How the City Really Works – The Definitive Guide to Money and Investing in London`s Square Mile
Autor Alexander Davidsonen Limba Engleză Paperback – 2 apr 2010
How the City Really Works explains the workings of "the City" -- i.e. the City of London, the Wall Street of the UK and the impact of this city on our jobs, our money, and our lives. Davidson explains exactly what is going on. The book presents a precise and candid picture of the City's mechanisms and institutions, and how they relate to those in other global financial centres.
This revised and updated third edition covers latest business practice, regulation, corporate governance, ethics and all other important issues. It includes exciting new chapters on the shipping industry, Iceland and Islamic finance, and scrutinises the City's relations with Europe and the United States.
The book presents the key roled within the City, from stockbrockers and foreign exchange dealers to accountants and Lloyd's underwriters, and explains how these professuibs work together across sectors. Packed with clear information and analysis on the main products - from bonds and new share offerings to derivities and side cars - How the City Really Works gives you a crash course in: City markets, hedge funds and traders, regulation and corporate governance and the City's links with the US and Europe.
Informative and entertaining, this is the leading guide to how London's financial markets operate and how investors can use them to make money.
This revised and updated third edition covers latest business practice, regulation, corporate governance, ethics and all other important issues. It includes exciting new chapters on the shipping industry, Iceland and Islamic finance, and scrutinises the City's relations with Europe and the United States.
The book presents the key roled within the City, from stockbrockers and foreign exchange dealers to accountants and Lloyd's underwriters, and explains how these professuibs work together across sectors. Packed with clear information and analysis on the main products - from bonds and new share offerings to derivities and side cars - How the City Really Works gives you a crash course in: City markets, hedge funds and traders, regulation and corporate governance and the City's links with the US and Europe.
Informative and entertaining, this is the leading guide to how London's financial markets operate and how investors can use them to make money.
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Specificații
ISBN-13: 9780749459680
ISBN-10: 0749459689
Pagini: 416
Dimensiuni: 156 x 234 x 22 mm
Greutate: 0.7 kg
Ediția:3rd edition.
Editura: Kogan Page
ISBN-10: 0749459689
Pagini: 416
Dimensiuni: 156 x 234 x 22 mm
Greutate: 0.7 kg
Ediția:3rd edition.
Editura: Kogan Page
Cuprins
Foreword xxviii
Acknowledgements xxxii
1 The City of London 7
Introduction; The City defined; Financial markets; The City as a world leader; No gain without pain; Markets are people; The future; The next step
2 The Bank of England 17
Introduction; Origin; Role; Lender of last resort; More crisis reactions; Liquidity provision; Helping the government packages; Profit from the crisis; The future
3 Commercial banking 27
Introduction; Overview; History; Commercial banks in operation; Structured investment vehicles; Building societies; Raising capital; Credit collection Bad loans; Capital adequacy; The financial crisis
4 Introduction to equities 41
Introduction; Shares; Market indices; Stockbrokers; The next step
5 How to value shares 46
Introduction; Analysts’ forecasts; Ratios; Discounted cash flow analysis; Market influencers
6 New share issues 52
Introduction; Capital raising
7 Investment banking 58
Introduction; Overview; Initial public offering; Specialist types of share issues; Bond issues; Mergers and acquisitions; The future
8 Introduction to derivatives 68
Introduction; Cash and derivatives; Four types of derivative and transactions; Hedging and speculation; On-exchange versus OTC derivatives; Clearing and settlement; The credit crisis; European regulation
9 Derivatives for retail investors 78
Introduction; Options; Futures; Warrants; Financial spread betting; Contracts for difference
10 Wholesale market participants 86
Introduction; Banks; Investors; Inter-dealer brokers
11 Interest rate products 89
Introduction; Money markets; The interbank market; Debt securities; Repos; Interest rate derivatives; Index swaps; Forward rate agreements; Interest rate forwards; Government bonds; Yields and redemption; Market Size; Borrowing and the economy
12 Credit products 98
Introduction; Overview; Bonds; Credit derivatives; The future
13 Commodities 110
Introduction; Overview; The range of commodities – hard; The range of commodities – soft, The investment case for commodities, Regulation
14 Foreign exchange 121
Introduction; Global overview; The participants; Exchange rates; Supply and demand; Transaction types; Default risk; Further research
15 The London Stock Exchange and its trading systems 131
Introduction; Overview; Trading; Market makers; Users
16 Share trading venues and exchanges 143
Introduction; Overview; Exchanges; Multilateral trading facilities; Systematic internalizers; Dark liquidity pools; Consolidation
17 Post-trade services 148
Introduction; Overview; Clearing; Settlement; Safekeeping and custody; A changing competitive environment; Cross-border players; The future
18 Investors 162
Introduction; Retail investors; Institutional investors; The future
19 Pooled investments 168
Introduction; Investment funds; Investment strategies; Investment companies Exchange-traded funds; Hedge funds; Money market funds
20 Analysts and research 178
Introduction; fundamental analysis; Others
21 Financial communications 185
Introduction; Public relations; Investor relations; Corporate information flow; Journalists
22 UK financial services regulation 194
Introduction; Overview; The Financial Services Act; The Financial Services Authority; The FSA in transition; The future
23 European and global regulation 204
Introduction; European legislation so far; Europe in transition; Global regulation
24 Financial fraud 216
Introduction; Overview; Government initiatives; Specialist areas of fraud; Fraud busters; The future
25 Money laundering 228
Introduction; Overview; know your customer; Action against money launderers; The size of the problem; Global cooperation
26 Overview of corporate governance 235
Introduction; The concept; The Cadbury Code; The Greenbury Committee; The Combined Code; The Turnbull Report; OECD Principles of Corporate Goverance; Directors’ Remuneration Report Regulations; Higgs and Smith; The Revised Combined Code; Listing Rules; The Myners Report; Developments across Europe; The financial crisis; The Walker Review; The 2009 Review of the Combined Code; The future
27 Accounting and governance issues 247
Introduction; Accounting scandals; The Sarbanes-Oxley Act; European auditing and disclosure rules; Business review; International Financial Reporting Standards
28 Insurance and the London companies market 256
Introduction; Insurance overview; London; More about the London market; Regulatory developments; The future
29 Insurance: Lloyd’s of London 266
Introduction; Overview; How Lloyd’s works; Financial strength; International progress; The future
30 Reinsurance 278
Introduction; Overview; Reinsurance contracts; Retrocession; Specialist forms of reinsurance; Reinsurance reassessed; International regulatory developments; Dispute resolution
31 Retail insurance, savings and domestic property 287
Introduction; The regulator’s view; Products; General insurance; How the products are sold; Complaints and compensation
32 Pensions in flux 296
Introduction; Overview; The basic state pension; Occupational and personal pensions; Annuities and unsecured pensions
33 The shipping industry 316
Introduction; Overview; Financial crisis; Regulation of FFAs; Regulation of shipping; Global issues; Climate change; Piracy; The future
34 Catching the Iceland chill 327
Introduction; Internet accounts; The crisis; Lansbanki reimbursement issues; Action against Kaupthing; Flaws in cross-border regulation; The banking crisis; New and old banks; Towards resolution; Two of the recommendations; Conclusion
35 Islamic finance 336
Introduction; Overview; Sectors and products; Developing Islamic finance; the financial crisis and after; The future
36 Ethics and integrity 345
Introduction; Conceptual uncertainty; Putting ethics into practice; The way forward
37 Final word 350
Appendix 1: Useful websites 353
Appendix 2: Further reading 359
References 365
Index 376
Index of advertisers 386
Acknowledgements xxxii
1 The City of London 7
Introduction; The City defined; Financial markets; The City as a world leader; No gain without pain; Markets are people; The future; The next step
2 The Bank of England 17
Introduction; Origin; Role; Lender of last resort; More crisis reactions; Liquidity provision; Helping the government packages; Profit from the crisis; The future
3 Commercial banking 27
Introduction; Overview; History; Commercial banks in operation; Structured investment vehicles; Building societies; Raising capital; Credit collection Bad loans; Capital adequacy; The financial crisis
4 Introduction to equities 41
Introduction; Shares; Market indices; Stockbrokers; The next step
5 How to value shares 46
Introduction; Analysts’ forecasts; Ratios; Discounted cash flow analysis; Market influencers
6 New share issues 52
Introduction; Capital raising
7 Investment banking 58
Introduction; Overview; Initial public offering; Specialist types of share issues; Bond issues; Mergers and acquisitions; The future
8 Introduction to derivatives 68
Introduction; Cash and derivatives; Four types of derivative and transactions; Hedging and speculation; On-exchange versus OTC derivatives; Clearing and settlement; The credit crisis; European regulation
9 Derivatives for retail investors 78
Introduction; Options; Futures; Warrants; Financial spread betting; Contracts for difference
10 Wholesale market participants 86
Introduction; Banks; Investors; Inter-dealer brokers
11 Interest rate products 89
Introduction; Money markets; The interbank market; Debt securities; Repos; Interest rate derivatives; Index swaps; Forward rate agreements; Interest rate forwards; Government bonds; Yields and redemption; Market Size; Borrowing and the economy
12 Credit products 98
Introduction; Overview; Bonds; Credit derivatives; The future
13 Commodities 110
Introduction; Overview; The range of commodities – hard; The range of commodities – soft, The investment case for commodities, Regulation
14 Foreign exchange 121
Introduction; Global overview; The participants; Exchange rates; Supply and demand; Transaction types; Default risk; Further research
15 The London Stock Exchange and its trading systems 131
Introduction; Overview; Trading; Market makers; Users
16 Share trading venues and exchanges 143
Introduction; Overview; Exchanges; Multilateral trading facilities; Systematic internalizers; Dark liquidity pools; Consolidation
17 Post-trade services 148
Introduction; Overview; Clearing; Settlement; Safekeeping and custody; A changing competitive environment; Cross-border players; The future
18 Investors 162
Introduction; Retail investors; Institutional investors; The future
19 Pooled investments 168
Introduction; Investment funds; Investment strategies; Investment companies Exchange-traded funds; Hedge funds; Money market funds
20 Analysts and research 178
Introduction; fundamental analysis; Others
21 Financial communications 185
Introduction; Public relations; Investor relations; Corporate information flow; Journalists
22 UK financial services regulation 194
Introduction; Overview; The Financial Services Act; The Financial Services Authority; The FSA in transition; The future
23 European and global regulation 204
Introduction; European legislation so far; Europe in transition; Global regulation
24 Financial fraud 216
Introduction; Overview; Government initiatives; Specialist areas of fraud; Fraud busters; The future
25 Money laundering 228
Introduction; Overview; know your customer; Action against money launderers; The size of the problem; Global cooperation
26 Overview of corporate governance 235
Introduction; The concept; The Cadbury Code; The Greenbury Committee; The Combined Code; The Turnbull Report; OECD Principles of Corporate Goverance; Directors’ Remuneration Report Regulations; Higgs and Smith; The Revised Combined Code; Listing Rules; The Myners Report; Developments across Europe; The financial crisis; The Walker Review; The 2009 Review of the Combined Code; The future
27 Accounting and governance issues 247
Introduction; Accounting scandals; The Sarbanes-Oxley Act; European auditing and disclosure rules; Business review; International Financial Reporting Standards
28 Insurance and the London companies market 256
Introduction; Insurance overview; London; More about the London market; Regulatory developments; The future
29 Insurance: Lloyd’s of London 266
Introduction; Overview; How Lloyd’s works; Financial strength; International progress; The future
30 Reinsurance 278
Introduction; Overview; Reinsurance contracts; Retrocession; Specialist forms of reinsurance; Reinsurance reassessed; International regulatory developments; Dispute resolution
31 Retail insurance, savings and domestic property 287
Introduction; The regulator’s view; Products; General insurance; How the products are sold; Complaints and compensation
32 Pensions in flux 296
Introduction; Overview; The basic state pension; Occupational and personal pensions; Annuities and unsecured pensions
33 The shipping industry 316
Introduction; Overview; Financial crisis; Regulation of FFAs; Regulation of shipping; Global issues; Climate change; Piracy; The future
34 Catching the Iceland chill 327
Introduction; Internet accounts; The crisis; Lansbanki reimbursement issues; Action against Kaupthing; Flaws in cross-border regulation; The banking crisis; New and old banks; Towards resolution; Two of the recommendations; Conclusion
35 Islamic finance 336
Introduction; Overview; Sectors and products; Developing Islamic finance; the financial crisis and after; The future
36 Ethics and integrity 345
Introduction; Conceptual uncertainty; Putting ethics into practice; The way forward
37 Final word 350
Appendix 1: Useful websites 353
Appendix 2: Further reading 359
References 365
Index 376
Index of advertisers 386
Recenzii
"Too often, the institutions and markets that make up the City of London are viewed in isolation rather than as connected parts of a bigger entity. In this accessible introduction, Alexander Davidson offers a practical insight into how it all fits together." - Bloomberg Money
Notă biografică
Alexander Davidson is a financial journalist and a senior editor at Complinet. He is the author of How the Global Financial Markets Really Work, The Complete Guide to Online Stock Market Investing and How to Understand the Financial Pages (all published by Kogan Page).
Descriere
Davidson looks at all of the roles within the City of London, from stockbrokers to foreign exchange dealers, and examines how the roles relate to each other. He includes an in-depth examination of how London interacts with other European stock markets.