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Lecture Financial institutions, instruments and markets (7e): Chapter 3 – Viney, Phillips

Chapter 3 - Non-bank financial institutions (NBFIs). After you have mastered the material in this chapter, you will be able to: Understand the different types of NBFIs and their roles in the financial system, outline the financial products and services provided by NBFIs, describe NBFIs’ principal sources and uses of funds. | Chapter 3 Non-bank Financial Institutions (NBFIs) Website: www.apra.gov.au www.efic.gov.au Learning objectives Understand the different types of NBFIs and their roles in the financial system Investment and merchant banks, managed funds, cash management and public trusts, superannuation funds, life and general insurance offices, hedge funds, finance companies and general financiers, building societies and credit unions, and export finance corporations Outline the financial products and services provided by NBFIs Describe NBFIs’ principal sources and uses of funds Chapter organisation 3.1 Investment and merchant banks 3.2 Managed funds 3.3 Cash management trusts 3.4 Public unit trusts 3.5 Superannuation funds 3.6 Life insurance offices 3.7 General insurance offices 3.8 Hedge funds 3.9 Finance companies and general financiers 3.10 Building societies 3.11 Credit unions 3.12 Export finance corporations 3.13 Summary 3.1 Investment and merchant banks Evolved under regulation Are not authorised banks and are officially classified as ‘money market corporations’ in Australia Share of total financial institution assets declined from 7.2% in 1990 to 1.4% in 2010 Today, there is very little difference between a ‘merchant’ bank and an ‘investment’ bank (cont.) 3.1 Investment and merchant banks (cont.) Sources of funds Mainly securities issued into international money markets and capital markets Uses of funds Limited lending to clients, usually on short-term basis These loans tend to be sold into the secondary market Primarily focused on off-balance-sheet advisory services (cont.) 3.1 Investment and merchant banks (cont.) Off-balance-sheet business Innovative products and services in provision of advice, management and funding services, generating their main income from fees, e.g.: FOREX dealers, advice on raising funds, underwriting equity/debt issues, shares placements, balance-sheet restructuring, venture capital mergers and acquisitions—takeover company . | Chapter 3 Non-bank Financial Institutions (NBFIs) Website: www.apra.gov.au www.efic.gov.au Learning objectives Understand the different types of NBFIs and their roles in the financial system Investment and merchant banks, managed funds, cash management and public trusts, superannuation funds, life and general insurance offices, hedge funds, finance companies and general financiers, building societies and credit unions, and export finance corporations Outline the financial products and services provided by NBFIs Describe NBFIs’ principal sources and uses of funds Chapter organisation 3.1 Investment and merchant banks 3.2 Managed funds 3.3 Cash management trusts 3.4 Public unit trusts 3.5 Superannuation funds 3.6 Life insurance offices 3.7 General insurance offices 3.8 Hedge funds 3.9 Finance companies and general financiers 3.10 Building societies 3.11 Credit unions 3.12 Export finance corporations 3.13 Summary 3.1 Investment and merchant banks Evolved under regulation Are