Financial markets - overview.doc

7/27/2019 Financial markets - overview.doc

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Financial Markets - Overview

Copyright Endava, 2007

Project Name: Endava

Developed: SAR.Ciurca Date: 13/12/2007

Verified: SAV.iaconu Date: 13/12/2007

Approved: SAV.iaconu Date: 13/12/2007

Pages: 21

Document eference:!ong ocu"#nt$01.0%

!lassification : "&nt#rna' ()## Valid at time of printing


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1 CONTENTS..........................................................................................................................................................2

2 REVISION HISTORY..........................................................................................................................................3

3 FINANCIAL TERMS............................................................................................................................................3

4 ORDERS & TRADES...........................................................................................................................................4

4.1 ORDERS.............................................................................................................................................................4

4.1.1 Order Types...............................................................................................................................................5

4.2 TRADES..............................................................................................................................................................5

5 PARTICIPANT, BROKER & TRADER............................................................................................................6

5.1 PARTICIPANT.....................................................................................................................................................6

5.2 BROKER.............................................................................................................................................................6

5.3 TRADER.............................................................................................................................................................6

6 FINANCIAL INSTRUMENTS............................................................................................................................6

6.1 CASHINSTRUMENTS..........................................................................................................................................8

6.1.1 Debt...........................................................................................................................................................9

6.1.2 Equity.........................................................................................................................................................9

6.1.3 Hybrid........................................................................................................................................................9

6.2 DERIVATIVEINSTRUMENTS.............................................................................................................................11

6.2.1 Options....................................................................................................................................................12

6.2.2 Futures.....................................................................................................................................................13

7 FINANCIAL MARKETS ...................................................................................................................................14

7.1 CAPITALMARKETS.........................................................................................................................................16

7.1.1 Stoc !"rets...........................................................................................................................................16

7.1.2 #ond !"rets...........................................................................................................................................16

7.2 MONEYMARKETS............................................................................................................................................17

7.3 FOREIGNECHANGEMARKETS.......................................................................................................................17

UNDERSTANDIN! FINANCIAL CHARTS...................................................................................................1

" ADDITIONAL SOURCES..................................................................................................................................21

!ong ocu"#nt$01.0% *&nt#rna' ()#+ Page 2of 21


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( &V)')ON *)'%O+

R#vi)ionat# or#vi)ion

#)cription o "odiication)

01.01 13.12.2007 R#vi)#d

, F)NAN!)A %&M'

Arbitrage -uying )#curiti#) in on# country, curr#ncy or "ar#t, and )#''ing inanoth#r to ta# advantag# o pric# di#r#nc#).

Collateral ithin a inancia' cont#t i) u)#d to indicat# a))#t) that )#cur# a d#to'igation. or #a"p'#, in th# ca)# o a "ortgag#, th# hou)# )#rv#) a) th# co''at#ra' orth# "ortgag# 'oan.

Clearing house i) a inancia' )#rvic#) co"pany that provid#) c'#aring and

)#tt'#"#nt )#rvic#) or inancia' tran)action), u)ua''y on a utur#) #chang#, and ot#nact) a) c#ntra' count#rparty. A c'#aring hou)# "ay a')o o#r novation, th# )u)titution o

a n# contract or d#t or an o'd, or oth#r cr#dit #nhanc#"#nt )#rvic#) to it) "#"#r)

Dividend $ that part o a co"pany) proit) at#r ta hich i) di)triut#d to

)har#ho'd#r).Hedge4d#rivativ# "ar#t)5 $ an inv#)t"#nt that i) ta#n out )p#ciica''y to r#duc# or

canc#' out th# ri) in anoth#r inv#)t"#nt.

Index$ A )tati)tica' "#a)ur# o th# chang#) in a porto'io o )toc) r#pr#)#nting a

portion o th# ov#ra'' "ar#t. or in)tanc#, th# 6SE 100 and th# S8900 ar# #a"p'#) oindic#).

Liquidity$ th# #a)# ith hich a inancia' in)tru"#nt can # trad#d on th# "ar#t.

Over-the-counter 4:6C5 trading i) to trad# inancia' in)tru"#nt) )uch a) )toc),ond), co""oditi#) or d#rivativ#) dir#ct'y #t##n to parti#).

Portfolio $ a group o inv#)t"#nt) h#'d acro)) a))#t c'a))#) 4)toc), ond), r#a'

#)tat#, go'd5 or ithin th# )a"# a))#t c'a)) 4#po)ur# to )toc) acro)) co"pani#) andindu)tri#)5.

Settleent$ th# proc#)) o tran)#rring )toc ro" )#''#r to uy#r and arranging th#corr#)ponding "ov#"#nt o "on#y #t##n th# to parti#).

!olatility $ A "#a)ur# o th# a"ount o "ov#"#nt in th# pric# o a inancia'in)tru"#nt.

"ield$ th# r#turn #arn#d on an inv#)t"#nt taing into account th# annua' inco"# andit) pr#)#nt capita' va'u#. 6h#r# ar# a nu"#r o di#r#nt typ#) o yi#'d, and in )o"#ca)#) di#r#nt "#thod) o ca'cu'ating #ach typ#.



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Long #osition

$ ;h#n a trad#r uy) an in)tru"#nt that h# ha) not a'r#ady )o'd, h# i) )aid to #

op#ning a 'ong po)ition.

$ ;h#n a trad#r )#'') an in)tru"#nt that h# a'r#ady on), h# i) )aid to # c'o)ing a'ong po)ition.

Short #osition

$ ;h#n a trad#r )#'') an in)tru"#nt that h# do#) not a'r#ady on, h# i) )aid to #op#ning a )hort po)ition.

$ ;h#n a trad#r uy) an in)tru"#nt that h# ha) )o'd, h# i) )aid to # c'o)ing a )hortpo)ition.

. OD&' / %AD&'

.0$ OD&'

Orderi) an r#


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Order $oo% i) a 'i)t o op#n ord#r). :rd#r -oo "ay a')o r##r to th# )y)t#"4g#n#ra''y a co"put#r )y)t#"5 op#rat#d y "ar#t) or )toring and "atching th# variou)ind) o ord#r that can # p'ac#d on )uch a "ar#t.

$est $id4--5 $ th# high#)t id pric# or a )p#ciic inancia' in)tru"#nt 4i.#. th# high#)tpric# any uy#r ha) d#c'ar#d that th#y ar# i''ing to pay at a giv#n ti"#5. #t#r"in#dro" th# :rd#r -oo.

$est offer4-:5 $ th# 'o#)t o#r/)#''/a) pric# or a )p#ciic inancia' in)tru"#nt 4i.#.

th# 'o#)t pric# any )#''#r ha) d#c'ar#d that th#y ar# i''ing to acc#pt at a giv#n ti"#5.#t#r"in#d ro" th# :rd#r -oo.

&id #oint i) 4-- > -:5/2

Order atchingi) th# proc#)) o auto"atica''y "atching and ##cuting uy and )#''ord#r).

.0$0$ OD& %+P&'

Liit order$ an ord#r )u"itt#d to th# #'#ctronic ord#r oo ith a )p#cii#d )i=# andpric# hich i) #ith#r h#'d on th# ord#r oo or ##cut#), #ith#r in part or u'', again)t#'igi'# ord#r) ith any r#"aining un##cut#d portion #ing add#d to th# ord#r oo.

At best order$ an ord#r )u"itt#d to an ord#r oo to d#a' in a )p#cii#d nu"#r o

)har#). &t "ay ##cut#, #ith#r in part or in u'', again)t #'igi'# ord#r) 4at th# pric# otho)# ord#r)5. (n##cut#d portion) o at #)t ord#r) ar# r#?#ct#d ro" th# ord#r oo.So"#ti"#) i) r##rr#d to a) an Aggressive Type A ord#r.

'ill or (ill order$ an ord#r )u"itt#d to th# #'#ctronic ord#r oo ith a )p#cii#d )i=#

and, at th# option o th# "#"#r ir", a )p#cii#d 'i"it pric# hich #ith#r ##cut#) in u''again)t #'igi'# ord#r) at th# pric# o tho)# ord#r) or i) r#?#ct#d in u'' ro" th# ord#r

oo.

)xecute and )liinate order$ an ord#r )u"itt#d to an ord#r oo to d#a' in a

)p#cii#d nu"#r o )har#) at a pric# no high#r than a )p#cii#d 'i"it pric#. &t "ay##cut#, #ith#r in part or in u'', again)t #'igi'# ord#r) 4at th# pric# o tho)# ord#r)5.

(n##cut#d portion) o ##cut# and #'i"inat# ord#r) ar# r#?#ct#d ro" th# ord#r oo.

&ar%et order$ an un$pric#d ord#r )u"itt#d to an ord#r oo to d#a' in a )p#cii#dnu"#r o )har#). (n##cut#d portion) o a "ar#t ord#r ar# add#d to th# ord#r oo.

.0( %AD&'

*radei) a d#a' "ad#, i.#. a co"p'#t#d tran)action #t##n to "atching selland buyord#r) 4ro" Order Book5.

Last trade #rice$ th# "o)t r#c#nt pric# at hich a )p#ciic inancia' in)tru"#nt a)trad#d.

High4@igh 8ric#5 $ th# high#)t pric# that a inancia' in)tru"#nt a) trad#d at during ac#rtain ti"# p#riod.

Lo+4!o 8ric#5 $ th# 'o#)t pric# a inancia' in)tru"#nt r#ach#d in a c#rtain p#riod o

ti"#. :ppo)it# o high.

Close4C'o)ing 8ric#5 $ th# c'o)ing pric# i) th# 'a)t pric# or a inancia' in)tru"#nt atth# ti"# th# "ar#t c'o)#).



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O#en4:p#ning 8ric#5 $ th# pric# at hich a inancia' in)tru"#nt ir)t trad#) upon th#op#ning o a "ar#t on a giv#n trading day. :p#ning pric# or a inancia' in)tru"#nt i''not a'ay) # id#ntica' to it) pr#viou) day c'o)ing pric#.

&ar%et ca#itali,ation$ i) u)#d to indicat# th# va'u# o a co"pany y "u'tip'ying th#nu"#r o )har#) in i))u# y th# !a)t 6rad# pric# o th# )har#.

1 PA%)!)PAN%2 3O4& / %AD&

10$ PA%)!)PAN%

Partici#ant$ an inv#)tor or int#r"#diary acting in a trading capacity.

10( 3O4&

$ro%er an individua' or trading ir" ho uy) and )#'') inancia' in)tru"#nt) through"ar#t "a#r) on #ha' o trad#r)/inv#)tor).

A ro#r aci'itat#) trad# in )o"# inancia' in)tru"#nt) y "atching o#r) to )#'' 4 ask5

ith o#r) to uy 4bid5.

6h# ro#r do#) not ta# a po)ition in inancia' in)tru"#nt) $ that i), th# ro#r do#)not "aintain an inv#ntory o inancia' in)tru"#nt) on th#ir on account.

6h# ro#r) proit) ar# d#t#r"in#d y th# co""i))ion) th#y charg# to th# inv#)tor) oth#ir ro#rag# )#rvic#).

10, %AD&

*raderor investor i) an individua' or ir" ho uy) and )#'') inancia' in)tru"#nt))uch a) )toc), ond) and d#rivativ#).

(n'i# ro#r), 6rad#r) ta# po)ition) 4i.#., on inv#ntori#)5 in th# inancia'

in)tru"#nt) in hich th#y trad#.

(n'i# ro#r), 6rad#r) make the market or th# inancia' in)tru"#nt) th#")#'v#) y

po)ting asksand bids.

6hu), 6rad#r) ar# "or# '#i'# than ro#r) in that th#y dont hav# to "atch )#''#r) touy#r) dir#ct'y $ th#y can uy inancia' in)tru"#nt) or ho'ding a) inv#ntory and th#y can)#'' unit) o inancia' in)tru"#nt) out o inv#ntory.

(n'i# ro#r), 6rad#r) "a# proit) y uying 'o and )#''ing high.

5 F)NAN!)A )N'%6M&N%'



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Cash instruentsar# inancia' in)tru"#nt) ho)# va'u# i) d#t#r"in#d dir#ct'y y"ar#t).

Derivative instruentsar# inancia' in)tru"#nt) hich d#riv# th#ir va'u# ro" )o"#oth#r inancia' in)tru"#nt.



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50$ !A'* )N'%6M&N%'



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6h# ho'd#r o a debt )#curity i) typica''y #ntit'#d to th# pay"#nt o principa' andint#r#)t, tog#th#r ith oth#r contractua' right) und#r th# t#r") o th# i))u#, )uch a) th#

right to r#c#iv# c#rtain inor"ation. #t )#curiti#) ar# g#n#ra''y i))u#d or a i#d t#r"and r#d##"a'# y th# i))u#r at th# #nd o that t#r" 4"aturity5.

&aturity #eriod$ thi) i) th# 'i# o a ond or )#curity. A ond u)ua''y rang#) ro" 9 to19 y#ar) ut a # gov#rn"#nt ond) "ay #v#n hav# a 'i#)pan o 29 to 90 y#ar).

$ond$ d#t )#curiti#) i))u#d y gov#rn"#nt) and co"pani#) a) a "#an) o rai)ingcapita' hich g#n#ra''y #ntit'# th# ho'd#r to a i#d$rat# o int#r#)t during th#ir 'i# and

r#pay"#nt o th# a"ount o th# ond at "aturity.

ero cou#on bonds$ =#ro coupon ond) ar# corporat# or "unicipa' d#t )#curiti#)that trad# at a d##p di)count ro" th# ac# va'u#, a) th# ond pay) no int#r#)t to th#ondho'd#r) during it) 'i#ti"#.

Cou#on$ 6hi) i) a r#gu'ar pay"#nt r#c#iv#d y th# ondho'd#r ov#r th# 'i#ti"# o th#ond. 6h# coupon rat# i) #pr#))#d a) a p#rc#ntag# o th# ac# va'u# o th# ond.

50$0( &76)%+

)quity$ th# ri)$)haring part o a co"pany) capita', u)ua''y "ad# up o ordinary)har#).

Share$ th# authori=#d )har# capita' o a co"pany i) divid#d into a nu"#r o #


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)quity +arrantsar# option) i))u#d y th# co"pany that a''o) th# ho'd#r o th#arrant to purcha)# a )p#ciic nu"#r o )har#) at a )p#cii#d pric# ithin a )p#cii#dti"#. 6h#y ar# ot#n i))u#d tog#th#r ith ond) or #i)ting #


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50( D&)VA%)V& )N'%6M&N%'



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6h# "ain u)# o d#rivativ#) i) to r#duc# ri) or on# party hi'# o#ring th# pot#ntia'or a high r#turn 4at incr#a)#d ri)5 to anoth#r. #rivativ#) can # a)#d on di#r#nttyp#) o underlyinginancia' in)tru"#nt) )uch a) co""oditi#), #


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!ong ocu"#nt

$ th# t#r") y hich th# option i)


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pric#. 6h# pric# o th# und#r'ying in)tru"#nt on th# d#'iv#ry dat# i) ca''#d th# )#tt'#"#ntpric#.

A utur#) contract giv#) th# ho'd#r th# o'igation to uy or )#'', hich di#r) ro" anoption) contract, hich giv#) th# ho'd#r th# right, ut not th# o'igation. 6h# )#''#rd#'iv#r) th# co""odity to th# uy#r. -oth parti#) o a utur#) contract "u)t u'i'' th#contract on th# )#tt'#"#nt dat#.

6o #it th# co""it"#nt prior to th# settlementdat#, th# ho'd#r o a utur#) po)ition

ha) to o)#t th#ir po)ition y #ith#r )#''ing a long positionor uying ac a short position,##ctiv#'y c'o)ing out th# utur#) po)ition and it) contract o'igation).

6o "ini"i=# cr#dit ri) to th# exchange, trad#r) "u)t po)t margin, typica''y 9H$19Ho th# contract) va'u#. &nitia' margini) paid y oth uy#r and )#''#r. &t r#pr#)#nt) th#

'o)) on that contract, a) d#t#r"in#d y hi)torica' pric# chang#), that i) not 'i#'y to ##c##d#d on a u)ua' day) trading. A utur#) pric# account i) "ar#d to "ar#t dai'y. &th# "argin drop) #'o th# "argin "aint#nanc# r#


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Coodity ar%ets $ aci'itat# th# trading o co""oditi#) 4ra or pri"aryproduct)5.

Derivatives ar%ets$ provid# in)tru"#nt) or th# "anag#"#nt o inancia' ri).$ 'utures or O#tions ar%ets, hich provid# )tandardi=#d orard contract) or

trading product) at )o"# utur# dat#.

Insurance ar%ets$ aci'itat# th# r#di)triution o variou) ri)).

80$ !AP)%A MA4&%'

6h# capital markets con)i)t o #riary ar%ets and secondary ar%ets. J#'yor"#d 4i))u#d5 securities ar# ought or )o'd in primary markets. $econdary marketsa''o inv#)tor) to )#'' securitiesthat th#y ho'd or uy #i)ting securities.

'inancial regulators, )uch a) th# (.S. S#curiti#) and Echang# Co""i))ion, ov#r)##

th# capita' "ar#t) in th#ir d#)ignat#d countri#) to #n)ur# that inv#)tor) ar# prot#ct#dagain)t raud. 'inancial regulationi) a or" o r#gu'ation or )up#rvi)ion, hich )u?#ct)

inancia' in)titution) to c#rtain r#


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und), an) and "utua' und). &n th# (nit#d Stat#), approi"at#'y 10H o th# "ar#t i)curr#nt'y h#'d y privat# individua').

8articipant) ho uy and )#'' ond) #or# "aturity ar# #po)#d to "any ri)), "o)ti"portant'y chang#) in int#r#)t rat#). ;h#n int#r#)t rat#) incr#a)#, th# va'u# o #i)tingond) a'', )inc# n# i))u#) pay a high#r yi#'d. !i#i)#, h#n int#r#)t rat#) d#cr#a)#,th# va'u# o #i)ting ond) ri)#, )inc# n# i))u#) pay a 'o#r yi#'d. 6hi) i) th#unda"#nta' conc#pt o ond "ar#t vo'ati'ityB chang#) in ond pric#) ar# inv#r)# tochang#) in int#r#)t rat#).

The %e" &ork $tock Exchange4JFSE5 i) th# 'arg#)t ond "ar#t, r#pr#)#nting "o)t'ycorporat# ond).

80( MON&+ MA4&%'

&n inanc#, th# oney ar%eti) th# g'oa' inancia' "ar#t or )hort$t#r" orroingand '#nding 4d#t inancing and inv#)t"#nt5. &t provid#) )hort$t#r" 'i


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(n'i# a stock market, h#r# a'' participant) hav# acc#)) to th# )a"# pric#), th# !orex"ar#t i) divid#d into '#v#') o acc#)). E.g. at th# top i) th# int#r$an "ar#t, hich i)"ad# up o th# 'arg#)t inv#)t"#nt aning ir"). ;ithin th# int#r$an "ar#t, )pr#ad),

hich ar# th# di#r#nc# #t##n th# id and a) pric#), ar# ra=or )harp and u)ua''y

unavai'a'#, and not non to p'ay#r) out)id# th# inn#r circ'#.

Jationa' c#ntra' an) p'ay an i"portant ro'# in th# or#ign #chang# "ar#t). 6h#ytry to contro' th# "on#y )upp'y, in'ation, and/or int#r#)t rat#) and ot#n hav# oicia' orunoicia' targ#t rat#) or th#ir curr#nci#). 6h#y can u)# th#ir ot#n )u)tantia' or#ign#chang# r#)#rv#) to )tai'i=# th# "ar#t.

; 6ND&'%AND)N9 F)NAN!)A !*A%'

*echnical analysisi) th# )tudy o "ar#t action, pri"ari'y through th# u)# o chart),or th# purpo)# o or#ca)ting utur# pric# trends.

ar#t trends 4patt#rn)5 ar# d#)cri#d a) p#riod) h#n uy#r) con)i)t#nt'youtnu"#r )#''#r), or vic# v#r)a.

An o#en-high-lo+-close chart4a')o OHLCchart, or )i"p'y bar chart5 i) a typ# ochart typica''y u)#d to i''u)trat# "ov#"#nt) in th# pric# o a inancia' in)tru"#nt ov#rti"#. Each v#rtica' 'in# on th# chart )ho) th# pric# rang# 4th# high#)t and 'o#)t pric#)5ov#r on# unit o ti"#, #.g. on# day or on# hour. 6ic "ar) pro?#ct ro" #ach )id# o th#

'in# indicating th# op#ning pric# 4#.g. or a dai'y ar chart thi) ou'd # th# )tarting pric#or that day5 on th# '#t, and th# c'o)ing pric# or that ti"# p#riod on th# right.

6h# Napan#)# candlestic%chart i) anoth#r ay o di)p'aying "ar#t pric# data, ithth# op#ning and c'o)ing pric#) d#ining a r#ctang'# ithin th# rang# or #ach ti"# unit.-oth chart) )ho th# #act )a"# data, i.#. th# op#ning, high, 'o, and c'o)ing pric#)during a particu'ar ti"# ra"#.



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!ong ocu"#nt

'ome traders find t


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!ong ocu"#nt

? ADD)%)ONA 'O6!&'

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httpB//#n.iip#dia.org/ii/StocI"ar#t

httpB//#n.iip#dia.org/ii/or#ignI#chang#I"ar#t

http://www.econ.iastate.edu/classes/econ308/tesfatsion/MarkOrg.htmhttp://www.londonstockexchange.com/en-gb/Global/F/glossary/http://en.wikipedia.org/wiki/Security_(finance)http://en.wikipedia.org/wiki/Stockhttp://en.wikipedia.org/wiki/Futures_contracthttp://en.wikipedia.org/wiki/Option_(finance)http://en.wikipedia.org/wiki/Margin_(finance)http://en.wikipedia.org/wiki/Technical_analysishttp://en.wikipedia.org/wiki/Support_(technical_analysis)http://en.wikipedia.org/wiki/Market_trendshttp://www.visoracle.com/market/options.htmlhttp://www.visoracle.com/market/stocks.htmlhttp://www.visoracle.com/market/futures.htmlhttp://www.visoracle.com/market/forex.htmlhttp://en.wikipedia.org/wiki/Financial_markethttp://en.wikipedia.org/wiki/Stock_markethttp://en.wikipedia.org/wiki/Foreign_exchange_markethttp://www.econ.iastate.edu/classes/econ308/tesfatsion/MarkOrg.htmhttp://www.londonstockexchange.com/en-gb/Global/F/glossary/http://en.wikipedia.org/wiki/Security_(finance)http://en.wikipedia.org/wiki/Stockhttp://en.wikipedia.org/wiki/Futures_contracthttp://en.wikipedia.org/wiki/Option_(finance)http://en.wikipedia.org/wiki/Margin_(finance)http://en.wikipedia.org/wiki/Technical_analysishttp://en.wikipedia.org/wiki/Support_(technical_analysis)http://en.wikipedia.org/wiki/Market_trendshttp://www.visoracle.com/market/options.htmlhttp://www.visoracle.com/market/stocks.htmlhttp://www.visoracle.com/market/futures.htmlhttp://www.visoracle.com/market/forex.htmlhttp://en.wikipedia.org/wiki/Financial_markethttp://en.wikipedia.org/wiki/Stock_markethttp://en.wikipedia.org/wiki/Foreign_exchange_market

Documents

Financial markets - overview.doc