2022年金融信息系统--比较完备的知识点中英文.docx

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1、精选学习资料 - - - - - - - - - 学习必备欢迎下载s currency for another Foreign Exchange: Foreign exchange FX is the exchange of one countrycountrys currencyRanking 1. Quote Pair Base/Counter: USD / HKD 2. Rate Bid / Ask: 7.7753 / 7.7780 3. Spread point: 27 basis point Ask Price 7.7780 Bid Price7.7753差价 4. Quote co

2、nvention: 53/80 the last two digits of decimal point rate 商定 5. Direct quote: Bank buy 1 US Dollar and sell 7.7753 HK Dollar to customer 6. Indirect quote: Bank buy 1 Australia Dollar and sell US Dollar to customer To determine which is Base and which is Counter in a Quote Pair, there is a currency

3、ranking. Based on this currency ranking, the currency which is higher than another one in the ranking is the Base, and another currency is the Counter. 排名高的是base 低的是 counter Limit Order : An order placed with conditions to buy/sell currencies, such a s price range and duration of order validity 包括限价

4、买单 Buy Limit Order 以及限价卖单 Sell Limit Order 二 种形式（价格范畴、订单有效期连续）Market Order : An order without conditions and marked to the market price Benchmark Order: Order is executed with standard price published by benchmarking company, e.g. WMCompany 基准订单Spot Exchange: The exchange of two currencies for immed

5、iate delivery , normally with T+2. Cross rate calculation: USD / NZD Bid Ask 1.5650 1.5642 USD / JPY 123.23 123.78 NZD / JPY = 123.23/1.5642 = 78.78 Bid NZD / JPY = 123.78/1.5650 = 79.10 Ask NZD / JPY 78.78/79.10 名师归纳总结 - - - - - - -第 1 页,共 24 页精选学习资料 - - - - - - - - - 学习必备欢迎下载”, is the Forward Exch

6、ange: Currency forward contracts, also known as outright forwardcontract that holders are obligated to buy or sell the currency at a specified price, at a specified quantity, and on a specified future date, also known as outright forward”NDF: Non-Deliverable Forwards: An NDF is a short-term committe

7、d forward cash settlementcurrency derivative instrument. It is essentially an outright forward FX contract whereby on the contracted settlement date, profit or loss is adjusted between the two counterparties basing on the difference between the contracted NDF rate and the prevailing spot FX rates on

8、 an agreed notional amount. 无本金交割远期Difference between NDF and Forward: . All NDFs have a fixing date and a settlement date . The fixing date is the date at which the difference between the prevailing market exchange rate and the agreed upon exchange rate is calculated. The settlement date is the dat

9、e by which the payment of the difference is due to the party receiving payment. . NDFs are commonly quoted for time periods of one month up to one year, and are normally quoted and settled in U.S. dollars. They have become a popular instrument for corporations seeking to hedge exposure to foreign cu

10、rrencies that are not internationally traded. 该项交易与远期外汇交易大致相同；这是一种场外交易的金融衍生工具；主要是由银行充当中介机构,由于交易双方基于对汇率的不同看法,签订非交割远期交易合约,确定远期汇率、期限和金额,合约到期只需看远期汇率与实际汇率的差额进行交割清算,与本金金额、实际收支毫无关系；结算的货币是自由兑换的货币,如美元；无本金交割远期外汇交易一般用于实行外汇管制国家的货币；一个对冲及投资的渠道；NDF 为面对汇率风险的企业和投资者供应了无本金交割远期外汇交易与远期外汇交易的差别在于,不用备有本金的收付,只要就到期日的市场汇率价格与

11、合约协定价格的差价进行交割清算,本金实际上只是用于汇差的运算,无需实际收支,对将来现金流量不会造 成影响；而远期外汇交易到期后需现汇交割；FX SWAP: Two foreign exchange transactions involving a spot purchase of currency pair and a forward sell of the same currency pair 两个涉及一双现货购买货币的外汇交易和远期卖相同的货币 SWAP can also involve two forward transactions Currency Future: Future co

12、ntract is a standardized agreement with an organized exchange to buy or sell a currency pair at a fixed price at a certain date in the future Comparison of Forward & Future Contracts: 名师归纳总结 - - - - - - -第 2 页,共 24 页精选学习资料 - - - - - - - - - 学习必备 欢迎下载期货是现在进行买卖,但是在将来进行交收或交割的标的物,这个标的物可以是某种商品例如黄金、原油、农 产

13、品,也可以是金融工具,仍可以是金融指标；交收期货的日子可以是一星期之后,一个月之后,三个月之后,甚至一年之后；买卖期货的合同或者协议叫做期货合约；买卖期货的场所叫做期货市场；期权又称为挑选权,是在期货的基础上产生的一种衍生性金融工具；从其本质上讲,期权实质上是在金融领域 中将权益和义务分开进行定价,使得权益的受让人在规定时间内对于是否进行交易,行使其权益,而义务方必 须履行；在期权的交易时,购买期权的一方称作买方,而出售期权的一方就叫做卖方；买方即是权益的受让人,而卖方就是必需履行买方行使权益的义务人；Currency Options:期权A contract for future deliv

14、ery of a specific currency in exchange for another, in which the holder of the option has the right to buy or sell the currency at an agreed price, the strike price, or exercise price, but is not required to do so. 期货的权益的交易合同 使权益FX Traded: ,买方可以行使也可以不行. Currency is traded in OTC over-the-counter mar

15、ket meaning there is no specific location where the transaction takes place 场外交易.In the wholesale FX market for corporate and institutional clients, trades are conducted by linked trading systems and telephone i.e. there is no physical location like a stock exchange 外汇批发市场 企业和机构客户,使用电话和交易系统进行的交易,即没有

16、详细位置如证券交易所名师归纳总结 - - - - - - -第 3 页,共 24 页精选学习资料 - - - - - - - - - 学习必备 欢迎下载. For trading between banks interbank market, it is usually conducted via EBS or Reuters systems银行间交易 银行间市场 ,通常是通过 EBS 或路由系统. For clients e.g. fund mangers to bank, trading can be conducted over electronic systems like FX Co

17、nnect 客户 如基金经理 与银行 ,交易可以通过电子系统进行Stock Also known as shares or equity : A type of security that signifies ownership in a corporation and represents a claim on part of the corporations assets and earnings. 一种有公司所有权在公司和得到公司的部分资产和收入的证券1. A holder of stock a shareholder has a claim to a part of the corpo

18、rations assets and earnings. In other words, a shareholder is an owner of a company. 全部者2.Ownership is determined by the number of shares a person owns relative to the number of outstanding shares. 全部权是由拥有股票的数量相对于已发行股票的数量打算的；Types: common stock: preferred stock: 1 Prior Preferred Rank highest in ter

19、ms of dividend distribution; 2 Preference Preferred rank behind “priorall other stocks; 3Convertible Preferred able to convert to common stocks; 4Participative Preferred receives extra dividend with special achievement of the company;5Cumulative Preferred dividends missed can be accumulated Common S

20、tock vs Preferred Stock There are two main types of stock: common and preferred. Common stock usually entitles the owner to vote at shareholders meetings and to receive dividends. Preferred stock generally does not have voting rights, but has a higher claim on assets and earnings than the common sha

21、res. For example, owners of preferred stock receive dividends before common shareholders and have priority in the event that a company goes bankrupt and is liquidated. Prior Preferred Rank highest in terms of dividend distribution Preference Preferred rank behind “prior” but over all other stocksCon

22、vertible Preferred able to convert to common stocks 可转股票Participative Preferred receives extra dividend with special achievement of the company Cumulative Preferred dividends missed can be accumulated 1.Definition ownership 定义 -全部权股票是股份证书的简称,是股份公司为筹集资金而发行给股东作为持股凭证并借以取得股息和红利的一种有价名师归纳总结 - - - - - - -第

23、 4 页,共 24 页精选学习资料 - - - - - - - - - 学习必备 欢迎下载证券；每股股票都代表股东对企业拥有一个基本单位的全部权；2.Types common, preferred, convertible stocks, etc. -一般股：一般股是指在公司的经营治理和盈利及财产的安排上享有一般权益的股份,代表满意全部债权偿付要求及优先股东的收益权与求偿权要求后对企业盈利和剩余财产的索取权；一般股构成公司资本的基础,是股票的一种基本形式；-优先股：优先股相对于一般股；优先股在利润分红及剩余财产安排的权益方面优先于一般股；（1）优先安排权；（ 2）优先求偿权-可换优先股：指持有

24、该种股票股东的权益要受肯定的限制；优先股股票的发行一般是股份公司出于某种特定的目的和需要,且在票面上要注明“ 优先股” 字样；优先股股东的特殊权益就是可优先于一般股股东以固定的股息分取公司收益并在公司破产清算时优先分取剩余资产,但一般不能参加公司的经营活动,其详细的优先条件必需由公司章程加以明确；可转换优先股股票是指股票持有人可以在特定条件下按公司条款把优先股股票转换成一般股股票或公司债券的股票,而不行转换优先股股票是指不具有转换为其他金融工具功能的优先股股票；Convertible Stock: 可转换债券. Securities, usually bonds or preferred sh

25、ares, that can be converted into common stock. . Convertibles are ideal for investors demanding greater potential for appreciation than bonds give and higher income than common stocks offer. Warrants: 认股权证. A derivative security that gives the holder the right to purchase securities usually equity f

26、rom the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue as a sweetener to entice investors. . The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instrume

27、nts and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Stock Tables/Quotes 名师归纳总结 - - - - - - -第 5 页,共 24 页精选学习资料 - - - - - - - - - 学习必备 欢迎下载. Columns 1 & 2: 52-Week High and Low. These are the

28、highest and lowest prices at which a stock has traded over the past 52 weeks 1 year. This typically does not include the previous days trading. . Column 3: Company Name and Type of Stock. This column lists the name of the company. If there are no special symbols or letters following the name, it is

29、common stock. Different symbols imply different classes of shares. For example, pf means the shares are preferred stock. . Column 4: Ticker Symbol. This is the unique alphabetic name which identifies the stock. If you watch financial TV, the ticker tape will quote the latest prices alongside this sy

30、mbol. If you are looking for stock quotes online, you always search for a company by the ticker symbol. If you dont know a particular companys ticker symbol, you can search for it at Yahoo Finance. . Column 5: Dividend Per Share. This indicates the annual dividend payment per share. If this space is

31、 blank, the company does not currently pay out dividends. . Column 6: Dividend Yield. The percentage return on the dividend, dividend yield is calculated as annual dividends per share divided by price per share. . Column 7: Price/Earnings Ratio P/E ratio. This is calculated by dividing the current s

32、tock price by earnings per share from the last four quarters. . Column 8: Trading Volume. This figure shows the total number of shares traded for the day, listed in hundreds. To get the actual number traded, add two zeros to the end of the number listed. . Column 9 & 10: Day High and Low. This indic

33、ates the price range in which the stock has traded throughout the day. In other words, these are the maximum and the minimum prices that people have paid for the stock. . Column 11: Close. The close is the last trading price recorded when the market closed on the day. If the closing price is more th

34、an 5% above or below the previous days close, 名师归纳总结 - - - - - - -第 6 页,共 24 页精选学习资料 - - - - - - - - - 学习必备 欢迎下载the entire listing for that stock is bold-faced. Keep in mind, you are not guaranteed to get this price if you buy the stock the next day because the price is constantly changing, even aft

35、er the exchange is closed for the day. The close is merely an indicator of past performance and, except in extreme circumstances, it serves as a ballpark of what you should expect to pay. . Column 12: Net Change. This is the dollar value change in the stock price from the previous days closing price

36、. When you hear about a stock being up for the day, it means the net change was positive. Roles in Stock Exchange: Brokers: Commission broker: deal with the public at large, gathering orders off the NYSE floor to offer the best buying and selling price Specialist: a dealer i.e., trades from his own

37、inventory of securities and is obligated, on 75% of transactions for his own account, to trade counter to the market trend. The specialist holds a monopoly in making a market in the securities assigned to him Floor broker : only work for other members, taking transactions which the other members are

38、 incapable of handling at the moment. They primarily provide excess capacity for overloaded brokers when order volume is high Primary Market: Initial public offer IPO 首次公开发行Secondary market: Stock exchange NYSE, AMEX Electronic Communication Networks ECN: alternate trading systems that connect buyer

39、s and sellers directly to trade Nasdaq stocks Over the Counter OTC: Over the Counter Bulletin Board OTCBB Pink Sheets OMS-Order Management system . The OMS has traditionally connected the buy-side portfolio manager with the buy-side trader, collecting orders and instructions from the various portfol

40、io managers, aggregating them into blocks, managing executions, collecting fills execution information from brokers or the market directly and performing allocations. 名师归纳总结 - - - - - - -第 7 页,共 24 页精选学习资料 - - - - - - - - - 学习必备 欢迎下载. Over the past few years OMS vendors have not only enabled their O

41、MS systems to connect to brokers but also have expanded their level of connectivity to trading venues, crossing networks, algorithmic trading technologies, and aggregation providers. . While vendor-supplied platforms are dominant, many buy-side firms still use proprietary OMS platforms.ATS-Alternati

42、ve Trading System . Propriety trading systems principal trading . Broker-dealer trading systems . ECNs- order matching systems that generally match limit orders. . SEC: ATS is permitted to register as an exchange or as a broker-dealer. Only one ATS has elected to become a registered Exchange-Archipe

43、lago. TCA-Transaction Cost Analysis .Transaction cost analysis tools analyze a firms executions and compares them to other executions during that period or day . TCA should be a scorecard that helps traders, portfolio mangers, and the firm to better understand how well they traded and their strategi

44、es for performance improvement. . The technology is still too immature to give an accurate estimate of trade cost. Order Types . Limit Risks . Speed of Execution . Price Improvement . Market Timing CUSIP: An identifier which is used for most US and Canadian securities. The nine character alphanumeri

45、c code that makes up the assigned CUSIP number reflects three different aspects of security. Issuers alphabetic sequence, rate, maturity date or class, check digit CINS Serves the same purpose as a CUSIP number but iden 名师归纳总结 - - - - - - -第 8 页,共 24 页精选学习资料 - - - - - - - - - 学习必备 欢迎下载SEDOL Identify

46、 securities trading on the International Stock Exchange in London ISIN One universal security system worldwide. Fixed Income Key Terminologies 固定受益的要点术语.Par Value also know as “face value” which is the value return to the investor when the bond matures 票面价值也称为 “面值 ” ,债券到期时投资者收到的价值. Discount / Premium Bond prices that are traded below or above the par value 折扣溢价. Coupon Interest Rate Interest rate that the bond issuer promises to pay to the bondholder 票面利率债券发行人承诺付