市场分类(英文版).pptVIP

Financial Market Physical asset vs. Financial asset markets Spot vs. Futures markets Money vs. Capital markets Primary vs. Secondary markets Private vs. Public markets. The stock market Domestic bonds Markets: Treasury bonds Coperated bonds Municipal bonds International Bond Market Foreign bonds Denominated in a foreign currency Targeted at a foreign market Eurobonds Denominated in one currency, but sold in a different market now larger than U.S. corporate bond market) Over 80% of new bonds are Eurobonds. We can further classify secondary markets as follows: Stock markets Bond markets Fund markets 金融市场的类型 （一）按照融资期限： 货币市场与资本市场； （二）根据交割时间： 现货市场和期货市场； （三）按照交易对象： 拆借市场、票据贴现市场、可转让存单市场（货币市场）、股票市场、债券市场（资本市场）、外汇市场、投资基金市场、金融衍生工具市场、黄金市场和保险市场等； （四）按照交易对象的发行和流通： 一级市场和二级市场 （五）按照交易场所形态： 有形市场和无形市场； 金融市场与证券市场的区别 金融市场是所有金融资产或产品的市场。包括所有证券市场，保险市场、还包括许多非证券化、标准化的金融资产或产品市场，比如对冲基金市场、私募基金、各种未上市的信托产品市场等。 证券市场是证券化、标准化的金融产品市场。 * * We can classify secondary markets as follows: Exchanges Trades conducted in central locations (e.g., New York Stock Exchange,) Over-the-Counter Markets Dealers at different locations buy and sell A large collection of brokers and dealers, connected electronically by telephones and computers, that provides for trading in unlisted securities. Best example is the market for Treasury securities,NASDAQ United States National Exchanges New York Stock Exchange (NYSE) Nasdaq Stock Market Regional Exchanges e.g. Philadelphia Stock Exchange International Exchanges e.g. England, France, Japan, China The Exchanges Primary Market New security issues sold to initial buyers Typically involves an investment bank who underwrites the offering The initial public offering (IPO) market The market in which firms “go public” by offering shares to the public. Secondary Market Securities previously issued are bought and sold Examples include the NYSE and Nasdaq Involves both brokers and dealers (do you know the difference?)