topic 1_the structure of the intl fin system

8/19/2019 Topic 1_The Structure of the Intl Fin System

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Agenda

1. Globalization of international financial markets

2. The structure of the international financial market

1. The eurocurrency market

2. The international equity market

3. The international debt market

4. The foreign exchange (currency market

3. The international monetary system


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1. Go!ai"a#ion o$ $inancia %a&'e#(

The global economy has undergone through a number ofstructural changes in the !ast fe" decades#Real changes liberalization of !roduct and factor markets$

allied "ith technological de%elo!ments

increased out!ut inmany countries and !articularly in the !re%iously centrally!lanned economies

Monetary changes a global commitment to maintain lo"rates of inflation after the boost in inflation in the &'s

Financial changes gro"ing com!leteness and integration of "orld financial markets$ fueled by deregulation and technology

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Go!ai"a#ion o$ $inancia %a&'e#(

Reai#ie( o$ go!a $inancia %a&'e#(# )hort*term nature of ca!ital flo"s +igh turno%er in financial markets ,ulti!licity of agents

+igh number and com!lexity of instruments +igh s!eed "ith "hich market !artici!ants react to ne" information Global reach of financial institutions

I%pica#ion(# Gro"ing integration of financial markets$ including emerging markets -etter financing of current account deficits inancial contagion risks

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Go!a $inancia a((e#( (#oc' *a/e(

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S#oc' o$ go!a $inancia a((e#( a( 0 o$ go!a GD


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I%pac# o$ %a&'e# $/c#/a#ion( on go!a e2/i#3

%a&'e# capi#ai(a#ion


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T+e go!a $inancia %a&'e#pace

A((e#( securities issued by !ublic and !ri%ate bodies(go%ernments$ financial institutions$ com!anies these assets& ality is critical for the stability of the global financial

system

In(#i#/#ion( central banks$ commercial$ and in%estmentbanks their health kee!s the global financial system stable

Lin'age(

interbank net"orks using currency "ithout ready exchange of currencies the market cannot o!erateefficiently

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T+e go!a $inancia %a&'e#pace

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T3pe( o$ a((e#( #&aded in in#. $inancia %a&'e#(

, ex!anded the co%erage in transactions in order to better reflect theinno%ati%e changes in international financial markets in recent years

,aor #3pe( E2/i#3 (ec/&i#ie(

De!# (ec/&i#ie(

De&i*a#i*e(

E2/i#3 (ec/&i#ie( co%er all instruments and records ackno"ledging$

after the claims of all creditors ha%e been met$ claims to the residal

"ales of incor!orated enter!rises maor ty!es# )hares and stocks

0artici!ation or similar documents (such as 5/6s or G/6s

0referred stock or shares that !ro%ide for !artici!ation

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De!# (ec/&i#ie(

maor ty!es# %onds& de'entres& notes gi%e the holder the nconditional right to afied money income or contractally determined "aria'le money incomeand$ "ith some exce!tions (!er!etual securities$ also !ro%ide the holder "ith the nconditional right to a fied sm as a re!ayment of !rinci!al ona s!ecified date or dates include# non!artici!ating !referred stock or shares con%ertible bonds bonds "ith o!tional maturity dates negotiable certificates of de!osit "ith maturities of more than one

year dual currency bonds zero cou!on and other dee! discounted bonds floating rate bonds and indexed bonds asset*backed securities

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Money maret secrities gi%e the holder the nconditional right to

recei"e a stated& fied sm of money on a s!ecified date

traded at a discount in organized markets

discount de!ends u!on the interest rate and the time remaining to

maturity

include treasury bills (T*bills$ commercial and financial !a!er$bankers& acce!tances$ negotiable certificates of de!osit$ and short*

term notes issued under the note issuance facilities

De&i*a#i*e( they gi%e the holder the right to recei%e an economic

benefit in the form of cash or a !rimary financial instrument at somefuture date

include# o!tions on currencies$ interest rates$ commodities$ indices$

etc.7 traded financial futures7 "arrants7 arrangements such as

currency and interest rate s"a!s

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4. T+e (#&/c#/&e o$ in#e&na#iona $inancia %a&'e#(

E/&oc/&&enc3 %a&'e#

In#e&na#iona e2/i#3 %a&'e#

In#e&na#iona de!# %a&'e#

Fo&eign e5c+ange 6c/&&enc37 %a&'e#

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US Domestic Swiss

Market EUROCURRENCY MARKET Domestic

Market

Euro-Swiss Franc

Eurodollar Market

Market

a!anese

Euro-"en Domestic

Market Market

T+e E/&oc/&&enc3 %a&'e#

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T+e E/&oc/&&enc3 %a&'e#

USD GBP

Onshore (USA)

Offshore (Abroad)

Bank depos! n USD

USD deno"na!ed T#b$$s

and bonds

Corpora!e bonds n USD

Bank depos! n GBP

GBP deno"na!ed T#b$$s

and bondsCorpora!e bonds n GBP

Depos! n e%ro#USDBonds n e%ro#USD

Currency dimension

Regulatorydimension

Depos! n e%ro#GBPBonds n e%ro#GBP

1#


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LIBOR

London In#e&!an' O$$e&ed Ra#e 6LIBOR7 ; the interest rate at "hich

large a.m. (


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E/&o LIBOR *(. EURIBOR 8 491:

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E/&o LIBOR *(. EURIBOR 8 491;


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s "hen

8uro!ean banks began acce!ting de!osits in A.). dollars The reser%e*currency status of the dollar "as an im!ortant factor

)ome communist countries (A))6 "ere the earliest source of dollar

de!osits held in 8uro!e

8urobanks de%elo!ed as a result of !rofit considerations The A) financial market "as highly and restricti%ely regulated# Reglation

+ 1@>7 ,nterest *ali-ationTa 1@B37 .olntary Foreign /a!ital Restraints 1@B4

-ritish banks began to offer higher interest rates for A) dollars de!osits

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4.4. E2/i#3 %a&'e#(

T3pe( o$ %a&'e#(rimary marets# stocks are bought from the com!any that

issues them

econdary marets# shares !re%iously issued can be traded

among in%estors =TC %ersus stock exchanges

F/nc#ion( o$ e2/i#3 %a&'e#(=

+el! com!anies to raise ca!ital8nable com!anies to undertake more risk

-y !ricing shares they !ro%ide constant %aluation of firms

)er%e as markets for cor!orate control

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Fac#o&( d&i*ing go!ai"a#ion o$ e2/i#3 %a&'e#(

De%and shift from the !re"alence of indi"idal to the dominance of instittionalin"estors (!ension$ mutual and insurance funds$ institutional traders hedge

funds and in%estment banks

search for 'etter in"estment o!!ortnities and international di"ersification of

holdings

interest in trading "ithout the cost of becoming members indifferent national stock exchanges and follo"ing domestic rules on trading

Tec+noog3 the s!eed of message transmission increased significantly demand from

trading firms to locate their order*generating com!uters as close as !ossible to

the matching engines of exchanges

Reg/a#ion ,arkets ha%e been gradually o!ened to non*residents for trading

)uccess story# 8uro!ean Anion

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Ma>o& #&end( in in#. e2/i#3 %a&'e#(

Ma&'e# con(oida#ion( and %e&ge&( !e#)een e5c+ange(

E/&one5# 649997 merger of the 5msterdam 8xchanges$ -russels 8xchanges$and 0aris -ourse

a single trading !latform ser%ing all members at each of the three subsidiary

exchanges$ "ith access to all shares and !roducts

a single order book exists for each stock$ allo"ing for trans!arency and liquidity$as "ell as a single clearinghouse and !ayment and deli%ery system

NYSE E/&one5# 6499?7 merger of 8uronext and DE)8 2 DE)8 8uronext acquired 5merican )tock 8xchange DE)8 5,8F

No&e5 alliance among the Dordic and -altic exchanges in /enmark$ 8stonia$inland$


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Ma>o& #&end( in in#. e2/i#3 %a&'e#(

Eec#&onic@ ago&i#+%ic and +ig+ $&e2/enc3 #&ading tarting in the mid1930 o!en outcry !its "ere gradually re!laced byco%p/#e&( di(pa3ing and %a#c+ing o&de&($ "ith traders sending their

orders %ia com!uter net"orks from the dealing rooms of in%estments firms Mid1990 "ith nternet and remote access$ the connections bet"een

exchange order matching and dis!lay engines could extend across borders$and in*e(#o&( #+e%(e*e( co/d (end #+ei& o&de&( #o #&ading $i&%( *ia

co%p/#e& ne#)o&'(

2000s an increasing !art of trading is generated by trading firms "riting

and installing ago&i#+%( on com!uters$ "hich generate orders

automatically

Hig+ $&e2/enc3 #&ading 6HFT7 ra!id trading of securities$ carried out bycom!uters to mo%e in and out of !ositions in seconds or fractions of a second

in%estors focused on +T rely on ad%anced com!uter systems$ the !rocessing

s!eed of their trades and their access to the market 25


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Recen# de*eop%en#( in in#e&na#iona e2/i#3 %a&'e#(

T+e *a/e o$ (+a&e #&ading &o(e in 491: 190 )o&d)ide to 2@.' trillion A)/

from the second half of 213 (HB.I yoy

T+e n/%!e& o$ #&ade( &o(e in 491: 190 from the second*half of 213 (H12I

yoy7 the a%erage %alue of trades decreased

5 con#in/ing (#&ong pe&$o&%ance o$ e2/i#3 %a&'e#( global market

ca!italisation rose BI to B$' trillion A)/ from the second*half of 213 (H21Iyoy.

Good pe&$o&%ance o$ IO %a&'e#( and in*e(#%en# $o)( the number of

0=s fell 11I com!ared to the second half of 213 but increased 42I yoy

To#a in*e(#%en# $o)( in USD inc&ea(ed 1?0 com!ared to the second*half of

213(H11I yoy.

E5c+ange T&aded De&i*a#i*e( 6ETD7 *o/%e( )e&e (#a!e the total

number of contracts traded decreased .2I from the second*half of 213 (*13I

yoy.


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Go!a e2/i#3 %a&'e# capi#ai"a#ion

2$


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E2/i#3 %a&'e# capi#ai(a#ion !3 e5c+ange( 6USD !iion7

Source% &orld Federation o' E(c)an*es29


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E2/i#3 a#e&na#i*e( in #+e go!a %a&'e#

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4.. T+e in#e&na#iona de!# %a&'e#


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In#e&na#iona de!# %a&'e#( and in(#&/%en#(

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4.:. T+e $o&eign e5c+ange %a&'e# 6FORE7

=68F !ro%ides#

the !hysical and institutional structure through "hich the money of

one country is exchanged for that of another country7

the determination rate of exchange bet"een currencies

the infrastructure "here foreign exchange transactions are !hysicallycom!leted

Foreign echange means the money of a foreign country7 that is$ foreign

currency bank balances$ banknotes$ checks and drafts.

5 foreign echange transaction is an agreement bet"een a buyer and aseller that a fixed amount of one currency "ill be deli%ered for some other

currency at a s!ecified date.

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O&gani"a#ion o$ FORE

The first global 24*hour market in the "orld and by far the largest T/ maret 2 tiers#

5holesale tier liquid inter*bank market historically$ it accounted for B to 'I of transactions

213# trading bet"een dealers in the interbank market dro!!edto 3@I

there are F6 'roers "ho match buy and sell orders but do not

carry in%entory and F6 s!ecialists (dealers

there are corres!onding banking relationshi!s that facilitate thefunctioning of the market

Retail tier client market 213# increased im!ortance$ mainly due to e*trading

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T+e #&ading da3 in FORE

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FORE &3#+%(

3#


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FORE aicipan#(

-ank and non*bank F dealers maret maers

ndi%iduals and firms conducting commercial and in%estment

transactions

)!eculators and arbitragers

Central banks and treasuries

F brokers

3$


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Ma&'e# aicipan#(= Ban' and Non!an' Fo&eign

E5c+ange Deae&(

-anks and a fe" nonbank foreign exchange dealers o!erate in both the interbank and

client markets.

The !rofit from buying foreign exchange at a 9bid: !rice and reselling it at a slightly

higher 9offer: or 9ask: !rice.

/ealers in the foreign exchange de!artment of large international banks often functionas 9market makers.:

These dealers stand "illing at all times to buy and sell those currencies in "hich they

s!ecialize and thus maintain an 9in%entory: !osition in those currencies.

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Top deae&( FORE

Source% Euromone+ F, Sure+ 2015

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Ma&'e# aicipan#(= Indi*id/a( and Fi&%(

ndi%iduals (such as tourists and firms (such as im!orters$ ex!orters and

,D8s conduct commercial and in%estment transactions in the foreign

exchange market.

Their use of the foreign exchange market is necessary but ne%erthelessincidental to their underlying commercial or in%estment !ur!ose.

)ome of the !artici!ants use the market to 9hedge: foreign exchange risk.

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Ma&'e# aicipan#(= Spec/a#o&( and A&!i#&age&(

)!eculators and arbitragers seek to !rofit from trading in the market itself.

They o!erate in their o"n interest$ "ithout a need or obligation to ser%e

clients or ensure a continuous market. Jhile deae&( (ee' #+e !ida(' (p&ead$ (pec/a#o&( (ee' a #+e p&o$i#

$&o% e5c+ange &a#e c+ange( and a&!i#&age&( #&3 #o p&o$i# $&o%

(i%/#aneo/( e5c+ange &a#e di$$e&ence( in di$$e&en# %a&'e#(.

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Ma&'e# aicipan#(= Cen#&a Ban'( and T&ea(/&ie(

Central banks and treasuries use the market to acquire or s!endtheir country&s foreign exchange reser%es as "ell as to influence the!rice at "hich their o"n currency is traded.

They may act to su!!ort the %alue of their o"n currency because of!olicies ado!ted at the national le%el or because of commitments

entered into through membershi! in oint agreements such as the8uro!ean ,onetary )ystem.

T+e %o#i*e i( no# #o ea&n a p&o$i# a( (/c+@ !/# &a#+e& #oin$/ence #+e $o&eign e5c+ange *a/e o$ #+ei& c/&&enc3 in a%anne& #+a# )i !ene$i# #+e in#e&e(#( o$ #+ei& ci#i"en(.

5s "illing loss takers$ central banks and treasuries differ in moti%efrom all other market !artici!ants.

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La&ge(# cen#&a !an'( $o&eign e5c+ange &e(e&*e(


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Ma&'e# aicipan#(= Fo&eign E5c+ange B&o'e&(

oreign exchange brokers are agents "ho facilitate trading

bet"een dealers "ithout themsel%es becoming !rinci!als in the

transaction.

/ealers use brokers to ex!edite the transaction and to remainanonymous$ since the identity of !artici!ants may influence

short*term quotes.

They do not bear currency risk and are !aid on a commission

basis

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Mo#i*e( $o& F #&an(ac#ion(

Arbitrage is the simultaneous$ or nearly simultaneous$ !urchase ofsecurities in one market for sale in another market "ith the ex!ectation

of a risk*free !rofit

till& there is deli"ery ris

Speculation entails more than the assum!tion of a risky !osition

itim!lies financial transactions undertaken "hen an indi%idual&s

ex!ectations differ from the market&s ex!ectation

Hedging is the a%oidance of foreign exchange risk by entering into a

transaction that lays off the risk to a "illing counter !arty

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Ma&'e#( !3 dei*e&3 da#e

!ot (rate7 t ) 9immediate: (t !ayment and deli%ery of currencies

settlement day # 1 or 2 "orking days

Forward (rate7 F t&T

)

!ayment and deli%ery at some future date (T

common maturities# 3$ @$ 1$ 2'$ and 3B days$ and u! to ten

years

F6 swa! transactions in%ol%e both a s!ot and a for"ard transaction$ or t"o for"ards

transactions of different maturities$ "ith the same counter!arty

4#


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Fo&eign e5c+ange %a&'e# #/&no*e&

Global net turnover (2013) = US$ 5.3 trillion per business dayTurnover = total US dollar value of all spot, outri!t for"ard, and forein e#!ane s"ap transations onluded (not settled) durin t!e %ont! of &pril (averae)

4$Source% ./S - 2013 riennial entral .ank Sure+ o' Forei*n E(c)an*e and Deriaties Market ctiit+


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C/&&enc3 di(#&i!/#ion

49Source% ./S - 2013 riennial entral .ank Sure+ o' Forei*n E(c)an*e and Deriaties Market ctiit+


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T+e geog&ap+3 o$ F #&ading 64917

Source% ./S - 2013 riennial entral .ank Sure+ o' Forei*n E(c)an*e and Deriaties Market ctiit+ 51


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. T+e in#e&na#iona %one#a&3 (3(#e%

Ty!es of exchange rate regimes

The e%olution of exchange rate regimes a brief history

The 8uro!ean ,onetary )ystem

Currency regime in 6omania


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C/&&enc3 #e&%inoog3

8xchange rate K foreign currency exchange rate

8xchange rate regimeKsystem

/e%aluation %ersus de!reciation 6e%aluation %ersus a!!reciation

+ard %ersus soft currencies


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T+e In#e&na#iona Mone#a&3 S3(#e%

The international monetary system (,M) can be defined as thestructure "ithin "hich foreign exchange rates are determined

international trade and ca!ital flo"s take !lace

balance of !ayments adustments are made ,ain com!onents#

a number of !'lic instittions multilateral institutions (,$ Jorld -ank$

etc... and central banks

s!ecific financial marets

foreign exchange markets and eurocurrencymarkets

certain international agreements or 9rules of the game: range from the -retton*Joods 5greement of 1@44 to less encom!assing

9accords: (0laza 1@>$


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Main co%ponen#( o$ IMS

)ince the end of the second "orld "ar$ and the signing of the-retton*Joods 5greement$ all three com!onents of the ,)

ha%e ex!erienced maor changes#

The institutions such as the , and the Jorld -ank ha%e seen theiracti%ities change dramatically

The international financial markets ha%e gro"n tremendously in terms

of %olume and assets traded

The rules of the game ha%e been altered substantially


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E5c+ange &a#e &egi%e(

T)o %ain #3pe(# ree float

ixedK!egged exchange rates

A#e&na#i*e (3(#e%(# ,anagedKdirty float

Target zones

9Cra"ling*!eg:

Do national currency (dollarization


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F&ee Foa#

The %alue of a free floating exchange rate is exclusi%ely established by

demand and su!!ly in the foreign exchange market$ "ith no outside

inter%entions

=%er time$ the echange rate will flctate randomly as market!artici!ants assess and react to ne" information

Central bank (monetary authority does not inter%ene in the !rocess of

currency %alue determination


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Fi5ed8Ra#e S3(#e%

Currencies maintained at a !arity against another crrency or 'aset of

crrencies

Central banks acti%ely buy or sell their currencies in the foreign

exchange market "hene%er the exchange rate de%iates from !ar %alue n order to inter%ene on the =68F$ central bank maintains reser%es$

"hich absorb the burden of exchange rate adustment high "olatility

of reser"es

Currency de%aluation and re%aluation is common

Ty!ically accom!anied by echange control measres


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Managed Foa#

5ssumes central bank inter%ention$ "hich 9mani!ulates: the exchange rategi%en its o'8ecti"es# smoothing out exchange rate fluctuations

9leaning against the "ind:

unofficial !egging of exchange rate /entral 'an s!!ort of the rate is not atomatic

Central bank reser%es fluctuate quite hea%ily$ but ty!ically around a certain

le%el


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Ta&ge# "one(

The exchange rate is maintained "ithin a s!ecific band around a central

%alue (!arity

8xam!les# The %retton5oods ystem# bands of ±1I against the A)/

The *ro!ean Monetary ystem (*M)7 bands of ±2.2>I against 8CA ("ithsubsequent changes for some currencies

The *change Rate Mechanism ,,7 bands of ±1>I against 8uro ("ith some de ure

or de facto exce!tions


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E5a%pe o$ a #a&ge# "one= DEM in #+e B&e##on8


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E5a%pe o$ a #a&ge# "one= FRFDEM in EMS


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E5a%pe o$ a #a&ge# "one= DKKEUR in ERM II


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C&a)ing8peg

The exchange rate fluctuates "ithin a band around a !arity$ but is !eriodically

adusted$ ty!ically de!ending on the inflation differential bet"een the t"o

currencies

Currency mini*de%aluations ha!!en rather frequently$ sometimes e%en daily$

and are announced by the monetary authority /e%aluation&s !ur!ose is to maintain the economy&s com!etiti%eness

Asually im!lemented by emerging markets "ith hy!erinflationary

en%ironments

8xam!le# ,exican !eso$ 1@@*1@@4


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C&a)ing8peg= e5a%pe


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B&ie$ +i(#o&3 o$ IMS

The !resent monetary system has its roots in the gold exchangestandard or -retton*Joods system "hich existed from 1@44*1@'1

-retton*Joods obecti%es#

stable exchange rates a fied echange rate regime

1'and of flctation

elimination of exchange controls

return to free con%ertibility of currencies

Gold and A) dollar ser%ed as international reser%e assets


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B&ie$ +i(#o&3 o$ IMS

/ue to the !ersistence of currency misalignments and massi%ebalance*of*!ayments deficits or sur!luses$ the ,) entered a

!eriod of crises in the years 1@'1*1@'3

)ince early 1@'3$ maor currencies had been !racticing some

form of Lmanaged floatingL$ "hich "as finally recognized in

1@'B "ith im!ortant amendments to the articles of the

nternational ,onetary und


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E/&opean Mone#a&3 S3(#e%

The roots of 8,)# the :snae; *ro!ean /rrency ?nit (*/?)

2> *change Rate Mechanism (*RM)


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E/&opean Mone#a&3 S3(#e%

&s M N@s demise of the 86, Maastricht Treaty K /ecember 1@@1 creation of *ro!ean Monetary ?nion

*M? !rinci!les# system of fied echange rates among the member currencies

common 8uro!ean currency * *ro common central bank * *ro!ean /entral %an

strong coordination of fiscal$ monetary$ and exchange rate !olicies of member countries

8uro "as introduced in 1@@@

Currently$ 1@ 8A countries ado!ted euro as their official currency ( our small states ha%e been gi%en a formal right to use the euro# 5ndorra$ ,onaco$ )an

,arino$ Patican City

T"o non*8A countries use euro unilaterally# ,ontenegro and Qoso%o


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EU i i d d i #+ ERM II


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EU c/&&encie( inc/ded in #+e ERM II

Currency Ooined 86, 6ate andfluctuation band

/e%aluationsK6e%aluations

5do!ted 8uro

/anish kroner 1 Oan 1@@@ '.4B37 R2.2>I * D=

Greekdrahma

1 Oan 1@@@ 3>3.1@7 R1>I 1' Oan 2# re%aluedto 34.'>

E8)7 1 Oan 21

8stonia 2 Oune 24 1>.B4BB7 R1>I * E8)7 1 Oan 211

27 R1>I * E8)7 1 Oan 21>

)lo%enia 2 Oune 24 [email protected] R1>I * E8)7 1 Oan 2'

Cy!rus 2 ,ay 2> .>>2'47 R1>I * E8)7 1 Oan 2

.'247 R1>I (inreality$ R1I

* E8)$ 1 Oan 214

,alta 2 ,ay 2> .42@37 R1>I * E8)7 1 Oan 2

)lo%akia 2 Do%ember2>

3.4>>7 R1>I 1@ ,arch 2'#re%alued to 3>.4424

2@ ,ay 2#re%alued to 3.12B

E8)7 1 Oan 2@

C/&&enc3 &egi%e in Ro%ania


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#6

C/&&enc3 &egi%e in Ro%ania

6egulatory body * @ational %an of Romania

resent regime (1@@' main issues# the inter'an echange rate is freely determined 'y demand

and s!!ly on the FR*6 maret& 't nder a ,5D5G8/


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RONEUR e5c+ange &a#e@ 499;8491;

I $ #i # #i d RONEUR + #


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In$a#ion #a&ge#ing and RONEUR e5c+ange &a#e

nflation targeting frame"ork since 2>⇒ Slite: inflation targeting in

6omania# an eye to"ards the exchange rate Reslts of the inflation targeting monetary rle

5nnual C0 inflation returned inside the %ariation band in

)e!tember 214 (1.>4I


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In$a#ion #a&ge#ing in Ro%ania

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