I The Capital MarketII The Role of Market Makers

1ITheCapitalMarketIITheRoleofMarketMakers2主要的资本市场工具是股票、抵押贷款、公司债券、政府及政府机构债券以及地方政府债券。3TheCapitalMarket4StocksStocksareequityclaimsrepresentingownershipofthenetincomeandassetsofacorporation股票：代表对公司净资产和收入的所有权的权益索取权。theincomethatstockholdersreceiveiscalleddividendspreferredstockpaysafixeddividendcommonstockpaysavariabledividenddependsontheprofitleftoverafterpreferredstockholdershavebeenpaidandretainedearningssetaside5StocksSeveralstockindexesmeasuretheoverallmovementofcommonstockpricesDowJonesIndustrialAverageStandard&Poor’s500StockIndex上证综指、深圳成指6MortgagesMortgagesareloanstopurchasesingle-ormultiple-familyresidentialhousing,land,orotherrealstructures抵押贷款：用于购买家庭住房、土地或其他不动产，并由该建筑物或土地作为抵押的贷款。thestructureservesascollateralfortheloantherearetwogovernment-sponsoredenterprisesthatsellbondsandusetheproceedstopurchasemortgagesFederalNationalMortgageAssociation(FannieMae)FederalHomeLoanMortgageCorporation(FreddieMac)7CorporateBondsCorporatebondsarelong-termbondsissuedbycorporationsusuallywithexcellentcreditratings公司债券：公司发行的长期债务工具。maturitiesrangefrom2to30yearstheownerreceivesaninterestpaymenttwiceayearandtheprincipalatmaturity8GovernmentSecuritiesgovernmentsecuritiesarelong-termdebtinstrumentswithmaturitiesof2toupto30years政府债券：政府发放的长期债务工具，期限在2-30年。issuedbytheTreasurytofinancethedeficitsofthegovernmentnoteshaveanoriginalmaturityof2to10yearsbondshaveanoriginalmaturitybetween10and30years9GovernmentAgencySecuritiesgovernmentagencysecuritiesarelong-termbondsissuedbyvariousgovernmentagenciessomeareguaranteedbythefederalgovernmentandsomearenot政府机构债券：由支持不动产借贷及学生贷款的不同政府机构发行的长期债务工具。10StateandLocalGovernmentBonds(Municipals)Stateandlocalgovernmentbonds(municipals)arelong-terminstrumentsissuedbystateandlocalgovernmentstofinanceexpendituresonschools,roads,collegedorms,etc.州及地方政府债券/市政债券：州及地方政府为修建学校、道路等融资而发放的长期债务工具。interestpaymentsareexemptfromfederalincometaxesandfromstatetaxesforinvestorslivingintheissuingstate11StateandLocalGovernmentBonds(Municipals)Paymentsaregenerallysecuredinoneoftwowaysrevenuebondsareusedtofinancespecificprojectsandtheproceedsofthoseprojectsareusedtopayoffthebondholders收入债券：用于特定项目的融资、其项目的后期收入作为债券持有者的收益的债券。generalobligationbondsarebackedbythefullfaithandcreditoftheissuer一般义务债券：由债券发行者的全部信用做保证，由一般性收入偿还的债券。taxescanberaisedtopaytheinterestandprincipalongeneralobligationbonds12TheRoleofMarketMakersTheparticipantsinfinancialmarketsarethebuyers,sellers,andmarketmakers做市商：连接金融工具买卖双方的中间人，有时也代理执行买卖双方的交易。marketmakersfunctionascoordinatorswholinkupbuyersandsellersoffinancialinstrumentsarrangeandexecutetradesbetweenbuyersandsellersmakemarketsinonetypeofsecurityorseveraldifferenttypesofsecurities13TheRoleofMarketMakersAbrokerarrangestradesbetweenbuyersandsellersAdealer(inadditiontoarrangingtrades)standsreadytobeaprincipalinatransactionstandsreadytopurchaseandholdsecuritiessoldbyinvestorscarriesaninventoryofsecuritiesandsellsthemtootherinvestors经纪人：为买卖双方安排交易的人。交易商：为买卖双方安排交易，也可以成为主要交易者。14TheRoleofMarketMakersAmarketmakerhelpstomaintainasmoothlyfunctioning,orderlyfinancialmarketifashort-termimbalanceoccursbetweenthequantityofasecuritydemandedandthequantitysupplied,themarketmakermayincreaseordecreasehisinventorytoensurethatthereisabuyerforeverysellerandasellerforeverybuyer15WhyMarketMakersMakeMarketsThewillingnessofamarketmakertomakeamarketforaparticularsecuritywillbeafunctionoftheexpectedprofitsandrisksassociatedwithbuying,selling,andholdingthattypeofsecurityGenerally,amarketmakerchargesabrokeragefeeofacommissionforeachtransaction16WhyMarketMakersMakeMarketsMarketmakersalsocollectafeeinsomemarketsbybuyingaparticularsecurityatoneprice–thebidprice–andsellingitatahigherprice–theaskedprice买方价格：做市商愿意在此价格上购买证券。卖方要价：做市商愿意在此价格上出售证券。therevenuereceivedbythemarketmakerisafunctionofthespreadbetweenthesetwopricesandthenumberoftransactionsinwhichthemarketmakerandthepublicengage17MarketMakersMARKETMAKERSAssistinraisingfundstofinancedeficitsbymarketingaborrower’snewsecuritiesintheprimarymarketAdvisepotentialbuyersandsellersofsecuritiesonthecourseofactionlikelytominimizecostsandmaximizereturnsStandreadytobuyorselloutstandingsecuritiesinthesecondarymarket18TheMarketingandSubsequentTradingofaCorporateBondAcompanywantstoissuebondstofinanceinvestmentMerrillLynchsells“used”APEIbondstoanotherSSUSecondaryMarketActivityMerrillLynchmakesamarketinAcompanybondsbybuyingbondsfromSSUsOneyearlaterSSUs(orfinancialintermediaries)decidetosellsomeoftheirAcompanybondsSSUsandfinancialintermediariesbuyAcompanybondsthatwillmaturein20yearsPrimaryMarketActivityMerrillLynchagrees(forafee)todesignabondofferingandtomarket(sell)thebonds19MarketMakingandLiquidityThequalityandcostofservicesprovidedbymarketmakersaffectthetransactionscostsassociatedwithbuyingorsellingvarioussecuritiesThecostsandconvenienceassociatedwithtradingparticularsecurities,inturn,affecttheliquidityofthesesecurities20substitutability,marketmaking,andmarketintegrationTheexchangeoflower-yieldingsecuritiesforahigheryieldingoneistheessenceofsubstitution.