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Guide to Financial Markets by Mark Levinson

By Mark Levinson

This can be the definitive advisor to why diverse monetary markets exist and the way they function. greatly revised and up-to-date, the 4th version of this best-selling booklet, brings the reader correct up to the mark with the newest advancements in monetary tools and gives a transparent and incisive advisor to this complicated global that even those that paintings in it usually locate not easy to appreciate. With chapters at the markets that take care of cash, foreign currency, equities, bonds, commodities, monetary futures, techniques and different derivatives, it seems at why those markets exist, how they paintings and who trades in them, and it provides a run-down of the standards that impact costs and premiums. company heritage is suffering from mess ups that happened simply because humans concerned their companies in monetary markets they didn't safely comprehend. learn this publication and also you and your organization won't be new additions to this checklist. a wonderful resource of reference for an individual wishing to appreciate monetary markets - there isn't any higher consultant.

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As long as people are free to move money into and out of a country, interest rates must rise high enough for investors to want to hold its currency because they can earn an attractive return. The country’s central bank is therefore forced to use its monetary powers solely for the purpose of keeping the exchange rate stable. This means that the central bank cannot pursue other goals, such as fighting inflation or lowering interest rates to revive a depressed economy. Argentina’s fixed peg to the US dollar, backed by a currency board, collapsed in January 2002.

In effect, it is collecting interest on the money it advances to the dealer at a rate known as the repo rate. Second, if it believes the price of the securities will fall, the investor can sell them and later purchase equivalent securities to return to the dealer just before the repo must be unwound. The dealer, meanwhile, has obtained a loan in the cheapest possible way, and can use the proceeds to purchase yet more securities. In a reverse repo the roles are switched, with an investor selling securities to a dealer and subsequently repurchasing them.

This might entail arranging a repo in one security and a reverse repo in another, both to expire on the 50 MONEY MARKETS same day, in the expectation that the difference in the prices of the two securities will change. Investors like repos partly because of their flexibility. The average maturity of a repo is only a few days, but it is possible to arrange one for any desired term. An investor can arrange an overnight repo, which carries the lowest interest rate but must be repaid the following day; a term repo, which is settled on a specific date usually three to six months hence and carries a slightly higher rate; or an open repo, which continues until one or the other party demands its termination at a rate close to the overnight repo rate.

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