Commercial and Investment Banking and the International Credit and Capital Markets
An introductory guide to finance and the financial markets, designed to help professionals and students understand the complex finance industry. It is a modern text that covers all major developments in markets in the period since the year 2000, the begin
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Also by Brian Scott-Quinn INVESTMENT BANKING: Theory and Practice EURO-DOLLAR SYSTEM: Practice and Theory of International Interest Rates (with Paul Einzig) THE NEW EURO-MARKETS: Theoretical and Practical Study of International Financing in the Eurobond, Eurocurrency and Related Financial Markets
COMMERCIAL AND INVESTMENT BANKING AND THE INTERNATIONAL CREDIT AND CAPITAL MARKETS A Guide to the Global Finance Industry and Its Governance
BRIAN SCOTT-QUINN ICMA Centre for Financial Markets, Henley Business School, University of Reading, UK
© Brian Scott-Quinn 2012 All rights reserved. No reproduction, copy or transmission of this publication may be made without written permission. No portion of this publication may be reproduced, copied or transmitted save with written permission or in accordance with the provisions of the Copyright, Designs and Patents Act 1988, or under the terms of any licence permitting limited copying issued by the Copyright Licensing Agency, Saffron House, 6–10 Kirby Street, London EC1N 8TS. Any person who does any unauthorized act in relation to this publication may be liable to criminal prosecution and civil claims for damages. The author has asserted his right to be identified as the author of this work in accordance with the Copyright, Designs and Patents Act 1988. First published 2012 by PALGRAVE MACMILLAN Palgrave Macmillan in the UK is an imprint of Macmillan Publishers Limited, registered in England, company number 785998, of Houndmills, Basingstoke, Hampshire RG21 6XS. Palgrave Macmillan in the US is a division of St Martin’s Press LLC, 175 Fifth Avenue, New York, NY 10010. Palgrave Macmillan is the global academic imprint of the above companies and has companies and representatives throughout the world. Palgrave® and Macmillan® are registered trademarks in the United States, the United Kingdom, Europe and other countries.
ISBN 978-0-230-37047-0 ISBN 978-0-230-37048-7 (eBook) DOI 10.1007/978-0-230-37048-7 This book is printed on paper suitable for recycling and made from fully managed and sustained forest sources. Logging, pulping and manufacturing processes are expected to conform to the environmental regulations of the country of origin. A catalogue record for this book is available from the British Library. A catalog record for this book is available from the Library of Congress. 10 9 8 7 6 5 4 3 2 1 21 20 19 18 17 16 15 14 13 12
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CONTENTS
List of Tables List of Figures About the Author Preface Acknowledgements List of Abbreviations
PART I THE FUNDAMENTALS OF FINANCE, MARKETS, VALUATION AND FINANCIAL FIRMS 1 The Price Mechanism and the Three Pillars of Finance 2 Balance Sheets: The Key to Understanding Transforming Financial Intermediaries 3 Financial Intermediation: Industry Sectors, Products and Markets 4 Financial Intermediation: Commercial and Investment Bank Structure
PART II PRIMARY MARKETS: FUNDING LIQUIDITY AND EXTERNAL CAPITAL ALLOCATION THROUGH CREDIT AND CAPITAL MARKETS 5 Liquidity: What Is It? 6 Financing the Four Sectors: Companies, Households, Governments a
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