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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AssessmentInform

ation:OneformativeAssessmentAcasestudySixrestrictedresponsequestionsshouldbecompletedinnotmorethantw

ohours.willbepermittedtobringnotesSection11.Economicagents(finance):SurplusunitsDeficitunitsAbank:financialintermediary——toachiev

eadoublecoincidenceofwantsFinancialinstitutionactingasprincipal,notasaagent——exampleofaunittrustRelationshipofacontractnature2.Twokindso

ffinancialintermediary:Directlending:——copingwiththeproblemofliquiditySecondarymarketDeposit-takerIndirectlending:——notofferingtheliqui

dity,e.g.pensionfunds——solvetheproblemofmatchingsurplusanddeficitunitsMatchingproblems(P.25):MaturityAmountRiskLocation3.Functionoffinancial

intermediarymaturitytransformationaggregationofsmalldepositsrisktransformationSection2Importanceofmoney1.Theconcep

tofmoneyCash:banknotes,coins——advantageofcash——aquickandconvenientmethod——disadvantageofcash(P.36)Cheque——handlingcostCreditcar

d:MasterCard,VISAdebitcard:Maestro,DeltaQuasi-cash:tokens,vouchers,couponsBankgirocredit:foraone-offpaymentStandin

gorder:forfixedregularpayments——typicallyusedtopayrent,mortgage,etc.Directdebit:forvaryingamountpayments——usedtomakerecurringpayments

forcreditcardorutilitybillsPostalorder/moneyorder:isapaymentorderforapre-specifiedamountofmoneyStorecards——aresu

bjecttointerestcharges2.HistoryofmoneyDefinitionofmoney(P.39)shells:Polynesiansalt:Romanstobacco:prisonersD

efinitionoflegaltender(P.42)3.Barter:asocietywithoutcashexamplesofbartertodaydifficultiesofbarter4.Qualitiesofmoneygeneralacceptability

durabilitydivisibilityportabilityscarcityrecognisabilityhomogeneity5.Functionsofmoneymediumofexchange

aunitofaccountastoreofvalueastandardofdeferredpaymentameansofunilateraltransactionsameansofinfluencing

economicactivity6.Otherdefinitionsofmoneyconvertibleandinconvertiblemoneyprimaryandsecondarymoneyquasi-moneygovt.defi

nitionsofmoneySection3:TheBankofEngland3.1briefhistorygoldsmithbankers——receipts/promissorynotes——loanedfundstogov

t.establishmentin1694,WilliamPatersonaloanof￡1,200,000togovt.atarateof8%joint-stockbank----PLCthestatusofgovt.’s

bankeranddebtmanager3.2thenatureofBOEajointstockcompanylimitedliabilitybankertootherbankstheBankCharterAct184419

98Act3.3purposesofBOEmaintainingtheintegrityandvalueofthecurrency——relatedactivities——pricestabilityandmonetarypolicy——MonetaryPolicy

Committee:MPCmaintainingthestabilityofthefinancialsystemdomesticallyandinternationally——relationship

betweenBOEandFSA——FSC——LOLRseekingtoensuretheeffectivenessofUK’sfinancialservices3.4governanceofBOETheCourt(governingbody)NedCoMPCAuditcommitt

eeGovernor’sCommitteeManagementCommitteeOrganizationoftheBOE——monetaryanalysisandstatistics：MonetaryandFinancialStatisticsDivision——finan

cialmarketoperations——financialstability——coordinationunittoEurope3.5functionsofBOEbankertogovernment——E

xchequerAccount——temporaryfinance——monetarypolicy——fiscalpolicybankertothebanks——highstreetbanks/clearingbanks/b

uildingsocieties——cashreserves——operationalbalances——non-operationalbalances——specialdepositsnoteissue——fiduciarymoneymanagemento

fnationaldebt——disadvantagesoftoolargegilts——DMO——Treasurybillsandgilt-edgedsecuritiesPSNCR——meetsthe

deficit——threeresources——operatingoffice:DMO,CGOmonetarypolicyimplementationLOLRinternationalrelationsmanagingtheEEA——tostabilizethevalu

eofsterlingprivatebanking:customers’accountsopenedbefore1946,andstaffmembers’accountsopenmktoperations——tomeetinterestratedecision

supervisionofthefinancialsystem——FinancialServicesandMarketAct2000paymentandsettlementsystems3.6BalanceSheetliabilitiesoftheiss

uedepartmentassetsoftheissuedepartmentnoteissueliabilitiesofbankingdepartmentSection4UKHighStreetBanks4.1primaryand

secondarybanksretailbankandwholesalebankprimarybank:takepartinUKpaymentsmechanismclearingbankssecondarybanksotheracceptinginstitutionsothe

rfinancialinstitutionsEnglishbanks——in17thcentury,alargenumberofsmallprivatebanks——in20thcentury,severalmajorbanksScottishbanks——relat

ionswithItalianmerchantsandmoneylenders——moretradingwithEuropeannationsthanEnglishmerchants——theBankofScotland——theRoyalBank

ofScotland——1845BanknoteAct(Scotland)thesavingsbankmovement——during18thcentury,minimumdepositofanaccountwas

￡10,outofreachofpoorer——thefirstsavingsbankbyHenryDuncan——postofficesavingssysteminUK——1817Act:depositswouldbeinvestedinpublicsector;n

omanagerbenefit——TrusteeSavingsBankAssociation,theyarestrictlycontrolledbygovernment——innovationduring1960s:issuingfirstchequeaccounts;u

nittrusts;offeringloanstootherbanks——radicalproposalsofPageReportAllianceandLeicesterGirobank——operati

ngthroughpostofficecountersystem——accountsmaintainedinacentraloffice——afloatofmoneycannotcoverthecostofoperationsNSB——formerlyestabli

shedasPOSB——twomainprinciples——agovernmentdept.accountabletotheTreasury——twoaccounts:ordinaryandinvestment——cash-ISA:havingtaxbe

nefits——theimportanceofnationalsavingsSection5FunctionsofRetailBanks5.1functionsofretailbanksnoteissue——authorizationcircul

ationof￡3mgrantedtoBankofScotland——noteissueabove￡3mwerebackedbygold,butnowbackedbyBankofEnglandnote——Scottishbanksswapnotesacce

ptdeposits——chequedeposits——othersightdeposits——timedeposits——NegotiableCDsagentsforpayments——APACS——BACSgrantloanscreditc

ardsdrafts/travellers’chequesSection6MerchantBanks6.1secondarybankingirrelevantofpaymentsystemDisposingof

largervaluetransactionswithlargebusinessesdealingwithlargenumbersofoverseasresidentsdepositsforafixed

periodoftimesyndicatebank:——spreadingtherisk——loansnotexceedingcapitalandreservesmatchingassetsanddeposits6

.2Merchantbanksmerchantacceptancehousesbillofexchange:——drawer——drawee(acceptor)——threeoptionsonthebi

llotherfunctionsofmerchantbanks——acceptdeposits——providingfinancethroughacceptancecredits——advisingonnews

hareissuesandactingasunderwriter——providingfinancialadviceandinvestmentmanagement6.3BritishoverseasbanksBan

kingservicesforexpatriateBritishtradersandsettlersin19thcenturyLondonbased,overseasbusinessStandardCharteredBankconsortiumbanksnichebankingSe

ction7BuildingSociety7.1abriefhistorymutualsocietiesfinancingthebuildingoftheirownhomesin18thcenturyoperationofbuildingsocietyfromtermina

tingsocietytopermanentsocietyreductioninnumbersduring20thcentury7.2reasonsforthereductionterminatingsoci

etiesfinancialdifficultieslesscompetenceamalgamationincreasedadministrationcostconvertingtoLLC7.3legislation1962Act1986Act1997A

ct2000Act7.4productsandservicesaccess,noticeandtermsavingsaccountsoverdrafts,credits,unsecuredloanhousepurchaseservicesmoneytransmi

ssionservicesfx,insurance,stockbroking,unittrusts,pensions,ISAsagenciesforreceiptsandpayments7.5principleofremainingsolventawiderangeoffinanci

ngsources——CDs——deposits——bondsPIBS7.6Creditunionsdefinition:mutualsavingsandloansocietiesmembership:sameasBS,buta

5000-membershiplimitoperatingrules7.7financialhouseshirepurchase:——instalmentcredit——ownershipofthegoodsa

dvantagesanddisadvantagesofHP——lowerinterestrate,evenfreeinterest——OwnershipofthegoodsrestswithHPawidesourcesoffunds——issuingnewshares——reser

vesofundistributedprofits——bankoverdrafts——discountingthebillsofexchange——depositsonmoneymkt——CDs,sightandterm

depositsfrompublicotherservices:——conditionsales——creditsalesagreement——revolvingloans——Loans——leasing——factoringSection8PensionF

unds8.1Definitiontheincome:contributionsandearningsexpenditure:paymentsandadministrationchargestwomaintypes:——insuredschemes——selfadminis

trated8.2schemesofferedbyemployersnon-contributoryschemescontributoryschemesdefinedbenefitschemes(finalsalaryschemes)define

dcontributions(moneypurchaseschemes)AVCs——contribution:upto15%ofannualsalary——taxconcessionsFSAVCs8.3personalpensionschemespensionpla

nsdesignedforindividualsbenefitsrelysolelyoncontributiontaxreliefstakeholderpension8.4statepensionschemesabriefhist

oryBasicStatePensionSERPSSecondstatepensionSection9InsuranceCompany9.1thefunctionsofinsurancecollectingthepremiumstoprotectagainstfinan

ciallosswhenaspecifiedeventoccurringwithinaspecifiedtimeThepremiumscreateapooloffundsInsurancecompaniesinvestthesefundsinmanywaysTwomainfunctio

ns:——thespreadofrisksbetweeneconomicentities,generalinsurance——thespreadofrisksoveraperiodoftime,lifeinsurance9

.2productsdefinedbythefunctionitperformsinsuranceofthepersoninsuranceofthepropertyinsuranceoftheliabilityinsuranc

eoftherights9.3productsdefinedbytheareaofbusinessmarineinsurancelifeassurancefireinsuranceaccidentinsurance9.4Lloydsof

LondonfromacoffeehousetotheFirstCommitteeofLloydsfromindividualmemberswithunlimitedliabilitytosyndicatesbenefitingfromlimitedlia

bilitySection10CollectiveInvestments10.1Investmenttrustsclose-endedfunds10.2unittrustsopen-endedfundsindependenceoftrusteesandmanagementcom

panytheroleoffundmanagersvalueofaunitbidandoffer(marketmaker)incomeofatrust:——initialcharges——annualmanagementfeestwotypesofunit

s——incomeunits——accumulationunits10.3OEICsahybridbetweeninvestmenttrustsandunittrustsquotedonLSESection

11Capitalmarkets11.1primaryandsecondarymktprimarymkt:wherenewsecuritiesareissuedinreturnforcapitaldirectfinancinggovernmentsec

uritiescompaniesstocksandsharestheroleofmerchantbankadvantagesanddisadvantagesofaquotationrequirementsfor

quotationthesecondarymkt:stockexchangeandAIMthefunctionofLSEthebigbang(27Oct.1986)11.2FunctionsofmembersofLSETypesofmemberfirms——b

rokers/dealers——marketmakers——IDBs——SEMBsAIMover-the-countergilt-edgedmarket11.3Newissuesofferforsaleofferforsubscriptionplacingintrodu

ction11.4securitiestradedonLSEordinarysharespreferencesharesdebenturesconvertiblesecritiesSection12MoneyMarkets12.1definitiondeal

inginlargeamountsofmoneyonaveryshorttimesettlementbasismoneyislentandborrowedforshorttimeshorttermsecuritiesaretraded12.2discountmarketthe

roleofdiscounthousesfunctionsofdiscounthouses——takingveryshort-termdepositsfrombanks——discountingcommercialbillsofexchange——u

nderwritingtheweeklytenderfortreasurybills——asmarketmakersofshort-termfinancialinstrumentsdiscounthousesandBOE——providingthebankswith

calledmoneytomeettheoperationalbalancesthebanksmustmaintainwiththeBankofEngland——therateofinterestoncalledmoneycanbeadjustedda

ilydiscounthousesandbillfinance——billofexchange——bankbills——eligiblebills——otherbillsacceptedbycompanies:finetradebillsdiscounthou

sesandgovernmentfinance——directfinancebyholdingshorttermgilt——underwritingtheweeklyTreasurybills——TreasurybillsEuro-Treasurybillsdiscounthousesas

marketmakers:Treasurybills,commercialbills,CDsParallelmarkets——interbankmarket——intercompanymarket——loc

alauthoritymarket——NegotiableCDs——sterlingcommercialpapermarketSection13Options,Futures