Market(国际金融国家级课程上海金融学院)

1、Chapter 9International Financial Market国际金融市场的概念：国际间居民与非居民之间，非居民与非居民之间进行金融活动的场所和关系的总和。International money market vs. International capital market;International security market and stock market;Traditional (on-shore) market and off-shore market;1Formation of International financial marketConditions:E

2、conomic and political stability;No strict exchange control, currency convertibility, and national treatment;Developed (mature) domestic financial market, and agglomeration of financial institutions;Advanced facilities for international communication and location of easy transportation.Rich in skille

3、d and trained personnel and staff members. 2Development of international financial market1Before World War ICenter: LondonKey Currency: Pound SterlingBank of England dominated During and after World War I; 19141931Center: LondonSterling Bloc Sterling AreaDeclining of British DominanceAfter World War

4、 II; 19441950Center 1: New York; Key Currency dollar both money and capital marketCenter 2: Zurich; Foreign Exchange market and gold marketCenter 3: London; 3Development of international financial market21960sOff-shore Dollar Market: Escape control Euro-Dollar Market; Euro- Money MarketLondon, Paris

5、, Frankfurt, Bruxelles, Amsterdam, Milan, Stockholm, Tokyo, Montreal1970s“Tax Haven” Off-shore Center:Bahamas (Nassau), Grand Cayman (along Caribbean Sea), Luxembourg, SingaporeLate 1970sEmerge of Asian Financial Market:Singapore, Hong Kong, Thailand, Indonesia, The Philippines4Functions of Internat

6、ional Financial Market国际金融市场的作用：离岸金融市场为各国筹集资金提供了方便。尤其是欧洲美元市场的出现。加速资本国际化，推动了国际贸易，为跨国公司的发展提供了条件。资本流动自由化，是国际信贷，跨国银行业务也有长足发展。与此同时，增大了各国政府对国际游资管理的难度。5International Financial MarketThe bulk of the financial assets traded in the money market have a maturity of less than a year. However, active trading is c

7、arried on in documents of up to five years maturity. Anything above five years is pretty much the domain of the investors in the capital markets where these longer-term securities are traded6International Money Market国际货币市场包括如下三大市场：银行短期信贷市场；短期证券市场；贴现市场。银行短期信贷市场 (1)国际银行同业间拆借或拆放； (2)银行对工商企业提供短期信贷资金。 拆

8、放利率是伦敦银行同业拆放利率(London Inter-bank Offered Rate, 略LIBOR)7Short-term Security Market短期证券市场(Security Market)包括：短期国库券市场(Treasury Bill): 它是西方国家财政部发行的短期债券。期限36个月，按票面金额折扣发行。到期按票面金额偿还。可转让的银行定期存单(Negotiable Certificate of Deposit, 略CD) : 标准定额为100万美元以上，期限为112 月以上。可随时转让。商业票据(Commercial Bill): 工商企业为筹集短期资金而开出的票据，

9、可通过银行发行，按票面金额贴现的方式。银行承兑票据(Bank Acceptance Bill): 经银行承兑过的商业票据。有银行信誉，便宜流通。8Discount Market贴现市场：对未到期票据按贴现方式进行融资的交易场所。贴现的票据：政府国库券，短期债券，银行承兑票据及商业承兑票据。贴现率高于银行贷款利率。贴现行再贴现Rediscount中央银行用于调节信贷和控制资金市场。世界最大的贴现市场在伦敦。9International Capital Market国际资本市场=银行中长期信贷市场+证券市场期限越长风险越大采取银团贷款需求者的还债能力。The market in which res

10、idents of different countries trade assets is called the international capital market.证券市场=新发行市场（初级）+二级市场（已发）初级市场：在发行证券时，从规划，推销，承购等全阶段。1年以上5年以内中期贷款5年以上长期贷款10Secondary Market二级市场：狭义概念的证券市场。是证券转让，买卖和流通的场所。筹集社会闲散资金用于长期投资。为散户提供套期保值便利。二级市场包括：证券交易所；经纪人；证券商；证券管理机构场内交易：有场所，时间，种类限制，有一定准则和法规；有佣金。场外交易：没有中心场所，议

11、价方式；方便。11Variety of securities issued in secondary market Treasury Notes：中期国库券Treasury Bonds：长期国库券，随时可转让，但不到期不能兑换本金。（比较：Treasury Bills：短期国库券）Company Bonds：企业债券Company Stocks：公司股票Common Stocks：普通股Preferred Stocks：优先股12International Gold Market国际五大黄金市场（固定场所）London, New York, Zurich, Chicago, Hong Kong

12、.黄金供给黄金需求1.南非等黄金生产国；2. IMF等政府机构，私人抛售的黄金；3. 其他：美国，加拿大出售金币和Gold Certificate1.工业用金：电子，首饰，牙科；2.官方储备资产：IMF, BIS, 各国中央银行；3.私人长藏金；13Gold Transactions黄金贷款:黄金互换交易Gold Swaps:黄金持有者把金条转让给交易商，换取货币，在互换协议期满时，按约定的远期价格购回黄金。黄金期权，期货交易；黄金担保Gold Warrants;黄金杠杆合同Gold Leverage Contracts;黄金存单Gold Depository Orders14Factors

13、Affecting Gold Price影响黄金价格变动的因素：黄金供求关系；通货膨胀：世界性通货膨胀货币贬值抢购黄金保值。货币利率和汇率：利率 人们将手中货币存入银行获利息金价国际政治因素：15Features of various gold markets伦敦黄金市场 (Rothschild & Sond, Mocatta & Goldsmid, Samuel Montagu & Co., Mase Westpac, Sharps Pixley) 现货交易为主苏黎世黄金市场 (Credit Suisse, Union Bank of Switzerland, Swiss Bank Corp

14、oration, Zurich Gold Pool) 私人黄金存储中心美国黄金市场 (The Commodities Exchange in New York, The Mercantile Exchange in Chicago) 期货交易为主香港黄金市场 时差优势中东远东黄金分销结算中心16Euro Currency Market-1欧洲货币并非指欧洲国家货币，而是指投在某种货币发行国国境外的银行所有的该种货币。又称“离岸货币”。在美国境外的银行所存贷的美元称为“欧洲美元”；在德国境外银行所存贷的马克称为“欧洲马克”。还有“欧洲日元”。欧洲货币市场是指非居民互相之间以银行为中介在某种货币发

15、行国国境之外从事该种货币借贷的市场，即经营非居民的欧洲货币存贷活动的市场。又称离岸或境外金融市场。17Euro Currency Market-2The growth of offshore currency trading has gone hand in hand with that of offshore banking . An offshore deposit is simply a bank deposit denominated in a currency other than that of the country in which the bank residesfor ex

16、ample, yen deposits in a London bank or French franc deposits in Zurich. Many of the deposits traded in the foreign exchange market are offshore deposits. Offshore currency deposits are usually referred to as Eurocurrencies, something of a misnomer since much Eurocurrency trading occurs in such non-

17、European centers as Singapore and Hong Kong. Dollar deposits located outside the United States are called Eurodollars.18Types of Euro Currency Market一体型：境内与境外金融市场业务融为一体。离岸资金可随时转换为在岸资金（国内资金）。在岸资金也可随时转为离岸资金。香港，伦敦。分离型：境内与境外业务分开，居民与非居民的存贷业务分开。以隔绝国际游资对本国货币存量和宏观经济影响。美国(International Banking Facility)，东京，新

18、加坡。簿记型（走帐型）：纯属为逃避税收和管制，为其他金融市场交易进行记帐或划帐。巴哈马拿骚19What will a advanced financial center like?国外居民的金融储蓄国外居民的投资消费借款国内居民的金融储蓄国内居民的投资消费借款国内金融市场国际（离岸）金融市场20Growth of Euro-Currency MarketChinese version 1欧洲美元市场形成的原因：苏联在欧洲的存款。1957苏联把出口所获美元存入法国银行（因为朝鲜战争美国冻结中国在美的资产）。英国政府对英镑使用的限制。为绕开管制，英国商业银行则利用美元存款贷给国际贸易商。美国境外经

19、营美元存放款业务的资金市场在伦敦出现。美国当局对国内银行活动的限制。为限制美元外流，1963美国政府的Interest Equalization Tax, Regulation Q; 1965 Voluntary Foreign Credit Restrain Guideline等促使美国银行把美元转移到海外和欧洲。21Growth of Euro-Currency MarketChinese version 24. 欧洲国家货币可兑换性的恢复。1958年以后美元可以在欧洲地区自由流通。5. 石油输出国组织的石油提价后的石油美元回流。19731976期间OPEC在欧洲欧洲货币市场上的存款猛增1

20、00540亿美元。主要贷给石油进口国。6. 欧洲国家对非居民本币存款的限制（到收利息）。为了对付美元危机对本国经济的影响。22Growth of Euro-Currency MarketEnglish version 1Eurodollars were born in the late 1950s, a response to the needs generated by a growing volume of international trade. European firms involved in trade frequently wished to hold dollar balan

21、ces or to borrow dollars. Europeans often found it cheaper and more convenient to deal with local banks familiar with their circumstances.In 1957, the British government prohibited British banks from lending pounds to finance non-British trade. In order to avoid losing this lucrative business, Briti

22、sh banks began financing the same trade by attracting dollar deposits and lending dollars instead of pounds. The British government took a laissez-faire attitude toward foreign currency activities. As a result, London became-and has remained-the leading center of Eurocurrency trading.23Growth of Eur

23、o-Currency MarketEnglish version 2During the 1950s, the Soviet Union acquired dollar (largely through sales of gold and other raw materials). It feared the U.S. might confiscate dollars placed in American bands if the Cold War were to heat up. So instead, Soviet dollars were placed in European banks

24、.The Eurodollar system mushroomed in the 1960s as a result of new U.S. restrictions on capital outflows and U.S. banking regulations.Arab members of OPEC accumulated vast wealth as a result of the oil shocks, but reluctant to place most of their money in American banks for fear of possible confiscat

25、ion. Instead, these countries placed funds with Eurobanks.24Supply and Demand of Eurodollars资金来源资金运用1.美国商业性国际银行2.各国跨国公司和大工商企业3.各国政府和中央银行4.石油输出国组织5.国际清算银行和欧洲投资银行6.派生存款1.2.各国跨国公司和大工商企业3.苏联与东欧对西方的负债4.非产油发展中国家5.国际性大银行和商业银行6.外汇投机25“Charm” of Eurocurrency Market最自由：超国家无国籍；不仅不管制，而且鼓励（对非居民的外币资金交易允许免缴存款准备金）。

26、金额大：银行同业间的批发市场；一般为数万十亿美元。利差小：存款利率较高，放款利率较低；没有存款利率最高额及法定准备金限制。范围广：币种多；规模大。中心多：只要能吸引国际间投资商和借款人的地方都可以成为离岸金融中心。26Example of Eurocurrency Interest Rate27Raising funds in Eurocurrency Market欧洲货币市场业务：欧洲短期信贷： 主要是一年以内的银行同业间的资金拆借（信贷）市场。由于中国可以利用的可能性较小，所以省略。国际银团贷款：中国香港地区的地铁的建造就是利用国际银团贷款的成功先例。（教材第291页）将详细介绍。欧洲债券

27、：在国际债券市场中介绍。28International Consortium Loan国际银团贷款(Consortium Loan; Syndicated Loan)国际银团贷款是由一家或几家银行牵头，联合几家甚至几十家国际银行组成一个银团共同向某客户或某工程进行贷款 的融资方式。特点：期限较长；（520年）还有宽限期Grace Period贷款数额较大；千万数亿美元借款人要提供担保；一般要政府，中央银行，大商业银行等提供担保贷款选择性和针对性较强。对工程项目评估调查29Prospect of Eurocurrency MarketChinese version 1欧洲货币市场的存在有利有弊

28、它是国际经济一体化发展的产物。也是各国对银行的管理内外不对称而导致的。每一个国家都想利用它（获得融资和银行利润）同时也害怕它对本国国内金融业的冲击（使本国的货币政策失灵）。1981年美国政府也批准了美国银行在美国本土进行欧洲货币业务。开放了国际银行业务设施(IBF)。30Prospect of Eurocurrency MarketChinese version 2国际银行业务设施(IBF):允许美国银行和在美国的外国银行吸收外国居民，外国银行和公司，美国在国外的公司的存款， 而无须缴纳存款准备金，也不受存款利率最高额的限制。同时允许贷款给外国居民，外国企业及美国的国外附属公司，但贷款必须用于

29、美国境外。31Prospect of Eurocurrency MarketEnglish version 1Eurocurrency benefited governments discriminate between deposits denominated in the home currency and those denominated in others and between transactions with domestic customers and those with foreign customers. Domestic currency deposits are h

30、eavily regulated as a way of maintaining control over the domestic money supply, while banks are given much more freedom in their dealings in foreign currencies.32Prospect of Eurocurrency MarketEnglish version 2Freedom from reserve requirements is probably the most important regulatory factor that m

31、akes Eurocurrency trading attractive to banks and their customers. Eurodollar deposits are available in shorter maturities than the corresponding time deposits banks are allowed to issue in the United States.33Prospect of Eurocurrency MarketEnglish version 3In 1981, the Fed allowed resident banks to

32、 set up international banking facilities (IBFs) in the United States for the purpose of accepting time deposits and making loans to foreign customers. IBFs are not subject to reserve requirements or interest rate ceilings, and they are exempt from state and local taxes. But an IBF is prohibited from

33、 accepting deposits from or lending money to U.S. residents. Technically speaking, a dollar deposit in an IBF is not a Eurodollar because the IBF resides physically within the United States.34Asian Offshore Currency Markets-1Many countries intend to lure lucrative international banking business to t

34、heir shores while trying to insulate domestic financial systems from the banks international activities. Similar international banking enclaves in the Asian Currency Units of Singapore, Hong Kong and the Tokyo Offshore Market.35Asian Offshore Currency Markets-2亚洲货币市场的形成和发展1968.10.1为标志该市场诞生。美国银行新加坡分行

35、获准在银行内部设立一个亚洲货币单位(Asian Currency Unit)。批准16家银行经营离岸金融业务。吸收存款3.9亿美元。1978香港开始亚洲美元的争夺业务。1982取消外币存款利息收入15%的预扣税。将全世界欧洲美元存款吸引过来。（马尼拉的离岸业务1977开始）1986.12.1东京离岸金融市场模拟美国的国际银行业务设施(IBF)并且有日元国际化后盾的支持。36Of Samurai and Sushi: IOpening Japans Financial MarketsStarting in the late 1970s the Japanese began to liberali

36、ze the capital account by removing restrictions on foreign purchases of domestic assets. In Many 1984, under American pressure, the U.S. Treasury and Japanese Ministry of Finance agreed o a long list of further liberalization measures. Specifically, a wider range of direct foreign investments in Jap

37、an was sanctioned. Japanese residents were given greater freedom to purchase foreign assets, and restrictions on foreign issues of bonds within Japan were relaxed.37Of Samurai and Sushi: IIOpening Japans Financial MarketsIn February 1986 the first foreign members of the Tokyo Stock Exchange took the

38、ir seats. And at the end of 1986 the Japanese opened an offshore banking market in Tokyo, in which Japanese as well as foreign banks can operate as long as they observe a strict separation between their foreign business and any domestic Japanese business.38Of Samurai and Sushi: IIIOpening Japans Fin

39、ancial MarketsCloser contact between the Japanese and foreign financial cultures has spawned some colorful terminology. Yen-denominated bonds issued in Japan by nonresidents are called samurai bonds. When these bonds are denominated in foreign currencies rather than in yen, they are called shogun bo

40、nds. Foreign currency bonds issued abroad by Japanese residents are known as sushi bonds. Finally, yen bonds issued in the United States by Japanese residents dont have a catchy Japanese name. These obligations, first issued in 1985, are called Yankee yen bonds.39Asian currency marketSpecial feature

41、s:交易额的90%以上是美元。存款净额仅为整个欧洲市场的9%。以短期借贷为主的市场。（实际上是银行同业间市场。）时差上填补欧洲和美洲。（形成全球24小时运转的金融服务网。）政府诱导而形成。（以新加坡政府为代表 ）东京已发展成为仅次於伦敦和纽约的世界第三大金融中心。世界金融三足鼎立。40International Bond Market-1国际债券市场国际债券:一国政府,金融机构或企业在国际金融市场上以外国货币为面值发行的债券。由于对发行者和投资者都有好处，国际金融市场证券化趋势在加强。41International Bond Market-2国际债券的类型按发行方式划分：公募债券(Public

42、 Offering Bond)：在证券市场上公开销售；通过国际认可的债券信用评定机构的评级；借款人公布自己各项情况。私募债券(Private Placement Bond)：私下向限定的投资者发行；债券不能上市转让；债券利率高于公募债券利率。无需债券信用评定机构评级；发行者也无需公布自己情况。42International Bond Market-3按是否以发行地所在国货币为面值划分：外国债券(Foreign Bond)：借款人在其本国以外某一国家发行的，以发行地所在国货币为面值的债券。发行必须经发行的所在国政府比准。在日本发行的外国债券(日元)武士债券(Samurai Bond)；在美国发行

43、的美元债券洋基债券(Yankee Bond)；在英国发行的英镑债券猛犬债券(Bulldog)。欧洲债券(Euro-bond)：借款者在债券票面货币发行国以外或在该国的离岸金融市场发行的债券。它的发行不受任何国家金融法规的管辖。例如，中国在日本市场发行的美元债券。43International Bond Market4English versionForeign Bond: Bond sold outside the country of the borrower, but in the country of the currency in which the bond is denominat

44、ed. The bond is underwritten by local institutions and is issued under the regulations prevalent in that country. For example, a U.S. company might float a bond issue in the Swiss capital market, underwritten by a Swiss syndicate and denominated in Swiss francs. The bond issue is sold to investors i

45、n the Swiss capital market, where it will be quoted and traded.44International Bond Market5English versionEuro-bond: Bond denominated in the borrowers currency but sold outside the country of the borrower, usually by an international syndicate. The Euro-bond market, although centered in Europe, is t

46、ruly international in the sense that the underwriting syndicates comprise investment bankers from a number of countries, the bonds are sold to investors around the world, and floatations are not governed by national regulations.45International Bond Market-6按利率确定划分（详细见教材第305页）固定利率债券浮动利率债券无息票债券按可转换性划分

47、直接债券可兑股债券附认股权债券可转让贷款证券按发行货币划分双重货币债券欧洲货币单位债券按短期票据种类划分非承销欧洲商业票据多成分票据便利承销欧洲票据便利展期承销票据便利46Censoring process of issuanceStep 1: 借款者到证券交易委员会注册登记，提交各种证明文件；经审查批准后，才能取得债券发行资格。Step 2: 债券发行管理机关对借款者资格审查：担保证书：要由政府，大企业，银行出出具保证书。债信审查： 调查发行人在历史上有无拖欠的 未偿清债务或债务诉讼纠纷。发行经验：发行间隔：同一发行人在1年中不得发行2-3次。避免偿债高峰集中。信用评级：对借款人经济实力作出

48、信用评价。 47Credit Grading-1国际证券评级机构(authorized, designated)美国标准普尔公司Standard and Poors Corp.穆迪投资服务公司Moodys Investment Service加拿大债券级别服务公司英国艾克斯特尔统计服务公司日本社债研究所美国德发公司48Credit Grading2AAA信用好 投资安全AAABBB信用还可以，所在国政局和经济有突变能BB有风险B有风险CCC有风险CC有风险C有风险49Credit Grading3穆迪投资服务公司Moodys Investment Service1995年将中国的独资商业银行的

49、信用评级降为E级。50Skipping-over parts for self-study51Financial Future Market期货交易：在有组织的期货交易所以公开竞价的方式进行标准化合同的买卖。这种标准化合约称为期货合约(Futures Contract)。虽然某商品需在规定的未来某日期交割，但到期进行实物交割的不足5%。金融期货交易：期货交易的商品是金融资产。这种资产一般为外汇，股票，有息金融资产，和黄金（有实物形态）等。金融期货市场：是一个有形市场；并有一定的规章制度。52Financial Future Market in U.S.芝加哥商品交易所的国际货币市场Intern

50、ational Money Market (IMM) of Chicago Mercantile Exchange (CME)1972.5外汇期货交易1974.12黄金期货交易1975.10抵押存款证1977.8长期国库券1977.990天商业票据1979.530天商业票据1979.6中期国库券1981.4股票指数期货堪萨斯农产品交易所1981.2股票指数交易纽约期货交易所 1981.5股票指数交易53Standardized Market of FF交易对象标准化金融商品（价格，收益率，数量均资性，标准性和不变性）交易单位规范化（合同面额很大 ）受付期限规格化（3个月2年半）买卖价格公开喊价

51、（竞价，高效率）54Comparison between “Futures Contract” & “Forward Contract”1金融期货交易合同远期交易合同交易交易受付期，单位规格化后，只需确定数量和价格。交易过程简单。各个项目没有规范化；交易量和交割日都可以议定。交易过程协调难度较大。市场具体有形。场内交易抽象无形。银行间电讯55Comparison between “Futures Contract” & “Forward Contract”2金融期货交易合同远期交易合同方式交易所经纪人公开喊价。最终由交易各方通过电话，电传，电脑直接成交。风险因交易对方是清算所，没有信用风险因直

52、接成交，有信用风险保证金需缴存保证金，保证金多退少补，形成现金流。不需缴纳保证金，也无现金流。56Comparison between “Futures” & “Option”期货期权期限标准化买方一定要在规定的期限内行使权力，过期作废。保证金是合约金额的百分比。买方或卖方的利润和风险是相同的。保险费premium:一笔固定金额。买方最大的损失是premium; 风险有限；利润无限。卖方是利润有限premium；风险无限。57Transactions in Future Market金融期货的套期保值：同时在现货市场和期货市场上做数量相等而方向相反的交易。期货交易所现货市场：将收到美元购买日元

53、期货市场：买入3个月日元期货合约，到期后抛出情况1；准备3个月后拿美元投资购买日元债券情况2：预测3个月后日元要升值+对冲58Process and Circles of Transaction 客 户 经纪公司经纪公司在交易所的代表场内经纪人清算所下达指令通知入市交易送交易单回复指令回复指令回复指令发出保证书59Various S互换交易:一种双方商定在经过一段时间后彼此交换支付的金融工具。它是一种金融工具的创新。More flexible to meet various financial demands.demandsSupply转移汇率和利率转移信用风险用新技术来提高交易的流动性竞争使

54、金融机构创造新的工具获得客户电讯和信息技术进步使得设计出复杂工具银行资产负债表外交易需要60Intermediator & market-maker 银行中介人市场创造者需求方供给方安排和担保安排和担保Various Swaps61Purpose of S互换交易的作用（或称目的）利率互换管理利率风险（浮动利率债务转换成固定利率债务，降低利率风险，延长债券到期日）套头机会较便宜融资方式（在不同的金融市场上互换）进入市场为无法筹资的金融机构取得进入借债市场的机会。62Variety of Swaps 互换交易的方式：利率互换 Interest Rate Swap基础利率互换 Basic Rate

55、 Swap固定利率货币互换 Fixed Rate Currency Swap 货币利率交叉互换 Cross-currency相同货币不同货币63Interest Rate Swap-1市场利率利率后投资净收益损失利率后投资净收益损失利率互换产生的原因64Interest Rate Swap-2绝对优势相对优势A方B方比较成本信用等级AAABBB借入资金$50000000$50000000固定利率筹资成本11%14%2%浮动利率筹资成本LIBORLIBOR+1%1%净差1%65Interest Rate Swap-3A 方B 方固定利率资金市场11%浮动利率资金市场LIBOR+1%固定利率LIB

56、OR互换66Interest Rate Swap-4假定A方与B方谈判确定固定利率：67Interest Rate Swap-5A方使其浮动利率成本从：LIBORLIBOR0.75%B方使其固定利率成本从：14%13.25%假定中介银行获利50基点: 0.5% (由A方和B方平摊)A方使其浮动利率成本从：LIBORLIBOR0.75%+0.25%B方使其固定利率成本从：14%13.25%+0.25%A方使其浮动利率成本从：LIBORLIBOR0.5%B方使其固定利率成本从：14%13. 5%A方B方中介银行固定利率资金市场11.5%浮动利率资金市场LIBOR+1%12.25%12.25%LIB

57、OR+0.25%LIBOR0.25%68Interest Rate Swap-6终结互换交易定义：两个借款人由于存在信用等级差别，筹资成本不同，负债结构各异，为了避免利率风险或调整和改善资产负债结构，利用各自在金融市场筹资的相对优势进行债务互换，不涉及本金实际转移，故称为互换交易。69Basic Rate Swap1基础利率互换：不同期限的基础浮动汇率的金融凭证之间的利率互换。 （教材第329页例）A银行中介银行客户B银行向客户融资3个月LIBOR持有1个月商业票据1个月商业票据3个月LIBOR3个月LIBOR70Self-Studies of the Rest of Swaps固定利率货币互

58、换交易Fixed Rate Currency Swap货币利率交叉互换交易Cross-currency Interest Swap其他互换方式Other forms of Swaps资产互换Asset Swaps远期互换Forward Swap分期偿还互换Amortizing Swap零息债券互换A Zero-coupon Swap互换期权An Option on a Swap指数互换An Index Swap多边互换A Multi-legged Swap71Global Integration of Financial MarketsIntegration: The bringing of

59、people of different racial or ethnic groups into unrestricted and equal association, as in society or an organization; desegregation.Globalization: To make global or worldwide in scope or application.Internationalization: To put under international control.Boundless:Being without boundaries or limit

60、s; infinite.72Financial Globalization at MomentumMultinational companies Multinational banks. (investment drive, after service)Cost reduction IT and telecommunication made global financial operation available and possible.Deregulation inducement “Tax Haven”, relaxation of “interest ceiling” and so o