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Commercial and Investment Banking and the International Credit and Capital Markets: A Guide to the Global Finance Industry and Its Governance

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ISBN13: 9780230370470
Published: July 2012
Publisher: Palgrave Scholarly
Country of Publication: UK
Format: Hardback
Price: £29.99



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This book by a former practitioner-turned-academic fills a clear gap in the current literature for a practice-focused text that brings together organisational structure, strategy, business models, regulation and governance of the finance industry with its products and services, including financing; trading services; mergers and acquisitions; IPOs; private equity; hedge funds; the structuring of cash and synthetic ETFs and CDOs and high frequency and algorithmic (algo) trading. Uniquely, it integrates the credit and capital markets by, for example, looking at securitisation as a 'conversion' process between the two markets and money market mutual funds as a capital market alternative to bank deposits offered in the credit market. It also examines the pervasive trend towards the dis-intermediation of bank credit markets by shadow banks and capital markets which is now accelerating worldwide due to the Basel III regulations and, in the eurozone, also to the ongoing sovereign debt crisis. It analyses the societal value of the industry as well as well as the need for regulation of firms and markets. From this follows consideration of both market and regulatory failure, 21st century financial instability and crisis and the consequent need for more effective governance structures for both banks and sovereign groupings such as the eurozone. This book will be required reading for new entrants to the financial markets, students, regulators, lawyers, accountants and IT personnel in the industry. But it is also designed quite explicitly for more experienced market participants who need to understand how the different parts of the financial services industry interact with each other to create the global financial system - Key features include: o The inter-relationships between commercial banking, shadow banking and investment banking o The automation of trading, high frequency trading, algorithms and dark pools o Assessing and managing portfolio risk in bank and sovereign debt in the post-crisis credit environment - The book will enable readers to: o Understand the technical aspects of new instruments and techniques such as structuring synthetic securities and using algos o Understand and discuss knowledgeably, the pervading issues in finance in the 21st century o Achieve the broader understanding that is required today for a managerial role in the industry

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Subjects:
Banking and Finance
Contents:
Preface PART 1: THE FUNDAMENTALS OF FINANCE, MARKETS AND THE FINANCIAL FIRMS The Price Mechanism and the Three Pillars of Finance Appendix - Valuation Models, Issues in Bank Asset Valuation, Discounted Cash Flow Valuation of Bonds and Equities Balance Sheets: The Key to Understanding Financial Intermediation Financial Intermediation: Industry Sectors, Products and Markets Financial Intermediation: Commercial and Investment Bank Structure PART 2: PRIMARY MARKETS: FUNDING LIQUIDITY AND EXTERNAL CAPITAL ALLOCATION THROUGH CREDIT AND CAPITAL MARKETS Liquidity: What is it? Financing the Four Sectors: Companies, Households, Governments and Overseas through Credit and Capital Markets Banking: Credit Intermediation through Depository Institutions Bank Liquidity Management Converting Loans to Securities: Securitisation as a Financing Tool Shadow Banking: Credit Intermediation through Non-depository IPOs and Corporate Bond Origination PART 3: SECONDARY MARKETS: MARKET LIQUIDITY AND MARKET FAILURE Market Liquidity: Order-driven Auction Markets and Quote-driven Dealer Markets The New Secondary Market Structure: Competition, Dark Pools, Algorithmic and High Frequency Trading Clearing and Settlement of Securities Transactions Market Failure: Sub-optimal Allocation of Resources by Credit and Capital Markets, Banking and Sovereign Debt Crises Assessing Risk and Return for Investors in Bank and Sovereign Debt Case Study: Lehman - What might have been Case Study: Greece in Default in 2011 Case Study: Italy, Illiquid or Insolvent in 2011 PART 4: ASSESSING AND MANAGING RISK IN ASSET PORTFOLIOS Investment Management and Portfolio Structuring Investment Management Practice: Funds - Pension, Insurance, Sovereign Wealth, Long-Only, Hedge, Mutual, Cash and Synthetic ETF's and Delta One Trading Desks PART 5: INTERNAL CAPITAL ALLOCATION: THE ROLE OF DIRECTORS, INVESTORS AND THE MARKET FOR CORPORATE CONTROL The Internal Capital Market & Investor Governance of Capital Allocation The Market for Corporate Control: Mergers and Acquisitions Private Equity PART 6: INTERNAL RISK MANAGEMENT AND EXTERNAL REGULATION OF FINANCIAL INTERMEDIARIES AND MARKETS Risk Management in Credit Intermediaries and Investment Banks Regulation of Banks and Investment Banks: Basel I, II, and III Regulation of Securities Markets PART 7: THE ROLE OF GOVERNANCE AND STRATEGY IN RESOURCE ALLOCATION, FIRM AND INDUSTRY STRUCTURE: CASE STUDIES IN FINANCIAL SERVICES Strategy, Governance and Firm and Industry Structure Case Studies in Financial Services - Success and Failures The Future Structure of the Industry: Implications of Re-regulation The Fatal Flaw in Capital Allocation - The Shift from a Trust Model to a Transactional Model The Global Economic and Financial Outlook: 2020 Vision