資本市場(chǎng)和金融機(jī)構(gòu)(3)(參考版)
2025-05-17 22:51本頁(yè)面
【正文】 rse 1,079 ? Toronto Stock Exchange 889 ? Italian Exchange 527 ? SWX Swiss Exchange (jointly with the Deutsche Boerse it owns Eurex the world largest futures and options exchange [Jan2021]) 727 ? Hong Kong Exchanges and Clearing Limited 715 * Stock market down by over 70% form its high in 1989 (National Post, 5Jan05) Source: World Federation of Exchanges. 25 Ten largest stock exchanges by market capitalization of domestic panies Exchange USD bn USD bn % Change % Change end2021 end2021 In USD In local currency 1 NYSE Euronext (US) 9,209 15,651 % % 2 Tokyo Stock Exchange Group 3,116 4,331 % % 3 NASDAQ OMX 2,396 4,014 % % 4 NYSE Euronext (Europe) 2,102 4,223 % % 5 London Stock Exchange 1,868 3,852 % % 6 Shanghai Stock Exchange 1,425 3,694 % % 7 Hong Kong Exchanges 1,329 2,654 % % 8 Deutsche B246。P/TSX at 1,500 Profit = ? ? Receive cash for the sale of Index Futures Contract= 1,527 Profit =? TOTAL = One month later Net return (%) = Gross Return – Transaction Costs = 43/1,484 – = or % Strategy 17 (5). Cash Management and Banking Services ? Facilitate clients to invest in shares – Borrowing on margin – Online access to banking and investment accounts ? Private banking: Investment advice and financial planning to wealthy individuals 6. Investing ? Management of mutual funds and pension funds ? Investing on their own behalf 7. Other Service Functions – Clearance, and settlement services, – Research and Advisory Services 18 4. Typical Balance Sheet of securities firms (2021) Assets – Cash, Marketable securities, and receivables including reverse repos Liabilities – Repos – Trading liabilities (mostly borrowing securities for short selling) – Long Term borrowing Equity (Approx 50% of assets) – Common shares – Contributed Surplus – Retained earnings OffBalanceSheet activities – Derivatives and Credit substitutes 19 5. Example of Derivatives ? Forward Contract It is a mitment today to transact in the future. Purchase or sale of a specific modity or financial asset at a current specified price, with delivery and settlement at a specified future date. ? Futures Contract It is a standardized forward contract traded in a standardized forward market called Futures Market. Standards: Contract size, delivery dates, prices, conditions of delivery (. in modities) 0 Sale of bonds currently held at the specified price of $200 million for delivery at the end of the year 1 Deliver bonds and receive $200 million 20 Example Derivatives: Hedging ? Assume an investment bank (IB) has a position in a bond maturing at the end of 2021 of $210 Million. ? The market expected interest rate in 2021 is 5% ? It promised to invest $200 million in a venture capital investment at the end of 2021 with the proceeds of the bond sale. ? Howev
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