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墨尔本代写assignment:回购协议在金融市场的有效性

墨尔本代写assignment:回购协议在金融市场的有效性



墨尔本代写assignment:回购协议在金融市场的有效性

回购协议包括短期借款方面以及使用政府证券。交易通常基于隔夜时段完成,并通过以下形式完成。在回购协议中,有两方参与;买方和卖方。基于双方中的任何一方,交易的确定方式不同。参与出售证券的一方将在稍后购买该证券,该交易为回购协议或通常被认定为回购。另一方面,另一方购买证券并在约定时间内出售证券的过程被称为逆回购协议。因此,对于每一个回购协议,都有完成交易的相反过程。回购协议是各种企业和公司在资金借入过程中广泛用于金融市场的金融工具。


墨尔本代写assignment:Repurchase Agreement Effectiveness in Financial Markets

Introduction

The repurchase agreement constitutes of short-term borrowing aspect along with the use of government securities. The transactions are usually done based on an overnight period and by the following forming it is completed. In a repurchase agreement, there are two parties involved; the buyer and the seller. Based on the side of either of the two parties, the transaction is identified differently. The party that is involved in the selling of the security with an agreement to buy it later, the transaction is a repurchase agreement or commonly recognized as Repo. On the other hand, the process by which the other party buys the security with the guarantee of selling it within the agreed period of time is referred to as the Reverse Repurchase Agreement. Therefore, for every repurchase agreement, there is the reverse process which completes the transaction. The repurchase agreement is a financial tool that is extensively used in the financial market by various businesses and companies in fund borrowing process (Schroeder, J. L. (1995).


  

墨尔本代写assignment:回购协议在金融市场的有效性

在涉及抵押品的短期借款情况下,回购协议的使用是有效的。在回购协议交易中,买方被视为放款人,而卖方则担任短期借款人。在回购协议中,证券被视为抵押品。回购协议还包含一个协议,其中指明了借款期限,但与正常的贷款交易不同,回购协议的特点是短期通常持续一夜。回购协议的到期期限通常称为期限或利率。尽管回购协议与短期利息贷款之间存在相似之处,但实际上它们被视为购买。 


回购协议被视为基于使用担保担保的安全投资,因此大多数协议涉及美国国债。将美联储列入回购协议的基础是需要规范银行储备和货币供应。回购协议的使用通常由需要在短时间内快速获取大量资金的大公司实施。但是,个人也在财务债务证券中使用回购协议。多年来,回购协议的使用已经从大型金融机构转移到金融市场上更小的公司。 


有三种类型的回购协议通过交易中包含的流程进行区分。在称为专业交割回购的交易之一中,需要在协议开始时和到期时担保债券。这种类型的回购协议在金融市场中较少见。第二种类型称为持有保管回购协议,其中卖方提供现金用于证券销售,但由买方账户保管。由于这类交易涉及各种风险,因此不太常用。第三种是最常用的回购协议形式。它被称为第三方回购协议。在交易过程中,银行或清算代理完成买卖双方之间的交易,并能够保护双方的利益。这些协议构成了回购协议的90%。


回购协议在金融市场中被证明是非常重要的,因此它们的不断使用。但是,与其他形式的短期融资相比,它们的有效性问题已经提出。因此,这项研究着手调查回购协议的有效性,并与其所使用的一些金融工具进行比较。该研究将利用已申请回购协议的各家公司的财务数据,并将其与那些使用其他金融工具获取资金的公司进行比较,并调查更好的方法以及为什么它胜过对手。这项研究对金融市场的重要性将为短期借款交易提供一种评估方法,在这种交易中,它将有助于确认最有效的交易,从而将其用于未来的交易。由于基金借款在商业企业中的重要性和重要性,研究将填补基于借款最佳实践和影响交易的一些因素的知识差距。


墨尔本代写assignment:Repurchase Agreement Effectiveness in Financial Markets

Background

The use of repurchase agreement is effective in scenarios of short-term borrowing involving collateral. In the repurchase agreement transaction, the buyers are considered as the lenders while the seller takes the position of a short-term borrower. In the repurchase agreement, the security is considered as collateral. The repurchase agreement also contains an agreement in which the period of borrowing is indicated, however unlike the normal lending transactions, repurchase agreements are characterized by short-term periods which normally last overnight. The maturity period of a repurchase agreement is normally referred as the term or rate.  Despite the similarities between repurchase agreement and short-term, interest loans, they are actually considered as purchases (Acharya, & Öncü, 2010).


Repurchase agreements are considered as safe investments based on the use of security which acts as collateral hence the reason why most agreements involve U.S. Treasury Bonds. The inclusion of Federal Reserve in the repurchase agreement is based on the need to regulate bank reserves and money supply. The use of repurchase agreement is often implemented by big companies that need quick access to large amount of funds within a short period. However, individuals also use repurchase agreements in finance debt securities. Over the years, the use of repurchase agreements has moved from large financial institutions to include even smaller companies in the financial markets (Krishnamurthy, Nagel, & Orlov, 2014).


There are three types of repurchase agreements that are differentiated through the processes included in the transaction. In one of the transaction known as specialized delivery repo, requires a guarantee of bond in the beginning of the agreement and upon maturity. This type of repurchase agreement is less common in the financial markets. The second type is known as held-in custody repurchase agreement in which the seller is provided cash for the security sale but it is held in custody of the buyer’s account. Due to the various risks associated in this type of transaction, it is less commonly practiced. The third type is the most commonly used form of repurchase agreement. It is known as the third-party repurchase agreement. During the transaction, a bank or clearing agent completes the transaction between the buyer and seller and is able to protect the interests of both parties. These agreements make up 90% of repurchase agreements.


Repurchase agreements have proven to be important in financial markets hence their constant use. However, the question on their effectiveness has been brought forward as compared to other forms of securing funds within a short period of time. Therefore, this research sets out to investigate the effectiveness of repurchase agreements and compared to some of the financial tools which are used in its place. The research will make use of financial data of various companies that have applied repurchase agreements and compare them to those that used other financial tools in the securing of funds and investigate the better method and why it outdoes the opponent. The importance of this research to the financial market will provide an evaluative approach to short-term borrowing transactions in which it will help in recognizing the most effective one hence using it in future transactions. Due to the importance and significance of fund borrowing in business enterprises, the research will fill the knowledge gap that is based on the best practices of borrowing and some of the factors that affect the transaction.



墨尔本代写assignment:回购协议在金融市场的有效性

回购交易已被广泛用于现代市场,这是由于交易金额的减少而促成的。以前,回购仅限于有能力在一天内进行大宗交易的大型金融机构。然而,宽松的监管导致回购市场充斥着低于10万美元的公司交易。随着回购交易的广泛使用,出现了相当多的麻烦。雷曼兄弟公司进行了最广泛的回购交易之一。在运营期间,莱曼兄弟公司设法利用了回购交易的漏洞,并使公司看起来比以前更成功。这导致各投资者积累更多投资,因为它表明它正在盈利。然而,当它崩溃时,它导致了金融市场的巨大差异,导致了2008年金融市场的崩溃。雷曼公司的行为被发现后,雷波斯很快被监管,以防止进一步开采。然而,MF Global Company在2010年也采取了类似的策略,并采用了雷曼在回购交易中采用的类似策略。然而,随着该公司因业绩不佳而倒闭,后来才被发现。尽管过去曾使用回购协议的公司出现明显倒退,但当前市场中的更多公司已在其交易中采用回购协议。 


雷曼兄弟公司和MF Global公司使用回购协议的一个重要因素是该公司后来倒闭。回购被用来掩盖这些公司的表现不佳,以欺骗公众和投资者。公司的真实表现隐藏于公众和市场利益相关者的事实之中,公司不能采取任何行动扭转业绩,因为这会引发他们为什么要为失败的公司采取行动的问题。值得注意的是,公司不应该隐瞒业绩不佳,而应该告诉股东和公众,从而更有效地处理危机。隐藏公司的金融危机使其处于更关键的位置,最终可能导致其崩溃。回购已被寻求短期资金获取的公司适当使用,以便为投资或其他金融行动提供资金,并从中受益良多。然而,那些正在使用回购协议的公司不恰当地继续冒着公司面临的风险,因为他们正在加深危机。因此,建议公司适当使用回购,以便从中受益。各国政府已采取各种措施,确保辖区内的公司不会利用回购市场存在的财务和法律漏洞。在美国,银行应报告其日平均余额,以避免在回购余额报表时使用回购协议


墨尔本代写assignment:Repurchase Agreement Effectiveness in Financial Markets

Conclusion

Repo transactions have been extensively used in the modern market which was facilitated by the reduction in the amount that was transacted. Previously, repos were limited to big financial institutions that had the ability to make large transactions within a day. However, relaxed regulation has led to the repo market being flooded with companies transacting as less as $100,000. With the extensive use of repo transactions, there has been a fair share of troubles. One of the most widely covered repo transactions was conducted by the Lehmann Brothers Company. During their operation years, the Lehmann Brothers Company managed to exploit the loopholes in repos transactions and made the company appear to be more successful than it was. This led to more investments being accumulated to the company by various investors as it indicated it was being profitable. However, when it collapsed it caused a huge discrepancy on the financial market that significantly led to the collapse of 2008 financial market. When the actions of Lehmann Company were discovered, Repos were quickly regulated to prevent further exploitation. However, MF Global Company in 2010 followed suit and used similar tactics employed by Lehmann in the repo transactions. It was however later to be discovered as the company collapsed due to poor performance. Despite the eminent downfall of the companies that have used repos in the past, more companies in the current market have embraced the use of repos in their transactions.


One significant factor associated with the use of repos at the Lehmann Brothers Company and that of MF Global Company is the later collapse of the company. Repos were used to hide the under-performance of these companies so as to fool the public and the investors. The fact that the companies’ true performance was hidden from the public and market stakeholders, the company  could not take any action to reverse the performance as it would raise questions as to why they are taking actions for failed companies. It is to be noted that instead of companies hiding their underperformance, they should inform their stakeholders and public hence being at a better position to handle the crises more effectively. Hiding the financial crises of the company puts it in a more critical position that might eventually lead to its collapse. Repos have been used appropriately by companies seeking short-term access to funds so as to fund investments or other financial actions and have greatly benefited from it. However, the companies that are using repos inappropriately continue to risk their companies as they deepen their crises. It is therefore, recommended for companies to appropriately make use of repos so as to benefit from them. Various governments have taken various measures to ensure that companies within their jurisdictions do not exploit the financial and legal loopholes existing in repo markets. In the United States, banks are to be reporting their daily average balances to avoid use of repos in ‘window dressing’ their balance statements. 

 

 

 


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