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Financial market

(From Wikipedia, the free encyclopedia)

In economics, a financial market is a mechanism that allows people to easily buy and sell (trade) financial securities (such as stocks and bonds), commodities (such as precious metals or agricultural goods), and other fungible items of value at low transaction costs and at prices that reflect the efficient market hypothesis.

Financial markets have evolved significantly over several hundred years and are undergoing constant innovation to improve liquidity.

Both general markets (where many commodities are traded) and specialized markets (where only one commodity is traded) exist. Markets work by placing many interested buyers and sellers in one "place", thus making it easier for them to find each other. An economy which relies primarily on interactions between buyers and sellers to allocate resources is known as a market economy in contrast either to a command economy or to a non-market economy such as a gift economy.

In finance, financial markets facilitate--

    * The raising of capital (in the capital markets);

    * The transfer of risk (in the derivatives markets);

    * International trade (in the currency markets)

--and are used to match those who want capital to those who have it.

Typically a borrower issues a receipt to the lender promising to pay back the capital. These receipts are securities which may be freely bought or sold. In return for lending money to the borrower, the lender will expect some compensation in the form of interest or dividends.

Contents

    * 1 Definition

    * 2 Types of financial markets

    * 3 Raising capital

          o 3.1 Lenders

          o 3.2 Borrowers

    * 4 Derivative products

    * 5 Currency markets

    * 6 Analysis of financial markets

    * 7 Financial markets in popular culture

          o 7.1 Financial markets slang

    * 8 See also

    * 9 Notes

    * 10 References

 Definition

The term financial markets can be a cause of much confusion.

Financial markets could mean:

1. organizations that facilitate the trade in financial securities. i.e. Stock exchanges facilitate the trade in stocks, bonds and warrants.

2. the coming together of buyers and sellers to trade financial securities. i.e. stocks and shares are traded between buyers and sellers in a number of ways including: the use of stock exchanges; directly between buyers and sellers etc.

In academia, students of finance will use both meanings but students of economics will only use the second meaning.

Financial markets can be domestic or they can be international.

 Types of financial markets

The financial markets can be divided into different subtypes:

    * Capital markets which consist of:

          o Stock markets, which provide financing through the issuance of shares or common stock, and enable the subsequent trading thereof.

          o Bond markets, which provide financing through the issuance of Bonds, and enable the subsequent trading thereof.

    * Commodity markets, which facilitate the trading of commodities.

    * Money markets, which provide short term debt financing and investment.

    * Derivatives markets, which provide instruments for the management of financial risk.

          o Futures markets, which provide standardized forward contracts for trading products at some future date; see also forward market.

    * Insurance markets, which facilitate the redistribution of various risks.

    * Foreign exchange markets, which facilitate the trading of foreign exchange.

The capital markets consist of primary markets and secondary markets. Newly formed (issued) securities are bought or sold in primary markets. Secondary markets allow investors to sell securities that they hold or buy existing securities.

 Raising capital

To understand financial markets, let us look at what they are used for, i.e. what is their purpose?

Without financial markets, borrowers would have difficulty finding lenders themselves. Intermediaries such as banks help in this process. Banks take deposits from those who have money to save. They can then lend money from this pool of deposited money to those who seek to borrow. Banks popularly lend money in the form of loans and mortgages.

More complex transactions than a simple bank deposit require markets where lenders and their agents can meet borrowers and their agents, and where existing borrowing or lending commitments can be sold on to other parties. A good example of a financial market is a stock exchange. A company can raise money by selling shares to investors and its existing shares can be bought or sold.

The following table illustrates where financial markets fit in the relationship between lenders and borrowers:

Relationship between lenders and borrowers

Lenders            Financial Intermediaries             Financial Markets         Borrowers

Individuals

Companies       Banks

Insurance Companies

Pension Funds

Mutual Funds

            Interbank

Stock Exchange

Money Market

Bond Market

Foreign Exchange         Individuals

Companies

Central Government

Municipalities

Public Corporations

 Lenders

Many individuals are not aware that they are lenders, but almost everybody does lend money in many ways. A person lends money when he or she:

    * puts money in a savings account at a bank;

    * contributes to a pension plan;

    * pays premiums to an insurance company;

    * invests in government bonds; or

    * invests in company shares.

Companies tend to be borrowers of capital. When companies have surplus cash that is not needed for a short period of time, they may seek to make money from their cash surplus by lending it via short term markets called money markets.

There are a few companies that have very strong cash flows. These companies tend to be lenders rather than borrowers. Such companies may decide to return cash to lenders (e.g. via a share buyback.) Alternatively, they may seek to make more money on their cash by lending it (e.g. investing in bonds and stocks.)

 Borrowers

Individuals borrow money via bankers' loans for short term needs or longer term mortgages to help finance a house purchase.

Companies borrow money to aid short term or long term cash flows. They also borrow to fund modernisation or future business expansion.

Governments often find their spending requirements exceed their tax revenues. To make up this difference, they need to borrow. Governments also borrow on behalf of nationalised industries, municipalities, local authorities and other public sector bodies. In the UK, the total borrowing requirement is often referred to as the public sector borrowing requirement (PSBR).

Governments borrow by issuing bonds. In the UK, the government also borrows from individuals by offering bank accounts and Premium Bonds. Government debt seems to be permanent. Indeed the debt seemingly expands rather than being paid off. One strategy used by governments to reduce the value of the debt is to influence inflation.

Municipalities and local authorities may borrow in their own name as well as receiving funding from national governments. In the UK, this would cover an authority like Hampshire County Council.

Public Corporations typically include nationalised industries. These may include the postal services, railway companies and utility companies.

Many borrowers have difficulty raising money locally. They need to borrow internationally with the aid of Foreign exchange markets.

 Derivative products

During the 1980s and 1990s, a major growth sector in financial markets is the trade in so called derivative products, or derivatives for short.

In the financial markets, stock prices, bond prices, currency rates, interest rates and dividends go up and down, creating risk. Derivative products are financial products which are used to control risk or paradoxically exploit risk. It is also called financial economics.

 Currency markets

    Main article: Foreign exchange market

Seemingly, the most obvious buyers and sellers of foreign exchange are importers/exporters. While this may have been true in the distant past, whereby importers/exporters created the initial demand for currency markets, importers and exporters now represent only 1/32 of foreign exchange dealing, according to BIS.[1]

The picture of foreign currency transactions today shows:

    * Banks and Institutions

    * Speculators

    * Government spending (for example, military bases abroad)

    * Importers/Exporters

    * Tourists

 Analysis of financial markets

    See Statistical analysis of financial markets, statistical finance

Much effort has gone into the study of financial markets and how prices vary with time. Charles Dow, one of the founders of Dow Jones & Company and The Wall Street Journal, enunciated a set of ideas on the subject which are now called Dow Theory. This is the basis of the so-called technical analysis method of attempting to predict future changes. One of the tenets of "technical analysis" is that market trends give an indication of the future, at least in the short term. The claims of the technical analysts are disputed by many academics, who claim that the evidence points rather to the random walk hypothesis, which states that the next change is not correlated to the last change.

The scale of changes in price over some unit of time is called the volatility. It was discovered by Beno�t Mandelbrot that changes in prices do not follow a Gaussian distribution, but are rather modeled better by L�vy stable distributions. The scale of change, or volatiliy, depends on the length of the time unit to a power a bit more than 1/2. Large changes up or down are more likely than what one would calculate using a Gaussian distribution with an estimated standard deviation.

 Financial markets in popular culture

    Gordon Gekko is a famous caricature of a rogue financial markets operator, famous for saying "greed ... is good".

Oly negative stories about financial markets tend to make the news. The general perception, for those not involved in the world of financial markets is of a place full of crooks and con artists. Big stories like the Enron scandal serve to enhance this view.

Stories that make the headlines involve the incompetent, the lucky and the downright skillful. The Barings scandal is a classic story of incompetence mixed with greed leading to dire consequences. Another story of note is that of Black Wednesday, when sterling came under attack from hedge fund speculators. This led to major problems for the United Kingdom and had a serious impact on its course in Europe. A commonly recurring event is the stock market bubble, whereby market prices rise to dizzying heights in a so called exaggerated bull market. This is not a new phenomenon; indeed the story of Tulip mania in the Netherlands in the 17th century illustrates an early recorded example.

Financial markets are merely tools. Like all tools they have both beneficial and harmful uses. Overall, financial markets are used by honest people. Otherwise, people would turn away from them en masse. As in other walks of life, the financial markets have their fair share of rogue elements.

 Financial markets slang

    * Big swinging dick, a highly successful financial markets trader. The term was made popular in the book Liar's Poker, by Michael Lewis

    * Geek, a Quant

    * Grim, an ageless man known for his whistle and tendency to relate current events to financial market[citation needed]

    * Nerd, a Quant

    * Quant, a quantitative analyst skilled in the black arts of PhD level (and above) mathematics and statistical methods

    * Rocket scientist, a financial consultant at the zenith of mathematical and computer programming skill. They are able to invent derivatives of frightening complexity and construct sophisticated pricing models. They generally handle the most advanced computing techniques adopted by the financial markets since the early 1980s. Typically, they are physicists and engineers by training; rocket scientists do not necessarily build rockets for a living.

    * White Knight, a friendly party in a takeover bid. Used to describe a party that buys the shares of an organization to help prevent the takeover of that organization by another party (that is making a hostile bid).
Business

A business (also called firm or an enterprise) is a legally recognized organizational entity designed to provide goods and/or services to consumers or corporate entities such as governments, charities or other businesses. Businesses are predominant in capitalist economies, most being privately owned and formed to earn profit to increase the wealth of owners. The owners and operators of a business have as one of their main objectives the receipt or generation of a financial return in exchange for work and acceptance of risk. Notable exceptions include cooperative businesses and state-owned enterprises. Socialistic systems involve either government, public, or worker ownership of most sizable businesses.

 The etymology of "business" relates to the state of being busy either as an individual or society as a whole, doing commercially viable and profitable work. The term "business" has at least three usages, depending on the scope � the singular usage (above) to mean a particular company or corporation, the generalized usage to refer to a particular market sector, such as "the music business" and compound forms such as agribusiness, or the broadest meaning to include all activity by the community of suppliers of goods and services. However, the exact definition of business, like much else in the philosophy of business, is a matter of debate.

 Business Studies, the study of the management of individuals to maintain collective productivity in order to accomplish particular creative and productive goals (usually to generate profit), is taught as an academic subject in many schools.

Contents

      * 1 Basic forms of ownership

    * 2 Classifications

    * 3 Organization

    * 4 Management

    * 5 Government regulation

          o 5.1 Organizing a business

          o 5.2 Commercial law

          o 5.3 Capital

          o 5.4 Intellectual property

          o 5.5 Exit plans

    * 6 See also

    * 7 External links

          o 7.1 General

    * 8 Notes and references

 

 Basic forms of ownership

 

Although forms of business ownership vary by jurisdiction, there are several common forms:

     * Sole proprietorship: A sole proprietorship is a business owned by one person. The owner may operate on his or her own or may employ others. The owner of the business has total and unlimited personal liability of the debts incurred by the business.

     * Partnership: A partnership is a form of business in which two or more people operate for the common goal of making profit. Each partner has total and unlimited personal liability of the debts incurred by the partnership. There are three typical classifications of partnerships: general partnerships, limited partnerships, and limited liability partnerships.

     * Corporation: A business corporation is a for-profit, limited liability entity that has a separate legal personality from its members. A corporation is owned by multiple shareholders and is overseen by a board of directors, which hires the business's managerial staff.

     * Cooperative: Often referred to as a "co-op business" or "co-op", a cooperative is a for-profit, limited liability entity that differs from a corporation in that it has members, as opposed to shareholders, who share decision-making authority. Cooperatives are typically classified as either consumer cooperatives or worker cooperatives. Cooperatives are fundamental to the ideology of economic democracy.

 For a country-by-country listing of legally recognized business forms, see Types of business entity.

  Classifications

Wall Street, Manhattan is the location of the New York Stock Exchange and is often used as a symbol for the world of business.[citation needed]

Wall Street, Manhattan is the location of the New York Stock Exchange and is often used as a symbol for the world of business.[citation needed]

 There are many types of businesses, and, as a result, businesses are classified in many ways. One of the most common focuses on the primary profit-generating activities of a business:

     * Manufacturers produce products, from raw materials or component parts, which they then sell at a profit. Companies that make physical goods, such as cars or pipes, are considered manufacturers.

    * Service businesses offer intangible goods or services and typically generate a profit by charging for labor or other services provided to government, other businesses or consumers. Organizations ranging from house decorators to consulting firms to restaurants and even to entertainers are types of service businesses.

    * Retailers and Distributors act as middle-men in getting goods produced by manufacturers to the intended consumer, generating a profit as a result of providing sales or distribution services. Most consumer-oriented stores and catalogue companies are distributors or retailers. See also: Franchising

    * Agriculture and mining businesses are concerned with the production of raw material, such as plants or minerals.

    * Financial businesses include banks and other companies that generate profit through investment and management of capital.

    * Information businesses generate profits primarily from the resale of intellectual property and include movie studios, publishers and packaged software companies.

    * Utilities produce public services, such as heat, electricity, or sewage treatment, and are usually government chartered.

    * Real estate businesses generate profit from the selling, renting, and development of properties, homes, and buildings.

    * Transportation businesses deliver goods and individuals from location to location, generating a profit on the transportation costs

 There are many other divisions and subdivisions of businesses. The authoritative list of business types for North America is generally considered to be the North American Industry Classification System, or NAICS. The equivalent European Union list is the NACE.

  Organization

            This section does not cite any references or sources.

Please help improve this section by adding citations to reliable sources. Unverifiable material may be challenged and removed. (March 2008)

Advertisement of Victoria's Secret. Advertisement is an important aspect of business.

Advertisement of Victoria's Secret. Advertisement is an important aspect of business.

 Most businesses must accomplish similar functions regardless of size, legal structure or industry. These functions are often organized into departments. Common departments include (but are not limited to):

 Human Resources

    Typically responsible for hiring, firing, payroll, benefits, etc.

Finance

    responsible for managing the enterprises financial resources[1]

         Budgeting and forecasting

            planning how the enterprise wants things to happen

        Cash and treasury management

            ensuring the enterprise has money when it's needed

        Accounts payable and receivable

            ensuring the enterprise receives what it's owed and pay what it owes

        Tax planning/filing and reporting

            meeting obligations to the government

        Risk management

            ensuring the enterprise doesn't get surprised by something unfavorable

        External and internal (management) reporting

            providing visibility into the enterprise for those who need it through financial reporting and other types of reporting

 Marketing and sales

    responsible for selling the business' goods or services to the customer and for managing the relationships with the customer

         Marketing

            Typically responsible for promoting interest in, and generating demand for, the business' products or services, and positioning them within the market

        Sales

            finding likely purchasers and obtaining their agreement (known as a contract) to buy the business' products or services

 Operations

    makes the product or delivers the service

         Production

            produces the raw materials into the delivered goods, if they require processing

        Customer service

            supports customers who need help with the goods or services

 Procurement

    responsible for acquiring the goods and services necessary for the business. Sometimes organized as:

         Strategic sourcing

            determines the business' needs and plans for acquiring the necessary raw materials and services for the business

        Purchasing

            processes the purchase orders and related transactions

 Research and Development

    tests to create new products and to determine their viability (e.g. pilot plants)

Information Technology

    manages the business' computer and data assets

Communications/Public Relations

    responsible for communicating to the outside world

Administration

    provides administrative support to the other departments (such as typing, filing, etc.)

Internal Audit

    an independent control function typically accountable to the Board of Directors for reporting on the proper functioning of the other departments

 Management is sometimes listed as a "department" but typically refers to the top level of leadership within the business regardless of their functional role.

  Management

            Please help improve this section by expanding it. Further information might be found on the talk page or at requests for expansion. (August 2007)

 

The study of the efficient and effective operation of a business is called management. The main branches of management are financial management, marketing management, human resource management, strategic management, production management, service management, information technology management, and business intelligence.

  Government regulation

            This section may require cleanup to meet Wikipedia's quality standards.

Please improve this article if you can. (August 2007)

Globe icon

            The examples and perspective in this article or section may not represent a worldwide view of the subject.

Please improve this article or discuss the issue on the talk page.

The Bank of England in Threadneedle Street, London, England.

The Bank of England in Threadneedle Street, London, England.

 Most legal jurisdictions specify the forms of ownership that a business can take, creating a body of commercial law for each type.

  Organizing a business

 The major factors affecting how a business is organized are usually:

     * The size and scope of the business, and its anticipated management and ownership. Generally a smaller business is more flexible, while larger businesses, or those with wider ownership or more formal structures, will usually tend to be organized as partnerships or (more commonly) corporations. In addition a business which wishes to raise money on a stock market or to be owned by a wide range of people will often be required to adopt a specific legal form to do so.

    * The sector and country. Private profit making businesses are different from government owned bodies. In some countries, certain businesses are legally obliged to be organized certain ways.

    * Limited liability. Corporations, limited liability partnerships, and other specific types of business organizations protect their owners from business failure by doing business under a separate legal entity with certain legal protections. In contrast, unincorporated businesses or persons working on their own are usually not so protected.

    * Tax advantages. Different structures are treated differently in tax law, and may have advantages for this reason.

    * Disclosure and compliance requirements. Different business structures may be required to make more or less information public (or reported to relevant authorities), and may be bound to comply with different rules and regulations.

 Many businesses are operated through a separate entity such as a corporation, limited partnership or limited liability company. Most legal jurisdictions allow people to organize such an entity by filing certain charter documents with the relevant Secretary of State or equivalent and complying with certain other ongoing obligations. The relationships and legal rights of shareholders, limited partners, or members are governed partly by the charter documents and partly by the law of the jurisdiction where the entity is organized. Generally speaking, shareholders in a corporation, limited partners in a limited partnership, and members in a limited liability company are shielded from personal liability for the debts and obligations of the entity, which is legally treated as a separate "person." This means that unless there is misconduct, the owner's own possessions are strongly protected in law, if the business does not succeed.

 Where two or more individuals own a business together but have failed to organize a more specialized form of vehicle, they will be treated as a general partnership. The terms of a partnership are partly governed by a partnership agreement if one is created, and partly by the law of the jurisdiction where the partnership is located. No paperwork or filing is necessary to create a partnership, and without an agreement, the relationships and legal rights of the partners will be entirely governed by the law of the jurisdiction where the partnership is located.

 A single person who owns and runs a business is commonly known as a sole proprietor, whether he or she owns it directly or through a formally organized entity.

 A few relevant factors to consider in deciding how to operate a business include:

    1. General partners in a partnership (other than a limited liability partnership), plus anyone who personally owns and operates a business without creating a separate legal entity, are personally liable for the debts and obligations of the business.

   2. Generally, corporations are required to pay tax just like "real" people. In some tax systems, this can give rise to so-called double taxation, because first the corporation pays tax on the profit, and then when the corporation distributes its profits to its owners, individuals have to include dividends in their income when they complete their personal tax returns, at which point a second layer of income tax is imposed.

   3. In most countries, there are laws which treat small corporations differently than large ones. They may be exempt from certain legal filing requirements or labor laws, have simplified procedures in specialized areas, and have simplified, advantageous, or slightly different tax treatment.

   4. In order to "go public" (sometimes called IPO) -- which basically means to allow a part of the business to be owned by a wider range of investors or the public in general -- you must organize a separate entity, which is usually required to comply with a tighter set of laws and procedures. Most public entities are corporations that have sold shares, but increasingly there are also public LLCs that sell units (sometimes also called shares), and other more exotic entities as well (for example, REITs in the USA, Unit Trusts in the UK). However, you cannot take a general partnership "public."

  Commercial law

 Most commercial transactions are governed by a very detailed and well-established body of rules that have evolved over a very long period of time, it being the case that governing trade and commerce was a strong driving force in the creation of law and courts in Western civilization.

 As for other laws that regulate or impact businesses, in many countries it is all but impossible to chronicle them all in a single reference source. There are laws governing treatment of labor and generally relations with employees, safety and protection issues (OSHA or Health and Safety), anti-discrimination laws (age, gender, disabilities, race, and in some jurisdictions, sexual orientation), minimum wage laws, union laws, workers compensation laws, and annual vacation or working hours time.

 In some specialized businesses, there may also be licenses required, either due to special laws that govern entry into certain trades, occupations or professions, which may require special education, or by local governments who just want your money. Professions that require special licenses run the gamut from law and medicine to flying airplanes to selling liquor to radio broadcasting to selling investment securities to selling used cars to roofing. Local jurisdictions may also require special licenses and taxes just to operate a business without regard to the type of business involved.

 Some businesses are subject to ongoing special regulation. These industries include, for example, public utilities, investment securities, banking, insurance, broadcasting, aviation, and health care providers. Environmental regulations are also very complex and can impact many kinds of businesses in unexpected ways.

  Capital

 When businesses need to raise money (called 'capital'), more laws come into play. A highly complex set of laws and regulations govern the offer and sale of investment securities (the means of raising money) in most Western countries. These regulations can require disclosure of a lot of specific financial and other information about the business and give buyers certain remedies. Because "securities" is a very broad term, most investment transactions will be potentially subject to these laws, unless a special exemption is available.

 Capital may be raised through private means, by public offer (IPO) on a stock exchange, or in many other ways. Major stock exchanges include the New York Stock Exchange and Nasdaq (USA), the London Stock Exchange (UK), the Tokyo Stock Exchange (Japan), and so on. Most countries with capital markets have at least one.

 Business that have gone "public" are subject to extremely detailed and complicated regulation about their internal governance (such as how executive officers' compensation is determined) and when and how information is disclosed to the public and their shareholders. In the United States, these regulations are primarily implemented and enforced by the United States Securities and Exchange Commission (SEC). Other Western nations have comparable regulatory bodies.

 As noted at the beginning, it is impossible to enumerate all of the types of laws and regulations that impact on business today. In fact, these laws have become so numerous and complex, that no business lawyer can learn them all, forcing increasing specialization among corporate attorneys. It is not unheard of for teams of 5 to 10 attorneys to be required to handle certain kinds of corporate transactions, due to the sprawling nature of modern regulation. Commercial law spans general corporate law, employment and labor law, healthcare law, securities law, M&A law (who specialize in acquisitions), tax law, ERISA law (ERISA in the United States governs employee benefit plans), food and drug regulatory law, intellectual property law (specializing in copyrights, patents, trademarks and such), telecommunications law, and more.

 In Thailand, for example, it is necessary to register a particular amount of capital for each employee, and pay a fee to the government for the amount of capital registered. There is no legal requirement to prove that this capital actually exists, the only requirement is to pay the fee. Overall, processes like this are detrimental to the development and GDP of a country, but often exist in "feudal" developing countries. 

 Intellectual property 

Businesses often have important "intellectual property" that needs protection from competitors in order for the company to stay profitable. This could require patents or copyrights or preservation of trade secrets. Most businesses have names, logos and similar branding techniques that could benefit from trademarking. Patents and copyrights in the United States are largely governed by federal law, while trade secrets and trademarking are mostly a matter of state law. Because of the nature of intellectual property, a business needs protection in every jurisdiction in which they are concerned about competitors. Many countries are signatories to international treaties concerning intellectual property, and thus companies registered in these countries are subject to national laws bound by these treaties.

  Exit plans

Businesses can be bought and sold. Business owners often refer to their plan of disposing of the business as an "exit plan." Common exit plans include IPOs, MBOs and mergers with other businesses.
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