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

By Andrew Chisholm

This e-book covers a vast variety of latest monetary markets in below four hundred pages. the writer states in advance that he has taught classes in this topic for years, and it fairly exhibits. His factors are crystal transparent, and the markets are provided in a really logical order and from a world prespective. moreover, the textual content is full of many examples and case stories that actually reduction in knowing. there are many formulation during this e-book, 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 the various examples in sterling. for my part, I felt this gave the e-book a extra international style (or flavour) which appeared becoming given the topic.

A final observe, Amazon has the web page count number incorrect. regardless of word list, this publication is under 450 pages.

Strongly instructed for a person attracted to worldwide finance both with a watch in the direction of buying and selling monetary tools or simply to higher understanded the complex underpinnings of the fashionable international monetary system.

An very good booklet.

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

Example text

A dollar borrowed or lent outside the US is a Eurodollar (the transaction does not have to take place in Europe). Following the lead set by the dollar, international markets later developed in Euromarks and Euroyen. 13 EUROCURRENCY LOANS AND DEPOSITS The Eurocurrency markets are primarily wholesale markets in which the main participants are international corporations, institutional investors, commercial banks The M oney M arkets 23 and global investment banks. In London the main players include the major American, German and Swiss banks, names such as Citigroup, Deutsche Bank and Union Bank of Switzerland.

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.

If for example the growth rate in the economy slows down sharply (as occurred in the United States in the first months of 2001) this may be taken by the market as a sign that the central bank will cut interest rates to stimulate growth and avert recession.

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