a strategy for the future

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

Ngày tải lên: 23/03/2014, 13:20

... exchanges, clearing organizations and banks should be interested in this scholarly work, as should relevant national authorities and central banks.’ JOHN MCPARTLAND Financial Markets Advisor to the ... of the book do not necessarily represent the official stance of Barclays Capital. The International Capital Market Association’s sponsorship of this publication aims to promote research and the ... Jan Kurek, who was always there to step in at the last minute to save the day when any IT-related troubles, viruses, bugs 1 Note that, again, these individuals are not associated with the...

Ngày tải lên: 20/06/2014, 18:20

... asnovation, netting and risk management, as well as transaction/position man-agement, collateral management and cash management The scope of nettingand risk management services that a CCP can offer ... counterparty A placed the trade on behalf of the other counterparty B as if B had actually executed the trade Reasons for this might include capitalisation issues on the part of counterparty B, i.e a thin ... traded derivatives is held at and managed by the clearing house Transactionmanagement is particularly important in this context and usually comprisesadditional value-added services related to the...

Ngày tải lên: 20/06/2014, 18:20

... clearing status of transactions and monitoring margins via a single interface. At the same time, clearing houses update and replace their software and systems periodically, typically on a replacement ... applicable. The cost of capital a clearing member has to bear in 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 ... minimum financial and capital adequacy requirements on clearing members. These risk-management measures translate into cost of capital for clearing members. 62 Generally, cost of capital can be reduced...

Ngày tải lên: 20/06/2014, 18:20

... gather quantitative cost data via the questionnaire was expected ex ante, a ‘workaround’ enabling a cost calcula- tion was devised. The workaround consisted of collecting qualitative infor- mation ... of 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 ... approach (rather than a purely questionnaire-based a pproach or sending out the questionnaire prior to the interview) was based on the partially explorative angle of this research, the nature of the...

Ngày tải lên: 20/06/2014, 18:20

... LCH.Clearnet, OMX Clearing, ... cost categories All of these factors are detailed in the following paragraphs Whereas the validation of the data on clearing house charges revealed that ... clearing costs, few firms apply a structured approach to monitor and manage their total... related to European derivatives clearing and to provide a basis for analysing the impact that ... of analysis facilitates the comparison of the per-contract fees charged by clearing houses by equalising the different contract values. Although it can be assumed that the contract value is at...

Ngày tải lên: 20/06/2014, 18:20

... off-balance activities Malkam¨ ki a (1999) and Schmiedel/Malkam¨ ki/Tarkka (2002) estimate translog cost functions for their studies, a relying on a broader sample of data available for ... reduced. In addition, the more transactions that are available for the netting of payments across multiple contracts, the less collateral the clear- ing member has to deposit at the clearing house. ... 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...

Ngày tải lên: 20/06/2014, 18:20

... smaller; they don’t have the capital of a Morgan Stanley or a Goldman Sachs, so the Asian clearing houses can play a role in representing the financial standing and credit standing ... that whereas ICMs are only allowed to clear their own transactions, Clearing Members can clear their own transactions, their clients’ transactions and those of affiliated exchange participants... ... location. Rather in a first instance, the respective exchanges must give allowance to the use of various clearing houses. [...]... access to the away market: Many of the Asian brokerage...

Ngày tải lên: 20/06/2014, 18:20

... clearing link initiative benefited from the fact that CCor p had already established an interface to the a/c/e system and that the CCPs coop erated on the basis of an outsourcing agreement that ... technical, operational and legal adaptations than CCorp. Although Phase II has not been implemented to date, both clearing houses had already started to engage in the development of necessary changes ... process has not been completed to date. The main reason for the delay is that by the time the US regulators had given approval for Phase I of the GCL, Eurex US had started to suffer from decreasing...

Ngày tải lên: 20/06/2014, 18:20

... quantitative analysis and the underlying assumptions, refer to Appendix 8. 1 An additional caveat applies to the estimated efficiency impact: the implementation of European clearing links or a ... 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 need to develop a different ... Single CCP initiatives (as a particular form of M&A initiatives) have the drawback that the majority of resources must be committed to the inte- gration of the partnering clearing houses; this...

Ngày tải lên: 20/06/2014, 18:20

... whereas Europe’s vertically integrated clearing houses have traditionally lacked a clear stand-alone value proposition and their managers will face hurdles in implementing such a strategy, these ... constitute the core cost drivers. The cost analysis also brought to light reasons for the structural partic- ularities of the European VPN and for the competitive advantage that high volume clearers have ... initiatives Future research is required to evaluate this impact If at any point in the future, European rules and regulations are harmonised, and processes are standardised, a reviewed analysis...

Ngày tải lên: 20/06/2014, 18:20

... Average daily cash margin at clearing house in 2005 Average daily collateral margin at clearing house in 2005 Average daily credit lines/capital tied to ensure funding of intra- day margin calls ... This assumption was due to a lack of data that would have allowed for an accurate assessment regarding the changes in the composition of the all-in clearing costs due to these ... total clearing. .. calculation was built on the status quo of the cost structures for the benchmark clearing members and the remaining 213 European clearers, as classified in Appendix...

Ngày tải lên: 20/06/2014, 18:20

... market participants, but for capital markets as a whole. ‘Central Counter- parties are among the crucial building blocks of any well-organised financial system. They facilitate the allocation of ... Efficient capital markets are both allocationally and operationally efficient. In an allocationally efficient market, scarce savings are optimally allocated to productive investments in a way that benefits ... derivatives markets therefore also accounts for their contribution and ability to transfer... alternate players in the marketplace Thirdly, the value of an asset may be tied to a particular...

Ngày tải lên: 21/06/2014, 07:20

... non-asthmatics and create a new variable AsthmaHtϭAsthmaϫHeight for the interaction of asthma and height Some packages can both of these automatically if one declares asthma as a “factor” or as ... treating the ordinal variable as a quantitative variable or dichomising the variable and treating it as binary may work well.) Count data, such as numbers of children per family appear ordinal, ... of the way that data relate to the model2 is DATA ϭFIT ϩRESIDUAL The FIT is what is obtained from the model given the predictor variables The RESIDUAL is the difference between the DATA and the...

Ngày tải lên: 11/04/2014, 07:16

... encode a given table and then, on its terminate state call the UDA that performs the actual computations For several tables we can let the various UDAs write into the same input tape, with the last ... Conference on Data Mining, pages 130–141, 2003 [34] Carlo Zaniolo, Chang Richard Luo, Y Law, and Haixun Wang Incompleteness of database languages for data streams and data mining: the problem and the cure ... of the cursor via get-next statements But as data streams arrive furiously and continuously, the data stream manager cannot hold the current tuple, and all that have arrived after that, waiting...

Ngày tải lên: 23/03/2014, 12:20

... Universitat Autònoma de Barcelona, 08193 Bellaterra, Spain Unidad de Genética Cuantitativa y Mejora Animal, Departamento de Anatom a, Embriolog a y Genética, Universidad de Zaragoza, 50013 Zaragoza, ... baseline Weibull hazard function In our data, each CON and FAT score can take four values k = 1, 2, or Then, the probability that the discrete variable Y has a value k was calculated as: h(t)dt ⎦ ... systematic effects were reduced to sex, parity, age at slaughter, season and year at slaughter Once again, a Bayesian analysis was carried out with the Gibbs sampler algorithm implemented as in Varona...

Ngày tải lên: 14/08/2014, 13:21