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FinancialSector:AnIntroduction授课教师：黄勇博士Introduction1.本课程的Outcomes:FinancialInstitutionsCapitalMarketsMoneyMarkets2.本课程的Asse

ssmentInformation:OneformativeAssessmentAcasestudySixrestrictedresponsequestionsshouldbecompletedinnotmorethant

wohours.willbepermittedtobringnotesSection11.Economicagents(finance):SurplusunitsDeficitunitsAbank:financialintermediary——t

oachieveadoublecoincidenceofwantsFinancialinstitutionactingasprincipal,notasaagent——exampleofaunittrustRelationshipofacontractnature2.Twokinds

offinancialintermediary:Directlending:——copingwiththeproblemofliquiditySecondarymarketDeposit-takerIndirectlen

ding:——notofferingtheliquidity,e.g.pensionfunds——solvetheproblemofmatchingsurplusanddeficitunitsMatchingproble

ms(P.25):MaturityAmountRiskLocation3.Functionoffinancialintermediarymaturitytransformationaggregationofsmall

depositsrisktransformationSection2Importanceofmoney1.TheconceptofmoneyCash:banknotes,coins——advantageofcash——aquicka

ndconvenientmethod——disadvantageofcash(P.36)Cheque——handlingcostCreditcard:MasterCard,VISAdebitcard:Maestro,DeltaQuasi-cash:tokens,vouchers,co

uponsBankgirocredit:foraone-offpaymentStandingorder:forfixedregularpayments——typicallyusedtopayrent,mortgage,etc.Directdebit:forvary

ingamountpayments——usedtomakerecurringpaymentsforcreditcardorutilitybillsPostalorder/moneyorder:isapaymentord

erforapre-specifiedamountofmoneyStorecards——aresubjecttointerestcharges2.HistoryofmoneyDefinitionofmoney(P.39)

shells:Polynesiansalt:Romanstobacco:prisonersDefinitionoflegaltender(P.42)3.Barter:asocietywithoutcashexamplesofbartertodaydifficultiesofbart

er4.Qualitiesofmoneygeneralacceptabilitydurabilitydivisibilityportabilityscarcityrecognisabilityhomogene

ity5.Functionsofmoneymediumofexchangeaunitofaccountastoreofvalueastandardofdeferredpaymentameanso

funilateraltransactionsameansofinfluencingeconomicactivity6.Otherdefinitionsofmoneyconvertibleandinconvertiblem

oneyprimaryandsecondarymoneyquasi-moneygovt.definitionsofmoneySection3:TheBankofEngland3.1briefhistorygoldsmith

bankers——receipts/promissorynotes——loanedfundstogovt.establishmentin1694,WilliamPatersonaloanof￡1,200,000togovt.atarateof8%joint-

stockbank----PLCthestatusofgovt.’sbankeranddebtmanager3.2thenatureofBOEajointstockcompanylimitedliabilitybankertoot

herbankstheBankCharterAct18441998Act3.3purposesofBOEmaintainingtheintegrityandvalueofthecurrency——relatedactivities——pricestabilityandmonetaryp

olicy——MonetaryPolicyCommittee:MPCmaintainingthestabilityofthefinancialsystemdomesticallyandinternationally——relationshi

pbetweenBOEandFSA——FSC——LOLRseekingtoensuretheeffectivenessofUK’sfinancialservices3.4governanceofBOE

TheCourt(governingbody)NedCoMPCAuditcommitteeGovernor’sCommitteeManagementCommitteeOrganizationoftheBOE——monetaryanalysisandstatistics：Mone

taryandFinancialStatisticsDivision——financialmarketoperations——financialstability——coordinationunittoEurope3.5functions

ofBOEbankertogovernment——ExchequerAccount——temporaryfinance——monetarypolicy——fiscalpolicybankertothebanks——highstreetb

anks/clearingbanks/buildingsocieties——cashreserves——operationalbalances——non-operationalbalances——specialdepositsnoteissue

——fiduciarymoneymanagementofnationaldebt——disadvantagesoftoolargegilts——DMO——Treasurybillsandgilt-edgedsecuritiesPSN

CR——meetsthedeficit——threeresources——operatingoffice:DMO,CGOmonetarypolicyimplementationLOLRinternationalrelationsmanagingtheE

EA——tostabilizethevalueofsterlingprivatebanking:customers’accountsopenedbefore1946,andstaffmembers’accountsopenmktopera

tions——tomeetinterestratedecisionsupervisionofthefinancialsystem——FinancialServicesandMarketAct2000payment

andsettlementsystems3.6BalanceSheetliabilitiesoftheissuedepartmentassetsoftheissuedepartmentnoteissuel

iabilitiesofbankingdepartmentSection4UKHighStreetBanks4.1primaryandsecondarybanksretailbankandwholesalebankprimarybank:takepartinUKpaymentsmechanis

mclearingbankssecondarybanksotheracceptinginstitutionsotherfinancialinstitutionsEnglishbanks——in17thcentury,alargenumbe

rofsmallprivatebanks——in20thcentury,severalmajorbanksScottishbanks——relationswithItalianmerchantsandmone

ylenders——moretradingwithEuropeannationsthanEnglishmerchants——theBankofScotland——theRoyalBankofScotland——1845B

anknoteAct(Scotland)thesavingsbankmovement——during18thcentury,minimumdepositofanaccountwas￡10,outofreachofpoorer

——thefirstsavingsbankbyHenryDuncan——postofficesavingssysteminUK——1817Act:depositswouldbeinvestedinpublicsector;nomanagerb

enefit——TrusteeSavingsBankAssociation,theyarestrictlycontrolledbygovernment——innovationduring1960s:issuingfirstchequeaccoun

ts;unittrusts;offeringloanstootherbanks——radicalproposalsofPageReportAllianceandLeicesterGirobank——operatingthroughpostoff

icecountersystem——accountsmaintainedinacentraloffice——afloatofmoneycannotcoverthecostofoperationsNSB——formerlyestab

lishedasPOSB——twomainprinciples——agovernmentdept.accountabletotheTreasury——twoaccounts:ordinaryandinvestment——cash-ISA:ha

vingtaxbenefits——theimportanceofnationalsavingsSection5FunctionsofRetailBanks5.1functionsofretailban

ksnoteissue——authorizationcirculationof￡3mgrantedtoBankofScotland——noteissueabove￡3mwerebackedbygold,butnowbackedbyBankofEngl

andnote——Scottishbanksswapnotesacceptdeposits——chequedeposits——othersightdeposits——timedeposits——NegotiableCDsagentsforp

ayments——APACS——BACSgrantloanscreditcardsdrafts/travellers’chequesSection6MerchantBanks6.1secondarybankingirrelevantofpaymentsystemDisposingofl

argervaluetransactionswithlargebusinessesdealingwithlargenumbersofoverseasresidentsdepositsforafixedperiodoftimesynd

icatebank:——spreadingtherisk——loansnotexceedingcapitalandreservesmatchingassetsanddeposits6.2Merchantbanksm

erchantacceptancehousesbillofexchange:——drawer——drawee(acceptor)——threeoptionsonthebillotherfunctionsofmerchantbanks——accep

tdeposits——providingfinancethroughacceptancecredits——advisingonnewshareissuesandactingasunderwriter——p

rovidingfinancialadviceandinvestmentmanagement6.3BritishoverseasbanksBankingservicesforexpatriateBritishtradersandsettlers

in19thcenturyLondonbased,overseasbusinessStandardCharteredBankconsortiumbanksnichebankingSection7BuildingSo

ciety7.1abriefhistorymutualsocietiesfinancingthebuildingoftheirownhomesin18thcenturyoperationofbuildingsocietyfr

omterminatingsocietytopermanentsocietyreductioninnumbersduring20thcentury7.2reasonsforthereductionterminatings

ocietiesfinancialdifficultieslesscompetenceamalgamationincreasedadministrationcostconvertingtoLLC7.3legislation1962Act19

86Act1997Act2000Act7.4productsandservicesaccess,noticeandtermsavingsaccountsoverdrafts,credits,un

securedloanhousepurchaseservicesmoneytransmissionservicesfx,insurance,stockbroking,unittrusts,pensions,ISAsagenciesforreceiptsandpayments7.

5principleofremainingsolventawiderangeoffinancingsources——CDs——deposits——bondsPIBS7.6Creditunionsdefinition:mutualsavings

andloansocietiesmembership:sameasBS,buta5000-membershiplimitoperatingrules7.7financialhouseshirepurchase:——instalmentcredit——ownershipoftheg

oodsadvantagesanddisadvantagesofHP——lowerinterestrate,evenfreeinterest——OwnershipofthegoodsrestswithHPawidesourcesoffunds——issuingnewshares

——reservesofundistributedprofits——bankoverdrafts——discountingthebillsofexchange——depositsonmoneymkt——CDs,sightandtermdepositsfro

mpublicotherservices:——conditionsales——creditsalesagreement——revolvingloans——Loans——leasing——factoringSe

ction8PensionFunds8.1Definitiontheincome:contributionsandearningsexpenditure:paymentsandadministrationchargestwomaintypes:——ins

uredschemes——selfadministrated8.2schemesofferedbyemployersnon-contributoryschemescontributoryschemesdefinedbene

fitschemes(finalsalaryschemes)definedcontributions(moneypurchaseschemes)AVCs——contribution:upto15%ofannualsalary——taxconcessions

FSAVCs8.3personalpensionschemespensionplansdesignedforindividualsbenefitsrelysolelyoncontributiontaxre

liefstakeholderpension8.4statepensionschemesabriefhistoryBasicStatePensionSERPSSecondstatepensionSection9InsuranceCompany9.1thefun

ctionsofinsurancecollectingthepremiumstoprotectagainstfinanciallosswhenaspecifiedeventoccurringwithinaspecifiedt

imeThepremiumscreateapooloffundsInsurancecompaniesinvestthesefundsinmanywaysTwomainfunctions:——thespreadofrisksbetweeneconomicentit

ies,generalinsurance——thespreadofrisksoveraperiodoftime,lifeinsurance9.2productsdefinedbythefunctionitperforms

insuranceofthepersoninsuranceofthepropertyinsuranceoftheliabilityinsuranceoftherights9.3productsdefinedbyth

eareaofbusinessmarineinsurancelifeassurancefireinsuranceaccidentinsurance9.4LloydsofLondonfromacoffeehousetotheFi

rstCommitteeofLloydsfromindividualmemberswithunlimitedliabilitytosyndicatesbenefitingfromlimitedliabilitySection10Co

llectiveInvestments10.1Investmenttrustsclose-endedfunds10.2unittrustsopen-endedfundsindependenceoftrusteesandmanagementcompanytheroleoffu

ndmanagersvalueofaunitbidandoffer(marketmaker)incomeofatrust:——initialcharges——annualmanagementfees

twotypesofunits——incomeunits——accumulationunits10.3OEICsahybridbetweeninvestmenttrustsandunittrustsquotedonLSESection11C

apitalmarkets11.1primaryandsecondarymktprimarymkt:wherenewsecuritiesareissuedinreturnforcapitaldirectfinancing

governmentsecuritiescompaniesstocksandsharestheroleofmerchantbankadvantagesanddisadvantagesofaquo

tationrequirementsforquotationthesecondarymkt:stockexchangeandAIMthefunctionofLSEthebigbang(27Oct.1986)11.2FunctionsofmembersofLSE

Typesofmemberfirms——brokers/dealers——marketmakers——IDBs——SEMBsAIMover-the-countergilt-edgedmarket11.3Newissuesofferforsaleofferforsubscription

placingintroduction11.4securitiestradedonLSEordinarysharespreferencesharesdebenturesconvertiblesecritiesSection12MoneyMarkets12.1definit

iondealinginlargeamountsofmoneyonaveryshorttimesettlementbasismoneyislentandborrowedforshorttimeshorttermsecuritiesaretr

aded12.2discountmarkettheroleofdiscounthousesfunctionsofdiscounthouses——takingveryshort-termdepositsfrombanks——discountingcommercialbillsof

exchange——underwritingtheweeklytenderfortreasurybills——asmarketmakersofshort-termfinancialinstrumentsdiscounthousesandBO

E——providingthebankswithcalledmoneytomeettheoperationalbalancesthebanksmustmaintainwiththeBankofEngland——therateofinterestoncalle

dmoneycanbeadjusteddailydiscounthousesandbillfinance——billofexchange——bankbills——eligiblebills——otherbillsacceptedbycompanies:finetrade

billsdiscounthousesandgovernmentfinance——directfinancebyholdingshorttermgilt——underwritingtheweeklyTreasurybills——Treasuryb

illsEuro-Treasurybillsdiscounthousesasmarketmakers:Treasurybills,commercialbills,CDsParallelmarkets——interbankmarket——intercompanymarket—

—localauthoritymarket——NegotiableCDs——sterlingcommercialpapermarketSection13Options,Futures