简明金融定量入门指南：学生与专业人士的理想参考

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Introduction to Finance and Financial Markets 9

this was that the market organizer was able to introduce to the market

instruments with any kind of risk prole. The situation is more serious

in the OTC and shadow markets focused on individual customers that

are subject to closer and closer nancial authority supervision.

Following are the different types of nancial instruments :

1. Transferable securities

2. Money-market instruments

3. Units in collective investment undertakings

4. Options, futures, swaps, forward rate agreements, and any other

derivative contracts relating to securities, currencies, interest rates

or yields, or other derivative instruments, nancial indices or

nancial measures which may be settled physically or in cash

5. Options, futures, swaps, forward rate agreements, and any other

derivative contracts relating to commodities that must be settled in

cash or may be settled in cash at the option of one of the parties

(other than by reason of a default or other termination event)

6. Options, futures, swaps, and any other derivative contract relating

to commodities that can be physically settled provided that they

are traded on a regulated market and/or an MTF (multilateral

trading facility)

7. Options, futures, swaps, forwards, and any other derivative

contracts relating to commodities, that can be physically settled

not otherwise mentioned in previous point and not being for

commercial purposes that have the characteristics of other

derivative nancial instruments, having regard to whether, inter

alia, they are cleared and settled through recognized clearing

houses, or are subject to regular margin calls

8. Derivative instruments for the transfer of credit risk

9. Financial contracts for differences

10. Options, futures, swaps, forward rate agreements, and any other

derivative contracts relating to climatic variables, freight rates,

emissions allowances, ination rates, or other ofcial economic

statistics that must be settled in cash or may be settled in cash

at the option of one of the parties (other than by reason of a

default or other termination event), as well as any other derivative

contracts relating to assets, rights, obligations, indices, and

measures not otherwise mentioned that have the characteristics of

other derivative nancial instruments, having regard to whether,

Introduction to Finance and Financial Markets 11

1.5.2 Forex and the Interbank Market

The interbank market is a market where banks and other nancial

institutions trade currencies. Individual retail investors cannot trade

their currencies on the interbank market. Most of the transactions are

performedatthebanks’ownrisk.

The forexmarket is a market for currencies. It isthe largest,most

liquid market in the world in terms of the total cash value traded,

and any entity or country may participate in this market. There is no

central marketplace for currency exchange. Trade is conducted OTC.

The forex market is open 24h a day, 7days a week and currencies are

tradedworldwideamongthemajornancialcenters.Inthepast,forex

trading in the currency market had largely been the domain of large

nancial institutions. The advancement of the internet has altered this

picture and now it is possible for less-experienced investors to buy and

sell currencies through the foreign exchange platforms. The following

table mentions different classications of the nancial markets.

Type of

Markets

Money

Markets

Capital

Markets

Derivatives

Markets

Commodity

Markets

Credit-Deposits

Markets Interbank

Markets

Type of

instruments

Interbank

deposits

T-bills

Commercial

papers

Billsof

exchange

Stock

Bonds

Investment

certicates

Deposit

certicates

Forward

Futures

Options

SWAPS

Non-

nancial

instruments

(raw

materials)

Deposits

Credits

Loans

Currencies Currencies

Major

transfer

Liquidity Capital Risk Asset Liquidity

details

International

trade

International

trade details

Instance of Transaction Level of Supervision Type of Quotation Type of Scale

Primary Supervised Continuous Wholesale

Secondary Non-supervised Periodic Details

OTC Mixed

1.5.3 International Financial Market

• Internationalbondmarket=Eurobond:

Eurobond is a nancial instrument issued in a different currency to

that of the local market. Eurobonds are sold by banks, and their second-

ary market is organized by the banks.

Introduction to Finance and Financial Markets 13

 WB-connectedinstitutions:

○ InternationalBankforReconstructionandDevelopment(IBRD)–

nancedwithbondsissuedbytheWB,nancinginfrastructurefor

middle income countries (e.g., Poland)

○ InternationalDevelopmentAssociation–grantsandinterest-free

loanstothepoorestcountries(e.g.,Vietnam,Bangladesh,and

Nicaragua)

• InternationalMonetaryFund(IMF)–est.1944–providesliquidity

on the balance of payments, stabilizes exchange rates, and promotes

monetarycooperation.IssuesSpecialDrawingRights(SDR),based

on country quotas

• BankforInternationalSettlements(BIS)–est.1930–provides

settlement services for national central banks. Not an issuer bank

Note:BaselCommitteefocusesonsystematicriskand

standardizessupervisoryrules.Hence,BASELAccord(Basel

isGermanspellingofBASLE)–itrelatestotherulesforthe

supervision of banking activities. The rules were gradually

developed and extended:

○ 1988–BaselAccordforcreditrisk–minimalcapital

○ 1996 – Rules extended to market risk

○ 2006–Basel2(operationalrisk,ICAP,disclosurerules)

○ 2009–Basel3(buffers)

These standards are not legally binding but are recognized and

applied worldwide as best practice within the industry.

1.7 INTERNATIONAL ORGANIZATION

• TheInternationalOrganizationofSecuritiesCommissions(IOSCO)

TheIOSCO,establishedin1983,istheacknowledgedinternational

body that brings togetherthe world’s securities regulators and is rec-

ognizedas the globalstandardsetterforthesecuritiessector.IOSCO

develops, implements, and promotes adherence to internationally rec-

ognized standards for securities regulation, and works extensively with

G20 countries and the FinancialStability Board(FSB) on the global

regulatory reform agenda. IOSCO’s membership regulates more than

95%oftheworld’ssecuritiesmarkets.Itsmembersincludeover120secu-

rities regulators and 80 other securities markets participants (i.e., stock

exchanges,regionalandinternationalnancialorganizations).IOSCO

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