Topic 1 Introduction to financial markets
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1 Topic 1 Introduction to financial markets Financial market : place where demand for capital and supply for capital meet and match. 1. Capital demand 2. Capital supply 3. Securities and transactions on markets 4. Financial markets participants 21/09/2010 Pr. Didier Folus 1
2 Flow of Funds Matrix Sources : Federal Reserve of the United States, European Central Bank Financial assets held in USD bn Liabilities & Equities in USD bn Households & Non Profit Organizations Non financial Corporations Federal, State & Local Governments Financial Sectors Rest of the World 45,115 17,878 4,092 63,578 15,423 14,001 38,237 12,408 63,274 11,621 Net position suppliers demanders demanders neutral Financial assets held in EUR bn Liabilities & Equities in EUR bn 18,375 16,315 3,421 52,792 15,866 6,598 25,080 8,417 51,966 14,368 21/09/2010 Pr. Didier Folus 2
3 1. Capital demand 1.1. Corporate financing «Strategy needs finance to create value» Investing Project A Project B Project C Financing Short term loans % Short term debt securities % Long term loans % Long-term debt securities % Shares : unquoted shares & other equity 41.6 % quoted shares 16.2 % Euro area corporate financing Q1 Source : ECB Monthly Bulletin, September Banks 21/09/2010 Pr. Didier Folus 3
4 1.2. Public organizations financing Public national bodies : State & central administrations (sovereign) local administrations Social security Entities supported by the sovereign Debt securities Bank loans Securities issued by euro area residents Amount outstanding EUR billions, Feb 2010 Source : ECB Bulletin, May International bodies : EIB, ERDB, World Bank 21/09/2010 Pr. Didier Folus 4
5 2. Capital supply 2.1. Who are capital suppliers? Households : school medical care, longevity unemployment retirement Institutional investors : mutual funds, hedge funds life insurance companies employees savings & benefits pension funds sovereign funds Individual savings Social redistribution 21/09/2010 Pr. Didier Folus 5
6 21/09/2010 Pr. Didier Folus 6 Source : numistoria.com, 2009.
7 2.2. Stockholders risk & return Corporation Activity Risks Assets Debt Cash flow Economic risk : Net earnings strategic operational : pure, process, liability credit commodity prices, FX, IR fluctuations Financial risk : gearing effect Time value Equity Anticipated return = r + risk premium Risk value 21/09/2010 Pr. Didier Folus 7
8 Changes in broad market indexes Dec Dec 2009 Source : WFE, Feb /09/2010 Pr. Didier Folus 8
9 Broad market indexes on the long run Source : ECB Monthly Bulletin, September /09/2010 Pr. Didier Folus 9
10 2.3. Bondholders and bankers point of view Corporation Risks Activity Assets Debt Bondholders Bank Cash flow Equity Net earnings Default risk Anticipated return = r + DRP 21/09/2010 Pr. Didier Folus 10
11 21/09/2010 Pr. Didier Folus 11
12 3. Securities and transactions on markets 3.1. What can we trade on markets? Securities on domestic markets : shares or stocks bonds, notes, bills hybrid securities Securities on international market : euro-bonds, euro-notes foreign bonds (yankee bonds, samurai bonds, bulldog bonds) American Depositary Receipts (ADR) Currencies (FOREX) Commodities 21/09/2010 Pr. Didier Folus 12
13 3.2. Securities primary market Corporations State Stock Exchange cash Individuals, institutional investors Securities Initial public offerings (ex. USD 3.1 bn at LSE, 2009) Secondary offerings (ex. USD bn at LSE, 2009) Investment banks : Goldman Sachs, Morgan Stanley, JP Morgan-Chase 21/09/2010 Pr. Didier Folus 13
14 Capital raised by shares Value of investment flows in USD billion Source : 2009 Market highlights, WFE /09/2010 Pr. Didier Folus 14
15 3.3. Securities secondary market 1. Savings liquidity : negotiable securities 2. Economics risk bearing 3. Interest rate revelation 4. Valuation of securities : quotations vs analysts 21/09/2010 Pr. Didier Folus 15
16 Secundary markets Source : WFE /09/2010 Pr. Didier Folus 16
17 3.4. Transaction date of delivery & settlement Spot transaction : conditions are immediatly negotiated instantaneous delivery delivery under 24 to 72 hours instantaneous settlement Forward transaction : conditions are immediatly negotiated delivery delayed/forwarded facility & financial derivatives settlement at maturity 21/09/2010 Pr. Didier Folus 17
18 4. Financial market participants Buyer BANK A BANK B Seller Call center Internet Counter Supports : economists, analysts, engineer Front : traders, sales EXCHANGE Supports Front Middle : tickets control & traders limits control Middle Back : deliverysettlement registration, accounting Back 21/09/2010 Pr. Didier Folus 18
19 4.1. Types of markets Organized exchanges : Governmental authorization Regulator : SEC, FSA, AMF Standardized securities No intuitu personae Everybody can access the market : NYSE-Euronext, CBOT Over the counter markets : No governmental authorization Open rules Ad hoc transactions, customized contracts Intuitu personae Not everybody can access the market : IR markets, FX market 21/09/2010 Pr. Didier Folus 19
20 4.2. Financial market firms Market «jobs» : Issues : IPO s, security sales Orders : brokers, dealers Trading platforms : traditionnal (LSE ) vs ECN (Chi-X ) Post-trade : clearing, settlement, custody : Euroclear, Clearstream Evaluation & rating Portfolio management Investment services providers (EU) : Banks Investment companies Year 2009 : EUR Bn security transactions settled EUR Bn security held In France, Central Securities Depository 21/09/2010 Pr. Didier Folus 20
21 EURONEXT PARIS S.A. Paris Stock Exchange Stockholder + members (dealers, clearers) Quotation service 1. Purpose rules to AMF 2. List securities on segments : - cash products - indexes - derivatives on NYSE.Liffe 3. Send quotes to information firms Transaction service 1. Negotiation : UTP, LiffeConnect 2. Guar. full termination of oper. : - registration - delivery-settlement : Clearing Guar. full termination of agreem. : - clearing : LCH.Clearnet Products (BNP Paribas HSBC JP Morgan) 21/09/2010 Pr. Didier Folus 21 Managed by Euroclear
22 Trust (Etat du Delaware) Voting rights in Fondation (Amsterdam) Caisse des Dépôts Bluenext Carbon Exchange MetNext Weather Exchange Météo France NYSE Liffe LLC 21/09/2010 Pr. Didier Folus 22
23 4.3. Market regulation in Europe Markets in Financial Instruments Directive European Commission MiFID : Single passport for investment firms Organisational, conduct of business & regulatory capital requirements Clients categorisation Freedom to operate a multilateral trading facility Best execution of orders Regulators : Domestic bodies : SEC, FSA, AMF Committee of European Securities Regulators CESR International Organization of Securities Commissions IOSCO 21/09/2010 Pr. Didier Folus 23
24 Market regulation in France Monetary and Financial Code Banque de France Autorité des Marchés Financiers : public indep. Body financial operations, financial informations public financial products ( collective investment schemes) markets & infrastructures (965 entities) professionals & financial advisors control & sanctions 2009 key data : workforce = 383, budget = EUR 67 M. 21/09/2010 Pr. Didier Folus 24
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