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CHAPTER 3 INTERNATIONAL MONEY MARKETS 3.1.3 Elements ⅱ Initial maturity CHAPTER 3 INTERNATIONAL MONEY MARKETS CHAPTER 3 INTERNATIONAL MONEY MARKETS ② Bankers Acceptances CHAPTER 3 INTERNATIONAL MONEY MARKETS CHAPTER 3 INTERNATIONAL MONEY MARKETS ③ Commercial Paper CHAPTER 3 INTERNATIONAL MONEY MARKETS CHAPTER 3 INTERNATIONAL MONEY MARKETS ④ Certificate of Deposits（CDS） CHAPTER 3 INTERNATIONAL MONEY MARKETS CHAPTER 3 INTERNATIONAL MONEY MARKETS CHAPTER 3 INTERNATIONAL MONEY MARKETS ⑤ Inter-bank Offered Credit CHAPTER 3 INTERNATIONAL MONEY MARKETS ⅲ Amount CHAPTER 3 INTERNATIONAL MONEY MARKETS Procedure（Simple and rapid） CHAPTER 3 INTERNATIONAL MONEY MARKETS 3.2.1.1 Points for Attention in calculation ⅠDiscount rate CHAPTER 3 INTERNATIONAL MONEY MARKETS 3.2.1.2 Compare Discount yield with Interest rate * * （1）Subjects main participants （2）Objects ① Treasury Bills?（T-bills） ⅰDefinition short-term securities that mature in one year or less from their issue date. They are a way for the（ U.S. ）governments to raise money from the public. Many other governments issue T-bills in a similar fashion. Treasury Bills are the most marketable of all money market instruments. Their popularity is mainly due to their simplicity. T-bills are issued with?three-month,?six-month and? one-year maturities.（91 days /182 days 364 days/52﹣week） issued weekly issued monthly ⅲ Denomination value （USD10，000/CAD100，000） Ⅳ The primary market issued on a discount T-bills are purchased?for a price that is less than their par face value. At the bill’s maturity，the government pays the holder?the full?par value. Effectively, the investor’s earnings are the difference between the purchase price of the security and what you get at maturity. competitive bid noncompetitive bid main participants member banks of the Federal Reserve System investors Ministry of Finance Ⅴ The secondary market OTC（securities dealers 36） Ⅵ Risk and Return AAA A bankers acceptance starts as an order