i am doing 1 do for the future

... Cambridge University Press The Edinburgh Building, Cambridge CB2 8RU, UK First published in print format ISBN -13 978-0-5 21- 518 71- 0 ISBN -13 978-0- 511 -63 510 -6 © Tina P. Hasenpusch 2009 The views ... participants in interviews are their own and do not necessarily represent the official stance of their organisation. The interviewees are not associated with the final conclusions of this study. The ... necessarily reflect the official stance of the Association. 2009 Information on this title: www.cambrid g e.or g /97805 215 18 710 This publication is in copyright. Subject to statutory exception and to the...

Ngày tải lên: 20/06/2014, 18:20

... CSD/ICSD issues, together with a concise characterisation and descriptive analysis of the current state of the clear ing industry, set the stage for the following analytical objectives: (i) Examine ... descriptive analysis of the current state of the clearing industr y set the stage for the following analytical objectives: besides defining the efficiency of clearing and identifying ways in which ... measure it, this study aims to determine the efficiency impact of various cross-border ‘network strategies’, i. e. integration and harmonisation initiatives between CCPs, within the clearing industry....

Ngày tải lên: 20/06/2014, 18:20

... bypassing other i nvestment alter- natives, i. e. investing its capital elsew here instead of having to dedicate it to the purpose of clearing. The cost of capital is therefore an opportunity cost, ... according to the degree to which the systems of the linked CCPs are integrated and whether the obligations of the CCPs to their clearing participants are shifted In the most straightforward ... geographical location. Line fees commonly cover the usage and initial installation of the line(s). Some clearing houses out- source this service to designated telecommunications companies, which then...

Ngày tải lên: 20/06/2014, 18:20

... their organisation. The interviewees are not associated with the final conclusions of this study. The findings of this study do not necessarily reflect the views of the individuals interviewed in the ... recording, i. e. too much ambient noise was present or the dynamics of the interview precluded asking to tape the interview). In addition to recording the interviews wherever possible, the interviewer ... pertaining to different industry initiatives; and Part 5 solicited basic respondent information. 12 Prior to the distribution of the questionnaire, eight test runs were conducted. Representatives...

Ngày tải lên: 20/06/2014, 18:20

... economical way to execute the hedge is in the form of interest rate derivatives. Hedging in index derivatives is more expensive, but hedging in individual equity derivatives is the most expensive ... combined clearing and trading fees. Figure 5.9 exhibits clearing and trading fees for a €500,000 hedge in index options or index futures. 72 Clearing the hedge in index options is cheapest in the ... volume discounts, and in which product categories. It also identifies the criterion used by the clearing house to determine the discounts. When clearing houses utilise the ‘trade size’ as a criterion...

Ngày tải lên: 20/06/2014, 18:20

... 62 Additionally, the information effect positively influences stability by minimising the impact that disturbances arising from the default of a market participant can have on the safe ... connection alternatives. In this case, the benefit for individuals is the possibility to communicate with an increased number of other individuals. 5 The term results from the fact that these effects ... Demand-side scale effects There exist various industries in which the utility that a user derives from a given product or service increases with the number of other consumers utilising the same product...

Ngày tải lên: 20/06/2014, 18:20

... and the starting problem will be overcome. For the purpose of this analysis, it is assumed that clearing link initiatives overcome the starting problem. If, in reality, the link initiative fails ... clearing link and Single CCP initiatives significantly increase the attractiveness of disintermediation, it is assumed that revenue losses ultimately outweigh the efficiency gains. The only way for globally ... benefits from high efficiency gains, as outlined in the Efficiency Impact Matrix, but at the same time, they are at risk of being disintermediated. 45 As outlined above, the internalisation of GCM level...

Ngày tải lên: 20/06/2014, 18:20

... particularities of the clearing link; (ii) the resulting attractiveness of disintermediation through the clearing link; and (iii) whether decreases in revenues outweigh the efficiency ... cross-margining agreements and clearing links in general, including their suitability to integrate European clearing, this section furnishes a concrete evaluation of the GCL initiative. 96 Figure 8.8 illustrates ... is a direct result of the limitations and drawbacks of the GCL initiative (as outlined in section 8 .1. 2.6) 8 .1. 2.7.3 TCIM for globally active clearing members Figure 8 .16 exhibits...

Ngày tải lên: 20/06/2014, 18:20

... leading towards the creation of a Single CCP. The nature of these initiatives gives clearers no choice of participation; participation is obligatory. The magnitude of the increase of indirect ... unrealised potential for efficiency gains is a direct result of the limitations of the GCL initiative, which have been identified in the context of the section 8 .1. 2.6. 390 Clearing Services for Global ... the link-inherent starting problem, a significant amount of potential for efficiency gains will go unrealised. Such a link initiative is not designed to increase significantly the efficiency of the...

Ngày tải lên: 20/06/2014, 18:20

... defining the efficiency of clearing and identifying ways to measure it, this study aimed to determine the efficiency impact of various integration and harmonisation initiatives within the clear- ing industry. ... are in line with the measures detailed in the Code for cash e quities clearing. r It is vital to the success of a European clearing link initiative that its imple- mentation be both economical for ... link-inherent starting problem, a significant amount of potential for efficiency gains will go unrealised. In this instance, a link initiative would have a negligible impact on the efficiency of the European...

Ngày tải lên: 20/06/2014, 18:20

... calculated... in many markets They were assumed to maintain a single direct clearing relationship, which is with their domestic clearing house To clear their transactions in the other (foreign) ... via dedicated lines. These lines are commonly leased to the customer for the time he holds his specific clearing member status. The line fee then covers the usage and initial installation of the ... network initiatives (mergers/alliances/partnerships, etc.) could be implemented to harmonise/consolidate the clearing service industry in the future. Some of the potential benefits of harmonisation/consolidation...

Ngày tải lên: 20/06/2014, 18:20

... structures are the framework for any harmonisation or integration initiative Such initiatives can potentially transform and impact the structure and characteristics of the clearing industry ... sufficient levels of financial resources are therefore crucial for the stability of the markets, which are served by the CCP infrastructure. 17 1 The CCP’s design will ultimately determine its ability ... anonymity on liquidity, refer to Hachmeister/Schiereck (2006). 17 7 Bernanke (19 90), p. 14 0. 47 Setting the stage – definitions and industry setting reducing risks to its participants 17 8 and providing...

Ngày tải lên: 21/06/2014, 07:20

... bypassing other i nvestment alter- natives, i. e. investing its capital elsew here instead of having to dedicate it to the purpose of clearing. The cost of capital is therefore an opportunity cost, ... according to the degree to which the systems of the linked CCPs are integrated and whether the obligations of the CCPs to their clearing participants are shifted In the most straightforward ... geographical location. Line fees commonly cover the usage and initial installation of the line(s). Some clearing houses out- source this service to designated telecommunications companies, which then...

Ngày tải lên: 21/06/2014, 07:20

... their organisation. The interviewees are not associated with the final conclusions of this study. The findings of this study do not necessarily reflect the views of the individuals interviewed in the ... recording, i. e. too much ambient noise was present or the dynamics of the interview precluded asking to tape the interview). In addition to recording the interviews wherever possible, the interviewer ... pertaining to different industry initiatives; and Part 5 solicited basic respondent information. 12 Prior to the distribution of the questionnaire, eight test runs were conducted. Representatives...

Ngày tải lên: 21/06/2014, 07:20

... 62 Additionally, the information effect positively influences stability by minimising the impact that disturbances arising from the default of a market participant can have on the safe ... connection alternatives. In this case, the benefit for individuals is the possibility to communicate with an increased number of other individuals. 5 The term results from the fact that these effects ... Demand-side scale effects There exist various industries in which the utility that a user derives from a given product or service increases with the number of other consumers utilising the same product...

Ngày tải lên: 21/06/2014, 07:20

... to the highest available capacity. 14 2 The high proportion of non-utilised capacity results in high fixed costs. The main cause of economies of scale in clearing services therefore lies in the indivisibility ... Sections 7 .1. 1 [...]... links and then M &A initiatives 7.2 .1. 3 TCIM for globally active clearing members Finally, Figure 7 .11 outlines the Transaction Cost Impact Matrix for globally active ... network participants’ willingness to pay for these services. r Internalising the strong and important positive GCM level network effects on the CCP level is beneficial, because doing so may significantly...

Ngày tải lên: 21/06/2014, 07:20

... and the starting problem will be overcome. For the purpose of this analysis, it is assumed that clearing link initiatives overcome the starting problem. If, in reality, the link initiative fails ... clearing link and Single CCP initiatives significantly increase the attractiveness of disintermediation, it is assumed that revenue losses ultimately outweigh the efficiency gains. The only way for globally ... benefits from high efficiency gains, as outlined in the Efficiency Impact Matrix, but at the same time, they are at risk of being disintermediated. 45 As outlined above, the internalisation of GCM level...

Ngày tải lên: 21/06/2014, 07:20

... liờn i nm hc 2 014 - 2 015 TT Lp MGA MGB 10 11 Tng s S i Hc sinh 38 30 viờn 20 20 24 16 16 14 19 22 19 239 16 16 14 19 22 19 10 6 Dõn Con Con Khuyt Ghi h nghốo 14 TB-LS tt chỳ 18 14 tc 33 33 11 11 ... gia phong tro K hoch nh, - 10 0% i viờn thc hin tt chng trỡnh Rốn luyn i viờn - 6/6 chi i t Chi i mnh ú: + chi i t chi i mnh v mt hc + chi i t chi i mnh v mt th + chi i t chi i mnh ton din - Liờn ... (30/4 /19 75 - 30/4/2 015 )! NI DUNG HOT NG THEO D I THC HIN GHI (Kt qu - B xung) CH - Thi ua cho mng k nim 11 5 nm thnh lp tnh Yờn B i (11 /4 /19 00 -11 /4/2 015 ) 39 nm gii phúng Min Nam (30/4 /19 7530/4/2 015 )...

Ngày tải lên: 14/09/2016, 10:01

... SSRI Lo i dược phẩm lo i dược phẩm ảnh hưởng đến lượng dopamine norepinephrine, hóa chất khác tế bào thần kinh Dopamine, serotonin, norepinephrine g i chung "neurotransmitter" Lo i "tricyclic", ... lo i rau c i mu i chua (pickled) lo i "decongestant" chữa cảm cúm Khi tyramine MAOI tương tác, khiến huyết áp*lên cao, hypertensive crisis, gây tai biến mạch máu não tức th i Bệnh nhân dùng MAOI ... có n i chữa trị bệnh Tâm Thần, công tư Ta tìm Niên Giám i n Tho i, dịch vụ "mental health", social services", "suicide prevention", "crisis intervention services", "hotlines" bác sĩ gia đình...

Ngày tải lên: 07/03/2014, 15:20

... Anh Lý – ĐHTM - 2 011 Chương I: Lý luận chung 1. 1 Một số kh i niệm 1. 1 .1 Kh i niệm có liên quan đến cầu hàng hóa - Kh i niệm nhu cầu: Nhu cầu mong muốn nguyện vọng vô hạn ngư i Sự khan làm cho ... kinh tế Việt Nam dần h i phục sau khủng hoảng kinh tế gi i năm 2008.Và kinh tế vào trình tăng trưởng Tốc độ tăng GDP quý II đạt 4.5%, quý III đạt 5.8%, quý IV đạt 6.8% T i Hà N i v i mức GDP ... giá xuất chuồng sản phẩm thịt Giá xuất chuồng liên tục rớt th i gian d i chi phí đầu vào cho 15 Phạm Thị Anh Lý – ĐHTM - 2 011 chăn nu i l i không hạ đẩy ngư i nu i vào cảnh thua lỗ Theo số liệu...

Ngày tải lên: 27/10/2012, 11:35