roles necessary for the proper development

... 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 ... as well as for their agency activities Generally, the larger the volumes cleared by a direct member, the greater the stake the member has in the development of the clearing ... 196 The actual fulfilment of the legal obligation, i.e. the delivery or purchase of the underlying, can therefore be avoided in derivati- ves markets. 197 Only the profit or loss arising from the

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, ... is the clearing system. The related IT costs are to a large degree independent of the number of contracts cleared. The higher the number of contracts cleared through the system, the lower the ... greater on the GCM level than they are on the CCP level. r The fungibility effect constitutes another network effect that increases the value of the clearing services provided by GCMs. The complementary

Ngày tải lên: 21/06/2014, 07:20

... in June 2003 – that the merger was officially announced. The main debates among the parties concerned the corporate structure (for-profit versus not-for-profit) of the CCP, the distribution of shareholding ... the leeway to benefit from and further leverage their installed base.259 258 259 At the time of the merger, LCH.C Group announced that their objective was to act as catalyst for further ... 180 Additionally, there was a chance that the deal could further Euronext’s ambition to merge with the LSE, 181 and by serving to align Euronext with the demands of the ESF and the major market

Ngày tải lên: 21/06/2014, 07:20

... for utilising their original homecountry clearing house as their central clearing house for access to the markets cleared byEurex Clearing, LCH.Clearnet, OMX, MEFF and CC&G r For the purpose ... account would certainlyaffect the magnitude of the resulting efficiency impact Furthermore, although the calculation of the overall efficiency impact is based on the identified changes in fixed ... 2006.(2006e): ‘Monitoring the Evolution of Prices, Costs and Volumes of Post-Trading Activities,Note on the Forthcoming Study on the Development of a Methodology to Monitor theEvolution of Prices,

Ngày tải lên: 21/06/2014, 07:20

... programmes for the elderly in order to support its continuous improvement is, therefore, crucial. Thus, the aim of this study was to develop a self- assessment tool for PA programmes for the elderly. ... suited to the realities and contexts of PA programmes for the elderly, and that improve these programmes, is therefore important, not only to help programmes evaluate their ability to perform public ... guide community health-planning efforts. Thus, the aim of this study is to describe the development of a quality self-assessment tool for PA programmes for the elderly. 6 Methods A modified

Ngày tải lên: 14/08/2014, 08:20

... PERFORMANCE ASSESSMENT OF CENTER FOR FOREIGN LANGUAGES (CFL): A BASIS FOR THE CFL DEVELOPMENT PROGRAM _ A DISSERTATION Presented to the Faculty of the Graduate School Southern ... THUY TRANG entitled PERFORMANCE ASSESSMENT OF CENTER FOR LANGUAGES (CFL): A BASIS FOR THE CFL DEVELOPMENT PROGRAM Submitted in Partial Fulfilment of the Requirements for the Degree DOCTOR OF BUSINESS ... certify that the research work / dissertation entitled Performance Assessment of Center for Foreign Languages (CFL): A Basis for the CFL Development Program, orally defended/ presented under the DBA

Ngày tải lên: 04/10/2017, 15:43

... can pave the way for these kinds of investments For example, in the US the NY Green Bank was set up in 2014 by the State of New York to increase capital flows into the clean energy market The bank ... Indeed, the Paris Agreement, the 2030 Agenda for Sustainable Development—which supports the Sustainable Developments Goals (SDGs) developed by UN member states—the New Urban Agenda and the Sendai ... networks) that are essential for sustainable development Whether by providing the public transport that makes it easier for women in rural areas to participate in the workforce or the clean water and

Ngày tải lên: 05/01/2020, 22:28

... chronicles the ills in the developing countries which have left them copiously at the divide thus: There are several obstacles on the way of less developed countries joining the rest of the world ... (MOF,2018) The most of the rural peoples are illiterates and not have the well withal to understand the use of ICTs for accessing information that will no doubt, enhance their lives Some of the literates ... technologies for information acquisition, retrieval, and dissemination Rural Development forms an important agenda of the Government However, the application of ICT in the Rural Development sector

Ngày tải lên: 16/01/2020, 10:44

... 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...

Ngày tải lên: 23/03/2014, 11:20

... 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...

Ngày tải lên: 23/03/2014, 23:20

... 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...

Ngày tải lên: 19/06/2014, 10:20

... 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...

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...

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...

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...

Ngày tải lên: 20/06/2014, 18:20