By Moorad Choudhry, Didier Joannas, Gino Landuyt, Richard Pereira, Rod Pienaar (auth.)
Revised and up to date consultant to a few of crucial matters within the capital markets this day, with an emphasis on fixed-income tools. primary recommendations in fairness industry research, foreign currencies and funds markets also are coated to supply a entire assessment. research and valuation innovations are given for useful application.
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Extra info for Capital Market Instruments: Analysis and Valuation
The credit quality of the issuing bank is the primary consideration however; in the sterling market the lowest yield is paid by ‘clearer’ CDs, which are CDs issued by the clearing banks such as RBS NatWest, HSBC and Barclays plc. In the US market ‘prime’ CDs, issued by highly rated domestic banks, trade at a lower yield than non-prime CDs. In both markets CDs issued by foreign banks such as French or Japanese banks will trade at higher yields. 1 2 A small number of CDs are non-negotiable. This was first introduced by Merrill Lynch in 1982.
Secondly, futures trade on an exchange, rather than OTC. Thirdly, the counterparty to every futures trade on the exchange is the exchange clearing house, which guarantees the other side to every transaction. This eliminates counterparty risk, and the clearing house is able to provide guarantees because it charges all participants a margin to cover their trade exposure. Margin is an initial deposit of cash or risk-free securities by a trading participant, plus a subsequent deposit to account for any trading losses, made at the close of each business day.
Settlement of money market instruments can be for value today (generally only when traded in before midday), tomorrow or two days forward, known as spot. Securities quoted on a yield basis Two of the instruments in the list above are yield-based instruments. Money market deposits These are fixed-interest term deposits of up to one year with banks and securities houses. They are also known as time deposits or clean deposits. They are not negotiable so cannot be liquidated before maturity. The interest rate on the deposit is fixed for the term and related to the London Interbank Offer Rate (Libor) of the same term.