roles necessary for the proper development
Early Cinema Innovations Necessary for the Advent of Cinema doc
Ngày tải lên :
23/03/2014, 11:20
... i
moved in 1926 to the Para
Charlie Chaplin Studio, in Holl
The Growth of the Industry:
During the war years (1914-1917) before the US entered the Great War, the demand for films as escapist ... (mostly The Great Train Robbery (1903)). They also opened
their first silent film theatre, the 99-seat Cascade Theatre, in the mining town
of New Castle, Pennsylvania in 1907, which they operated ... became well
known for animal and jungle pictures, having at hand the resources of the
the largest privately owned zoo in the country at the time. In 1916, Selig sold the Edendale property to
William...
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Procedures for the Proper Disposition of Equipment and Materials Through Lion Surplus pot
Ngày tải lên :
23/03/2014, 23:20
... email to EHS acknowledging their experience and awareness
of the hazards associated with the equipment. The letter must state the
intended use of the equipment and include their safety department ... financially, the system must be made inoperable.
EHS is responsible for ensuring that the system has been made
inoperable.
d. It is the responsibility of the owner of the equipment to drain the
equipment ... emergency if improperly
maintained.
3. Procedures for Proper Disposition
a. For University Park, a work order must be submitted through the OPP
Service Desk to arrange for the removal and...
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báo cáo hóa học: " Considerations for the future development of virtual technology as a rehabilitation tool" doc
Ngày tải lên :
19/06/2014, 10:20
... feedback the
forces from the patient's limb to the therapist and (2) to
feed the forces that the therapist wishes the patient to
experience. Furthermore, we could provide a task that uses
the ... coordi-
nates in space. The combination results in 6 DOF for the
location information (InterSense, Inc). Other systems use
cameras to track the person and then transform this infor-
mation to the 6-DOF needed ... all the stereo
objects in the correct perspective and to keep them from
being distorted when the person moves in the environ-
ment, it is necessary to track the movements of the person
so that the...
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Clearing Services for Global Markets A Framework for the Future Development of the Clearing Industry_1 pptx
Ngày tải lên :
20/06/2014, 18:20
... 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 ... studies from the real world. The findings provide an objective body of
knowledge that forms the basis for substantiated recommendations for the
future development of the clearing industry.
With ... 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 findings of...
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Clearing Services for Global Markets A Framework for the Future Development of the Clearing Industry_2 pptx
Ngày tải lên :
20/06/2014, 18:20
... in
the case of derivatives, another underlying. There are two sides to every trade:
the buy position and the sell position.
5
Settlement refers to the fulfilment of the legal obligation. In the ... mainly performed by CCPs, they can also be
performed by other entities.
107
The main difference lies in the type and scope
of clearing services provided by the different entities. The value chain ... with the CCP. The effects of the reduced
credit exposure can be seen on both sides of thebalance sheet. The absolute value ofexposure to trading
counterparties falls on the asset side of thebalance...
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Clearing Services for Global Markets A Framework for the Future Development of the Clearing Industry_4 potx
Ngày tải lên :
20/06/2014, 18:20
... 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 from utilising the services of a CCP.
60
In helping ... 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 ... have, for example, some
of the same implications for clearing houses as links, because the partners rely
145
Note that the outlined network strategies refer to theoretical archetypes used for the...
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Clearing Services for Global Markets A Framework for the Future Development of the Clearing Industry_5 potx
Ngày tải lên :
20/06/2014, 18:20
... 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 ... their interest in the issues of clearing efficiency and
the future structure of the industry, but the same cannot be said about the
individuals representing low volume clearers contacted for 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...
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Clearing Services for Global Markets A Framework for the Future Development of the Clearing Industry_6 doc
Ngày tải lên :
20/06/2014, 18:20
... decision for the
NCM. The next factor, the risk p erspective, 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 ... relationship between the NCM and GCM(s).
131
Finally, interv iewees
said that they generally benefited from the high level of competition for their
business among GCMs, which further strengthens their negotiating ... competitive.
78
Despite the reduction in clearing fees for equity options,
these charges still seem excessive.
79
Whereas the clearing fees charged by the
CME and OCC for the clearing of single...
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Clearing Services for Global Markets A Framework for the Future Development of the Clearing Industry_7 pdf
Ngày tải lên :
20/06/2014, 18:20
... 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 contracts
traded ... the system layer, the physical network of clearing members and their
connection to the CCP builds the basis for the following analysis. Positive
network effects on the system layer comprise the ... in the following. Identifying
and understanding these implications is crucial for assessing the tru e potential
for supply-side scale effects in clearing as well as for the later analysis of the
impact...
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Clearing Services for Global Markets A Framework for the Future Development of the Clearing Industry_9 docx
Ngày tải lên :
20/06/2014, 18:20
... strategies
uniform, the time deadlines more uniform, the haircuts more uniform, because the
CCPs themselves now are assuming the operational burdens that used to be assumed
by the trade intermediaries. ... if they
areallhedgefunds;retailgetsawholenewmess butwearenotwellsuitedforthat.
We don’t have the people for it, we don’t have the systems for it, and we frankly don’t
havethementalityforit Thesecondpartoftheequationis,aslongas[clearing
houses] ... payforanyfurtherlinks, 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 the...
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Clearing Services for Global Markets A Framework for the Future Development of the Clearing Industry_10 pdf
Ngày tải lên :
20/06/2014, 18:20
... enables the derivation of the SIM for the 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 ... opportunities for traders and unique dynamics for Eurex US. However, when
the CBOT succeeded, with the approval of the CFTC, in transferring its open interest from the CCorp
to the CME prior to the launch ... 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...
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Clearing Services for Global Markets A Framework for the Future Development of the Clearing Industry_12 pdf
Ngày tải lên :
20/06/2014, 18:20
... recommendations for the industry’s future
development.
The following sections summarise and build on the insights obtained
from the previous chapters to create an outlook on the future development
of the ... not all of them can serve
to increase the efficiency of European clearing. Therefore, the parameters and
prerequisites identified in this study as necessary for enhancing the efficiency
of the European ... CCP
unless they have a substantial say 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...
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Clearing Services for Global Markets A Framework for the Future Development of the Clearing Industry_13 ppt
Ngày tải lên :
20/06/2014, 18:20
... on the clearing member level are
truly passed on to NCMs and other customers.
r
The extensive qualitative data obtained from the interviews served as vital
input and formed the basis for the ... services formerly furnished by GCM(s)
by providing (most of) these services themselves, thereby successfully inter-
nalising GCM level network effects;
r
compensate for the lost participation in other ... (FOA),
Member of the Exchange Council
(Eurex Deutschland), Voting Delegate
(SFOA), former Chairman (European
Chapter of the FIA)
Ministry for
Economics,
Transportation
and State
Development
for the State...
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Clearing Services for Global Markets A Framework for the Future Development of the Clearing Industry_14 pdf
Ngày tải lên :
20/06/2014, 18:20
... 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 ... particular date.
r
Particularly in the case of equity options/futures, the number of necessary contracts varies
depending on the value of the underlying . For the purpose of the equity options clearing ... requested to facilitate the tracking of the questionnaires.
The questionnaire will be made anonymous for the statistical analysis and the publication.
For details regarding the anonymity and non-disclosure,...
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