Finance: A Fine Art by Michel Fleuriet

By Michel Fleuriet

The monetary markets play a vital position in modern society. they could swap the lives of complete groups for larger or worse and shape a necessary a part of the general economic climate. but their intermediaries are often criticised for misuse of the ability that they wield. during this defence of the markets Michel Fleuriet attracts on his a long time event within the box to span heritage and modern tradition, addressing the industry practitioner's raison d'?tre, his/her wider position, the talents required and the options hired. it is a thought-provoking and informative paintings for all these operating within the monetary markets, meaning to input them or with an curiosity within the wider financial system. * attracts at the wide event of the writer - a hugely revered identify inside monetary circles. * A synthesis of the author's lifestyles time adventure in the monetary markets. * A seminal paintings addressing key questions of the philosophical and conceptual heritage to the monetary marketplace. * A debatable and thought-provoking paintings that each practitioner should still learn.

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Financial assets have got to be taken into consideration under other parameters. Yet the incoherence manifested by more than a few professional economists does not stop there. Just like the price of goods resulting from the confrontation of supply and demand, what happens on financial markets is supposed to stem from the same concatenation: Any market is a meeting of profferers and would-be purchasers. With, for the financial [market], the particularity consisting in the fact that the roles are permutated according to circumstances so that buyers become sellers and vice versa.

In financial OTC dealings, the intervening parties are banks and they are the parties subject to rules and regulations, not the market. No mechanism prevents JP Morgan Chase in New York from exchanging THE MECHANICS OF FINANCIAL MARKETS 33 dollars for euros with Commerzbank in Frankfurt. The laws enforced in the US and Germany bind – and perhaps tie the hands of – each of these banks; this is not the case in relation to their transactions. OTC markets operate for foreign exchange, most bonds, money markets and derivative markets.

The seller and the buyer agree on a single price serving to achieve equilibrium between two futures, on the one hand what the seller will do with the money constituting the sales price; on the other hand what the buyer will do with the apartment itself. Such a transaction records the meeting of two wills in complete agreement. It is worth quoting Turgot again: Exchanging, it is necessary that each party is convinced of the quality and quantity of every thing exchanged. In this agreement it is natural that every one should desire to receive as much as he can, and to give as little; and both being equally masters of what they have to barter, it is in a man’s own breast to balance the attachment he has to the thing he gives, with the desire he feels to possess that which he is willing to receive, and consequently to fix the quantity of each of the exchanged things.

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