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Money Markets Overview & Risks - Unsecured vs. Secured
Fidel Thiessenhusen, June 2012, Pages: 72
The report begins by providing a money market definition and an overview of the market instruments and participants. It then compares unsecured money market time deposits with secured repurchase agreements. The structure and products are explained and examples are provided. One special focus in this section will be on the main risks encountered in money market transactions and on risk management.
1. The Financial Market
1.1 Differentiation Money Markets and Capital Markets
1.2 Money Market Participants
1.3. Financial Instruments Used in Money Markets
1.3.1. Treasury Bills
1.3.2. Commercial Paper
1.3.3. Certificates of Deposit
1.3.4. Forward Rate Agreements
1.3.5. Interest Rate Swaps
2. The Unsecured Money Market
2.1. Interbank Time Deposits
2.2. Structure of a Time Deposit Transaction
2.3. Terms
2.4. Interest Rates
2.4.1. LIBOR
2.4.2. EONIA
2.4.3. EURIBOR
2.5. Types of Risks Involved in a Time Deposit Transaction
2.5.1. Market Risk
2.5.2. Credit Risk
2.5.3. Liquidity Risk
2.5.4. Operational Risk
2.5.5. Concentration Risk
2.5.6. Interest Rate Risk
2.6. Risk Management
3. The secured money market
3.1. Repurchase Agreements
3.2. Characteristics of the Repo Market
3.3. Repo Products
3.3.1. Structure of a Repo Transaction
3.3.2. Classic Repo
3.3.2.1. Cross-Currency Repos
3.3.2.2. Floating-Rate Repos
3.3.2.3. Flexible Repos
3.3.3. Buy/Sell Back
3.3.4. Triparty Repo
3.3.5. Securities Lending
3.3.6. Total Return Swap
3.3.7. Summary
3.4. Repo Rates
3.5. Collateral
3.6. Terms
3.7. Global Master Repurchase Agreement (GMRA)
3.7.1. Structure of the GMRA
3.7.2. Other Legal Agreements
3.8. Motivation and Strategies behind Repo Transactions
3.8.1. Funding
3.8.2. Yield Curve
3.8.3. Yield Enhancement
3.8.4. Settlement Coverage
3.8.5. Specials Trading
3.8.6. Collateral Swaps
3.8.7. Matched Book
3.9. Types of Risks Involved in a Repo Transaction
3.9.1. Market Risk
3.9.2. Credit Risk
3.9.3. Settlement Risk
3.9.4. Issuer Risk
3.9.5. Currency Risk
3.9.6. Legal Risk
3.10. Risk Management
3.10.1. Mark to Market
3.10.2. Margin Calls
3.10.3. Haircut
3.10.4. Concentration Limit
3.10.5. Trading Limit
3.10.6. Substitutions
3.10.7. Settlement Provision and Initiatives
3.10.8. Central Counterparties
List of Abbreviations
List of Figures
Bibliography
Product Samples
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