🗊Презентация Market Organization and Structure

Категория: Экономика и Финансы
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Market Organization and Structure, слайд №1Market Organization and Structure, слайд №2Market Organization and Structure, слайд №3Market Organization and Structure, слайд №4Market Organization and Structure, слайд №5Market Organization and Structure, слайд №6Market Organization and Structure, слайд №7Market Organization and Structure, слайд №8Market Organization and Structure, слайд №9Market Organization and Structure, слайд №10Market Organization and Structure, слайд №11Market Organization and Structure, слайд №12Market Organization and Structure, слайд №13Market Organization and Structure, слайд №14Market Organization and Structure, слайд №15Market Organization and Structure, слайд №16Market Organization and Structure, слайд №17Market Organization and Structure, слайд №18Market Organization and Structure, слайд №19Market Organization and Structure, слайд №20Market Organization and Structure, слайд №21Market Organization and Structure, слайд №22Market Organization and Structure, слайд №23Market Organization and Structure, слайд №24Market Organization and Structure, слайд №25Market Organization and Structure, слайд №26Market Organization and Structure, слайд №27Market Organization and Structure, слайд №28Market Organization and Structure, слайд №29Market Organization and Structure, слайд №30Market Organization and Structure, слайд №31Market Organization and Structure, слайд №32Market Organization and Structure, слайд №33Market Organization and Structure, слайд №34
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Слайды и текст этой презентации

Слайд 1


Market Organization & Structure
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Market Organization & Structure

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What Are the Main Functions of the Financial System?
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What Are the Main Functions of the Financial System?

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How Are Markets Classified?
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How Are Markets Classified?

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Market Organization and Structure, слайд №4
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How Do Secondary Markets Support Primary Markets?
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How Do Secondary Markets Support Primary Markets?

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How Are Assets Classified?
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How Are Assets Classified?

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Market Organization and Structure, слайд №7
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Market Organization and Structure, слайд №8
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What Positions Can I Take in an Asset?
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What Positions Can I Take in an Asset?

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Market Organization and Structure, слайд №10
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Hedging with Forward Contracts Farmer needs TO SELL wheat to the miller at a future date.
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Hedging with Forward Contracts Farmer needs TO SELL wheat to the miller at a future date.

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Futures versus Forward Contracts
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Futures versus Forward Contracts

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Swap Contracts
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Swap Contracts

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Market Organization and Structure, слайд №14
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Option Positions and Their Underlying Risk Exposures
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Option Positions and Their Underlying Risk Exposures

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Repurchase agreements (REPO) Direct Repurchase Agreements (Direct REPO): one party sells securities to another with an agreement to repurchase them at a specified date and price Essentially a loan backed by securities A reverse REPO refers to the purchase of securities by one party from another with an agreement to sell them Transactions amounts are usually for $10 million or more Common maturities are from 1 day to 15 days and for one, three and six months There is no secondary market for repos
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Repurchase agreements (REPO) Direct Repurchase Agreements (Direct REPO): one party sells securities to another with an agreement to repurchase them at a specified date and price Essentially a loan backed by securities A reverse REPO refers to the purchase of securities by one party from another with an agreement to sell them Transactions amounts are usually for $10 million or more Common maturities are from 1 day to 15 days and for one, three and six months There is no secondary market for repos

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Insurance
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Insurance

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Credit Default Swaps (CDS)
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Credit Default Swaps (CDS)

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Market Organization and Structure, слайд №19
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Example of Securitization
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Example of Securitization

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Market Organization and Structure, слайд №21
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Terminology for Levered Positions
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Terminology for Levered Positions

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EXAMPLE: Computing Total Return to a Leveraged Stock Purchase A buyer buys stock on margin and holds the position for exactly one year, during which time the stock pays a dividend. For simplicity, assume that the interest on the loan and the dividend are both paid at the end of the year. Purchase price $20/share Sale price $15/share Shares purchased 1,000 Leverage ratio 2.5 Call money rate 5% Dividend $0.10/share Commission $0.01/share 1. What is the total return on this investment? 2. Why is the loss greater than the 25 percent decrease in the market price?
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EXAMPLE: Computing Total Return to a Leveraged Stock Purchase A buyer buys stock on margin and holds the position for exactly one year, during which time the stock pays a dividend. For simplicity, assume that the interest on the loan and the dividend are both paid at the end of the year. Purchase price $20/share Sale price $15/share Shares purchased 1,000 Leverage ratio 2.5 Call money rate 5% Dividend $0.10/share Commission $0.01/share 1. What is the total return on this investment? 2. Why is the loss greater than the 25 percent decrease in the market price?

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EXAMPLE: Margin Call Price A trader buys stock on margin posting 40 percent of the initial stock price of $20 as equity. The maintenance margin requirement for the position is 25 percent. Below what price will a margin call occur?  
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EXAMPLE: Margin Call Price A trader buys stock on margin posting 40 percent of the initial stock price of $20 as equity. The maintenance margin requirement for the position is 25 percent. Below what price will a margin call occur?  

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Compare and Contrast Execution, Validity, and Clearing Instructions
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Compare and Contrast Execution, Validity, and Clearing Instructions

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Execution instructions Execution instructions specify how to trade A MARKET ORDER instructs the broker to execute the trade immediately A LIMIT ORDER places a minimum execution price on sell orders and a maximum execution price on buy orders Execution instructions about volume of trade: all-or-nothing orders: execute only if the whole order can be filled. Orders can specify the minimum size of the trade Trade visibility can also be specified. Hidden orders are those for which only the broker or exchange knows the trade size Trades can also specify displace size, where some of the trade is visible to the market, but the rest is not (Iceberg orders)
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Execution instructions Execution instructions specify how to trade A MARKET ORDER instructs the broker to execute the trade immediately A LIMIT ORDER places a minimum execution price on sell orders and a maximum execution price on buy orders Execution instructions about volume of trade: all-or-nothing orders: execute only if the whole order can be filled. Orders can specify the minimum size of the trade Trade visibility can also be specified. Hidden orders are those for which only the broker or exchange knows the trade size Trades can also specify displace size, where some of the trade is visible to the market, but the rest is not (Iceberg orders)

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Limit Order Book: “26 Bid, Offered at 28”
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Limit Order Book: “26 Bid, Offered at 28”

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Validity Instructions
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Validity Instructions

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Stop Orders (Stop-Loss Orders)
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Stop Orders (Stop-Loss Orders)

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Execution Mechanisms
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Execution Mechanisms

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Order-Driven Markets
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Order-Driven Markets

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What Are the Characteristics of Well-Functioning Financial System?
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What Are the Characteristics of Well-Functioning Financial System?

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What Are the Objectives of Market Regulation?
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What Are the Objectives of Market Regulation?

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Summary Main functions of the financial system Classifications of assets and markets Financial intermediaries Long and short positions Leveraged positions Execution, validity, and clearing instructions Market and limit orders Primary and secondary markets Quote-driven, order-driven, and brokered markets Characteristics of a well-functioning market Objectives of market regulation
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Summary Main functions of the financial system Classifications of assets and markets Financial intermediaries Long and short positions Leveraged positions Execution, validity, and clearing instructions Market and limit orders Primary and secondary markets Quote-driven, order-driven, and brokered markets Characteristics of a well-functioning market Objectives of market regulation

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