金融机构概述培训.pptVIP

保险业比率 Underwriting Ratios Loss ratios have generally increased. Expense ratios have generally decreased. Trend toward selling directly through their own brokers rather than independent brokers. 综合比率 Combined ratio: Includes both loss and expense experience. If greater than 100 then premiums are insufficient to cover losses and expenses. 投资收益/回报风险 Investment Yield Return Risk 运营率 = 扣除红利后的综合比率与投资收益率之差 Operating ratio = Combined ratio after dividends minus investment yield. Importance of investment income: Causes PC managers to place importance on measuring and managing credit risk and interest rate risk. 监管 Regulation PC insurers chartered and regulated by state commissions. State guaranty funds National Association of Insurance Commissioners (NAIC) provides various services to state regulatory commissions. Includes Insurance Regulatory Information System (IRIS). Some lines face rate regulation. Criticism regarding Katrina related claims 证券公司和投资银行Securities Firms Investment Banks Nature of business: Underwrite securities.证券包销 Market making.做市商 Advising (example: MA, restructurings).咨询 主要业务 Key Activities Investing Investment banking Activities related to underwriting and distributing new issues of debt and equity. Market making Increasing importance of online trading Technology risk Decimalization Trading Position trading, pure arbitrage, risk arbitrage, program trading Cash management Assisting with MA Back-office and service functions 资产负债表 Balance Sheet Key assets: Long positions in securities and commodities. Reverse repurchase agreements. Key liabilities: Repurchase agreements major source of funds. Securities and commodities sold short. Broker call loans from banks Capital levels much lower than levels in banks 监管 Regulation Primary regulator: SEC Reiterated by National Securities Markets Improvement Act (NSMIA) of 1996. Prior to NSMIA, regulated by SEC and states. Regulate trading activities such as shelf registration Early 2000s erosion of SEC dominance I