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How the City Really Works clearly explains the workings of the City, as well as its relationships with other international financial centres. The book features sections on the dangers of fraud and money laundering, credit derivatives, the latest governance issues, and the current state of the pensions market. It provides further coverage of the key roles within the City, from stockbrokers and foreign exchange dealers to accountants and Lloyd's underwriters, and demonstrates how they relate to each other. Packed with information and insights on the key products - from bonds to new share…mehr
How the City Really Works clearly explains the workings of the City, as well as its relationships with other international financial centres.
The book features sections on the dangers of fraud and money laundering, credit derivatives, the latest governance issues, and the current state of the pensions market. It provides further coverage of the key roles within the City, from stockbrokers and foreign exchange dealers to accountants and Lloyd's underwriters, and demonstrates how they relate to each other.
Packed with information and insights on the key products - from bonds to new share offerings and derivatives - How the City Really Works gives you a crash course in: City markets; hedge funds and traders; City regulation; the City's relationships with the United States and Europe.
This informative and entertaining guide to London's financial markets offers practical advice on how you can put the information it contains to profitable use when making your investment decisions.
Alexander Davidson is a financial journalist and a senior editor at Complinet. He is the author of How the Global Financial Markets Really Work , The Complete Guide to Online Stock Market Investing and How to Understand the Financial Pages (all published by Kogan Page).
Inhaltsangabe
Foreword xxviii Acknowledgements xxxii 1 The City of London 7 Introduction The City defined Financial markets The City as a world leader No gain without pain Markets are people The future The next step 2 The Bank of England 17 Introduction Origin Role Lender of last resort More crisis reactions Liquidity provision Helping the government packages Profit from the crisis The future 3 Commercial banking 27 Introduction Overview History Commercial banks in operation Structured investment vehicles Building societies Raising capital Credit collection Bad loans Capital adequacy The financial crisis 4 Introduction to equities 41 Introduction Shares Market indices Stockbrokers The next step 5 How to value shares 46 Introduction Analysts' forecasts Ratios Discounted cash flow analysis Market influencers 6 New share issues 52 Introduction Capital raising 7 Investment banking 58 Introduction Overview Initial public offering Specialist types of share issues Bond issues Mergers and acquisitions The future 8 Introduction to derivatives 68 Introduction Cash and derivatives Four types of derivative and transactions Hedging and speculation On-exchange versus OTC derivatives Clearing and settlement The credit crisis European regulation 9 Derivatives for retail investors 78 Introduction Options Futures Warrants Financial spread betting Contracts for difference 10 Wholesale market participants 86 Introduction Banks Investors Inter-dealer brokers 11 Interest rate products 89 Introduction Money markets The interbank market Debt securities Repos Interest rate derivatives Index swaps Forward rate agreements Interest rate forwards Government bonds Yields and redemption Market Size Borrowing and the economy 12 Credit products 98 Introduction Overview Bonds Credit derivatives The future 13 Commodities 110 Introduction Overview The range of commodities - hard The range of commodities - soft, The investment case for commodities, Regulation 14 Foreign exchange 121 Introduction Global overview The participants Exchange rates Supply and demand Transaction types Default risk Further research 15 The London Stock Exchange and its trading systems 131 Introduction Overview Trading Market makers Users 16 Share trading venues and exchanges 143 Introduction Overview Exchanges Multilateral trading facilities Systematic internalizers Dark liquidity pools Consolidation 17 Post-trade services 148 Introduction Overview Clearing Settlement Safekeeping and custody A changing competitive environment Cross-border players The future 18 Investors 162 Introduction Retail investors Institutional investors The future 19 Pooled investments 168 Introduction Investment funds Investment strategies Investment companies Exchange-traded funds Hedge funds Money market funds 20 Analysts and research 178 Introduction fundamental analysis Others 21 Financial communications 185 Introduction Public relations Investor relations Corporate information flow Journalists 22 UK financial services regulation 194 Introduction Overview The Financial Services Act The Financial Services Authority The FSA in transition The future 23 European and global regulation 204 Introduction European legislation so far Europe in transition Global regulation 24 Financial fraud 216 Introduction Overview Government initiatives Specialist areas of fraud Fraud busters The future 25 Money laundering 228 Introduction Overview know your customer Action against money launderers The size of the problem Global cooperation 26 Overview of corporate governance 235 Introduction The concept The Cadbury Code The Greenbury Committee The Combined Code The Turnbull Report OECD Principles of Corporate Goverance Directors' Remuneration Report Regulations Higgs and Smith The Revised Combined Code Listing Rules The Myners Report Developments across Europe The financial crisis The Walker Review The 2009 Review of the Combined Code The future 27 Accounting and governance issues 247 Introduction Accounting scandals The Sarbanes-Oxley Act European auditing and disclosure rules Business review International Financial Reporting Standards 28 Insurance and the London companies market 256 Introduction Insurance overview London More about the London market Regulatory developments The future 29 Insurance: Lloyd's of London 266 Introduction Overview How Lloyd's works Financial strength International progress The future 30 Reinsurance 278 Introduction Overview Reinsurance contracts Retrocession Specialist forms of reinsurance Reinsurance reassessed International regulatory developments Dispute resolution 31 Retail insurance, savings and domestic property 287 Introduction The regulator's view Products General insurance How the products are sold Complaints and compensation 32 Pensions in flux 296 Introduction Overview The basic state pension Occupational and personal pensions Annuities and unsecured pensions 33 The shipping industry 316 Introduction Overview Financial crisis Regulation of FFAs Regulation of shipping Global issues Climate change Piracy The future 34 Catching the Iceland chill 327 Introduction Internet accounts The crisis Lansbanki reimbursement issues Action against Kaupthing Flaws in cross-border regulation The banking crisis New and old banks Towards resolution Two of the recommendations Conclusion 35 Islamic finance 336 Introduction Overview Sectors and products Developing Islamic finance the financial crisis and after The future 36 Ethics and integrity 345 Introduction Conceptual uncertainty Putting ethics into practice The way forward 37 Final word 350 Appendix 1: Useful websites 353 Appendix 2: Further reading 359 References 365 Index 376 Index of advertisers 386
Foreword xxviii Acknowledgements xxxii 1 The City of London 7 Introduction The City defined Financial markets The City as a world leader No gain without pain Markets are people The future The next step 2 The Bank of England 17 Introduction Origin Role Lender of last resort More crisis reactions Liquidity provision Helping the government packages Profit from the crisis The future 3 Commercial banking 27 Introduction Overview History Commercial banks in operation Structured investment vehicles Building societies Raising capital Credit collection Bad loans Capital adequacy The financial crisis 4 Introduction to equities 41 Introduction Shares Market indices Stockbrokers The next step 5 How to value shares 46 Introduction Analysts' forecasts Ratios Discounted cash flow analysis Market influencers 6 New share issues 52 Introduction Capital raising 7 Investment banking 58 Introduction Overview Initial public offering Specialist types of share issues Bond issues Mergers and acquisitions The future 8 Introduction to derivatives 68 Introduction Cash and derivatives Four types of derivative and transactions Hedging and speculation On-exchange versus OTC derivatives Clearing and settlement The credit crisis European regulation 9 Derivatives for retail investors 78 Introduction Options Futures Warrants Financial spread betting Contracts for difference 10 Wholesale market participants 86 Introduction Banks Investors Inter-dealer brokers 11 Interest rate products 89 Introduction Money markets The interbank market Debt securities Repos Interest rate derivatives Index swaps Forward rate agreements Interest rate forwards Government bonds Yields and redemption Market Size Borrowing and the economy 12 Credit products 98 Introduction Overview Bonds Credit derivatives The future 13 Commodities 110 Introduction Overview The range of commodities - hard The range of commodities - soft, The investment case for commodities, Regulation 14 Foreign exchange 121 Introduction Global overview The participants Exchange rates Supply and demand Transaction types Default risk Further research 15 The London Stock Exchange and its trading systems 131 Introduction Overview Trading Market makers Users 16 Share trading venues and exchanges 143 Introduction Overview Exchanges Multilateral trading facilities Systematic internalizers Dark liquidity pools Consolidation 17 Post-trade services 148 Introduction Overview Clearing Settlement Safekeeping and custody A changing competitive environment Cross-border players The future 18 Investors 162 Introduction Retail investors Institutional investors The future 19 Pooled investments 168 Introduction Investment funds Investment strategies Investment companies Exchange-traded funds Hedge funds Money market funds 20 Analysts and research 178 Introduction fundamental analysis Others 21 Financial communications 185 Introduction Public relations Investor relations Corporate information flow Journalists 22 UK financial services regulation 194 Introduction Overview The Financial Services Act The Financial Services Authority The FSA in transition The future 23 European and global regulation 204 Introduction European legislation so far Europe in transition Global regulation 24 Financial fraud 216 Introduction Overview Government initiatives Specialist areas of fraud Fraud busters The future 25 Money laundering 228 Introduction Overview know your customer Action against money launderers The size of the problem Global cooperation 26 Overview of corporate governance 235 Introduction The concept The Cadbury Code The Greenbury Committee The Combined Code The Turnbull Report OECD Principles of Corporate Goverance Directors' Remuneration Report Regulations Higgs and Smith The Revised Combined Code Listing Rules The Myners Report Developments across Europe The financial crisis The Walker Review The 2009 Review of the Combined Code The future 27 Accounting and governance issues 247 Introduction Accounting scandals The Sarbanes-Oxley Act European auditing and disclosure rules Business review International Financial Reporting Standards 28 Insurance and the London companies market 256 Introduction Insurance overview London More about the London market Regulatory developments The future 29 Insurance: Lloyd's of London 266 Introduction Overview How Lloyd's works Financial strength International progress The future 30 Reinsurance 278 Introduction Overview Reinsurance contracts Retrocession Specialist forms of reinsurance Reinsurance reassessed International regulatory developments Dispute resolution 31 Retail insurance, savings and domestic property 287 Introduction The regulator's view Products General insurance How the products are sold Complaints and compensation 32 Pensions in flux 296 Introduction Overview The basic state pension Occupational and personal pensions Annuities and unsecured pensions 33 The shipping industry 316 Introduction Overview Financial crisis Regulation of FFAs Regulation of shipping Global issues Climate change Piracy The future 34 Catching the Iceland chill 327 Introduction Internet accounts The crisis Lansbanki reimbursement issues Action against Kaupthing Flaws in cross-border regulation The banking crisis New and old banks Towards resolution Two of the recommendations Conclusion 35 Islamic finance 336 Introduction Overview Sectors and products Developing Islamic finance the financial crisis and after The future 36 Ethics and integrity 345 Introduction Conceptual uncertainty Putting ethics into practice The way forward 37 Final word 350 Appendix 1: Useful websites 353 Appendix 2: Further reading 359 References 365 Index 376 Index of advertisers 386
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