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The Money Market and Money-Market Instruments (2)

The Money Market and Money-Market Instruments (2). Week 11 – November 2, 2005. Commercial Paper. Short-term (270 days or less) to avoid SEC registration Directly placed commercial paper Dealer-placed commercial paper Role of banks Commercial paper as substitute for loans

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The Money Market and Money-Market Instruments (2)

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  1. The Money Market and Money-Market Instruments (2) Week 11 – November 2, 2005

  2. Commercial Paper • Short-term (270 days or less) to avoid SEC registration • Directly placed commercial paper • Dealer-placed commercial paper • Role of banks • Commercial paper as substitute for loans • Market making and guarantees by banks

  3. Corporations in Money Market

  4. Evolution of Commercial Paper

  5. International Trade Transactions • Trade financing • Goods in transit • Documentation • Bills of lading, inspection certificates, insurance • Facilitates flow of goods between unknown trading partners • Role of banks and importance of letters of credit and correspondent banks

  6. Bankers’ Acceptances Market

  7. Eurocurrency • History of the market • Reasons for the market • Interest rate regulation • Deposit creation • Flexibility • Eurodollars and other currencies

  8. Next Classes – Nov. 9, 2005 • Prepare Chapters 13 and 14 • We will combine discussion of some fixed income markets so read ahead in Chapters 20 to 25 when you can • See me if you are having problems with group project

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