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

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By Andrew Chisholm

This booklet offers a finished creation to the worldwide capital markets, explaining the most important tools utilized in the markets and their sensible functions. Containing a number of illustrations and examples it explains how every one product or software is established, the way it is utilized in perform, what the main hazards are and the way those are monitored and regulated. An creation to Capital Markets is a perfect source for these eager to know the way the worldwide capital markets function.

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

Sample text

The actual calendar number of days from spot to maturity is calculated as 93 days. 067 × 93/360 = $173,083. Sterling uses an actual/365 convention. The actual/360 convention has some interesting side effects. For example, suppose a bank decides to borrow $10 million for a full year (365 days) at a rate of (say) 7% . 07 × 365/360 = $709,722 The borrower has to pay an extra five days in interest ($9722) because of the day count convention. e. without compounding. 15 EUROCURRENCY CERTIFICATES OF DEPOSIT A Eurocurrency certificate of deposit (CD) is created when funds are deposited with a bank.

In the 20 An Introduction to Capital Markets case of a corporate borrower the funds are typically used to finance operating costs and working capital requirements. USCP Quotation U SCP is quoted on a bank discount basis in the same way as U S Treasury bills, so that the yield or return is understated by the quoted rate. 1 Settlement and Dealers Settlement in the USCP market is normally the same day as purchase. Issuers often roll over USCP on maturity — that is, they issue new paper to redeem the maturing instruments.

50% by 365/360, or in a leap year 366/360. 17 EURO-COMMERCIAL PAPER Euro-commercial paper (ECP) is issued in the international Euromarkets (primarily in London) rather than in a domestic money market such as the US. ECP issues are shortterm, unsecured, bearer securities sold by major corporations with maturities ranging from one week to one year. The market took off in London in the 1980s. It is now a substantial and active market. The main buyers are institutional investors seeking higher returns than they can achieve on Treasury bills, through a flexible investment that is available with a variety of maturities.

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