Presentación de PowerPoint - fce · •Risk •Default •Credit •Liquidity ... It is a type of securities market ... Common Full political and economic rights

International FinancialMarket

Aim: Get to know the general concept

of a market, focusing on the financial

market, understanding national and

international framework, institutions

involved and their functions.The market and its

agents

1

Content 1. What is a market?

2. Types of markets

3. Types of financial markets

4. Agents of the financial market

5. Process in the colombian stock exchange market

6. Other participants

2

What is a market?

3


2. Types of markets





Types of markets

Capital market

Banking

Investment banks

Commercialbanks

Second tier banks

Non banking

Equity

Fixed income

Money marketForeign

exchangemarket

Derivatives market

Futures

Options

Forwards

Swaps

4

5


2. Types of markets





Types of financial markets

By the issuer/originator

• Primary – New Issue Market (NIM)

• Secondary

By the place

• Stock

• Over the counter (OTC)

Others

• Third market

• Fourth market

6

7


2. Types of markets





Stock exchanges

8

9

Colombian Stock Exchange

Regulatory agencies

International

- IOSCO

- BCBS

- IAIS

Europe

- ESMA

- ESRB

- EBA

- EIOPA

USA

- SEC

- CFTC

Colombia

- AMV

- Superintendencia financiera de Colombia

10

Issuers

11

Stockbrokers or brokerage firm

12

Central securities depositary

13

Central counterpartyclearing house - CCP

Clearing firm

14

Pension funds

15

Credit rating agencies

16

Price – vendor companies

17

18


2. Types of markets





19

Process in a stock exchange market

20


2. Types of markets





Other participants

Insurance companies

Trust companies

Commercial finance companies

Unit investment trust

Mutual funds

Face-amount certificate company

Saving and loan associations

Credit unions

Shadow banks

21

UNIDAD DE ANÁLISIS DEL MERCADO FINANCIEROUNIVERSIDAD NACIONAL DE COLOMBIA

Correo electrónico: [email protected]: (+57-1) 316 5000 Ext. 12403

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Aim: Get to know what time value of

money is and its relation to interest

rates, seen as an analysis tool,

immersed in an economic and social

context. Understanding its role in the

financial system.

Time value of money

and Money market

1

Content 1. Time Value of Money

2. Interest rate

3. Mechanisms for raising funds

4. Why do institutions issue and purchase securities?

5. Money market

2

Time value of Money

Cash Flow

Present Value

Future Value

Inflows: revenues, profits, dividends,coupons.

Outflows: expenses, investments,

payments.

i

3


2. Interest rate



5. Money market

4

Interest Rate

“It is the price for moving money through time”

• Discount rate

• Opportunity costs

• Funds’ supply and demand

• Required Rate Of Return - RRR: Real risk-free rate + premiums

5

Interest Rate

Why is an interest rate charged?

• Inflation

• Risk

• Default

• Credit

• Liquidity

• Maturity

Source: Thomson Reuters Eikon

CPI Colombia, United States and Germany.

6

Simple Compound

Nominal

Real

Effective

Interest Rate

7


2. Interest rate



5. Money market

8

Mechanisms for

raising funds• Capital Contributions

• Angel Investors

• Retained Earnings

• Venture Capital

- Mutual Funds

• IPO’s

- American Depositary

Receipts - ADR

• Debt Issue

- Bonds

- Commercial papers

- TIDIS, CERTS

• Convertible Debt

- Preferred

- Boceas

• Factoring, leasing.

• Project Finance

• Asset Backed Securities

9


2. Interest rate



5. Money market

10

Why do institutions issue and

purchase securities?

Short Term

• Liquidity

• Payments

• Day-to-Day

operations

Long Term

• Projects

• Acquisitions

• Refinancing

• Capital

structure

change

11


2. Interest rate



5. Money market

12

Money Market

Capital flows.

• Central banks, commercial banks, financial institutions and other

agents

• Creditors and debtors

• High liquidity

• Relatively low-risk

13

Main interest rates around the world

Discount rate MRO Discount Rate (BoJ)

PBC (China) RBI (India)

REPO

Federal Funds Marginal Lending

Facility

Shibor (Shanghai)

Hibor (Hong Kong)

IBR

Certificate of Deposit Deposit Facility Depositary Rate DTF

US Treasury Yields Depends on the country Treasury Discount Bills

(Japan)

India Treasury Bill

TES

Prime LIBOR / Euribor RMB Loan Prime Rate TIB

http://www.banrep.gov.co/tasa-intervencion-politica-monetaria

http://www.banrep.gov.co/es/ibr

http://obiee.banrep.gov.co/analytics/saw.dll?Dashboard&_scid=2C4xyqkV2ps

https://www.treasury.gov/resource-center/data-chart-center/interest-rates/Pages/Historic-Yield-Data-Visualization.aspx

http://www.banrep.gov.co/node/36055

http://www.banrep.gov.co/tib



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Fixed Income

1

Content

1. Fixed Income

2. Bonds

3. Mortgage securities,

CDO and CDS

What is fixed income?

What are its features?

2

Fixed income securities have these parameters:

1. Issue price and/or nominal value

2. Issue and maturity date

3. Interest rate:

- Fixed

- Indexed

Examples: Bonds, certicates

of deposit and others.

3

4

Content

1. Fixed Income

2. Bonds


CDO and CDS

The most known fixed income security are bonds.

And what is a bond?

5

Bond elements- Coupon: With coupon and zero coupon

- Expiry date

- Receivership

- Maturity, face, nominal value

6

ambito-financiero.com

Bonds value

- The bond price is given by the interest market rate.

- Lower price (discount)

- Greater price (premium)

- Same price (par value)

- It´s expresed in percentage value (basic points).

7

aiva.com

Types of bonds

National market

Municipal bonds Private bonds

Foreign market

Eurobonds

8

• Gilts , OATs ,Bunds ,US Treasuries

, TES , JGB , GoC , BTP

Municipal bonds

• High yieldCorporate

bonds

• Boceas, BocasConvertible

bonds

• Linkers, TIPSIndexedbonds

9

VS

10

High yieldbonds Investment

grade bonds

Bond’s rating

palmettobay-fl.gov

11

Purchase and sale of bonds

In the primary market

1. Underwriting bonds issues

- Firm commitment

- Garantizado

- Best efforts

2. Dutch auction

Otherwise transactions will take place in the secondary

market

12

13

Content

1. Fixed Income

2. Bonds


CDO and CDS

14

ABS MBS

CDO

CDS (Credit default swaps)

15

Thomson Reuters Eikon



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Equity

It is a type of securities market

which does not offer a previously

determined return. Such return will

depend on market and issuers

conditions.

1

Content 1. Stocks

2. How to issue Stock?

3. How to invest in stocks?

4. International regulation

What is a stock?

Stocks are securities that represent ownership in a company. Therefore by

purchasing them we become its partner.

Why investing in stocks?

2

Stocks

Economic rights Political rights

3

Type of Stocks

Stocks Rights

Common Full political and economic rights

Preferred Takes away political rights for better

economic ones

Privileged Full political rights. Senior on

economic rights over common stocks

4

Types of Stocks

• Blue Chips Stocks

• Growth stocks

• Cyclical stocks

• Defensive stocks

• Penny stocks

5

Industry Classifications

Global Industry ClassificationStandard

Industry ClassificationBenchmark

Rusell Global IndexSectors

Energy Oil & Gas Energy

Material Basic Materials Materials & Procesing

Industrial Industrials Health Care

Consumer Discretionary Consumer Goods Producer Durables

Consumer Staple Consumer services Consumer staple

Health Care Health Care

Consumer

Discretionary

Financials Financials Financial services

Utilities Utilities Utilities

Telecomunication Services Telecomunications Technology

Information Technology Technology

6

7

Content 1. Stocks




Issuing Stocks

Define Teamwork Approvals Structuring

Pre Market

Release

8

Requiriments for issuing stocks

>100 stockholders > 450 stockholders > 25% minimum

public float

> 800 stockholders

Equity > seven

billion pesos

($7.000.000.000).

Net operating

income > US $ 11M

in the last three

years

Having high income

during the last 5

years and growth

perspectives

Net operating

income > 500M yens

in the last two years

Corporate

governance

Corporate

governance

Corporate

governance

Corporate

governance

Market capitalization

> US $ 45 M

Market capitalization

> £700,000

Expected market

capitalization > 50

trillion yens

9

Issuing abroad

• ADR - American Depositary Receipt

• GDR - Global Depositary Receipt

• EDR - Euro Depositary Receipt

Level1

• OTC

Level2

• Stock exchange

• Annual financial disclosure

Level3

• Quarterly financial disclosure

• SEC

10

Corporate Stratey

• Stock Split: increases the number of stocks diminishing their value, and

market capitalization remains the same as before.

• Reverse stock split: reduces the number of stocks grouping them and

incresing their value per share.

11

Making Investment decisions

• Risk profile

• Issuer’s condition

– Legal

– Financial

– Administrative

– Financial indices

• Issuer’s economic sector conditons

• Stock market trends

– Indices

12

13

Content 1. Stocks




Chooseauthorizedfinancial

entity

Define theportfolio

composition

Portfolio administration

Investing in Stocks

• Individual Portfolio

14

Investing in Stocks

Chooseauthorizedfinancial

entity

Choose thecolectiveportfolio

End of thelinkage

• Pooled Investment Funds

• Mutual Funds

– Open-end funds

– Closed-end funds

15

Stocks return

• Rising stock value

• Dividends

16

Stocks return

• Ex-dividend date

Payment

date

4 business

days before

Ex-dividend date

Dividend belongs to

the new owner.The seller gets the

dividend.

Dividend belongs to

the new owner.

17

18

Content 1. Stocks




Adoption of International Financial Reporting

Standards (IFRS) in Colombia

• Brings a higher trust in companies which report under the IFRS standard

• Makes a more visible contry for global investments

• Enhances the financial reporting process

– Better level of comparability, valuation, disclosure and transparency.

19

International Financial Reporting Standards

IFRS - GAAP

IFRS

IFRS - GAAP

IFRS

IFRS - GAAP

IFRS - GAAP

20



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Forex and commodities

Forex is the global market to trade

currencies . On the other hand

commodities are raw materials that

can be traded.

1

Content 1. Forex: Basics

2. Forex: Meeting the market

3. Forex: How does it work?

4. Commodities: Introduction to the market

5. Commodities: How does it work?

6. Relation: Commodities and Forex

Money VS Currency

Convertible currencies ISO Code Country

Euro EUR Europe

United States Dollar USD United States

Canadian Dollar CAD Canada

New Zealand Dollar NZD New Zealand

Australian Dollar AUD Australia

Japanese Yen JPY Japan

Great Britain Pound GBP United Kingdom

Swiss Franc CHF Switzerland

Swedish Krona SEK Sweden

Danish Krone DKK Denmark

Norwegian Krone NOK Norway

Exchange rate

If ↑ Exchange rate

(peso vs dollar)

→ Depreciation

(peso)

If ↓ Exchange rate

(peso vs dollar)

→ Appreciation

(peso)

Principal cities:

Tasa Representativa del Mercado (TRM)

Currencies are traded in pairs

How much “COP” do we need to get 1

“USD”?

Eg: I need 3,195.47 colombian pesos to get

one dollar

Examples:

• GBP/USD = 1.45348

• (Sterling pound)

• AUD/USD = 0.7164

• (Australian dollar)

• USD/CHF = 0.4696

• (Swiss franc)

• BRL/COP = 921.73

• (Real)

USD / COP = 3,195.47

Base currency Quote currency

ISO Currency code

Currency name Code

Australian Dollar AUD

British Pound GBP

Canadian Dollar CAD

European Union

EuroEUR

Japanese Yen JPY

Hong Kong Dollar HKD

Mexican Peso MXN

Saudi Riyal SAR

US Dollar USD

Swiss Franc CHF

Swedish Krona SEK

Set-FX

7







Forex

Principals cities:

London, Nueva York, Zurich, Hong Kong, Tokio, Frankfurt, Singapur, Paris and

Sydney.

Agent Devaluation Revaluation

Exporters favourable unfavourable

Companies (Use imported

inputs)unfavourable favourable

Banks (Assets in

eurocurrencies)favourable unfavourable

Banks (Assets in national

currency)unfavourable favourable

Tourists (Entering to

Colombia)favourable unfavourable

Tourists (Leaving Colombia) unfavourable favourable

Consumer goods’ purchasers

(imported)unfavourable favourable

Importers unfavourable favourable

Participants

10







Forex’s information

SET-FX

• Bids and offers.

• Quote operations.

Forex schedule

Investing.com

13







Commodities

Metals

-Precious

-IndustrialsSoft

Meat Energy

Grains

What are they?

-Raw materials that can be traded

Fuente: Bolsa Mercantil de Colombia (BMC)

SE Markets CountrySize (Millons

of USD)

BM&F -

BovespaBrazil 160,360

MATBA –

ROFEXArgentina 36,016

BMC Colombia 8,230

BAGSA Nicaragua 6,221

BPC Chile 1,825

BAISA Panama 320

AGROBOLSA Honduras 48

BOLPROS El Salvador 32

Bolsa Mercantil de Colombia (BMC)

CME: Chicago Mercantile Exchange

CBOT: Chicago Board of Trade

NYMEX: New York Mercantile Exchange

Stock Exchange Markets of Commodities

United States Central and southamerica

16







Participants

Bolsa Mercantil de Colombia (BMC)

18







Commodities and Forex

AUD: 3rd exporter

CHF: 40% of

currencies are

backed

USD: Safe in

uncertainty

periods

CAD: Great

exportersUSD: Great

importers

Silver – soy

Grains-U.S - USD

Beef and pork


Prices: Supply and demand

Shortage or abundance

Demand

• China’s case:

• ↓Manufacturing ↓ GDP growth expectations→ Affecting the prices of copper→ ↓Commodity’sdemand

• While:

• USD appreciates → Commodity depreciates→

• ↓ Commodity’s price


Prices: Supply and demand

Shortage or abundance

Supply

• Colombia

• Depreciation of COP:

• ↑ (USD/COP)

• ↓ Oil’s price→ ↓ Dollars in Colombia → Dollarlows → Dollar appreciates and peso depreciates.



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Indices and derivatives

1

Content 1. What is an Index?

2. Types of Indices

3. Main stock market indices

4. Derivatives: basic concepts

5. Types of derivatives

6. Where are derivatives traded?

7. Participants

What is an Index?

It is a measurement of the performance of a market or a company.

2

Complete ReplicableClear

method

AccurateBajo nivel de rebalanceo

3

Method

Composition

• Liquidity

• Market capitalization

• Mixed

Calculation

• Market capitalization

• Liquidity or profitability

4


2. Types of Indices





7. Participants

Types of Indices

5

Financial

Liquidity Efficiency Performance Productivity

Types of Indices

6

Stock marketIndices

Method

Marketcapitalization

Liquidity orProfitability

Prices

Reach

World Indices

National Indices

Sector Indices

7


2. Types of Indices





7. Participants

Main Indices - Colombia

COLEQTY

COLCAP

COLSC

COLTES

COLTES

COLTES CP

COLTES LP

COLTES UVR

COLIBR

Main Indices – United States

NASQAD 100

• Top 100 companies based on their market cap listed onthe Nasdaq stock market

S&P 500

• Based on the market cap of 500 large companies listed onthe NYSE and Nasdaq

US 30

• Measures the performance of the 30 largest companies onthe NYSE

Main Indices - Europe

DAX

• Tracks theperformance of the 30 largestcompanies listedon the Frankfurt Stock Exchange

EuroStoxx 50

• It is made up of fifty of the mostliquid and largeststocks bycompaniesmarket cap listedin the Eurozone

FTSE-100 (Footsie)

• Benchmark Indexfor the London Stock Exchange, composed by thelargest 100 companies bymarket cap

Main Indices - Asia

Made up of 225 of the mostliquidcompanieson theTokyoStock Exchange

NIKKEI

Measuresthe 50 largestcompaniesby marketcap of theHong Kong Stock Exchange

HangSeng

Composedby the 30 largestcompaniesof theBombay Stock Exchange

BSE Sensex

Main Indices - Bonds

GBI-EMEmerging market

debt in local currency

GBI GlobalHigh income

countries

EMBI GlobalEmerging countriesin foreign currency

CEMBIEmerging

companies

13


2. Types of Indices





7. Participants

Derivatives

What are they? Purposes

Hedging

Speculation

Arbitrage

Types of investors

Risk Managers

Speculators

Arbitrageurs

Marketclassification

Over theCounter (OTC)

Standardized

15


2. Types of Indices





7. Participants

Derivatives

Financial

(Stock Exchange)

Futures

Options

Call

Put

Non Financial

(OTC)

Forward

Swaps

CFD

21


2. Types of Indices





7. Participants

Where are derivatives traded?

Commoditiesexchange

• Chicago Board Options Exchange (CBOE)

• New York Mercantile Exchange

• Central Japan Commodity Exchange

• Budapest CommodityExchange

• International Petroleumexchange of London

• Tokyo Commodity Exchange

Stock Exchange

• American Stock Exchange

• Korea Stock Exchange

• Tel Aviv Stock Exchange

• Santiago Stock Exchange

• Australian Stock Exchange

• BVC

Futures and Options

Exchange

• New ZealandFutures & OptionsExchange

• TokyoInternational Financial Futures

• London International Financial Futuresand OptionsExchange

• Bolsa de Mercadorias & Futuros de Sao Paulo

• Sydney FuturesExchange

International Stock Exchange

• Eurex (entre países europeos)

• Eurex Frankfurt

• Eurex Zurich

• Euronext(betweenEurozone and the USA).

OTC Market

• Through:

• Brokers

• Central SecuritiesDepository.

23


2. Types of Indices





7. Participants

Liquidation

Participants

Compensation

Futures Options Forwards Swaps

BCV

•Standardized Derivatives

•Financial Assets

ICAP SET-FX TRADITION GFI

•NDF

•FX

•FORWARD (OTC)

DERIVEX

•Standardized Derivatives

•Energy Assets

DECEVALBANREP

(CUD)BANREP

(DCV)



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Fundamental Analysis

Learning Outcomes: Know what

fundamental analysis is, what kind of

fundamentals exist, and how they can

be used to make good investment

decisions.

1

Content 1. What is fundamental analysis?

2. Fundamentals

2.1. Fundamentales generales

2.2. Fundamentales externos

2.3. Fundamentales del sector

2.4. Fundamentales de la empresa

3. Fuentes de información

Fundamental Analysis

Método que intenta predecir

el valor intrínseco de una

inversión.

Se basa en que la cotización

de mercado de un bien tiende

a moverse hacia su “valor

real” o “valor intrínseco”.

4

Contenido 1. ¿Qué es el análisis fundamental?

2. Fundamentales






Fundamentals

Generals

Countries’economie

s

External

International risk

Countrie’s dependece

Exchange rate

Sector

SWOT

Porter: 5 forces

Company

Value

Futures Perspectives

Shares’ structure

6


2. Fundamentales






Interest rate go down

Inflation and growth go

down

Supply > Demand

Slowing Economy

Interest rate goes down

Growing up

Demand > Supply

Economic Cycle

Important data

• GDP

• Interest rate

• Capital flows

• Unemployment rate

9


2. Fundamentales






Fundamentales Externos

• International risk:

- Infaltion expectations

- Interest rate

- Recession or stagflation

- Bubbles in markets

• Economic dependence

• Exchange rate

11


2. Fundamentales






SWOT matrix

Positivo Negativo

Origen

interno

Origen

externo

Fortalezas Debilidades

AmenazasOportunidades

Porter analysis in its five forces

Este modelo establece

un marco para analizar

el nivel de competencia

dentro de una industria

para poder desarrollar

una estrategia de

negocio. (Porter, 1979)

Rivalidad y competencia del mercado

Amenaza de nuevos competidores

Poder de negociación de

los clientes

Amenaza de nuevos productos

Poder de negociación de los proveedores

14


2. Fundamentales






Fundamentales de la Empresa

Los indicadores permiten evaluar si la empresa esta sobrevalorada o

subvalorada.

Tienen una segunda interpretación y se

centra en conocer las expectativas de

crecimiento de la empresa descontada

o anticipada por el mercado.

Valor de la acción

Valor nominal

𝑉𝑁 =𝐶𝑎𝑝𝑖𝑡𝑎𝑙 𝑠𝑜𝑐𝑖𝑎𝑙

𝑁ú𝑚𝑒𝑟𝑜 𝑑𝑒 𝑎𝑐𝑐𝑖𝑜𝑛𝑒𝑠

Valor contable

𝑉𝐶 =𝑃𝑎𝑡𝑟𝑖𝑚𝑜𝑛𝑖𝑜


Valor económico

𝑉𝐸 =𝑉𝑎𝑙𝑜𝑟 𝑒𝑠𝑡𝑖𝑚𝑎𝑑𝑜 𝑑𝑒 𝑙𝑎 𝑒𝑚𝑝𝑟𝑒𝑠𝑎 (𝐸𝑉)


Valor de mercado

Indicadores de las acciones

Beneficio por acción

𝐵𝑃𝐴 =𝐵𝑒𝑛𝑒𝑓𝑖𝑐𝑖𝑜 𝑑𝑒 𝑙𝑎 𝑒𝑚𝑝𝑟𝑒𝑠𝑎


Relación Precio - Ganancia

𝑅𝑃𝐺 =𝑉𝑎𝑙𝑜𝑟 𝑑𝑒 𝑚𝑒𝑟𝑐𝑎𝑑𝑜

𝐵𝑃𝐴

Q de tobin

𝑄 − 𝑡𝑜𝑏𝑖𝑛 =𝑉𝑎𝑙𝑜𝑟 𝑑𝑒 𝑚𝑒𝑟𝑐𝑎𝑑𝑜

𝑉𝑎𝑙𝑜𝑟 𝑐𝑜𝑛𝑡𝑎𝑏𝑙𝑒

Dividen Yield

𝑌𝑖𝑒𝑙𝑑 =𝐷𝑖𝑣𝑖𝑑𝑒𝑛𝑑𝑜𝑠 𝑝𝑜𝑟 𝑎𝑐𝑐𝑖ó𝑛

𝑉𝑎𝑙𝑜𝑟 𝑑𝑒 𝑚𝑒𝑟𝑐𝑎𝑑𝑜

18


2. Fundamentales





3. Fuentes de información importante

Fuentes de Información importante

• Superintendencia Financiera de Colombia

• Bolsa de Valores de Colombia

• Ministerio de Hacienda y Crédito Público

• Banco de la República

• Departamento Administrativo Nacional de Estadística

• Páginas web de Gremios y Entidades Financieras Locales

• Bloomberg y Reuters

• Medios de Comunicación Especializados

• Universidades y Centros de Investigación Económica



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Technical Analysis

Aim: Technical analysis tries to forecast

future trends based on charts, price

movements in the market.

Content

1. What is technical analysis and where it borned?

2. Chartist Analysis

3. Technical indicators

1

What is Technical Analysis?

2

3

Dow theory

Charles H. Dow

Origins

Content

1. What is technical analysis and where it borned?

2. Chartist analysis

3. Techincal Indicators

4

Chart types

5

a. Lines

Chart types

6

b. Bars

Chart types

7

c. Candlesticks (japaneses)

Trends

8

a. Upward trend

b. Downward trend

Trends

9

c. Sideways or horizontal trends

Supports and resistances

resistencias

10

Chart patterns

11

a. Shoulder-Head-Shoulder

Chart patterns

12

b. Shoulder-Head-Shoulder bottom

Chart patterns

13

c. Double tops

Chart patterns

14

d. Double

bottom

Chart patterns

15

e. Cup and handle

Chart patterns

16

h. Symmetrical

triangle

Chart patterns

17

i. Flag

Chart patterns

18

j. Descending

triangle

Chart patterns

19

k. Ascending

triangle

Chart patterns

20

l. GAP

Content

1. What is technical analysis and where it borned

2. Chartist analysis

3. Technical indicators

21

Technical indicators

22

a. Simple Moving Average(SMA)

23

b. Exponential Moving Average (EMA)


24

c. Relative Strenght Indicator(RSI)


25

d. Moving average convergence divergence(MACD)


26

e. Bollinger bands


27

f. Parabolic SAR (Stop and Reverse)

Indicadores técnicos



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Presentación de PowerPoint - fce · •Risk •Default •Credit •Liquidity ... It is a type of securities market ... Common Full political and economic rights