Monthly Archives: December 2007

Swap 掉期   In finance, a swap is a derivative in which two counterparties agree to exchange one stream of cash flows against another stream. These streams are called the legs of the swap. The cash flows are calculated over … Continue reading →

Short-selling 卖空 In finance, short selling or "shorting" is a way to profit from the decline in price of a security, such as a stock or a bond, in contrast to the ordinary investment practice, where an investor "goes long," … Continue reading →

Accredited investor 受信投资人 is a term defined by various securities laws that delineates investors permitted to invest in certain types of higher risk investments, limited partnerships, hedge funds and angel investor networks. The term generally includes wealthy individuals and organizations … Continue reading →

基准利率(Benchmark interest rate) Also called base interest rate, it is the minimum interest rate investors will demand for investing in a non-Treasury security. It is also tied to the yield to maturity offered on the comparable-maturity treasury security that was … Continue reading →

中央银行票据(central bank bills) 中央银行票据（以下简称央行票据）,是中央银行为调节商业银行超额准备金而向商业银行发行的短期债务凭证,其实质是中央银行债券，之所以称之为"央行票据",是为了突出其短期性特点。 　　央行票据由中国人民银行在银行间市场通过中国人民银行债券发行系统发行,其发行对象是公开市场业务的一级交易商。今年4月22日以来,央行共发行票据34期,发行量达到4450亿元,加上未到期的正回购转换的19期央行票据,央行共发行票据53期,累计发行额达到6387.5亿元。央行票据采用价格招标的方式贴现发行,在已发行的53期央行票据中,有19期除了竞争性招标之外,还同时向中国工商银行、中国农业银行、中国银行和中国建设银行等9家双边报价商以非竞争性招标方式配售。由于央行票据的发行不设分销商,其它投资者只能在二级市场上进行投资。 　　和在银行间债券市场上发行的其它债券品种一样,央行票据发行后也可以在银行间债券市场上流通,银行间市场投资者均可像投资其它债券品种一样参与央行票据的交易。央行票据由于其流动性的优势受到了投资者的普遍欢迎，从二级市场的交易情况来看,在银行间市场7月份的现券交易中,央行票据成交量达到2260.04亿元,占当月现券总成交量的48.38%,接近国债现券交易量的半壁江山。 (孙四秒)