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1、Chapter Seven,Capital Markets in the U.S.,Learning objectives,After studying this chapter you should be able to: 1. Give your definition of capital market 2. Tell the purposes of capital markets 3. Explain the structure of capital markets 4. Tell briefly all the major trading instruments of capital
2、markets 5. Tell the chief capital market participants in the U.S. 6. Make a comparison between capital markets and money markets in the U.S.,Notes,I. New Words 1. exchange n. 课文中当“交易所”讲，如：stock exchange 股票交易所，commodity exchange商品交易所 2. secured a. 有担保的= guaranteed, 其反义词为unsecured 3. collateral n. 抵押品
3、/物（英国人用collateral security或security 表示同样意思） 4. alternative a. n. 两者（或两者以上）挑一的/选择 5. variable a. 可变的，常变的 6. to preserve vt. 保护 7. crucial a. 决定性的,Notes,8. entity n. 法人（= legal entity） 9. proceeds n. 收入，实收款项 10. creditor n. 债权人，与debtor “债务人”相对 11. to warehouse vt. 储存= to store，英国人多用store 来表示同样意思 12. t
4、o entitle vt. 给权力（或资格） 13. whereas conj. 尽管 14. to originate vi. 发生= to happen or occur,Notes,II. Useful and Idiomatic Expressions 1. to satisfy requirements for. 满足的要求/需要；达到的要求 2. to raise capital for. 为筹措资金 3. to pay off 付清（债务或工资） 4. to set aside 留出 5. to fall into 可分成 6. to protect against. 保护以免受
5、到的损害 7. to pledge sth. as collateral/security 将用来作抵押 8. over the phone 在电话上 9. by contrast 相比之下,Notes,III. Key Terms 1. bond n. 债券 written evidence of debt 2. stock n. 股票 written evidence of ownership (英国人用share) 3. common stock 普通股（相当于英国人用的ordinary shares） 4. preferred stock 优先股（相当于英国人用的preference
6、shares） 5. bearer (coupon) bond 无记名债券/附息票债券 bearer bonds require bondholders to clip a coupon off the bond and send it to the company in order to receive payment of the interest carried 6. registered bond 登记债券bonds which have the name of the owner registered with the company 7. capital projects 资本项目
7、 8. U.S. Treasury Department 美国财政部（英国用the Exchequer） 9. T-bills/Treasury bill 美国政府发行的短期债券 a U.S. government short-term security sold to the public each week, maturing in 91 to 182 days,Notes,10. Treasury note 美政府发行的中期债券 a U.S. government medium-term security, sold to the public and having a maturity
8、 of one to five years, sometimes even to ten years 11. Treasury bond 美政府发行的长期债券 a U.S. government long-term security, sold to the public and having a maturity longer than five years. Treasury bonds usually mature in twenty to thirty years 12. pension funds 养老基金 13. mutual funds 互助基金 14. over-the-cou
9、nter (OTC) market 场外交易市场 a secondary market in which dealers at different locations who have an inventory of securities stand ready to buy and sell securities to anyone who comes to them and is willing to accept their prices 15. primary market (证券或资本的) 一级市场 the sale and purchase of newly issued stoc
10、ks and bonds by firms or governments 16. secondary market (证券或资本的) 二级市场 a financial market in which securities that have previously been issued can be resold 17. bankers acceptance 银行承兑汇票 a time draft that promises to pay a certain sum of money that has been accepted by a bank,Main Text,Definition o
11、f capital Market Purposes of Capital Markets Structure of Capital Markets,Main Text,Trading Instruments of Capital Markets 1. Bonds 2. Stocks 3. Mortgages 4. Funds,Main Text,Participants of Capital Markets 1. The Federal and Local Governments 2. Corporations 3. Households,Main Text,Comparison betwee
12、n U.S. Money Markets and Capital Markets The trading instruments are different The purposes of them are different The participants in them are different Whereas most money market transactions originate over the phone, most capital market transactions, measured by volume, occur in organized exchanges
13、,1. What is capital market? 2. What are the purposes of capital markets? 3. How is capital market structured? 4. Can you tell all the major trading instruments in the U.S. capital markets? 5. Who are the major participants in the U.S. capital markets? 6. What are the differences between capital markets and money markets?,Questions for Chapter 6,This is the end of Chapter 7,Thank you for your attention,