Guide To Capital Markets For Quantitative Professionals
The Complete Guide to Capital Markets for Quantitative Professionals - Summary. 1. The Complete Guide to Capital Markets for Quantitative Professionals RK January 2, 2015. 1 Financial Markets 2 Market Participants 3 Financial Firms and their People 4 Markets and the Economy 5 The U.S. Treasury market 6 Equity Markets 7 Financial Futures Market 8 Interest-Rate Swaps 9 Options Markets 10 Mortgage and Agencies 11 Credit Markets 12 Reference Data 13 Financial Analytics and Modeling 14 Market Data 15 Trading Systems 16 Risk Management 17 Research & Strategy RK Guide to Capital Markets for Quants January 2, 2015 2 / 107. Financial Markets 1 Financial Markets 2 Market Participants 3 Financial Firms and their People 4 Markets and the Economy 5 The U.S. Treasury market 6 Equity Markets 7 Financial Futures Market 8 Interest-Rate Swaps 9 Options Markets 10 Mortgage and Agencies 11 Credit Markets 12 Reference Data 13 Financial Analytics and Modeling 14 Market Data 15 Trading Systems 16 Risk Management 17 Research & Strategy RK Guide to Capital Markets for Quants January 2, 2015 3 / 107.
Capital Markets Definition
Financial Markets History of Markets There has always been a need for, raising capital for one set of people and a need for, investing capital for another set of people. Debt and Equity have served as a way to move money from those who have it to those who want to use it. The concept of debt predates recorded history. Earliest recorded laws - Hammurabi dating about 1800 BC. In ancient Rome, the govt outsourced tasks such as tax collection to semi private entities that raised their operating capital by selling shares to the public.
The roots of modern capital markets are in the medieval trade fairs that began to appear all over Western Europe in eleventh century AD. Govt of Venetian Republic imposed so-called forced loans on its more prominent citizens.
Dutch govt issuance of Perpetual annuity. By late nineteenth century, investors’ preferences had shifted from perpetual bonds towards bonds where principal was returned. RK Guide to Capital Markets for Quants January 2, 2015 4 / 107. Financial Markets Trivia. Coupons Why are interest payment called coupon payments? Because coupons were clipped on to the bond RK Guide to Capital Markets for Quants January 2, 2015 5 / 107.
Financial Markets History of Markets Dutch East India company’s most important financial innovation of the last 500 years: equity finance Money Markets: Markus Goldman, a German immigrant made money by selling handwritten discount bills. Founded Goldman Sachs FX markets boorn in the late Middle Ages in the form of bill of exchange Commodity futures Index Options, Stock options, Commodity options, FX options Interest rate futures Interest rate swaps RK Guide to Capital Markets for Quants January 2, 2015 6 / 107.
Market Participants 1 Financial Markets 2 Market Participants 3 Financial Firms and their People 4 Markets and the Economy 5 The U.S. Treasury market 6 Equity Markets 7 Financial Futures Market 8 Interest-Rate Swaps 9 Options Markets 10 Mortgage and Agencies 11 Credit Markets 12 Reference Data 13 Financial Analytics and Modeling 14 Market Data 15 Trading Systems 16 Risk Management 17 Research & Strategy RK Guide to Capital Markets for Quants January 2, 2015 7 / 107. Market Participants Organization of primary financial markets Securities flow downward on this chart, from issuers through the investment bankers to the end-user investors. Money flows the other way.
RK Guide to Capital Markets for Quants January 2, 2015 8 / 107. Market Participants Organization of secondary financial markets The investors as buy-side companies, can trader with dealer firms or on exchanges through broker intermediaries RK Guide to Capital Markets for Quants January 2, 2015 9 / 107. Market Participants The Structure of Financial Markets sell side entities (like used car dealers) almost all IBanks also act as market makers in those securities that they help in bringing in to the primary market. Buy side - mutual funds, pension funds, hedge funds dealers - make a living by matching buyers with sellers interdealer brokers retail broker prime broker specialist or floor traders Not long ago, messengers were sent across to deliver security certificates and checks for payments Birth of Depository Trust Company(custodian) who took charge of maintaining securities Clearing Services (Netting) RK Guide to Capital Markets for Quants January 2, 2015 10 / 107. Market Participants What brings in money? Investment banking fees Asset management fees Brokerage commissions and exchange fees for executing other people’s trades Market-making from providing liquidity to other people Proprietary trading from successful investment of one’s own capital RK Guide to Capital Markets for Quants January 2, 2015 11 / 107.
Financial Firms and their People 1 Financial Markets 2 Market Participants 3 Financial Firms and their People 4 Markets and the Economy 5 The U.S. Treasury market 6 Equity Markets 7 Financial Futures Market 8 Interest-Rate Swaps 9 Options Markets 10 Mortgage and Agencies 11 Credit Markets 12 Reference Data 13 Financial Analytics and Modeling 14 Market Data 15 Trading Systems 16 Risk Management 17 Research & Strategy RK Guide to Capital Markets for Quants January 2, 2015 12 / 107. Financial Firms and their People Internal organization of a broker-dealer firmwide divisions: Many nonrevenue-producing units, such as compliance and technology are designed to work with all divisions.
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The Complete Guide To Capital Markets For Quantitative Professionals Epub
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