银行管理学全套配套课件 powerpoint ch13.ppt

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1、THEINVESTMENTPORTFOLIOANDPOLICYGUIDELINESChapter19BankManagement,5thedition.TimothyW.KochandS.ScottMacDonaldCopyright©2003bySouth-Western,adivisionofThomsonLearningThesecuritiesactivitiesoflargebanksandsmallbanksarefundamentallydifferent.Smallbanksgenerallypurchasesecuritiesan

2、dholdthemuntilmaturity.Largebanks,incontrast,notonlybuysecuritiesfortheirownportfolios,buttheyalsofrequently:manageasecuritiestradingaccountmanageanunderwritingsubsidiarythathelpsmunicipalitiesissuedebtinthemoneyandcapitalmarketsDealeroperationsandthesecuritiestradingaccountMany

3、largebanksholdsecuritiesaspartofatradingaccount.Atradingaccountrepresentsaninventoryofsecuritiesthatabankholdsforresaletootherinvestors:Inthiscapacity,banksoperatebothasprimarydealerswiththeFederalReserveandasmarketmakerswithotherparticipants.Asaprimarydealer,abanknormallybuysU.

4、S.Treasurysecuritiesatauctionandinthesecondarymarketandsellsthemtoitscustomers.Banksperformthreebasicfunctionswithintheirtradingactivities.OfferinvestmentadviceandassistancetocustomersmanagingtheirownportfoliosMaintainaninventoryofsecuritiesforpossiblesaletoinvestorstheirwilling

5、nesstobuyandsellsecuritiesiscalledmakingamarketTradersspeculateonshort-terminterestratemovementsbytakingpositionsinvarioussecuritiesBanksearnprofitsfromtheirtradingactivitiesinseveralways.Whenmakingamarket,theypricesecuritiesatanexpectedpositivespread,chargingahigherprice(loweri

6、nterestrate)ProfitsarisefromapositivespreadbetweentheaskandthebidpricesTraderscanalsoearnprofitsiftheycorrectlyanticipateinterestratemovementsObjectivesoftheinvestmentportfolioAbank’sinvestmentportfoliodiffersmarkedlyfromatradingaccountasinvestmentsecuritiesareheldtomeetoneofsix

7、generalobjectives:SafetyorpreservationofcapitalLiquidityYieldCreditriskdiversificationHelpinmanageinterestrateriskexposureAssistinmeetingpledgingrequirementsAccountingforinvestmentsecuritiesFASB115requiresbankstodividetheirsecuritiesholdingsintothreecategories:HeldtoMaturity:Se

8、curitiespurchasedwiththeintenttoholdtofinalmatu