金融信息系统比较完备的知识点 中英文

1、Foreign Exchange: Foreign exchange (FX) is the exchange of one countrys currency for another countrys currencyRanking1. Quote Pair (Base/Counter): USD / HKD2. Rate (Bid / Ask): 7.7753 / 7.77803. Spread point: 27 basis point (Ask Price 7.7780 Bid Price7.7753)差价4. Quote convention: 53/80 (the last two

2、 digits of decimal point) rate约定5. Direct quote: Bank buy 1 US Dollar and sell 7.7753 HK Dollar to customer6. Indirect quote: Bank buy 1 Australia Dollar and sell US Dollar to customerTo determine which is Base and which is Counter in a Quote Pair, there is a currency ranking. Based on this currency

3、 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 as price range and duration of order validity包括限价买单 ( Buy Limit Order ) 以及限价卖单 ( Sel

4、l Limit Order ) 二种形式 （价格范围、订单有效期持续）Market Order: An order without conditions and marked to the market priceBenchmark 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 immediate delivery, normally with T

5、+2. Cross rate calculation: BidAskUSD / NZD1.56501.5642USD / JPY123.23123.78NZD / JPY = 123.23/1.5642 = 78.78 (Bid)NZD / JPY = 123.78/1.5650 = 79.10 (Ask)NZD / JPY 78.78/79.10Forward Exchange: Currency forward contracts, also known as outright forward”, is the contract that holders are obligated to

6、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 committed forward cash settlement currency derivative instrument. It is essentially an outright (forward) FX co

7、ntract 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 an agreed notional amount. 无本金交割远期Difference between NDF and Forward:AllNDFs have a fixing date and

8、 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 date by which the payment of the difference is due to the party receiving payment.NDFs are commonly quoted fo

9、r time periods ofone monthup to one year, and arenormally quotedand settled in U.S. dollars.They have become a popular instrument for corporations seeking to hedge exposure to foreign currenciesthat 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

10、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。NDF为面对汇率风险的企业和投资者提供了一个对冲及投资的渠道。 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计算，无需实际收支，对未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 invol

11、ving 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 transactionsCurrency Future: Future contract is a standardized agreement with an organized exchange to buy or sell a currency pair at a fixed price at a cert

12、ain date in the futureComparison of Forward & Future Contracts: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、农产品，也可以是金融工具，还可以是金融指标。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。期权又称为选择权，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利和义务分开进行定价，使得权利的受让人在规定时间内对于是否进行交易，行使其权利，而义务方必须履行。在

13、期权的交易时，购买期权的一方称作买方，而出售期权的一方则叫做卖方；买方即是权利的受让人，而卖方则是必须履行买方行使权利的义务人。Currency Options:期权A contract for future delivery 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

14、 is not required to do so.期货的权利的交易合同,买方可以行使也可以不行使权利FX Traded:Currency is traded in OTC (over-the-counter) market 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 sys

15、tems 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，即没有具体位置如证券交易所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

16、conducted over electronic systems like FX Connect 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 sharesorequity: A type of security thatsignifies ownership in a corporationand represents a claimon part of thecorporations 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A holder of stock (a shareholder)

17、 has a claimto a part of the corporations assets and earnings. In other words, a shareholder is anowner of a company.所有者Ownership is determined by the number of shares a person owns relative to the number of outstanding shares. 所有权是由拥有股票的数量(相对于已发行股票的数量)决定的。Types: common stock: preferred stock: 1) Pr

18、ior Preferred (Rank highest in terms of dividend distribution); 2) Preference Preferred (rank behind “prior” but over all other stocks); 3)Convertible Preferred (able to convert to common stocks); 4)Participative Preferred (receives extra dividend with special achievement of the company);5)Cumulativ

19、e Preferred (dividends missed can be accumulated)Common Stock vs Preferred StockThere aretwo main types of stock: common and preferred.Common stockusually entitlesthe ownerto vote at shareholders meetings and to receive dividends.Preferred stock generally does not have voting rights, but has a highe

20、r claim on assets and earnings than the common shares. 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 Preferre

21、d (rank behind “prior” but over all other stocks)Convertible 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-所有权股票是股份证书的简称，是股份公

22、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证券。每股股票都代表股东对企业拥有一个基本单位的所有权。2.Types common, preferred, convertible stocks, etc.-普通股：普通股是指在公司的经营管理和盈利及财产的分配上享有普通权利的股份，代表满足所有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。普通股构成公司资本的基础，是股票的一种基本形式。-优先股：优先股相对于普通股。优先股在利润分红及剩余财产分配的权利方面优先于普通股。（1）优先分配权。（2）优先求偿权-可换优先股：指持有该种股票股东的权益要受一定的

23、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。优先股股东的特别权利就是可优先于普通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，但一般不能参与公司的经营活动，其具体的优先条件必须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普通股股票或公司债券的股票，而不可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 shares, that can be

24、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) from the issuer at a sp

25、ecific 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 instruments and are not issued b

26、y 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/QuotesColumns 1 & 2: 52-Week High and Low. These are the highest and lowest prices at which a stock has traded over the past 52 weeks (1 year). This t

27、ypically 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 common stock. Different symbols imply different classes of shares. For example, pf means the

28、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 symbol. If you are looking for stock quotes online, you always search for a company by the ticker

29、 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 blank, the company does not currently pay out dividends. Column 6: Dividend Yield. The percentage

30、return on the dividend, dividend yield is calculated as annual dividends per share divided by price per share.Column 7: Price/Earnings Ratio(P/Eratio).This is calculated by dividing the current stock price by earnings per share from the last four quarters.Column 8: Trading Volume. This figure shows

31、the total number of shares traded for the day, listed in hundreds. To get the actual number traded, addtwo zerosto the end of the number listed. Column 9 & 10: Day High and Low. This indicates the price range in which the stock has traded throughout the day. In other words, these are the maximum and

32、 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 than 5% above or below the previous days close, the entire listing for that stock is bold-faced. Keep in mind, you a

33、re not guaranteed to get this price if you buy the stock the next day because the price is constantly changing, even after 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

34、to pay. Column 12: Net Change. This is the dollar value change in the stock price from the previous days closing price. 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

35、orders off the NYSE floor to offer the best buying and selling priceSpecialist: a dealer (i.e., trades from his own 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 s

36、ecurities assigned to himFloor broker: only work for other members, taking transactions which the other members are 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 m

37、arket: Stock exchange (NYSE, AMEX)Electronic Communication Networks (ECN): alternate trading systems that connect buyers and sellers directly to trade Nasdaq stocksOver the Counter (OTC): Over the Counter Bulletin Board (OTCBB)Pink SheetsOMS-Order Management systemThe OMS has traditionally connected

38、 the buy-side portfolio manager with the buy-side trader, collecting orders and instructions from the various portfolio managers, aggregating them into blocks, managing executions, collecting fills (execution information from brokers or the market directly) and performing allocations. Over the past

39、few years OMS vendors have not only enabled their OMS 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

40、still use proprietary OMS platforms. ATS-Alternative Trading SystemPropriety trading systems( principal trading)Broker-dealer trading systemsECNs- 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

41、 to become a registered Exchange-Archipelago.TCA-Transaction Cost AnalysisTransaction cost analysis tools analyze a firms executions and compares them to other executions during that period or dayTCA should be a scorecard that helps traders, portfolio mangers, and the firm to better understand how w

42、ell they traded and their strategies for performance improvement. The technology is still too immature to give an accurate estimate of trade cost. Order TypesLimit RisksSpeed of ExecutionPrice ImprovementMarket TimingCUSIP:An identifier which is used for most US and Canadian securities. The nine cha

43、racter alphanumeric 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 idenSEDOL Identify securities trading on the International Stock E

44、xchange in LondonISIN 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 va

45、lue折扣溢价Coupon Interest Rate Interest rate that the bond issuer promises to pay to the bondholder 票面利率 债券发行人承诺付给债券持有者的利率Maturity Due date of the bond for repayment偿还债券的到期日期Call Provision Issuers right to repay the loan earlier提前赎回Spread Price difference between bid and ask rates差价Basis Point One hund

46、redth of a percentage pointDuration A measure of the approximate sensitivity of a bonds value to rate changes持续时间近似的测量债券价值的变化灵敏度Convexity An adjustment to duration on bond value sensitivity to large interest rate changes债券凸性Government Securities: 国债Government securities - The short- and long-term bo

47、nds the government sells to finance its expenditures. 政府证券, 政府出售短期和长期债券来融资支出。Public sector generally faces a funds deficit. Bonds provide long-term finance, but these tend to be supplemented by regular issues of short-term securities, either rolled-over regularly to finance part of the public debt o

48、r to cover temporary shortfalls in fiscal revenue. 公共部门普遍面临着资金赤字。债券提供长期融资,但这些往往是辅以常规短期证券,可以定期提供部分公共债务，也可以弥补临时财政收入的不足。Corporate Securities:企业证券Corporate debt market has been used to raise capital several times more than the equity market. 集资几倍于股票市场A typical corporate issue is of the order of $100 mil

49、lion to $200 million, whereas a typical Treasury auction is of the order of $10 billion to $12 billion.1/100国库Most cost corporate issues tend to have call features or sinking fund features.早赎回特性/ 偿债基金亦称减债基金,是指国家或 HYPERLINK /wiki/%E5%8F%91%E8%A1%8C%E5%85%AC%E5%8F%B8 o 发行公司 发行公司为偿还未到期 HYPERLINK /wiki/

50、%E5%85%AC%E5%80%BA o 公债 公债或 HYPERLINK /wiki/%E5%85%AC%E5%8F%B8%E5%80%BA o 公司债 公司债而设置的 HYPERLINK /wiki/%E4%B8%93%E9%A1%B9%E5%9F%BA%E9%87%91 o 专项基金 专项基金The corporate debt issues fall into three groups:1. Short maturities under a year are the money markets sector. The key corporate debt here is the com

51、mercial paper.1年内2. In the one- to five-year sector are the medium-term notes. Floaters also fall in this group. 1-5年 证券发行人3.Finally, longer maturities come under the corporate bonds classification. 企业债券类型High-Yield Debt.高收益债款Municipal Securities: 市政证券:Municipal securities are issued by state and lo

52、cal governments. Most municipal bonds outstanding are tax-exempt.Types and Features of Municipal SecuritiesGeneral Obligation Bonds is secured by the issuers unlimited taxing powerRevenue Bonds is secured by the revenue of issuers, such as Airport Revenue Bonds, University Revenue Bonds, Hospital Re

53、venue Bonds, Public Power Revenue Bonds.Asset-Backed Securities:资产支持证券Asset-backed securities (ABS) are bonds or notes collateralized by the cash flows from a specified pool of underlying assets. The financial institutions that originate the loans sell a pool of cash-flow-producing assets to a speci

54、ally created third party that is called a special-purpose vehicle (SPV). The SPV sells the pools loans to a trust, which issues interest-bearing securities that can achieve a credit rating separate from the financial institution that originates the loan.Mortgage Backed Securities抵押贷款证券:A MBS is an i

55、nstrument whose cash flow depends on the cash flows of an underlying pool of mortgages such as the purchase of homes or other real estate. MBS是一种工具,其现金流取决于潜在的现金流池等抵押贷款购买房屋或其他不动产。Three types of MBS:Mortgage pass-through securities抵押传递证券Collateralized mortgage obligations抵押担保证券Stripped mortgage-backed

56、 securities本息分离抵押证券Key Associations重要组织Government National Mortgage Association (GNMA) backed by the National Housing Act 1970Federal National Mortgage Association (FNMA)Federal Home Loan Mortgage Corporation (FHLMC)Bond market:The bond market is as the market for fixed income security that have mat

57、urities of more than one year. 债券市场是固定收益证券期限超过一年的市场。Corporate Bond Rating:Risk of Corporate Bonds:企业债券Credit Risk信用Default Risk 违约风险Downgrade Risk 降级风险Liquidity Risk流通风险 指与缺乏流动性之市场的相关交易的风险Economic RiskInterest Rate Risk利率Bond Table:Column 1: Issuer. This is the company, state, province or country th

58、at is issuing the bond. 发行人Column 2: Coupon. The coupon refers to the fixed interest rate that the issuer pays to the lender. The coupon rate varies by bond.Column 3: Maturity Date. This is the date when the borrower will pay the principal 本金back to the lenders (investors). Typically, only the last

59、two digits of the year are quoted, so 25 means 2025, 04 is 2004, etc. 到期日Column 4: Bid Price. This is the pricethat someone is willing to pay for the bond. It is quoted in relation to 100,regardless of the par value. Think of the bond price as a percentage, a bond with a bid of $93 means it is tradi

60、ng at 93% of its par value.交易面值的百分比Column 5: Yield. Theyield indicates the annual return until the bond matures. Yield is calculated by the amount of interest paid on a bond divided by the price - it is a measure of the income generated by a bond. If the bond is callable it will have a cfollowed by