Jeffrey Tessler, a member of Deutsche Börse's executive board, welcomes guests to a symposium on the role of capital markets and banks in fueling economic recovery. He notes that Deutsche Börse processes all steps of the trading, clearing, settlement and custody cycle, making it affected by financial regulations. Tessler believes regulated markets can balance market freedom and stability, as long as regulation avoids hidden agendas that undermine fair competition. Overall, Tessler supports regulation aimed at rediscovering core values like responsibility, integrity and transparency, while acknowledging challenges around regulatory costs and uncertainty.
Financial crisis, bank behaviour and credit crunchFINALIANCE
This document provides an introduction and overview of the book "Financial Crisis, Bank Behaviour and Credit Crunch" edited by Stefania P.S. Rossi and Roberto Malavasi. It discusses the origins and evolution of the global financial crisis, examines bank behavior and regulatory reforms in response to the crisis, analyzes the effects of bank regulation on lending and performance, and investigates regional credit issues. The introduction sets the stage by describing the financial crisis, interventions to support markets, and the resulting European sovereign debt crisis. It outlines the four parts of the book which cover the genesis and evolution of the crisis, bank opportunistic behavior and reforms, bank regulation and credit access, and regional credit crunch issues.
Transatlantic Free Trade: An Agenda for Jobs, Growth and Global Trade Leadershipthinkingeurope2011
The document summarizes the history of transatlantic economic cooperation since World War 2. It discusses the establishment of Bretton Woods institutions like the IMF and World Bank to promote global economic stability. It also discusses the Marshall Plan, which provided major funding to help rebuild Europe. While a transatlantic free trade agreement was never pursued in the post-war era, cooperation took place through multilateral forums like GATT and through Europe's establishment of a common market. Strategic priorities of expanding free markets and cementing the global trade system influenced the multi-track approach to cooperation between Europe and the US over subsequent decades.
Transatlantic Free Trade: An Agenda for Jobs, Growth and Global Trade Leadershipthinkingeurope2011
This document provides a summary of a paper on transatlantic free trade. It argues that past arguments against a transatlantic trade deal are no longer valid for two reasons. First, eliminating tariffs and reducing non-tariff barriers could generate significant economic gains for both the EU and US. Second, a transatlantic trade deal could motivate other countries to support stronger trade liberalization within the WTO. The paper examines the history of transatlantic economic cooperation and arguments that have been used against a free trade agreement in the past.
This document discusses the ethical relevance of the banking industry. It argues that before the financial crisis, banks assumed their business was ethically irrelevant and only concerned with maximizing shareholder value. However, the financial system is prone to irrational behaviors like herding and contagion that undermine this view. The crisis showed that creating complex financial products like CDOs without understanding the real risks was unwise. While the financial economy has commercial freedom, its role in creating money gives it greater ethical responsibility than other industries. Banks must view their work soberly and avoid letting imaginary values cloud realistic assessments.
This document discusses the need for ethics in finance and contrasts purely economic theories with ethical economy theories. It makes the following key points:
1) Purely economic theories assume self-interest alone leads to optimal outcomes without ethics, but ethical economy theories argue ethics are also needed for optimal markets.
2) Purely economic theories assume information asymmetries and divergences between self/corporate interests can be overcome by incentives, but ethical economy sees these as serious problems.
3) As market size increases, purely economic theories assume problems diminish due to competition, but ethical economy argues problems may actually grow without transparency and regional roots.
4) Commercialization and shareholder value have replaced banking traditions and norms,
Johnson, B Speech To Suny Brockport Local Government Symposium, 5 19 09Anne Canale Stalnecker
This document summarizes a speech given by William A. Johnson Jr. advocating for government reform in New York State. Johnson argues that the time is ripe for reform due to changing political attitudes, as exemplified by discussions he had with the former Republican party chairman who was initially opposed to reform ideas. Johnson also argues that the current system of many overlapping local governments is inefficient and an outdated idea that is harming the state's economic prospects. He calls for retired political opponents to work together towards noble goals of effective, efficient government that serves the interests of all citizens.
This document provides background on globalization and trade liberalization. It discusses how globalization has led to changes like the spread of technology and standardized economic rules. It also examines criticisms of globalization from the anti-globalization movement and concerns that its benefits are not evenly distributed. The document then focuses on trade liberalization as a key driver of globalization, outlining the traditional arguments for its economic and political benefits, the evolution of the multilateral trading system, and its founding principles of transparency, non-discrimination, and peaceful dispute resolution.
2001 12 india indira gandhi institute_ keynote address_13_dec2001William White
This document provides an overview of the evolving global financial system and its implications for emerging markets. It discusses several key themes:
1) Forces driving change in the global financial system include advances in technology, deregulation, demographic shifts, and increased competition. These forces have manifested in securitization, globalization, and consolidation in the financial industry.
2) International capital flows into and out of emerging markets can create volatility. Recommendations to address this include improving transparency, strengthening domestic frameworks, and using macroprudential tools like capital controls.
3) International standards and their applicability to emerging markets are an important consideration, as countries evaluate how to balance financial openness and stability.
Financial crisis, bank behaviour and credit crunchFINALIANCE
This document provides an introduction and overview of the book "Financial Crisis, Bank Behaviour and Credit Crunch" edited by Stefania P.S. Rossi and Roberto Malavasi. It discusses the origins and evolution of the global financial crisis, examines bank behavior and regulatory reforms in response to the crisis, analyzes the effects of bank regulation on lending and performance, and investigates regional credit issues. The introduction sets the stage by describing the financial crisis, interventions to support markets, and the resulting European sovereign debt crisis. It outlines the four parts of the book which cover the genesis and evolution of the crisis, bank opportunistic behavior and reforms, bank regulation and credit access, and regional credit crunch issues.
Transatlantic Free Trade: An Agenda for Jobs, Growth and Global Trade Leadershipthinkingeurope2011
The document summarizes the history of transatlantic economic cooperation since World War 2. It discusses the establishment of Bretton Woods institutions like the IMF and World Bank to promote global economic stability. It also discusses the Marshall Plan, which provided major funding to help rebuild Europe. While a transatlantic free trade agreement was never pursued in the post-war era, cooperation took place through multilateral forums like GATT and through Europe's establishment of a common market. Strategic priorities of expanding free markets and cementing the global trade system influenced the multi-track approach to cooperation between Europe and the US over subsequent decades.
Transatlantic Free Trade: An Agenda for Jobs, Growth and Global Trade Leadershipthinkingeurope2011
This document provides a summary of a paper on transatlantic free trade. It argues that past arguments against a transatlantic trade deal are no longer valid for two reasons. First, eliminating tariffs and reducing non-tariff barriers could generate significant economic gains for both the EU and US. Second, a transatlantic trade deal could motivate other countries to support stronger trade liberalization within the WTO. The paper examines the history of transatlantic economic cooperation and arguments that have been used against a free trade agreement in the past.
This document discusses the ethical relevance of the banking industry. It argues that before the financial crisis, banks assumed their business was ethically irrelevant and only concerned with maximizing shareholder value. However, the financial system is prone to irrational behaviors like herding and contagion that undermine this view. The crisis showed that creating complex financial products like CDOs without understanding the real risks was unwise. While the financial economy has commercial freedom, its role in creating money gives it greater ethical responsibility than other industries. Banks must view their work soberly and avoid letting imaginary values cloud realistic assessments.
This document discusses the need for ethics in finance and contrasts purely economic theories with ethical economy theories. It makes the following key points:
1) Purely economic theories assume self-interest alone leads to optimal outcomes without ethics, but ethical economy theories argue ethics are also needed for optimal markets.
2) Purely economic theories assume information asymmetries and divergences between self/corporate interests can be overcome by incentives, but ethical economy sees these as serious problems.
3) As market size increases, purely economic theories assume problems diminish due to competition, but ethical economy argues problems may actually grow without transparency and regional roots.
4) Commercialization and shareholder value have replaced banking traditions and norms,
Johnson, B Speech To Suny Brockport Local Government Symposium, 5 19 09Anne Canale Stalnecker
This document summarizes a speech given by William A. Johnson Jr. advocating for government reform in New York State. Johnson argues that the time is ripe for reform due to changing political attitudes, as exemplified by discussions he had with the former Republican party chairman who was initially opposed to reform ideas. Johnson also argues that the current system of many overlapping local governments is inefficient and an outdated idea that is harming the state's economic prospects. He calls for retired political opponents to work together towards noble goals of effective, efficient government that serves the interests of all citizens.
This document provides background on globalization and trade liberalization. It discusses how globalization has led to changes like the spread of technology and standardized economic rules. It also examines criticisms of globalization from the anti-globalization movement and concerns that its benefits are not evenly distributed. The document then focuses on trade liberalization as a key driver of globalization, outlining the traditional arguments for its economic and political benefits, the evolution of the multilateral trading system, and its founding principles of transparency, non-discrimination, and peaceful dispute resolution.
2001 12 india indira gandhi institute_ keynote address_13_dec2001William White
This document provides an overview of the evolving global financial system and its implications for emerging markets. It discusses several key themes:
1) Forces driving change in the global financial system include advances in technology, deregulation, demographic shifts, and increased competition. These forces have manifested in securitization, globalization, and consolidation in the financial industry.
2) International capital flows into and out of emerging markets can create volatility. Recommendations to address this include improving transparency, strengthening domestic frameworks, and using macroprudential tools like capital controls.
3) International standards and their applicability to emerging markets are an important consideration, as countries evaluate how to balance financial openness and stability.
ICMA has prepared a paper for policy makers about why corporate bond markets are so important for economic growth, for investors, for companies, and for governments, around the world; and why it is therefore essential that laws and regulations that affect them avoid any unintended adverse consequences that could inhibit those markets.
Rodrik_Feasible_Globalizations
FEASIBLE GLOBALIZATIONS
Dani Rodrik1
Harvard University
July 2002
Introduction
We want economic integration to help boost living standards. We want democratic
politics so that public policy decisions are made by those that are directly affected by them (or
their representatives). And we want self-determination, which comes with the nation-state. This
paper argues that we cannot have all three things simultaneously. The political trilemma of the
global economy is that the nation-state system, democratic politics, and full economic
integration are mutually incompatible. We can have at most two out of the three. It follows that
the direction in which we seem to be headed—global markets without global governance—is
unsustainable.
The alternative is a renewed “Bretton-Woods compromise:” preserving some limits on
integration, as built into the original Bretton Woods arrangements, along with some more global
rules to handle the integration that can be achieved. Those who would make a different choice—
toward tighter economic integration—must face up to the corollary: either tighter world
government or less democracy.
During the first four decades following the close of the Second World War, international
policy makers had kept their ambitions in check. They pursued a limited form of
internationalization of their economies, leaving lots of room for national economic management.
Successive rounds of multilateral trade negotiations made great strides, but focused only on the
most egregious of the barriers at the border and excluded large chunks of the economy
1 I am grateful to Michael Weinstein for very helpful suggestions.
2
(agriculture, services, “sensitive” manufactures such as garments). In capital markets,
restrictions on currency transactions and financial flows remained the norm rather than the
exception. This Bretton Woods/GATT regime was successful because its architects subjugated
international economic integration to the needs and demands of national economic management
and of democratic politics.
This strategy changed drastically during the last two decades. Global policy is now
driven by an aggressive agenda of “deep” integration—elimination of all barriers to trade and
capital flows wherever those barriers may be found. The results have been problematic--in terms
of both economic performance (relative to the earlier post-war decades) and political legitimacy.
The simple reason is that “deep” economic integration is unattainable in a context where nation
states and democratic politics still exert considerable force.
The title of this essay conveys therefore two ideas. First, there are inherent limitations to
how far we can push global economic integration. It is neither feasible nor desirable to
maximize what Keynes called “economic entanglements betw ...
This document provides an overview of international financial markets and concepts. It discusses multinational corporations conducting international financial management and reasons why firms engage in international business. It also summarizes the foreign exchange market, balance of payments, factors affecting international trade and capital flows, and various international financial markets including the Eurocurrency market, Eurocredit market, and Eurobond market. The document is presented as part of a course on international financial management.
Mohamed El-Erian discusses the need for investors to recognize increased uncertainty in the global political and economic landscape. He advises building portfolio resilience through scenario analysis of multiple possible outcomes, increased liquidity, and recognizing the limitations of traditional risk mitigation strategies given new political risks. El-Erian also emphasizes the importance of pension funds assessing what risks they can and cannot afford given current underfunding levels.
20120912 IFIA Speech Making Sense of the MazeMartin Moloney
1) The regulatory process is complex with many overlapping discussions happening simultaneously across different international bodies, making it confusing for industry to navigate.
2) However, common goals set by the G20 have provided coherence and led to surprisingly consistent outcomes in many areas, such as derivatives trading regulations, despite the lack of centralized coordination.
3) Where approaches differ across jurisdictions, the concept of "equivalence" may be important in determining how different regulatory systems can interact.
I need a 125 word reply to each of the four following forum postings.docxtroutmanboris
I need a 125 word reply to each of the four following forum postings in a finance class (500 words total) You are responding to comments made by other students in the class. MUST BE ORIGINAL!
Forum #1
When an organization decides to engage in international financing activities, they also take on additional risk as well as opportunities. The main risks that are associated with businesses engaging in international finance include foreign exchange risk and political risk. These risks may sometimes make it difficult to maintain constant and reliable revenue. When an organization decides to engage in international financing activities, they also take on additional risk as well as opportunities. The main risks that are associated with businesses engaging in international finance include foreign exchange risk and political risk. These risks may sometimes make it difficult to maintain constant and reliable revenue. Foreign exchange risk occurs when the value of investment fluctuates due to changes in a currency's exchange rate. When a domestic currency appreciates against a foreign currency, profit or returns earned in the foreign country will decrease after being exchanged back to the domestic currency. Political risk transpires when a country's government unexpectedly changes its policies, which now negatively affect the foreign company. These policy changes can include such things as trade barriers, which serve to limit or prevent international trade. “Since 2010, one in ten of the countries surveyed have experienced a significant increase in the level of short-term political risk. These risks include governments asserting control over natural resources, regimes being ousted by popular uprisings and the expropriation of foreign investors' assets” (Brown, Sophle. 2013).
References
Brown, Sophle. Political instability on the rise. Dec 11, 2013. Retrieved from web:
http://www.cnn.com/2013/12/11/business/maplecroft-political-risk/
Forum #2
Multinational companies seem to be the standard for future business. They are typically more productive and pay their workers more than comparable locally owned businesses (Eun & Renick, 2015). With the many advantages that are available to multinationals it is no surprise that companies are shifting in this direction. However, all of the advantages do not come risk free as you may have expected. Two of the significant risks associated with multinationals and international financial management are foreign exchange risk and political risks.
Foreign exchange risk is what would likely be the first thing you would consider when thinking about international finance. Exchange rates fluctuate on a regular basis and can be somewhat unpredictable at times. This has been the case since the early 1970s when fixed exchange rates were abandoned (Eun & Renick, 2015). Exchange risk is the difference between the exchange rate at the moment a business deal is closed for a given amount and the exchange rate at the moment when .
This document provides an overview of international business. It defines international business as any business activity that crosses national borders. The scope of international business is broad, as it involves operating in foreign environments with uncertain rules and ambiguous regulations. Conducting international business requires understanding factors unique to foreign markets. A firm's guiding principles should have a global perspective to help managers identify opportunities outside their domestic economy. The document outlines various strategic choices firms face when internationalizing, such as decisions around marketing, sourcing, management, and public affairs.
This document summarizes a panel discussion on the role of reporting in transitioning to a sustainable economy. The panel consisted of experts from accounting, business, and ethics organizations.
The discussion focused on the progress made by the integrated reporting movement in engaging companies, investors, and other stakeholders. However, more needs to be done to engage political leaders and demonstrate how sustainability reporting relates to financial stability and long-term economic growth. Adopting global reporting standards will require political will from international groups like the G20.
The panel suggested developing a narrative around how short-termism, valuation issues, and lack of long-term risk information contribute to market volatility. This could help integrated reporting gain priority at influential bodies like
Euromoney 5th Annual Private Wealth Management Forum Asia 2009: Chairman\'s K...Tuck Seng Low
This document summarizes the opening speech given at the 5th Annual Private Wealth Management Forum Asia. The chairman notes that wealth management has undergone significant changes since the 2008 financial crisis, including increased regulation and tighter credit. He argues that the industry needs to rebuild trust by returning to basics, conducting thorough due diligence, and gaining a better understanding of risks. Rebuilding trust will require reforms across financial institutions, accounting firms, credit rating agencies, and other participants to address flaws exposed by the crisis and restore confidence in the global financial system.
The document discusses market liquidity in fixed income markets post-financial crisis. Several factors have contributed to reduced liquidity, including decreased broker-dealer trading inventories due to regulations. This has increased execution risk for investors. The document recommends asset managers adapt by evolving trading strategies, portfolio construction, and risk management. It proposes a three-pronged approach: modernizing market structure; enhancing fund tools and regulation; and supporting new products to address liquidity challenges.
The document is a transcript of a speech given by Joachim Faber, Chairman of the Supervisory Board of Deutsche Börse AG, at the company's New Year's Reception in 2014. In the summary, Faber praises Germany's strong economy and attributes it to stable economic policies over decades. He argues that Germany needs a strong capital market and financial sector to support its successful industries. Faber also advocates for reforms to develop capital markets and encourage long-term investment to benefit both the economy and citizens. In conclusion, he expresses confidence in Germany's economic future and introduces the guest speaker, Finance Minister Wolfgang Schäuble.
Week-1 Into to Money and Bankingand Basic Overview of U.S. Fin.docxalanfhall8953
Week-1 Into to Money and Banking
and Basic Overview of U.S. Financial System
Money and Banking Econ 311
Instructor: Thomas L. Thomas
Financial markets transfer funds from people who have excess available funds to people who have a shortage.
They promote grater economic efficiency by channeling funds from people who do not have a productive use for them to those who do.
Well functioning financial markets are a key factor in producing economic growth, where as, poor functioning financial markets are a major reason many countries in the world remain poor.
Financial Markets
A security or financial instrument is a claim on the issuer’s future income or assets.
A bond is a debt security (IOU) that promises to make payments periodically for a specified period of time.
The bond market is especially important economic activity because it enables businesses and the government to borrow and finance their activities and because it is where interest rates are determined.
An interest rate is the cost of borrowing money or the price to rent (use someone else’s) funds.
Because different interest rates tend to move in unison, economist frequently lump interest rates together and refer to the “interest rate”.
Interest rates are important on a number of levels:
High interest rates retard borrowing
High interest rates induce saving.
Lower interest rates induce borrowing
Lower Interest rates retard saving
Information Asymmetry and Information costs
Why Financial Intermediaries
In the neo-classical world economists have argued financial intermediaries are not necessary. Savers (investors) could manage their risks through diversification.
The logic rests on the perfect market assumption – that is investors can always through their own borrowing and lending compose their portfolios as they see fit, without costs. In such a world there are no bankruptcy costs.
In such a world if taken to the extreme, perfect and complete markets imply that there is no need for financial institutions to intermediate in the financial (capital markets) as every investor (saver) has complete information and can contract with the market at the same terms as banks. E.g. Information Asymmetry
Why Financial Intermediaries Bonds
A common stock (usually called stock) represents a share of ownership in a corporation.
It is usually a security that is a claim on the earnings and assets of the corporation.
Issuing stock and selling it to the public (called a public offering) is a way for corporations to raise the funds to finance their activities.
The stock market is the most widely followed financial market in almost every country that has one – that is why it is generally called the market – here “Wall Street.”
The stock market is also an important factor in business investment decisions, because the price of shares affects the amount of funds that can be raised by selling newly issued stock to finance investment spending. (Note impact examples..
Latin America73www.euromoney.com November 2015Latin .docxsmile790243
The document discusses trade agreements in Latin America and their impact on the region's economies. It outlines that the Pacific Alliance trading bloc of Chile, Colombia, Mexico and Peru is committed to free trade and economic integration, while Mercosur has struggled to reduce trade barriers between its members. The recently announced Trans Pacific Partnership (TPP) trade deal could boost growth in the region by increasing trade, though some argue its effects may be limited. The Pacific Alliance countries are seen as better positioned to benefit due to pursuing policies that attract foreign investment.
The economist guide to the financial marketswijitha gayan
This document provides an overview of financial markets and their functions. Financial markets have existed since early societies traded agricultural goods, fulfilling the same basic purposes as modern markets. All financial markets, whether organized exchanges or informal markets, serve to set prices, value assets, allow arbitrage, raise capital for businesses and individuals, facilitate commercial transactions, enable investment, and help manage risks. In 2004, total annual capital raised in financial markets worldwide excluding domestic loans was $7 trillion, while the total value of financial instruments traded was $109 trillion. Cross-border financial transactions have also grown dramatically in recent decades.
Zimmerman an overview of conflicts between neoliberal economics and functiona...Brendan McSweeney
The document discusses conflicts between neoliberal ideology and functional markets. It argues that neoliberalism's premise that markets are perfect and self-correcting is flawed, as markets require framing, monitoring, and regulation to function properly. Markets face problems with uncertainty, and neoliberalism provides no means to address market failures or revise failing markets. The financial crisis demonstrates that neoliberal ideology failed to prevent systemic problems and contradicts how real-world markets operate.
Ebes 2010 conference, eurasia business and economics society, i̇brahim turhan...M. İbrahim Turhan
The document summarizes lessons learned from the global economic crisis. It discusses how the pre-crisis worldview based on rational expectations, deregulation, market-based accounting, and risk management was flawed. While these pillars were meant to create stability, they instead amplified systemic risks and led to boom-bust cycles. The crisis revealed conflicts in economic theory and the need for a new philosophical framework that incorporates moral values, global governance, and acknowledges human behavioral factors like herding, discounting of risks, and bounded rationality. A new order is needed but challenging to achieve given limitations of human nature.
Unit 1: Environmental Context of International Business, Framework for analyzing international
business environment – Domestic, foreign and global environments and their impact on
international business decisions.
Global Trading Environment: World trade in goods and services – Major trends and developments;
World trade and protectionism – Tariff and non-tariff barriers; Counter trade.
Unit 2: International Financial Environment: Foreign investments -Pattern, Structure and effects;
Movements in foreign exchange and interest rates and then impact on trade and investment flows.
Unit 3: International Economic Institutions and Agreements: WTO, IMF, World Bank UNCTAD,
Agreement on Textiles and Clothing (ATC), GSP, GSTP and other International agreements;
International commodity trading and agreements.
Unit 4: Multinational Corporations and their involvement in International Business: Issues in
foreign investments, technology transfer, pricing and regulations; International collaborative
arrangements and strategic alliances.
Unit 5: Regional Economic Groupings in Practice: Regionalism vs. multilaterallism, Structure and
functioning of EC and NAFTA; Regional economic cooperation. Emerging Developments and
Other Issues: Growing concern for ecology; Counter trade; IT and international business.
Fiduciary or paper money is issued by the Central Bank on the basis of
computation of estimated demand for cash. Monetary policy guides the Central
Bank’s supply of money in order to achieve the objectives of price stability (or low
inflation rate), full employment, and growth in aggregate income.
There was a man who made a living selling balloons at a fair. He had all colors of
balloons, including red, yellow, blue, and green. Whenever business was slow, he would
release a helium-filled balloon into the air and when the children saw it go up, they all
wanted to buy one. They would come up to him, buy a balloon, and his sales would go up
again. He continued this process all day. One day, he felt someone tugging at his jacket.
He turned around and saw a little boy who asked, "If you release a black balloon, would
that also fly?" Moved by the boy's concern, the man replied with empathy, "Son, it is not
the color of the balloon, it is what is inside that makes it go up."
The same thing applies to our lives. It is what is inside that counts. The thing inside of us
that makes us go up is our attitude.
Have you ever wondered why some individuals, organizations, or countries are more
successful than others?
It is not a secret. These people simply think and act more effectively. They have learned
how to do so by investing in the most valuable asset--people. I believe that the success
of an individual, organization or country, depends on the quality of their people.
I have spoken to executives in major corporations all over the world and asked one
question: "If you had a magic wand and there was one thing you would want changed,
that would give you a cutting edge in the marketplace resulting in increased productivity
and profits, what would that be?" The answer was unanimous. They all said that if people
had better attitudes, they'd be better team players, and it'd cut down waste, improve
loyalty and, in general, make their company a great place to work.
William James of Harvard University said, "The greatest discovery of my generation is
that human beings can alter their lives by altering their attitudes of mind."
Experience has shown that human resources is the most valuable asset of any business.
It is more valuable than capital or equipment. Unfortunately, it is also the most wasted.
People can be your biggest asset or your biggest liability.
TQP--TOTAL QUALITY PEOPLE
Having been exposed to a number of training programs, such as customer service,
selling skills, and strategic planning, I have come to the conclusion that all these are
great programs with one major challenge: None of them works unless they have the right
foundation, and the right foundation is TQP. What is TQP? TQP is Total Quality People--
people with character, integrity, good values, and a positive attitude.
Don't get me wrong. You do need all the other programs, but they will only work when
you have the right foundation, and the foundation is TQP. For example, some customer
service programs teach participants to say "please," and "thank-you," give smiles and
handshakes. But how long can a person keep on a fake smile if he does not have the
desire to serve? Besides, people can see through him. And if the smile is not sincere, it is
irritating. My point is, there has to be sub.
Limit, Quotes und offenes Orderbuch – Wie Sie die Vorteile der Börse in der P...Deutsche Börse AG
In einem halbstündigen Online-Workshop erklären wir Ihnen anschaulich, wie Sie den passenden Handelsplatz finden, geschickt Limits setzen und so den Kurs mitbestimmen können. Außerdem gehen wir auf verfügbare Ordertypen ein und schauen ins offene Xetra-Orderbuch.
Diese Präsentation stammt aus einem Webinar, das als Aufzeichnung auf http://www.boerse-frankfurt.de/webinare-boersenwissen verfügbar ist.
Wegen ihrer überdurchschnittlich hohen Verzinsung sind Hybrid-Anleihen bei Anlegern beliebt. Die Kehrseite der guten Rendite ist das Risiko: Bei dieser nachrangingen Anleiheart mit langer, manchmal auch unendlicher Laufzeit, hängt die tatsächliche Zinszahlung vom Ergebnis des Unternehmens ab. Vorzeitige einseitige Kündigung seitens des Emittenten ist möglich.
Tim Oechsner, Spezialist bei der Hellwigbank, die solche Hybrid-Anleihen in Frankfurt betreuen, stellt die beiden Typen Cocos und Perps vor, erläutert, worauf es beim Handel im Vergleich zu gewöhnlichen Anleihen ankommt.
Diese Präsentation stammt aus einem Webinar, das als Aufzeichnung bei http://www.boerse-frankfurt.de/webinare-anleihen verfügbar ist. Wegen des höheren Risikos sind Hybrid-Anleihen nur für erfahrene Anleger geeignet, an diese richtet sich auch das Webinar.
ICMA has prepared a paper for policy makers about why corporate bond markets are so important for economic growth, for investors, for companies, and for governments, around the world; and why it is therefore essential that laws and regulations that affect them avoid any unintended adverse consequences that could inhibit those markets.
Rodrik_Feasible_Globalizations
FEASIBLE GLOBALIZATIONS
Dani Rodrik1
Harvard University
July 2002
Introduction
We want economic integration to help boost living standards. We want democratic
politics so that public policy decisions are made by those that are directly affected by them (or
their representatives). And we want self-determination, which comes with the nation-state. This
paper argues that we cannot have all three things simultaneously. The political trilemma of the
global economy is that the nation-state system, democratic politics, and full economic
integration are mutually incompatible. We can have at most two out of the three. It follows that
the direction in which we seem to be headed—global markets without global governance—is
unsustainable.
The alternative is a renewed “Bretton-Woods compromise:” preserving some limits on
integration, as built into the original Bretton Woods arrangements, along with some more global
rules to handle the integration that can be achieved. Those who would make a different choice—
toward tighter economic integration—must face up to the corollary: either tighter world
government or less democracy.
During the first four decades following the close of the Second World War, international
policy makers had kept their ambitions in check. They pursued a limited form of
internationalization of their economies, leaving lots of room for national economic management.
Successive rounds of multilateral trade negotiations made great strides, but focused only on the
most egregious of the barriers at the border and excluded large chunks of the economy
1 I am grateful to Michael Weinstein for very helpful suggestions.
2
(agriculture, services, “sensitive” manufactures such as garments). In capital markets,
restrictions on currency transactions and financial flows remained the norm rather than the
exception. This Bretton Woods/GATT regime was successful because its architects subjugated
international economic integration to the needs and demands of national economic management
and of democratic politics.
This strategy changed drastically during the last two decades. Global policy is now
driven by an aggressive agenda of “deep” integration—elimination of all barriers to trade and
capital flows wherever those barriers may be found. The results have been problematic--in terms
of both economic performance (relative to the earlier post-war decades) and political legitimacy.
The simple reason is that “deep” economic integration is unattainable in a context where nation
states and democratic politics still exert considerable force.
The title of this essay conveys therefore two ideas. First, there are inherent limitations to
how far we can push global economic integration. It is neither feasible nor desirable to
maximize what Keynes called “economic entanglements betw ...
This document provides an overview of international financial markets and concepts. It discusses multinational corporations conducting international financial management and reasons why firms engage in international business. It also summarizes the foreign exchange market, balance of payments, factors affecting international trade and capital flows, and various international financial markets including the Eurocurrency market, Eurocredit market, and Eurobond market. The document is presented as part of a course on international financial management.
Mohamed El-Erian discusses the need for investors to recognize increased uncertainty in the global political and economic landscape. He advises building portfolio resilience through scenario analysis of multiple possible outcomes, increased liquidity, and recognizing the limitations of traditional risk mitigation strategies given new political risks. El-Erian also emphasizes the importance of pension funds assessing what risks they can and cannot afford given current underfunding levels.
20120912 IFIA Speech Making Sense of the MazeMartin Moloney
1) The regulatory process is complex with many overlapping discussions happening simultaneously across different international bodies, making it confusing for industry to navigate.
2) However, common goals set by the G20 have provided coherence and led to surprisingly consistent outcomes in many areas, such as derivatives trading regulations, despite the lack of centralized coordination.
3) Where approaches differ across jurisdictions, the concept of "equivalence" may be important in determining how different regulatory systems can interact.
I need a 125 word reply to each of the four following forum postings.docxtroutmanboris
I need a 125 word reply to each of the four following forum postings in a finance class (500 words total) You are responding to comments made by other students in the class. MUST BE ORIGINAL!
Forum #1
When an organization decides to engage in international financing activities, they also take on additional risk as well as opportunities. The main risks that are associated with businesses engaging in international finance include foreign exchange risk and political risk. These risks may sometimes make it difficult to maintain constant and reliable revenue. When an organization decides to engage in international financing activities, they also take on additional risk as well as opportunities. The main risks that are associated with businesses engaging in international finance include foreign exchange risk and political risk. These risks may sometimes make it difficult to maintain constant and reliable revenue. Foreign exchange risk occurs when the value of investment fluctuates due to changes in a currency's exchange rate. When a domestic currency appreciates against a foreign currency, profit or returns earned in the foreign country will decrease after being exchanged back to the domestic currency. Political risk transpires when a country's government unexpectedly changes its policies, which now negatively affect the foreign company. These policy changes can include such things as trade barriers, which serve to limit or prevent international trade. “Since 2010, one in ten of the countries surveyed have experienced a significant increase in the level of short-term political risk. These risks include governments asserting control over natural resources, regimes being ousted by popular uprisings and the expropriation of foreign investors' assets” (Brown, Sophle. 2013).
References
Brown, Sophle. Political instability on the rise. Dec 11, 2013. Retrieved from web:
http://www.cnn.com/2013/12/11/business/maplecroft-political-risk/
Forum #2
Multinational companies seem to be the standard for future business. They are typically more productive and pay their workers more than comparable locally owned businesses (Eun & Renick, 2015). With the many advantages that are available to multinationals it is no surprise that companies are shifting in this direction. However, all of the advantages do not come risk free as you may have expected. Two of the significant risks associated with multinationals and international financial management are foreign exchange risk and political risks.
Foreign exchange risk is what would likely be the first thing you would consider when thinking about international finance. Exchange rates fluctuate on a regular basis and can be somewhat unpredictable at times. This has been the case since the early 1970s when fixed exchange rates were abandoned (Eun & Renick, 2015). Exchange risk is the difference between the exchange rate at the moment a business deal is closed for a given amount and the exchange rate at the moment when .
This document provides an overview of international business. It defines international business as any business activity that crosses national borders. The scope of international business is broad, as it involves operating in foreign environments with uncertain rules and ambiguous regulations. Conducting international business requires understanding factors unique to foreign markets. A firm's guiding principles should have a global perspective to help managers identify opportunities outside their domestic economy. The document outlines various strategic choices firms face when internationalizing, such as decisions around marketing, sourcing, management, and public affairs.
This document summarizes a panel discussion on the role of reporting in transitioning to a sustainable economy. The panel consisted of experts from accounting, business, and ethics organizations.
The discussion focused on the progress made by the integrated reporting movement in engaging companies, investors, and other stakeholders. However, more needs to be done to engage political leaders and demonstrate how sustainability reporting relates to financial stability and long-term economic growth. Adopting global reporting standards will require political will from international groups like the G20.
The panel suggested developing a narrative around how short-termism, valuation issues, and lack of long-term risk information contribute to market volatility. This could help integrated reporting gain priority at influential bodies like
Euromoney 5th Annual Private Wealth Management Forum Asia 2009: Chairman\'s K...Tuck Seng Low
This document summarizes the opening speech given at the 5th Annual Private Wealth Management Forum Asia. The chairman notes that wealth management has undergone significant changes since the 2008 financial crisis, including increased regulation and tighter credit. He argues that the industry needs to rebuild trust by returning to basics, conducting thorough due diligence, and gaining a better understanding of risks. Rebuilding trust will require reforms across financial institutions, accounting firms, credit rating agencies, and other participants to address flaws exposed by the crisis and restore confidence in the global financial system.
The document discusses market liquidity in fixed income markets post-financial crisis. Several factors have contributed to reduced liquidity, including decreased broker-dealer trading inventories due to regulations. This has increased execution risk for investors. The document recommends asset managers adapt by evolving trading strategies, portfolio construction, and risk management. It proposes a three-pronged approach: modernizing market structure; enhancing fund tools and regulation; and supporting new products to address liquidity challenges.
The document is a transcript of a speech given by Joachim Faber, Chairman of the Supervisory Board of Deutsche Börse AG, at the company's New Year's Reception in 2014. In the summary, Faber praises Germany's strong economy and attributes it to stable economic policies over decades. He argues that Germany needs a strong capital market and financial sector to support its successful industries. Faber also advocates for reforms to develop capital markets and encourage long-term investment to benefit both the economy and citizens. In conclusion, he expresses confidence in Germany's economic future and introduces the guest speaker, Finance Minister Wolfgang Schäuble.
Week-1 Into to Money and Bankingand Basic Overview of U.S. Fin.docxalanfhall8953
Week-1 Into to Money and Banking
and Basic Overview of U.S. Financial System
Money and Banking Econ 311
Instructor: Thomas L. Thomas
Financial markets transfer funds from people who have excess available funds to people who have a shortage.
They promote grater economic efficiency by channeling funds from people who do not have a productive use for them to those who do.
Well functioning financial markets are a key factor in producing economic growth, where as, poor functioning financial markets are a major reason many countries in the world remain poor.
Financial Markets
A security or financial instrument is a claim on the issuer’s future income or assets.
A bond is a debt security (IOU) that promises to make payments periodically for a specified period of time.
The bond market is especially important economic activity because it enables businesses and the government to borrow and finance their activities and because it is where interest rates are determined.
An interest rate is the cost of borrowing money or the price to rent (use someone else’s) funds.
Because different interest rates tend to move in unison, economist frequently lump interest rates together and refer to the “interest rate”.
Interest rates are important on a number of levels:
High interest rates retard borrowing
High interest rates induce saving.
Lower interest rates induce borrowing
Lower Interest rates retard saving
Information Asymmetry and Information costs
Why Financial Intermediaries
In the neo-classical world economists have argued financial intermediaries are not necessary. Savers (investors) could manage their risks through diversification.
The logic rests on the perfect market assumption – that is investors can always through their own borrowing and lending compose their portfolios as they see fit, without costs. In such a world there are no bankruptcy costs.
In such a world if taken to the extreme, perfect and complete markets imply that there is no need for financial institutions to intermediate in the financial (capital markets) as every investor (saver) has complete information and can contract with the market at the same terms as banks. E.g. Information Asymmetry
Why Financial Intermediaries Bonds
A common stock (usually called stock) represents a share of ownership in a corporation.
It is usually a security that is a claim on the earnings and assets of the corporation.
Issuing stock and selling it to the public (called a public offering) is a way for corporations to raise the funds to finance their activities.
The stock market is the most widely followed financial market in almost every country that has one – that is why it is generally called the market – here “Wall Street.”
The stock market is also an important factor in business investment decisions, because the price of shares affects the amount of funds that can be raised by selling newly issued stock to finance investment spending. (Note impact examples..
Latin America73www.euromoney.com November 2015Latin .docxsmile790243
The document discusses trade agreements in Latin America and their impact on the region's economies. It outlines that the Pacific Alliance trading bloc of Chile, Colombia, Mexico and Peru is committed to free trade and economic integration, while Mercosur has struggled to reduce trade barriers between its members. The recently announced Trans Pacific Partnership (TPP) trade deal could boost growth in the region by increasing trade, though some argue its effects may be limited. The Pacific Alliance countries are seen as better positioned to benefit due to pursuing policies that attract foreign investment.
The economist guide to the financial marketswijitha gayan
This document provides an overview of financial markets and their functions. Financial markets have existed since early societies traded agricultural goods, fulfilling the same basic purposes as modern markets. All financial markets, whether organized exchanges or informal markets, serve to set prices, value assets, allow arbitrage, raise capital for businesses and individuals, facilitate commercial transactions, enable investment, and help manage risks. In 2004, total annual capital raised in financial markets worldwide excluding domestic loans was $7 trillion, while the total value of financial instruments traded was $109 trillion. Cross-border financial transactions have also grown dramatically in recent decades.
Zimmerman an overview of conflicts between neoliberal economics and functiona...Brendan McSweeney
The document discusses conflicts between neoliberal ideology and functional markets. It argues that neoliberalism's premise that markets are perfect and self-correcting is flawed, as markets require framing, monitoring, and regulation to function properly. Markets face problems with uncertainty, and neoliberalism provides no means to address market failures or revise failing markets. The financial crisis demonstrates that neoliberal ideology failed to prevent systemic problems and contradicts how real-world markets operate.
Ebes 2010 conference, eurasia business and economics society, i̇brahim turhan...M. İbrahim Turhan
The document summarizes lessons learned from the global economic crisis. It discusses how the pre-crisis worldview based on rational expectations, deregulation, market-based accounting, and risk management was flawed. While these pillars were meant to create stability, they instead amplified systemic risks and led to boom-bust cycles. The crisis revealed conflicts in economic theory and the need for a new philosophical framework that incorporates moral values, global governance, and acknowledges human behavioral factors like herding, discounting of risks, and bounded rationality. A new order is needed but challenging to achieve given limitations of human nature.
Unit 1: Environmental Context of International Business, Framework for analyzing international
business environment – Domestic, foreign and global environments and their impact on
international business decisions.
Global Trading Environment: World trade in goods and services – Major trends and developments;
World trade and protectionism – Tariff and non-tariff barriers; Counter trade.
Unit 2: International Financial Environment: Foreign investments -Pattern, Structure and effects;
Movements in foreign exchange and interest rates and then impact on trade and investment flows.
Unit 3: International Economic Institutions and Agreements: WTO, IMF, World Bank UNCTAD,
Agreement on Textiles and Clothing (ATC), GSP, GSTP and other International agreements;
International commodity trading and agreements.
Unit 4: Multinational Corporations and their involvement in International Business: Issues in
foreign investments, technology transfer, pricing and regulations; International collaborative
arrangements and strategic alliances.
Unit 5: Regional Economic Groupings in Practice: Regionalism vs. multilaterallism, Structure and
functioning of EC and NAFTA; Regional economic cooperation. Emerging Developments and
Other Issues: Growing concern for ecology; Counter trade; IT and international business.
Fiduciary or paper money is issued by the Central Bank on the basis of
computation of estimated demand for cash. Monetary policy guides the Central
Bank’s supply of money in order to achieve the objectives of price stability (or low
inflation rate), full employment, and growth in aggregate income.
There was a man who made a living selling balloons at a fair. He had all colors of
balloons, including red, yellow, blue, and green. Whenever business was slow, he would
release a helium-filled balloon into the air and when the children saw it go up, they all
wanted to buy one. They would come up to him, buy a balloon, and his sales would go up
again. He continued this process all day. One day, he felt someone tugging at his jacket.
He turned around and saw a little boy who asked, "If you release a black balloon, would
that also fly?" Moved by the boy's concern, the man replied with empathy, "Son, it is not
the color of the balloon, it is what is inside that makes it go up."
The same thing applies to our lives. It is what is inside that counts. The thing inside of us
that makes us go up is our attitude.
Have you ever wondered why some individuals, organizations, or countries are more
successful than others?
It is not a secret. These people simply think and act more effectively. They have learned
how to do so by investing in the most valuable asset--people. I believe that the success
of an individual, organization or country, depends on the quality of their people.
I have spoken to executives in major corporations all over the world and asked one
question: "If you had a magic wand and there was one thing you would want changed,
that would give you a cutting edge in the marketplace resulting in increased productivity
and profits, what would that be?" The answer was unanimous. They all said that if people
had better attitudes, they'd be better team players, and it'd cut down waste, improve
loyalty and, in general, make their company a great place to work.
William James of Harvard University said, "The greatest discovery of my generation is
that human beings can alter their lives by altering their attitudes of mind."
Experience has shown that human resources is the most valuable asset of any business.
It is more valuable than capital or equipment. Unfortunately, it is also the most wasted.
People can be your biggest asset or your biggest liability.
TQP--TOTAL QUALITY PEOPLE
Having been exposed to a number of training programs, such as customer service,
selling skills, and strategic planning, I have come to the conclusion that all these are
great programs with one major challenge: None of them works unless they have the right
foundation, and the right foundation is TQP. What is TQP? TQP is Total Quality People--
people with character, integrity, good values, and a positive attitude.
Don't get me wrong. You do need all the other programs, but they will only work when
you have the right foundation, and the foundation is TQP. For example, some customer
service programs teach participants to say "please," and "thank-you," give smiles and
handshakes. But how long can a person keep on a fake smile if he does not have the
desire to serve? Besides, people can see through him. And if the smile is not sincere, it is
irritating. My point is, there has to be sub.
Similar to AICGS symposium speech jeffrey tessler (20)
Limit, Quotes und offenes Orderbuch – Wie Sie die Vorteile der Börse in der P...Deutsche Börse AG
In einem halbstündigen Online-Workshop erklären wir Ihnen anschaulich, wie Sie den passenden Handelsplatz finden, geschickt Limits setzen und so den Kurs mitbestimmen können. Außerdem gehen wir auf verfügbare Ordertypen ein und schauen ins offene Xetra-Orderbuch.
Diese Präsentation stammt aus einem Webinar, das als Aufzeichnung auf http://www.boerse-frankfurt.de/webinare-boersenwissen verfügbar ist.
Wegen ihrer überdurchschnittlich hohen Verzinsung sind Hybrid-Anleihen bei Anlegern beliebt. Die Kehrseite der guten Rendite ist das Risiko: Bei dieser nachrangingen Anleiheart mit langer, manchmal auch unendlicher Laufzeit, hängt die tatsächliche Zinszahlung vom Ergebnis des Unternehmens ab. Vorzeitige einseitige Kündigung seitens des Emittenten ist möglich.
Tim Oechsner, Spezialist bei der Hellwigbank, die solche Hybrid-Anleihen in Frankfurt betreuen, stellt die beiden Typen Cocos und Perps vor, erläutert, worauf es beim Handel im Vergleich zu gewöhnlichen Anleihen ankommt.
Diese Präsentation stammt aus einem Webinar, das als Aufzeichnung bei http://www.boerse-frankfurt.de/webinare-anleihen verfügbar ist. Wegen des höheren Risikos sind Hybrid-Anleihen nur für erfahrene Anleger geeignet, an diese richtet sich auch das Webinar.
Neue Chancen mit Short-, Hebel- und Smart-Beta-ETFs: Worauf Sie beim Einsatz ...Deutsche Börse AG
Short- und Hebel-ETFs geben Ihrem Depot den extra Rendite-Kick, wenn Sie einige Besonderheiten beachten. Wir stellen diese vor. Außerdem geben wir Ihnen Tipps zur optimalen Platzierung Ihrer Order, zeigen das offene Xetra-Orderbuch und wie Sie dieses geschickt nutzen können. Zum Abschluss greifen wir den neusten Trend in passiven Investments auf: Smart-Beta-ETFs.
Der Vortrag richtet sich an Anlage-orientierte Selbstentscheider, die mit den Grundbegriffen der börslichen Geldanlage bereits vertraut sind.
Intelligente Ordertypen: Mit Strategie und Ziel geschickt Aufträge platzierenDeutsche Börse AG
Eine ganze Reihe von Ordertypen und -zusätzen bestimmen die Reiseroute Ihrer Kauf- und Verkaufsaufträge. Insbesondere eine zweite Generation intelligenter Ordertypen ermöglicht die geschickte Platzierung "mitdenkender" Orders in einem dynamischen Markt. Dieses Webinar gibt einenkurzen Überblick über die wichtigsten Ordertypen und geht dann intensiver auf die
intelligenten Ordertypen ein bzw. in welchen Szenarien ihr Einsatz sinnvoll ist.
Themen des Webinars in der Präsentation:
Geschichte des Goldes
Gold als Krisen- und Inflationsindikator
Gold zur Portfoliodiversifikation: 5 Prozent-Empfehlung von Mercer Investment Consultants
Kostenvergleich der Goldanlagemöglichkeiten
This document provides an agenda and overview for Deutsche Börse Group's 2015 Investor Day in London on June 2nd. The agenda includes presentations on the group overview, cash and derivatives markets, post-trade services, and market data and services. The document also discusses the changing market environment and regulatory landscape, Deutsche Börse Group's business model and strengths, financial and operational performance, growth strategy through partnerships and M&A, and outlook for meeting mid-term revenue targets.
Annual General Meeting: Presentation to the report of the CEO Deutsche Börse AG
This document provides a summary of Deutsche Börse Group's financial results for 2014 and the first quarter of 2015, as well as the company's financial guidance for 2015. In 2014, net revenue increased 7% to €2.043 billion, EBIT adjusted rose 5% to €954 million, and earnings per share adjusted grew 3% to €3.63. For 2015, the company expects net revenue of €2.2-2.4 billion and EBIT of €975 million to €1.175 billion. Deutsche Börse Group remains focused on growing its business through organic and acquisition-based strategies while effectively managing costs.
Annual General Meeting: Report of the Chief Executive OfficerDeutsche Börse AG
- The document is the speech from the CEO of Deutsche Börse AG, Reto Francioni, at the company's annual general meeting on May 13, 2015.
- In 2014, Deutsche Börse saw a 7% increase in net revenue to €2,043 million and a 3% increase in EBIT to €982.8 million. The company proposed a stable dividend of €2.10 per share, distributing 58% of net income.
- In Q1 2015, net revenue increased 16% to €600 million and adjusted EBIT grew 16% to €319 million. The CEO was confident about the full year results based on this strong start.
- Reto Francioni, CEO of Deutsche Börse AG, is giving his farewell speech at the company's New Year's reception after over a decade as CEO.
- He thanks Chancellor Merkel for her support of Frankfurt as a financial center and interest in Deutsche Börse.
- Francioni highlights Deutsche Börse's recent expansion into Asia, including a partnership with Bank of China and activities in Singapore, to capitalize on Asia's economic growth and demand for financial services.
- While more progress remains, Francioni is proud of Deutsche Börse's role in stabilizing markets during the 2008 financial crisis and looks forward to the company continuing to support European growth and job creation under
- Joachim Faber, Chairman of the Supervisory Board of Deutsche Börse AG, welcomed guests to the New Year's Reception, including the German Chancellor.
- He noted that Germany's capital markets are underperforming given the size of the economy, with low participation from German investors and a high proportion of foreign investors in German companies.
- Two ways to improve the situation are expanding capital investment allowed in insurance and significantly growing pension coverage through large pension pools to deepen Germany's capital markets.
The European Central Bank yesterday published the results of its Comprehensive Assessment and stress test. As a key European market infrastructure with a banking license Clearstream was included in the assessment - and achieved very good results.
ETFs – ein ganzer Markt in einer Order. Wie Sie den passenden Indexfonds find...Deutsche Börse AG
ETFs sind ein tolles Anlageinstrument insbesondere für private Anleger. Günstiger und oft erfolgreicher als aktiv verwaltete Investmentsfonds, handelbar wie Aktien aber diversifiziert.
Der Vortrag geht auf diese Themen ein:
- Definition, Vorteile, Risiken von ETFs
- Der Markt
- Tipps für den Kauf von ETFs
- 10 Schritte zum ETF für Anleger
Karoline is a Summer Student at Clearstream, Deutsche Börse Group's settlement and custody division. During her stay she will find out how it is like to work in a bank and share her experiences with you in weekly reports.
Karoline is a Summer Student at Clearstream, Deutsche Börse Group's settlement and custody division. During her stay she will find out how it is like to work in a bank and share her experiences with you in weekly reports.
Karoline is a Summer Student at Clearstream, Deutsche Börse Group's settlement and custody division. During her stay she will find out how it is like to work in a bank and share her experiences with you in weekly reports.
Karoline is a Summer Student at Clearstream, Deutsche Börse Group's settlement and custody division. During her stay she will find out how it is like to work in a bank and share her experiences with you in weekly reports.
STREETONOMICS: Exploring the Uncharted Territories of Informal Markets throug...sameer shah
Delve into the world of STREETONOMICS, where a team of 7 enthusiasts embarks on a journey to understand unorganized markets. By engaging with a coffee street vendor and crafting questionnaires, this project uncovers valuable insights into consumer behavior and market dynamics in informal settings."
South Dakota State University degree offer diploma Transcriptynfqplhm
办理美国SDSU毕业证书制作南达科他州立大学假文凭定制Q微168899991做SDSU留信网教留服认证海牙认证改SDSU成绩单GPA做SDSU假学位证假文凭高仿毕业证GRE代考如何申请南达科他州立大学South Dakota State University degree offer diploma Transcript
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
Vicinity Jobs’ data includes more than three million 2023 OJPs and thousands of skills. Most skills appear in less than 0.02% of job postings, so most postings rely on a small subset of commonly used terms, like teamwork.
Laura Adkins-Hackett, Economist, LMIC, and Sukriti Trehan, Data Scientist, LMIC, presented their research exploring trends in the skills listed in OJPs to develop a deeper understanding of in-demand skills. This research project uses pointwise mutual information and other methods to extract more information about common skills from the relationships between skills, occupations and regions.
The Universal Account Number (UAN) by EPFO centralizes multiple PF accounts, simplifying management for Indian employees. It streamlines PF transfers, withdrawals, and KYC updates, providing transparency and reducing employer dependency. Despite challenges like digital literacy and internet access, UAN is vital for financial empowerment and efficient provident fund management in today's digital age.
Economic Risk Factor Update: June 2024 [SlideShare]Commonwealth
May’s reports showed signs of continued economic growth, said Sam Millette, director, fixed income, in his latest Economic Risk Factor Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
1. Clearstream Communications
Good afternoon Ladies and Gentlemen,
First of all, let me congratulate the American Institute of
Contemporary German Studies for the impressive line-up of
speakers today. This clearly shows how relevant the theme of
this symposium is “Fueling the Recovery – The Role of Capital
Markets and Banks”. This topic is obviously of great importance,
not only for Frankfurt as a financial centre, but also for the
European and US economy – in fact, for the global economy as
a whole. Deutsche Börse Group is therefore more than happy to
host today’s event.
My name is Jeffrey Tessler and I am a member of the Executive
Board of Deutsche Börse, responsible for its banking business
and the post-trade activities.
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I am doubly pleased about this opportunity to talk to you today,
not just from a professional but also from a personal point of
view. As an American who has been living and working in
Europe for more than two decades and for whom London,
Frankfurt and Luxembourg have become second homes, the
relationship between the EU and the US is a topic that is close
to my heart. Events like this are also very important to ensure
that the relationship between these leading economies is
constructive and driven by a spirit of mutual respect for each
other’s interests. This includes an awareness of what we have in
common, but also of where we differ – and especially, where we
can learn from each other. The AICGS and its President, Dr
Jackson Janes, are doing a great job here – so thank you once
more for making this get-together possible at Deutsche Börse’s
traditional trading floor.
Today’s theme is about recovery and how the banking business
and markets can become more transparent, safer and more
resilient. We believe that exchange organisations have a major
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responsibility and a fundamental role to play in achieving these
goals. At Deutsche Börse Group, we process any transaction
end-to-end from the initial trade until the securities are
deposited on our books. We are involved in all steps of the
trading, clearing, settlement and custody cycle and as a result
we are affected by the majority of regulatory developments that
have been or will be implemented during the recovery from the
crisis. Managing this necessary but very heavy regulatory
agenda – also in support of our customers – is one of the ways
in which we as Deutsche Börse Group are contributing to
market recovery. We are an intermediary between the market on
the one side and the political and regulatory stakeholders on the
other side and our intention is to facilitate and take a very
active role in this market dialogue.
I think we would all agree that financial markets should be
based on principles such as stability, transparency and fairness.
Regulation is helping us to amend current shortcomings where
the market alone failed to meet security and risk mitigation
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standards, in other words, the shortcomings of pure market-led
behaviour. What we need, however, are cautious regulatory
measures and increased collaboration between the market and
regulators. We also need a regulatory level playing field, a
concept which is particularly relevant to today’s transatlantic
theme.
I would like to start my speech today by taking a closer look at
the financial crisis of 2007 / 2008 and the following re-
regulation. In order to better understand how it came about, it
helps to have a look at what came before the crisis, which was
a lengthy period of deregulation. This deregulation actually
started back in the 1970s and peaked in the 1990s. At the
time, regulation was seen as an administrative burden which
stifles innovation and creates inefficiencies in the market. There
was a drive to give the markets greater freedom and to let them
find their own balance and create their own rules.
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This deregulation unleashed the leverage potential of financial
markets as a reaction to a period of stagflation and supported
the reconstruction of whole economies in Eastern Europe after
the fall of the Iron Curtain.
While it may have served its purpose well during its time the
rule of deregulation suffered a severe blow with the onset of the
financial crisis in 2007. The crisis exposed ineffective risk
management practices, a lack of transparency and questionable
incentives for individual behaviour. The increasingly deregulated
and highly leveraged markets created in the years before the
crisis did not perform as efficiently as some economic theorists
believed they would. So it should have come as no surprise that
the key response by policymakers to the crisis was to launch a
period of re-regulation. But does this mean that we should give
up the idea of markets as instruments of rational decision-
making altogether? Definitely not.
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Let me make this very clear right away: At Deutsche Börse
Group, we have always supported regulation and it is my deep
belief that there is no free market without rules and regulations.
What we need is a form of regulation that gives reason a chance
– market freedom and regulation do not need to be at odds with
each other. Regulation that is both efficient and effective
provides the framework for competition that is free in the sense
that no participant enjoys an unfair advantage over another.
This means that we must stop to see regulation and free
markets as a contradiction. To put it strongly: Only regulated
markets are free markets – with the important condition,
however, that regulation needs to refrain from intervention. Any
hidden national, political or economic agenda behind regulation
will inevitably make a level playing field impossible and will
result in regulatory arbitrage.
I feel that the crisis has exposed certain core values which
policymakers are now trying to protect and which, in fact, all
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market participants should strive to adhere to with our without
regulation:
The first value to be rediscovered after the crisis was a
greater emphasis on safety and an individual responsibility for
risk taking.
The second value to be rediscovered after the crisis is a sense
of integrity and the avoidance of excessive exposures. In
response, we have seen a greater emphasis on risk
management and collateral solutions which we will talk about
more later.
The third value to be rediscovered after the crisis is efficiency
and transparency which is being brought about by a
simplified market structure. For example, regulators are
striving to dry up dark pools and are pushing for the clearing
of more OTC trades.
Being a Member of the Executive Board of a regulated exchange
organisation, I welcome this rediscovery – while I am also
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concerned about its possible costs. However, some imbalances
are perhaps inevitable in the implementation of rules in support
of these new values, especially when carried out on a global
scale at G20 Summits.
One of the big disadvantages is that we are currently witnessing
uncertainty about the regulatory changes in Europe. Some of
these changes are so complex that even experts find it difficult
to gain an overview of their impact. Until they have become
established in the market, they will in any event cause
uncertainty – and thus restraint.
We have also noticed concern in the market about the
increasing cost of regulatory compliance – which is a side effect
of the fact that the regulatory agenda is heavily charged. What I
get to hear from our customers is that they struggle with costly
adaptations in times where revenue generation is more difficult
than ever.
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We are also witnessing an increasing politicisation of financial
markets. This is not surprising since the current regulatory push
means that financial regulation is moving closer to the top of
political agendas and hence also to party politics. The financial
transaction tax is a good example of how a rather technical –
and ultimately counterproductive – financial regulation can end
up topping political agendas and expose rifts between countries
and political parties both at EU and national level.
The danger of this politicisation is that it could undermine
certain established economic values such as entrepreneurial
spirit and free trade. The more politicised financial markets
become, the more rigid the rules. However, free trade
necessitates a certain amount of tolerance, for example it
implies the acceptance of different industrial norms and trading
practices but also understanding for trading partners with
different values and cultures to our own. I am of course thinking
about the ongoing negotiations for the free trade agreement
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between the EU and the US, where we are witnessing different
opinions despite our common aims.
However, while the financial crisis and the following re-
regulation have brought many changes, I have noticed that two
overriding principles have remained untouched: investor
protection and system protection. In other words: fair and equal
treatment of each market participant, as well as rules,
regulations and technologies that guarantee systemic stability.
And it is no coincidence that these core principles of investor
and system protection are also the objectives of exchange
organisations.
In my opinion, while regulated markets are definitely part of the
solution to stabilise the global financial services industry, they
must be duly embedded in a diversified exchange system. In
fact, I believe that diversified and regulated exchange
organisations that are oriented towards the real economy will
contribute to improving stability and fairness in the financial
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industry in the new re-regulated market environment. Exchanges
not only support regulators through risk management but also
offer solutions for banks and even the economy at large through
collateral management services. Market infrastructures such as
Deutsche Börse not only played a stabilising role during the
crisis, we are also helping to pave the way out of it.
Our strategy is to ensure greater safety and integrity, but also
greater efficiency, for uncollateralised and unregulated markets.
We are expanding our risk and liquidity management
capabilities to those areas of the capital market that hitherto
have been uncollateralised and unregulated. To this end, we are
currently focusing on two major global projects: firstly, clearing
for OTC derivatives, and secondly, collateral and liquidity
management. I do not wish to become too technical here, so
suffice it to say that they are essential and innovative offerings
to improve risk management in line with new regulatory
requirements, while keeping costs for market participants at
bay.
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So now that we have established the pros and cons of the
current re-regulation, let’s take a closer look at the regulatory
approaches in the EU and US.
As I said before, in implementing the re-regulation on a global
scale such as at G20 Summits, some imbalances are perhaps
inevitable.
According to the Bank for International Settlements, the volume
of OTC derivative markets, measured in notional amounts
outstanding, amounted to more than 600 trillion US Dollars last
year. So far, the percentage traded on derivative exchanges and
cleared via CCPs is very small in overall trading. This means
that up to the present day, a huge amount of extremely complex
financial instruments allowing highly-leveraged trading
strategies is left completely unregulated and unsupervised which
creates a huge risk. To tackle this enormous problem, the US
have implemented the Dodd Frank Act and Europe is catching
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up with the US in this respect with EMIR. However, it should be
noted that EMIR is stricter on OTC derivative clearing than the
Dodd Frank Act, especially when it is taken together with the
EU’s Capital Requirement Regulation. So while the EU might be
slower than the US, we feel that the EU standards are stricter
and we would welcome their implementation as a global
benchmark.
Similarly, the EU is looking into ways of capping trading in off-
exchange trading platforms tellingly referred to as “dark pools”.
The reason for this is, to quote the “Financial Times”, a “lack of
transparency”, which has “damage[d] the role of a stock
exchange as a venue for investors to establish asset prices”. I
could not have said it more clearly and concisely. Let me
underline again that increasing transparency is of chief
importance for regaining confidence in markets, which logically
implies limiting dark trading. The proliferation of off-exchange
trading platforms has made the US securities markets
increasingly unstable in recent years. This is an area where
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Europe enjoys a definite advantage, and we need to do all we
can to keep it this way.
It is often claimed that the American way of regulating capital
markets is superior to what we have in Europe and that this
applies in particular to the German regulatory regime because
far too much attention is paid to security here. The regulation of
high-frequency trading, which has recently hit the headlines
again in the US, seems to me to be a good example that the
opposite holds true. Here in Germany, the law regulating high-
frequency trading unites sensitivity to the market with investor
protection. Deutsche Börse combined computerised trading with
a range of security functions a long time ago. We have equipped
our trading systems with mechanisms that restore trading to
calmer waters if it is hit by irrational fluctuations. In addition,
the European market structure is different from the US market,
it is considerably less fragmented and is organised differently. I
can only hope that European policymakers will ensure that
these differences are adequately reflected in future regulation.
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And my preference would be for this German law to be a model
across Europe and the US.
Capital requirements are another area in which the EU and the
US have different regulatory approaches. In Europe we have
Basel III and CRD IV, in the US – to our knowledge – the
implementation is partly ongoing and several planned regulatory
initiatives are not yet published. Likewise, here in Europe, we
are discussing a financial transaction tax whereas the US are
currently not considering such a move.
In general, I think it is safe to say that the US remain a pioneer
in many respects, even though certain occurrences there
triggered the financial crisis. They are ahead of the EU in the re-
regulation of capital markets and they made use of the crisis to
quickly create new, effective banks and stock exchange
organisations which are strengthened through mergers and
disciplined through sanctions. We in Europe do our best but all
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too often quarrel over dubious bureaucratic and wrong
regulatory hurdles.
In general, we have observed that the US have moved on
quickly after the crisis despite party politics and that the EU is
slower than the US in adopting regulations. While I believe
there are merits to both regulatory approaches, it is of utmost
importance to aim for a harmonised regulation of financial
markets as these markets are global markets. A level regulatory
playing field is of essential. Even when regulators strive for
common solutions at a global level such as at G20 summits,
differences in the implementation speed and scope endanger
this level playing field and open the door to regulatory arbitrage
and should therefore be avoided.
So let me now come to the end of my speech by giving you a
little summary:
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Financial markets should be organised based on integrity,
stability and fairness and the current period of re-regulation can
achieve just that as long as the regulatory measures are
proportionate and do not get over-politicised. While regulated
markets are definitely part of the solution to stabilise the global
financial services industry in a sustainable manner, they must
be duly embedded in a diversified exchange system. Exchange
organisations such as Deutsche Börse Group play a key role in
ensuring transparency and fairness in line with upcoming
regulations as they provide efficient price discovery, risk
management and collateralisation services.
While we support the current push for re-regulation, there are
some considerable differences in the scale and scope of
implementation of global regulatory initiatives between the EU
and the US. I believe there are merits to both regulatory
approaches, but it is of utmost importance to aim for a
harmonised regulation of financial markets as these markets are
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global markets. A level regulatory playing field is absolutely
essential to meet the goals of transparency and fairness.
I will now hand over to the first panel that will delve deeper into
the subjects I have just touched upon by examining the role of
capital markets.
I wish you a successful conference, with insightful discussions.
Thank you very much for your attention.