New york itself is a big financial trading market, not to mention the local daily trading volume and the funds for so many years. Let's just say that as an excessive platform, it will bring a lot to world finance.
Look at geography first:
New york is the largest city and the largest commercial port in the United States. It is not only the financial center of the United States, but also one of the financial centers in the world. New york is located at the mouth of the Hudson River in southeastern New York, bordering the Atlantic Ocean. It consists of five districts: Manhattan, Brooklyn, Bronx, Queens and Richmond, covering an area of 780 square kilometers. The urban area has a population of more than 7 million, and the population of Greater new york, including suburbs, is 6.5438+0.8 million. New york is also the seat of the United Nations Headquarters, which is located on the east coast of Manhattan Island. The Erie Canal was opened to traffic in 1825, and then a railway was built to connect new york with the central and western regions, which promoted the great development of the city and gradually made it an international metropolis integrating finance, trade, tourism, culture and art. 。
New york's financial market is divided into foreign exchange market, money market and capital market.
New york's foreign exchange market is one of the most important in the world. Divided into spot market and forward market. There is no fixed trading place in new york's foreign exchange market. All foreign exchange transactions are conducted between commercial banks and foreign exchange market brokers in new york through communication equipment. In addition, all major commercial banks have their own communication systems, which keep in touch with the foreign exchange departments of branches around the world, forming a worldwide foreign exchange market.
Companies and consortia, individuals, commercial banks, foreign exchange brokers and central banks are the main participants in the foreign exchange market. Commercial banks play an extremely important role in foreign exchange transactions, which are mainly handled by commercial banks.
After 1970s, the foreign exchange trading volume in new york market increased sharply. New york Foreign Exchange Trading Center has developed into an important link between Europe and the Far East, and it is the main center of foreign exchange trading in the world, which competes with London's foreign exchange market.
New york's money market, that is, new york's short-term capital lending market, has the largest trading volume among the major money markets in the capitalist world. In addition to new york's financial institutions, enterprises and private individuals trading here, there are a lot of short-term funds flowing in and out from the United States and other parts of the world every day. There is no fixed place in new york's money market, and transactions are conducted directly by the supply and demand sides or through brokers. Transactions in new york's money market can be divided into: federal funds market, government bonds market, negotiable certificates of deposit market, bank acceptance bill market and commercial paper market.
New york Stock Exchange Hall
① Federal fund market. The Federal Reserve System in new york is a market where banks lend each other reserves. In addition to borrowing short-term funds (usually overnight funds) for banks, most big banks in new york also act as federal funds brokers, borrowing funds for correspondent banks in other big cities. According to the regulations, the member banks of the Federal Reserve system must deposit their deposits in the Federal Reserve Bank at the prescribed interest rate as the statutory deposit reserve, which cannot be used. The deposits of commercial banks in the reserve account of the Federal Reserve Bank are called federal funds, and some extra reserves (called excess reserves) are used for turnover. The amount of legal deposit reserve of commercial banks depends on the composition and scale of their deposits in the first two days. Banks with insufficient reserves have to borrow money from banks with excessive reserves to make up their reserves. This forms the distribution of federal funds.
② Government bond market. All kinds of bonds issued by the US government can be divided into: short-term treasury bonds, that is, treasury bonds, which are generally 3 months and 6 months, with the longest not exceeding 1 year; Medium-term national debt, generally 1 year to 7 years; Long-term bonds with a maturity of more than 7 years, the longest being 40 years. Treasury bonds can be bought and sold freely in the market, which is more flexible. Commercial banks generally hold a large number of treasury bonds as second-line preparations. A large part of the dollar assets of foreign central banks are US Treasury bonds. National debt has no interest rate, but it can be sold at a certain discount at face value, so the actual rate of return can be calculated according to the market price and face value. The real yield of three-month treasury bonds is the representative interest rate of treasury bonds.
③ Bank negotiable deposit certificate market. The negotiable certificate of deposit is a kind of time deposit certificate issued by a big American bank. The minimum face value is US$ 6,543,800, usually three or six months, and some are 654.38+ 0 years. Also known as bank certificates of deposit, the denomination of certificates of deposit is generally $654.38+00,000 yuan, which is anonymous and can be sold in the market at any time. The interest rate of certificates of deposit depends on the supply and demand of funds in the market and other short-term interest rates. At the same time, it is also affected by the operating conditions of the issuing bank, the denomination of the deposit certificate, the expiration date and other factors.
④ Bank acceptance bill market. Bank acceptance bill is a bill accepted by the bank for the payer, and it is a short-term liability of the accepting bank. Can be freely transferred and traded in the market. There is no limit to the face value of bank acceptance bills. The general term is 30 ~ 180 days, and the most common term is 90 days. There is no interest on bank acceptance bills. When buying and selling in the market, the price is discounted at face value, but it is paid at face value.
⑤ Commercial paper market. Commercial paper is a short-term loan promissory note issued by American bank holding company and large industrial and commercial enterprises. The term of commercial paper is 30 ~ 60 days at most. The face value is generally $654.38 million, and the average amount is $500,000. The interest rate of commercial paper depends on market supply and demand, face value, term, issuer's reputation, bank credit cost and transaction cost.
The New York Capital Market is the largest medium and long-term loan capital market in the world. It can be divided into bond market and stock market.
① New York bond market. New york's domestic bond market mainly deals with government bonds, corporate bonds and foreign bonds.
National debt is mainly medium-term national debt and long-term national debt. In the New York capital market, the transaction volume of medium and long-term bonds is the largest. There are two kinds: registered and bearer, and interest is paid once every six months. Registered treasury bonds and government bonds are paid by the Ministry of Finance by cheque, while bearer bonds receive interest by coupon. The Federal Reserve Bank of New York issues and repays the principal and interest on behalf of the US federal government. New york's big banks are major dealers in government bonds.
Corporate bonds are bonds issued by American enterprises to raise medium and long-term funds. In the New York capital market, the transaction volume is second only to government bonds. Interest on corporate bonds is paid once every six months. When a registered bond is registered with the borrower by the bondholder and the interest is paid or the principal is repaid, the borrower will send a check according to the registration. Bearer securities come with coupons? Charge interest with coupons. Corporate bonds are generally issued and underwritten by investment banks. According to the issuer's credit status, corporate bonds are divided into several grades. The higher the grade of a bond, the more it shows that the company issuing this bond has abundant capital and good reputation, so the market price of the bond is higher than its face value.
Foreign bonds are bonds issued by foreign governments and enterprises in new york market to raise long-term funds. Foreign bonds issued in the US capital market are generally called yankee bonds, and the issuers are generally foreign governments, institutions and companies. These bonds are issued in US dollars and are registered and inspected by the US Securities and Exchange Commission.
② New York Stock Market. There are more than 10 stock exchanges registered in the United States according to the Securities Exchange Law? It is listed as a national exchange. Among them, new york Stock Exchange and American Stock Exchange are the largest, both located in new york.