Book description
The Capital Markets: evolution of the financial ecosystem is the new standard providing practical text book style coverage of this dynamic market and its products.Written by the former President of BNY Mellon Capital Markets, LLC for both financial professionals and novices, The Capital Markets provides a comprehensive macro view of the marketplace and how its products operate. This book is the definitive resource and the companion text to The Capital Markets website.
The subject matter offers an authoritative discussion of the fundamentals of both, the fixed income and equity markets, underwriting, securitizations, derivatives, currency among other products through the lens of leading industry practitioners. Key Learning Concepts
- Understand the impact of both global and domestic regulatory changes
- Learn about the products that holistically make up the capital markets
- Explore the components of the infrastructure that underpins these markets
- Examine the tools used for trading and managing risk
- Review new product innovations
Table of contents
- Cover
- Copyright
- Dedication
- Preface
- Acknowledgments
- About the Author & Executive Editor
- About the Contributors
-
Part One: Introduction and Tools
-
Chapter 1: The Early 21st‐Century Evolution of Global Capital Markets
- Introduction
- Capital Market Mission and Key Capital Market Questions
- Post–Great Recession, Global Capital Markets Chart a More Conservative Course
- Accurate Financial Era Definition Helps Chart Business and Portfolio Strategy
- The Great Transition Age Unfolds
- No Transitions Are Frictionless
- The New Conservative Financial Consensus Speeds the Transition to the Next‐Generation Global Financial System
- Sturdier Global Financial System Promotes World Economic Growth
- Chapter 2: The Role of Global Capital Markets
- Chapter 3: How the Global Financial Crisis Transformed the Industry
- Chapter 4: Cash Bonds and Futures
- Chapter 5: Risk in Capital Markets
- Chapter 6: Enablers for Robust Risk Management in Capital Markets
- Chapter 7: Making Markets Work
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Chapter 1: The Early 21st‐Century Evolution of Global Capital Markets
-
Part Two: Capital Markets Products
-
Chapter 8: Money Markets
- Federal Funds Markets
- Repurchase Agreements
- U.S. Treasury Bills (T‐Bills)
- Government‐Sponsored Enterprises/Federal Agency Securities
- Commercial Paper
- Certificates of Deposit
- Eurodollar Deposits
- Municipal Notes
- Variable Rate Demand Notes
- Money Market Funds
- How the Financial Crisis of 2007 and 2008 Changed the Money Markets
- Conclusion
- Chapter 9: Repurchase Agreements
- Chapter 10: U.S. Treasury and Government Agency Securities
-
Chapter 11: Government‐Sponsored Enterprises and Federal Agencies
- Introduction
- Agency Bonds
- Overview of Government‐Sponsored Enterprises; Housing GSEs
- History of Fannie Mae and Freddie Mac
- Federal Home Loan Banks (FHLB)
- Overview of Government‐Sponsored Enterprises; Non‐Housing GSEs
- Overview of Federal Agencies
- Types of Agency Debt
- Cost‐Benefit Analysis of Callable Notes
- The 2008 Financial Crisis
- Conclusion
- Chapter 12: Inflation‐Linked Bonds
- Chapter 13: Mortgage‐Backed Securities
- Chapter 14: Corporate Bonds
- Chapter 15: Preferred Stock
- Chapter 16: Distressed Debt Securities
- Chapter 17: Securitization
- Chapter 18: Asset‐Backed Securities
- Chapter 19: Non‐Agency Residential Mortgage‐Backed Securities (RMBSs)
- Chapter 20: Commercial Mortgage‐Backed Securities (CMBSs)
- Chapter 21: Collateralized Debt Obligations (CDOs)
- Chapter 22: Structured Investment Vehicles (SIVs)
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Chapter 23: Collateralized Loan Obligations (CLOs)
- What Is a Collateralized Loan Obligation (CLO)?
- Structures and Strudels: An Introduction to Structured Finance
- \textit{Bon Appetit:} Reengineering for Risk Appetite
- Chasing Waterfalls
- The Capital Structure: The Intersection of Structured and Corporate Finance
- Being Friendly: Debt versus Equity
- CLO Coverage Tests: Take your PIK
- The Life and Times of a CLO
- The Loan Market
- CLO Report Cards: Performance Metrics
- The CLO Manager
- Qualitative Analysis of a CLO
- Quantitative Analysis of a CLO
- A Whole New World: CLOs in the Post‐Crisis Regulatory Environment
- Conclusion
- Chapter 24: Municipal Bonds
-
Chapter 25: Equities
- What Is an Equity?
- Types of Equities
- Why Do Companies Issue Equities?
- Equity Market Participants
- Equity Markets
- Mechanics of Order‐Driven Markets
- History of Equity Trading
- Modern Market Structure—Order Types
- Modern Market Structure—Complexity
- Modern Market Structure—Market Data
- High‐Frequency Trading
- Chapter 26: Cash Equities in the Secondary Market
- Chapter 27: Exchange‐Traded Funds (ETFs)
-
Chapter 28: Equity Capital Markets
- Securities Offering Reform of 2005
- The Rise of Electronic Trading
- The Great Recession
- Growth of the ATM Market
- ATM Financing versus Follow‐on Offering
- Due Diligence Regimen
- Transaction Participants and Typical ATM Documentation
- The Selling Agent
- Corporate Board and Management Oversight
- Marketplace Acceptance
- Sizing an ATM Program
- Regulation M
- Procedures and Mechanics of the ATM program
- ATM Selling Strategies
- Variations of the ATM Model
- Summary
- Chapter 29: Interest Rate Swaps
- Chapter 30: Interest Rate Options
- Chapter 31: Commodities
- Chapter 32: Currency
- Chapter 33: Conclusion
-
Chapter 8: Money Markets
- Index
- End User License Agreement
Product information
- Title: The Capital Markets
- Author(s):
- Release date: January 2017
- Publisher(s): Wiley
- ISBN: 9781119220541
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