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Read e-book online A Guide to the Financial Markets PDF

By Charles R. Geisst (auth.)

ISBN-10: 0312031629

ISBN-13: 9780312031626

ISBN-10: 0312031637

ISBN-13: 9780312031633

ISBN-10: 0333489918

ISBN-13: 9780333489918

ISBN-10: 1349203483

ISBN-13: 9781349203482

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In all cases, the observations made necessarily tend to mix the two in market patois and at times it does appear that more than one instrument is being discussed. This is due to the fact that money markets are diverse and that several levels of short-term interest rates may come into play when discussing even one simple instrument. Let us assume that a saver takes his money to a bank and places it on deposit. By doing. so he is following the most common and safe form of investing his money. The bank will in turn take the deposit and book it as a liability and pay interest on it.

For a private company going public for the first time the most common method employed is an offer for sale whereby the company offers its shares to an issuing house which in turn offers them to the public. This method may be used to simply go public and replace private ownership with public ownership (no new money actually raised) or it may, in fact, raise additional capital. If a Stock Exchange listing is required a recognised broker must be called upon to aid in the listing process. The secondary distribution in Britain does not follow American form.

In fact, this is the actual process of intermediation described in a less formal sense in the last chapter. Intermediaries take the savings of households, aggregate them and re-deploy them to borrowers meeting their institutional criteria. This becomes a form of intermediated investment with one substantial difference from the intermediation phenomenon in the stock markets: the intermediaries in the money markets are financial institutions and banks whose very business it is to perform this function.

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A Guide to the Financial Markets by Charles R. Geisst (auth.)

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