資本市場(chǎng)和金融機(jī)構(gòu)(10)-在線瀏覽
2025-07-16 22:51本頁(yè)面
【正文】 or in international markets? Advantages for lenders Debt vs. Equity 14 3. Financial Institutions (FIs) The flow of funds from lenders to borrowers is facilitated by Financial Institutions This can be done A) Directly ? In the financial markets through the assistance of securities firms (investment banks). B) Indirectly ? Through Other financial intermediaries (., via a mercial bank). 15 A) Direct Finance Process by which funds move directly from lenders to borrowers assisted by an investment bank. ? It does not imply an asset asset transformation function. For example: Research in motion issues $1billion of stock directly to investors with the assistance of CIBC World Markets (investment bank) Once the financial claims have been issued, they may be resold to other investors also by Investment banks through their brokerage or dealer units. 16 B) INDIRECT FINANCE Process by which funds move from lenders to borrowers by a financial intermediary that smoothes the flow of funds between the lendersavers and the borrowerspenders. ? It implies an asset asset/risk transformation function. For example: BCE gets a loan for $400million from Bank of Montreal. Households instead of lending $400million directly to Nortel, they prefer to lend $400million to Bank of Montreal (for example, by investing in shortterm deposits with a guaranteed interest rate). Bank of Montreal makes a $400million long
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