Ch10

Chapter 5 Introduction to the Money Market and the Roles Played by Governments and Security Dealers

 Learning Objectives  ,[object Object],[object Object],[object Object],[object Object]

Introduction ,[object Object],[object Object],[object Object]

Characteristics of the Money Market ,[object Object],[object Object]

Key Borrowers and Lenders in the Money Market Central Banks (supplying funds and information and promoting market stability) Corporate Borrowers & Cash-Management Customers Needing to Invest Cash Surpluses Security Dealers & Brokers Money Center Banks Nonbank Financial Institutions (mutual funds, insurers, etc.) Government Treasuries (borrowing and redeeming securities)

Characteristics of the Money Market

Characteristics of the Money Market ,[object Object],[object Object],[object Object]

Characteristics of the Money Market ,[object Object]

Government Involvement in the Money Market ,[object Object],[object Object]

U.S. Treasury Bills ,[object Object],[object Object],[object Object]

Volume of U.S. Treasury Bills Outstanding Source: Board of Governors of the Federal Reserve System * 2004 figures are for July 31, 2004

Types of Treasury Bills ,[object Object],[object Object]

How Bills Are Sold Source: U.S. Bureau of the Public Debt

Results of a Recent Bill Auction

Calculating the Return on T-Bills ,[object Object],[object Object],[object Object],[object Object],[object Object]

Calculating the Return on T-Bills ,[object Object],[object Object],[object Object],[object Object]

Market Interest Rates on U.S. T-Bills Source: Board of Governors of the Federal Reserve System * 2004 figures are averages for January

Investors in Treasury Bills ,[object Object],[object Object],[object Object]

Primary Dealers in Government Securities ,[object Object],[object Object]

Primary Dealers in Government Securities

Dealers’ Borrowing and Lending Activities In the Money Market ,[object Object],[object Object],[object Object]

Dealers’ Borrowing and Lending Activities In the Money Market Example of a Typical RP Loan Transaction

Dealers’ Borrowing and Lending Activities In the Money Market ,[object Object],[object Object],[object Object],[object Object]

Sources of Dealer Income ,[object Object],[object Object],[object Object]

Sources of Dealer Income ,[object Object],[object Object]

Dealer Positions in Securities ,[object Object],[object Object],[object Object]

Government Security Brokers ,[object Object],[object Object]

Markets on the Net ,[object Object],[object Object],[object Object],[object Object],[object Object]

Markets on the Net ,[object Object],[object Object],[object Object]

Chapter Review ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Chapter Review ,[object Object],[object Object],[object Object],[object Object],[object Object]

Ch10

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