By Andrew Chisholm

ISBN-10: 0471498661

ISBN-13: 9780471498667

This publication covers a huge diversity of up to date monetary markets in below four hundred pages. the writer states in advance that he has taught classes in this topic for years, and it relatively indicates. His factors are crystal transparent, and the markets are offered in a truly logical order and from an international prespective. additionally, the textual content is full of many examples and case experiences that actually relief 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 section dated and -- for the yankee reader -- written in British English with a few of the examples in sterling. in my opinion, I felt this gave the publication a extra international taste (or flavour) which appeared becoming given the topic.

A final word, Amazon has the web page count number incorrect. despite word list, this booklet is under 450 pages.

Strongly instructed for someone attracted to international finance both with an eye fixed in the direction of buying and selling monetary tools or simply to higher understanded the complex underpinnings of the fashionable international monetary system.

An first-class ebook.

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

Sample text

Central banks have to balance two concerns. One is that a bank failure may pose a systemic risk, the threat of a collapse in confidence in the whole financial system. However, a blanket guarantee of central bank support might create a moral hazard — banks may be tempted to take on ever greater risks in the expectation that the central bank will bail them out. The Bank of England drew an important line in 1995 when it declined to rescue Barings Bank from collapse as the result of speculative trading by Nick Leeson.

The rate of interest charged on the loan is not explicitly stated; it is implied in the fact that the repurchase price on the forward date is higher than the cash sale price. Any coupon payments due on the collateral are not paid over separately; they are incorporated into the forward price and therefore paid at the termination of the agreement rather than on the actual coupon dates. 21 CHAPTER SUMMARY The money markets are markets for short-term borrowing and lending of funds for maturities up to one year.

This rate is also known as the CD ’s yield to maturity. 25% . This is exactly the yield or return we would achieve by placing the funds on a two-month Eurodollar money market deposit. Quoting CDs in terms of the discount rate allows traders and investors to compare the returns available on these negotiable instruments with those available on Eurocurrency deposits. Suppose we could buy the CD more cheaply in the market from another dealer, at a dollar price of only $1,005,000. By rearranging the formula for calculating the present value of the CD we can calculate the yield to maturity we would achieve by buying the paper at that price.

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An Introduction to Capital Markets: Products, Strategies, Participants (The Wiley Finance Series) by Andrew Chisholm

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