The document describes several international financial markets including the foreign exchange market, Eurocurrency market, Eurocredit market, Eurobond market, and international stock markets. It discusses the motives for investors, creditors, and borrowers to use these markets such as to take advantage of favorable economic conditions abroad or higher/lower interest rates. The document also provides background on the development and operations of each market.
" Managing working capital, financing the business, assessing
control of foreign Exchange and political risks and evaluating foreign
direct Investment."
It is very helpful for the students to describe the background and corporate use of the following international financial markets:
Foreign exchange market,
Eurocurrency market,
Euro credit market,
Eurobond market, and
International stock markets.
This PPT deals with the global capital market which is a network of financial institutions and markets where individuals, companies, and governments can raise and invest capital on an international scale.
All related information about International bond markets for example segments of international bonds, types of international bonds, sovereign bond, eurobond, foreign bond, global bond wtih examples and so on.
" Managing working capital, financing the business, assessing
control of foreign Exchange and political risks and evaluating foreign
direct Investment."
It is very helpful for the students to describe the background and corporate use of the following international financial markets:
Foreign exchange market,
Eurocurrency market,
Euro credit market,
Eurobond market, and
International stock markets.
This PPT deals with the global capital market which is a network of financial institutions and markets where individuals, companies, and governments can raise and invest capital on an international scale.
All related information about International bond markets for example segments of international bonds, types of international bonds, sovereign bond, eurobond, foreign bond, global bond wtih examples and so on.
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
The Evolution of Non-Banking Financial Companies (NBFCs) in India: Challenges...beulahfernandes8
Role in Financial System
NBFCs are critical in bridging the financial inclusion gap.
They provide specialized financial services that cater to segments often neglected by traditional banks.
Economic Impact
NBFCs contribute significantly to India's GDP.
They support sectors like micro, small, and medium enterprises (MSMEs), housing finance, and personal loans.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
Seminar: Gender Board Diversity through Ownership NetworksGRAPE
Seminar on gender diversity spillovers through ownership networks at FAME|GRAPE. Presenting novel research. Studies in economics and management using econometrics methods.
Abhay Bhutada Leads Poonawalla Fincorp To Record Low NPA And Unprecedented Gr...Vighnesh Shashtri
Under the leadership of Abhay Bhutada, Poonawalla Fincorp has achieved record-low Non-Performing Assets (NPA) and witnessed unprecedented growth. Bhutada's strategic vision and effective management have significantly enhanced the company's financial health, showcasing a robust performance in the financial sector. This achievement underscores the company's resilience and ability to thrive in a competitive market, setting a new benchmark for operational excellence in the industry.
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the telegram contact of my personal pi merchant to trade with
@Pi_vendor_247
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
2. C3 - 2
• To describe the background and corporate
use of the following international financial
markets:
¤ foreign exchange market,
¤ Eurocurrency market,
¤ Eurocredit market,
¤ Eurobond market, and
¤ international stock markets.
Chapter Objectives
3. C3 - 3
Motives for Using
International Financial Markets
• The markets for real or financial assets are
prevented from complete integration by
barriers such as tax differentials, tariffs,
quotas, labor immobility, communication
costs, cultural differences, and financial
reporting differences.
• Yet, these barriers can also create unique
opportunities for specific geographic
markets that will attract foreign investors.
4. C3 - 4
• Investors invest in foreign markets:
¤ to take advantage of favorable economic
conditions;
¤ when they expect foreign currencies to
appreciate against their own; and
¤ to reap the benefits of international
diversification.
Motives for Using
International Financial Markets
5. C3 - 5
• Creditors provide credit in foreign
markets:
¤ to capitalize on higher foreign interest
rates;
¤ when they expect foreign currencies to
appreciate against their own; and
¤ to reap the benefits of international
diversification.
Motives for Using
International Financial Markets
6. C3 - 6
• Borrowers borrow in foreign markets:
¤ to capitalize on lower foreign interest rates;
and
¤ when they expect foreign currencies to
depreciate against their own.
Motives for Using
International Financial Markets
7. C3 - 7
Foreign Exchange Market
• The foreign exchange market allows
currencies to be exchanged in order to
facilitate international trade or financial
transactions.
• The system for establishing exchange
rates has evolved over time.
¤ From 1876 to 1913, each currency was
convertible into gold at a specified rate, as
dictated by the gold standard.
8. C3 - 8
Foreign Exchange Market
¤ This was followed by a period of instability,
as World War I began and the Great
Depression followed.
¤ The 1944 Bretton Woods Agreement called
for fixed currency exchange rates.
¤ By 1971, the U.S. dollar appeared to be
overvalued. The Smithsonian Agreement
devalued the U.S. dollar and widened the
boundaries for exchange rate fluctuations
from ±1% to ±2%.
9. C3 - 9
Foreign Exchange Market
¤ Even then, governments still had difficulties
maintaining exchange rates within the
stated boundaries. In 1973, the official
boundaries for the more widely traded
currencies were eliminated and the floating
exchange rate system came into effect.
10. C3 - 10
Foreign Exchange
Transactions
• There is no specific building or location
where traders exchange currencies.
Trading also occurs around the clock.
• The market for immediate exchange is
known as the spot market.
• The forward market enables an MNC to
lock in the exchange rate at which it will
buy or sell a certain quantity of currency
on a specified future date.
11. C3 - 11
• Hundreds of banks facilitate foreign
exchange transactions, though the top 20
handle about 50% of the transactions.
• At any point in time, arbitrage ensures that
exchange rates are similar across banks.
• Trading between banks occurs in the
interbank market. Within this market,
foreign exchange brokerage firms
sometimes act as middlemen.
Foreign Exchange
Transactions
12. C3 - 12
• The following attributes of banks are
important to foreign exchange customers:
¤ competitiveness of quote
¤ special relationship between the bank and
its customer
¤ speed of execution
¤ advice about current market conditions
¤ forecasting advice
Foreign Exchange
Transactions
13. C3 - 13
• Banks provide foreign exchange services
for a fee: the bank’s bid (buy) quote for a
foreign currency will be less than its ask
(sell) quote. This is the bid/ask spread.
• bid/ask % spread = ask rate – bid rate
ask rate
• Example: Suppose bid price for £ = $1.52,
ask price = $1.60.
bid/ask % spread = (1.60–1.52)/1.60 = 5%
Foreign Exchange
Transactions
14. C3 - 14
• The bid/ask spread is normally larger for
those currencies that are less frequently
traded.
• The spread is also larger for “retail”
transactions than for “wholesale”
transactions between banks or large
corporations.
Foreign Exchange
Transactions
15. C3 - 15
Interpreting
Foreign Exchange Quotations
• Exchange rate quotations for widely
traded currencies are frequently listed in
the news media on a daily basis. Forward
rates may be quoted too.
• The quotations normally reflect the ask
prices for large transactions.
16. C3 - 16
• Direct quotations represent the value of a
foreign currency in dollars, while indirect
quotations represent the number of units
of a foreign currency per dollar.
• Note that exchange rate quotations
sometimes include IMF’s special drawing
rights (SDRs).
• The same currency may also be used by
more than one country.
Interpreting
Foreign Exchange Quotations
17. C3 - 17
• A cross exchange rate reflects the amount
of one foreign currency per unit of another
foreign currency.
• Value of 1 unit of currency A in units of
currency B = value of currency A in $
value of currency B in $
Interpreting
Foreign Exchange Quotations
18. C3 - 18
• Check out these foreign exchange sites:
¤ http://pacific.commerce.ubc.ca/xr/
¤ http://sonnet-financial.com/rates/full.asp
¤ http://www.oanda.com/
Online Application
19. C3 - 19
Currency Futures and Options Market
• A currency futures contract specifies a
standard volume of a particular currency
to be exchanged on a specific settlement
date. Unlike forward contracts however,
futures contracts are sold on exchanges.
• Currency options contracts give the right
to buy or sell a specific currency at a
specific price within a specific period of
time. They are sold on exchanges too.
20. C3 - 20
$
Eurocurrency Market
• U.S. dollar deposits placed in banks in
Europe and other continents are called
Eurodollars.
• In the 1960s and 70s, the Eurodollar
market, or what is now referred to as the
Eurocurrency market, grew to
accommodate increasing international
business and to bypass stricter U.S.
regulations on banks in the U.S.
21. C3 - 21
$
Eurocurrency Market
• The Eurocurrency market is made up of
several large banks called Eurobanks that
accept deposits and provide loans in
various currencies.
• For example, the Eurocurrency market has
historically recycled the oil revenues
(petrodollars) from oil-exporting (OPEC)
countries to other countries.
22. C3 - 22
• Although the Eurocurrency market
focuses on large-volume transactions,
there are times when no single bank is
willing to lend the needed amount.
• A syndicate of Eurobanks may then be
composed to underwrite the loans. Front-
end management and commitment fees
are usually charged for such syndicated
Eurocurrency loans.
$
Eurocurrency Market
23. C3 - 23
• The recent standardization of regulations
around the world has promoted the
globalization of the banking industry.
• In particular, the Single European Act has
opened up the European banking industry.
• The 1988 Basel Accord signed by G-10
central banks outlined common capital
standards, such as the structure of risk
weights, for their banking industries.
$
Eurocurrency Market
24. C3 - 24
• Learn more about the Single European Act
at http://europa.eu.int/abc/treaties_en.htm.
• Details about the 1988 Basel Accord can
be found at
http://www.bis.org/publ/bcbs04a.htm.
Check out the new Basel Capital
Accord (2001) at
http://www.bis.org/publ/bcbsca.htm too.
Online Application
25. C3 - 25
$
• The Eurocurrency market in Asia is
sometimes referred to separately as the
Asian dollar market.
• The primary function of banks in the Asian
dollar market is to channel funds from
depositors to borrowers.
• Another function is interbank lending and
borrowing.
Eurocurrency Market
26. C3 - 26
LOANS
Eurocredit Market
• Loans of one year or longer are extended
by Eurobanks to MNCs or government
agencies in the Eurocredit market. These
loans are known as Eurocredit loans.
• Floating rates are commonly used, since
the banks’ asset and liability maturities
may not match - Eurobanks accept short-
term deposits but sometimes provide
longer term loans.
27. C3 - 27
Eurobond Market
There are two types of international bonds.
Bonds denominated in the currency of the
country where they are placed but issued
by borrowers foreign to the country are
called foreign bonds or parallel bonds.
Bonds that are sold in countries other
than the country represented by the
currency denominating them are called
Eurobonds.
BONDS
28. C3 - 28
• The emergence of the Eurobond market is
partially due to the 1963 Interest
Equalization Tax imposed in the U.S.
• The tax discouraged U.S. investors from
investing in foreign securities, so non-U.S.
borrowers looked elsewhere for funds.
• Then in 1984, U.S. corporations were
allowed to issue bearer bonds directly to
non-U.S. investors, and the withholding
tax on bond purchases was abolished.
Eurobond Market BONDS
29. C3 - 29
Eurobond Market
• Eurobonds are underwritten by a multi-
national syndicate of investment banks
and simultaneously placed in many
countries through second-stage, and in
many cases, third-stage, underwriters.
• Eurobonds are usually issued in bearer
form, pay annual coupons, may be
convertible, may have variable rates, and
typically have few protective covenants.
BONDS
30. C3 - 30
• Interest rates for each currency and credit
conditions in the Eurobond market change
constantly, causing the popularity of the
market to vary among currencies.
• About 70% of the Eurobonds are
denominated in the U.S. dollar.
• In the secondary market, the market
makers are often the same underwriters
who sell the primary issues.
Eurobond Market BONDS
31. C3 - 31
Comparing Interest Rates
Among Currencies
• Interest rates vary substantially for
different countries, ranging from about 1%
in Japan to about 60% in Russia.
• Interest rates are crucial because they
affect the MNC’s cost of financing.
• The interest rate for a specific currency is
determined by the demand for and supply
of funds in that currency.
32. C3 - 32
Quantity of $
Interest
Rate
for $ S
D
Quantity of Real
Interest
Rate
for Real
S
D
Why U.S. Dollar Interest Rates Differ
from Brazilian Real Interest Rates
• The curves are further to the right for the
dollar because the U.S. economy is larger.
• The curves are higher for the Brazilian Real
because of the higher inflation in Brazil.
33. C3 - 33
Comparing Interest Rates
Among Currencies
• As the demand and supply schedules
change over time for a specific currency,
the equilibrium interest rate for that
currency will also change.
• Note that the freedom to transfer funds
across countries causes the demand and
supply conditions for funds to be
somewhat integrated, such that interest
rate movements become integrated too.
34. C3 - 34
International Stock Markets
• In addition to issuing stock locally, MNCs
can also obtain funds by issuing stock in
international markets.
• This will enhance the firm’s image and
name recognition, and diversify the
shareholder base. The stocks may also be
more easily digested.
• Note that market competition should
increase the efficiency of new issues.
35. C3 - 35
• Stock issued in the U.S. by non-U.S. firms
or governments are called Yankee stock
offerings. Many of such recent stock
offerings resulted from privatization
programs in Latin America and Europe.
• Non-U.S. firms may also issue American
depository receipts (ADRs), which are
certificates representing bundles of stock.
ADRs are less strictly regulated.
International Stock Markets
36. C3 - 36
• Check out the performance of ADRs at
http://www.adr.com.
Online Application
37. C3 - 37
• The locations of the MNC’s operations can
influence the decision about where to
place stock, in view of the cash flows
needed to cover dividend payments.
• Market characteristics are important too.
Stock markets may differ in size, trading
activity level, regulatory requirements,
taxation rate, and proportion of individual
versus institutional share ownership.
International Stock Markets
38. C3 - 38
• For a summary of the performance of
various stock markets, refer to
http://www.worldbank.org/data/wdi2001/pdfs/t
ab5_3.pdf
• Visit the stock exchanges at:
¤ http://dir.yahoo.com/Business_and_Econo
my/Business_to_Business/Financial_Servi
ces/Exchanges/Stock_Exchanges/
¤ http://www.aex.nl/finance/beurzen.html
Online Application
39. C3 - 39
• Electronic communications networks
(ECNs) have been created to match orders
between buyers and sellers in recent
years.
• As ECNs become more popular over time,
they may ultimately be merged with one
another or with other exchanges to create
a single global stock exchange.
International Stock Markets
40. C3 - 40
Comparison of
International Financial Markets
• The foreign cash flow movements of a
typical MNC can be classified into four
corporate functions, all of which generally
require the use of the foreign exchange
markets.
Foreign trade. Exports generate foreign
cash inflows while imports require cash
outflows.
41. C3 - 41
Comparison of
International Financial Markets
Direct foreign investment (DFI). Cash
outflows to acquire foreign assets
generate future inflows.
Short-term investment or financing in
foreign securities, usually in the
Eurocurrency market.
Longer-term financing in the Eurocredit,
Eurobond, or international stock markets.
43. C3 - 43
• For the latest information from financial
markets around the world, visit:
¤ http://www.bloomberg.com/
¤ http://finance.yahoo.com/
¤ http://money.cnn.com/
¤ http://www.reuters.com/
Online Application
44. C3 - 44
• Find out how these offices regulate the
U.S. financial markets.
Online Application
• The Department of the Treasury
http://www.ustreas.gov/
• The Federal Reserve System
http://www.federalreserve.gov/
• The Securities and Exchange
Commission
http://www.sec.gov/
45. C3 - 45
Impact of Global Financial Markets
on an MNC’s Value
n
t
t
m
j
t
j
t
j
k
1
=
1
,
,
1
ER
E
CF
E
=
Value
E (CFj,t ) = expected cash flows in currency j to be received
by the U.S. parent at the end of period t
E (ERj,t ) = expected exchange rate at which currency j can
be converted to dollars at the end of period t
k = weighted average cost of capital of the parent
Cost of parent’s funds
borrowed in global markets
Cost of borrowing funds
in global markets
Improved global image from
issuing stock in global markets
Cost of parent’s equity
in global markets
46. C3 - 46
• Motives for Using International Financial
Markets
¤ Motives for Investing in Foreign Markets
¤ Motives for Providing Credit in Foreign
Markets
¤ Motives for Borrowing in Foreign Markets
Chapter Review
47. C3 - 47
Chapter Review
• Foreign Exchange Market
¤ History of Foreign Exchange
¤ Foreign Exchange Transactions
¤ Interpreting Foreign Exchange Quotations
¤ Currency Futures and Options Markets
48. C3 - 48
Chapter Review
• Eurocurrency Market
¤ Development of the Eurocurrency Market
¤ Composition of the Eurocurrency Market
¤ Syndicated Eurocurrency Loans
¤ Standardizing Bank Regulations within the
Eurocurrency Market
¤ Asian Dollar Market
• Eurocredit Market
49. C3 - 49
Chapter Review
• Eurobond Market
¤ Development of the Eurobond Market
¤ Underwriting Process
¤ Features
• Comparing Interest Rates Among
Currencies
¤ Global Integration of Interest Rates
50. C3 - 50
Chapter Review
• International Stock Markets
¤ Issuance of Foreign Stock in the U.S.
¤ Issuance of Stock in Foreign Markets
• Comparison of International Financial
Markets
• How Financial Markets Affect An MNC’s
Value