boundaries towards a strategy for the future

... et al., 2006) Another major difference among the three studies is the task that participants were asked to perform Kawabata and Zeki (2004) asked their participants to rate the beauty of the ... when they perceive a painting as being beautiful and, conversely, whether there are brain areas that are specifically active when they view paintings that they consider to be ugly” (Kawabata and ... Kawabata and Zeki (2004) found activity associated mostly with beautiful images, was most active after a reward and decreased its activity after punishment, whereas the activity in the lateral...

Ngày tải lên: 19/02/2014, 17:20

... GGCGGATCAGGAGGCGGAGGTTCTGGTGGAGGTGGGAGTAATTTTATGCTGACTCAGCCCCA CCACCAGAACCTCCGCCTCCTGATCCGCCACCTCCTGAGGAGACGGTGACCAGGGTGCC CCACCAGAACCTCCGCCTCCTGATCCGCCACCTCCTGAAGAGACGGTGACCATTGTCCC CCACCAGAACCTCCGCCTCCTGATCCGCCACCTCCTGAGGAGACGGTGACCAGGGTTCC ... GGCGGATCAGGAGGCGGAGGTTCTGGTGGAGGTGGGAGTGACATCGTGATGACCCAGTCTCC GGCGGATCAGGAGGCGGAGGTTCTGGTGGAGGTGGGAGTGAAACGACACTCACGCAGTCTCC GGCGGATCAGGAGGCGGAGGTTCTGGTGGAGGTGGGAGTGAAATTGTGCTGACTCAGTCTCC GGCGGATCAGGAGGCGGAGGTTCTGGTGGAGGTGGGAGTCAGCTCGTGTTGACGCAGCCGCC ... GGCGGATCAGGAGGCGGAGGTTCTGGTGGAGGTGGGAGTGACATCCAGATGACCCAGTCTCC GGCGGATCAGGAGGCGGAGGTTCTGGTGGAGGTGGGAGTGATGTTGTGATGACTCAGTCTCC GGCGGATCAGGAGGCGGAGGTTCTGGTGGAGGTGGGAGTGAAATTGTGTTGACGCAGTCTCC GGCGGATCAGGAGGCGGAGGTTCTGGTGGAGGTGGGAGTGACATCGTGATGACCCAGTCTCC...

Ngày tải lên: 23/03/2014, 13:20

... that clearing is a topic that has always been regarded as sort of an operational thing The exchanges’ matching engines have had the glamour But I think in the long run the value added of clearing ... timely and well worth reading, given the many changes afoot in the areas of exchange regulation and clearing.’ HARVEY L PITT Chief Executive Officer of Kalorama Partners and former Chairman of the ... post-trade infrastructure has become both a focus area for market participants13 and a goal for official policy14 – particularly in the United States (US) and Europe.15 Despite this shared goal, there...

Ngày tải lên: 20/06/2014, 18:20

... importantly, collateral management ensures that margin requirements are covered by available collateral If there is a collateral shortfall, a collateral call is generated If there is collateral ... novation, netting and risk management, as well as transaction/position management, collateral management and cash management The scope of netting and risk management services that a CCP can offer ... risk.86 Variation margin is a payment made when the market price of a transaction has changed.87 It is therefore a risk management tool to cover the latest exposure Variation margin is called for...

Ngày tải lên: 20/06/2014, 18:20

... on analysing the impact that certain integration and harmonisation initiatives between clearing houses can have on the transaction costs of clearing These integration and harmonisation initiatives ... compliance with a clearing house’s risk management requirements can be regarded as an offset for the risk assumed by the CCP for the clearing members and for the savings in risk management gained ... upgrades or other changes and infrastructure adaptations Dealing with a CCP also entails costs for the banking intermediaries Clearing houses usually demand that all clearing members hold dedicated...

Ngày tải lên: 20/06/2014, 18:20

... capital was mainly based on the following arguments: r collateral-rich clearers have enough capital available; r clearing houses can serve as a cheap form of custody; and r clearing houses pay ... that are collateral rich and those that are collateral poor.34 The collateral poor tend to be the large trading houses, such as arcades,35 with a high proportion of day trading and low capital ... illustrate, for example, the number of respondents supporting or opposing a particular concept or idea These quantitative overviews establish the basis for a further qualitative data analysis and...

Ngày tải lên: 20/06/2014, 18:20

... mainly affecting the indirect cost categories All of these factors are detailed in the following paragraphs Whereas the validation of the data on clearing house charges revealed that the above-mentioned ... vital As the analysis has shown, the organisation of derivatives clearing could serve as a role model for other parts of the European market infrastructure As outlined above, to evaluate the ... understanding the respective value provision of their clearer It is therefore doubtful whether they can accurately assess the adequacy of intermediary charges The remaining four NCMs had a good and...

Ngày tải lên: 20/06/2014, 18:20

... studies, a relying on a broader sample of data available for their focus area Book (2001) on the other hand copes with the problems related to the limited availability of data for his research by ... other indicators for a quantification of the output (e.g balance sheet variables such as revenue or profit) is not adequate for this analysis, as these indicators generate a biased picture for a ... depreciation The variables are based on publicly available information, which can be found 226 Clearing Services for Global Markets The analysis supports that decreasing average costs are related to an...

Ngày tải lên: 20/06/2014, 18:20

... Regionally-to-globally active clearers in particular can thus benefit from direct access to the away market: Many of the Asian brokerage firms tend to be smaller; they don’t have the capital of a Morgan Stanley ... comparable 7.4.2 Transaction Cost Impact Matrix r The Transaction Cost Impact Matrix analysed whether or not the demand- and supply-side scale effects of each network strategy translate into a ... side, and there is a cost involved So links are difficult things; unless you can persuade both parties that there is an advantage to each of them there is always a different advantage to the parties...

Ngày tải lên: 20/06/2014, 18:20

... between the London Clearing House Ltd (LCH) and the Paris-based clearing house Clearnet SA This network initiative provides valuable material for a case study analysis for various reasons The transaction ... important findings relevant for future M &A deals between European CCPs Additionally, the initiative was undertaken long enough ago to furnish a fairly substantial period for analysis On the other hand, ... global presence that enables them to clear internally all of the most important marketplaces worldwide The global clearers already had the efficiencies in-house, within their global organisation,...

Ngày tải lên: 20/06/2014, 18:20

... partners usually not have the leeway to benefit from and further leverage their installed base r Single CCP initiatives (as a particular form of M &A initiatives) have the drawback that the majority ... conceivable way, but if managers look at usage in the aggregate, they will see patterns emerge And that’s important because for each major usage pattern that managers identify in their network, they ... network strategy As the calculation of costs is based on the results presented in section 5.2.3, the same caveats apply to the figures presented in the following.1 For details on the quantitative analysis...

Ngày tải lên: 20/06/2014, 18:20

... extensive qualitative data obtained from the interviews served as vital input and formed the basis for the cost analyses and case studies Nonetheless, more research based on quantitative data is needed ... regulatory and political issues can create further uncertainty about the future 434 Clearing services for global markets development of a clearing link initiative and can thus potentially aggravate the ... clearing houses have traditionally lacked a clear stand-alone value proposition and their managers will face hurdles in implementing such a strategy, these firms nonetheless have the greatest incentive...

Ngày tải lên: 20/06/2014, 18:20

... structures for the benchmark clearing members and the remaining 213 European clearers, as classified in Appendix This assumption was due to a lack of data that would have allowed for an accurate assessment ... are accounted for at a later stage of the calculation of total clearing house charges; refer to step 1.3) r Based on the publicly available information on the number of cleared contracts in the ... Clearing, which was extended and adapted with the help of the interviewees, the European market share for each of the six benchmark clearers was estimated Their combined European market share was...

Ngày tải lên: 20/06/2014, 18:20

... regulators are also taking careful note of the risks that clearing houses have to manage For similar reasons, other financial market policymakers have convened to establish appropriate standards for ... to the national infrastructures is free to so as long as it meets the standards set by the SEC In addition, any organisation can apply for approval and registration as a clearing agency’.266 Although ... 2007, NASDAQ, Borse Dubai and OMX announced a series of corporate transactions that will culminate in NASDAQ and OMX forming the NASDAQ OMX Group.277 2.6 Summary This chapter set the stage for the...

Ngày tải lên: 21/06/2014, 07:20

... on analysing the impact that certain integration and harmonisation initiatives between clearing houses can have on the transaction costs of clearing These integration and harmonisation initiatives ... compliance with a clearing house’s risk management requirements can be regarded as an offset for the risk assumed by the CCP for the clearing members and for the savings in risk management gained ... upgrades or other changes and infrastructure adaptations Dealing with a CCP also entails costs for the banking intermediaries Clearing houses usually demand that all clearing members hold dedicated...

Ngày tải lên: 21/06/2014, 07:20

... capital was mainly based on the following arguments: r collateral-rich clearers have enough capital available; r clearing houses can serve as a cheap form of custody; and r clearing houses pay ... that are collateral rich and those that are collateral poor.34 The collateral poor tend to be the large trading houses, such as arcades,35 with a high proportion of day trading and low capital ... illustrate, for example, the number of respondents supporting or opposing a particular concept or idea These quantitative overviews establish the basis for a further qualitative data analysis and...

Ngày tải lên: 21/06/2014, 07:20

... studies, a relying on a broader sample of data available for their focus area Book (2001) on the other hand copes with the problems related to the limited availability of data for his research by ... other indicators for a quantification of the output (e.g balance sheet variables such as revenue or profit) is not adequate for this analysis, as these indicators generate a biased picture for a ... depreciation The variables are based on publicly available information, which can be found 226 Clearing Services for Global Markets The analysis supports that decreasing average costs are related to an...

Ngày tải lên: 21/06/2014, 07:20

... available for clearing is therefore also erratic The capacity of the clearing house infrastructure has to be configured to accommodate the greatest expected trading volume available for clearing ... on the efficiency of clearing 7.1 Scale Impact Matrix The Scale Impact Matrix analyses the magnitude of demand- and supply-side scale effects related to a particular network strategy 7.2 Transaction ... integration of clearing houses also bears advantages, such as a significant boost in scale To summarise, M &A initiatives are assumed to have a high potential for the realisation of economies of scale...

Ngày tải lên: 21/06/2014, 07:20

... Regionally-to-globally active clearers in particular can thus benefit from direct access to the away market: Many of the Asian brokerage firms tend to be smaller; they don’t have the capital of a Morgan Stanley ... comparable 7.4.2 Transaction Cost Impact Matrix r The Transaction Cost Impact Matrix analysed whether or not the demand- and supply-side scale effects of each network strategy translate into a ... side, and there is a cost involved So links are difficult things; unless you can persuade both parties that there is an advantage to each of them there is always a different advantage to the parties...

Ngày tải lên: 21/06/2014, 07:20

... between the London Clearing House Ltd (LCH) and the Paris-based clearing house Clearnet SA This network initiative provides valuable material for a case study analysis for various reasons The transaction ... important findings relevant for future M &A deals between European CCPs Additionally, the initiative was undertaken long enough ago to furnish a fairly substantial period for analysis On the other hand, ... global presence that enables them to clear internally all of the most important marketplaces worldwide The global clearers already had the efficiencies in-house, within their global organisation,...

Ngày tải lên: 21/06/2014, 07:20