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.
貨幣市場
▲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以上的存單通常可以流通。
●存單被作為銀行存款由聯(lián)邦存款保險公司保險。
▲商業(yè)票據(jù)：信譽良好的大公司通常發(fā)行自己的短期無擔保債務票據(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。
▲回購和準備金：政府證券經(jīng)紀人使用回購協(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：在銀行準備金帳戶的資金被稱為聯(lián)邦基金。
▲經(jīng)紀人追加保證金通知：借入部分資金作為保證金買入股票的人通過經(jīng)紀人支付股票價款。同時經(jīng)紀人向銀行借款，并同意一旦銀行要求償還，隨時向銀行還款。
●支付此類貸款的利率通常比短期國庫券利率高1%。
▲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.
貨幣市場
▲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以上的存單通常可以流通。
●存單被作為銀行存款由聯(lián)邦存款保險公司保險。
▲商業(yè)票據(jù)：信譽良好的大公司通常發(fā)行自己的短期無擔保債務票據(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。
▲回購和準備金：政府證券經(jīng)紀人使用回購協(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：在銀行準備金帳戶的資金被稱為聯(lián)邦基金。
▲經(jīng)紀人追加保證金通知：借入部分資金作為保證金買入股票的人通過經(jīng)紀人支付股票價款。同時經(jīng)紀人向銀行借款，并同意一旦銀行要求償還，隨時向銀行還款。
●支付此類貸款的利率通常比短期國庫券利率高1%。