Development of Corporate Bond Markets in Emerging Markets
|
|
- Shavonne Richardson
- 5 years ago
- Views:
Transcription
1 Development of Corporate Bond Markets in Emerging Markets IOSCO Survey Analysis and Report Clemente del Valle April 2012
2 Outstanding (USD trillion) Percentage (%) Bond markets in emerging markets expected to significantly grow Projected evolution of debt markets 39% 31% 11% (F) 2050(F) Developed markets Emerging markets Emerging markets share Source: Goldman Sachs Asset Management Significant growth of bond markets expected in emerging markets due to: Increased economic growth of emerging markets; Narrowing of income gaps between emerging markets and developed markets; Broadening and deepening of capital markets leading to diversified sources of funding; and Greater local and foreign investments to fund large scale infrastructure projects etc. 2
3 Overview of emerging bond markets Combined size of bond markets of EM respondents is approximately USD5.6 trillion Size of EM bond markets is equivalent to almost 23% and 50% of the US and Japanese bond markets reflecting the potential for further growth Government bond markets are 2.7 times larger than corporate bond markets As a % to GDP, EM bond markets range from 0.2% to 130.6% 3
4 USD millions Primary market- Public issues v/s Private placements 250,000 Total Public issues and Private placements in all jurisdictions 200, , ,000 50, Public issues Private placements 4
5 Number of respondents having the regimes Debt offering regimes 30 Debt Offering regimes Private Placement Regime Institutional Offerings Regime Integrated Disclosure Regime Shelf Registration Regime 5
6 Types of bonds issued Structured Bond 1% Types of bonds issued in the year 2009 Others 1% Floating Rate Bond 6% Convertible Bond 0% Fixed Rate Bond 92% Floating Rate Bond Fixed Rate Bond Structured Bond Convertible Bond Others 6
7 Main investors Breakdown of corporate bond investors Retail Investors, 12% Pension Funds, 12% Others, 14% Insurance Companies, 11% Mutual Funds, 17% Banks/FIs, 30% Mutual Funds Banks/FIs Corporate Entities Insurance Companies Pension Funds Retail Investors Others Corporate Entities, 4% 7
8 USD millions Secondary market: Exchange vs. OTC 1,000, , , , , , , , , ,000 - Trades in corporate bond market Exchange-traded OTC 8
9 DIFC Dubai Pakistan Tanzania Trinidad & Tobago Uganda Chile South Africa Colombia China Israel India Morocco Korea Dominican Republic Argentina Turkey Bulgaria Panama Malaysia Brazil Romania Ecuador Oman Poland UAE Bangladesh Kenya Egypt Uruguay Thiland Jordan Nigeria Sri Lanka Macedonia Montenegro Chinese Taipei USD millions Secondary markets: country comparison 700,000 Trades in corporate bond market in the year , , , , , ,000 - Exchange OTC 9
10 Number of respondents saying "Yes" Differential Tax treatment 16 Differential tax treatment Between government bonds and corporate bonds Between bank loans and corporate bonds 10
11 Issues and challenges affecting the development of corporate bond markets in emerging markets Lack of a benchmark yield curve MARKET EFFICIENCY Long approval times for issues MARKET INSTRUMENTS & STRUCTURE Lack of diverse bond instruments Narrow investor base Insufficient transparency & governance INVESTOR PROTECTION & REGULATION Inadequate market oversight TAXATION AND OTHER CHALLENGES Differential tax treatments between government and corporate bonds Crowding out by government bonds Competition from alternative financing 11
12 Recommendations for the development of corporate bond markets in EMs (cont.) Prioritising the development of corporate bond markets as a strategic national development agenda 1. Establish a national platform for high-level policy and strategic direction, e.g. a National Bond Market Committee 2. Develop a sequenced strategy for corporate bond market development 3. Streamline the regulatory framework for corporate bond markets Improving market efficiency 4. Broaden the range of offering mechanisms 5. Reduce the approval or registration time for corporate bonds 6. Standardise corporate bond offering documentation 7. Develop an efficient benchmark yield curve and pre-announced auction calendar 12
13 Recommendations for the development of corporate bond markets in EMs Enhancing market infrastructure & widening the investor base 8. Enhance trading efficiency 9. Develop a market making system 10. Establish a corporate bond index 11. Consider the establishment of a third party guarantee institution 12. Scale up markets through regionalisation 13. Broaden and diversify the investor base Develop a wider range of instruments 14. Develop securitization markets 15. Encourage the development of risk management instruments 13
14 Recommendations for the development of corporate bond markets in EMs Strengthening investor protection 16. Enhance the quality and timeliness of disclosures by issuers 17. Promote trading and price transparency 18. Strengthen surveillance and supervision 19. Strengthen the professional standards of bond market intermediaries 20. Strengthen bankruptcy and restructuring regulations Develop a wider range of instruments 21. Adopt a taxation regime that does not disadvantage corporate bonds 22. Examine the viability of tax incentives 14
15 Thank You Clemente del Valle 15
Key Activities of the WB/IFC Securities Markets Group. Global Capital Markets Development Department
Key Activities of the WB/IFC Securities Markets Group Global Capital Markets Development Department WB-IFC Securities Market Group (GCMSM) WBG Global Product Group for local securities market development
More informationLessons from Country Experiences in Issuance Regulations of Corporate Bonds
Lessons from Country Experiences in Issuance Regulations of Corporate Bonds Clemente del Valle World Bank Africa Bond Market Conference November 7-8, 2011 Outline Overview of bond markets Particularities
More informationA Resolution on Enforcement Powers
A Resolution on Enforcement Powers Passed by the Presidents' Committee November 1997 CONSIDERING that the complex character of securities and futures transactions and the sophistication of fraudulent schemes
More informationA Resolution on Money Laundering
A Resolution on Money Laundering Passed by the Presidents' Committee October 1992 CONSIDERING that the Technical Committee, during its meeting held on July 7, 1992 in Quebec, approved a Report on Money
More informationA Resolution Concerning Transnational Securities and Futures Fraud
A Resolution Concerning Transnational Securities and Futures Fraud Passed by the Presidents' Committee October 1993 Consistent with its domestic statutory and regulatory provisions, the resources available
More informationIndex of Financial Inclusion. (A concept note)
Index of Financial Inclusion (A concept note) Mandira Sarma Indian Council for Research on International Economic Relations Core 6A, 4th Floor, India Habitat Centre, Delhi 100003 Email: mandira@icrier.res.in
More informationJPMorgan Funds statistics report: Emerging Markets Debt Fund
NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE JPMorgan Funds statistics report: Emerging Markets Debt Fund Data as of November 30, 2016 Must be preceded or accompanied by a prospectus. jpmorganfunds.com
More informationEmerging & Frontier Markets Expanding the Opportunity Set
NORTHERN TRUST 2010 INSTITUTIONAL CLIENT CONFERENCE Reaching for the New Gold Standard of Investing Emerging & Frontier Markets Expanding the Opportunity Set Moderator: Julia Bristow Briggs Senior Investment
More informationGuide to Treatment of Withholding Tax Rates. January 2018
Guide to Treatment of Withholding Tax Rates Contents 1. Introduction 1 1.1. Aims of the Guide 1 1.2. Withholding Tax Definition 1 1.3. Double Taxation Treaties 1 1.4. Information Sources 1 1.5. Guide Upkeep
More informationEQUITY REPORTING & WITHHOLDING. Updated May 2016
EQUITY REPORTING & WITHHOLDING Updated May 2016 When you exercise stock options or have RSUs lapse, there may be tax implications in any country in which you worked for P&G during the period from the
More informationSHARE IN OUR FUTURE AN ADVENTURE IN EMPLOYEE STOCK OWNERSHIP DEBBI MARCUS, UNILEVER
SHARE IN OUR FUTURE AN ADVENTURE IN EMPLOYEE STOCK OWNERSHIP DEBBI MARCUS, UNILEVER DEBBI.MARCUS@UNILEVER.COM RUTGERS SCHOOL OF MANAGEMENT AND LABOR RELATIONS NJ/NY CENTER FOR EMPLOYEE OWNERSHIP AGENDA
More informationIMF-FED-WB Seminar for Senior Bank Supervisors from Emerging Market Economies October 17-28, José de Luna Martínez Carlos Leonardo Vicente
IMF-FED-WB Seminar for Senior Bank Supervisors from Emerging Market Economies October 17-28, 2011 José de Luna Martínez Carlos Leonardo Vicente 1. State-Owned Financial Institutions 2. WB Survey on Development
More informationRequest to accept inclusive insurance P6L or EASY Pauschal
5002001020 page 1 of 7 Request to accept inclusive insurance P6L or EASY Pauschal APPLICANT (INSURANCE POLICY HOLDER) Full company name and address WE ARE APPLYING FOR COVER PRIOR TO DELIVERY (PRE-SHIPMENT
More informationBond Basics July 2007
Bond Basics: Emerging Market (External and Local Markets) Developing economies around the world, known to investors as emerging markets (EM), are rapidly maturing into key players in the global economy
More informationn O v e m b e R Securities Industry And Financial Markets Global Addendum 2007 Volume I I No. New York n Washington n London n Hong Kong
ReseaRch RePORT n O v e m b e R 2 7 Securities Industry And Financial Markets Global Addendum 27 Volume I I No. 1 New York n Washington n London n Hong Kong SIFMA RESEARCH AND POLICY DEPARTMENT Michael
More informationOverview of the Gemloc Initiative Gemloc Roundtable Conference and Workshop
Overview of the Gemloc Initiative Gemloc Roundtable Conference and Workshop Capital Markets Advisory Group Alison Harwood Anderson Silva May 29, 2008 Agenda Introduction to the Gemloc Initiative GEMX Index
More informationInstruction Deadline. *Settlement Cycle
Argentina Equity & Fixed Income T+0-T+2 SD+1 2:30 SD+1 2:30 Fixed Income (MAECLEAR) T+0-T+2 SD 23:00 SD 23:00 Physical T+0-T+2 SD 23:00 SD 23:00 Australia Equity T+2 SD 5:30 SD 10:30 Fixed Income T+2 SD
More informationAPA & MAP COUNTRY GUIDE 2017 CANADA
APA & MAP COUNTRY GUIDE 2017 CANADA Managing uncertainty in the new tax environment CANADA KEY FEATURES Competent authority APA provisions/ guidance Types of APAs available APA acceptance criteria Key
More informationFTSE Global Equity Index Series
Methodology overview FTSE Global Equity Index Series Built for the demands of global investors Indexes for a global market The FTSE Global Equity Index Series (FTSE GEIS) includes objective, rules-based
More informationArgentina Bahamas Barbados Bermuda Bolivia Brazil British Virgin Islands Canada Cayman Islands Chile
Americas Argentina (Banking and finance; Capital markets: Debt; Capital markets: Equity; M&A; Project Bahamas (Financial and corporate) Barbados (Financial and corporate) Bermuda (Financial and corporate)
More informationDoes One Law Fit All? Cross-Country Evidence on Okun s Law
Does One Law Fit All? Cross-Country Evidence on Okun s Law Laurence Ball Johns Hopkins University Global Labor Markets Workshop Paris, September 1-2, 2016 1 What the paper does and why Provides estimates
More informationLong Association List of Jurisdictions Surveyed for Which a Response Has Been Received
Agenda Item 7-B Long Association List of Jurisdictions Surveed for Which a Has Been Received Jurisdictions Region IFAC Largest 29 G10 G20 EU/EEA IOSCO IFIAR Surve Abu Dhabi Member (UAE) Albania Member
More informationThe Sixth Annual OECD/World Bank Global Bond Market Forum May OECD Headquarters Paris, France
OECD The World Bank The Sixth Annual OECD/World Bank Global Bond Market Forum 24-25 May 2004 OECD Headquarters Paris, France Room Document N 17 Ratings Agencies and Developing Markets Mr. Andrew Philpott
More informationFINDINGS OF THE 2017 GLOBAL SURVEY ON DEVELOPMENT BANKS
FINDINGS OF THE 2017 GLOBAL SURVEY ON DEVELOPMENT BANKS September 19, 2017 José de Luna Martínez Lead Financial Sector Specialist Contents 1 Background Information 2 Main Findings 3 Challenges for DFIs
More informationWithholding Tax Rate under DTAA
Withholding Tax Rate under DTAA Country Albania 10% 10% 10% 10% Armenia 10% Australia 15% 15% 10%/15% [Note 2] 10%/15% [Note 2] Austria 10% Bangladesh Belarus a) 10% (if at least 10% of recipient company);
More informationHEALTH WEALTH CAREER 2017 WORLDWIDE BENEFIT & EMPLOYMENT GUIDELINES
HEALTH WEALTH CAREER 2017 WORLDWIDE BENEFIT & EMPLOYMENT GUIDELINES WORLDWIDE BENEFIT & EMPLOYMENT GUIDELINES AT A GLANCE GEOGRAPHY 77 COUNTRIES COVERED 5 REGIONS Americas Asia Pacific Central & Eastern
More informationAppendix. Table S1: Construct Validity Tests for StateHist
Appendix Table S1: Construct Validity Tests for StateHist (5) (6) Roads Water Hospitals Doctors Mort5 LifeExp GDP/cap 60 4.24 6.72** 0.53* 0.67** 24.37** 6.97** (2.73) (1.59) (0.22) (0.09) (4.72) (0.85)
More informationSummary 715 SUMMARY. Minimum Legal Fee Schedule. Loser Pays Statute. Prohibition Against Legal Advertising / Soliciting of Pro bono
Summary Country Fee Aid Angola No No No Argentina No, with No No No Armenia, with No No No No, however the foreign Attorneys need to be registered at the Chamber of Advocates to be able to practice attorney
More informationTRENDS AND MARKERS Signatories to the United Nations Convention against Transnational Organised Crime
A F R I C A WA T C H TRENDS AND MARKERS Signatories to the United Nations Convention against Transnational Organised Crime Afghanistan Albania Algeria Andorra Angola Antigua and Barbuda Argentina Armenia
More informationANNEX 2: Methodology and data of the Starting a Foreign Investment indicators
ANNEX 2: Methodology and data of the Starting a Foreign Investment indicators Methodology The Starting a Foreign Investment indicators quantify several aspects of business establishment regimes important
More informationArticle 5. Notification and Transitional Arrangements
1 ARTICLE 5... 1 1.1 Text of Article 5... 1 1.2 Article 5.1: Notification of TRIMs... 2 1.3 Article 5.2: Elimination of TRIMs... 4 1.4 Article 5.3: Extension of transition periods... 5 1.5 Article 5.5:
More informationFrontier Markets and a teaser of what is to come. Peter Elam Håkansson, Chairman and Partner
Frontier Markets and a teaser of what is to come Peter Elam Håkansson, Chairman and Partner The Frontier Markets Have the good old Emerging Markets lost their appeal? We remain convinced that Emerging
More informationTotal Imports by Volume (Gallons per Country)
3/7/2018 Imports by Volume (Gallons per Country) YTD YTD Country 01/2017 01/2018 % Change 2017 2018 % Change MEXICO 54,235,419 58,937,856 8.7 % 54,235,419 58,937,856 8.7 % NETHERLANDS 12,265,935 10,356,183
More informationide: FRANCE Appendix A Countries with Double Taxation Agreement with France
Fiscal operational guide: FRANCE ide: FRANCE Appendix A Countries with Double Taxation Agreement with France Albania Algeria Argentina Armenia 2006 2006 From 1 March 1981 2002 1 1 1 All persons 1 Legal
More informationActuarial Supply & Demand. By i.e. muhanna. i.e. muhanna Page 1 of
By i.e. muhanna i.e. muhanna Page 1 of 8 040506 Additional Perspectives Measuring actuarial supply and demand in terms of GDP is indeed a valid basis for setting the actuarial density of a country and
More informationT. Rowe Price Funds. Supplement to the following summary prospectuses, each as dated below (as supplemented) MARCH 1, 2018 MAY 1, 2018 JULY 1, 2018
T. Rowe Price Funds Supplement to the following summary prospectuses, each as dated below (as supplemented) Africa & Middle East Asia Opportunities Emerging Europe Emerging Markets Stock Emerging Markets
More informationWithholding tax rates 2016 as per Finance Act 2016
Withholding tax rates 2016 as per Finance Act 2016 Sr No Country Dividend Interest Royalty Fee for Technical (not being covered under Section 115-O) Services 1 Albania 10% 10% 10% 10% 2 Armenia 10% 10%
More informationGS Emerging Markets Debt Blend Portfolio
Factsheet as at : November 12, 2018 GS Emerging Markets Debt Blend Portfolio Fund objective The Portfolio seeks to provide income and capital growth over the longer term. The Portfolio will mostly invest
More informationThe Importance of Bilateral Investment Treaties When Structuring Foreign Investments
The Importance of Bilateral Investment Treaties When Structuring Foreign Investments ACC International Legal Affairs Committee Legal Quick Hit: November 14, 2013 Presented by: Helena Sprenger Houthoff
More informationChoosing Investment Structure
The Importance of Bilateral Investment Treaties When Structuring Foreign Investments ACC Regional Call International Legal Affairs Committee Legal Quick Hit: September 3, 2013 Presented by: Helena Sprenger
More informationINTERNATIONAL CONVENTION ON STANDARDS OF TRAINING, CERTIFICATION AND WATCHKEEPING FOR SEAFARERS (STCW), 1978, AS AMENDED
E 4 ALBERT EMBANKMENT LONDON SE 7SR Telephone: +44 (0)20 7735 76 Fax: +44 (0)20 7587 320 MSC./Circ.64/Rev.5 7 June 205 INTERNATIONAL CONVENTION ON STANDARDS OF TRAINING, CERTIFICATION AND WATCHKEEPING
More informationSetting up in Denmark
Setting up in Denmark 6. Taxation The Danish tax system for individuals rests on the global taxation principle. The principle holds that the income of individuals and companies with full tax liability
More informationHousehold Debt and Business Cycles Worldwide Out-of-sample results based on IMF s new Global Debt Database
Household Debt and Business Cycles Worldwide Out-of-sample results based on IMF s new Global Debt Database Atif Mian Princeton University and NBER Amir Sufi University of Chicago Booth School of Business
More informationDelivering mobile connectivity in MENA: A review of mobile sector taxation and licence extension. May 2017
Delivering mobile connectivity in MENA: A review of mobile sector taxation and licence extension May 2017 Executive Summary The report provides an overview of the tax and fee regime applied to mobile services
More informationToday's CPI data: what you need to know
Trend Macrolytics, LLC Donald Luskin, Chief Investment Officer Thomas Demas, Managing Director Michael Warren, Energy Strategist Data Insights: Consumer Price Index, Producer Price Index Friday, July 14,
More informationAlbania 10% 10%[Note1] 10% 10% Armenia 10% 10% [Note1] 10% 10% Austria 10% 10% [Note1] 10% 10%
Country Dividend (not being covered under Section 115-O) Withholding tax rates Interest Royalty Fee for Technical Services Albania 10% 10%[Note1] 10% 10% Armenia 10% Australia 15% 15% 10%/15% 10%/15% Austria
More informationINTERNATIONAL CONVENTION ON STANDARDS OF TRAINING, CERTIFICATION AND WATCHKEEPING FOR SEAFARERS (STCW), 1978, AS AMENDED
E 4 ALBERT EMBANKMENT LONDON SE1 7SR Telephone: +44 (0)20 7735 711 Fax: +44 (0)20 7587 3210 1 January 2019 INTERNATIONAL CONVENTION ON STANDARDS OF TRAINING, CERTIFICATION AND WATCHKEEPING FOR SEAFARERS
More informationTotal Imports by Volume (Gallons per Country)
10/5/2017 Imports by Volume (Gallons per Country) YTD YTD Country 08/2016 08/2017 % Change 2016 2017 % Change MEXICO 51,349,849 67,180,788 30.8 % 475,806,632 503,129,061 5.7 % NETHERLANDS 12,756,776 12,954,789
More informationTotal Imports by Volume (Gallons per Country)
1/5/2018 Imports by Volume (Gallons per Country) YTD YTD Country 11/2016 11/2017 % Change 2016 2017 % Change MEXICO 50,994,409 48,959,909 (4.0)% 631,442,105 657,851,150 4.2 % NETHERLANDS 9,378,351 11,903,919
More informationCSD Trends. April Ana Giraldo Director, Capital Markets 17/04/17. Thomas Murray Data Services
CSD Trends Ana Giraldo Director, Capital Markets April 2017 Thomas Murray Data Services 2017 1 Agenda I. ISO 20022 Standard II. III. IV. Settlement Cycles Regional Hubs Integration V. Systems and Blockchain
More informationDemographic Trends and the Real Interest Rate
Demographic Trends and the Real Interest Rate Noëmie Lisack, Rana Sajedi, and Gregory Thwaites Discussion by Sebnem Kalemli-Ozcan 1 / 20 What does the paper do? Quantifies the role of demographic change
More informationToday's CPI data: what you need to know
Trend Macrolytics, LLC Donald Luskin, Chief Investment Officer Thomas Demas, Managing Director Michael Warren, Energy Strategist Data Insights: Consumer Price Index, Producer Price Index Wednesday, December
More informationToday's CPI data: what you need to know
Trend Macrolytics, LLC Donald Luskin, Chief Investment Officer Thomas Demas, Managing Director Michael Warren, Energy Strategist Data Insights: Consumer Price Index, Producer Price Index Wednesday, February
More informationTotal Imports by Volume (Gallons per Country)
11/2/2018 Imports by Volume (Gallons per Country) YTD YTD Country 09/2017 09/2018 % Change 2017 2018 % Change MEXICO 49,299,573 57,635,840 16.9 % 552,428,635 601,679,687 8.9 % NETHERLANDS 11,656,759 13,024,144
More informationTotal Imports by Volume (Gallons per Country)
10/5/2018 Imports by Volume (Gallons per Country) YTD YTD Country 08/2017 08/2018 % Change 2017 2018 % Change MEXICO 67,180,788 71,483,563 6.4 % 503,129,061 544,043,847 8.1 % NETHERLANDS 12,954,789 12,582,508
More informationOther Tax Rates. Non-Resident Withholding Tax Rates for Treaty Countries 1
Other Tax Rates Non-Resident Withholding Tax Rates for Treaty Countries 1 Country 2 Interest 3 Dividends 4 Royalties 5 Annuities 6 Pensions/ Algeria 15% 15% 0/15% 15/25% Argentina 7 12.5 10/15 3/5/10/15
More informationCross-Border Tax Regimes. Steven Sieker Partner, Baker McKenzie 28 June 2018
Cross-Border Tax Regimes Steven Sieker Partner, Baker McKenzie 28 June 2018 Taxation in the Cross-Border Context Payer service recipient / borrower / IP licensee / employer payments for services rendered
More informationToday's CPI data: what you need to know
Trend Macrolytics, LLC Donald Luskin, Chief Investment Officer Thomas Demas, Managing Director Michael Warren, Energy Strategist Data Insights: Consumer Price Index, Producer Price Index Thursday, July
More informationToday's CPI data: what you need to know
Trend Macrolytics, LLC Donald Luskin, Chief Investment Officer Thomas Demas, Managing Director Michael Warren, Energy Strategist Data Insights: Consumer Price Index, Producer Price Index Friday, January
More informationNon-resident withholding tax rates for treaty countries 1
Non-resident withholding tax rates for treaty countries 1 Country 2 Interest 3 Dividends 4 Royalties 5 Annuities 6 Pensions/ Algeria 15% 15% 0/15% 15/25% Argentina 7 12.5 10/15 3/5/10/15 15/25 Armenia
More informationToday's CPI data: what you need to know
Trend Macrolytics, LLC Donald Luskin, Chief Investment Officer Thomas Demas, Managing Director Michael Warren, Energy Strategist Data Insights: Consumer Price Index, Producer Price Index Wednesday, April
More informationTotal Imports by Volume (Gallons per Country)
5/4/2016 Imports by Volume (Gallons per Country) YTD YTD Country 03/2015 03/2016 % Change 2015 2016 % Change MEXICO 53,821,885 60,813,992 13.0 % 143,313,133 167,568,280 16.9 % NETHERLANDS 11,031,990 12,362,256
More informationYUM! Brands, Inc. Historical Financial Summary. Second Quarter, 2017
YUM! Brands, Inc. Historical Financial Summary Second Quarter, 2017 YUM! Brands, Inc. Consolidated Statements of Income (in millions, except per share amounts) 2017 2016 2015 YTD Q3 Q4 FY FY Revenues Company
More informationFTSE Annual Country Classification Review Published: 26 September 2018
FTSE Classification of Markets FTSE Annual Country Classification Review Published: 26 September 2018 Headlines China A to be assigned Secondary Emerging market status commencing June 2019 Iceland to be
More informationTotal Imports by Volume (Gallons per Country)
12/6/2018 Imports by Volume (Gallons per Country) YTD YTD Country 10/2017 10/2018 % Change 2017 2018 % Change MEXICO 56,462,606 60,951,402 8.0 % 608,891,240 662,631,088 8.8 % NETHERLANDS 11,381,432 10,220,226
More informationTotal Imports by Volume (Gallons per Country)
3/6/2019 Imports by Volume (Gallons per Country) YTD YTD Country 12/2017 12/2018 % Change 2017 2018 % Change MEXICO 54,169,734 56,505,154 4.3 % 712,020,884 773,421,634 8.6 % NETHERLANDS 11,037,475 8,403,018
More informationToday's CPI data: what you need to know
Trend Macrolytics, LLC Donald Luskin, Chief Investment Officer Thomas Demas, Managing Director Michael Warren, Energy Strategist Data Insights: Consumer Price Index, Producer Price Index Friday, October
More informationToday's CPI data: what you need to know
Trend Macrolytics, LLC Donald Luskin, Chief Investment Officer Thomas Demas, Managing Director Michael Warren, Energy Strategist Data Insights: Consumer Price Index, Producer Price Index Friday, August
More informationTotal Imports by Volume (Gallons per Country)
2/6/2019 Imports by Volume (Gallons per Country) YTD YTD Country 11/2017 11/2018 % Change 2017 2018 % Change MEXICO 48,959,909 54,285,392 10.9 % 657,851,150 716,916,480 9.0 % NETHERLANDS 11,903,919 10,024,814
More informationToday's CPI data: what you need to know
Trend Macrolytics, LLC Donald Luskin, Chief Investment Officer Thomas Demas, Managing Director Michael Warren, Energy Strategist Data Insights: Consumer Price Index, Producer Price Index Wednesday, November
More informationTotal Imports by Volume (Gallons per Country)
2/6/2018 Imports by Volume (Gallons per Country) YTD YTD Country 12/2016 12/2017 % Change 2016 2017 % Change MEXICO 50,839,282 54,169,734 6.6 % 682,281,387 712,020,884 4.4 % NETHERLANDS 10,630,799 11,037,475
More informationBrown Advisory Somerset Emerging Markets Fund Class/Ticker: Institutional Shares / BAFQX Investor Shares / BIAQX Advisor Shares / BAQAX
Summary Prospectus October 31, 2017 Brown Advisory Somerset Emerging Markets Fund Class/Ticker: Institutional Shares / BAFQX Investor Shares / BIAQX Advisor Shares / BAQAX Before you invest, you may want
More informationDigital Platforms : Collaboration revolutionising cross-border payments. Hank Uberoi 16 November 2017
Digital Platforms : Collaboration revolutionising cross-border payments Hank Uberoi 16 November 2017 Challenges of Cross- Border Payment 2 Need for Change Transparency Efficiency Diversity 3 Earthport
More informationEmerging Markets Indices
Citi Fixed Income Indices Emerging Markets Indices Comprehensive coverage of growing economies. Citi Fixed Income Indices offers a comprehensive array of emerging markets indices aimed at international
More informationEMERGING MARKETS COMMITTEE OF THE INTERNATIONAL ORGANIZATION OF SECURITIES COMMISSIONS
Report on the Development and Distribution of Foreign Collective Investment Schemes in Emerging Markets EMERGING MARKETS COMMITTEE OF THE INTERNATIONAL ORGANIZATION OF SECURITIES COMMISSIONS June 2009
More informationBusiness Magazines Cross Platform Circulation Certificate January to December 2014
Business Magazines Cross Platform Circulation Certificate January to December 2014 Setting the standard PTQ - Petroleum Technology Quarterly Key information Certificate type Cross Platform Metric type
More informationTotal Imports by Volume (Gallons per Country)
7/6/2018 Imports by Volume (Gallons per Country) YTD YTD Country 05/2017 05/2018 % Change 2017 2018 % Change MEXICO 71,166,360 74,896,922 5.2 % 302,626,505 328,397,135 8.5 % NETHERLANDS 12,039,171 13,341,929
More informationSANGAM GLOBAL PHARMACEUTICAL & REGULATORY CONSULTANCY
SANGAM GLOBAL PHARMACEUTICAL & REGULATORY CONSULTANCY Regulatory Affairs Worldwide An ISO 9001:2015 Certified Company Welcome to Sangam Global Pharmaceutical & Regulatory Consultancy (SGPRC) established
More information(ISC)2 Career Impact Survey
(ISC)2 Career Impact Survey 1. In what country are you located? Albania 0.0% 0 Andorra 0.0% 1 Angola 0.0% 0 Antigua and Barbuda 0.0% 0 Argentina 0.3% 9 Australia 2.0% 61 Austria 0.2% 6 Azerbaijan 0.0%
More informationTotal Imports by Volume (Gallons per Country)
4/5/2018 Imports by Volume (Gallons per Country) YTD YTD Country 02/2017 02/2018 % Change 2017 2018 % Change MEXICO 53,961,589 55,268,981 2.4 % 108,197,008 114,206,836 5.6 % NETHERLANDS 12,804,152 11,235,029
More informationCNH and China QFII market: Opportunities and Challenges A Fund Custodian and Administrator's Perspective"
CNH and China QFII market: Opportunities and Challenges A Fund Custodian and Administrator's Perspective" Eric Chow HSBC Securities Services June 2011 2 Agenda About HSBC Securities Services (HSS) Introducing
More informationAPPENDIX III List of IOSCO Members
APPENDIX III List of IOSCO Members Ordinary Members 36 ALBANIA Albanian Securities Commission ALGERIA Commission d'organisation et de surveillance des opérations de bourse ARGENTINA Comisión Nacional de
More informationM&G Emerging Markets Bond Fund Claudia Calich, Fund Manager. November 2015
M&G Emerging Markets Bond Fund Claudia Calich, Fund Manager November 2015 Agenda Macro update & government bonds Emerging market corporate bonds Fund positioning Emerging markets risks today Risks Slowing
More informationCountries with Double Taxation Agreements with the UK rates of withholding tax for the year ended 5 April 2012
Countries with Double Taxation Agreements with the UK rates of withholding tax for the year ended 5 April 2012 This table shows the maximum rates of tax those countries with a Double Taxation Agreement
More informationORD ISIN: DE / CINS CUSIP: D (ADR: / US )
The German Tax Agency (the BZSt) offers an electronic tax relief program (the DTV) designed to facilitate and accelerate German tax reclaims on equities by financial institutions. Acupay provides custodian
More informationInsolvency and Creditor/Debtor Regimes Report (ICR ROSC) Romania
Insolvency and Creditor/Debtor Regimes Report (ICR ROSC) Romania Insolvency and Creditor/Debtor Regimes Initiative Legal Vice Presidency -The World Bank Overview -Introduction to the Insolvency and Creditor/Debtor
More informationEmerging Markets Debt: the next 10 years
Emerging Markets Debt: the next 10 years Paper VII, May 2012 This communication is only for professional investors, professional financial advisers and, at their exclusive discretion, their clients. It
More informationINFORMATION CIRCULAR: J.P. MORGAN EXCHANGE-TRADED FUND TRUST
INFORMATION CIRCULAR: J.P. MORGAN EXCHANGE-TRADED FUND TRUST TO: FROM: Head Traders, Technical Contacts, Compliance Officers, Heads of ETF Trading, Structured Products Traders Nasdaq / BX / PHLX Listing
More informationGerry Weber International AG
The German Tax Agency (the BZSt) offers an electronic tax relief program (the DTV) designed to facilitate and accelerate German tax reclaims on equities by financial institutions. Acupay provides custodian
More informationInternational trade transparency: the issue in the World Trade Organization
Magalhães 11 International trade transparency: the issue in the World Trade Organization João Magalhães Introduction I was asked to participate in the discussion on international trade transparency with
More informationTotal Imports by Volume (Gallons per Country)
6/6/2018 Imports by Volume (Gallons per Country) YTD YTD Country 04/2017 04/2018 % Change 2017 2018 % Change MEXICO 60,968,190 71,994,646 18.1 % 231,460,145 253,500,213 9.5 % NETHERLANDS 13,307,731 10,001,693
More informationRole and Challenges of Specialized Financial Institutions
Seminar on Specialized Financial Institutions in the New Edition: Role of Financial Inclusion for Inclusive and Sustainable Growth Role and Challenges of Specialized Financial Institutions Jose De Luna
More informationAPA & MAP COUNTRY GUIDE 2017 DENMARK
APA & MAP COUNTRY GUIDE 2017 DENMARK Managing uncertainty in the new tax environment DENMARK KEY FEATURES Competent authority Danish Tax Office ( SKAT ) APA provisions/ guidance Types of APAs available
More informationFOREIGN ACTIVITY REPORT
FOREIGN ACTIVITY REPORT SECOND QUARTER 2012 TABLE OF CONTENTS Table of Contents... i All Securities Transactions... 2 Highlights... 2 U.S. Transactions in Foreign Securities... 2 Foreign Transactions in
More information(of 19 March 2013) Valid from 1 January A. Taxpayers
Leaflet. 29/460 of the Cantonal Tax Office on withholding taxes applicable to pension benefits under private law for persons without domicile or residence in Switzerland (of 19 March 2013) Valid from 1
More informationToday's CPI data: what you need to know
Trend Macrolytics, LLC Donald Luskin, Chief Investment Officer Thomas Demas, Managing Director Michael Warren, Energy Strategist Data Insights: Consumer Price Index, Producer Price Index Thursday, October
More informationEmerging Fixed Income A New Dawn. Simon Lue-Fong March 2007 I Lima
Emerging Fixed Income A New Dawn Simon Lue-Fong March 2007 I Lima Table of contents 1. The Changing Landscape Emerging USD Bonds have had a spectacular ride But where next? EMERGING USD BOND SPREADS SINCE
More informationScale of Assessment of Members' Contributions for 2008
General Conference GC(51)/21 Date: 28 August 2007 General Distribution Original: English Fifty-first regular session Item 13 of the provisional agenda (GC(51)/1) Scale of Assessment of s' Contributions
More informationThreadneedle (Lux) Details before significant event. Name change Threadneedle (Lux) US Equities. Change of sub-advisor Walter Scott & Partners Limited
Details before Details after 01/12/2011 US Equities American 01/12/2011 Walter Scott & Partners Limited American 01/12/2011 The US Equities Portfolio seeks to achieve capital appreciation by investing
More informationThird Progress Report on Inclusion of Enhanced Contractual Provisions in International Sovereign Bond Contracts
December 2017 Third Progress Report on Inclusion of Enhanced Contractual Provisions in International Sovereign Bond Contracts IMF staff regularly produces papers proposing new IMF policies, exploring options
More information