normally also for spot rather than same-day settlement. Euro-CP Calculation We buy a Euro-CP issue maturing in 30 days. 18 REPOS AND REVERSES The expression ‘repo’ is shorthand for sale and repurchase agreement. In a classic repo transaction: f a security is sold for cash to a counterparty; f with a simultaneous agreement that it will be repurchased on an agreed date in the future at the same price.

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An Introduction to Capital Markets: Products, Strategies, Participants (The Wiley Finance Series) by Andrew Chisholm


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