金融市场与金融机构基础英文版.ppt

Copyright ? 2010 Pearson Education, Inc. Publishing as Prentice Hall * * * * * * * Financial Institutions, Financial Intermediaries and Asset Management Firms Chapter 2 Services of Financial Institutions Transforming Financial Assets Exchanging Financial Assets on Behalf of Customers Exchanging Financial Assets for Own Account Assisting in the Creation of Financial Assets Providing Investment Advice Managing Portfolios Role of Financial Intermediaries Transfer of funds from savers to investors Types of Investments Direct Investment For example, purchasing a portfolio of stocks and bonds Indirect Investment For example, purchasing an equity claim issued by an investment company Role of Financial Intermediaries Providing Maturity Intermediation Reducing Risk Through Diversification Reducing Costs of Contracting and Information Processing Providing a Payments Mechanism Role of Financial Intermediaries Providing Maturity Intermediation Reducing Risk via Diversification Reducing Costs of Contracting and Information Processing Providing a Payments Mechanism Asset/Liability Management Spread and Non-Spread Businesses Nature of Liabilities Amount of cash outlay Timing of cash outlay Liquidity Concerns Regulations and Taxation Nature of Liabilities of Financial Institutions Concerns of Regulators Credit Risk Settlement Risk Counterparty Risk Liquidity Risk Market Liquidity Risk Funding Liquidity Risk Market Risk Operational Risk Asset Management Firms Ranked by assets under management Fees and Compensation Fee structure Fee based on assets under management Performance-based fee Types of Funds Managed Regulated investment companies Insurance company funds Separately managed accounts Pension funds Hedge funds Hedge Funds No single definition of hedge fund George Soros President’s Working Group on Financial Markets U.K. Financial Services Autority Hedge Fund Characteristics “Hedge” is misleading Wide range of trading strategies Leverage, short se