Putting Forward Regulation
|
|
- Miles Richard
- 5 years ago
- Views:
Transcription
1 Puttig Forward Regulatio No-Deliverable Forwards ad the 1062 Amedmet to the Russia Civil Code ( ) Sveta Milyaeva 3rd year PhD studet Sociology Derivatives Markets are Itegrated ad Costitutive to Moder Society Politics is determied by fiacial markets BBC News 15 May 08: Spatial ad temporal itegrity of derivatives markets Russia default ad fiacial crisis (1998): Possible collapse of Russia bakig system Global crisis: LTCM hedge fud bakruptcy The Fed lowerig iterest rates Dot.com & housig bubbles
2 Fiacial derivatives: Vast ad Fuzzy The global derivatives market expads to $516 trillio for every huma beig o earth A example of a derivative: a forward a agreemet to buy/sell a exchage rate for a specified price i the future markets uderstad G7 message Fiacial markets are a moster ad must be put back i its place Derivatives are the ew tickig time bomb How to Remove the Fuzziess? Brig the Social Back to the Markets Bruo Latour: to trace the coectios Michel Callo: a athropology of the markets Doald MacKezie: the material productio of virtuality The materiality of fiacial markets ivolves physical objects, techological system ad huma bodies, but also the legal systems, cultures, procedures, beliefs ad social relatios that objects ad bodies express, make possible, are shaped by ad emeshed i. Latour/Callo/MacKezie: scales are t stable
3 Is a Derivative a Bet? Derivatives Physically settled (the cotracted item is delivered) Cash settled (paymet is made i cash, o delivery) If a bet geerally illegal or ueforceable The Law is Materiality of the Derivatives Market. The Law 1062 Article of the Russia Civil Code (gamblig is ot legally eforceable) The Market The Iterbak / forward market
4 The / Forward Cotract Baks ad their cliets: corporatios + ivestmet fuds Isurace agaist exchage rate movemets + profits makig / Forward 26 May 26 Jue exchage rate settlemet The / Cash-Settled Forward / Cash-Settled or No-Deliverable Forward: Roubles are ot delivered: 26 May 26 Jue exchage rate settlemet i $ From a maagemet poit of view it is good, because settlemet risk is less, the moey is ot kicked about. Ad if you do t aim at buyig moey physically, but at hedgig market risk [possible loss due to price fluctuatios. S.M.], the you simply eed to get a equivalet of this very market risk (P iterview).
5 The / Cash-Settled Forward Market: Segmeted Iteratioal Offshore Cross- Border Domestic Oshore Lodo Bak B Lodo Bak A Mosco w Bak A Mosco w Bak B The Reaso: Russia Fiacial Crisis 1998 Cross-Border Market Lodo Moscow Bak Bak August Rouble is depreciated : $1/ 6$1/ 16 Moscow baks defaulted o their obligatios Losses: $ 50 billios
6 The Implicatio of the Segmetatio Segmeted = o-liquid: / cash-settled forward market is ot liquid. liquid: large umber of buyers ad sellers, quick deals ad fair prices. Larger Cross-Border Market - More Liquid Rouble Forward Market Iteratioal Offshore Cross-Border Domestic Oshore Lodo Bak B Lodo Bak A Mosco w Bak A Mosco w Bak B
7 The Law: The 1062 Article of Russia Civil Code The Article 1062 The demads of citizes ad juridical persos coected with the orgaisatio of games ad bettig or participatio therei shall ot be subject to judicial defece The Social: The Amedmet of 1062 Article (2007) The Article 1062 The demads of citizes ad juridical persos coected with the orgaisatio of games ad bettig or participatio therei shall ot be subject to judicial defece The Amedmet The rules of this Article shall ot apply to claims related to participatio i trasactios where a party [ ] has a obligatio to pay moetary amouts depedig o variatios i [ ] rates of currecy exchage [ ]. Such claims shall be subject to judicial eforcemet
8 The Two Regulators The Bak of Russia is the Cetral Bak of the Russia Federatio. It is the baks chief regulator. Bak of Russia FFMS is a executive body that cotrols ad supervises activity i the fiacial markets. FFMS The Regulatory Coflict ( ) The itersectio of the regulatory domais The regulators legal iitiatives are differet: The Cetral Bak - the cosolidated derivatives laws The FFMS - the amedmet to the Civil Code
9 Neither a bomb, or a moster: The materially (legally) produced trade The Market Productio The regulatory coflict the delayed amedmet the o-liquid forward market
US Dollar Bank Account
FACT SHEET Page 1 of 3 Please keep for future referece US Dollar Bak Accout Call us o 0800 092 3300 Fact Sheet (icludig Fiacial Services Compesatio Scheme (FSCS) Iformatio Sheet & Exclusios List) The US
More informationRisk transfer mechanisms - converging insurance, credit and financial markets
Risk trasfer mechaisms - covergig isurace, credit ad fiacial markets Presetatio at OECD/CIRC Techical Expert meetig o Reisurace, Jue 2002. Jes Verer Aderse, OECD 1 Outlie Itroductio Growth of risk trasfer
More informationKEY INFORMATION DOCUMENT CFD s Generic
KEY INFORMATION DOCUMENT CFD s Geeric KEY INFORMATION DOCUMENT - CFDs Geeric Purpose This documet provides you with key iformatio about this ivestmet product. It is ot marketig material ad it does ot costitute
More informationCAPITALIZATION (PREVENTION) OF PAYMENT PAYMENTS WITH PERIOD OF DIFFERENT MATURITY FROM THE PERIOD OF PAYMENTS
Iteratioal Joural of Ecoomics, Commerce ad Maagemet Uited Kigdom Vol. VI, Issue 9, September 2018 http://ijecm.co.uk/ ISSN 2348 0386 CAPITALIZATION (PREVENTION) OF PAYMENT PAYMENTS WITH PERIOD OF DIFFERENT
More informationCHAPTER 2 PRICING OF BONDS
CHAPTER 2 PRICING OF BONDS CHAPTER SUARY This chapter will focus o the time value of moey ad how to calculate the price of a bod. Whe pricig a bod it is ecessary to estimate the expected cash flows ad
More informationTerms and conditions for the 28 - Day Interbank Equilibrium Interest Rate (TIIE) Futures Contract (Cash Settlement)
The Eglish versio of the Terms ad Coditios for Futures Cotracts is published for iformatio purposes oly ad does ot costitute legal advice. However, i case of ay Iterpretatio cotroversy, the Spaish versio
More information1031 Tax-Deferred Exchanges
1031 Tax-Deferred Exchages About the Authors Arold M. Brow Seior Maagig Director, Head of 1031 Tax-Deferred Exchage Services, MB Fiacial Deferred Exchage Corporatio Arold M. Brow is the Seior Maagig Director
More information(Zip Code) OR. (State)
Uiform Applicatio for Ivestmet Adviser Registratio Part II - Page 1 Name of Ivestmet Adviser: Stephe Craig Schulmerich Address: (Number ad Street) 10260 SW Greeburg Rd. Ste 00 (State) (City) Portlad (Zip
More informationSIMPLE INTEREST, COMPOUND INTEREST INCLUDING ANNUITY
Chapter SIMPLE INTEREST, COMPOUND INTEREST INCLUDING ANNUITY 006 November. 8,000 becomes 0,000 i two years at simple iterest. The amout that will become 6,875 i years at the same rate of iterest is:,850
More informationRollover & Superannuation Fund
Rollover & Superauatio Fud A fud that allows you to build your savigs for retiremet i a tax effective eviromet. Product Disclosure Statemet This is a combied Fiacial Services Guide ad Product Disclosure
More informationChapter 3. Compound interest
Chapter 3 Compoud iterest 1 Simple iterest ad compoud amout formula Formula for compoud amout iterest is: S P ( 1 Where : S: the amout at compoud iterest P: the pricipal i: the rate per coversio period
More informationDevelopment Economics. Lecture 22: Credit Markets Professor Anant Nyshadham ECON 2273
Developmet Ecoomics Lecture 22: Credit Markets Professor Aat Nyshadham ECON 2273 This lecture 1. Lumpiess ad time 1. Savigs 2. Isurace 3. Credit 2. Characteristics of credit markets for the poor 2 Lumpiess
More informationThe Time Value of Money in Financial Management
The Time Value of Moey i Fiacial Maagemet Muteau Irea Ovidius Uiversity of Costata irea.muteau@yahoo.com Bacula Mariaa Traia Theoretical High School, Costata baculamariaa@yahoo.com Abstract The Time Value
More informationReserve Account. Please keep for future reference FACT SHEET. Call us on
FACT SHEET Page 1 of 4 Please keep for future referece Call us o 0800 092 3300 Reserve Accout Fact Sheet (icludig Fiacial Services Compesatio Scheme (FSCS) Iformatio Sheet & Exclusios List) The Cater Alle
More informationE-commerce. Electronic Commerce. Definition of E-Commerce. nuse of electronic systems to engage in commercial activities
Electroic Commerce Defiitio of E-Commerce Use of electroic systems to egage i commercial activities 1 Goods ad services bought o-lie Travel tickets Holidays Books Cocert/festival tickets Clothes Electroic
More informationChapter Four Learning Objectives Valuing Monetary Payments Now and in the Future
Chapter Four Future Value, Preset Value, ad Iterest Rates Chapter 4 Learig Objectives Develop a uderstadig of 1. Time ad the value of paymets 2. Preset value versus future value 3. Nomial versus real iterest
More informationApEx10. Overseeing on a day-to-day basis safeguarding and administering investments or holding of client money
ApEx10 Overseeig o a day-to-day basis safeguardig ad admiisterig ivestmets or holdig of cliet moey Summary of Learig Outcomes ApEx10 OVERSEEING ON A DAY TO DAY BASIS SAFEGUARDNG AND ADMINISTERING INVESTMENTS
More informationRecourse vs. Nonrecourse: Commercial Real Estate Financing Which One is Right for You?
The followig iformatio ad opiios are provided courtesy of Wells Fargo Bak, N.A. Recourse vs. Norecourse: Commercial Real Estate Fiacig Which Oe is Right for You? Prepared by: Bill White, Director of Commercial
More informationExecution Risk Management at Wachovia Yousef Valine
Executio at Wachovia Yousef Valie Head of Istitutioal Group ad COO, Wachovia Corporatio 1 Ageda Why We Care About Executio Our Approach Accomplishmets Aligmet with AMA ad Operatioal Why We Care About Executio
More informationSQN SECURED INCOME FUND PLC (Registered number ) HALF-YEARLY REPORT AND UNAUDITED CONDENSED FINANCIAL STATEMENTS
SQN SECURED INCOME FUND PLC (Registered umber 09682883) HALF-YEARLY REPORT AND UNAUDITED CONDENSED FINANCIAL STATEMENTS For the six moths eded 31 December 2017 CONTENTS Page Strategic Report Highlights
More informationChapter Four 1/15/2018. Learning Objectives. The Meaning of Interest Rates Future Value, Present Value, and Interest Rates Chapter 4, Part 1.
Chapter Four The Meaig of Iterest Rates Future Value, Preset Value, ad Iterest Rates Chapter 4, Part 1 Preview Develop uderstadig of exactly what the phrase iterest rates meas. I this chapter, we see that
More informationMotor legal expenses. Keep me safe
Motor legal expeses Keep me safe Motor legal expeses This legal expeses isurace is part of your LV= motor isurace policy ad your isurace schedule will cofirm if this cover is icluded. You must read your
More informationSubject CT1 Financial Mathematics Core Technical Syllabus
Subject CT1 Fiacial Mathematics Core Techical Syllabus for the 2018 exams 1 Jue 2017 Subject CT1 Fiacial Mathematics Core Techical Aim The aim of the Fiacial Mathematics subject is to provide a groudig
More informationsetting up the business in sage
3 settig up the busiess i sage Chapter itroductio Settig up a computer accoutig program for a busiess or other orgaisatio will take some time, but as log as the correct data is etered i the correct format
More informationOpportunity AND. Risk. An Educational Guide to. Trading Futures. and. Options on Futures
Opportuity AND Risk A Educatioal Guide to Tradig Futures ad Optios o Futures Natioal Futures Associatio is a cogressioally authorized self-regulatory orgaizatio of the Uited States futures idustry. Its
More informationProspectus Directive Regulation (EC/809/2004), as amended.
Prospectus Directive Regulatio (EC/809/2004), as ameded. Disclaimer This briefig ote has bee prepared as a referece tool to illustrate the chages to Prospectus Directive Regulatio EC 809/2004 1, as ameded
More informationMUTB/MUFG Company Profile
MUTB/MUFG Compay Profile 10 OCTOBER 2017 A member of MUFG, a global fiacial group Who we are Mitsubishi UFJ Trust ad Bakig Corporatio (MUTB) is oe of the largest Trust Baks i Japa. MUTB is a core member
More informationREINSURANCE ALLOCATING RISK
6REINSURANCE Reisurace is a risk maagemet tool used by isurers to spread risk ad maage capital. The isurer trasfers some or all of a isurace risk to aother isurer. The isurer trasferrig the risk is called
More informationFINAL TERMS. Neither the Issuer nor any Dealer has authorised, nor do they authorise, the making of any offer of Notes in any other circumstances
FINAL TERMS 24 th Jue 2010 Baco Comercial Português, S.A (the Bak ) Issue of EUR 1,539,000 Idex Liked Iterest Notes Ivestimeto Opção Tripla Jue 2013 due 29 th Jue 2013 issued pursuat to the EUR 25,000,000,000
More informationIFSL Sinfonia OEIC Supplementary Information Document
IFSL Sifoia OEIC Supplemetary Iformatio Documet To be used i cojuctio with the Key Ivestor Iformatio Documets for: IFSL Sifoia Icome Portfolio; IFSL Sifoia Icome ad Growth Portfolio; IFSL Sifoia Cautious
More informationLecture 2. Tuesday Feb 3 rd. Time Value of Money 1
Lecture 2. Tuesday Feb 3 rd Time Value of Moey 1 What is Moey? Moey is a promise A Eglish Bakote says: I promise to pay the Bearer o demad the sum of twety pouds Ad it is siged by the Chief Cashier of
More informationTerms and conditions. Santander Sharedealing. A. General conditions TERMS AND CONDITIONS
TERMS AND CONDITIONS Terms ad coditios Satader Sharedealig A. Geeral coditios 1 Itroductio 1.1 Abbey Stockbrokers Limited tradig as Satader Sharedealig ( SSD ) provides a executio-oly sharedealig service
More informationVZ_EN_15.qxp :37 Stránka 1 Annual Report 2O15
VZ_EN_15.qxp 22.06.16 12:37 Stráka 1 Aual Report 2O15 Se strategií ové vlády, aby státí podiky řídili a kotrolovali odboríci, se obměilo složeí dozorčí rady, do které zamířili experti s dlouholetou praxí
More informationBaan Project Project Invoicing
Baa Project Module Procedure UP061A US Documetiformatio Documet Documet code : UP061A US Documet group : User Documetatio Documet title : Applicatio/Package : Baa Project Editio : A Date : July 1998 Copyright
More informationRevolving Credit Facility. Flexible Funds for Flexible Needs
Revolvig Credit Facility Flexible Fuds for Flexible Needs Freddie Mac Multifamily Revolvig Credit Facility Compellig Reasos To choose the Revolvig Credit Facility Success i maagig multifamily property
More informationThe new EU benchmarks regulation: What you need to know
Briefig ote September 2016 The ew EU bechmarks regulatio: What you eed to kow The ew EU Regulatio o fiacial bechmarks has bee published i the Official Joural ad has ow etered ito force. The Regulatio imposes
More informationGIVING BACK with. planned PHILANTHROPY
GIVING BACK with plaed PHILANTHROPY Success i life is about more tha amassig wealth. It s about the coscious legacy you leave behid for your loved oes, commuity, ad society. We created this special report
More informationIFSL Brooks Macdonald OEIC
Supplemetary Iformatio Documet IFSL Brooks Macdoald OEIC To be used i cojuctio with the Key Ivestor Iformatio Documets for: Balaced Fud; Cautious Growth Fud; Defesive Icome Fud; Strategic Growth Fud; ad
More informationREITInsight. In this month s REIT Insight:
REITIsight Newsletter February 2014 REIT Isight is a mothly market commetary by Resource Real Estate's Global Portfolio Maager, Scott Crowe. It discusses our perspectives o major evets ad treds i real
More informationsummary of cover CONTRACT WORKS INSURANCE
1 SUMMARY OF COVER CONTRACT WORKS summary of cover CONTRACT WORKS INSURANCE This documet details the cover we ca provide for our commercial or church policyholders whe udertakig buildig or reovatio works.
More informationFact Sheet including Terms & Conditions (including Financial Services Compensation Scheme (FSCS) Information Sheet & Exclusions List) Summary Box
FACT SHEET Page 1 of 5 Please keep for future referece Call us o 0800 092 3300 Term Deposit Fact Sheet icludig Terms & Coditios (icludig Fiacial Services Compesatio Scheme (FSCS) Iformatio Sheet & Exclusios
More informationAn Introduction to Employee Share Trust Services
A Itroductio to Employee Share Trust Services Why create a Employee ShareTrust? A public compay ca buy its ow shares ad hold them i treasury. However it has limited optios as to how it ca use those shares.
More informationMark to Market Procedures (06, 2017)
Mark to Market Procedures (06, 207) Risk Maagemet Baco Sumitomo Mitsui Brasileiro S.A CONTENTS SCOPE 4 2 GUIDELINES 4 3 ORGANIZATION 5 4 QUOTES 5 4. Closig Quotes 5 4.2 Opeig Quotes 5 5 MARKET DATA 6 5.
More informationTERMS OF REFERENCE. Project: Reviewing the Capital Adequacy Regulation
TERMS OF REFERENCE Project: Reviewig the Capital Adequacy Regulatio Project Ower: Project Maager: Deputy Project Maagers: Techical Achor (TAN): Mr. Idrit Bak, Bak of Albaia, Supervisio Departmet. Mrs.
More informationA Direct Finance Deposit and Borrowing Method Built Upon the Web Implemented Bidding ROSCA Model
A Direct Fiace Deposit ad Borrowig Method Built Upo the Web Implemeted Biddig ROSCA Model Adjuct Professor Kue-Bao (Frak) Lig, Natioal Taiwa Uiversity, Taiwa Presidet Yug-Sug Chie, SHACOM.COM INC., Taiwa
More informationTAKAFUL & RISK MITIGATION TOOLS IN ISLAM
CENTRE OF ISLAMIC BANKING & ECONOMICS POST GRADUATE DIPLOMA IN ISLAMIC BANKING & FINANCE TAKAFUL & RISK MITIGATION TOOLS IN ISLAM IB&F: 409: Risk Maagemet i Islamic Bakig & Fiace Flexible - Elegat - Coveiet
More informationQuarterly Update First Quarter 2018
EDWARD JONES ADVISORY SOLUTIONS Quarterly Update First Quarter 2018 www.edwardjoes.com Member SIPC Key Steps to Fiacial Success We Use a Established Process 5 HOW CAN I STAY ON TRACK? 4 HOW DO I GET THERE?
More informationParkview Elementary School Grade 3
Parkview Elemetary School Grade Figure 1: 200-0 Media of rd Grade TerraNova Test Results for Parkview Elemetary School by Subject Area (Stadardized Admiistratio) 2.0.0 Total Score*.0 Mathematics.0 Readig
More informationTerms & Conditions and Important Information Credit Cards
Importat iformatio Terms & Coditios ad Importat Iformatio Credit Cards Please read these Terms ad Coditios alog with the Key Facts Documet together they provide all the iformatio you eed about the credit
More informationliving well in retirement Adjusting Your Annuity Income Your Payment Flexibilities
livig well i retiremet Adjustig Your Auity Icome Your Paymet Flexibilities what s iside 2 TIAA Traditioal auity Icome 4 TIAA ad CREF Variable Auity Icome 7 Choices for Adjustig Your Auity Icome 7 Auity
More informationAbout the authors I-5 Acknowledgement I-7 What the Experts say... I-9 Chapter-heads I-11
CONTENTS About the authors I-5 Ackowledgemet I-7 What the Experts say... I-9 Chapter-heads I-11 1 OVERVIEW OF INDIAN BANKING SYSTEM u Itroductio 1 Establishmet of Imperial Bak of Idia 2 Establishmet of
More informationSTRAND: FINANCE. Unit 3 Loans and Mortgages TEXT. Contents. Section. 3.1 Annual Percentage Rate (APR) 3.2 APR for Repayment of Loans
CMM Subject Support Strad: FINANCE Uit 3 Loas ad Mortgages: Text m e p STRAND: FINANCE Uit 3 Loas ad Mortgages TEXT Cotets Sectio 3.1 Aual Percetage Rate (APR) 3.2 APR for Repaymet of Loas 3.3 Credit Purchases
More informationTerms & Conditions and Important Information Personal Loans
Importat Iformatio Terms & Coditios ad Importat Iformatio Persoal Loas This documet icludes: Our Terms of Busiess Data Protectio Statemet Terms ad Coditios (applicable to all Persoal Loas) Please read
More informationGuide for. Plan Sponsors. Roth 401(k) get retirement right
Uited of Omaha Life Isurace Compay Compaio Life Isurace Compay mutual of omaha retiremet services Roth 401(k) Guide for Pla Sposors MUGC8764_0210 get retiremet right roth 401(k) expads your optios Drive
More informationMafatlal Centre, 10th Floor, Nariman Point, Mumbai CIN: U65991MH1996PTC Tel.: Fax:
Mafatlal Cetre, 10th Floor, Narima Poit, Mumbai - 400 021 CIN: U65991MH1996PTC100444 Tel.: 91-22 66578000 Fax: 91-22 66578181 www.dspblackrock.com Jauary 8, 2018 Dear Uit Holder, Sub: Chage i Fudametal
More informationAdditional information about the SunAmerica Dynamic Portfolios
Additioal iformatio about the SuAmerica Dyamic Portfolios While diversificatio ad asset allocatio are both prove ivestmet strategies, they caot guaratee greater or more cosistet returs over time ad they
More informationClass Notes for Managerial Finance
Class Notes for Maagerial Fiace These otes are a compilatio from:. Class Notes Supplemet to Moder Corporate Fiace Theory ad Practice by Doald R. Chambers ad Nelso J. Lacy. I gratefully ackowledge the permissio
More informationFirst determine the payments under the payment system
Corporate Fiace February 5, 2008 Problem Set # -- ANSWERS Klick. You wi a judgmet agaist a defedat worth $20,000,000. Uder state law, the defedat has the right to pay such a judgmet out over a 20 year
More informationReligare Invesco Global Equity Income Fund
Scheme Iformatio Documet Religare Ivesco Global Equity Icome Fud (A Ope Eded Fud of Fuds Scheme) Suitable for Ivestors who are seekig* Capital appreciatio ad / or icome over log - term Ivestmet i uits
More informationMafatlal Centre, 10th Floor, Nariman Point, Mumbai CIN: U65991MH1996PTC Tel.: Fax:
Jauary 8, 2018 Mafatlal Cetre, 10th Floor, Narima Poit, Mumbai - 400 021 CIN: U65991MH1996PTC100444 Tel.: 91-22 66578000 Fax: 91-22 66578181 www.dspblackrock.com Dear Uit Holder, Sub: Chage i Fudametal
More informationCollections & Recoveries policy
Collectios & Recoveries policy The purpose of this policy is to set out the actio Ledy takes to ecourage borrowers to repay their loas withi term. This policy also serves to set out the actio Ledy takes
More informationFixed Income Securities
Prof. Stefao Mazzotta Keesaw State Uiversity Fixed Icome Securities FIN4320. Fall 2006 Sample First Midterm Exam Last Name: First Name: Studet ID Number: Exam time is: 80 miutes. Total poits for this exam
More informationCompanies COMPANIES BUILDING ON A SOLID FOUNDATION. 1 Intrust Manx
Compaies COMPANIES BUILDING ON A SOLID FOUNDATION 1 Itrust Max Itrust Max Limited Itrust (Max) Limited is based i Douglas, Isle of Ma. Our objective is to provide a bespoke, flexible, cost-effective, efficiet
More informationA Leading Diversified Mid-Tier Miner
A Leadig Diversified Mid-Tier Mier Q3 2017 & TIMOK PEA RESULTS CONFERENCE CALL October 27, 2017 TSX & NYSE MKT NSU 1 Forward Lookig Statemets This Presetatio cotais forward-lookig statemets or forward-lookig
More informationAPPLICATION FORM. Janus Henderson Investors. Valid from 30 May SECTION 1 About yourself
Jaus Hederso Ivestors APPLICATION FORM Valid from 30 May 2017 You should use this form if you wish to ivest i the Hederso Ivestmet Fuds Limited rage. Further iformatio is cotaied i the Prospectus, the
More informationSecurely managed insurance solutions. Protected Cell, Incorporated Cell and Segregated Account facilities
Securely maaged isurace solutios Protected Cell, Icorporated Cell ad Segregated Accout facilities About us White Rock is a uique ad leadig group of isurace ad reisurace vehicles with operatios i a umber
More informationOsborne Books Update. Financial Statements of Limited Companies Tutorial
Osbore Books Update Fiacial Statemets of Limited Compaies Tutorial Website update otes September 2018 2 f i a c i a l s t a t e m e t s o f l i m i t e d c o m p a i e s I N T R O D U C T I O N The followig
More informationFixed Income Securities
Prof. Stefao Mazzotta Keesaw State Uiversity Fixed Icome Securities Sample First Midterm Exam Last Name: First Name: Studet ID Number: Exam time is: 80 miutes. Total poits for this exam is: 400 poits Prelimiaries
More informationSEC Adopts. Amendments. To The Advisers Act Custody Rule SECURITIES LAW ALERT MARCH 2010
MARCH 2010 SEC Adopts Amedmets To The Advisers Act Custody Rule The Securities Exchage Commissio ( SEC ) has adopted amedmets to Rule 206(4)-2 (the Custody Rule ) uder the Ivestmet Advisers Act of 1940
More informationChapter 4 - Consumer. Household Demand and Supply. Solving the max-utility problem. Working out consumer responses. The response function
Almost essetial Cosumer: Optimisatio Chapter 4 - Cosumer Osa 2: Household ad supply Cosumer: Welfare Useful, but optioal Firm: Optimisatio Household Demad ad Supply MICROECONOMICS Priciples ad Aalysis
More informationPuerto Rico Tax Incentives: The TCJA and other considerations
Puerto Rico Tax Icetives: The TCJA ad other cosideratios February 14-15, 2019 Edgar Ríos-Médez, Esq. Table of Cotets Iteratioal Tax Provisios 3 q Corporate Tax Rates ad Other Provisios 4 q Global Itagible
More informationMA Lesson 11 Section 1.3. Solving Applied Problems with Linear Equations of one Variable
MA 15200 Lesso 11 Sectio 1. I Solvig Applied Problems with Liear Equatios of oe Variable 1. After readig the problem, let a variable represet the ukow (or oe of the ukows). Represet ay other ukow usig
More informationYour guide to Protection Trusts
Your guide to Protectio Trusts Protectio Makig the most of your Aviva protectio policy Nobodylikestothikaboutwhatwill happewhetheyhavegoe.you realready thikigaheadbyhavigaprotectiopolicy iplace,whichcouldhelptheoesyoulove
More informationSIPP. Application guide
SIPP Cotributio Amedmet Form For Modular isipp, isipp, esipp, Private Cliet SIPP, Select SIPP, Partership SIPP, IPS SIPP, IPS (2008) SIPP, IPS Family SIPP ad IPS Pesio Builder SIPP JHAY1028A Applicatio
More informationCHAPTER II: FIXED INCOME SECURITIES AND MARKETS
CHAPTER II: FIXED INCOME SECURITIES AND MARKETS 30 FIXED INCOME PORTFOLIO MANAGEMENT A: TYPES OF FIXED INCOME SECURITIES I terms of dollar volume, the U.S. markets for debt istrumets are larger tha for
More informationWe learned: $100 cash today is preferred over $100 a year from now
Recap from Last Week Time Value of Moey We leared: $ cash today is preferred over $ a year from ow there is time value of moey i the form of willigess of baks, busiesses, ad people to pay iterest for its
More information1 The Power of Compounding
1 The Power of Compoudig 1.1 Simple vs Compoud Iterest You deposit $1,000 i a bak that pays 5% iterest each year. At the ed of the year you will have eared $50. The bak seds you a check for $50 dollars.
More informationInferential Statistics and Probability a Holistic Approach. Inference Process. Inference Process. Chapter 8 Slides. Maurice Geraghty,
Iferetial Statistics ad Probability a Holistic Approach Chapter 8 Poit Estimatio ad Cofidece Itervals This Course Material by Maurice Geraghty is licesed uder a Creative Commos Attributio-ShareAlike 4.0
More informationHighIncome FUND. Offering Advisor Series Units and Series F Units of the Fund in each of the provinces and territories of Canada.
2015 HighIcome November 12, 2015 Offerig Advisor Series Uits ad Series F Uits of the Fud i each of the provices ad territories of Caada. This Offerig Memoradum costitutes a offerig of the securities described
More informationFinancial Analysis. Lecture 4 (4/12/2017)
Fiacial Aalysis Lecture 4 (4/12/217) Fiacial Aalysis Evaluates maagemet alteratives based o fiacial profitability; Evaluates the opportuity costs of alteratives; Cash flows of costs ad reveues; The timig
More informationGLI Alternative Finance. GLI Alternative Finance plc HALF-YEARLY REPORT AND UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
GLI Alterative Fiace GLI Alterative Fiace plc HALF-YEARLY REPORT AND UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD FROM 13 JULY 2015 (DATE OF INCORPORATION) TO 31 DECEMBER 2015 CONTENTS
More informationIntroduction to Financial Derivatives
550.444 Itroductio to Fiacial Derivatives Determiig Prices for Forwards ad Futures Week of October 1, 01 Where we are Last week: Itroductio to Iterest Rates, Future Value, Preset Value ad FRAs (Chapter
More informationBUSINESS PLAN IMMUNE TO RISKY SITUATIONS
BUSINESS PLAN IMMUNE TO RISKY SITUATIONS JOANNA STARCZEWSKA, ADVISORY BUSINESS SOLUTIONS MANAGER RISK CENTER OF EXCELLENCE EMEA/AP ATHENS, 13TH OF MARCH 2015 FINANCE CHALLENGES OF MANY FINANCIAL DEPARTMENTS
More informationHong Kong Securities and Futures Commission (SFC) highlights operating, control and compliance deficiencies in asset management industry
Hog Kog Securities ad Futures Commissio (SFC) highlights operatig, cotrol ad compliace deficiecies i asset maagemet idustry Ae-Marie Godfrey Abstract Purpose To examie the ie commo areas of o-compliace
More informationThe roll-out of the Jobcentre Plus Office network
Departmet for Work ad Pesios The roll-out of the Jobcetre Plus Office etwork REPORT BY THE COMPTROLLER AND AUDITOR GENERAL HC 346 Sessio 2007-2008 22 February 2008 SummARy What is the Jobcetre Plus roll-out?
More informationThe New OHADA Uniform Act on Security
May 2011 The New OHADA Uiform Act o Security The Coucil of Miisters of the member states 1 of the Treaty for the Orgaizatio for the Harmoizatio of Busiess Law i Africa ( OHADA ) adopted a ew uiform act
More informationSubject CT5 Contingencies Core Technical. Syllabus. for the 2011 Examinations. The Faculty of Actuaries and Institute of Actuaries.
Subject CT5 Cotigecies Core Techical Syllabus for the 2011 Examiatios 1 Jue 2010 The Faculty of Actuaries ad Istitute of Actuaries Aim The aim of the Cotigecies subject is to provide a groudig i the mathematical
More informationGIVING BACK with. planned PHILANTHROPY
GIVING BACK with plaed PHILANTHROPY Success i life is about more tha amassig wealth. It s about the coscious legacy you leave behid for your loved oes, commuity, ad society. We created this special report
More informationSecurely managed insurance solutions. Protected Cell, Incorporated Cell and Segregated Account facilities
Securely maaged isurace solutios Protected Cell, Icorporated Cell ad Segregated Accout facilities About us White Rock is a uique ad leadig group of isurace ad reisurace vehicles with operatios i a umber
More informationMFL MUTUAL FUND ANNUAL REPORT
MFL MUTUAL FUND ANNUAL REPORT FOR THE 10 MONTHS ENDED 30 JUNE 2017 MFL Mutual Fud ('MFL' or 'the scheme') was established i 1969 to provide New Zealaders with a opportuity to pla ad save for retiremet.
More informationEndowment Trustees Report
2015 16 ET #6.4 2015 16 CD #16.0 2015 16 EBD #13.2 (2016 Midwiter Meetig) Edowmet Trustees Report (Log-Term Ivestmet/Edowmet Fud) Rod Hersberger Seior Trustee Saturday Jauary 9, 2016 1 How Does the Edowmet
More informationCircuit and District Shield
IN IRELAND Circuit ad District Shield Summary Cotets Itroductio 3 Property damage 4 Loss of icome 5 Moey 5 Theft by officials 6 Liabilities 7 Legal expeses 8 Persoal accidet 9 Geeral iformatio 10 CIRCUIT
More informationEndowment Trustees Report
2016 17 ET #6.4 2016 17 EBD #13.2 2016-2017 CD#16.0 (2017 Midwiter Meetig) Edowmet Trustees Report (Log-Term Ivestmet/Edowmet Fud) Rod Hersberger Seior Trustee Saturday Jauary 21, 2017 1 Issues Impactig
More informationTerms & Conditions and Important Information Credit Cards
Importat iformatio Terms & Coditios ad Importat Iformatio Credit Cards Please read these Terms ad Coditios alog with the Key Facts Documet together they provide all the iformatio you eed about the credit
More informationfor a secure Retirement Foundation Gold (ICC11 IDX3)* *Form number and availability may vary by state.
for a secure Retiremet Foudatio Gold (ICC11 IDX3)* *Form umber ad availability may vary by state. Where Will Your Retiremet Dollars Take You? RETIREMENT PROTECTION ASSURING YOUR LIFESTYLE As Americas,
More informationHome legal expenses. Keep me safe
Home legal expeses Keep me safe Home Legal Expeses This legal expeses isurace is part of your LV= home isurace policy, your home isurace schedule will cofirm if this cover is icluded. You must read your
More informationCity of Santa Maria SHAPE YOUR CAREER WHILE SHAPING YOUR COMMUNITY.
City of Sata Maria SHAPE YOUR CAREER WHILE SHAPING YOUR COMMUNITY. c a r e e r o p p o r t u i t y ASSISTANT CITY ATTORNEY SALARY: $119,462 $145,212 DOE/DOQ The City of Sata Maria seeks a Assistat City
More informationOffshore. UK P&I Club s comprehensive package of cover
Offshore UK P&I Club s comprehesive package of cover Welcome The UK Club s offshore cover provides a comprehesive package for members to meet liabilities ad losses icurred by Members i cojuctio with the
More informationStructuring Venture Capital, Private Equity, and Entrepreneurial Transactions
NEW 2018 Editio of Structurig Veture Capital, Private Equity, ad Etrepreeurial Trasactios W e are proud to eclose the 2018 Editio of Structurig Veture Capital, Private Equity, ad Etrepreeurial Trasactios
More informationSetting up records for customers and suppliers
3 Settig up records for customers ad suppliers this chapter covers... The term Customers meas people to whom a busiess sells o credit. I other words, the goods or services are supplied straightaway ad
More information