The International Financial Markets The Global Banking ...
[Pages:24]Giddy
Global Banking: Review I/1
Global Banking &
Capital Markets REVIEW I
Prof. Ian Giddy
Stern School of Business,
New York University
What is Global Banking and Capital Markets?
The International Financial Markets
uMoney and foreign exchange;
derivatives; international bonds &
equities; loan trading
l The Global Banking Business
uLending; trading and transactions;
underwriting; M&A; project financing;
asset management; advisory
services; etc
Copyright ?1999 Ian H. Giddy
International Financial Markets 2
Giddy
Global Banking: Review I/2
What are the Global Financial Markets?
l The Foreign Exchange Market l Domestic and International Money Markets l Domestic and International Capital Markets l The Derivatives l International Equity and M&A l Using the Global Capital Markets: Global
Banking Strategy and Implementation
Copyright ?1999 Ian H. Giddy
International Financial Markets 3
Where the Eurocurrency Market Fits In
US Domestic Market
EUR0CURRENCY MARKET
Eurodollar Market
Euro-Deutsche Mark Market
Foreign Exchange
Market Euro-Yen Market
German Domestic Market
Japanese Domestic Market
Euro-Commercial Paper Market
Copyright ?1999 Ian H. Giddy
Euro-Floating Rate
Straight
Note Market
Eurobond Market
International Financial Markets 4
Giddy
Global Banking: Review I/3
Interest Rate Linkages in the International Money Market
Two stories to tell: l Domestic vs. Euro l Eurocurrency A vs. Eurocurrency B
Domestic Market A
The Euromarkets
Domestic Market B
Treasury Bill
Bank Deposit
Euro Deposit Market
Euro Deposit Market
Bank Deposit
Treasury Bill
Treasury Bond
Corporate Bond
Euro Bond Market
Euro Bond Market
Corporate Bond
Treasury Bond
Copyright ?1999 Ian H. Giddy
International Financial Markets 5
Global Banking: Products and Customers
Prof Ian Giddy Stern School of Business
New York University
Giddy
Global Banking: Review I/4
Products or Customers?
Sales
Corporate Finance
Customer-Driven Innovation
Copyright ?1999 Ian H. Giddy
Capital Markets
International Financial Markets 7
Client-Arena-Product Matrix
Products offered
Copyright ?1999 Ian H. Giddy
Clients served
Markets covered
International Financial Markets 8
Giddy
Global Banking: Review I/5
Products
l Credit products l Trading and positioning
l Risk management products
l Financial engineering and structured finance
l Underwriting and distribution
l Asset management
l Retail and private client services l Transactions services
Copyright ?1999 Ian H. Giddy
International Financial Markets 9
Client-Arena-Product Matrix
Build versus buy?
Products offered
Copyright ?1999 Ian H. Giddy
Clients served
Markets covered
International Financial Markets 10
Giddy
Global Banking: Review I/6
Client-Arena-Product Matrix
Example: SBC and US bank equity
Products offered
Copyright ?1999 Ian H. Giddy
Clients served
Markets covered
International Financial Markets 11
Client-Arena-Product Matrix
Sell? (NatWest)
Products offered
Copyright ?1999 Ian H. Giddy
Clients served
Markets covered
International Financial Markets 12
Giddy
Global Banking: Review I/7
NatWest Bank?
NatWest Bank
Products Securities custody Asset Management Private Equity Insurance Lending Deposits Securitization/Structured and Project Finance Equity underwriting Bond underwriting Mergers and Acquisitions Credit cards Trading - Money market - FX and derivatives - Interest rate derivatives - Bonds - Securitized products - Futures Mortgages Stock brokerage Corporate Advisory Private Banking
Clients Corporations Government Institutions
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High net worth Retail
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Copyright ?1999 Ian H. Giddy
International Financial Markets 13
To Succeed, Analyse the Industry Structure
SUBSTITUTES
SUPPLIERS
COMPETITIVE ADVANTAGE
CUSTOMERS
Copyright ?1999 Ian H. Giddy
BARRIERS TO ENTRY
International Financial Markets 14
Giddy
Global Banking: Review I/8
Product Profitability Cycle
Excess returns
Copyright ?1999 Ian H. Giddy
Time
International Financial Markets 15
New Financial Products: Economics of Financial Innovation
l Certain kinds of market imperfections allow hybrids to flourish
l But innovation are readily copied; so only certain kinds of firms can profit from innovations.
l There is a product cycle and profitability cycle of innovations.
Copyright ?1999 Ian H. Giddy
International Financial Markets 16
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