glossary for Financial markets and institutions.doc

Financial markets and institutionsChapter 1:Role of finacial markets and institutionsSurplus units:盈余方Deficit units:赤字方Money markets:货币市场Capital makets:资本市场Primary markets:一级市场Secondary markets:二级市场Liquidity:流动性Organized exchange:交易所市场Financial market:金融市场Over-the-counter(OTC) market:场外交易市场Money market securities:货币市场工具Capital market securities:资本市场工具Derivative securities:衍生工具Privatization:私有化Foreign exchange market:外汇市场Perfect market:有效市场Imperfect market:无效市场Money market mutual funds:货币市场共同基金Broker:经纪人Spread:差价Bid quotes:买入报价Underwrite:承销Dealers:自营商Coupon payments:息票支付Commercial paper:商业本票Bankers acceptances:银行承兑汇票Municipal bonds:市政债券Hedging:对冲，套期保值Discount:折扣，贴现，贴现率Inventory:存货Markup:涨价、利润、成本、毛利Chapter 2: Determinnation of interest ratesLoanable funds theory:可贷资金理论Interest-inelastic:缺乏利率弹性Fisher effect:费雪效应Real interest rate:实际利率Growding-out effect:挤出效应Chapter 3: Structure of interst ratesInvestment-grade bonds:投资级债券Term structure of interest rates:利率的期限结构Call feature:赎回特性Convertible clause:可转换条款Pure expectations theory:纯粹预期理论Liquidity premium theory:流动性溢价理论Segmented market theory:分割市场理论Preferred habitat theory:偏好归宿理论Collateral provision:担保条款T-bill: Treasury billBasis point: 基点, 上升30个基点指的是上升0.3%。Pivot:沿着枢轴旋转Countercolckwise:逆时针方向Rationale:基本原理Par:标准，票面价值，平均数量Chapter 4: Monetary policy toolsFederal reserve district bank:联邦储备银行Board of governors:联邦储备委员会Federal open market committee(FOMC):联邦公开市场委员会Repurchase agreement:回购协议Dynamic open market operation:主动型公开市场操作Defensive open market operation:防御型公开市场操作Reserve requirement ratio:法定存款准本金比率M1、M2、M3：为不同层次的货币供应量Discount rate:再贴现率Trading desk(open market desk):交易柜台（公开市场柜台）Policy derective:政策指示Open market operations:公开市场操作Money market deposit account:货币市场存款账户Depository institutions deregulation and monetary control act(DIDMCA):存款机构放松管制与货币控制法案Chaper 5: Monetary theory and policyKeynesian theory:凯恩斯理论Demand-pull inflation:需求拉动型通货膨胀Monetarists:货币主义者Modern quantity theory of money:现代货币数量理论Theory of rational expectations:理性预期理论Phillips curve:菲利普斯曲线Recognition lag:认知时滞Implementation lag:执行时滞Monetizing the debt:债务货币化Global crowding out:全球挤出效应Chapter 6: Money marketsCommercial paper:商业票据Junk commercial paper:垃圾商业票据Negotiable certificates of deposit(NCDS):大额可转让定期存单Reverse repo:逆回购Federal funds rate:联邦基金利率Bankers acceptance:银行承兑汇票Letter of credit:(L/C)：信用证Eurodollar certificates of deposit:欧洲美元存单Eurodollar market:欧洲美元市场Eurodollar floating-rate CDS(ENFRCDS):欧洲美元浮动利率存单Eurocurrency market:欧洲货币市场Eurobanks:欧洲银行Eurocredit market:欧洲信贷市场Euronotes:欧洲本票Euro-commercial paper(euro-CP): 欧洲商业票据Effective yield:有效收益率Chapter 7: Bond marketsBearer bonds:不记名债券Registered bonds:记名债券Yield to maturity:到期收益率Stripped securities:剥离债券（分割债券）Government national mortgage association(ginnie mea):政府国民抵押贷款协会Federal national mortgage association(fannie mae):联邦国民抵押贷款协会General obligation bonds:一般责任债券Revenue bonds:收益债券Corporate bonds:公司债券Indenture:契约Trustee:受托人Sinking-fund provision:偿债基金条款Call provision:赎回条款Call premium:赎回溢价First mortgage bond:优先抵押债券Chattel mortgage bond:动产抵押债券Debentured:信用债券Subordinated debentures:次级信用债券Low-coupon and zero-coupon bonds:低息和零息债券Variable-rate bonds:浮动利率债券Market order:市价委托Limit order:限价委托Junk bonds:垃圾债券Contagion effects:传染效应Global junk bonds:全球垃圾债券Chapter 8: Bond valuation and riskPresent value interest factors:贴现因子Annuity:年金Chapter 9: Mortgage marketsFixed-rate mortgage:固定利率抵押贷款Adjustable-rate mortgage(ARM):可调整利率抵押贷款Amortization schedule:分期付款偿还表Graduated-payment mortgage:渐进偿付抵押贷款Growing-equity mortgage:权益增长抵押贷款Shared-appreciation mortgage:分享增值抵押贷款Securitization:贷款证券化Prepayment risk:提前偿付风险Mortgage pass-through securities:抵押支持转手证券Participation certificates(PCs):参与凭证Collateralized mortgage obligation(CMOs):抵押担保债务证券Chapter 10: Stock offerings and investor monitoringNational associationofsecurities dealers automatic quotations(nasdaq):全美证券交易商协会自动报价系统Antitakeover amendments:反收购修正案Poison pills:毒丸Golden parachute:金色降落伞Chapter 12: Market microstructure and strategiesMarket microstructure:市场微观结构Margin requirement:保证金要求Margin account:保证金账户Maintenance margin:维持保证金Initial margin:初始保证金Margin call:追加保证金Short selling:卖空Exchange-traded funds(ETFs):交易所交易基金Chapter 13: Financial futures marketsFinancial future contract:金融期货合约Interest rate future:利率期货Stock index futures:股票指数期货Commission brokers:场内经纪人Floor traders (locals):场内交易商Speculators:投机者Hedgers:套期保值者Day traders:即期交易者Position traders:远期交易者Short hedge:空头套期保值Basis:基差Cross-hedging:交叉套期保值Long hedge:多头套期保值Net exposure:净暴露Municipal bond index(MBI)futures:市政债券指数期货Bond buyer index:债券买入者指数Dynamic asset allocation:动态资产配置Index arbitrage:指数套利Arbitrageurs:套利者Circuit breakers:断路器Market risk:市场风险Basis risk:基差风险Liqudity risk:流动性风险Ctedit risk:信用风险Operational risk:操作风险Systemic risk;系统风险Currency futures contract:货币期货合约Chapter 14: Options marketsCall option:看涨期权Exercise price(strike price):执行价格Writer:期权合约的卖方In the money:实值At the money:两平Out of the money:虚值Put option:看跌期权Covered call:有保护看涨期权Stock index option:股票指数期权Long-term equity anticipations(LEAPs):长期期权Currency call option:货币看涨期权Currency put option:货币看跌期权Chapter 15: Interest rate derivative marketsInterest rate swap:利率互换Plain anilla swap:普通互换（固定-浮动利率互换）Forward swap:远期互换Swap option(swaptions):互换期权Callable swap:可赎回互换Putable swap:可退卖互换Zero-coupon-for-floating swap:零息互换Rate-capped swap:利率上限互换Equity swap:股权互换Sovereign risk:政治风险Interest rate cap:利率上限Inerest rate floor:利率下限Interest rate collar:利率双限Currency swap:货币互换Chapter 16: Foreign exchange derivative marketsForeign exchange derivatives:外汇衍生产品Spot exchange rate:即期汇率Forward rates:远期汇率Bretton woods era:布雷顿森林体系Smithsonian agreement:史密森协定Dirty float:肮脏浮动Freely floating system:自由浮动