INSTRUMEN PASARANWANG PENGENALAN PASARAN WANG Pasaran yang mendagangkan instrumen kewangan jangka pendek (tempoh matang antara satu malam hingga 12 bulan). Aset didagangkan mempunyai kecairan tinggi dan boleh ditukarkan kepada tunai dengan segera. Urusniaga dilaksanakan secara borong menerusi pelbagai aset kewangan yang mempunyai ciri-ciri yang berbeza. Peserta yang berurusniaga adalah mereka yang memerlukan/ melabur tunai jangka pendek yang cepat. INSTRUMEN YANG DIGUNAKAN Instrumen Terbitan Kerajaan Wang semalaman / wang panggilan Instrumen Swasta Penerimaan jurubank Bil perbendaharaan Instrumen deposit boleh niaga Bil BNM Repos Nota Cagamas Kertas komersil/ kertas perdagangan . harga pasaran atau harga premium.INSTRUMEN KEWANGAN JANGKA PENDEK Membolehkan peserta mendapatkan pinjaman atau melabur dalam aset kewangan untuk jangka pendek. Pembelian daripada penerbit dengan harga muka. Instrumen kewangan dipengaruhi oleh tempoh matang dan kadar pulangan masing-masing. . diskaun. PASARAN WANG DAN PERANAN DALAM MENYALURKAN DANA . KATEGORI INSTRUMEN DAN PENERBIT Penerbit Institusi Penerbit Instrumen Konvensional Instrumen Islamik Kerajaan/ BNM Perbendahara Sekuriti Kerajaan Malaysia an Malaysia (Malaysian Government Securities) MGS Sijil/ Terbitan Pelaburan Kerajaan (Government Investment Certificates / Issues) GII Perbendahara Bil Perbendaharaan an Malaysia Malaysia (Malaysian Treasury Bills) MTB Bil Perbendaharaan Malaysia Islam (Malaysian Islamic Treasury Bills) MITB BNM Bil Bank Negara (Bank Negara Bills) / Nota Kewangan Bank Negara (Bank Negara Monetary Notes) BNMN Nota Kewangan Bank Negara Malaysia – Islam (Bank Negara Monetary Note – Islamic) BNMN-i BNM Nota Boleh Niaga Bank Nota Boleh Niaga . TREASURY BILLS (T-BILLS) Treasury bills Issued to meet the short-term needs of the government Attractive to investors Minimal default risk—backed by Government Excellent liquidity for investors Short-term maturity Estimating T-bill yield No coupon payments Par or face value received at maturity Yield at issue is the difference between the selling price and par or face value adjusted for time If sold prior to maturity in secondary market Yield based on the difference between price paid for T-bill and selling price adjusted for time . SMC Syarikat CAGAMAS Nota Cagamas Nota Cagamas Islam Khazanah Nasional Berhad Bon Khazanah - Pengurusan Danaharta Nasional Berhad Danaharta .KATEGORI INSTRUMEN DAN PENERBIT Penerbit Institusi Penerbit Instrumen Konvensional Instrumen Islamik Agensi Berkaitan Kerajaan Syarikat CAGAMAS Bon Cagamas Sukuk Mudharabah Cagamas . 1 minggu. 1 bulan.BA Bil Penerimaan Islam (Islamic Accepted Bill) IAB Pelbagai Bank Perdagangan dan Pelaburan Swasta Perjanjian Beli balik (Repurchase Aggrement) Repos Islamic Repos (Sale and buy back arrangement) SBBA .INSTRUMEN YG DIKELUARKAN OLEH PIHAK SWASTA/ INSTITUSI KEWANGAN Penerbit Institusi Penerbit Instrumen Konvensional Instrumen Islamik Bank (Swasta) Pelbagai Bank Perdagangan dan Pelaburan Swasta - Pelaburan Antara Bank Mudharabah (Mudharabah Interbank Investment) MII (semalaman. 3 bulan) Pelbagai Bank Perdagangan dan Pelaburan Swasta Penerimaan Jurubank . COMMERCIAL PAPER Short-term debt instrument Alternative to bank loan Used only by well-known and creditworthy firms Unsecured Not a large secondary market Commercial paper backed by bank lines of credit Bank line used if company loses credit rating Bank lends to pay off commercial paper Bank charges fees for guaranteed line of credit . NEGOTIABLE CERTIFICATES OF DEPOSIT (NCD) Issued by large commercial banks Purchased by nonfinancial corporations or money market funds Secondary markets supported by dealers in security NCD premiums: Rate above T-bill rate to compensate for lower liquidity and safety . REPO 1. the buyer (as the new owner) can sell the asset to a third party to offset his loss. In this case. Repo is a generic name for both repurchase agreements and sell/buy-backs 2. one party sells an asset (usually fixed-income securities) to another party at one price at the start of the transaction and commits to repurchase the asset from the second party at a different price at a future date or (in the case of an open repo) on demand If the seller defaults during the life of the repo. In a repo. Reverse Repo .The reverse repo is the complete opposite of a repo. a dealer buys government securities from an investor and then sells them back at a later date for a higher price b. Variations on standard repos: a.exactly the same as a repo except the term of the loan is greater than 30 days . 3. Term Repo . The asset therefore acts as collateral and mitigates the credit risk that the buyer has on the seller. . BANKERS ACCEPTANCE A bank takes responsibility for a future payment of trade bill of exchange Used mostly in international transactions Exporters send goods to a foreign destination and want payment assurance before sending Bank stamps a time draft from the importer ACCEPTED and obligates the bank to make good on the payment at a specific time Exporter can hold until the date or sell before maturity If sold to get the cash before maturity. price received is a discount from draft’s total . Shipment of Goods 2 3 American Bank (Importer’s Bank) Exporter Shipping Documents & Time Draft 5 L/C Notification Purchase Order L/C (Letter of Credit) Application Importer 1 4 6 L/C 7 Shipping Documents &Time Draft Draft Accepted (B/ACreated) Japanese Bank (Exporter’s Bank) . ..... ...... (This space should be reserved for the printing of the Magnetic Ink Character Recognition encoding for automated clearing) ........... BA in Malaysia: Green BA (Islamic) Bumiputra-Commerce Bank Berhad Payable at Bumiputra-Commerce Bank Berhad for and on behalf of Accepted on BA No.....EG..... Drawn to finance ( sale to non-resident/resident) of goods described in the records of the accepting bank... for and on behalf of Trader Sdn Bhd........ Dated ...... 0000001NL Bankers Acceptance Due date To Bumiputra-Commerce Bank Berhad At days after sight without days of grace pay to the order of ourselves the sum of ringgit ……………………………………...................... ......... BA in Malaysia: Pink BA (Conventional) Bumiputra-Commerce Bank Berhad Payable at Bumiputra-Commerce Bank Berhad for and on behalf of Accepted on BA No. for and on behalf of Trader Sdn Bhd. 0000001 Bankers Acceptance Due date **** To Bumiputra-Commerce Bank Berhad At * days after sight without days of grace pay to the order of ourselves the sum of ringgit ……………………………………................ ** Drawn to finance ( purchases to non-resident/resident) of goods described in the records of the accepting bank. (This space should be reserved for the printing of the Magnetic Ink Character Recognition encoding for automated clearing) ......... ...............EG............... *** Dated ….. industrial.MAJOR PARTICIPANTS IN MONEY MARKET Participants Commercial banks Finance. and service companies Federal and state governments Money market unit trust funds All other financial institutions (investing) Short-term investing for income and liquidity Short-term financing for short and permanent needs Large transaction size and telecommunication network . VALUATION OF MONEY MARKET SECURITIES Present value of future cash flows at maturity (zero coupon) Value (price) inversely related to discount rate or yield Money market security prices more stable than longer term bonds Yields = risk-free rate + default risk premium . INTERACTION AMONG MONEY MARKET YIELDS Securities are close investment substitutes Investors trade to maintain yield differentials T-Bill is the benchmark yield in money market Yield changes in T-bills quickly impacts other securities via dealer trading Yield differentials determined by risk differences between securities Default risk premiums vary inversely with economic conditions . Penerimaan jurubank (BA).Nota Cagamas viii. Sekuriti Kerajaan (jangka pendek) iii.Instrumen deposit boleh niaga (NIDs) ix.Bil Bank Negara vii.Bon Khazanah v. Wang semalaman/bermalam (overnight money) dan wang panggilan (deposit antara bank) ii. .INSTRUMEN PASARAN WANG YANG UTAMA DI MALAYSIA i. Bil Perbendaharaan (TBs) vi.Bon Cagamas iv. INSTRUMEN PASARAN WANG ISLAM 22 . berserta syarat tertentu Al-Wakalah Letter of Credit Al-Musyarakah Letter of credit Terdiri daripada .INSTRUMEN DEFINISI CONTOH SURAT KREDIT SECARA ISLAM (ILC) Merupakan bukti perakuan bahawa bank akan membayar kepada penjual jumlah tertentu seperti yang tercatat dalam surat kredit.Surat Kredit Penasihatan (Letter Of Credit Advisory) .Surat Kredit Pengesahan (Letter Of Credit-confirmation) See page 209 (see page 209210) Jaminan oleh satu pihak (bank) ke atas satu pihak lain yang diberikan kpd pihak ketiga (pemilik barangan/ penjual) yang telah mendepositkan barangannya kepada pihak yang dijamin oleh bank Jaminan Bank-i Jaminan Perkapalan-i SURAT JAMINAN SECARA ISLAM See page 210 BIL PENERIMAAN ISLAM (IBA) Menggalakkan aktiviti perdagangan secara Islam Menggunakan konsep bay’ al-dayn dan IBA ImportPembelian Domestik . 1 bulan.INSTRUMEN PERBENDAHARAAN -PELABURAN ANTARA BANK MUDHARABAH sebuah bank Islam boleh melabur lebihan dana ke dalam bank bank Islam yang mengalami deficit Konsep mudharabah Pelaburan min rm50k Tempoh – semalaman. 3 bulan. 12 bulan . 1 minggu. INSTRUMEN LAIN 1. PRODUK KOMODITI MURABAHAH 3. PEMBIAYAAN SEMULA KREDIT EKSPORT ISLAM . PEMBIAYAAN MODAL KERJA 2.