1. 1  I The Capital Market I The Capital Market  II The Role of Market Makers II The Role of Market Makers

2. 2  主要的资本市场工具是股票、抵押贷款、公 司债券、政府及政府机构债券以及地方政府 债券。

3. 3 The Capital Market

4. 4 Stocks  Stocks are equity claims representing ownership of the net income and assets of a corporation  股票：代表对公司净资产和收入的所有权的权益 索取权。  the income that stockholders receive is called dividends  preferred stock pays a fixed dividend  common stock pays a variable dividend  depends on the profit left over after preferred stockholders have been paid and retained earnings set aside

5. 5 Stocks  Several stock indexes measure the overall movement of common stock prices  Dow Jones Industrial Average  Standard & Poor’s 500 Stock Index  上证综指、深圳成指

6. 6 Mortgages  Mortgages are loans to purchase single- or multiple-family residential housing, land, or other real structures  抵押贷款：用于购买家庭住房、土地或其他不动产， 并由该建筑物或土地作为抵押的贷款。  the structure serves as collateral for the loan  there are two government-sponsored enterprises that sell bonds and use the proceeds to purchase mortgages  Federal National Mortgage Association (Fannie Mae)  Federal Home Loan Mortgage Corporation (Freddie Mac)

7. 7 Corporate Bonds  Corporate bonds are long-term bonds issued by corporations usually with excellent credit ratings  公司债券：公司发行的长期债务工具。  maturities range from 2 to 30 years  the owner receives an interest payment twice a year and the principal at maturity

8. 8 Government Securities  government securities are long-term debt instruments with maturities of 2 to up to 30 years  政府债券：政府发放的长期债务工具，期限在 2-30 年。  issued by the Treasury to finance the deficits of the government  notes have an original maturity of 2 to 10 years  bonds have an original maturity between 10 and 30 years

9. 9 Government Agency Securities  government agency securities are long- term bonds issued by various government agencies  some are guaranteed by the federal government and some are not 政府机构债券：由支持不动产借贷及学生贷款的不 同政府机构发行的长期债务工具。

10. 10 State and Local Government Bonds (Municipals)  State and local government bonds (municipals) are long-term instruments issued by state and local governments to finance expenditures on schools, roads, college dorms, etc.  州及地方政府债券 / 市政债券：州及地方政府为修建 学校、道路等融资而发放的长期债务工具。  interest payments are exempt from federal income taxes and from state taxes for investors living in the issuing state

11. 11 State and Local Government Bonds (Municipals)  Payments are generally secured in one of two ways  revenue bonds are used to finance specific projects and the proceeds of those projects are used to pay off the bondholders 收入债券：用于特定项目的融资、其项目的后期收入作为 债券持有者的收益的债券。  general obligation bonds are backed by the full faith and credit of the issuer 一般义务债券：由债券发行者的全部信用做保证，由一般 性收入偿还的债券。  taxes can be raised to pay the interest and principal on general obligation bonds

12. 12 The Role of Market Makers  The participants in financial markets are the buyers, sellers, and market makers  做市商：连接金融工具买卖双方的中间人，有时也 代理执行买卖双方的交易。  market makers function as coordinators who link up buyers and sellers of financial instruments  arrange and execute trades between buyers and sellers  make markets in one type of security or several different types of securities

13. 13 The Role of Market Makers  A broker arranges trades between buyers and sellers  A dealer (in addition to arranging trades) stands ready to be a principal in a transaction  stands ready to purchase and hold securities sold by investors  carries an inventory of securities and sells them to other investors 经纪人：为买卖双方安排交易的人。 交易商：为买卖双方安排交易，也可以成为主要交易者。

14. 14 The Role of Market Makers  A market maker helps to maintain a smoothly functioning, orderly financial market  if a short-term imbalance occurs between the quantity of a security demanded and the quantity supplied, the market maker may increase or decrease his inventory to ensure that there is a buyer for every seller and a seller for every buyer

15. 15 Why Market Makers Make Markets  The willingness of a market maker to make a market for a particular security will be a function of the expected profits and risks associated with buying, selling, and holding that type of security  Generally, a market maker charges a brokerage fee of a commission for each transaction

16. 16 Why Market Makers Make Markets  Market makers also collect a fee in some markets by buying a particular security at one price – the bid price – and selling it at a higher price – the asked price  买方价格：做市商愿意在此价格上购买证券。  卖方要价：做市商愿意在此价格上出售证券。  the revenue received by the market maker is a function of the spread between these two prices and the number of transactions in which the market maker and the public engage

17. 17 Market Makers MARKET MAKERS Assist in raising funds to finance deficits by marketing a borrower’s new securities in the primary market Advise potential buyers and sellers of securities on the course of action likely to minimize costs and maximize returns Stand ready to buy or sell outstanding securities in the secondary market

18. 18 The Marketing and Subsequent Trading of a Corporate Bond A company wants to issue bonds to finance investment Merrill Lynch sells “used” APEI bonds to another SSU Secondary Market Activity Merrill Lynch makes a market in A company bonds by buying bonds from SSUs One year later SSUs (or financial intermediaries) decide to sell some of their A company bonds SSUs and financial intermediaries buy A company bonds that will mature in 20 years Primary Market Activity Merrill Lynch agrees (for a fee) to design a bond offering and to market (sell) the bonds

19. 19 Market Making and Liquidity  The quality and cost of services provided by market makers affect the transactions costs associated with buying or selling various securities  The costs and convenience associated with trading particular securities, in turn, affect the liquidity of these securities

20. 20 substitutability, market making,and market integration  The exchange of lower-yielding securities for a higher yielding one is the essence of substitution.  Most domestic financial markets have a comparable foreign market, such as a foreign stock market, market makers have assisted in integrating domestic and foreign financial markets( 大多数国内金融市场都有类似的国外市 场，比如国外股票市场。做市商有助于促进国内 外金融市场一体化。 )

21. 21  做市商是起联系金融市场上的证券买卖双方的专 业人员，起协调作用。他们有三种重要功能：  （ 1 ）向买卖双方传递市场信息；  （ 2 ）通过自己在不同市场买入、卖出证券将各个 不同的市场联系起来；  （ 3 ）提供决定一级和二级市场质量的金融服务； 相应地，一级和二级市场的质量会影响赤字弥补、 盈余借出 —— 更广泛意义上的 —— 不同金融工具 流入和流出的难易程度。