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The Uk Financial System


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Table of Contents

1. Introduction to the financial system 1.1. Introduction 1.2. The role of thefinancial system 1.3. Financial claims 1.4. Sectoral analysis of the financial system 1.5. Conclusion Part I: Institutions 2. Financial intermediation and recent developments in the UK financial system 2.1. Introduction 2.2. The nature of financial intermediation 2.3. What do financial intermediaries do? 2.4. Implications of financial intermediation 2.5. The future for financial intermediation 2.6. Evolution of financial systems 2.7. Recent developments in theUK financial system 2.8. Conclusion 3. Banking: types of banks and the risks they face 3.1. Introduction 3.2. Retail banks 3.3. Wholesale banking 3.4. International banking 3.5. Universal banking 3.6. Islamic banking 3.7. Narrow banking 3.8. Securitisation 3.9. Risks faced by banks 3.10. Conclusion 4. Funds and other investment vehicles 4.1. Introduction 4.2. Types of investment institution 4.3. General insurance 4.4. Nature of the liabilities of long-term insurance companies and pension funds 4.5. Portfolio investment of pension funds and long-term insurance companies 4.6. Investment trusts, unit trusts, open-ended investment companies and exchange-traded funds 4.7. The new funds 4.8. The shadow banking system 4.9. The alternative finance industry 4.10.Conclusion 5. Central banking 5.1.Introduction 5.2. The role of central banks 5.3. The Bank of England 5.4. Conclusion Part II: Markets 6. Financial markets: introduction 6.1. Introduction 6.2. London as an international financial centre 6.3. The nature of markets 6.4. Completion of the transaction 6.5. Hedging, speculation and arbitrage 6.6.The efficient markets hypothesis 6.7. Behavioural finance 6.8. Conclusion 7. The market for equities 7.1. Introduction 7.2. The primary capital market 7.3. The primary market for private sector securities 7.4. The secondary market for private sector securities 7.5. Global stock market corrections 7.6. The stock markets and the efficient markets hypothesis 7.7. Conclusion 8. Interest rates and the bond market 8.1. Introduction 8.2. The structure of interest rates 8.3. The level of interest rates 8.4. Nature and valuation of bonds 8.5. The market for UK government bonds (gilt-edged securities) 8.6. The corporate bond market and credit ratings 8.7.The term structure of interest rates 8.8. Conclusion 9. The sterling money markets 9.1. Introduction 9.2. Assets traded on the London sterling money markets 9.3. Valuation of securities in the money markets 9.4. The supply of money by the central bank 9.5. The Bank of England's money market operations 9.6. Operations by the DMO in the sterling money market 9.7. Conclusion 10. The foreign exchange markets 10.1. Introduction 10.2. The nature of exchange rates 10.3. Determination of exchange rates 10.4. Nature of the forex 10.5. Nature of forex business 10.6. The efficiency of the foreign exchange market 10.7. Conclusion 11.Eurosecurities markets 11.1. Introduction 11.2. Eurobonds 11.3. Money market instruments issued through the eurosecurities markets 11.4. Euro-equities 11.5. Use of swaps in eurosecurities markets 11.6. Disintermediation 11.7. Conclusion 12. Financial derivatives 12.1. Introduction 12.2. The development and growth of financial derivatives 12.3. ICE Futures Europe (IFE) 12.4. The nature of financial futures 12.5. The nature of options 12.6. Swaps 12.7. Forward rate agreements 12.8. Contracts for difference 12.9. Credit derivatives 12.10. Problems arising from hedging or trading derivatives 12.11. The efficiency of the derivatives markets 12.12. Conclusion 13. Managing risk via the financial markets 13.1. Introduction 13.2. The nature of exchange and interest rate risk 13.3. Managing exchange rate risk: internal methods 13.4. Managing exchange rate risk: external methods 13.5. Managing interest rate risk 13.6. Conclusion Part III: Regulation 14. The global financial crisis of 2007-8 and its implications 14.1. Introduction 14.2. Causes of financial crises 14.3. Causes of the global financial crisis of 2007-8 14.4. Responses to the 2007-8 crisis 14.5. Conclusion 15.Regulation of the banking system 15.1. Introduction 15.2. The rationale for the regulation of banks 15.3. The structure of regulation 15.4. The safety net 15.5. Regulation of capital adequacy: Basel I and II 15.6. The Basel III framework 15.7. Banking recovery and resolution 15.8. Conclusion 16.Regulation of financial institutions other than banks 16.1. Introduction 16.2. Regulation of life insurance companies 16.3. Regulation of pension funds 16.4. Investment funds 16.5. The European Market Infrastructure Regulation 16.6. The Markets in Financial Instruments Directive (MFID) 16.7. Conclusion Part IV: Conclusions 17. Conclusions 17.1. Introduction 17.2. Critique of the financial sector 17.3. Conclusion References Glossary of technical terms and abbreviations Index

About the Author

Mike Buckle is Senior Lecturer in the School of Management at Liverpool University John Thompson is Emeritus Professor of Finance at Liverpool John Moores University

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