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Global Financial Stability Report - GFSR

A semiannual report by the International Monetary Fund (IMF) that assesses the stability of global financial markets and emerging market financing. The Global Financial Stability Report focuses on current conditions, especially financial and structural imbalances, that could risk an upset in global financial stability and access to financing by emerging market countries. It emphasizes the ramifications of financial and economic imbalances that are highlighted in one of the IMF's other publications, the World Economic Outlook. |||The Global Financial Stability Report replaced two previous reports by the IMF, the annual International Capital Markets Report and the quarterly Emerging Market Financing Report. The purpose of the replacement was to provide a more frequent assessment of the worldwide financial markets and to focus on emerging market financing in a global context.

519次 2020-08-14
抽签偿还

　　抽签偿还是指在期满前偿还一部分债券时，通过抽签方式决定应偿还债券的号码。它可以分为一次性抽签和分次抽签两种。

611次 2020-08-14
Sales Charge

A commission paid by an investor on his or her investment in a mutual fund. The sales charge is paid to a financial intermediary (broker, financial planner, investment adviser, etc.) for selling the fund and is intended to provide compensation for the financial salesperson's efforts in assisting clients in selecting the mutual funds best suited to their needs. A large number of mutual funds carry sales charges. The amount of a sales charge represents the difference between the purchase price per share paid by the investor and the net asset value per share of the mutual fund. By regulation, the maximum permitted sales charge is 8%, but most loads fall within a 3-6% range.With funds that carry a sales charge, there are three classes of shares: A, B, and C. The letter designations indicate the timing of when the charge is paid. For Class A shares, the sales charge is paid at the time of purchase (front-end load). For Class B shares, it is due when the shares are sold (back-end load). Class C shareholders incur a sales charge on a regular basis for as long as they hold the fund.

606次 2020-08-14
Expiration Time

A specified time, after which the options contract is no longer valid. The expiration time gives a more specific deadline to an options contract on top of the expiration date by giving a time of day. The expiration time will not be the same as the last time to trade the option. Since many public holders of options deal through brokers, they face different expiration times. The last day to trade an option is the third Friday of the expiration month, but the actual expiration time is not until the next day (Saturday). A public holder of an option usually must declare their notice to exercise by 5:00 p.m. on the Friday. This will allow the broker to notify the exchange by the actual expiration time on the expiration date. Furthermore it depends on the exchange, for example the Chicago Board of Trade limits trading on expiring options to 3:00 p.m. Eastern on the last trading day.

843次 2020-08-14
贷款出售

什么是贷款出售　　贷款出售是指商业银行在贷款形成之后，将贷款债券出售给第三方，重新获得资金来源并获取手续费收入的一种业务方式。贷款出售创新于1983年，它是20世纪80年代国际金融市场走向证券化时大银行为了夺回它们失去的份额而进行的创新。　　贷款出售与贷款证券化最根本的区别在于贷款出售只是将贷款的全部或一部分所有权从发起银行转移出去，贷款资产本身不发生任何实质性变化；而贷款证券化则将贷款组合转变为可在资本市场上买卖的证券，创造出了新的投资工具，资产性质发生了变化。目录 1 贷款出售的发展 2 贷款出售的类型 3 贷款出售的作用 4 参考文献贷款出售的发展　　20世纪80年代开始的大规模的公司并购，成为贷款出售市场迅速发展的最主要动力。为了满足公司大规模杠杆交易的资金需求，加强与其他金融机构尤其是证券公司的竞争，银行发放的贷款数量急剧增加，也促使贷款出售业务以前所未有的规模扩大。　　另外，20世纪80年代的国际债务危机促使了发展中国家债务二级市场的诞生，这也成为推动贷款出售市场发展的重要因素。现在，第三世界债务市场已成为最活跃的贷款再出售市场之一。　　20世纪80年代中期以来，在纽约和伦敦的大型商业银行、投资银行之间形成了专门出售欠发达国家债务的二级市场，该市场的规模越来越大，年交易额从1984年的20亿美元增长到1997年的5.3万亿美元，1997年仅巴西的债务交易额就高达1.44万亿美元。二级债务市场的出现大大提高了欠发达国家和新兴市场经济国家债务的流动性，也使得现代金融交易方式更加多样化，为商业银行风险管理提供了更多的选择工具。在这个市场中，投资银行充当了做市商的角色，它们大量买入、卖出国际债务，并提供该市场的报价服务。　　现在国际债务市场又进一步细分成布雷迪债券市场（Brady Bonds）、主权债券市场（Sovereign Bonds）、正常贷款市场（Performing Loan）、不良贷款市场（Non-performing Loans）四个市场。布雷迪债券和主权债券都是由债务国政府发行的以美元为面值的债券，其不同点在于两者的风险度和信誉度，布雷迪债券由专用的美元帐户担保，风险低、信誉高，其利率水平较低；主权债券没有美元担保，主要反映一国政府的信誉度，其风险代表了一国的主权风险，利率水平较高，一般比同期布雷迪债券要高出4%左右。 ">编辑] 贷款出售的类型　　1、更改（Novation）：无追索权。　　2、参与（Participation）参与：无追索权，出售银行保留服务权。　　参与是指买进联贷的一部分，但对借款人仅具限制性的契约控制权等权利。特色如下：买方并非原贷款契约当事人，所以该契约对于贷款卖方与借款人仍具有效力。贷款卖方在契约条款的变更上，仅具有部分控制权。　　3、转让（Assignment）：有追索权、或有负债。　　由于参与型的监控成本及隐含风险，使得贷款出售还有另外一个方式，即转让型贷款出售。美国有超过90％的国内市场贷款出售即属此类。贷款转让是指联贷主办银行或参贷行把原贷款一部分转让予其它银行，而受让银行对借款人仍具契约控制权等权利。特色如下：所有权在出售时已经移转，因此买方对于借款人有直接的请求权。美国国内的贷款移转，通常会涉及模范商业法典（Uniform Commercial Code）的申报问题。 ">编辑] 贷款出售的作用　　1、从银行来看　　１）贷款出售给银行带来了更多的盈利机会。　　２）贷款出售便于银行回避管制。　　3）通过购买贷款，有助于银行实现贷款组合的多元化。既分散了风险，又开拓了新的投资领域。　　2、从借款人来看　　对借款人来讲，贷款出售促进了融资的便利性。由于贷款具有出售的可能，银行通常会更易于满足借款人完全的资金要求，使其不必与多家银行进行联系，从而既节约了前期信贷费用又扩大了筹资机会。同时银行间形成贷款以求出售的竞争动机也会促成贷款利率被压低而进一步降低借款成本。参考文献 ↑ 1.0 1.1 1.2 1.3 1.4 1.5 张金城,王红梅主编.《商业银行实务》.黑龙江人民出版社,2002.5 ↑ 蓝发钦.《国际金融》.立信会计出版社,2005-1-1

596次 2020-08-14
Glass-Steagall Act

An act passed by Congress in 1933 that prohibited commercial banks from collaborating with full-service brokerage firms or participating in investment banking activities. |||The Glass-Steagall Act was enacted during the Great Depression. It protected bank depositors from the additional risks associated with security transactions. The act was dismantled in 1999. Consequently, the distinction between commercial banks and brokerage firms has blurred; many banks own brokerage firms and provide investment services.

533次 2020-08-14
财务学

财务学，一门基础金融科学。简单说就是财务管理，是基于企业再生产过程中客观存在的财务活动和关系而产生的，是组织企业资金活动、处理企业同各方面的财务关系的一项经济管理工作，是企业管理的重要组成部分。财务管理是企业管理的重要组成部分，渗透到企业的各个领域、各个环节之中。财务管理直接关系到企业的生存与发展，从某种意义上说，财务管理是企业可持续发展的一个关键。

629次 2020-08-14
Jitney

A situation in which one broker who has direct access to a stock exchange performs trades for a broker who does not have access. A fraudulent activity in the penny stock market involving two brokers trading a stock back and forth to rack up commissions and give the impression of trading volume. For example, a small firm whose volume of business is not sufficient enough to maintain a trader on the exchange would give its orders to a large dealer for execution. Jitney, or "the jitney game," is basically the same thing as circular trading. The term originated from "Jitney buses," which was a derogatory slang term for Ford buses at the beginning of the century. A reporter coined the term by alluding to the five-cent piece it cost back then for a bus ride. It has since been used to refer to something that is cheaply and poorly made.

721次 2020-08-14

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