... But now that almost everyone’s f irst destination f or inf ormation isthe Web, content – and being able to produce it – is becoming more important, no matter what your industry ... (Hint: T hey’re probably not what your English teacher taught you.) Get to the point, stat No need f or a f ormal intro paragraph here If there’s one thing that the Web has conditioned all of ... photo, graphic or video, then use the latter instead T hat’s why inf ographics are so popular these days – people understand visuals a lot quicker and easier than text I have another f riend who owns...
... polyethylene for comfort and durability The dual gimbal system on the 7400 allows the angler to move the gimbal pin from one to the other providing flexibility in fish fighting positions, from the traditional ... cover to keep them in place when traveling The clear lid door is secured with stainless steel hardware and a twist latch for added storage A snap-release holds the lid at 90º or 180º for full horizontal ... Both ends are padded with foam and the inverted top end slides conveniently into the base for space saving storage The SKB-7500 Rod Transport System is fitted with the highest quality stainless steel...
... novo synthesis, it might be involved in the stearic acid incorporation after the de novo synthesis of this lipid (i.e the second hypothesis) According to this hypothesis, previously raised for mammals ... yeast The first hypothesis, previously raised for plant cells [33], involves the synthesis of two kinds of CDP-DAG molecules: the first type containing stearic acid at the sn-1 position would be the ... in the de novo synthesis of a given phospholipid, including PI Hence, the rate of synthesis and the amount of CDP-DAG molecules that were used as substrate for PI synthesis appeared to be the...
... between the two linked users of this system The haptic device serves two purposes (1) to feedback the forces from the patient's limb to the therapist and (2) to feed the forces that the therapist wishes ... is opaque and the perspective scene generated on the screen is that forthe right eye Then the left eye lens is clear and the right is opaque and the left eye's view is displayed This method of ... in space The combination results in DOF forthe location information (InterSense, Inc) Other systems use cameras to track the person and then transform this information to the 6-DOF needed to...
... the real world The findings provide an objective body of knowledge that forms the basis for substantiated recommendations forthe future development of the clearing industry With this study, Ms ... me largely isolated from the clutter of daily life, but he also provided light when there was dark The realisation of this book is indebted to his unwavering and loving support Therefore my very ... conclusions of this study The findings of this study thus not necessarily reflect the views of the individuals interviewed in the context of this study Any proposition that is forwarded is arrived at...
... setting The purpose of this chapter is to set the stage forthe research conducted in this study As relevant definitions are a prerequisite for any thorough analysis, the first step is to clarify the ... Chapter defines the two core issues of research: the efficiency of clearing and the structure of the clearing industry Forthe purpose of this study, the efficiency is measured by the transaction ... Once this obligation has been entered into (through the execution of a trade), the trade proceeds to the clearing process The first step in the clearing process is to assess the consistency of the...
... offset forthe risk assumed by the CCP forthe clearing members and forthe savings in risk management gained from utilising the services of a CCP.60 In helping to manage counterparty risk and ... exchange (the ‘home exchange’, which isthe primary exchange for trading the contract subject to the link) can also be traded on another exchange (the ‘away exchange’) if the product is listed on ... risk management becomes more complex A GCM’s risk management effort further depends on the quality, in terms of creditworthiness, of its NCMs The less creditworthy an NCM is, the higher the risk...
... The economic entity relevant forthe cost analysis isthe clearing member view The purpose of this study is to determine the efficiency impact of different network strategies To accomplish this, ... research questions of this study The categories and category values are then used as the basis forthe process of coding the interviews Coding enables the reduction of the collected data to short ... frequency of occurrence of certain codes Forthe purpose of this study, this overview is provided in the form of bar graphs These graphs illustrate, for example, the number of respondents supporting...
... decision forthe NCM The next factor, the risk perspective, is closely related Whereas for an NCM the risk associated with the clearing house is assumed by the GCM, this risk would transfer to the ... available Therefore, the OCC’s annual refund policy is not included in the overview Note that the volume discounts specified forthe CME refer to the Equity/Clearing Member pricing and that the discount ... houses’ volume discount schemes As outlined above, the second focus of the cost analysis is on investigating the clearing houses’ volume discount schemes The purpose of the analysis is to discover which...
... entity or through an existing NCM, this scenario will be disregarded forthe remainder of this study In this case, it is not the number of clearing members, but rather the number of counterparties ... http://eh.net/forums/QWERTYSu2.html for more details on the debate on this issue Although doubt was therefore cast on the validity of David’s (1985) reasoning, the QWERTY example nonetheless illustrates the ... bisection of the contract size, for example, results in a doubling of the number of contracts traded, but at the same time also to a bisection of the contract value Therefore, the value of the...
... 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 forthe utilisation of the link ... the extent that the exchanges and clearing houses themselves that, they disintermediate us, the broker So, you know it is probably good forthe clients; it is probably not so good for us.11 Additionally, ... parties that there is an advantage to each of them there is always a different advantage to the parties It is tough to persuade the party that is opening up its market that the market is going to...
... furnish a fairly substantial period for analysis On the other hand, the merger is recent enough to constitute an adequate concept forthe analysis of current and future M&A deals Finally, the ... derivation of the SIM forthe GCL (section 8.1.2.6.3), whose results will be compared to the conclusions of the analysis in section 7.1 97 The remaining either felt that they had insufficient knowledge ... through CCorp, GCM disintermediation is merely appealing for members whose European activity is limited to this product suite.119 The EU Link is therefore only likely to spur disintermediation among...
... unless they have a substantial say in the governance of the clearing house and can influence the rules of clearing This isthe only way for them to circumvent the risk of disintermediation and the ... links that replicate the size of the Single CCP network that the risk of disintermediation is likely to exceed the potential benefits This finding is coherent with the decision of the clearing members ... In this case, the only way for these clearers to circumvent the risk of disintermediation and the associated revenue losses is to somehow restrict access to the CCP level network However, they...
... Commission’s decision to call upon the industry to establish a Code of Conduct (the Code) and are in line with the measures detailed in the Code for cash equities clearing It is vital to the ... obtained from the interviews served as vital input and formed the basis forthe cost analyses and case studies Nonetheless, more research based on quantitative data isneeded on the different ... with the final conclusions of this study The findings of this study thus not necessarily reflect the views of the individuals interviewed in the context of this study Any proposition that is forwarded...
... (The name of your company is only requested to facilitate the tracking of the questionnaires The questionnaire will be made anonymous forthe statistical analysis and the publication For details ... based on the information provided by the six benchmark clearing members This information is biased towards the data provided by the four high volume clearers Consequently, the assessment of the archetypical ... estimates forthe remaining cost categories were calculated Step 2: Calculation of total costs forthe remaining 213 European clearing members: The basis forthe following calculation is presented...
... strategies is therefore based on the analysis of the inherent transaction cost impact The central criterion for determining the efficiency of clearing is operational efficiency, which is influenced ... required for securing the trade The focus has therefore traditionally been on settlement rather than on clearing The main value-added of CCPs in the context of securities processing is doubtlessly their ... which is with their domestic clearing house (see Figure 2.14), while acting as NCMs in other (foreign) markets To clear their transactions in these other (foreign) markets, these clearers utilise...
... offset forthe risk assumed by the CCP forthe clearing members and forthe savings in risk management gained from utilising the services of a CCP.60 In helping to manage counterparty risk and ... exchange (the ‘home exchange’, which isthe primary exchange for trading the contract subject to the link) can also be traded on another exchange (the ‘away exchange’) if the product is listed on ... risk management becomes more complex A GCM’s risk management effort further depends on the quality, in terms of creditworthiness, of its NCMs The less creditworthy an NCM is, the higher the risk...
... The economic entity relevant forthe cost analysis isthe clearing member view The purpose of this study is to determine the efficiency impact of different network strategies To accomplish this, ... research questions of this study The categories and category values are then used as the basis forthe process of coding the interviews Coding enables the reduction of the collected data to short ... frequency of occurrence of certain codes Forthe purpose of this study, this overview is provided in the form of bar graphs These graphs illustrate, for example, the number of respondents supporting...
... entity or through an existing NCM, this scenario will be disregarded forthe remainder of this study In this case, it is not the number of clearing members, but rather the number of counterparties ... http://eh.net/forums/QWERTYSu2.html for more details on the debate on this issue Although doubt was therefore cast on the validity of David’s (1985) reasoning, the QWERTY example nonetheless illustrates the ... bisection of the contract size, for example, results in a doubling of the number of contracts traded, but at the same time also to a bisection of the contract value Therefore, the value of the...
... step in assessing the position of the network strategies on the horizontal axis of the Scale Impact Matrix is therefore to gauge the potential forthe partnering CCPs to internalise GCM level network ... leveraging their existing relationship with the home clearing house will be hesitant to utilise the link, because it is unclear whether the utility derived from the link will outweigh the costs of disintermediation ... materialise On the other hand, depending on the size of the combined entities and integrated markets arising from M&A initiatives, the greater the likelihood of negative 25 This is assumed because the...