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1、Chapter SevenCapital Markets in the U.S.Learning objectivesAfter studying this chapter you should be able to:1.Give your definition of capital market2.Tell the purposes of capital markets3.Explain the structure of capital markets4.Tell briefly all the major trading instruments of capital markets5.Te
2、ll the chief capital market participants in the U.S.6.Make a comparison between capital markets and money markets in the U.S.NotesI.New Words1.exchange n.课文中当“交易所”讲，如：stock exchange 股票交易所，commodity exchange商品交易所2.secured a.有担保的=guaranteed,其反义词为unsecured3.collateral n.抵押品/物（英国人用collateral security或se
3、curity 表示同样意思）4.alternative a.n.两者（或两者以上）挑一的/选择5.variable a.可变的，常变的6.to preserve vt.保护7.crucial a.决定性的Notes8.entity n.法人（=legal entity）9.proceeds n.收入，实收款项10.creditor n.债权人，与debtor“债务人”相对11.to warehouse vt.储存=to store，英国人多用store 来表示同样意思12.to entitle vt.给权力（或资格）13.whereas conj.尽管14.to originate vi.发生
4、=to happen or occurNotesIII.Key Terms1.bond n.债券 written evidence of debt2.stock n.股票 written evidence of ownership(英国人用share)mon stock 普通股（相当于英国人用的ordinary shares）4.preferred stock 优先股（相当于英国人用的preference shares）5.bearer(coupon)bond 无记名债券/附息票债券 bearer bonds require bondholders to clip a coupon off t
5、he bond and send it to the company in order to receive payment of the interest carried6.registered bond 登记债券bonds which have the name of the owner registered with the company7.capital projects 资本项目8.U.S.Treasury Department 美国财政部（英国用the Exchequer）9.T-bills/Treasury bill 美国政府发行的短期债券 a U.S.government s
6、hort-term security sold to the public each week,maturing in 91 to 182 daysNotes10.Treasury note 美政府发行的中期债券 a U.S.government medium-term security,sold to the public and having a maturity of one to five years,sometimes even to ten years11.Treasury bond 美政府发行的长期债券 a U.S.government long-term security,so
7、ld to the public and having a maturity longer than five years.Treasury bonds usually mature in twenty to thirty years12.pension funds 养老基金13.mutual funds 互助基金14.over-the-counter(OTC)market 场外交易市场 a secondary market in which dealers at different locations who have an inventory of securities stand rea
8、dy to buy and sell securities to anyone who comes to them and is willing to accept their prices15.primary market (证券或资本的)一级市场 the sale and purchase of newly issued stocks and bonds by firms or governments16.secondary market (证券或资本的)二级市场 a financial market in which securities that have previously bee
9、n issued can be resold17.bankers acceptance 银行承兑汇票 a time draft that promises to pay a certain sum of money that has been accepted by a bankMain TextDefinition of capital MarketPurposes of Capital Markets Structure of Capital MarketsMain TextParticipants of Capital Markets1.The Federal and Local Gov
10、ernments2.Corporations3.HouseholdsMain TextComparison between U.S.Money Markets and Capital MarketsThe trading instruments are differentThe purposes of them are different The participants in them are different Whereas most money market transactions originate over the phone,most capital market transactions,measured by volume,occur in organized exchanges This is the end of Chapter 7Thank you for your attention