... established within1 3
the Office of the Commissioner of the Food and Drug Ad-14
ministration an office to be known as the Office of Wom-15
en’s Health (referred to in this section as the ‘Office’).16
The ... adding at the end4
the following:5
‘‘SEC. 229. HEALTH AND HUMAN SERVICES OFFICE ON6
WOMEN’S HEALTH.7
‘‘(a) E
STABLISHMENT OF
O
FFICE
.—There is estab-8
lished withinthe Office of the Secretary ... C
OMPOSITION
. The Coordinating Com-13
mittee shall be composed of the Directors of the1 4
Centers and Offices.15
‘‘(3) C
HAIRPERSON
. The Director of the Of-16
fice shall serve as the chairperson of the...
... E
STABLISHMENT
. The Secretary shall estab-10
lish withinthe Office of the Administrator of the Health 11
Resources and Services Administration, an office to be 12
known as the Office of Women’s Health. The ... C
OMPOSITION
. The Coordinating Com-17
mittee shall be composed of the directors of the cen-18
ters of the Administration. 19
‘‘(3) C
HAIRPERSON
. The Director of the Of-20
fice shall serve as the Chairperson ... C
HAIRPERSON
.The Director of the Of-1
fice shall serve as the Chairperson of the Coordi-2
nating Committee. 3
‘‘(4) D
UTIES
.—With respect to women’s health, 4
the Coordinating Committee shall assist the...
... solutions which are included in the
pathways analysed in the latter part of the thesis.
As stated in the introduction to this thesis, the PPI and especially the kraft pulp industry,
due to its high ... only about the expected lifetime of each investment, but also
about the risk associated with the investment in the view of the decision-maker at the
company making the investments. Another, similar, ... overview of the papers is given in Fig. 1.
The figure shows that the papers address different issues and cover different parts of the
European pulp and paper industry. It can also be seen that the...
... C
OMPOSITION
. The Coordinating Com-16
mittee shall be composed of the directors of the cen-17
ters of the Administration.18
‘‘(3) C
HAIRPERSON
. The Director of the Of-19
fice shall serve as the Chairperson ... under subsection (f), withinthe Office16
of the Administrator of the Health Resources and Services1 7
Administration, an office to be known as the Office of18
Women’s Health. The Office shall be ... Office on Women’s Health within
the Department of Health and Human Services,
and for other purposes.
19
ãHR 1784 EH
(A) identifying whether there is a need1
for further studies and, if so, developing...
... something they needed to
be thinking about then because there were steps they could take in their 50s and 60s to
make sure they didn’t end up being that little old woman that they saw on the street. ... at the same time accepting funds from the industry. Project Inform
reasons that the pharmaceutical industry has a debt to AIDS patients. “[A]s the one most
profiting from the epidemic, the ... pay the government a user fee to defray the cost of reviewing industry
submissions. This undermines the government’s status as an independent regulator; indeed theindustry can
now sue the...
... other issues have driven the quest for the optimal structure for
the post-trade industry. The launch of the European Monetary Union, par-
ticularly the introduction of the euro, has put European ... of
post-trade services in the US and Europe.
In the US, this debate has been raging for several decades. While Congress
put an end to further discussions about the securities and options post-trade
industry ... discussions on the most preferable struc-
ture of the US futures clearing industry – but have so far failed to reach con-
sensus. Notably, since the announcement of the merger of the two Chicago
futures...
... ereas thedifferent entities service different parts
of a trade’s life cycle, i.e. either trading, clearing or settlement, each of them
potentially provides services other than the ones they were ... of important clearing services. Some of these
services are unique to the CCP structure in terms of their scope and nature;
they are therefore referred to as ‘unique’ CCP services. Although CCPs ... analysis of the
industry . . . so that the profession fully understands the processes and services
involved. We need new theoretical models that explore the specific economic
features of this industry. ...
... high. The greater the degree of value
chain integration, the more the clearing houses’ le vel of autonomy declines,
i.e. the higher the level of inter-organisational dependencies between the
partners.
108
Also, ... 149.
82 Clearing Services for Global Markets
The ‘first level’ of costs refers to those occurring on the first level of the
VPN, i.e. those borne by the producer of the service, the clearing house ... another important financial safeguard for
clearing houses. The index used to determine the value of the benchmark
portfolio again depends on the nature of the margin payments.
64
Generally,
the...
... higher their management position and
the greater their industry experience, the easier it was for them to provide a
well-informed answer. Secondly, the business focus of the clearer as well as
the ... role the cost of derivatives
clearing plays in reality, i.e. whether managers care about these costs, how the y
look at thedifferent cost categories and how they deal with these internally on
the ... is
obvious that the higher the cleared volume, i.e. the higher the market share,
the more relevant becomes the volume-driven variable cost component and
the less relevant becomes the fixed cost...
... well as GCMs. Why this
is the case and what the impact could theoretically look like will be detailed
further in the remainder of the study.
5.3 Summary of findings
The purpose of Chapter 5 was ... generally
higher than clearing fees. The significant variation of total fees within the
peer group is largely due to thedifferent trading fees charged by the exchanges
rather than to substantial differences ... Taking the trading fees into account changes the result
of the analysis, though – CME’s combined trading and clearing fee for index futures is the cheapest rate
offered. The same applies to the...
... networks.
To summarise, the clearing servicesoffered by CCPs and GCMs are network
goods. The value-added of these services is impacted by the number of partic-
ipants in the networks. The following provides ... diversification, the integration of asset classes or an increase
in the number of complementary clearing servicesoffered by the CCP.
Each of these scenarios has different implications for the respective ... clearing
structure. Nonetheless, the netting services per formed by GCMs g ive rise to a
positive network effect: the netting effect.
The size effect on the GCM level basically follows the same logic as the
positive...
... because it enables them to leverage their significant installed base
and helps them to sustain their unique services in cases where these services
and processes have been tailored to the specific demands ... crucial for the success of clearing link initiatives
that the partnering CCPs endeavour to compensate for the lost intermediary
(GCM) level services by providing most of these services themselves. ... partnering clearing houses. Nonetheless, these dynamics ultimately shaped the benefits
and drawbacks of the clearing link; they thus play a crucial role for the analysis of the network initiative.
59
Refer...
... on the CCP level, even though these are not directly related
to the introduction of the GCL. These problems were instead rooted in
the competitive dynamics withinthe US exchange and clearing industry
at ... particularities of the GCL are analysed
324 Clearing Services for Global Markets
products, the EU Link offered them the opportunity to disintermediate
their European clearer. The issues constituting ... cent of the respondents shared their view of the GCL.
On the other hand, only 32 per cent of the interviewed market experts knew
enough about the GCL to issue an assessment. Surprisingly, the interviewees
who...
... 407 The future network economy – development of the clearing industry
INTRODUCING THE FUTURE NETWORK ECONOMY –
DEVELOPMENT OF THE CLEARING INDUSTRY
Future Development of the European
Clearing Industry
10.1
10
Determines ... determine the efficiency impact
of different network strategies withinthe European clearing industry. This
2
Tumpel-Gugerell (2006).
419 The future network economy – development of the clearing industry
of ... in the governance of the clearing house
and can influence the rules of clearing. This is the only way for them
to circumvent the risk of disintermediation and the associated revenue
losses.
r
The...