Home > Financial:金融 > Financial Market 金融市場

Financial Market 金融市場

Financial Market  金 融 市 場

 

A financial market is a market in which people and entities can trade financial securities, commodities, and other fungible items of value at low transaction costs and at prices that reflect supply and demand. Securities include stocks and bonds, and commodities include precious metals or agricultural goods.

金融市場是一個讓個人和個體可以進行金融證券,商品和其他可替代有價值物品的交易,價格反映供給與需求的市場。證券包括股票和債券,商品包括貴金屬和農產品。

There are both general markets (where many commodities are traded) and specialized markets (where only one commodity is traded). Markets work by placing many interested buyers and sellers, including households, firms, and government agencies, in one “place”, thus making it easier for them to find each other. An economy which relies primarily on interactions between buyers and sellers to allocate resources is known as a market economy in contrast either to a command economy or to a non-market economy such as a gift economy.

市場有分普通市場(大多數商品在這裡交易)與專營市場(只買賣一種商品)這兩種。市場集合了許多有意的買家和賣家,有家庭成員,公司,政府機構在同一個“地方”,方便這些人找對人。基本上靠買家和賣家的互動來分配資源的經濟體就叫市場經濟,相對于操控(計劃)經濟或非市場經濟如禮物經濟。

In finance, financial markets facilitate: 財經方面,金融市場促進了:

  • The raising of capital (in the capital markets)
  • The transfer of risk (in the derivatives markets)
  • Price discovery
  • Global transactions with integration of financial markets
  • The transfer of liquidity (in the money markets)
  • International trade (in the currency markets)
  • (在資本市場中) 資金的籌集
  • (在衍生市場中) 風險的轉移
  • 價格的回穩
  • 金融市場一體化的全球交易
  • (在貨幣市場中) 流通性的轉移
  • (在外匯市場中) 國際貿易

– and are used to match those who want capital to those who have it.

–也用來撮合匹配那些需要資金和有資本的人。

Typically a borrower issues a receipt to the lender promising to pay back the capital. These receipts are securities which may be freely bought or sold. In return for lending money to the borrower, the lender will expect some compensation in the form of interest or dividends. This return on investment is a necessary part of markets to ensure that funds are supplied to them.

一般上,借款人發出一張收據給貸款人承諾償還資金,這些收據就是可以自由買或賣的證券。貸款人借出款項給借款人時會要求一些利息或股息之類的補償,這種投資回報是市場中確保基金會給他們回報的必要做法。

 

Contents  目錄

1. Definition  定義

2. Types of financial markets  金融市場的類別

3. Raising capital 籌資

3.1 Lenders  貸款人

3.1.1 Individuals & Doubles  個人與多人

3.1.2 Companies 公司

3.2 Borrowers  借款人

4. Derivative products  衍生商品

5. Currency markets  貨幣市場

6. Analysis of financial markets  金融市場的分析

7. Financial market slang  金融市場的行話

8. Role (Financial system and the economy)  角色 (金融體系與經濟)

9. Functions of Financial Markets  金融市場的功能

10 Constituents of Financial Market  金融市場的組成

10.1 Based on market levels  以市場層次劃分

10.2 Based on security types  以證券種類劃分

11 See also  另見

12 External links  外部鏈接

 

Definition  定義

In economics, typically, the term market means the aggregate of possible buyers and sellers of a certain good or service and the transactions between them.

在經濟學裡,市場這個名詞通常是指集合一群有意買賣特定商品或服務的買家和賣家以及他們之間的交易。

The term “market” is sometimes used for what are more strictly exchanges, organizations that facilitate the trade in financial securities, e.g., a stock exchange or commodity exchange. This may be a physical location (like the NYSE, BSE, NSE) or an electronic system (like NASDAQ). Much trading of stocks takes place on an exchange; still, corporate actions (merger, spinoff) are outside an exchange, while any two companies or people, for whatever reason, may agree to sell stock from the one to the other without using an exchange.

“市場”這個字眼有時候也用在只限於促進金融證券買賣的交易場所和機構,例如證券交易所或商品交易所,可能會是一個實體的場地(如紐約證券交易所(NYSE),孟買證券交易所(BSE),印度國家交易所(NSE)或者是一套電子系統(如納斯達克)。雖然多數證券都在交易所裡買賣,但是企業行動(合併,分拆)還是要在交易所場外進行,而任何兩家公司或任何人,不論他們有甚麼理由,都可以同意不通過交易所去賣股票給另一方。

Trading of currencies and bonds is largely on a bilateral basis, although some bonds trade on a stock exchange, and people are building electronic systems for these as well, similar to stock exchanges.

貨幣與債券主要是以雙邊的基礎去交易,雖然有些債券會在股票交易所買賣,還是有人去建立類似股票交易所的電子系統來買賣貨幣和債券。

Financial markets can be domestic or they can be international.

金融市場可以是國內的也可以是國際性的。

 

Types of financial markets  金融市場的類別

Within the financial sector, the term “financial markets” is often used to refer just to the markets that are used to raise finance: for long term finance, the Capital markets; for short term finance, the Money markets. Another common use of the term is as a catchall for all the markets in the financial sector, as per examples in the breakdown below.

在金融界裡,“金融市場”這個術語通常都指那些用來籌資的市場:長期融資的叫做資本市場;短期融資的叫貨幣市場。另一個常用這個術語的例子是形容所有在金融界裡的所有市場,如下列細分出來的例子。

Capital markets which consist of: 資本市場中有:

  • Stock markets, which provide financing through the issuance of shares or common stock, and enable the subsequent trading thereof.
  • Bond markets, which provide financing through the issuance of bonds, and enable the subsequent trading thereof.
  • Commodity markets, which facilitate the trading of commodities.
  • Money markets, which provide short term debt financing and investment.
  • Derivatives markets, which provide instruments for the management of financial risk.
  • Futures markets, which provide standardized forward contracts for trading products at some future date; see also forward market.
  • Insurance markets, which facilitate the redistribution of various risks.
  • Foreign exchange markets, which facilitate the trading of foreign exchange.
  • 股票市場:發行股份或普通股來提供融資,接著進行交易。
  • 債券市場:發行債券以提供融資,接著進行交易。
  • 商品市場:促進商品的買賣。
  • 貨幣市場:提供短期債務融資與投資機會。
  • 衍生市場:提供管理金融風險的工具。
  • 期貨市場:為那些以未來日期買賣的產品提供標準的遠期合同;另見“遠期市場”。
  • 保險市場:促進各種風險的再分配。
  • 外匯市場:促進外幣的買賣。

The capital markets may also be divided into primary markets and secondary markets. Newly formed (issued) securities are bought or sold in primary markets, such as during initial public offerings. Secondary markets allow investors to buy and sell existing securities. The transactions in primary markets exist between issuers and investors, while in secondary market transactions exist among investors.

資本市場也可以分為初級市場和二級市場。新組建(發行)的證券在初級市場上買或賣,比如在首次公開招股的期間發售,二級(二手)市場就允許投資者買賣現有的證券。初級市場的交易介於發行者與投資者雙方,而二級市場的交易就在投資者之間進行。

Liquidity is a crucial aspect of securities that are traded in secondary markets. Liquidity refers to the ease with which a security can be sold without a loss of value. Securities with an active secondary market mean that there are many buyers and sellers at a given point in time. Investors benefit from liquid securities because they can sell their assets whenever they want; an illiquid security may force the seller to get rid of their asset at a large discount.

流通性(變現/套現能力)是那些在二級市場上交易的證券的重要因素,流通性是指證券可以不必損失任何價值就可以輕易脫售。活躍的證券二級市場就是說任何時候都會有很多買家和賣家,投資者們從流通證券中獲益是因為他們隨時可以賣出他們的資產;而不流通的證券可能會迫使賣家要大打折扣才能拋售他們的資產。

The financial market is broadly divided into 2 types: 1) Capital Market and 2) Money market. The Capital market is subdivided into 1) primary market and 2) Secondary market.

大致上,金融市場可以分為兩大類:

1)資本市場

2)貨幣市場

資本市場又再分為:

1)初級市場

2)二級市場

 

Raising capital  籌資

Financial markets attract funds from investors and channel them to corporations—they thus allow corporations to finance their operations and achieve growth. Money markets allow firms to borrow funds on a short term basis, while capital markets allow corporations to gain long-term funding to support expansion.

金融市場吸引投資者的資金再導向企業,好讓這些企業有錢經營和成長。貨幣市場可以讓商家借到短期貸款,而資本市場則提供企業長期資金去擴展業務。

Without financial markets, borrowers would have difficulty finding lenders themselves. Intermediaries such as banks, Investment Banks, and Boutique Investment Banks can help in this process. Banks take deposits from those who have money to save. They can then lend money from this pool of deposited money to those who seek to borrow. Banks popularly lend money in the form of loans and mortgages.

如果沒有金融市場,借款人自己要找貸款人就會有困難,中介機構如銀行,投資銀行,小型投資銀行可以協助。銀行跟手上有錢要存的人收取存款,然後用這筆匯集的存款借給需要借錢的人,銀行最常借出的放貸形式是貸款和抵押。

More complex transactions than a simple bank deposit require markets where lenders and their agents can meet borrowers and their agents, and where existing borrowing or lending commitments can be sold on to other parties. A good example of a financial market is a stock exchange. A company can raise money by selling shares to investors and its existing shares can be bought or sold.

比起簡單的銀行存款複雜得多的交易就需要一個市場讓貸款人和他們的代表可以跟借款人和他們的代表面談,而且還可以出售這份借貸或貸款的承諾權責給其他方。金融市場的好例子就是股票交易所,一家公司可以出售股份給投資者去集資,自己手上的股票也可以買或賣。

The following table illustrates where financial markets fit in the relationship between lenders and borrowers:

Relationship between lenders and borrowers

Lenders Financial Intermediaries Financial Markets Borrowers
Individuals

Companies

Banks

Insurance Companies

Pension Funds

Mutual Funds

 

Interbank

Stock Exchange

Money Market

Bond Market

Foreign Exchange

Individuals

Companies

Central Government

Municipalities

Public Corporations

下表列出了金融市場在各種借款人和貸款人的關係之間所處的位置:

借款人和貸款人的關係

貸款人 金融中介 金融市場 借款人
個人

公司

銀行

保險公司

養老基金

共同基金

銀行同業

證券交易所

貨幣市場

債券市場

外匯

個人

公司

中央政府

市政府

公共企業

 

Lenders  貸款人

Who have enough money to lend or to give someone money from own pocket at the condition of getting back the principal amount or with some interest or charge, is the Lender.

有錢借出,或者自掏腰包給人家錢,條件是要收回本金加一些利息或收費,這種人就叫貸款人。

Individuals & Doubles  個人或多人

Many individuals are not aware that they are lenders, but almost everybody does lend money in many ways. A person lends money when he or she:

很多人還不知道他們就是貸款人,但是幾乎每一個人都使用各種方式在貸款給人。一個人借出時是當他或她:

  • puts money in a savings account at a bank;
  • contributes to a pension plan;
  • pays premiums to an insurance company;
  • invests in government bonds; or
  • invests in company shares.
  • 把錢存入銀行的儲蓄帳戶裡;
  • 付錢給養老金計劃;
  • 支付保費給保險公司;
  • 投資在政府債券;或者
  • 投資買公司股票。

Companies  公司

Companies tend to be borrowers of capital. When companies have surplus cash that is not needed for a short period of time, they may seek to make money from their cash surplus by lending it via short term markets called money markets.

很多公司都是資金借款人,有些公司有現金盈餘,短期內不會用到,就可以利用短期借貸市場,也就是貨幣市場,借出多餘現金來賺錢。

There are a few companies that have very strong cash flows. These companies tend to be lenders rather than borrowers. Such companies may decide to return cash to surplus (e.g. via a share buyback.) Alternatively, they may seek to make more money on their cash by lending it (e.g. investing in bonds and stocks).

有少數公司的現金流很強勁雄厚,這些公司都成了貸款人而不借款人,這類公司也許會決定把現金歸入盈餘中存留(比如回購股份)。此外,他們也可以借出現金來賺錢(比如投資在債券和股票)。

 

Borrowers  借款人

  • Individuals borrow money via bankers’ loans for short term needs or longer term mortgages to help finance a house purchase.
  • Companies borrow money to aid short term or long term cash flows. They also borrow to fund modernization or future business expansion.
  • Governments often find their spending requirements exceed their tax revenues. To make up this difference, they need to borrow. Governments also borrow on behalf of nationalized industries, municipalities, local authorities and other public sector bodies. In the UK, the total borrowing requirement is often referred to as the Public sector net cash requirement (PSNCR).
  • 個人向銀行借錢應付短期需要或者長期抵押貸款去買房子。
  • 公司借錢來應付短期或長期的現金流,也借錢來支付現代化或未來的業務擴展所需。
  • 政府的開支需求通常都會超過稅收,爲了補缺,就需要借錢。政府也代替國有工業,市政府,當地政府部門和其他公共機構借錢。在英國,全部借款的要求通稱為公共部門凈現金需求(PSNCR)。

Governments borrow by issuing bonds. In the UK, the government also borrows from individuals by offering bank accounts and Premium Bonds. Government debt seems to be permanent. Indeed the debt seemingly expands rather than being paid off. One strategy used by governments to reduce the value of the debt is to influence inflation.

政府們都靠發行債券來借錢。在英國,政府也跟個人借錢,要約提供銀行帳戶和溢價債券。政府的債務似乎是永久性的,其實債務看似膨脹更多而不是還清。政府爲了減少債務所採取的一個策略就是影響通膨。

Municipalities and local authorities may borrow in their own name as well as receiving funding from national governments. In the UK, this would cover an authority like Hampshire County Council.

市政當局和當地政府可以用自己的名義借錢或者跟中央政府要錢,英國的漢普郡議會當局就可以這麼做。

Public Corporations typically include nationalized industries. These may include the postal services, railway companies and utility companies.

典型的公共企業都包括國有工業,如郵政服務,鐵道公司和水電公司。

Many borrowers have difficulty raising money locally. They need to borrow internationally with the aid of Foreign exchange markets.

很多借款人要在當地籌資都有困難,他們只好借用外匯市場在國際間籌資。

Borrowers having similar needs can form into a group of borrowers. They can also take an organizational form like Mutual Funds. They can provide mortgage on weight basis. The main advantage is that this lowers the cost of their borrowings.

有類似需要的借款人也可以組成一團,以共同(互助)基金這樣的機構形式來集資,以加權基準的做法提供抵押貸款,主要的好處是可以減低借貸成本。

 

Derivative products  衍生商品

During the 1980s and 1990s, a major growth sector in financial markets is the trade in so called derivative products, or derivatives for short.

在80年代和90年代期間,金融市場裡一直在成長的主要區塊是用所謂的衍生商品來交易,簡稱衍生品。

In the financial markets, stock prices, bond prices, currency rates, interest rates and dividends go up and down, creating risk. Derivative products are financial products which are used to control risk or paradoxically exploit risk. It is also called financial economics.

在金融市場裡,股價,債券價,匯率,利率和股息會上上下下,風險不斷。衍生商品就是用來控制風險或者反過來利用風險去圖利的金融產品,也叫做金融經濟學。

Derivative products or instruments help the issuers to gain an unusual profit from issuing the instruments. For using the help of these products a contract has to be made. Derivative contracts are mainly 3 types:

衍生商品或金融工具協助發行人利用這些工具獲取不尋常的利潤,要使用這些產品就得先有合約。衍生品合約主要有三種:

1. Future Contracts  期貨合約

2. Forward Contracts  遠期合約

3. Option Contracts  期權合約

 

Currency markets  貨幣市場

Seemingly, the most obvious buyers and sellers of currency are importers and exporters of goods. While this may have been true in the distant past, when international trade created the demand for currency markets, importers and exporters now represent only 1/32 of foreign exchange dealing, according to the Bank for International Settlements.

看來最顯眼的外匯買家和賣家就是貨品的出入口商了,很久以前或許真是如此,在國際貿易促進了對外匯市場的需求之後,根據“國際結算銀行”的統計,如今的出入口商只佔外匯交易量的32份之一而已。

The picture of foreign currency transactions today shows:

現今參與外匯交易的人有:

  • Banks/Institutions  銀行 / 機構
  • Speculators  投機客
  • Government spending (for example, military bases abroad) 政府開支 (如海外軍事基地)
  • Importers/Exporters  出入口商
  • Tourists  遊客

 

Analysis of financial markets  金融市場的分析

Much effort has gone into the study of financial markets and how prices vary with time. Charles Dow, one of the founders of Dow Jones & Company and The Wall Street Journal, enunciated a set of ideas on the subject which are now called Dow Theory. This is the basis of the so-called technical analysis method of attempting to predict future changes. One of the tenets of “technical analysis” is that market trends give an indication of the future, at least in the short term. The claims of the technical analysts are disputed by many academics, who claim that the evidence points rather to the random walk hypothesis, which states that the next change is not correlated to the last change. In recent years the rise of algorithmic and high-frequency program trading has seen the adoption of momentum, ultra-short term moving average and other similar strategies which are based on technical as opposed to fundamental or theoretical concepts of market Behaviour.

很多人花很大精力在研究金融市場以及價格的變動。Charles Dows是道瓊斯公司以及華爾街日報的創辦人之一,他發表了同一個課題的一系列概念,現稱為道氏理論,成為所謂的技術分析法的基礎,嘗試預測未來的變化。“技術分析”的其中一個原理是市場趨勢會顯示未來,至少是短期內會出現的狀況。技術分析師們的主張也迎來許多學者的爭論,他們認為證據顯示出的反而是隨機漫步假說,也就是下一個轉變跟上一次變化沒關聯。近年來高頻程序交易的算法都採用以技術為本的動量,超短期移動平均數以及其他類似策略,相對於市場行為學的基本或理論概念。

The scale of changes in price over some unit of time is called the volatility. It was discovered by Benoît Mandelbrot that changes in prices do not follow a Gaussian distribution, but are rather modeled better by Lévy stable distributions. The scale of change, or volatility, depends on the length of the time unit to a power a bit more than 1/2. Large changes up or down are more likely than what one would calculate using a Gaussian distribution with an estimated standard deviation.

價格在某一些時間單位上的變動幅度就叫做波幅,Benoît Mandelbrot發現到價格的變動并沒有跟隨高斯分佈模式,而是符合模式較好的雷維穩定分佈法。改變的幅度或波幅取決於時間長度的0.5(二分之一)次方再稍微多一些,上或下的大變動比較有可能出現,使用高斯分佈模式那個估計標準偏差的算法就比較少見。

 

Financial market slang  金融市場的行話

Poison pill  毒藥 / 拼購阻撓

when a company issues more shares to prevent being bought out by another company, thereby increasing the number of outstanding shares to be bought by the hostile company making the bid to establish majority.

當一家公司發行更多股份來阻撓另一家公司的收購時,就也增加了在外流通被惡意公司買走的股份,足以累積多數股份出價收購。

Quant  寬特 / 量化分析師 (數量化研究分析技術的分析師)

a quantitative analyst with a PhD (and above) level of training in mathematics and statistical methods.

是在數理與統計學的培訓上擁有博士水平(或更高學位)的量化分析師。

Rocket scientist  火箭專家

a financial consultant at the zenith of mathematical and computer programming skill. They are able to invent derivatives of high complexity and construct sophisticated pricing models. They generally handle the most advanced computing techniques adopted by the financial markets since the early 1980s. Typically, they are physicists and engineers by training; rocket scientists do not necessarily build rockets for a living.

是數學與電腦程序編寫技術登峰造極的金融顧問,他們可以設計出高度複雜的衍生品以及建構出精密的定價模式,他們經常處理那些從80年代初開始就被金融市場採用的最先進電腦技巧。典型的專業背景都是物理學家和工程師,這類火箭專家也不必製造火箭來為生。

White Knight  白騎士

a friendly party in a takeover bid. Used to describe a party that buys the shares of one organization to help prevent against a hostile takeover of that organization by another party.

是出價收購的友善人士,用來形容購買一家公司股份的一方要協助阻止另一方的惡意收購同一家公司的股份。

round-tripping  軋平

smurfing 化整為零(洗黑錢)

a deliberate structuring of payments or transactions to conceal it from regulators or other parties, a type of money laundering that is often illegal.

這是一種處心積慮的付款或交易結構,用來掩飾意圖,不讓監管機構或其他有關方面發覺,是洗黑錢的一種辦法,通常都是非法的。

Spread  差價

the difference between the highest bid and the lowest offer.

最高出價和最低報價之間的差別

 

Role (Financial system and the economy)  角色 (金融體系與經濟)

One of the important requisite for the accelerated development of an economy is the existence of a dynamic financial market. A financial market helps the economy in the following manner:

經濟要加速發展的一個重要條件就是擁有一個動態有活力的金融市場,金融市場對經濟的助益如下:

Saving mobilization  存款動員

Obtaining funds from the savers or surplus units such as household individuals, business firms, public sector units, central government, state governments etc. is an important role played by financial markets.

從儲蓄者或手上有盈餘的單位如家庭成員,商家企業,公共部門單位,中央政府,地方政府等等獲得資金是金融市場在扮演的一個重要角色。

Investment  投資

Financial markets play a crucial role in arranging to invest funds thus collected in those units which are in need of the same.

金融扮演的一個關鍵性角色是安排資金的投放,把錢集合在需要這些資金的單位手上。

National Growth  國家增長

An important role played by financial market is that, they contributed to a nation’s growth by ensuring unfettered flow of surplus funds to deficit units. Flow of funds for productive purposes is also made possible.

金融市場扮演的一個重要角色就是確保剩餘資金能暢通無阻地流向欠缺的單位好讓國家建設有所增長,而資金也可以流向有生產力的作為。

Entrepreneurship growth  企業成長

Financial market contribute to the development of the entrepreneurial claw by making available the necessary financial resources.

金融市場為企業發展的雄心作出貢獻,提供所需的財務資源。

Industrial development  工業發展

The different components of financial markets help an accelerated growth of industrial and economic development of a country, thus contributing to raising the standard of living and the society of well-being.

金融市場的不同組件協助加速一個國家的工業與經濟成長,進而提升生活水平以及普羅大眾的福祉。

 

Functions of Financial Markets  金融市場的功能

Intermediary Functions 中介功能

The intermediary functions of a financial markets include the following:

金融市場的中介功能有以下幾點:

Transfer of Resources  資源的轉移

Financial markets facilitate the transfer of real economic resources from lenders to ultimate borrowers.

金融市場促進實體的經濟資源從貸款人轉交到最終借款人手上。

Enhancing income  提高收入

Financial markets allow lenders to earn interest or dividend on their surplus invisible funds, thus contributing to the enhancement of the individual and the national income.

金融市場讓貸款人可以利用過剩潛藏的資金去賺取利息或股息,為提升個人與國家的收入做出貢獻。

Productive usage  有效應用

Financial markets allow for the productive use of the funds borrowed. The enhancing the income and the gross national production.

金融市場讓借款更有效益地應用,提高收入與國民生產總值。

Capital Formation  資本組建

Financial markets provide a channel through which new savings flow to aid capital formation of a country.

金融市場提供一個管道方便新的存款流向可以協助組建國家的資本形態。

Price determination  價格定位

Financial markets allow for the determination of price of the traded financial assets through the interaction of buyers and sellers. They provide a sign for the allocation of funds in the economy based on the demand and supply through the mechanism called price discovery process.

金融市場讓買家和賣家通過買賣金融資產去確定價格,以需求和供給為本通過發現價格過程的機制呈現出資金分配的跡象。

Sale Mechanism  銷售機制

Financial markets provide a mechanism for selling of a financial asset by an investor so as to offer the benefit of marketability and liquidity of such assets.

金融市場提供投資者出售金融資產的機制,讓這些資產享有適銷性和流通性的好處。

Information  信息

The activities of the participants in the financial market result in the generation and the consequent dissemination of information to the various segments of the market. So as to reduce the cost of transaction of financial assets.

金融市場裡參與者的活動產生和散佈信息到市場的各個分區,以便減低買賣金融資產的成本。

Financial Functions  金融功能

  • Providing the borrower with funds so as to enable them to carry out their investment plans.
  • Providing the lenders with earning assets so as to enable them to earn wealth by deploying the assets in production debentures.
  • Providing liquidity in the market so as to facilitate trading of funds.
  • it provides liquidity to commercial bank
  • it facilitate credit creation
  • it promotes savings
  • it promotes investment
  • it facilitates balance economic growth
  • 為借款人提供資金好讓他們能開展投資計劃。
  • 為貸款人提供會賺錢的資產,好讓他們能把資產部署在有效益的債券證上去創造財富。
  • 在市場上提供流通性促進基金的交易。
  • 為商業銀行提供流通性。
  • 促進信貸的創建。
  • 推廣儲蓄。
  • 推廣投資。
  • 促進平衡的經濟增長。

 

Constituents of Financial Market  金融市場的組成

Based on market levels  以市場層次劃分

Primary market  初級市場

Primary market is a market for new issues or new financial claims. Hence it’s also called new issue market. The primary market deals with those securities which are issued to the public for the first time.

初級市場是讓新發行或者新的金融債權出售的市場,也叫做新發行市場。這個市場主要是處理首度公開對公眾發行的證券。

Secondary market  二級市場

It’s a market for secondary sale of securities. In other words, securities which have already passed through the new issue market are traded in this market. Generally, such securities are quoted in the stock exchange and it provides a continuous and regular market for buying and selling of securities.

這是個出售二手證券的市場。換句話說,那些已經通過新發行市場售出的證券都在這裡繼續轉手。一般來說,這類證券都在證券交易所開價,提供買家和賣家們一個可持續與規範的市場去交易。

 

Based on security types  以證券種類劃分

Money market  貨幣市場

Money market is a market for dealing with financial assets and securities which have a maturity period of up to one year. In other words, it’s a market for purely short term funds.

貨幣市場是處理資產與證券買賣的市場,履約期通常都不超過一年,換句話說,這就純粹是個短期資金的市場。

Capital market 資本市場

A capital market is a market for financial assets which have a long or indefinite maturity. Generally it deals with long term securities which have a maturity period of above one year. Capital market may be further divided in to: (a) industrial securities market (b) Govt. securities market and (c) long term loans market.

資本市場是金融資產的市場,履約期長或不定,通常都處理超過一年履約期的長期證券。資本市場可以再分為:(a)工業證券市場 (b)政府證券市場 (c)長期貸款市場。

Equity markets  股權市場

A market where ownership of securities are issued and subscribed is known as equity market. An example of a secondary equity market for shares is the Bombay stock exchange.

發行和認購證券權益的市場就叫做股權市場(或股本市場/股市,Share market:股票市場/股市),股票的二級股權市場如孟買證券交易所。

Debt market  債務市場

The market where funds are borrowed and lent is known as debt market. Arrangements are made in such a way that the borrowers agree to pay the lender the original amount of the loan plus some specified amount of interest.

供資金借出和借入的市場就叫做債務市場,借貸安排是借款人同意償還貸款人借貸本金加指定的利息金額。

Derivative markets  衍生品市場

Financial service market  金融服務市場

A market that comprises participants such as commercial banks that provide various financial services like ATM. Credit cards. Credit rating, stock broking etc. is known as financial service market. Individuals and firms use financial services markets, to purchase services that enhance the working of debt and equity markets.

參與者包括商業銀行,提供各種金融服務如提款機,信用卡,信貸評級,證券經紀等等的市場就叫做金融服務市場,個人和商家在金融市場裡購買這些服務來促進債務與股權市場的運作。

Depository markets  存管市場

A depository market consist of depository institutions that accept deposit from individuals and firms and uses these funds to participate in the debt market, by giving loans or purchasing other debt instruments such as treasure bills.

存管市場裡的存管機構接收個人和商家的存款,把這些資金投入到債務市場中放貸或購買其他債務工具如國庫券。

Non-Depository market  非存管市場

Non-depository market carries out various functions in financial markets ranging from financial intermediary to selling, insurance etc. The various constituency in non-depositary markets are mutual funds, insurance companies, pension funds, brokerage firms etc.

非存管市場從事金融市場中的各項業務如金融中介,銷售,保險等等。組成非存管市場的不同組件有共同基金,保險公司,養老基金,證券公司等等。

 

See also  另見

  • Finance capitalism  金融資本主義
  • Financial crisis  金融危機
  • Financial instrument  金融工具
  • Financial market efficiency  金融市場效率
  • Brownian Model of Financial Markets  布朗模式的金融市場
  • Investment theory  投資理論
  • Quantitative behavioral finance  行為量化金融學
  • Slippage (finance)  滑脫 / 滑價 (金融)
  • Stock investor  股票投資者
  • Financial Market Theory of Development  金融市場發展的理論

 

Categories  分類

Financial markets  金融市場

Public market  公開市場

  • Exchange  交易所
  • Securities  證券

Bond market  債券市場

  • Bond valuation  債券股價
  • Corporate bond  企業債券
  • Fixed income  固定收益
  • Government bond  政府債券
  • High-yield debt  高收益債券
  • Municipal bond  市府債券

Stock market  股票市場

  • Common stock  普通股
  • Preferred stock  優先股
  • Registered share  記名股票
  • Stock  股票
  • Stock certificate  股票證書
  • Stock exchange  股票交易所
  • Voting share   投票份額

Derivatives market  衍生品市場

  • Credit derivative  信貸衍生品
  • Futures exchange  期貨交易所
  • Hybrid security  混合證券
  • Securitization  證券化

Over-the-counter  場外

  • Forwards  遠期
  • Options  期權
  • Spot market  現貨市場
  • Swaps  掉期

Foreign exchange  外匯

  • Currency  貨幣
  • Exchange rate  匯率

Other markets  其他市場

  • Commodity market  商品市場
  • Money market  貨幣市場
  • Reinsurance market  再保市場
  • Real estate market  房地產市場

Practical trading  實際買賣

  • Clearing house  結算所
  • Financial market participants  金融市場參與者
  • Financial regulation  金融監管

Finance series  金融系列

  • Banks and banking  銀行與銀行事務
  • Corporate finance  企業融資
  • Personal finance  個人理財
  • Public finance  公共財政

 

—— END ——

 

Source > Wikipedia at http://en.wikipedia.org/wiki/Financial_market

Translated by > BlogHost — hkTan

Word Count > approx.3100 words in English

 

Advertisements
Categories: Financial:金融 Tags:
  1. No comments yet.
  1. No trackbacks yet.

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: