thinking of plans for the future essay

... 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 ... positively impacts the size of the CCP level network; the oppo- site is true for the GCM level network. The full integration of the partnering clearing houses makes it attractive for a number of market ... 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 costs depends on the structure

Ngày tải lên: 20/06/2014, 18:20

... an agency focus. The study also had to consider the particularities of the current structure of the European VPN. First, while there are a number of CCPs, two of them dominate the European market: ... preferential treatment in the form of discounts. These factors explain the dominant position of high volume clearers in the European VPN, i.e. why a very high percentage of the average annual European ... relevant for these clearers in different ways, but it essentially concerns the question of whether the utility derived [...]... about the benefits of such a link set-up The failure of relevant

Ngày tải lên: 20/06/2014, 18:20

... headcounts) (no. of man-days) (no. of man-days) LCH.CIearnet (no. of headcounts) (no. of man-days) (no. of man-days) OMX (no. of headcounts) (no. of man-days) (no. of man-days) MEFF (no. of headcounts) ... member type: r Based on the assumptions regarding the composition of the all-in clearing costs for the remaining 213 European clearers and the amount of the total clearing ... clearing houses for connecting a specific customer location to the clearing house – either through the internet or via dedicated lines. These lines are commonly leased to the customer for the time he

Ngày tải lên: 20/06/2014, 18:20

... 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, ... requirements, etc.). The broader the scope of the clearing membership, the more stringent the membership requirements generally are: applicants for the GCM status must therefore, for example, comply ... anintermediary (see Figure 2.11). The research focus of this study is on the first level of the VPN. The group of market participants occupying the firstleveloftheVPN enjoys direct access to a clearing

Ngày tải lên: 21/06/2014, 07:20

... providers for clearing members, as defined for the purpose of 34 An analysis of the costs of production for clearing houses is provided in Chapter 6;ananalysisofthe direct and indirect costs for clearing ... 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 ... 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 to

Ngày tải lên: 21/06/2014, 07:20

... representative sample of the first level of the European VPN. The list of clear ing members is publicly available on the European clearing houses’ websites. For the purpose of this study, the focus was ... representatives of medium volume clearers had also publicly pronounced their interest in the issues of clearing efficiency and the future structure of the industry, but the same cannot be said about the individuals ... number of interviewees by group and location 8 Source: Author’s own driving factors for the interest shown by NCMs in the subject of the research are further analysed in the remainder of the study.

Ngày tải lên: 21/06/2014, 07:20

... investigating the relevance of network theory for analysing the organisation of financial markets has recently emerged in the economic literature. In the following, the concept of networks is ... the compatibility of its in-house system with the CCP system. Whereas the product layer of the CCP network corresponds to the open interest held by the CCP, the product layer of the GCM network ... goods. The value-added of these services is impacted by the number of partic- ipants in the networks. The following provides a classification of the positive and negative network effects on the first

Ngày tải lên: 21/06/2014, 07:20

... significant in the context of the current structure of the Euro- pean VPN, because most clearers offer single access to many platforms and markets; the same is not true for CCPs. Therefore, the size, ... of contracts cleared. The higher the number of contracts cleared through the system, the lower the average costs. An enlargement of the clearing house’s scale results in positive effects on the ... explore the impact of network strategies on the efficiency of clearing. The framework builds on the findings of the previous chapters and consists of four matrices that serve to gauge the efficiency

Ngày tải lên: 21/06/2014, 07:20

... largely pertain to the competitive situation of the involved exchanges, rather than those of the partnering clearing houses Nonetheless, these dynamics ultimately shaped the benefits and ... conclusions to be drawn about the impact of these network strategies on the efficiency of clearing. The preliminary conclusions drawn from these 276 Clearing Services for Global Markets matrices ... according to the above-mentioned framework. The findings of the matrices are br iefly summarised below, compared to findings of the European Central Bank, and used to further clarify the insights

Ngày tải lên: 21/06/2014, 07:20

... agreed that the CME would perform all of the CBOT’s clearing operations, regardless of whether or not CCorp accepted the CBOT’s offer. From the CBOT’s perspective, the benefits from the acquisition ... 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 ... enables the derivation of the GCL’s net supply-side scale effects for the two clearing houses. For ECAG, the implementation of Phase I of the GCL gave r ise to low to medium economies of scale

Ngày tải lên: 21/06/2014, 07:20

... terms of the merger were designed to st rike a balance between the shareholders of Euronext and LCH’s users in order to garner their support for the deal. A brief summary of the terms of the merger ... a question of the cost of changing as it is a question of the efficiency at a particular point.277 Another drawback of a. .. their potential savings,233 they nonetheless had political ... participation is obligatory The magnitude of the increase of indirect costs depends on the structure of the M &A initiative and the characteristics of the clearing member firm

Ngày tải lên: 21/06/2014, 07:20

... initiative. Taking all of these potential changes into account would certainly affect the magnitude of the resulting efficiency impact. Furthermore, although the calculation of the overall efficiency ... calculation of the efficiency impact of European clearing links and a single European CCP falls short of reflecting the full scope of changes in the composition of the all-in clearing costs that could ... utilising their original home country clearing house as their central clearing house for access to the markets cleared by Eurex Clearing, LCH.Clearnet, OMX, MEFF and CC&G. r For the purpose of this

Ngày tải lên: 21/06/2014, 07:20

... arguments that form the basis of the EPS position. (i) The objective of the Position Paper (Preamble) The use of nuclear power for electricity generation is the subject of worldwide debate: ... ENERGY FOR THE FUTURE The Nuclear Option A position paper of the EPS 2 Energy for the Future - The Nuclear Option The ... themselves to CO 2 emission. Together they form the upstream fuel-cycle. There is also a downstream fuel-cycle. In the case of nuclear power plants this includes the handling and storage of

Ngày tải lên: 08/08/2014, 15:21

... in the earth’s atmosphere induced by the intense flux of cosmic radiation present in the solar system, enters the biosphere and the food chain of all living beings. Furthermore, the bones of ... died of acute radiation syndrome and nine children who died of thyroid cancer. The question of the total number of deaths that can be attributed to the Chernobyl accident or expected in the future ... discussed above. The safety of nuclear power plants is an important issue. Its further improvement is one of the driving force behind the development of next generation reactors. They are constructed

Ngày tải lên: 08/08/2014, 15:21

... In view of the long period between demonstration and realisation of any proposed scheme, the potential of the nuclear option for the period beyond 2020 can only be judged on the basis of considerably ... efforts. Such efforts need the concerted efforts of scientists and politicians in order to assess the long-term safety and economic aspects of energy generation. • The May 2006 proposal of ... to fill the need of future generations for energy. The nuclear option, incorporating recent major advances in technology and safety, should serve as one of the main components of future energy

Ngày tải lên: 08/08/2014, 15:21

... level of research acitvity The forces responsible for this momentum are manifold These include the perception that ”natural is nice”, concerns of synthetic drug residues in the environment and the ... with purported anthelmintic properties For example, a survey of Danish organic dairy farmers with 255 respondents, revealed the use of herbs in the leys on 26% of the farms Of these, caraway (Carum ... integration of a range of non - chemical methods with the minimal use of drugs, to insure continued effectiveness for the foreseeable future Control of internal parasites of livestock by these means has

Ngày tải lên: 12/08/2014, 15:20

... factors: @ The degree of automation required; @ The amount of dilution necessary, and therefore the size of the digester; @ The investment in addition to the manure handling costs; @ The intended use of ... way of processing the manure. The incineration of the manure allows for the escape of all the beneficial nutrients into the atmosphere. It produces air pollution due to odours and the release of ... suitability of a dryer system will depend on the costs of the system, the size of the operation, and the overhead associated with this system. Small scale dryers have the advantage of low overhead...

Ngày tải lên: 17/03/2014, 10:20

... and the location of the sensor within the magnetic field is detected. When the sensor is place on the head or glasses of the person the ori- entation of the head and therefore the location of 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 ... 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 to maintain a proper image in the...

Ngày tải lên: 19/06/2014, 10:20