3
Financial institutions
“Some collective nouns: a gleam of bulls; a gloom of bears; a roller-coaster of stock markets; a commission of brokers.”
James Lipton
“The market is not an invention of capitalism. It has existed for centuries. It is an invention of civilisation.”
Mikhail Gorbachev
“When the music stops, in terms of liquidity, things will be complicated. But as long as the music is playing, you’ve got to get up and dance. We’re still dancing.”
Chuck Prince
- There are essentially four kinds of market in the financial system. The first is the securities market – stock exchanges and the international capital markets – where new capital is raised (the primary market) and existing shares and bonds are traded (the secondary market).
- The money ...
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