Vysvětlující dodatek článku Adrian, T., Shin, H. S. (2010) The Changing Nature of Financial
Intermediation and the Financial Crisis of 2007–2009
Mortgage-backed security (MBS): an asset-backed security or debt obligation that
represents a claim on the cash flows from mortgage loans, most commonly on residential
property
Asset-backed security (ABS): a security whose value and income payments are derived
from and collateralized by a specified
pool of underlying assets, such as credit cards, auto loans, or mortgages
Collateralized debt obligation (CDO): a type of structured asset backed security whose
value and payments are derived from a portfolio of underlying fixed-income assets; they are
split into different risk classes, and their interest and principal payments are made in order of
seniority
Repo (repurchase agreement): a transaction in which the borrower sells a security to a
lender and also agrees to buy back the same security from the lender at a fixed price at some
later date; equivalent to a cash transaction combined with a forward contract
Money market mutual fund: an open-end mutual fund that invests only in money markets;
seeks to maintain a net asset value of $1 per share and thereby provide investors with a safe
place to invest easily accessible cash equivalent assets
Money market is a component of the financial markets for assets involved in short-term
borrowing, lending, buying and selling with original maturities of one year or less. Trading in
money markets is done over the counter and is wholesale. There are several money market
instruments, including treasury bills, commercial paper, bankers' acceptances, deposits,
certificates of deposit, bills of exchange, repurchase agreements, federal funds, and shortlived
mortgage-, and asset-backed securities.
Security broker-dealer: a company or other organization that trades securities for its own
account or on behalf of its customers
Asset-backed commercial paper: a form of commercial paper collateralized by other
financial assets; typically short-term investments that mature between 90 and 180 days,
generally issued by a bank or other financial institution
Commercial paper, in the global financial market, is an unsecured promissory note with a
fixed maturity of no more than 270 days. It is a money-market security issued (sold) by
large corporations to obtain funds to meet short-term debt obligations