11货币市场教程.ppt

* 商业票据市场 非银行公司广泛使用商业票据为其提供给客户的贷款筹集资金，如通用汽车金融服务公司。 它不存在有力的二级市场。60%是由发行者直接出售给购买者。以直接募股（direct placement）的方式出售证券可以节省交易商的佣金。 * 银行承兑汇票 Banker’s Acceptances 银行承兑汇票是一种在某一确定日期向持票人支付指定金额的支付命令。 These are often used when buyers / sellers of expensive goods live in different countries. * Banker’s Acceptances: Advantages Exporter is paid immediately Exporter can be shielded from foreign exchange risk by future FX agreements. Exporter does not have to assess the financial security of the importer, importer’s bank guarantees payment Crucial to international trade * 银行承兑汇票的二级市场 The terms of note indicate that