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  • 1. Life Cycle of a TradeTraining Academy
  • 2. Introduction Facilitator Self Course Outline Break Timings  15 mins – Forenoon  45 mins – Lunch  15 mins – Afternoon ExpectationsPage 2
  • 3. ExpectationsStatic dataHow trade is bookedSettlement and before settlementTrade booking and settlementImpact of incorrect settlementPre-matching before a settlementEntire life of a tradeFront office & middle officeHow trade is entered and how it is bookedPage 3
  • 4. What is your Idea of Life Cycle of a trade ??Page 4
  • 5. Section OneThe Market Participants
  • 6. The Market Participants - Facilitators Brokers Dealers Investment Banks Stock Exchanges Agents Securities Trading Organisations Custodians Clearing Banks RegulatorsPage 6
  • 7. The Market Participants - Investors Institutional Investors Mutual Funds (Unit Trusts) Pension Funds Insurance Companies Hedge Funds Charities Individual InvestorsPage 7
  • 8. The MarketplacePage 8
  • 9. Markets & Stock ExchangesA Market is an environment in which securities arebought and sold. Central to some market places is theStock Exchange. Trades executed over an Exchange are executed “On- Exchange” or “Exchange Traded” Other trades executed over the telephone are “OTC” (Over the Counter) or Non-Exchange Traded Each securities market has an associated and recognisable place to effect settlement  E.g. French Government Bonds traded on the Paris Bourse settle in EuroclearPage 9
  • 10. Stock ExchangesRegion Country Financial Stock Exchange CentreEurope UK London London Stock Exchange (LSE) London Metal Exchange London International Financial Futures & Options Exchange (LIFFE) Germany Frankfurt Deutsche Bourse Spain Madrid Bolsa de Madrid Asia China Hong Kong Stock Exchange of Hong KongPacific Hong Kong Futures Exchange China Shenzhen Shenzhen Stock Exchange Shanghai Shanghai Stock Exchange Japan Tokyo Tokyo Stock Exchange Tokyo International Financial Futures Exchange (TIFFE) Singapore Singapore Stock Exchange of Singapore Singapore International Monetary Exchange (SIMEX) Australia Sydney Australian Stock Exchange (ASX)America USA New York New York Stock Exchange (NYSE) Chicago Chicago Stock ExchangePage 10
  • 11. Other Market Participants Salespeople Data Providers Registrars Coupon Paying Agents Trade Matching Services Settlement Instruction Communication MechanismsPage 11
  • 12. Market Participants - IssuersOrganisations occasionally need to raise cash/capital to expandtheir businesses by: Selling part ownership issuing shares or equity Borrowing cash from investors issuing debt in the form of bonds Type of Issuer Example Corporations Vodafone (UK) Sovereign Entities Kingdom of Denmark Local Governments City of London Government Agencies Federal National Mortgage Association Supranational Organisations International Bank for Reconstruction & Development (World Bank – IBRD)Page 12
  • 13. Where does Deutsche Bank fit?Deutsche covers multiple functions: Broker Dealer Fund/Asset Manager Investment Bank Issuer Global Custodian Retail BankPage 13
  • 14. So far CoveredI. Market ParticipantsPage 14
  • 15. Section TwoStatic Data
  • 16. What is Static Data?Static Data is the common term to describe the store ofinformation used to determine the appropriate actionsrequired for successful processing of each trade.For Example: Trading Entities Trading Books within each entity Counterparties Instruments Currencies PricesPage 16
  • 17. Sources of Static Data Where possible, financial institutions try and create a core of “Golden Source” static data to avoid data conflicts in inter-dependent systems Companies specialise in gathering and distributing financial data to institutions via:  Electronic File Feeds  Internet  Through on site terminals.Page 17
  • 18. Security Data Providers or Data Vendors Reuters Bloomberg Telekurs Rolfe & Nolan SWIFT DTCC Alert Direct/OMGEO Standard and Poors Euroclear Wallstreet SIAC NSCCPage 18
  • 19. Counterparty Static Data Name, Address & Contact Details Authorized Credit Limits Related Companies Standard Settlement Instructions Date of account set up Type of Institution Documentation signed Tax Status Registered Representative Confirmation Details  Fax, Telex, Electronic Trade Confirmation, SWIFT, EmailPage 19
  • 20. Instrument Static Data Type of instrument  Equity, Bond, Warrant, Derivative, Commodity Issue  Short Name, Long Name, Size, Denomination, Issuer Coupon Dates  Coupon Rate, Payment Characteristics - 30/360, A/360 etc Alternative/External References,  ISIN, Common Code, RIC, Quick Code, Cusip etc Exchange Currency Maturity Date FactorsPage 20
  • 21. Maintaining Static DataIncorrect static data causes many processing errors: Delayed Confirmations Unmatched Transactions Settlement Failure Incorrect Fee calculations Incorrect Profit & Loss Calculation Poor Reporting (Regulatory & risk impact) Increased cost per transaction due to reduced STPIncorrect static data leads to reduced service anddissatisfied customers.Page 21
  • 22. Static Data Summary Bad Static Data results in reduced service levels to clients due to processing hold-ups and possible trade failure Bad Static Data impacts operational risk and increases the cost per trade processed Bad Static Data contributes to poor internal & external reporting impacting risk & reputation Static Data will continue to be an important dependency on the efficient processing of trades especially as the trade lifecycle window becomes smaller STATIC DATA  Must be populated correctly within all of the relevant systems.  Must be obtained from a credible source as timely as possible.Page 22
  • 23. So far CoveredI. Market ParticipantsII. Static DataPage 23
  • 24. Section ThreeTrade Execution & Trades Processing
  • 25. Straight Through ProcessingPage 25
  • 26. What is a Trade? A legal contract between two ‘counterparties’. A seller and a buyer. The SELLER must deliver the commodity he has sold to the buyer. The BUYER must pay the agreed purchase price on the agreed value date.Page 26
  • 27. The Front Office Trading Sales Broking Corporate Finance Repo DeskPage 27
  • 28. Why Trade? Speculate  Profit from price move or increase in value of the asset. Accumulate  Benefit from dividend on shares and interest on bonds. Hedging:  To speculate and accumulate.  To reduce risk.Page 28
  • 29. Trade ExecutionTrade execution tends to operate in one of three wayswhere sellers and buyers execute trades: Trading Floor  Traditional method of trading – face to face on the trading floor of a Stock Exchange. Computerised Exchanges  Established in the UK as part of the Big Bang in 1986. This term applied to the liberalization of the London Stock Exchange (LSE) when Trading was automated. TelephonePage 29
  • 30. Trade ExecutionFurthermore Trades can be: Quote Driven  Market Makers quote prices via computerised screens showing the level at which they are prepared to buy and sell with the intention of attracting business.  NASDAQ (US) SEAQ (UK) Order Driven  Orders from sellers are matched with buyers’ orders electronically.  Xetra (Germany) SETS (UK) SEATS (Australia) Electronic Communications Networks (ECN)  ECN’s operate on an electronic basis only.  Euro-MTS Brokertec ArchipelagoPage 30
  • 31. Trade CaptureRegardless of the trade execution/origin, all trades must berecorded formally by the market participant. To update a trading position for a specific security within a trading book To update average price of the current trading position to enable the trader to calculate trading profit or loss To allow trade detail to be sent through to the Back Office for trade processing and settlement As part of Market & Regulatory Reporting requirements To facilitate risk managementTraders use complex trading systems to facilitate trading & positionmanagement, trade processing is usually done via Back Officeprocessing systems.Page 31
  • 32. Front Office Trade Detail Trading Book Trade Date Deal Time Value Date Operation (e.g. Buy/Sell, Lend/Borrow, In/Out) Quantity Instrument/Security Price CounterpartyPage 32
  • 33. Trade Validation Trade validation occurs to check if the trade information received in the Back office systems corresponds with the Front Office record. Trade validation includes the checking of constituent static data information: Examples include:  Is the security recognised on the system?  Is the Counterparty account recognised?  Is the Trader allowed to trade on the trading book?  Is the trading book valid to trade security x?  Is the value date a valid settlement date in the location of settlement?  Are the securities restricted?All detected errors must be investigated and corrected.Page 33
  • 34. Trade Enrichment Trade enrichment exists to add specific trade data to the basic trade detail to allow downstream processing. This data is not usually held in Front Office Trading systems. This data can be added manually however in the STP environment the aim is to derive this automatically. Examples include:  Calculation of cash values.  Regulatory Reporting required.  Trade Confirmation requirements.  Selection of custodian details.  Selection of Settlement Instructions and communication method.Page 34
  • 35. So far CoveredI. Market ParticipantsII. Static DataIII. Trade Execution & Trades ProcessingPage 35
  • 36. Section FourTrade Confirmation
  • 37. Trade Confirmation/Agreement Trade Confirmation/Affirmation is an important process required to reduce the risk of the traders P&L. Until the counterparty acknowledges the trade detail the effect on the price or quantity of the trade is subject to change, impacting the traders book. Trade agreement can be achieved through:  Sending trade confirmations to the counterparty.  Receiving trade confirmations from the counterparty.  Trade or Contract Matching.  Trade Affirmation.Page 37
  • 38. Trade MatchingTrade Matching generally applies to mandatoryelectronic matching of trade details. Both parties are required to input details to a central matching facility. Matching results (i.e. matched, unmatched) are provided by the trade matching facility to both parties. Examples include:  Omgeo Central Trade Manager (CTM).  TRAX (Internationally traded debt & securities).  Depository Trust & Clearing Corporation (DTCC)  National Securities Clearing Corporation’s Trade Matching Service. (NSCC)Page 38
  • 39. Trade AffirmationTrade Affirmation relates to the electronic matching of trade detailstypically between securities institutions and Institutional clients. Trade details are input by the securities house and sent to a trade affirmation facility. The Trade affirmation central hub sends on the message. The institutional client agrees (affirms) or disagrees and the response is sent back to the securities house. Both parties must subscribe to the service. Examples include:  Omgeo’s Oasys Global system.  FIX – (Global)  Oasys Domestic - (US)  DTC ID (Institutional Delivery) – (US)Page 39
  • 40. SummaryBasic Principles The longer a trade’s detail remains unchecked after trade date, the greater the risk of price movement and P&L impact. Trade confirmation/matching messages should be issued as soon as possible after trade validation. Timely and accurate confirmation generation is a major client service consideration. Prompt actioning of all confirmation discrepancies reduces trade risk.Page 40
  • 41. So far CoveredI. Market ParticipantsII. Static DataIII. Trade Execution & ProcessingIV. Trade ConfirmationPage 41
  • 42. Section FiveTrade Instruction
  • 43. Settlement InstructionsSettlement Instructions are used to communicate themovement of securities and cash to the custodian. Trade Agreement confirms the commercial details of the trade. Settlement Instructions indicate the commercial details of the trade AND the location and account details for the cash and security movements. (Settlement Details).Page 43
  • 44. Instruction ContentSettlement Instructions tell the custodian/Agent to carryout precise commands such as: The quantity of securities to be received or delivered. The net settlement value to be paid or received. From whom securities will be received. To whom payment must be made. From whom payment will be received. To whom securities must be delivered. On which date to carry out these instructions.Page 44
  • 45. Instruction Communication MethodsS.W.I.F.T. Proprietary Messaging CREST  CREST DTC  DTC Euroclear  Euclid (for Euroclear) Clearstream  Cedcom (for Clearstream) Agent Banks CustodiansPage 45
  • 46. So far CoveredI. Market ParticipantsII. Static DataIII. Trade Execution & ProcessingIV. Trade ConfirmationV. Trade InstructionPage 46
  • 47. Section SixInstruction/Agent Matching
  • 48. Why do we match instructions?To reduce settlement risk by: Increasing the chances of trade settlement on value date Resolving differences between trades and counterparties Enabling accurate funding of cash in nostro accounts Managing stock inventory in depositoriesPage 48
  • 49. Matching at The Settlement AgentOnce Instructions have been received at the Custodian,the next lifecycle steps include: Instruction Matching  Custodian attempt to match the instruction to the counterparty instruction. Status Update  Attachment of the current status of the instruction. (matched/unmatched/unknown). Unmatched Resolution  Investigation and resolution of non-matching instructions. Trade Settlement  Updating the current status within the securities trading organisation’s books and records.Page 49
  • 50. Instructions Matching: Example 1 Instructions sent in by Securities House and Counterparty. 2 Instruction matching occurs. 3 Status is recorded. 4 Instruction Status (Matched/Unmatched) is sent back to both parties.Page 50
  • 51. So far CoveredI. Market ParticipantsII. Static DataIII. Trade Execution & ProcessingIV. Trade ConfirmationV. Trade InstructionVI. Instruction / Agent MatchingPage 51
  • 52. Section SevenTrade Settlement
  • 53. Settlement TerminologyTrade settlement is the act of exchanging securities andcash between buyer and seller. Value Date / Contractual Settlement Date. Actual Settlement Value Date and Settlement Date will be the same in the majority of trade settlement cases. A percentage of trades fail to settle on value date and will settle on another date referred to as the actual settlement date.Page 53
  • 54. Settlement ConsiderationsHow to ensure trade settlement Ensure the seller holds the required level of securities at the correct custodian.  Some securities can settle at more than one location. Ensure the purchaser has sufficient cash to make the payment.  The purchaser may aggregate balances over a number of accounts, the total amount must cover the amount required. (Funding).  The purchaser may have a credit agreement with the custodian who will cover the cash shortfall. (Secured credit line/Overdraft).  The purchaser may have a collateral agreement whereby collateral is held in the account to offset any non return of funds. (Margin)Page 54
  • 55. Types of Settlement Full Settlement Partial Settlement Securities Only Cash Only Cross Currency Settlement Net SettlementPage 55
  • 56. SummaryTimely settlement of trades is an important part of theTrade Lifecycle with implications across the followingareas: Inventory Management Cash Management Settlement Risk Cost Management Firm ReputationPage 56
  • 57. So far CoveredI. Market ParticipantsII. Static DataIII. Trade Execution & ProcessingIV. Trade ConfirmationV. Trade InstructionVI. Instruction / Agent MatchingVII. Trade SettlementPage 57
  • 58. Section EightPosition/Inventory Management
  • 59. Inventory ManagementManagement of the stock holding is an integral part oftrade settlement: Inventory Management ensures:  The correct amount of securities (nominal) are available  At the correct location (depot).  At the correct time (on value date).Page 59
  • 60. Methods of Inventory ManagementIf securities are unavailable we can consider the following: Internal Book Transfer.  Borrow securities from another firm account same depot. Realignment.  Borrow securities from another firm account different depot. Stock Borrow Loan Trade.  Borrow the securities from the market. Autoborrow.  Borrow the securities from the custodian/central depository. Execute a Repurchase Agreement (Repo) Do nothing and let the trade fail.Page 60
  • 61. Inventory & Funding ManagementPage 61
  • 62. Automated Lending & BorrowingService provided by large Custodians and CentralSecurity Depositories: Borrowers  Borrow required securities automatically.  Borrow certain types of security automatically i.e. Spanish Bonds.  Borrow upon request.  Sometimes used as a last resort due to the cost. Lenders  Lend all securities automatically.  Lend certain types of security automatically.  Lend upon request.Page 62
  • 63. How do Trades & Positions get updated? Automated Updates  Instruction statuses are sent in by the custodian (fully settled, partially settled, failed etc).  The Securities Trading House automatically loads this information into the settlements systems.  The system attempts to locate the relevant trade in its internal books and records.  Once found it records the status update against the transaction.  It will also automatically update the relevant security positions and balances reflecting the delivery or receipts. Manual Updates  In some cases it may be necessary to settle trade manually and a settlements specialist may manually record the update against the trade record.Page 63
  • 64. So far CoveredI. Market ParticipantsII. Static DataIII. Trade Execution & ProcessingIV. Trade ConfirmationV. Trade InstructionVI. Instruction / Agent MatchingVII. Trade SettlementVIII. Position / Inventory ManagementPage 64
  • 65. Section NineFails & Fail Management
  • 66. Failing Trades and their Impact A failed trade is any securities transaction that does not settle on value date. The buyer and seller are impacted by settlement failure:  Unable to use the cash to fund other security purchases.  Unable to lend on money markets and earn credit interest on cash.  Unable to pay off existing overdraft/debt.  Unable to use securities required for an onward delivery causing a break in the chain.  Risk impact due to movement in the market causing a change in the value of securities. (mark to market)Page 66
  • 67. Why Trades Fail Instructions not received by custodian Instructions remain unmatched on value date Insufficient cash, collateral, credit line Insufficient securitiesPage 67
  • 68. The Importance of Managing Fails Fails will have cash implications  Interest claims on fails to receive.  Interest expense on fails to deliver. Fails make the reconciliation of corporate actions difficult which can lead to material losses Regulatory Impact - In some markets fines are imposed for late trade settlement  Australia – Fines are imposed daily from value date to settlement date for trades executed on the Australian Stock Exchange.  UK - Fines are imposed by CREST from a member’s failure to achieve pre-defined settlement targets.Page 68
  • 69. Interest Claims An interest claim is compensation from the failing party to for the loss of cash interest or use of securities.  Failed trades are monitored to determine the reason for failure and enable the interest claim to be executed against the counterparty.  Some marketplaces (e.g. ISMA) have minimum claimable interest recommendations and deadlines by which claims must be issued.  Back Office Settlements add immense value by actively monitoring instruction statuses and helping to accurately fund cash shortfalls or short positions.  In some Securities Trading Houses, if the Firm Trader is at fault then the cost of the fail can be directly attributed to their book, impacting their P&L.Page 69
  • 70. So far CoveredI. Market ParticipantsII. Static DataIII. Trade Execution & ProcessingIV. Trade ConfirmationV. Trade InstructionVI. Instruction / Agent MatchingVII. Trade SettlementVIII. Position / Inventory ManagementIX. Fails & Fail ManagementPage 70
  • 71. Section TenReconciliations
  • 72. What are Reconciliations Reconciliations exist to check the accuracy of the firms books and records:  Internally between systems and departments  Externally where securities and cash are held. A Reconciliation Break is a discrepancy between one record and another All breaks should be investigated, accounted for and corrected to ensure continued integrity Automation of reconciliation reporting facilitates timely investigation and resolution of breaks on a daily basisPage 72
  • 73. Why do we monitor reconciliations? Regulatory Managing Risk Corporate ActionsTypes of Reconciliations Position Reconciliations Trade Reconciliations System ReconciliationsPage 73
  • 74. So far CoveredI. Market ParticipantsII. Static DataIII. Trade Execution & ProcessingIV. Trade ConfirmationV. Trade InstructionVI. Instruction / Agent MatchingVII. Trade SettlementVIII. Position / Inventory ManagementIX. Fails & Fail ManagementX. ReconciliationsPage 74
  • 75. Section ElevenClearing and Custody
  • 76. Types of Custodian 1Term Description ExampleCustodian An organisation that holds securities Deutsche Bank and cash on its clients’ behalf and Domestic Custody may effect trade settlement on its Services clients’ behalf.Global Custodian As per custodian, but has a network State Street of local (or sub-custodians) that hold Citigroup securities and cash and effect trade settlement on behalf of the global BoNY custodian. ParibasLocal Custodian A custodian that operates within a Credit Lyonnais Paris specific financial centre. Banco Espirito Santo LisboaSub-Custodian A custodian within a Global Citibank Milan Custodian’s network of custodians. Citibank MadridPage 76
  • 77. Types of Custodian 2Term Description ExamplesCentral Securities An organisation that hold securities, DTC (USA)Depository (CSD). normally in book entry form; usually CREST (UK & Eire) the place of settlement, effected through book transfer. JASDEC (JPY) A CSD that handles domestic CCASS (HK) securities of the country in which it is located.National CentralSecuritiesDepository (NCSD)International A CSD that handles domestic and EuroclearCentral Securities international securities. (Brussels)Depository (ICSD) Only two organisations are Clearstream recognised as ICDS’s. (Luxembourg)Settlement Agent An organisation that effects the Citibank MilanPage 77 exchange of securities and cash on Citibank Madrid
  • 78. So far CoveredI. Market ParticipantsII. Static DataIII. Trade Execution & ProcessingIV. Trade ConfirmationV. Trade InstructionVI. Instruction / Agent MatchingVII. Trade SettlementVIII. Position / Inventory ManagementIX. Fails & Fail ManagementX. ReconciliationsXI. Clearing & CustodyPage 78
  • 79. What is a Corporate Action?Any action by an Issuer which may affect the investor: The distribution of benefits to existing shareholders or bondholders  Coupon Payments  Cash Dividends  Stock Dividends A change in the structure of an existing security  Stock Split  Bonus Shares A notification that may or may not require a response from the securities owner  Annual Meeting  Voting RightsPage 79
  • 80. Section TwelveTrade & Position Accounting
  • 81. ControllingThe accounting group within the bank is responsible forcorrectly recording and monitoring all of the financialtransactions occurring within the Securities TradingHouse:Deutsche Bank Controllers include: Legal Entity Controller (LEC)  Responsible for DB Companies. Business Area Controller (BAC)  Responsible for product lines and the Business. Central Functions – Risk Controlling  Responsible for Managing Risk across the all divisions centrally.Page 81
  • 82. Controlling Responsibilities Monitor Stock/Security Positions Monitor Cash Balances Track Firm Books and Records Create Good Processes Create Controls Reconcile Trade Data Reconcile Cash Flow Reconcile all Journal activityPage 82
  • 83. Example Control Reports Reconciliations Profit and Loss Statement (P&L) Balance Sheet Reporting (BS) Buy and Hold Reporting (B&H) Management Information Reporting (MIS) Credit Risk Reporting (CRES)Page 83
  • 84. So far CoveredI. Market ParticipantsII. Static DataIII. Trade Execution & Processing XI. Clearing & CustodyIV. Trade Confirmation XII. Trade & Position AccountingV. Trade InstructionVI. Instruction / Agent MatchingVII. Trade SettlementVIII. Position / Inventory ManagementIX. Fails & Fail ManagementX. ReconciliationsPage 84
  • 85. Section ThirteenRegulatory & ComplianceResponsibilities
  • 86. RegulatorsRegulatory authorities exist within the securitiesindustry to ensure: All business undertaken within the marketplace is done in the proper manner To protect investors who are participants within the marketplace Guard the reputation and integrity of the marketplace Monitor activity which fails outside of normal business trading practicePage 86
  • 87. Regulator Responsibilities Assessing suitability of securities trading houses to participate within the market place. Monitor the business undertaken by securities trading houses, investment advisors & fund managers. Enforcement of laws and possible prosecution of security law violators.Page 87
  • 88. Financial Regulatory Authorities Country Regulatory AuthorityAustralia Australian Securities & Investments Commission Prudential Regulatory AuthorityBahamas Bahamas Central BankFrance Commission des Operations de Bourse Banque de FranceHong Kong Securities & Futures Commission Monetary AuthorityJapan Financial Supervisory Agency Financial Reconstruction CommissionSingapore Monetary Authority of SingaporeUK Financial Services Authority (FSA)USA Securities & Exchange Commission (SEC) US Commodity Futures Trading Commission National Futures AssociationPage 88
  • 89. Reporting MethodsA number of methods exist dependent on how the localRegulator requires reporting to be effected Automatic forwarding of trade details by a computerised exchange requiring no additional reporting Automated message transmission by the member for confirmation/matching/instruction purposes part of which is used to satisfy transaction reporting requirements File feeds produced from Front Office/Back Office/Controlling systems and sent direct to RegulatorPage 89
  • 90. ComplianceCompliance is the Bank’s internal regulator.Responsibilities include: Ensuring compliance to rules of appropriate financial regulatory body Handling confidential information Ensure that personnel are adequately and properly licensed to operate in the marketplace Managing anti-money laundering regulations Monitoring Employee Personal TradingPage 90
  • 91. So far CoveredI. Market ParticipantsII. Static DataIII. Trade Execution & Processing XI. Clearing & CustodyIV. Trade Confirmation XII. Trade & Position AccountingV. Trade Instruction XIII. Regulatory &VI. Instruction / Agent Matching ComplianceVII. Trade SettlementVIII. Position / Inventory ManagementIX. Fails & Fail ManagementX. ReconciliationsPage 91
  • 92. Section FourteenConclusions
  • 93. Conclusions Reduce Settlement Cycles Increase Straight Through Processing for trades Increase use of central Counterparties Increase use of “Golden Source” static data Active management of collateral  Minimise Risk  Minimise Operational Cost  Offer increased service to clients  Manage increasing volumes  Maximise internal efficiencyPage 93
  • 94. Section FifteenReferences
  • 95. Recommended Reading Michael Simmons  Securities Operations – A Guide to Trade & Position Management Stephen Valdez  An Introduction to Western Financial Markets David Dasey  An Introduction to Equity Markets Moorad Choudhry  An Introduction to Repo Markets Robert Hudsen  Treasury Management Financial Engineering  The Handbook of Equity Derivatives Oxford paperbacks  Dictionary of Finance & BankingPage 95
  • 96. Industry Websites http://www.crestco.co.uk/ CREST http://www.dtcc.com/ Depository Trust & Clearing Corporation http://www.euroclear.com/ Euroclear http://www.jasdaq.co.jp/index_en.jsp Japanese Securities Depository Centre http://www.isma.org/home.html International Securities Market Associations http://www.bankofengland.co.uk/Links/setframe.html Bank of England http://www.fsa.gov.uk/ Financial Services Authority http://www.sec.gov/ Securities Exchange Commission http://www.nasdaq.com/ National Association of Securities Dealers Automated Quotations. http://www.amex.com/ American Stock Exchange http://www.londonstockexchange.com/London Stock Exchange http://www.lchclearnet.com/ London Clearing House http://www.liffe.com/ International Financial Futures & Options ExchangePage 96
  • 97. Industry Websites http://www.iosco.org/iosco.html International Organ Securities Commission http://www.ipma.org.uk/ International Primary Market Association http://www.isda.org/index.html International Swaps & Derivatives Association http://www.isla.co.uk/ International Securities Lending Association http://www.isma.com/home.html International Securities Market Association http://www.liba.org.uk/ London Investment Bank Association http://www.lsta.org/ Loan Syndic Trading Association http://www.sia.com/ Securities Industry Association http://www.securities-institute.org.uk Securities Institute http://dspace.dial.pipex.com/jhalsey/ Compliance Exchange http://www.world-exchanges.org/ Federation of Exchanges http://www.trioptima.com/tri/ OTC Derivatives termination service http://www.finanz-adressen.de/WE-fin-regulatory.html Financial Regulatory AuthoritiesPage 97
  • 98. Industry Websites http://www.exchange-handbook.co.uk/Exchange Handbook http://www.investorwords.com/ Glossary http://www.stpforum.com/ STP Forum http://www.stpinfo.com/ STP Info http://www.afponline.org/ Association for Financial Professionals http://www.calpers.ca.gov/index.jsp?bc=/investments/straightthrough.xml Virtual Matching Utilities (VMUs); http://www.omgeo.com/ OMGEO http://www.sungard.com/ Sungard SystemsPage 98