THE MONEY MORKET
▲Treasury Bills: T-bills represent the simplest form of borrowing: The government raises money by selling bills to public.
●Investors buy the bills at a discount from the stated maturity value.
●At the bills maturity, the holder receives from the government a payment equal to the face value of the bill.
●T-bills with initial maturities of 91 days or 182 days are issued weekly.
▲certificates of deposit: CD is a time deposit with a bank.
●The banks pay interest and principal to the depositor only at the end of the fixed term of the CD.
●CDs issued in denominations greater than $100,000 are usually negotiable.
●CDs are treated as bank deposits by the Federal Deposit Insurance Corporation.
▲Commercial Paper: Large, well-known companies often issue their own short-term unsecured debt notes rather than borrow directly from banks.
●Commercial paper is backed by a bank line of credit.
●Commercial paper maturities range up to 270 days.
▲Bankers’ Acceptances: A banker’s acceptance starts as an order to a bank by a bank’s customer to pay a sum of money at a future date, typically within six months.
▲Eurodollars: Eurodollars are dollar-denominated deposits at foreign banks or foreign branches of American Banks.
▲Repos and reserves: Dealers in government securities use repurchase agreements, also called “repos” or “RPs”, as a form of short term, usually overnight, borrowing.
▲Federal Funds: Funds in the bank’s reserve account are called federal funds.
▲Broker’s Calls: Individuals who buy stocks on margin borrow part of the funds to pay for the stocks from their broker. The broker in turn may borrow the funds from a bank, agreeing to repay the bank immediately （on call） if the bank requests it.
●The rate paid on such loans is usually about 1% higher than the rate on short-term T-bills.
貨幣市場(chǎng)
▲國庫券：國庫券代表借款的最簡單形式：政府通過向公眾出售國庫券籌集資金。
●投資者以確定的到期價(jià)值的貼現(xiàn)買入國庫券。
●在國庫券到期日，投資者從政府收到一個(gè)等于國庫券面值的支付額。
●初始期限為91天或182天的國庫券每周發(fā)行。
▲存單：存單是銀行的定期存款。
●銀行只在存單的固定期限的到期日向存款人支付本金和利息。
●發(fā)行面額在$100,000以上的存單通?？梢粤魍?。
●存單被作為銀行存款由聯(lián)邦存款保險(xiǎn)公司保險(xiǎn)。
▲商業(yè)票據(jù)：信譽(yù)良好的大公司通常發(fā)行自己的短期無擔(dān)保債務(wù)票據(jù)而不是向銀行直接借款。
●商業(yè)票據(jù)的支付在銀行貸款之后。
●商業(yè)票據(jù)到期日在270天以內(nèi)。
▲銀行承兌匯票：銀行承兌匯票是作為銀行客戶對(duì)銀行的命令出票，要求銀行在未來某日支付一定數(shù)額貨幣，通常在六個(gè)月之內(nèi)。
▲歐洲美元：歐洲美元是在外國銀行或美國銀行海外分行的美元存款。
▲回購和準(zhǔn)備金：政府證券經(jīng)紀(jì)人使用回購協(xié)議，又稱“回購”，作為短期、通常是隔夜拆借的一種形式。
▲聯(lián)邦基金：在銀行準(zhǔn)備金帳戶的資金被稱為聯(lián)邦基金。
▲經(jīng)紀(jì)人追加保證金通知：借入部分資金作為保證金買入股票的人通過經(jīng)紀(jì)人支付股票價(jià)款。同時(shí)經(jīng)紀(jì)人向銀行借款，并同意一旦銀行要求償還，隨時(shí)向銀行還款。
●支付此類貸款的利率通常比短期國庫券利率高1%。
THE BOND MARKET 債券市場(chǎng)
▲Treasure Notes and Bonds: The U.S. government borrows funds in large part by selling Treasury notes and Treasury bonds. T-note maturities range up to 10 years, whereas bonds on issued with maturities ranging from 10 to 30 years.
●Both make semiannual invest payments called coupon payments.
●T-bonds may be callable during a given period, usually the last five years of the bond’s life. The call provision gives the Treasury the right to repurchase the bond at par value.
▲Federal Agency Debt: Some government agencies issue their own securities to finance their activities.
●The majority of the debt is issued in support of farm credit and home mortgages.
▲Eurobond: A Eurobond is a bond denominated in a currency other than that of the country in which it is issued.
▲Municipal Bonds: Municipal bonds are issued by state and local governments.
—General Obligation bonds are backed by the “full faith and credit” of the issuer.
—Revenue bonds are issued to finance particular projects and are backed either by the revenues from that project or by the particular municipal agency operating the project.
●Their interest income is except from federal income taxation. The interest income also is exempt from state and local taxation in the issuing state. Capital gains taxes, however, must be paid on “munis” when the bonds mature or if they are sold for more than the investor’s purchase price.
▲Corporate Bonds: Corporate bonds are the means by which private firms borrow money directly from the public.
—Secured bonds have specific collateral backing them in the event of firm bankruptcy.
—Unsecured bonds, called debentures, have no collateral.
—Subordinated debentures have a lower priority claim to the firm’s assets in the event of bankruptcy.
—Callable bonds give the firm the option to repurchase the bond from the holder at a stipulated call price.
—Convertible bonds give the holders the option to convert each bond into a stipulated number of shares of stock.
▲Mortgages and Mortgage-Backed Securities:
—Fixed-rate mortgages have posed difficulties to lenders in years of increasing interesting rates.
—The adjustable-rate mortgage was a response to this interest rate risk.
—A mortgage-backed security is either an ownership claim in a pool of mortgages or an obligation that is secured by such a pool.
▲國債：美國政府通過賣出國債大規(guī)模借入資金。短期國債到期日在10年以內(nèi)，長期國債距離發(fā)行日長達(dá)10年至30年。
●每半年一次的投資支付稱為息票。
●國債可能在給定的期限，通常是國債的最后五年被贖回。贖回給財(cái)政一項(xiàng)以平價(jià)再買回國債的權(quán)利。
▲聯(lián)邦機(jī)構(gòu)債務(wù)：政府機(jī)構(gòu)發(fā)行自己的證券為他們的行為融資。
●發(fā)行的債務(wù)主要用于農(nóng)業(yè)貸款和房屋抵押。
▲歐洲美元債券：歐洲美元債券是一種發(fā)行人以在發(fā)行所在國以外的其他貨幣進(jìn)行標(biāo)價(jià)的債券。
▲市政債券：市政債券是由州或地方政府發(fā)行的債券。
—普通債務(wù)債券由發(fā)行人的信用做保證。
—收益?zhèn)菫樘囟ǖ墓こ袒I資的債券。由該工程的收入，或特定的經(jīng)營市政工程的代理機(jī)構(gòu)做保證。
●市政債券的利息收入不用交納聯(lián)邦利息稅，利息收入在所發(fā)行的州也不用交納州和地方所得稅。然而必須在債券到期日，或投資者以高于債券買入價(jià)出售債券時(shí)交納資本利得稅。
▲公司債券：公司債券是私人公司直接向公眾借入資金發(fā)行的債券。
—一旦公司破產(chǎn)，擔(dān)保債券由特定的資產(chǎn)作保證。
—無擔(dān)保債券，又稱信用債券，沒有保證。
—一旦公司破產(chǎn)，次級(jí)債務(wù)對(duì)公司的資產(chǎn)有較低的優(yōu)先受償權(quán)。
—可贖回債券賦予公司一項(xiàng)權(quán)利，可以從持有者手中以特定的贖回價(jià)格回購債券。
—可轉(zhuǎn)換債券賦予持有人一項(xiàng)權(quán)利，每張債券可以轉(zhuǎn)換成約定數(shù)額的股票。
▲抵押和抵押憑證：
—固定利率抵押將使貸款人在利率上升的年份處境困難。
—可調(diào)整利率抵押將消除利率風(fēng)險(xiǎn)。
—抵押憑證既是抵押資產(chǎn)池的所有權(quán)憑證，又是這一資產(chǎn)池作保證的債務(wù)。
THE EQUITY SECURITIES MARKET
▲Common stocks: Common stocks, also known as equity securities or equities, represent ownership shares in a corporation.
●Residual claim means that stockholders are the last in line of all those who have a claim on the assets and income of the corporation.
●Limited liability means that the most shareholders can lose in the event of failure of the corporation is their original investment.
▲Preferred Stocks: Preferred stock is like a perpetual bond. A given dollar amount is to be paid each year by the issuer to the investor.
—The cumulative preferred stocks are the preferred stocks that all previously unpaid preferred stock dividends must be paid before any dividends may be paid on the common stock.
—The uncumulative preferred stocks are the preferred stocks that all previously unpaid preferred stock dividends needn’t be paid.
—The adjustable rate preferred stock is preferred stock that the dividend is reset periodically in terms of an applicable rate. The auuualized “percent of par” for the dividend might be reset every three months to be equal to the largest of the rates on: （1） three-months Treasure bills;（2）ten-year Treasury bonds;（3）20-year Treasure bonds.
—The callable preferred stocks are callable at a stated redemption price.
—Participating preferred stock entitles the holder to receive extra dividends when earnings permit.
—Convertible preferred stock may, at the option of the holder, be converted into another security （usually the firm’s common stock） on the stated terms.
股票市場(chǎng)
▲普通股：普通股，又被稱為股票或股份，代表在公司的所有權(quán)憑證。
●剩余索取權(quán)意味著股票所有者最終的對(duì)公司財(cái)產(chǎn)和收入的要求權(quán)。
●有限責(zé)任意味著一旦公司破產(chǎn)，大多數(shù)股票所有者的損失僅限于他們的初始投資。
▲優(yōu)先股：優(yōu)先股就好象永續(xù)債券。發(fā)行人每年向投資人支付一個(gè)給定的貨幣額。
—累積優(yōu)先股是這樣一種優(yōu)先股，所有以前未支付的優(yōu)先股股利必須在普通股股利支付之前支付。
—非累積優(yōu)先股是這樣一種優(yōu)先股，所有以前未支付的優(yōu)先股股利不必支付。
—可調(diào)整比例的優(yōu)先股是這樣一種優(yōu)先股，股利依據(jù)一個(gè)合適的利率定期重新確定。紅利的年化利率以下利率的值每三個(gè)月重新設(shè)定一次：（1）三個(gè)月的國庫券；（2）十年期國債；（3）二十年期國債。
—可回購的優(yōu)先股可以一個(gè)預(yù)先確定的價(jià)格回購。
—當(dāng)贏利允許，參與優(yōu)先股賦予持有人收取額外紅利的權(quán)利。
—可轉(zhuǎn)換優(yōu)先股賦予持有人一項(xiàng)期權(quán)，在確定的期限轉(zhuǎn)換為另外一種證券（通常是公司的普通股票）?！?BR> THE DERIVATIVE SECURITY MARKET 衍生證券市場(chǎng)
▲Forward and future contract: Forward and futures contracts are not securities but rather trade agreements that enable both buyers and sellers of an underlying commodity or security to lock in eventual price of their traction. Forward contracts are agreements negotiated directly between two parties in the OTC markets.
—Commodity future contracts are the contracts that trade commodities.
—Interest rate forward: （Forward Rate Agreement FRA）: The forward rate agreement is the most basic of the OTC interest rate contract. The FRA is an agreement that two parties agree today to a future exchange of cash flows based on two different interest rates.
●The settlement flow will be adjusted to the actual number of days in the holding period and calculated by the following formula:
（Libor-Fixedrate）xNatioal PrincipalxNumberOfDays/360
—Long-term interest rate futures
●For the T-bond contract, any Treasure bond that has at least 15 years to the nearest call date or to maturity （if non-callable） can be used for delivery.
●Bonds with maturities ranging from 6.5 to 10 years and 4.25 to 5.25 years can be used to satisfy the 10 year and 5 year T-note contracts, respectively.
●Delivery can take place on any day during the month of maturity, with the last trading day of the contract falling 7 business days prior to the end of the month.
●The CBT uses conversion factors to correct for the differences in the deliverable bonds.
—Short-term interest rate futures: Eurodollar and treasury bill contract.
●Eurodollar futures use this settlement price index because it conveniently preserves the inverse relation between price and yield.
●The minimum price change, or ”tick”, for this contract is one basis point and equals a $25 change in the value of the contract.（25=$1,000,000‰0.0001‰90/360）
●Similar to the Eurodollar derivative, the T-bill contract is standardized to an amount of $1,000,000 so that each basis point change in the price （or rate） is worth $25 per contract.
—Stock-index futures.
—Currency forwards and futures.
▲遠(yuǎn)期和期貨合約：遠(yuǎn)期和期貨合約不是股權(quán)，而是一項(xiàng)交易協(xié)議，使買方和賣方鎖定他們交易基礎(chǔ)資產(chǎn)或股票的最終價(jià)格。遠(yuǎn)期合約是雙方在場(chǎng)外交易市場(chǎng)直接談判達(dá)成的協(xié)議。
—商品期貨合約是交易商品的合約。
—利率遠(yuǎn)期（利率遠(yuǎn)期協(xié)議FRA）：遠(yuǎn)期利率協(xié)議是場(chǎng)外交易利率合約中最基本的合約。遠(yuǎn)期利率協(xié)議是交易雙方目前達(dá)成的在未來交換基于不同利息率的現(xiàn)金流的協(xié)議。
●現(xiàn)金流結(jié)算將按照持有期的準(zhǔn)確天數(shù)進(jìn)行調(diào)整，并按下列公式計(jì)算：
（Libor-固定利率）x名義本金x持有期天數(shù)/360
—長期利率期貨
●對(duì)于國債期貨，任何距最近的贖回日或到期日（假如不可贖回）長達(dá)至少15年的國債可用于交割。
●距離到期在6.5年到10年和4.25年到5.25年的債券可各自用于滿足10年期和5年期的國債期貨合約交割。
●交割可在到期月份的任何一天行使，合約最后交易日是該月月底的前七個(gè)工作日。
●芝加哥債券交易使用轉(zhuǎn)換因子對(duì)不同的可交割債券進(jìn)行矯正。
—短期利率期貨：歐洲美元和國庫券期貨合約
●歐洲美元期貨使用結(jié)算價(jià)格指數(shù)，因?yàn)檫@樣方便地保留了價(jià)格和收益之間的相反關(guān)系。
●最小價(jià)格變動(dòng)，或“滴”，對(duì)這一合約是一個(gè)基本點(diǎn)，等于合約價(jià)值變動(dòng)$25.。
●與歐洲美元衍生證券類似，國庫券合約以$1,000,000的金額標(biāo)準(zhǔn)化，以至于每張合約的每個(gè)基本點(diǎn)變動(dòng)引起價(jià)格變動(dòng)$25.
—股票指數(shù)期貨。
—貨幣遠(yuǎn)期或貨幣期貨。
▲Option Contracts:
—Equity options;
—Stock index options;
—Foreign currency options;
—Options on futures contracts;
—Option-based interest rate contracts:
●Caps and floors;
●Collars: special combinations of caps and floors;
●Swaption: Options that allow the holder to enter into a swap contract at a later date.
▲期權(quán)合約：
—股票期權(quán)；
—股票指數(shù)期權(quán)；
—外匯期權(quán)；
—期貨合約期權(quán)；
—基于利率合約的期權(quán)：
●利率頂和利率底；
●利率套：利率頂和利率底的特定組合；
●互換權(quán)：允許持有者在一個(gè)日期以后進(jìn)入互換的期權(quán)。
▲Swap:
—Interest rate swap;
—Currency swaps;
—Equity index-linked swaps;
—Commodity swaps.
▲互換：
—利率互換；
—貨幣互換；
—股票指數(shù)互換；
—商品互換。
OTHER EMBEDDED DERIVATIVES 其他嵌入衍生證券
▲Dual Currency Bonds: A dual currency bond is a debt instrument that has coupons denominated in a different currency than its principal amount.
▲Equity Index-Linked Notes;
▲Commodity-Linked Bull and Bear Bonds;
▲Swap-Linked Notes.
▲二重貨幣債券：二重貨幣債券是一種債務(wù)工具，息票以不同與本金的貨幣幣種標(biāo)識(shí)。
▲與股票指數(shù)聯(lián)系的債券；
▲與商品聯(lián)系的牛式/熊式債券；
▲與互換相聯(lián)系的債券。
▲Treasury Bills: T-bills represent the simplest form of borrowing: The government raises money by selling bills to public.
●Investors buy the bills at a discount from the stated maturity value.
●At the bills maturity, the holder receives from the government a payment equal to the face value of the bill.
●T-bills with initial maturities of 91 days or 182 days are issued weekly.
▲certificates of deposit: CD is a time deposit with a bank.
●The banks pay interest and principal to the depositor only at the end of the fixed term of the CD.
●CDs issued in denominations greater than $100,000 are usually negotiable.
●CDs are treated as bank deposits by the Federal Deposit Insurance Corporation.
▲Commercial Paper: Large, well-known companies often issue their own short-term unsecured debt notes rather than borrow directly from banks.
●Commercial paper is backed by a bank line of credit.
●Commercial paper maturities range up to 270 days.
▲Bankers’ Acceptances: A banker’s acceptance starts as an order to a bank by a bank’s customer to pay a sum of money at a future date, typically within six months.
▲Eurodollars: Eurodollars are dollar-denominated deposits at foreign banks or foreign branches of American Banks.
▲Repos and reserves: Dealers in government securities use repurchase agreements, also called “repos” or “RPs”, as a form of short term, usually overnight, borrowing.
▲Federal Funds: Funds in the bank’s reserve account are called federal funds.
▲Broker’s Calls: Individuals who buy stocks on margin borrow part of the funds to pay for the stocks from their broker. The broker in turn may borrow the funds from a bank, agreeing to repay the bank immediately （on call） if the bank requests it.
●The rate paid on such loans is usually about 1% higher than the rate on short-term T-bills.
貨幣市場(chǎng)
▲國庫券：國庫券代表借款的最簡單形式：政府通過向公眾出售國庫券籌集資金。
●投資者以確定的到期價(jià)值的貼現(xiàn)買入國庫券。
●在國庫券到期日，投資者從政府收到一個(gè)等于國庫券面值的支付額。
●初始期限為91天或182天的國庫券每周發(fā)行。
▲存單：存單是銀行的定期存款。
●銀行只在存單的固定期限的到期日向存款人支付本金和利息。
●發(fā)行面額在$100,000以上的存單通?？梢粤魍?。
●存單被作為銀行存款由聯(lián)邦存款保險(xiǎn)公司保險(xiǎn)。
▲商業(yè)票據(jù)：信譽(yù)良好的大公司通常發(fā)行自己的短期無擔(dān)保債務(wù)票據(jù)而不是向銀行直接借款。
●商業(yè)票據(jù)的支付在銀行貸款之后。
●商業(yè)票據(jù)到期日在270天以內(nèi)。
▲銀行承兌匯票：銀行承兌匯票是作為銀行客戶對(duì)銀行的命令出票，要求銀行在未來某日支付一定數(shù)額貨幣，通常在六個(gè)月之內(nèi)。
▲歐洲美元：歐洲美元是在外國銀行或美國銀行海外分行的美元存款。
▲回購和準(zhǔn)備金：政府證券經(jīng)紀(jì)人使用回購協(xié)議，又稱“回購”，作為短期、通常是隔夜拆借的一種形式。
▲聯(lián)邦基金：在銀行準(zhǔn)備金帳戶的資金被稱為聯(lián)邦基金。
▲經(jīng)紀(jì)人追加保證金通知：借入部分資金作為保證金買入股票的人通過經(jīng)紀(jì)人支付股票價(jià)款。同時(shí)經(jīng)紀(jì)人向銀行借款，并同意一旦銀行要求償還，隨時(shí)向銀行還款。
●支付此類貸款的利率通常比短期國庫券利率高1%。
THE BOND MARKET 債券市場(chǎng)
▲Treasure Notes and Bonds: The U.S. government borrows funds in large part by selling Treasury notes and Treasury bonds. T-note maturities range up to 10 years, whereas bonds on issued with maturities ranging from 10 to 30 years.
●Both make semiannual invest payments called coupon payments.
●T-bonds may be callable during a given period, usually the last five years of the bond’s life. The call provision gives the Treasury the right to repurchase the bond at par value.
▲Federal Agency Debt: Some government agencies issue their own securities to finance their activities.
●The majority of the debt is issued in support of farm credit and home mortgages.
▲Eurobond: A Eurobond is a bond denominated in a currency other than that of the country in which it is issued.
▲Municipal Bonds: Municipal bonds are issued by state and local governments.
—General Obligation bonds are backed by the “full faith and credit” of the issuer.
—Revenue bonds are issued to finance particular projects and are backed either by the revenues from that project or by the particular municipal agency operating the project.
●Their interest income is except from federal income taxation. The interest income also is exempt from state and local taxation in the issuing state. Capital gains taxes, however, must be paid on “munis” when the bonds mature or if they are sold for more than the investor’s purchase price.
▲Corporate Bonds: Corporate bonds are the means by which private firms borrow money directly from the public.
—Secured bonds have specific collateral backing them in the event of firm bankruptcy.
—Unsecured bonds, called debentures, have no collateral.
—Subordinated debentures have a lower priority claim to the firm’s assets in the event of bankruptcy.
—Callable bonds give the firm the option to repurchase the bond from the holder at a stipulated call price.
—Convertible bonds give the holders the option to convert each bond into a stipulated number of shares of stock.
▲Mortgages and Mortgage-Backed Securities:
—Fixed-rate mortgages have posed difficulties to lenders in years of increasing interesting rates.
—The adjustable-rate mortgage was a response to this interest rate risk.
—A mortgage-backed security is either an ownership claim in a pool of mortgages or an obligation that is secured by such a pool.
▲國債：美國政府通過賣出國債大規(guī)模借入資金。短期國債到期日在10年以內(nèi)，長期國債距離發(fā)行日長達(dá)10年至30年。
●每半年一次的投資支付稱為息票。
●國債可能在給定的期限，通常是國債的最后五年被贖回。贖回給財(cái)政一項(xiàng)以平價(jià)再買回國債的權(quán)利。
▲聯(lián)邦機(jī)構(gòu)債務(wù)：政府機(jī)構(gòu)發(fā)行自己的證券為他們的行為融資。
●發(fā)行的債務(wù)主要用于農(nóng)業(yè)貸款和房屋抵押。
▲歐洲美元債券：歐洲美元債券是一種發(fā)行人以在發(fā)行所在國以外的其他貨幣進(jìn)行標(biāo)價(jià)的債券。
▲市政債券：市政債券是由州或地方政府發(fā)行的債券。
—普通債務(wù)債券由發(fā)行人的信用做保證。
—收益?zhèn)菫樘囟ǖ墓こ袒I資的債券。由該工程的收入，或特定的經(jīng)營市政工程的代理機(jī)構(gòu)做保證。
●市政債券的利息收入不用交納聯(lián)邦利息稅，利息收入在所發(fā)行的州也不用交納州和地方所得稅。然而必須在債券到期日，或投資者以高于債券買入價(jià)出售債券時(shí)交納資本利得稅。
▲公司債券：公司債券是私人公司直接向公眾借入資金發(fā)行的債券。
—一旦公司破產(chǎn)，擔(dān)保債券由特定的資產(chǎn)作保證。
—無擔(dān)保債券，又稱信用債券，沒有保證。
—一旦公司破產(chǎn)，次級(jí)債務(wù)對(duì)公司的資產(chǎn)有較低的優(yōu)先受償權(quán)。
—可贖回債券賦予公司一項(xiàng)權(quán)利，可以從持有者手中以特定的贖回價(jià)格回購債券。
—可轉(zhuǎn)換債券賦予持有人一項(xiàng)權(quán)利，每張債券可以轉(zhuǎn)換成約定數(shù)額的股票。
▲抵押和抵押憑證：
—固定利率抵押將使貸款人在利率上升的年份處境困難。
—可調(diào)整利率抵押將消除利率風(fēng)險(xiǎn)。
—抵押憑證既是抵押資產(chǎn)池的所有權(quán)憑證，又是這一資產(chǎn)池作保證的債務(wù)。
THE EQUITY SECURITIES MARKET
▲Common stocks: Common stocks, also known as equity securities or equities, represent ownership shares in a corporation.
●Residual claim means that stockholders are the last in line of all those who have a claim on the assets and income of the corporation.
●Limited liability means that the most shareholders can lose in the event of failure of the corporation is their original investment.
▲Preferred Stocks: Preferred stock is like a perpetual bond. A given dollar amount is to be paid each year by the issuer to the investor.
—The cumulative preferred stocks are the preferred stocks that all previously unpaid preferred stock dividends must be paid before any dividends may be paid on the common stock.
—The uncumulative preferred stocks are the preferred stocks that all previously unpaid preferred stock dividends needn’t be paid.
—The adjustable rate preferred stock is preferred stock that the dividend is reset periodically in terms of an applicable rate. The auuualized “percent of par” for the dividend might be reset every three months to be equal to the largest of the rates on: （1） three-months Treasure bills;（2）ten-year Treasury bonds;（3）20-year Treasure bonds.
—The callable preferred stocks are callable at a stated redemption price.
—Participating preferred stock entitles the holder to receive extra dividends when earnings permit.
—Convertible preferred stock may, at the option of the holder, be converted into another security （usually the firm’s common stock） on the stated terms.
股票市場(chǎng)
▲普通股：普通股，又被稱為股票或股份，代表在公司的所有權(quán)憑證。
●剩余索取權(quán)意味著股票所有者最終的對(duì)公司財(cái)產(chǎn)和收入的要求權(quán)。
●有限責(zé)任意味著一旦公司破產(chǎn)，大多數(shù)股票所有者的損失僅限于他們的初始投資。
▲優(yōu)先股：優(yōu)先股就好象永續(xù)債券。發(fā)行人每年向投資人支付一個(gè)給定的貨幣額。
—累積優(yōu)先股是這樣一種優(yōu)先股，所有以前未支付的優(yōu)先股股利必須在普通股股利支付之前支付。
—非累積優(yōu)先股是這樣一種優(yōu)先股，所有以前未支付的優(yōu)先股股利不必支付。
—可調(diào)整比例的優(yōu)先股是這樣一種優(yōu)先股，股利依據(jù)一個(gè)合適的利率定期重新確定。紅利的年化利率以下利率的值每三個(gè)月重新設(shè)定一次：（1）三個(gè)月的國庫券；（2）十年期國債；（3）二十年期國債。
—可回購的優(yōu)先股可以一個(gè)預(yù)先確定的價(jià)格回購。
—當(dāng)贏利允許，參與優(yōu)先股賦予持有人收取額外紅利的權(quán)利。
—可轉(zhuǎn)換優(yōu)先股賦予持有人一項(xiàng)期權(quán)，在確定的期限轉(zhuǎn)換為另外一種證券（通常是公司的普通股票）?！?BR> THE DERIVATIVE SECURITY MARKET 衍生證券市場(chǎng)
▲Forward and future contract: Forward and futures contracts are not securities but rather trade agreements that enable both buyers and sellers of an underlying commodity or security to lock in eventual price of their traction. Forward contracts are agreements negotiated directly between two parties in the OTC markets.
—Commodity future contracts are the contracts that trade commodities.
—Interest rate forward: （Forward Rate Agreement FRA）: The forward rate agreement is the most basic of the OTC interest rate contract. The FRA is an agreement that two parties agree today to a future exchange of cash flows based on two different interest rates.
●The settlement flow will be adjusted to the actual number of days in the holding period and calculated by the following formula:
（Libor-Fixedrate）xNatioal PrincipalxNumberOfDays/360
—Long-term interest rate futures
●For the T-bond contract, any Treasure bond that has at least 15 years to the nearest call date or to maturity （if non-callable） can be used for delivery.
●Bonds with maturities ranging from 6.5 to 10 years and 4.25 to 5.25 years can be used to satisfy the 10 year and 5 year T-note contracts, respectively.
●Delivery can take place on any day during the month of maturity, with the last trading day of the contract falling 7 business days prior to the end of the month.
●The CBT uses conversion factors to correct for the differences in the deliverable bonds.
—Short-term interest rate futures: Eurodollar and treasury bill contract.
●Eurodollar futures use this settlement price index because it conveniently preserves the inverse relation between price and yield.
●The minimum price change, or ”tick”, for this contract is one basis point and equals a $25 change in the value of the contract.（25=$1,000,000‰0.0001‰90/360）
●Similar to the Eurodollar derivative, the T-bill contract is standardized to an amount of $1,000,000 so that each basis point change in the price （or rate） is worth $25 per contract.
—Stock-index futures.
—Currency forwards and futures.
▲遠(yuǎn)期和期貨合約：遠(yuǎn)期和期貨合約不是股權(quán)，而是一項(xiàng)交易協(xié)議，使買方和賣方鎖定他們交易基礎(chǔ)資產(chǎn)或股票的最終價(jià)格。遠(yuǎn)期合約是雙方在場(chǎng)外交易市場(chǎng)直接談判達(dá)成的協(xié)議。
—商品期貨合約是交易商品的合約。
—利率遠(yuǎn)期（利率遠(yuǎn)期協(xié)議FRA）：遠(yuǎn)期利率協(xié)議是場(chǎng)外交易利率合約中最基本的合約。遠(yuǎn)期利率協(xié)議是交易雙方目前達(dá)成的在未來交換基于不同利息率的現(xiàn)金流的協(xié)議。
●現(xiàn)金流結(jié)算將按照持有期的準(zhǔn)確天數(shù)進(jìn)行調(diào)整，并按下列公式計(jì)算：
（Libor-固定利率）x名義本金x持有期天數(shù)/360
—長期利率期貨
●對(duì)于國債期貨，任何距最近的贖回日或到期日（假如不可贖回）長達(dá)至少15年的國債可用于交割。
●距離到期在6.5年到10年和4.25年到5.25年的債券可各自用于滿足10年期和5年期的國債期貨合約交割。
●交割可在到期月份的任何一天行使，合約最后交易日是該月月底的前七個(gè)工作日。
●芝加哥債券交易使用轉(zhuǎn)換因子對(duì)不同的可交割債券進(jìn)行矯正。
—短期利率期貨：歐洲美元和國庫券期貨合約
●歐洲美元期貨使用結(jié)算價(jià)格指數(shù)，因?yàn)檫@樣方便地保留了價(jià)格和收益之間的相反關(guān)系。
●最小價(jià)格變動(dòng)，或“滴”，對(duì)這一合約是一個(gè)基本點(diǎn)，等于合約價(jià)值變動(dòng)$25.。
●與歐洲美元衍生證券類似，國庫券合約以$1,000,000的金額標(biāo)準(zhǔn)化，以至于每張合約的每個(gè)基本點(diǎn)變動(dòng)引起價(jià)格變動(dòng)$25.
—股票指數(shù)期貨。
—貨幣遠(yuǎn)期或貨幣期貨。
▲Option Contracts:
—Equity options;
—Stock index options;
—Foreign currency options;
—Options on futures contracts;
—Option-based interest rate contracts:
●Caps and floors;
●Collars: special combinations of caps and floors;
●Swaption: Options that allow the holder to enter into a swap contract at a later date.
▲期權(quán)合約：
—股票期權(quán)；
—股票指數(shù)期權(quán)；
—外匯期權(quán)；
—期貨合約期權(quán)；
—基于利率合約的期權(quán)：
●利率頂和利率底；
●利率套：利率頂和利率底的特定組合；
●互換權(quán)：允許持有者在一個(gè)日期以后進(jìn)入互換的期權(quán)。
▲Swap:
—Interest rate swap;
—Currency swaps;
—Equity index-linked swaps;
—Commodity swaps.
▲互換：
—利率互換；
—貨幣互換；
—股票指數(shù)互換；
—商品互換。
OTHER EMBEDDED DERIVATIVES 其他嵌入衍生證券
▲Dual Currency Bonds: A dual currency bond is a debt instrument that has coupons denominated in a different currency than its principal amount.
▲Equity Index-Linked Notes;
▲Commodity-Linked Bull and Bear Bonds;
▲Swap-Linked Notes.
▲二重貨幣債券：二重貨幣債券是一種債務(wù)工具，息票以不同與本金的貨幣幣種標(biāo)識(shí)。
▲與股票指數(shù)聯(lián)系的債券；
▲與商品聯(lián)系的牛式/熊式債券；
▲與互換相聯(lián)系的債券。