solar energy source of power for the future

... capacity 2010 Source: EPIA analysis [2] Vision for Photovoltaics in the Future 181 With the Renewable Energy Sources Directive, 2009/28/EC [1], the EU has set the goal to reach 20% of EU energy demand ... to make to the three pillars of the European Union’s (EU) energy policy: competitiveness, energy security, and sustainability In the future, should the right conditions be in place, solar PV could ... a vital part of Europe’s energy mix The competitiveness of PV electricity depends on the evolution of PV modules and system prices, as well as the cost of electricity generation The following

Ngày tải lên: 30/12/2017, 12:57

... 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 ... 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. ... 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

Ngày tải lên: 20/06/2014, 18:20

... cents for the hedge in index options. Lastly, CC&G charges €1.56 for clearing services. 70 This helps to provide first evidence of the existence of economies of scale on the part of the clearing ... are thus best suited for a benchmark analysis, they were selected as benchmark products when- ever possible. For the purpose of this analysis, the results of the comparison of benchmark prod- ucts ... fees, suggesting that there is room for thereduction of per-contract clearing fees. Eurex Clearing offers competitive pricing for the clearing of equity options, single stock futures and interest

Ngày tải lên: 20/06/2014, 18:20

... 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: 20/06/2014, 18:20

... 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: 20/06/2014, 18:20

... 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: 20/06/2014, 18:20

... 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 ... from the different stakeholders. Furthermore, there are many kinds of clearing link initiative, and not all of them can serve to increase the efficiency of European clearing. Therefore, the parameters

Ngày tải lên: 20/06/2014, 18:20

... or 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 themdominate the European market: ... 8 per cent, for a total of 11.1.9 Chapter 10 – Introducing the future network economy – development of the clearing industry The findings of this study led to conclusions on the future clearing ... Anin-depth analysis of the dynamics of CCP versus GCM level network effects clear-in the context of European clearclear-ing lclear-inks will regard more details of thefuture structure of the European

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

... 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

... 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