TIpSarhirBaØvtßú nig esdækic©  TIpSarhirBaØvtßú KWCakEnøgCYbKñarvagGñklk; nig GñkTij]bkrN_hirBaØvtßú b¤ \NTan  Tij-lk;\NTan ¬ Credits ¦nig Fnb½Rt b¤mUlb½Rt ¬ Securities ¦ dUcCa Stocks, Bonds  karGvtþmanTIpSarhirBaØvtßú eFIV[)at;bg;nUvGtßRbeyaCn_ya:geRcInk ñúgsgÁm>>>> I -lkçN³sm,tiþrbs;TIpSarhirBaØvtßú (The Nature of Financial Markets)  CaynþkarbBa¢Ún-epÞrrvagGñksnMS b¤ Gñk[xI© nig GñkxI© b¤ GñkcMNay  RbmUlpMþúR)ak;snMSehIypþl;[GñkxI© EdlRtUvkarTunvinieyaKelIsBITunEdlxøÜn man  CameFüa)aybBa¢ÚnR)ak;BIEpñkEdlenA esssl;TunedaykarsnMS eTAEpñkEdlxVHTun  manplRbeyaCn_TaMgsgxag ¬Gñk[xI© nig GñkxI©¦ emeron TI 2 ³

1-lMnaMedImcMeBaHTIpSarhirBaØvtßú (An introduction to financial market) karpþl;hirBaØb,TanedayRbeyal (Indirect Financing) Gñk[xI©- GñksnMS Lenders-Savers - GgÁPaBGa CIvkmµ - rdæaPi)al - RKYsar - CnbreTs GñkxI©- GñkcMNay Borrowers-Spenders - GgÁPaBGa CIvkmµ - rdæaPi)al - RKYsar - CnbreTs GnþrkarIhirBaØvtßú Financial Intermediaries karpþl;hirBaØb, TanedaypÞal; (Direct Financing)

 Gñk[xI© rYmman RKYsar GgÁPaBplitkmµ GaCIvkmµ nig rdæaPi)al  RKYsark¾CaGñkxI©sMxan;Edr tamry³ Consumer Credit nig Mortgage Borrowers ebIynþkarbBa¢ÚnR)ak;minrIkcMerIn b¤ mindMeNIrkar karvinieyaKnwgminekIteT,IgeT.  PaBbraC½yrbs;TIpSarhirBaØvtßú edaysarkarxVHBt_manGMBIGñkxI© nig Gñk[xI©  tYnaTIsMxan;rbs;TIpSar KWkarnaMGñkTij nigGñklk;[)anCYbKña ¬GñkTijnigGñklk;\NTan¦  minyl;BITIpSarhirBaØvtßú TunmYycMnYnkksÞH karvinieyaKFøak;cuH karsnMSk¾Føak;cuH 2-cMnucsMxan; nigkarkMNt;TIpSarhirBaØvtßú (The importance &Limitation of FM)  shRKinmñak;kMrmanTunrbs;xøÜnRKb;R Kan;Nas; edIm,IeFIVvinieyaKedayxøÜnÉgpÞal;  GñksnMSmñak;² ebIKµandak;luycUlkñúgTIpSarhirBaØvtßú eT enaHnwgmin)anekIneT,IgenaHeT  TIpSarhirBaØvtßú )anCYyedaHRsaybBaðaTaMgenH ¬begIánTunrbs;BYkeK¦ karpþl;hirBaØb,TanedaypÞal; (Direct Financing)

 mansBaØab½NÑsaCIvkmµ sBaØab½NÑrdæaPi)al>>>Edl)ane)aHpS aykñúgbMNgxI©R)ak;  Rkumh‘uncg;begIánTun eKe)aHBum<Rkdasya:gs¥atehAfa {sBaØab½NÑ} ehIyBüayamlk;va  ÉktþCn (Individuals) nigsßab½nhirBaØvtßú CaGñkTijb½NÑTaMgenH ¬Gñk[xI©¦  tYnaTIsMxan;rbs;TIpSar KWkarnaMGñkTij nigGñklk;[)anCYbKña ¬GñkTijnigGñklk;\NTan¦  ry³eBlxIø ¬ticCagmYyqñaM¦ ry³eBlmFüm ¬BI1-10 qñaM¦ ry³eBlEvg ¬BI10 qñaMeT,Ig¦ x-snwøkh‘untMNagPaBCam©as; (Stocks represent ownership)  snwøkh‘untMNag[PaBCam©as; ¬Cam©as;énEpñkmYyrbs;GaCIvkmµ¦  saCIvkmµGacbegIánTuneday xI©BIFnaKar lk;sBaØab½NÑ b¤ lk;snwøkh‘un  sBaØab½NÑTTYlkarR)ak; (Interest) cMENkm©as;h‘unTTYlPaKlaP (Dividends)  manh‘unBIrRbePTKW h‘unGaTiPaB (Preferent stock) nig h‘unFmµta (Common Stock)  h‘unGaTiPaBTTYlPaKlaPefr h‘unFmµtaTTYlPaKlaPGefr GaRs½ynwglTplrbs;Rkumh‘un k-sBaØab½NÑCatMNagkMcI (Bonds represent borrowings)

 éføsnwøkh‘unFmµtaERbRbYlGaRs½yn wgsßanPaBGaCIvkmµrbs;Rkumh‘un nig lkçxNÐén esdækic©CarYm.  GñkTijsnwøkh‘unFmµta cab;GarmµN_xøaMgcMeBaHkarTTYl)an mUlFn (Capital gains) Cag PaKlaP (Dividends)  mUlb½RtTaMgGs;manlkçN³rYmmYy KWkarTTYlcMNUlenAéf¶GnaKt ehAfa lMhUrsac;R)ak; K-niekçbBak;B½nnwgGclnvtßú (Mortgages involve real estate)  niekçbKWCabMNulEdlekIteT,Igedaysarka rxI©R)ak;edIm,ITijdI GaKar b¤pÞH edayyk GclnRTBüenaH eFIVCavtßúFana b¤ vtßúbBa¢aM (Securities or Collateral)  niekçbCaTUeTARtUvsgbniþcmþg² CamYynwgkarR)ak;Caerogral;qñaM  man Residential mortgage nig Commercial mortgage ¬BI 25 eTA 30 qñaM¦

k-muxgarTI 1 ³ bgálkçN³gayRsYldl;kareFIVBaNiC¢kmµ nig kareFIVvinieyaK  begIánnUvkareFIVBaNC¢kmµ nig kareFIVvinieyaK ehIy  RbB½nrUbiyvtßúmanlkçN³rwgmaMl¥ Gackat;bnßynUvhaniP½y naM[mankarekIneT,Ig karvinieyaKbEnßmEdleFIV[esdækic©rIk cMerIn. x-muxgarTI 2 ³ epÞrFnFan b¤ mUlFnBIGñksnMSeTA[GñkxI© b¤ GñkvinieyaK enAkñúgesdækic©mYyEdlKµankarsnMS enaHk¾GacKµankarvinieyaKekIteT,IgEdr b:uEnþebImankar snMSeFIV[mankMenInesdækic© K-muxgarTI 3 ³ RbmUlFnFan KMeragvinieyaKnana tRmUv[manmUlFneRcIn ehIyFnaKa nigTIpSarPaKh‘unGacRbmUlnUvcMnYn R)ak;snMSedIm,IeFIVhirBaØb,TanelIkarvini eyaKEbbRTg;RTayFM². 3-muxgarTIpSarhirBaØvtßú (The Function of Financial Market)

X-muxgarTI 4 ³ eFIVkareRCIserIsKMerag RbB½nhirBaØvtßúEdlrwgmaMl¥ )aneFIV[R)ak;snMSTaMgenHeTACa karvinieyaKplitkmµCaeRcIn ehIyFmµtaFnaKareFIVkar[xI©EteTAelIK MeragNaEdlecHEksMrYlnUvhaniP½yx<s; [mkTab vij)an. g-muxgarTI 5 ³ karEck karepÞr nig karcUlrYmhaniP½y tamry³TIpSarmUlFn nig kic©snüaFanara:b;rgEdl)anbEgVr karFana karEbgEck nig karrYmTTYlyknUvhaniP½y. c-muxgarTI 5 ³ karbEgVrhaniP½y[eTAEpñkepSg²eTot tamry³ karTTYlyknUvKMeragvinieyaKmYycMnYn FM bBa©ÚlKñaEdl)ankat;bnßynUvhaniP½y srubcMeBaHvinieyaKmñak;². q-muxgarTI 7 ³ karRtYtBinitü - GñkxI©eRbIR)as;nUvmUlFnEdl)anxI© tamkic©snüaEdl)aneFIV Q-muxgarTI 8 ³ Rbtibtiþtamkic©snüa - GñkxI©sgkarR)ak; ehIyRBmTaMgbg;nUvR)ak;edIm.

CakEnøgEdleKeFIVkarTij- lk;]bkrN_hirBaØvtßúry³eBlxIø ¬eRkam 1 qñaM¦ eFIV[eTACa ]bkrN_bMNul bnÞab;mkbgá[manlkçN³gayRsYlkñúgkarb þÚrCasac;R)ak;. k-TIpSarrUbiyvtßú (Money Market) 3-TIpSarrUbiyvtßú nig TIpSarmUlFn (Money Market and Capital Market)  ]bkrN_TIpSarrUbiyvtßú (Money Market Instruments) man ³  b½NÑBaNiC¢kmµ (Commercial Paper) KWCab½NÑbMNulry³eBlxIø éf¶ b¤ ticCag EdlecjedayFnaKarFM² nig saCIvkmµ l,I²dUcCa General Motors, AT&T... CaedIm.  viBaØab½nb½RtbeBaIØ (Certificates of Deposit) Cab½NÑbMNulmYyEdllk;edayFnaKareTA[ GñkepIJr Edlbg;karR)ak;RbcaM elIcMnYnluy Edlpþl;[ ehIydl;eBlputkMNt;k¾sgvijtaméføedImEdl) anTij. ehIybc©úb,nñ b½NÑenHEtgEtRtUv)aneFIVskmµPaBeda HdUrenAkñúgTIpSarbnÞab;.

 Fnb½NÑEdlecjedayrdæaPi)al b¤ ]brkN_\NTanbIEbbKW ³  b½NÑrtnaKar (Treasury Bills, T-Bills)  Cab½NÑEdlecjedayrtnaKarrbs;rdæaPi)al manry³eBlxIø  tMélTwkR)ak;ticbMput 10>000 duløar EdlminbBa¢ak;karR)ak;  b½NÑenH RtUv)anlk;tamrebobGb,har (discounts) ehIyecj 3-6 Ex erogral; s)þah_ nigb½NÑrtnaKarEdlmanGayukal 1 qñaM erogral;Ex.  Fnb½RtrtnaKar (Treasury Notes, T-Notes)  Cab½NÑEdlmanry³eBl[eRbIR)as; ¬1-10 qñaM¦  tMélTwkR)ak;ticbMput 1>000 duløar  mankarR)ak; RtUvbg;TUTat;ral; 6 Ex mþg  sBaØab½NÑrtnaKar (Treasury Bonds, T-Bonds)  Cab½NÑFmµtaEdlmanry³eBlBI 10 qñaM eT,Ig ehIyEdlCaTUeTAeKbg;karR)ak;erogral; mYyqmasmþg  tMélTwkR)ak;ticbMput 1>000 duløar

 Banker's Acceptance  short-term credit investment  guaranteed by a bank to make payment  is mostly used to finance exports, imports and other transaction in goods  need not to be held till the maturity date but the holder has the option to sell it off in the secondary market whenever he finds it suitable.  Euro Dollars  basically dollars denominated deposits that held in banks outside the United State  a fixed term deposit issued by large bank in the world  mostly short-term 30days, 60 days or 90 days  in respose for capital need for international trade

CaTIpSarEdlmankarTij-lk; Fnb½Rt ry³eBlelIsBImYyqñaMeT,IgeTA EdlGñkxI©TTYl mUlniFiBITIpSarmUlFnedIm,ITijTMnijsMr ab;eFIVkarvinieyaK. x-TIpSarmUlFn (Capital Market) 3-TIpSarrUbiyvtßú nig TIpSarmUlFn (Money Market and Capital Market)  ]bkrN_TIpSarmUlFn (Capital Market Instruments) man ³  Fnb½Rtrbs;rdæaPi)alry³eBlEvg (Long-Term Government Securities) KWCab½NÑEdlecjedayrdæaPi)al manry³eBlkMNt;BI 1 qñaM eTA 10 qñaM sMrab; T-Notes BI 10 eTA 30 qñaM sMrab; T-Bond.  b½NÑsaCIvkmµ (Corporation Bond) b½NÑEdlecjedaysaCIvkmµkñúgkMrit\NTa nx<s;sMrab;ry³eBlEvg. CaFmµtaepIJr[m©as; b½NÑnUvkarR)ak;BIrdgkñúgmYyqñaM ehIybg;pþac;tMélb½NÑ (Face value) eBlEdlb½NÑ putkMNt;.

 snwøkh‘un (Corporate Stock) man ³  h‘unFmµta (Common Stock) KWCaPaKlaP miinEmnkarR)ak;ehIyminefr KµankarkMNt;GaRs½ynwgGaCIvkmµ.  h‘unGaTiPaB (Preferered Stock) KWCaPaKlaPEdlCakarR)ak;mYy RtUvbg; edaysaCIvkmµ tamGRtakarR)ak;mYyefrEdl)ankMNt;. RbtibtiþkarhirBaØvtßú)anekIteT,Ig TaMgelITIpSarhirBaØvtßúdMbUg nig bnÞab;  TIpSardMbUg (Primary market) ³ CaTIpSarhirBaØvtßúEdle)aHpSayelIkd MbUg edIm,Idak;[GñkTijdMbUgTI edaysaCIvkmµ b¤ rdæaPi)alEdlmanbMNgxI©mUlFn.  TIpSarbnÞab; (Secondary Market) ³ CaTIpSarhirBaØvtßúEdl)ane)aHpSaym antMél Gaclk;eT,Igvij.

enAeBlBaNiC¢kmµrbs;RbeTsmYyrIkcMerI n BIBaNiC¢kmµkñúgRsukeTABaNiC¢kmµt Mbn; nigeTA BaNiC¢kmµGnþrCati ehIykareq<aHeTABaNiC¢kmµGnþrCati enaHeKRtUvkarmeFüa)ayTUTat; manlkçN³TMenIb nig manRbsiTPaB. k-meFüa)ayTUTat; (Mean of Payment) 4-esvasMxan;²énRbB½nhirBaØvtßú (Key Services of Financial System) x-karekNÐRbmUlFnFan (Resources Gathering) )ann½yRbmUlR)ak;snMSedaysµ½RKcitþr bs;GtifiCn EdlnwgeFIV[RTBüskmµhirBaØvtßúman karrIkcMerInEdlCaCMerIsmYyTak;Taj[ma nkarsnMSbEnßm. K-karEbgEckFnFan (Distributes of Resource) KWEbgEckFnFansMrab;karvinieyaK. mUlehtuEdlnaM[manGnþraKmn_BIrdæaP i)alkñúgkar EbgEckehIyRbeTsesIÞrEtTaMgGs; EdlTIpSarhirBaØvtßúxøÜnÉgminEdlRbR BwtþeTAya:g eBjeljeT,Iy.