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Mutual Fund (:pineapple:Derivatives (why are derivatives used (Price…

- - - - 私人基金
      - 有价证券
    - - 管理费用
    - - 原因
        
        利率低
        
        股票特权
        
        财富积累
      - 南海泡沫事件
        
        牛顿
      - 规制与立法
      - 投资基金从契约型进入到股份有限公司
  - - - Exchange
        
        Broker和Counterparty Borker在Exchange(交易所) Order Delivery, Exchange will return confirmations
        
        order delivery
        
        broker
        
        counterparty broker
        
        notify registration & repository
        
        CSDs
      - broker
        
        order delivery
        
        exchange
        
        buy / sell order
        
        FMC
        
        notify
        
        custodian bank
        
        reconcile order details
      - FMC
        
        order
        
        settlement confirmation
        
        custody
      - custody
        
        notified
        
        broker
        
        CSDs
        
        confirmed
        
        FMC
        
        fund transfer from Payment System
      - Payment System
- - - - 基金股份 => 投资各种证券
      - 基金董事
    - - 信托人
  - - - 基金公司/ 代理机构
      - Umbrella Fund
      - Exchange Traded Fund(ETF)
        
        交易所交易基金
        
        :question:基金的交易场所是在哪里?至少知道证券交易所上可以交易
        
        二级市场 & 基金公司
        
        :question:二级市场是什么
      - :pencil2:基金单位净值=总净资产/基金份额
    - - 股票市场
      - 基金的购买人
      - 基金规模不变
      - 折价/溢价
  - - - 本国
- - - - last business day of each month
      - reinvest
        
        additional units of the fun
        
        ok: cash/ cheque/ deposit to your bank account
    - - xx基金管理有限公司
- - - - 若基金公司或保管银行不幸倒闭时，债权人不得对基金资产请求扣押或行使其他权利，投资人的权益不会因而受到影响。
      - :question:这里的债权人和基金公司有什么关系吗
      - :question:保管是谁?经营又是谁?
- - - - expect(short-term or long-term?), risk tolerance
    - - long/short term
      - Long Term: Equity & Bond; Short term: Money market
        5 years 7 above: Stock Funds: High volatility, high expected return
        3~5 years: Distribution among Equity & Fixed income funds; Balanced funds
        3~5 years (conservative): Principle protected funds
        Less than 2 years: Fixed income funds
        Cash equivalent: Money market funds
      - :question:这里的长短期和上面知道自己情况有什么关系呢
    - - :question:这里的investment是指什么意思
      - What do they do with your money?
        What are the investment returns?
        What are the risks are you facing?
        How do they charge you?
        Etc.
  - - - 最大预期损失的数值
        
        置信区间
        
        市场价格变动
  - - - pay before investing
    - - pay when redeeming
  - - - 市场上xx股票的比重 = 我手上xx股票的比重
      - :musical_note:优点
        
        :one:简单,只需关注市场走势等
        
        :two:降低投资风险
- - - - different fees & expenses
      - A, B, C, I, R
- - - - after-tax income
      - :explode:net income
    - - The percentage of net earnings not paid out as dividends, but retained by the company to be reinvested in its core business or to pay debt. It is recorded under shareholders' equity on the balance sheet.
      - Calculated by adding net income to (or subtracting any net losses from) beginning retained earnings and subtracting any dividends paid to shareholders:
    - - 投资报酬率
      - ROI = benefit of an investment / cost of the investment
      - efficiency of investment
    - - 企业利润率
      - :pencil2:P/E Ratio = current share price / earnings per share
        
        股价通常取最新收盘价
      - :icecream:A valuation ratio of a company's current share price compared to its per-share earnings.
        For example, if a company is currently trading at $43 a share and earnings over the last 12 months were $1.95 per share, the P/E ratio for the stock would be 22.05 ($43/$1.95).
      - :red_cross:evaluating potential returns among different investments
      - earnings yield
        
        = EPS / stock price
        
        reciprocal of P/E ratio
      - :apple:EPS
        
        net income divided by outstanding shares, and it measures a company’s profitability
        
        Earnings Per Share
        
        :pencil2:EPS = 盈余 / 总股本 或者 EPS = 期末净利润 / 期末总股本
- - - - 独立性
        
        信息
      - 公正性
      - 有效的数据维护和处理能力
      - 强大的资金实力
      - 高效的信息发布和推广渠道
  - - - FV = PV * (1 + interest rate) ^ n
    - - PV = FV / (1 + interest rate) ^ n
      - PV = PMT / interest rate
      - PMT(永续年金)
  - - - a single compounding period
      - the rate of interest earned
      - :pencil2:Periodic rate(期间利率) = nominal rate / m
    - - :pencil2:m = the number of compounding periods per year
- - - - preferred stock
        
        before common stock holders
      - common stock
        
        dividends
        
        vote
    - - Class B share
        
        common stock / preferred stock
      - Class A share
        
        more voting rights than Class B
        
        common stock / preferred stock
- - - - is an investment position intended to offset potential losses/gains that may be incurred by a companion investment
        Corporate/Banks, Financial Institutions to manage ALM and to hedge their proprietary positions/ Trade Business – Exporters and Importers
    - - 现在低买, 未来高卖
    - - 这里低买,那里高卖
  - - - 没有很好的定价标准
        
        期货市场发现的价格
    - - To hedge the risks
  - - - fixed price
      - certain date in the future
      - sell a currency pair
      - 期货
  - - - buy
        
        call
      - sell
        
        put
    - - Over the Counter(OTC)
      - Exchange Traded
    - - :one:是否发型
      - :two:数量是否有限
      - :three:是否影响总股本
  - - - investors => sophisticated & wealthy
  - - - an initial public offering
      - a sale or merger
      - a recapitalization
  - - - stock
    - - bond, mortgage
      - bond
        
        债券和利率的关系
        
        今天的价格*利率=未来的现金流
        
        债券的特点: 未来的现金流不变
        
        利率越高, 今天的价格就越低
  - - - 保证金制度
        
        :link:保证金MindMap
- - - - a group of individual orders
      - :question:能举例吗
    - - 触发指令
      - stop price => market order
    - - A Stop Limit order becomes a limit order once the specified stop price is attained or penetrated.
        A STOP-LIMIT order eliminates the risk of a stop order where the investor is not guaranteed an execution price, but exposes the investor to the risk that the order may never be filled even though the stop price has been reached. The investor could "miss the market" in the security or commodity altogether.
  - - - A market order is an order to buy or sell an asset at the bid or offer price currently available in the marketplace.
      - 不明确价位, 使用市场上最好价格 => 成交速度快
      - 市场上最好的价格 ≠ 最好的成交价格吧
    - - An MIT (market-if-touched) is an order to buy (or sell) an asset below (or above) the market. This order is held in the system until the trigger price is touched, and is then submitted as a market order. An MIT order is similar to a stop order, except that an MIT sell order is placed above the current market price, and a stop sell order is placed below.
      - 设定价格 => 市场价格达到 => 市价指令
    - - A market order executed at the market's open at the market price.
    - - A market order executed at the market's close at the market price.
    - - An order that is pegged to buy on the best offer and sell on the best bid.
    - - The VWAP for a stock is calculated by adding the dollars traded for every transaction in that stock ("price" x "number of shares traded") and dividing the total shares traded. A VWAP is computed from the open of the market to the market close, and is calculated by volume weighting all transactions during this time period.
  - - - 设定价格 => 设定价格以上成交
  - - - An AON (all or none) order will remain at the exchange (or in the IB system) until the entire quantity is available to be executed.
    - - A FOK (Fill or Kill) order must execute as a complete order as soon as it becomes available on the market, otherwise the order is canceled.
    - - A GTD (Good-till-Date) order valid until the date specified.
    - - A GTC (Good-till-Canceled) order is an order to buy or sell a security at a specific or limit price that lasts until the order is completed or cancelled. A GTC order will not be filled until the limit has been reached, no matter how many days or weeks it takes.
    - - An IOC (Immediate or Canceled) order requires that all or part of the order be executed as soon as it is brought to the market, whereby the portion not executed is automatically canceled.
- - - - 杠杆
      - 在外汇杠杆交易时，只需要支付小额的保证金就可以购买到高价值的合同。杠杆可以让你使用小额的资金创造出高额的回酬。例如，外汇经济商授予你200：1的杠杆交易，代表着交易者可以以50美金的保证金买入或卖出价值10,000美金的货币。同样的，只需500美元的保证金，通过杠杆可以购买到价值100,000美元的交易量。切记，杠杆可以是一把双刃剑，没有适当的风险管理，这种高杠杆交易可能导致巨大的亏损或盈利。
      - 高流动性
- - - - 库存保管作业
        
        分担
        
        FAST Agent (银行/ 信托公司)
        
        认可 + 定期检查
        
        库房设施 + 保险
      - 简化交易流程, 提高效率, 强化了证券集中保管制度
    - - 发放股利
      - 税务服务
      - 融资追踪
      - 外国税务预先扣缴