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	Financial markets - Wikipedia, the free encyclopedia
		Financial markets can be domestic or they can be international.
		During the 1980s and 1990s, a major growth sector in financial markets is the trade in so called derivative products, or derivatives for short.
		The general perception, for those not involved in the world of financial markets is of a place full of crooks and con artists.
	en.wikipedia.org /wiki/Financial_market (1251 words)

	Financial intermediary - Wikipedia, the free encyclopedia
		The term financial intermediary may refer to an institution, firm or individual who performs intermediation between two parties in a financial context.
		In the US, a financial intermediary is typically an institution that facilitates the channelling of funds between lenders and borrowers.
		This may be in the form of loans or mortgages.
	en.wikipedia.org /wiki/Financial_intermediaries (130 words)

	Explain the possible adverse consequences to financial intermediaries from a change in the interest rate.
		A financial intermediary issues £500million of liabilities with one-year maturity to finance the purchase of £500million of assets with two years maturity, and is therefore short-funded.
		This risk is however, mirrored by the benefits gained by the financial intermediary if the interest decreases and the intermediary can borrow at 8% and so profits would increase to £10million in the second year.
		Financial intermediaries also face interest rate risk if the balance sheet is structured the other way around, with liabilities held long and assets held short.
	www.coursework.info /i/73080.html (625 words)

	FSF: Elements of the financial system (Site not responding. Last check: 2007-10-08)
		The financial intermediaries, of course, receive a fee, represented by the difference between the cost of their indirect securities and the revenue from the primary securities held.
		Since financial institutions tend to be more specialised on the liability side of their balance sheets, it would be appropriate to classify them according to the nature of the indirect securities they issue.
		The term financial market therefore encompasses the participants and their dealings in particular financial claims or groups of claims and the manner in which their demands and requirements interact to set a price for such claims (the interest rate).
	www.finforum.co.za /markets/eleconts.htm (3581 words)

	EH.Net Encyclopedia: Origins of Commercial Banking in the United States, 1781-1830
		As financial intermediaries, commercial banks pooled the wealth of a large number of savers and lent fractions of that pool to a diverse group of enterprising business firms.
		The power vacuum left after the withdrawal of British troops and leading Loyalist families had to be filled, and many members of the commercial elite wished to fill it and to justify their control with an ideology of meritocracy.
		By providing loans to entrepreneurs based on the merits of their businesses, and not their genealogies, banks and other financial intermediaries helped to spread the notion that wealth and power should be allocated to the most able members of post-Revolutionary society, not to the oldest or best groomed families.
	eh.net /encyclopedia/?article=wright.banking.commercial.origins (3470 words)

	Notes on Mishkin Chapter 2: Part A (Econ 353, Tesfatsion)
		The gap between the average maturity of an intermediary's assets and the average maturity of its liabilities is referred to as the maturity gap of the intermediary.
		Intermediaries are also able to reduce the transactions costs associated with the writing and communicating of contract terms for borrowers and lenders, particularly in cases where the contract terms are highly specialized to the situation at hand.
		The transactions and information costs incurred by a financial intermediary are passed on to the pool of agents who lend to the intermediary in the form of lower interest rates and to borrowers in the form of higher interest rates.
	www.econ.iastate.edu /classes/econ353/tesfatsion/mish2a.htm (2990 words)

	Financial Intermediaries
		Although these intermediaries are important in the macroeconomic functioning of the economy, they are usually stable and change only slowly.
		Many financial intermediaries, including many or most savings banks, savings and loan associations, and credit unions, plus some of insurance companies were established as not as profit-maximizing institution, but as mutual aid or charitable institutions.
		Access to financial markets was considered necessary for economic advancement.
	ingrimayne.saintjoe.edu /econ/Financial/Intermediaries.html (607 words)

	Introduction to Financial Markets (Econ 308, Tesfatsion)
		The financial assets issued to savers are claims against the financial intermediaries, hence liabilities of the financial intermediaries, whereas the financial assets received from borrowers are claims against the borrowers, hence assets of the financial intermediaries.
		By definition, the current annual yield to maturity for a financial asset is the particular fixed annual interest rate i which, when used to calculate the present value of the financial asset's future stream of payments to the financial asset's owner, yields a present value equal to the current market value of the financial asset.
		What actually concerns a "rational" saver considering the purchase of a financial asset is not the nominal payment stream he or she expects to earn in future periods but rather the command over purchasing power that this nominal payment stream is expected to entail.
	www.econ.iastate.edu /classes/econ308/tesfatsion/finintro.htm (4979 words)

	The role of financial intermediaries
		For instance, a requirement that the financial intermediary make a determination that a particular CIS is a "suitable" investment based on the investment objectives and financial circumstances of the investor to whom the recommendation is made.
		These standards of conduct may be enforceable by a regulatory authority, by a selfregulatory organization of which the financial intermediary is a member, or through private litigation against the intermediary for breach of the standard of conduct requirement.
		For example, financial intermediaries selling CIS units to elderly, retired or firsttime investors may have heightened obligations with respect to ensuring that a particular CIS product is appropriate for the investor.
	riskinstitute.ch /135660.htm (455 words)

	Study Segments Financial Intermediaries By Behavior by Insurance Networking News
		Traditional methods of predicting financial intermediary investment preferences based on distribution channel segmentation provide little insight into underlying behavior and may actually be counter-productive, according to the results of a new study conducted by kasina, a New York-based consulting firm.
		Multivariate data about intermediary demographics, attitudes, and behavior were used to analyze intermediary behavior and identify the inherent segments, or groups, that naturally exist in the marketplace.
		The study found that intermediary channels are distributed almost equally among the six Segments: roughly 55% of each segment consists of independent financial advisors, 16% were wirehouse brokers, 11% national and regional broker/dealer representatives, 7% insurance agents, 4% accountants, 3% bank employees, and less than 1% were attorneys.
	www.insurancenetworking.com /protected/article.cfm?articleId=2311&pb=ros (671 words)

	Memorandum to Financial Intermediaries October 14, 2002
		Even the buy-side analysts of our large financial institutions engaged in their own search for glowing investment performance, put aside the lessons of their training and experience as well as their skepticism, and joined in the mania.
		Put another way, the intermediaries put up 0% of the capital, took 0% of the risk, and garnered 50% of the return, the investor put up 100% of the capital, took 100% of the risk, and received 50% of the return.
		Generous financial market returns are especially important to our industries for, holding costs constant, the higher the return, the lower the proportion consumed by our operating, investment, trading, and marketing expenses.
	www.vanguard.com /bogle_site/sp20021014.html (5749 words)

	Finance and growth: Schumpeter might be right
		Financial intermediaries--the ones that mobilize savings, allocate capital, manage risk, ease transactions, and monitor firms--are essential for economic growth and development.
		Banks are not the only organizations that provide financial services, and in many countries banks are strongly influenced by the government and central bank, blurring the distinction between banks and central banks.
		Intermediaries that finance private firms probably provide more services than a system that simply funnels resources to the government or state-owned enterprises.
	www.worldbank.org /html/prddr/outreach/or4.htm (1333 words)

	Financial Intermediaries (Site not responding. Last check: 2007-10-08)
		Financial intermediaries will continue to play the role of long-term players with reputations to maintain: the bigger the deal the more this matters
		Financial intermediaries that economize on search costs for investors include providers of data, analysis, and forecasts -- much more plentiful now, but critical data and analysis still is costly
		Economizing on costs of completing and implementing transactions becomes less important part of financial intermediation for routine transactions, as these are made fully electronic
	zzyx.ucsc.edu /~boxjenk/ec139-01/139W01-6/sld034.htm (107 words)

	[No title]
		It has long been known that financial intermediaries whose liabilities are guaranteed by the government pose a serious problem of moral hazard.
		But now suppose that there are financial intermediaries, once again able to borrow at the world interest rate (again normalized to zero) because they are perceived as being guaranteed.
		The price of this simplification is that the model predicts that intermediaries will "almost always" require a bailout, since competition pushes them to the point where they do not earn economic profits in any state of the world, and cover their costs only in the most favorable possible state.
	web.mit.edu /krugman/www/DISINTER.html (5234 words)

	Tasks of Financial Intermediaries (Site not responding. Last check: 2007-10-08)
		Financial intermediaries help to channel funds from lenders to borrowers at a lower cost.
		Financial intermediaries screen borrowers and guarantee the safety of the deposits up to a certain amount.
		Financial intermediaries perform this service and in time, gain the expertise that makes such analysis cheaper.
	www.brazosport.cc.tx.us /~econ/arch/FinInterme.html (211 words)

	2332. Financial Intermediary Distress in the Republic of Korea: Small Is Beautiful? (Site not responding. Last check: 2007-10-08)
		During a systemic financial crisis in Korea, the probability of financial distress was greater for large financial intermediaries (such as commercial banks and merchant banking corporations) than it was for tiny mutual savings and finance companies.
		They pool together a group of large financial intermediaries (commercial banks, merchant banking corporations) and another group of tiny mutual savings and finance companies.
		Estimating a logit model, they find that the probability of distress was systematically smaller for the mutual savings and finance companies that stayed closer to their origins (for example, collecting many deposits as “credit mutual installment savings”) and for those with a longer history of doing business in their local community.
	wbln0018.worldbank.org /research/workpapers.nsf/(allworkingpapers)/092E936B3DF6B2E3852568D300530617 (335 words)

	Financial Intermediaries and Markets (Site not responding. Last check: 2007-10-08)
		We distinguish financial intermediaries according to whether they issue complete contingent contracts or incomplete contracts.
		Intermediaries such as banks that issue incomplete contracts, e.g., demand deposits, are subject to runs, but this does not imply a market failure.
		A sophisticated financial system—a system with complete markets for aggregate risk and limited market participation—is incentive-efficient, if the intermediaries issue complete contingent contracts, or else constrained-efficient, if they issue incomplete contracts.
	fic.wharton.upenn.edu /fic/papers/00/p0044.html (104 words)

	New England Economic Review: Safety and Soundness of Financial Intermediaries: Capital Requirements, Deposit Insurance, ...
		More than two-thirds of the $25 trillion of financial assets held in the United States is managed on behalf of investors by financial intermediaries, ranging from trusts, mutual funds, and mortgage pools to insurance companies, pension funds, and banks.
		When not all investors are fully informed about the prospective returns on all assets, the cost of funds for financial intermediaries depends on savers' state of confidence in their investments.
		Because the regulations that govern intermediaries affect the price of risk in financial markets and because this influence varies with economic conditions, the actions of regulators, like those of the monetary authority, may need to adjust with economic conditions in order to foster the prudent valuation of assets.
	www.bos.frb.org /economic/neer/neer1995/neer695d.htm (282 words)

	NRP 61 Linking formal and informal financial intermediaries in Ghana: Conditions for success and implications for RNR ... (Site not responding. Last check: 2007-10-08)
		However, it is not the case that informal financial agents always step in where banks fear to tread: some moneylenders and susu collectors can be just as reluctant as the banks to advance loans for primary production and and fish catch for exactly the same kind of reasons.
		The advantages of linkage for both the formal financial institutions and the informal groups oragents are also apparent with respect to lending arrangements (Table 3): interest earnings are substantial, repayment rates high and high proportions of group members have ´graduated´ to direct relations with the financial institutions.
		With official recognition of the informal financial sector and its inclusion in regulatory reform, two important preconditions for innovative policy towards the informal financial sector have been fulfilled in Ghana.
	www.odi.org.uk /nrp/61.html (2873 words)

	Financial Markets Research Center (FMRC) - Vanderbilt University
		The Financial Markets Research Center at Vanderbilt University was founded in 1987 to foster scholarly research in financial markets, financial instruments, and financial institutions.
		Research of the Center may focus on participants in financial markets, such as brokers, exchanges, and financial intermediaries, on businesses needing financing, and on appropriate regulatory policy.
		Funds are used to maintain financial markets data bases and to support the Center's research projects.
	www2.owen.vanderbilt.edu /fmrc (194 words)

	Report Recommends Improved Disclosure Practices for Financial Intermediaries (FSF Press Release 26 April 2001)
		The report makes a number of recommendations concerning disclosures that should be provided by financial intermediaries that incur a material level of the relevant financial risks, through periodic reports to their shareholders, creditors and counterparties.
		In addition, certain areas, such as liquidity risks, were identified where quantitative information would fill an important gap in financial disclosures, but where further development of risk assessment concepts and methods or consideration of their costs and benefits would be necessary before reaching a judgement on such disclosures.
		The report is based on nineteen months of work including a pilot study of data collected from forty-four financial institutions from a variety of sectors in nine countries.
	www.bis.org /press/p010426.htm (428 words)

	What Is the Economic Function of a Bank? (07/2001)
		As a key component of the financial system, banks allocate funds from savers to borrowers in an efficient manner.
		This is not just an academic exercise; many former eastern-block nations began facing this question when they began to create financial markets and develop market-oriented banks and other financial institutions.
		Still, banks continue to account for a significant share-over 23 percent-of the assets of all financial intermediaries at the end of year 2000, as the chart below shows.
	www.frbsf.org /education/activities/drecon/2001/0107.html (549 words)

	Money Laundering and Financial Intermediaries (Studies in Comparative Corporate and Financial Law, V: ... (Site not responding. Last check: 2007-10-08)
		This work offers a critical examination of the criminal anti-money laundering provisions and their impact on financial intermediaries, which may play a facilitating role in the money laundering process.
		Vast amounts of money are said to be laundered through financial intermediaries in the United Kingdom, thereby potentially affecting the integrity of the financial markets.
		The crucial issues relating to financial intermediaries concern the interaction between procedural norms and equitable or criminal liability, the conflicts between disclosure and client confidentiality, the privilege against self-incrimination, and the procedural aspects of imposing corporate criminal liability.
	bookweb.kinokuniya.co.jp /htmy/9041197958.html (275 words)

	Financial Intermediaries (Site not responding. Last check: 2007-10-08)
		Transformation of financial assets involves modifying their risk-return characteristics - one simple example is pooling various assets and dividing up the pool into shares (mutual funds for stocks and bonds)
		Retail banks and brokerages are examples of financial intermediaries that move the product or service physically closer to the final customer
		Expertise is perhaps the ultimate source of value creation by financial intermediaries -- becomes more important as other sources of value capture recede
	zzyx.ucsc.edu /~boxjenk/ec139-01/139W01-6/tsld033.htm (96 words)

	EconPapers: Financial intermediaries, markets, and growth
		Abstract: This paper contributes to the literature comparing the relative performance of financial intermediaries and markets by studying an environment in which a trade-off between risk sharing and growth arises endogenously.
		Financial intermediaries provide insurance to households against a liquidity shock.
		In equilibrium, the ability of intermediaries to share risk is constrained by the market.
	econpapers.hhs.se /paper/ecmnasm04/419.htm (245 words)

	AllRefer.com - Israel - Financial Services in Israel \| Israeli Information Resource
		In the late 1980s, Israel's financial system consisted of various financial intermediaries providing a range of services from short-term overdraft privileges to the financing of long-term investments in construction, industry, agriculture, and research and development.
		This financial system was concentrated among a limited number of large banking groups under the supervision and control of the Bank of Israel.
		The financial system provided three types of credit instruments: short-term, nondirected credit financing; short-term, directed credit financing, and long-term and medium-term credit financing.
	reference.allrefer.com /country-guide-study/israel/israel91.html (1198 words)

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