global markets for equities

Tài liệu Wireline Service Delivery Products For Global Markets pptx

... Delivery Products for Global Markets Optical Extension Platform w w w a d c c o m • + - - - 8 • - 0 - 6 - OptEnet™ Optical Extension Platform Wireline Service Delivery Products for Global Markets OptEnet™ ... Wireline Service Delivery Products for Global Markets Table of Contents w w w a d c c o m • + - - - 8 • - 0 - 6 - Wireline Service Delivery Products For Global Markets Founded in 1935, ADC has ... designed for the diverse telecommunication needs of global markets Ideal for telco and enterprise networks, WorldDSL G.S products conform to international standards to ensure compatibility, performance...

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Clearing Services for Global Markets A Framework for the Future Development of the Clearing Industry_1 pptx

Danh mục: Ngân hàng - Tín dụng

... praise for Clearing Services for Global Markets ‘The book features three real-world case studies bringing clearing to life It is a thorough and insightful exposition of clearing and a must-read for ... the financial markets This book will have an enormous audience.’ MARK SPANBROEK Partner of a privately held electronic trading firm Clearing Services for Global Markets A Framework for the Future ... Transaction Cost Impact Matrix (TCIM) TCIM for regionally active clearing members TCIM for regionally-to-globally active clearing members TCIM for globally active clearing members Efficiency Impact...

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Clearing Services for Global Markets A Framework for the Future Development of the Clearing Industry_2 pptx

Danh mục: Ngân hàng - Tín dụng

... Bank for International Settlements (ed.) (1997a), p 6; and Bank for International Settlements (ed.) (1998), p 28 Clearing Services for Global Markets 2.1.2.2.1.3 Risk management The information ... netting to be performed as well as the existing and future contracts that will be affected Bilateral netting is common in OTC derivatives markets 26 Clearing Services for Global Markets between ... enforceability Unfortunately, no universal deﬁnition has yet emerged for either netting level ‘This is due, in part, to the fact that terms tend to be used loosely in the markets and various forms...

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Clearing Services for Global Markets A Framework for the Future Development of the Clearing Industry_4 potx

Danh mục: Ngân hàng - Tín dụng

... include engaging experts on specific markets Compliance costs and legal 98 Clearing Services for Global Markets documentation refer to back-office costs resulting from efforts to comply with regulatory ... vendors allows, for example, the loading of various exchanges’ screens on to a single platform, and enables customers to search electronically for the best price (best execution) for a trade and ... performance of an actual investment and the performance of a desired investment, adjusted for fixed costs and execution costs.58 Due to the complex nature of this calculation, adjustments for...

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Clearing Services for Global Markets A Framework for the Future Development of the Clearing Industry_5 potx

Danh mục: Ngân hàng - Tín dụng

... were as follows: For the reasons for conducting personal interviews and for details on the process of data collection, refer to section 4.2 122 Clearing Services for Global Markets r high volume ... 336–7, for details o 132 Clearing Services for Global Markets EMPIRICAL STUDY Approach Pursued Collect … … Qualitative Information from Expert Interviews Insight Pursued … Quantitative Information ... provided only when it is considered instrumental for a better understanding or for the further interpretation of the data 130 Clearing Services for Global Markets 4.5 Quality of expert inquiry Measuring...

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Clearing Services for Global Markets A Framework for the Future Development of the Clearing Industry_6 doc

Danh mục: Ngân hàng - Tín dụng

... charging 17 cents for the €500,000 hedge At 30 cents, the 73 Refer to Appendix for details on which products were chosen for the benchmark analysis 162 Clearing Services for Global Markets Fees in ... Clearing Services for Global Markets are competitive, the CME’s fees for clearing index futures and interest rate derivatives appear over-priced.80 The fees charged by the OCC for individual equity ... their transactions in the other (foreign) markets, these members utilise one or several other GCMs as clearing intermediaries 174 Clearing Services for Global Markets Market Share Ø Direct Costs*...

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Clearing Services for Global Markets A Framework for the Future Development of the Clearing Industry_7 pdf

Danh mục: Ngân hàng - Tín dụng

... cash equity markets and 70 per cent or more in the ﬁxed income markets Cf SWX Swiss Exchange (ed.) (2007), p 10; and LCH.Clearnet (ed.) (2003a), p 31 204 Clearing Services for Global Markets No ... marketplaces For more information, refer to www.mfglobal.com and to www.ﬁmat.com None of the world’s clearing houses offers a comparable breadth of single access to many platforms and markets Refer ... securities products, 222 Clearing Services for Global Markets are available for quantifying the output of derivatives clearing houses; their adequacy for an empirical analysis is discussed in...

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Clearing Services for Global Markets A Framework for the Future Development of the Clearing Industry_9 docx

Danh mục: Ngân hàng - Tín dụng

... initiative, i.e for reasons of demanding local contacts, etc For globally active clearers with a prop focus, all network strategies positively impact their business model The same is not true for globally ... be bad for the market? It is going to be bad for some people in the market; is it going to be bad for the end-users that use those markets? Well, it is probably going to be very good for them, ... pay for any further links, and I think the incentive to pay is low.24 The potential for cost savings for globally active clearers is taken down another notch if an additional fee is charged for...

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Clearing Services for Global Markets A Framework for the Future Development of the Clearing Industry_10 pdf

Danh mục: Ngân hàng - Tín dụng

... disproportionately higher proﬁt increase for clearing members of CCorp 8.1.2.8.3 BMIM for globally active clearing members Figure 8.20 exhibits the BMIM for the GCL (Phase I) for globally active clearing members ... into play Cf Falvey/Kleit (2006), p 18 Cf interviews 326 Clearing Services for Global Markets GLOBAL CLEARING LINK GLOBAL CLEARING LINK - ECAG - NETWORK EFFECTS - CCorp - INFLUENCING FACTORS ... in section 8.1.2.6) 8.1.2.7.2 TCIM for regionally-to-globally active clearing members Figure 8.15 exhibits the TCIM for Phase I of the GCL for regionally-to-globally active clearing members of...

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Clearing Services for Global Markets A Framework for the Future Development of the Clearing Industry_12 pdf

Danh mục: Ngân hàng - Tín dụng

... European markets. 5 A more detailed framework for determining which European clearing houses actually ought to be linked is presented in section 10.1.5 410 Clearing Services for Global Markets ... applicable to cash equities clearing Cf interviews For details on investors’ home bias, refer to Schiereck (1995); Schiereck (1996a); and Schiereck (1996b) 414 Clearing Services for Global Markets implemented.18 ... efﬁciency for all European clearing members The same is not true for CCPs operating under the ownership or control of a subset of their clearing members 416 Clearing Services for Global Markets...

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Clearing Services for Global Markets A Framework for the Future Development of the Clearing Industry_13 ppt

Danh mục: Ngân hàng - Tín dụng

... Consulting), former Head of Corporate Development (Eurex US), former President (BrokerTec Futures), former Senior Vice President (Instinet Corp.), former CEO (Chicago Board Brokerage), former Senior ... Services Practitioner Panel), Member (Institute for Financial Markets (IFM)), former CEO (London Clearing House Ltd), former Board Member (IPE), former Board Member (London Commodity Exchange) ... Options, Global Markets and Investment Banking, Director of Debt Markets, Member of the Board of Directors (Merrill Lynch), Director Merrill Lynch (Futures Asia), Global Manager Listed Derivatives Markets...

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Clearing Services for Global Markets A Framework for the Future Development of the Clearing Industry_14 pdf

Danh mục: Ngân hàng - Tín dụng

... ………………………………………………………………………………………………………………………………………………………………………………………………… GCMs: funding effort for non-segregated business in 2005 Funding effort for minimum capital requirements in 2005 Average daily credit lines/capital ... derivatives and equities? Eurex Clearing LCH Clearnet OMX MEFF CCG Others NO YES Derivatives no of contracts Equities no of transactions 38 Do you operate an integrated risk management for equities ... Do you operate an integrated back-ofﬁce for equities and derivatives? Comments: 40 Do you operate integrated IT operations for equities and derivatives? Comments: ...

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Clearing Services for Global Markets A Framework for the Future Development of the Clearing Industry_2 pdf

Danh mục: Tài chính doanh nghiệp

... Services for Global Markets of a financial market.170 The effectiveness of a CCP’s risk management and sufficient levels of financial resources are therefore crucial for the stability of the markets, ... measure and efficiency is a measure better suited for detailed analysis Effectiveness is appropriate for describing the 74 Clearing Services for Global Markets CHAPTER PURPOSE DEFINING THE CORE ISSUES ... Bortenl¨ nger (1996) for a further analyses regarding efficiency criteria for securities markets Refer to Fama (1970), pp 383–417, for a summary of the early literature on efficient markets and to Fama...

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Clearing Services for Global Markets A Framework for the Future Development of the Clearing Industry_3 pot

Danh mục: Tài chính doanh nghiệp

... include engaging experts on specific markets Compliance costs and legal 98 Clearing Services for Global Markets documentation refer to back-office costs resulting from efforts to comply with regulatory ... vendors allows, for example, the loading of various exchanges’ screens on to a single platform, and enables customers to search electronically for the best price (best execution) for a trade and ... performance of an actual investment and the performance of a desired investment, adjusted for fixed costs and execution costs.58 Due to the complex nature of this calculation, adjustments for...

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Clearing Services for Global Markets A Framework for the Future Development of the Clearing Industry_4 pot

Danh mục: Tài chính doanh nghiệp

... were as follows: For the reasons for conducting personal interviews and for details on the process of data collection, refer to section 4.2 122 Clearing Services for Global Markets r high volume ... 336–7, for details o 132 Clearing Services for Global Markets EMPIRICAL STUDY Approach Pursued Collect … … Qualitative Information from Expert Interviews Insight Pursued … Quantitative Information ... provided only when it is considered instrumental for a better understanding or for the further interpretation of the data 130 Clearing Services for Global Markets 4.5 Quality of expert inquiry Measuring...

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Clearing Services for Global Markets A Framework for the Future Development of the Clearing Industry_6 pptx

Danh mục: Tài chính doanh nghiệp

... cash equity markets and 70 per cent or more in the ﬁxed income markets Cf SWX Swiss Exchange (ed.) (2007), p 10; and LCH.Clearnet (ed.) (2003a), p 31 204 Clearing Services for Global Markets No ... marketplaces For more information, refer to www.mfglobal.com and to www.ﬁmat.com None of the world’s clearing houses offers a comparable breadth of single access to many platforms and markets Refer ... securities products, 222 Clearing Services for Global Markets are available for quantifying the output of derivatives clearing houses; their adequacy for an empirical analysis is discussed in...

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Clearing Services for Global Markets A Framework for the Future Development of the Clearing Industry_7 pptx

Danh mục: Tài chính doanh nghiệp

... There are different scenarios for increasing the scale and scope of a clearing house, each 238 Clearing Services for Global Markets of which has different implications for the respective clearing ... investments By deﬁnition, a Single CCP integrates more markets and clearing members than M&A activity 246 Clearing Services for Global Markets necessary for fully integrating the clearing houses’ value ... network effects, it becomes attractive for regionally-to-globally active clearers to consider disintermediating the GCM level 252 Clearing Services for Global Markets can be overcome To summarise,...

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Clearing Services for Global Markets A Framework for the Future Development of the Clearing Industry_8 potx

Danh mục: Tài chính doanh nghiệp

... initiative, i.e for reasons of demanding local contacts, etc For globally active clearers with a prop focus, all network strategies positively impact their business model The same is not true for globally ... be bad for the market? It is going to be bad for some people in the market; is it going to be bad for the end-users that use those markets? Well, it is probably going to be very good for them, ... pay for any further links, and I think the incentive to pay is low.24 The potential for cost savings for globally active clearers is taken down another notch if an additional fee is charged for...

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Clearing Services for Global Markets A Framework for the Future Development of the Clearing Industry_9 pptx

Danh mục: Tài chính doanh nghiệp

... disproportionately higher proﬁt increase for clearing members of CCorp 8.1.2.8.3 BMIM for globally active clearing members Figure 8.20 exhibits the BMIM for the GCL (Phase I) for globally active clearing members ... into play Cf Falvey/Kleit (2006), p 18 Cf interviews 326 Clearing Services for Global Markets GLOBAL CLEARING LINK GLOBAL CLEARING LINK - ECAG - NETWORK EFFECTS - CCorp - INFLUENCING FACTORS ... in section 8.1.2.6) 8.1.2.7.2 TCIM for regionally-to-globally active clearing members Figure 8.15 exhibits the TCIM for Phase I of the GCL for regionally-to-globally active clearing members of...

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Clearing Services for Global Markets A Framework for the Future Development of the Clearing Industry_10 pptx

Danh mục: Tài chính doanh nghiệp

... towards the viewpoint of globally active clearers Refer to Chapter for details 384 Clearing Services for Global Markets SINGLE EUROPEAN CCP (1.) BY INTERVIEWEE GROUP FOR 35 AGAINST CONFLICTED ... to section 8.2.1.2 376 Clearing Services for Global Markets for the idea of a single European CCP, which would be multi-currency and multi-product (i.e equities, bonds, derivatives and commodities)’.263 ... Single CCP for Europe not only in terms of the time and resources required 276 Statement made by interviewed non-clearing member representative 380 Clearing Services for Global Markets for successful...

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