金融英语课件2
2) They also perform For example, the money=> market broker brings together the vital task of putting actual lenders the lender who has money to and borrowers in spare with the borrower who touch with each other. wants it temporarily. By obviating the need for individual borrowers or lenders to search out counterparts themselves, the brokers substantially reduce transactions costs.
investment trusts：信托投资公司 venture capital companies：风险投资公司
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Most people also know something about financial markets, like the Stock Exchange where securities are bought and sold, though comparatively few are directly concerned with their activities.
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Financial system
The composition of Financial system:
Everyone has some contact with the financial system. We are all aware of financial institutions like banks, building societies, and insurance companies, each providing in its own way for some of our everyday needs.
In between lie the financial institutions and markets.
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Ensuring that money flows smoothly from savers through institutions and/or markets to investors is an important function of the financial system.
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brokers and advisers：
In a competitive financial system (like that in Britain) institutions compete for business in broadly construed “markets” for saving and lending business, they seek to attract funds from savers and supply funds to borrowers.
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In addition they provide a variety of specific services which savers and borrowers value in their own right.
financial intermediaries; brokers and advisers; regulators
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Savers and investors： The end-users of the financial system are the savers, whose current spending is less than their income and who have money available to lend to ots, who want to borrow money in order to buy capital goods or increase the scale of their business, as well as other borrowers who want to spend more than their incomes.
be aware of
: 了解
For example, payments facilities through banks, convenient savings and access to home loans from building societies, and car, house, or life insurance.
Chapter 2
Financial system
The teaching purpose of this chapter
The student will learn about the functions of the financial system the participants in the financial system the financial intermediaries and their respective functions
All these financial institutions and markets fit together into a network which comprises the financial system.
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Financial intermediaries are institutions which attempt to serve the needs of both lenders and borrowers. Savers wish to hold their savings-for example bank deposits-frequently differ from the ways in which borrowers would like to obtain their funds-for example long-term loans. Financial intermediaries are often able to reconcile these divergent requirements.
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The participants in the financial system: savers;
investors and other borrowers;
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1) Brokers and advisers provide information to participants in the markets, and attempt to ensure that lenders and borrowers, buyers and sellers, have the facts they need to strike a fair bargain.
corporate finance（公司理财）:Financial decisions regarding fund raising, business expansion, mergers and acquisitions ,financial planning, cash management and so on.
in their own right = based on their own needs
Examples are money transmission facilities and advice on corporate finance in the case of banks, life assurance cover in the case of insurance companies.
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Other financial institutions, such as investment trusts, venture capital companies, and discount houses-to name only a few-are less well-known and carry out more specialized functions.
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金融英语2
– Commercial Paper (CP) (商業本票) (商業本票)
WellWell-known companies often issue their own short-term shortunsecured debt notes, CP, directly to the public, rather than borrowing from the banks (direct vs. indirect finance) CP maturities ranges up to 270 days CP is quite liquid and considered to be a fairly safe asset The yield on CP depends on its time to maturity and 2-7 credit rating
Money Market Instruments
– Repurchase Agreements (repos) (RPs) and Reverse RPs (附買回 (附賣回) 協定) (附買回 附賣回) 協定)
ShortShort-term sales of government securities with an agreement to repurchase the securities at a higher price Dealers in government securities use repos as a form of shortshort-term, usually overnight, borrowing, in which the government securities serve as collaterals for the loan In a reverse repo, the dealer buys government securities from an investor and promise to resell them at a specified higher price on the future date
金融英语课件part two
3. *Fit and proper test for directors and senior managers: management: competence, integrity and qualification. 4. *Financial projections including capital capital: start-up costs, early operational loss; further capital support.
C. Basle Committee’s Requirements on Bank Licensing* 1. *Ownership structure----controlling shareholders’ business, integrity and capital strength. 2. *Operating plan, systems of control and internal organization: Operating plan: target market, strategy on operation; Internal control: corporate governance, “four eyes” principles.
5. Prior approval from the home country supervisor when the proposed owner is a foreign bank. 6. Transfer of a bank’s share 7. Major acquisition or investments by a bank
II. Licensing Process
A. Phases of the Process:
金融英语课件2
be aware of
: 了解
For example, payments facilities through banks, convenient savings and access to home loans from building societies, and car, house, or life insurance.
There are other important but less familiar financial markets, like the money market in which large sums are borrowed and lent for very short periods, and the foreign exchange market in which dealings in foreign currencies take place.
and the investors, who want to borrow money in order to buy capital goods or increase the scale of their business, as well as other borrowers who want to spend more than their incomes.
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In addition they provide a variety of specific services which savers and borrowers value in their own right.
金融市场与金融机构英文课件 (2)
– The Bank Balance Sheet – Basics of Banking – General Principles of Bank Management – Off-Balance Sheet Activities – Measuring Bank Performance
The Bank Balance Sheet
The Bank Balance Sheet: Assets (b)
• Securities: these are either U.S. government/agency debt, municipal debt, and other (non-equity) securities. These m Short-term Treasury debt is often referred to as secondary reserves because of its high liquidity.
• Banks invest these liabilities (sources) into assets (uses) in order to create value for their capital providers
The Bank Balance Sheet
• The next slide shows the aggregate balance sheet for all commercial banks as of 2007. We will then step through each item, discussing each in detail.
• The Balance Sheet is a list of a bank’s assets and liabilities
The Bank Balance Sheet
The Bank Balance Sheet: Assets (b)
• Securities: these are either U.S. government/agency debt, municipal debt, and other (non-equity) securities. These m Short-term Treasury debt is often referred to as secondary reserves because of its high liquidity.
• Banks invest these liabilities (sources) into assets (uses) in order to create value for their capital providers
The Bank Balance Sheet
• The next slide shows the aggregate balance sheet for all commercial banks as of 2007. We will then step through each item, discussing each in detail.
• The Balance Sheet is a list of a bank’s assets and liabilities
金融英语Chapter2
❖ Businesses demand loanable funds to invest in long-term (fixed) and short-term assets. The quantity of funds demanded by businesses depends on the number of business project to be implemented. Businesses evaluate a project by comparing the present value of its cash flows to its initial investment, as follows:
• In addition, the market values of securities (such as bonds) held by depository institutions or nondepository institutions are affected as well. Thus, managers of financial institutions attempt to anticipate interest rate movements so that they can capitalize on favorable movements or reduce their institution’s exposure to unfaverable movements.
❖For example, if tax rates on household income are expected to significantly decrease in the future, households might believe that they can more easily afford future loan repayment and thus be willing to borrow more funds. For any interest rate, the quantity of loanable funds demanded by households would be greater as a result of tax law adjustment. This represents an outward shift in the demand schedule.
• In addition, the market values of securities (such as bonds) held by depository institutions or nondepository institutions are affected as well. Thus, managers of financial institutions attempt to anticipate interest rate movements so that they can capitalize on favorable movements or reduce their institution’s exposure to unfaverable movements.
❖For example, if tax rates on household income are expected to significantly decrease in the future, households might believe that they can more easily afford future loan repayment and thus be willing to borrow more funds. For any interest rate, the quantity of loanable funds demanded by households would be greater as a result of tax law adjustment. This represents an outward shift in the demand schedule.
金融专业英语课件Part Ⅱ Financial Institutions and Their Operations
Either of a payment order, mail advice or debit advice must be authenticated with tested key or the authorized signatures of the remitting bank. It instructs the paying bank to pay a certain sum of money to the beneficiary. Upon receipt of the payment order, the paying bank verifies the tested key or the authorized signature, notifies the beneficiary, pays to him and claims reimbursement from the remitting bank. In practice, the remitting bank credits the account for the paying bank in the remitting bank. 3. Demand Draft(D/D) Draft demand is often used when the customer wants to transfer the funds to his beneficiary by himself. The remitter will make a written request of issuance to the remitting bank. Then the remitting bank debits the remitter‟s account, issues a bank draft and forwards it to the remitter who may send or carry it abroad to the payee. Upon receipt of the draft, the payee can either present it for payment to the drawee‟s bank or sell it to his own bank crediting his account. The drawee‟s bank verifies the signature, pays the draft and claims back the amount paid in accordance with its agency arrangement with the remitting bank.
金融英语ppt02
Financial English 2014
Structure
I. Introduction II. Quota system; III. Gold holding IV. Lending capacity; V. Borrowing arrangement; VI. Concession lending and debt relief.
Quota and voting power
Financial English 2014
◄ ►●
China and the IMF
China has enjoyed a close working relationship with the IMF ever since it resumed its membership in the IMF in 1980. Over the past years, (the IMF has, by providing loans, consulting annually, aiding technologically and training personnel), provided valuable policy advice to the Chinese government on a variety of challenging situations we confronted in the course of developing a socialist market economy in China. Financial relations Since 1981, due to temporary economic difficulties, China has twice used IMF credits -- in 1981 and in 1986. The credits under these arrangements have been fully repaid by the end of 1991.
《金融专业英语》课件-Chapter 2 Financial Institutions
More about commercial banks
Commercial banks make a number of decisions, including: (1) பைடு நூலகம்he interest rates they will pay to “borrow” or “hire” funds from depositors; (2) The types of deposits they will offer the public; (3) The interest rates they will charge to lend funds to borrowers; (4) The types of loans they will make (5) The types of securities they will acquire.
✓ Bank holding companies （银行控股公司） Commercial banks in the modern forms can be bank holding companies or financial holding companies. A bank holding company is a corporation that owns several firms, at least one of which is a bank. If the holding company owns one bank, it is called a onebank holding company 单一银行控股公司. If it owns more than one, it is called, not surprisingly, a multi-bank holding company多银行控股公司. ✓ Financial holding companies （金融控股公司） A financial holding company can offer a complete range of financial services, many of which were previously prohibited.
金融专业英语(第二版)课件：Structured Finance
同等信用评级的公司债券和结构化金融产品分层面对的系统性 风险是不同的，这些优先层级将在经济形势系统性变坏之时遭 受更大的损失。 因为单个公司债券所面对的风险包括其发行者 自身的独有风险，而优先层的独有风险已经在构建资产池的过 程中被分散化了，它所面对的风险几乎全部是系统性风险。
MBS的结构化拆分——“部分”or“分层”（即tranche）
MBS发行者从银行和金融公司购买了大量按揭贷款后，形成资产池，
并以资产池未来现金流来偿还投资者利息和本金。由于对同一MBS的投资
者中有人担忧按揭贷款被提前偿还，而另一部分希望尽可能早收回投资的
投资者却面临延长风险。因此发行人把MBS分为不同的“部分(tranche)”，
每个TRANCHE代表了对同一MBS 按揭池产生的现金流的不同级别的权利。
售给SPV，自留B类债权（因为这类债权不容易卖出好价钱），然后
SPV将这些贷款证券化出售给投资者。通过这种方式，可以将风险资
产转出资产负债表进而规避监管要求，如果是资信良好的大银行这样
做，甚至可以赚取利润。
CDO根据其标的资产的不同，可以分为CBO（以bond，市场流通
的债券为标的），和CLO（以loan,银行贷款为标的资产）两种类型。
性)
spectacular [spek'tæ kjələ(r) ] n. 奇观, 壮观; 豪华巨片; 展览物; 豪华电视片 adj. 壮观的; 引人注目的; 壮丽的; 惊人的 例句：The goalkeeper made a spectacular dive to save the
goal. 守门员一个极为精彩的鱼跃扑住了那个射门。
例如，一个CMO(Collateralized Mortgage Obligations指将房地产抵押贷
MBS的结构化拆分——“部分”or“分层”（即tranche）
MBS发行者从银行和金融公司购买了大量按揭贷款后，形成资产池，
并以资产池未来现金流来偿还投资者利息和本金。由于对同一MBS的投资
者中有人担忧按揭贷款被提前偿还，而另一部分希望尽可能早收回投资的
投资者却面临延长风险。因此发行人把MBS分为不同的“部分(tranche)”，
每个TRANCHE代表了对同一MBS 按揭池产生的现金流的不同级别的权利。
售给SPV，自留B类债权（因为这类债权不容易卖出好价钱），然后
SPV将这些贷款证券化出售给投资者。通过这种方式，可以将风险资
产转出资产负债表进而规避监管要求，如果是资信良好的大银行这样
做，甚至可以赚取利润。
CDO根据其标的资产的不同，可以分为CBO（以bond，市场流通
的债券为标的），和CLO（以loan,银行贷款为标的资产）两种类型。
性)
spectacular [spek'tæ kjələ(r) ] n. 奇观, 壮观; 豪华巨片; 展览物; 豪华电视片 adj. 壮观的; 引人注目的; 壮丽的; 惊人的 例句：The goalkeeper made a spectacular dive to save the
goal. 守门员一个极为精彩的鱼跃扑住了那个射门。
例如，一个CMO(Collateralized Mortgage Obligations指将房地产抵押贷
金融学英文课件 (2)
6-14
Yield to Maturity…cont
• This relationship should make sense. • If you pay $95 for a $100 face value bond, you will
receive both the interest payments and the increase in value from $95 to $100. • This rise in value is referred to as a capital gain and is part of the return on your investment. • When the price of a bond is higher than face value, the bondholder incurs a capital loss.
• We can compute the interest rate from the price using the present value formula. The price of a one-year T-bill is $95. i = ($100/$95) - 1 = 0.0526 = 5.26%
• Amortized loans - the borrower pays off part of the principal along with the interest for the life of the loan.
• Value of a Fixed Payment Loan =
FixedPayment (1 i)
• Virtually any financial arrangement involving the current transfer of resources from a lender to a borrower, with a transfer back in the future, is a form of a bond.
Yield to Maturity…cont
• This relationship should make sense. • If you pay $95 for a $100 face value bond, you will
receive both the interest payments and the increase in value from $95 to $100. • This rise in value is referred to as a capital gain and is part of the return on your investment. • When the price of a bond is higher than face value, the bondholder incurs a capital loss.
• We can compute the interest rate from the price using the present value formula. The price of a one-year T-bill is $95. i = ($100/$95) - 1 = 0.0526 = 5.26%
• Amortized loans - the borrower pays off part of the principal along with the interest for the life of the loan.
• Value of a Fixed Payment Loan =
FixedPayment (1 i)
• Virtually any financial arrangement involving the current transfer of resources from a lender to a borrower, with a transfer back in the future, is a form of a bond.