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美国金融学留学作业(2)

时间:2015-01-15 13:15来源:www.ukassignment.org 编辑:pesix0 点击:
An option is similar in some ways to a forward, although there are several critical distinctions. The primary difference is that an option involves the right, not the obligation, to complete a financi
 
An option is similar in some ways to a forward, although there are several critical distinctions. The primary difference is that an option involves the right, not the obligation, to complete a financial transaction.
 
利率的选择-Interest Rate Option
 
Banks offer variety of interest rate options to give a company a right if it wishes to do so, to borrow at an agreed rate within a stated future period. There are also options for minimum deposit rate for a given period to protect an investor against fluctuations in future rates.
 
货币掉期交易Currency Swaps
 
These are of interest to businesses with asset or liability positions in a particular currency which may lead to losses if exchange rates move against them. By matching companies in opposite positions a bank can help both parties.
 
利率互换-Interest Rate Swaps
 
Banks usually enter the interest rate swap market as intermediaries that arrange the swaps among counterparties for a fee. So long as banks maintain a matched swap book and provide no counterparty guarantees they have minimal exposures to interest rate risk.
 
证券化-Securitization
 
Securitization is a financial technique that pools assets together and, in effect, turns them into a tradable security. Financial institutions, banks and businesses of all kinds use securitization to immediately realize the value of a cash-producing asset. Banks originate and distribute securitized instruments based upon real estate loans, credit cards receivables, automobile loans and recently some commercial loans.
 
1.2.2咨询服务-1.2.2 Advisory Services:
 
The field of advisory services has always been one which banks have offered, but the extent and range of the services have changed significantly in recent years. The routine activities of businesses have always called for overdrafts, loans and specialized development advice.
 
Banks have always had special enthusiasts working with local industry to build not only industry enterprises but the whole infrastructure of a country. Today these have enlarged to embrace commodities, energy, distribution, aviation, electronics and aerospace. Particular areas are as follows:
 
企业服务-Business Enterprise Services
 
Banks provide these services, which are grass root advisory services for new enterprises, tied to the official aid scheme, the small firms services and bodies such as the council for small industries in rural areas (COSIRA) in UK and small and medium enterprise development authority (SMEDA) in Pakistan.
 
新的问题和企业融资-New Issues and Corporate Finance
 
Banks provides advice to big companies that are moving into the unlisted securities market or are going public, need advice on corporate finance, capital structuring and sources of funds.
 
并购服务-Mergers and Acquisitions Services
 
At the highest level some of the major banks offer a huge range of services to companies seeking acquisition or wishing amalgamation with other companies in the same or related fields of activity.
 
1.2.3 保险服务-1.2.3 Insurance Services:
 
Most banks in the developed countries like UK have a subsidiary company which offers a wide range of insurance cover, though this is not necessarily provided by the subsidiary itself. More frequently the banking subsidiary has relations with whole range of insurance companies and Lloyds brokers to find a policy that is suitable for the customer’s particular circumstances. The premium paid is then shared in some fair ratio between the bank, acting as agent and the company actually providing the cover.
 
1.2.4在线/网上银行-1.2.4 Online / Internet Banking:
 
With the internet recognized as a strong mechanism for the creation and delivery of information, product and services, it was simply a question of time before all the segments of the financial industry including banks gravitated to the web. Though early web finance activity appearing in the mid 1990’s was pioneered by small institutions, most major players soon joined in the web based strategies for the delivery of financial service. Online banking (Internet banking) is a term used for performing transactions, payments etc. Over the internet through a bank’s secure website. This can be very useful, especially for banking outside bank hours (which tend to be very short) and banking from anywhere where internet access is available. In most cases a web browser such as Internet Explorer is utilized and any normal internet connection is suitable. No special software or hardware is usually needed.
 
Banks usually offer Internet banking in two main ways. An existing bank with physical offices can establish a Web site and offer Internet banking to its customers as an addition to its traditional delivery channels. A second alternative is to establish a .virtual or Internet only bank. The computer server that lies at the heart of a virtual bank may be housed in an office that serves as the legal address of such a bank, or at some other location. Internet banks may offer their customers the ability to make deposits and withdraw funds via ATMs or other remote delivery channels owned by other institutions.
 
Understanding the various kinds of Internet banking products will help examiners assess the risks involved. Currently, the following three basic kinds of Internet banking are being employed in the marketplace: Informational internet banking is the basic level of Internet banking. Typically, the website has marketing information about the bank’s products and services on a stand-alone server. The risk is comparatively low, as informational systems typically have no link between the web server and the bank’s internal network.
 
Communicative internet banking allows some communication between the bank’s systems and the customer. The communication may be restricted to electronic mail; account inquiry, loan applications, or static file updates (name and address changes). Because these servers may have a link to the bank’s internal networks, the risk is slightly higher with this configuration than with informational systems. Appropriate controls need to be in place to avoid any unauthorized access to the bank’s internal network. Virus controls also become much more significant in this environment. Transactional internet banking allows customers to execute transactions. Since a ling typically exists between the web server and the bank’s internal network, this is the highest risk structural design and must have the strongest controls. Customer transactions can include accessing accounts, paying bills, transferring funds, etc. The number of customers who choose online banking as their preferred method of dealing with their finances is growing rapidly as many people appreciate the convenience. There are a growing number of banks that operate exclusively online. Because these online banks have low costs compared to traditional banks they can offer higher interest rates.
 
Protection through single password authentication, as is the case in most secure internet shopping sites, is not considered secure enough for online banking applications in some countries. Online banking user interfaces are secure sites and traffic of all information including the password is encrypted, making it next to impossible for a third party to obtain or change information after it is sent. However, encryption alone does not rule out the danger of password cracking and physical theft of passwords written down by careless users. Many online banking services therefore impose a second layer of security. Strategies vary, but a common method used is the transaction numbers, which are essentially single use passwords. Another strategy is the use of two passwords, only random parts of which are entered at the start of every online banking session. A third popular strategy is providing customers with chip card readers capable of generating single use passwords unique to the customer’s chip card. In UK most of the banks use single and two password strategies while in Pakistan, most online banking still uses single password protection.
 
Some customers avoid online banking as they perhaps wrongly perceive it as being too vulnerable to frauds. The security measures employed by most banks are never 100% safe, but in practice the number of online banking fraud victims are very small. Indeed, conventional banking practices may be easier for fraudsters than online banking. Credit card fraud, signature forgery and identity theft are far more widespread "offline" crimes than hacking. Bank transactions are generally traceable and criminal penalties for bank fraud are high. Online banking can be more insecure if users are careless or computer illiterate.
 
1.2.5电话银行-1.2.5 Telephone Banking
 
The banking sector is still in the grip of tremendous cost and competitive pressure. In spite of, or perhaps because of this pressure smart ideas are needed to keep customers and increase their value so that long term success of the bank can be guaranteed. The concept and practice of telephone banking has made it possible for banks. Large number of banks sees the telephone banking as the most suitable support to home banking leading to fast customer service with less cost. With telephone banking it is possible to contact the bank wherever and whenever you want, 24 hours a day, seven days a week, to keep an eye on what’s going in and out of ones bank accounts. Generally a pre-recorded or automated voice will take a customer through the instructions and if customer requires some advice on a Banks product or service he/she can speak to trained advisers. Telephone banking is a secure and confidential service. The bank provides a unique membership number and pin code to customers when they join, which will be needed every time the account is accessed.


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