美林资产负债表分析.ppt

2007-10 美林资产负债表分析 Securities financing transactions Trading assets 宏观面分析 1 of 6 趋势分析 比例分析 宏观面分析 1 of 6 比例分析 趋势分析 宏观面分析 1 of 6 趋势分析 比例分析 DataStatistical analysis 1 of 6 2007 2008 2009 2010 Securities financing transactions 　 　 　 　 Recievables under resale agreements 221,617 93247 100263 138219 Recievables under securities borrowed transactions 133140 35077 78048 60458 Trading assets, at fair value 　 　 　 　 Derivative contracts 72689 89477 49966 39371 Corperate debt and preferred stock 37849 30829 35136 34204 Equities and convertible debentures 60681 26160 21283 22248 Mortagages, mortagage-backed, and asset-backed 28013 13786 30317 27703 Non-U.S.governments and agencies 15082 6107 13122 10994 U.S.Governments and agencies 11219 5253 32679 41378 Municipals, money markets and physical commodities 9136 3993 12128 14759 Changes 4 of 6 Changes in the propotions of securities financing transactions(1) 5 of 6 5 of 6 Changes in the propotions of securities financing transactions(2) 5 of 6 Changes in the propotions of Trading assets(1) 5 of 6 Changes in the propotions of Trading assets(2) 2007-2010 “Note”对应部分对比 6 of 6 Year 2007 - Notes of Securities financing transactions meet customers’ needs earn residual interest rate spreads obtain securities for settlement and finance trading inventory positions. resale agreements, securities borrowed transactions, customer margin loans, and other loans. sell or repledge the securities received 2007-2010 “Note”对应部分对比 6 of 6 Year 2008.9.15 - Acquisition BG – 连续四个季度亏损；$200亿；数千职位；一名CEO Note对于业务的描述大体一样 2007-2010 “Note”对应部分对比 6 of 6 Year 2008 - Notes of Securities financing transactions In some cases, Merrill Lynch has transferred assets to consolidated VIEs where those restricted assets serve as collateral for the interests issued by the VI