This ppt is prepared to provide detailed information regarding Forwards and Futures contracts of Derivatives the topics covered under this are Meaning of Forwards contracts, Underlying Assets of Forwards contracts, FEATURES OF FORWARD CONTRACTS, Tailored made, Why Forwards contracts, FUTURES CONTRACT, What is A Futures Contract, Characteristics of Futures contracts, Mechanism of Trading in Futures Market, Margin requirement, Marking-to-market (M2M), SETTLING A FUTURE POSITION, OFFSETTING, CASH DELIVERY, by Sundar, Assistant Professor of commerce.
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Introduction to Exchange Rate Mechanism: Spot- Forward Rate, Exchange Arithmetic. -- Deriving the Actual Exchange Rate: Forwards, Swaps, Futures and Options. Guarantees in Trade: Performance, Bid Bond etc.
This ppt is prepared to provide detailed information regarding Forwards and Futures contracts of Derivatives the topics covered under this are Meaning of Forwards contracts, Underlying Assets of Forwards contracts, FEATURES OF FORWARD CONTRACTS, Tailored made, Why Forwards contracts, FUTURES CONTRACT, What is A Futures Contract, Characteristics of Futures contracts, Mechanism of Trading in Futures Market, Margin requirement, Marking-to-market (M2M), SETTLING A FUTURE POSITION, OFFSETTING, CASH DELIVERY, by Sundar, Assistant Professor of commerce.
Subscribe to Vision Academy for Video assistance
https://www.youtube.com/channel/UCjzpit_cXjdnzER_165mIiw
Introduction to Exchange Rate Mechanism: Spot- Forward Rate, Exchange Arithmetic. -- Deriving the Actual Exchange Rate: Forwards, Swaps, Futures and Options. Guarantees in Trade: Performance, Bid Bond etc.
As the number of currencies in your portfolio is increasing, you should review your hedging strategy and technology set-up. By evolving your FX exposure management approach, you can reduce costs significantly. Find out how!
Liquidity Risk Reporting, Measurement and Managementaseemelahi
The objective of this paper is to demonstrate an implementation model for LCR reporting requirements with descriptions, their respective calculations, and caps and haircuts applied to each source of funding and use of liquidity in arriving at the ratio.
Forward Rate Agreements, or FRAs, are a way for a company to lock in an interest rate today, for money the company intends to lend or borrow in the future.
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Xin chào, Nếu bạn cần mua tài liệu xin vui lòng liên hệ facebook: https://www.facebook.com/garmentspace Tại sao tài liệu lại có phí ??? Tài liệu một phần do mình bỏ thời gian sưu tầm trên Internet, một số do mình bỏ tiền mua từ các website bán tài liệu, với chi phí chỉ 10k cho 5 lượt download tài liệu bất kỳ bạn sẽ không tìm ra nơi nào cung cấp tài liệu với mức phí như thế, xin hãy ủng hộ Garment Space nhé, đừng ném đá. Xin cảm ơn rất nhiều
A guide to maximizing your business value through managing your cash flows in the best way.
Increasing the value of your business by hundreds of thousands of dollars.
Avoid common cash flow mistakes that destroy businesses.
All in 70 slides with straight forward and instantly applicable insights.
No need for reading a lengthy book or attending a long workshop.
Handbook for developing and refreshing your skills of cash management.
Financial planning is the process of allocating financial resources to maximize the profitablity and wealth of the company. Financial planning depends on 3 questions What is company's current financial position?
Where does company wants to go?
How does the company get to its ending point/goal?
The incremental cost of borrowing more money to fund additional asset purchases or investments.
In its simplest calculation, the marginal cost of funds is simply the interest rate on the new loan balance.
Marginal cost of funds is often confused with the average cost of funds, which would be calculated by computing a weighted-average of all the combined loans' interest rates.
Cost of Capital,Meaning,Computation of Specific Costs,Cost of Debt,Cost of Preference Shares,Cost of Equity Capital,Cost of Retained Earnings ,Weighted Average Cost of Capital
the cost of capital of a company describes the return expected by creditors of funds to companies. It includes the cost of equity, debt, hybrid and WACC
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
Resume
• Real GDP growth slowed down due to problems with access to electricity caused by the destruction of manoeuvrable electricity generation by Russian drones and missiles.
• Exports and imports continued growing due to better logistics through the Ukrainian sea corridor and road. Polish farmers and drivers stopped blocking borders at the end of April.
• In April, both the Tax and Customs Services over-executed the revenue plan. Moreover, the NBU transferred twice the planned profit to the budget.
• The European side approved the Ukraine Plan, which the government adopted to determine indicators for the Ukraine Facility. That approval will allow Ukraine to receive a EUR 1.9 bn loan from the EU in May. At the same time, the EU provided Ukraine with a EUR 1.5 bn loan in April, as the government fulfilled five indicators under the Ukraine Plan.
• The USA has finally approved an aid package for Ukraine, which includes USD 7.8 bn of budget support; however, the conditions and timing of the assistance are still unknown.
• As in March, annual consumer inflation amounted to 3.2% yoy in April.
• At the April monetary policy meeting, the NBU again reduced the key policy rate from 14.5% to 13.5% per annum.
• Over the past four weeks, the hryvnia exchange rate has stabilized in the UAH 39-40 per USD range.
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
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What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
Greek trade a pillar of dynamic economic growth - European Business Review
Cash management in MNC
1. CASH MANAGEMENT IN MNC
NEHA ABHISHEK, BANGALORE
Batch: 22, (5th July to 30th August, 2014)
2. OVERVIEW
• Motives For Holding Cash
• Objectives of Cash Management
• Effective Cash Management: Key Factor
• Cash Flow Analysis: Subsidiary Perspective
• Technique to Optimize Cash Flow
• Complication in Optimizing Cash Flow
• Transfer Pricing And Related Issues
3. Motives For Holding Cash
• Cash to meet anticipated obligations whose time is not perfectly synchronized with cash
receipts
Transaction Motive
• Precautionary cash balance serves to provide a cushion to meet unexpected
contingencies
Precaution Motive
• Cash to quickly take advantage of opportunities typically outside the normal course of
business.
Speculative Motive
• Cash to compensate banks for providing certain services or loans.
Compensating Motive
4. Objectives of Cash Management
The objectives of cash management are to:
• Minimize the time involved in converting receipts into
usable bank funds
• Concentrate those funds into a central account where
they can be most effectively managed
• Control and minimize the cost of payments
• Reduce or eliminate borrowings
5. Effective Cash Management: Key Factor
Cash budget that project expected cash inflow and outflow.
Systematic Cash receipt and disbursement of cash.
Fund Mobilization
• Borrowing at most favorable rates
• Surplus fund invested in advantageous rates
In MNC cost of foreign exchange transactions is to be managed.
6. Cash Flow Analysis: Subsidiary Perspective
• Working capital management and management of cash flow are
integrated.
• Subsidiary Expense: Risk involved on International purchase of raw
materials or supplies.
• Difficult to forecast cash outflow due to exchange rate fluctuation
• Payment may be substantially higher due to appreciation in invoice currency
• If the sales volume is highly volatile, larger cash balances may need to be
maintained in order to cover unexpected inventory demands.
• Firm may maintain large inventory of supplies and raw materials
-Cut down its purchases when invoice currency appreciates
-Imported goods from another country could be restricted by the host government
7. Cash Flow Analysis: Subsidiary Perspective
Subsidiary Revenue: Risk involved if subsidiary export their products.
• Sale volumes may be more volatile due to fluctuation in exchange
rate of invoice currency.
• Demand for these products most likely to decrease if invoice currency
appreciates.
• Looser credit standards may increase sales (accounts receivable), but
often it slowdown cash inflows from sales.
8. Cash Flow Analysis: Subsidiary Perspective
Subsidiary Dividend Payment:
Forecasting cash flow is easier for subsidiary if payment of dividend
and fees paid by subsidiary to parent are known in advance and
denominated in subsidiary currency.
Level of dividend and fees paid by subsidiary to parents depend on
• Liquidity needs of each subsidiary
• Potential uses of fund at various subsidiary locations
• Expected movement in currencies of subsidiary
• Regulation of host country government
9. Cash Flow Analysis: Subsidiary Perspective
Subsidiary Liquidity Management:
Cash deficiency: Short term financing
Excess Cash: If invested in foreign currency then effective yield may be
uncertain due to fluctuation in foreign currency.
If the subsidiary has access to lines of credit and overdraft facilities, it may
maintain adequate liquidity without substantial cash balances.
Centralized Cash Management: Need to monitor and manage the
parent subsidiary and inter subsidiary cash flow.
11. Technique to Optimize Cash Flow
Accelerating Cash
Inflow
• Lockboxes reduce
Mailing Time. Bank
usually processes
incoming cheques at
lockbox on daily basis.
• Preauthorized Payment
allows corporation to
charge costumer bank
account up to some
limit.
Minimizing Currency
Conversion Cost
• Netting reduce the
administrative and
transaction cost that
result from currency
conversion.
• Bilateral Netting System
involve transaction
between two units,
between parent and
subsidiary or between
inter subsidiaries.
• Multilateral Netting
System involve more
complex interchange
among the parent and
several subsidiary.
Managing Blocked
Fund
• Setup R&D division,
which incur cost and
possibility generate
fund for other
subsidiary.
• Transfer Pricing that will
increase the expense
incurred by the
subsidiary.
• Borrowing from local
intermediary, so that
earning can be
distributed to payoff
previous financing.
Managing Inter
Subsidiary Cash
Transfer
• A subsidiary with excess
funds can provide
financing by paying for
its supplies earlier than
is necessary. This
technique is called
leading.
• Alternatively, a
subsidiary in need of
funds can be allowed to
lag its payments. This
technique is called
lagging.
12. Inter-subsidiary Payments Matrix
Receipt Disbursements
U.S. Canada Germany U.K. Total Receipt Net
U.S. - 30 35 60 125 55
Canada 20 - 10 40 70 (15)
Germany 10 25 - 30 65 0
U.K. 40 30 20 - 90 (40)
Total
disbursement
70 85 65 130 350 0
Inter affiliated foreign transaction without Netting Multilateral Netting with Central Depository
13. External Payments Matrix
Affiliate Receipt Disbursement Net
U.S. $140,000 $120,000 $20,000
Canada $135,000 $165,000 ($30,000)
Germany $125,000 $50,000 $75,000
U.K. $130,000 $155,000 ($25,000)
$40,000
Flow of net cash receipt with External Parties with a Central Depository ($000)
14. Investing Excess Cash
• Local bank relationships are better developed since the affiliate conducts more of its cash
management functions at the local level.
Separate Investment for all subsidiary
• Subsidiary use same currency
• More efficient uses of fund and possibly higher return.
• Facilitates the transfer of funds from subsidiary with excess funds to those that need fund,
thereby reducing financial cost.
• Multiple currencies
• Cash can be pooled together so that there is separate pool for each currency.
• Invest fund in securities denominated in the foreign currencies that will be needed by the
subsidiaries in the future.
Centralized Approach
15. Important term
• Determining the effective yield: The effective rate for foreign investment is
rf = ( 1 + if ) ( 1 + ef ) – 1
where if = the quoted interest rate on the investment
ef = the % change in the spot rate
• Interest Rate Parity(IRP): the interest rate differential between two countries is equal to the
differential between the forward exchange rate and the spot exchange rate.
• If IRP exists, the forward rate can be used as a break-even point to assess the short-term investment
decision
• Diversifying Cash Across Currencies: If an MNC is not sure of how exchange rates will change over
time, it may prefer to diversify its cash among securities that are denominated in different currencies.
The degree to which such a portfolio will reduce risk depends on the correlations among the
currencies.
16. Key Implication of IRP and Forward rate
Scenario Implication for Investing in Foreign Money Market
IRP exist Covered interest arbitrage is not worthwhile.
IRP exist, and the forward rate is an accurate forecast of
future spot rate
Uncovered investment in foreign security is not worth
worthwhile.
IRP exist and forward rate is unbiased forecast of future spot
rate
Uncovered investment in foreign security will on average
earn an effective yield similar to an investment in a domestic
security.
IRP exist and forward rate is expected to over estimate the
future spot rate
Uncovered investment in foreign security is expected to earn
a lower effective yield than investment in a domestic
security.
IRP exist and forward rate is expected to under estimate the
future spot rate
Uncovered investment in foreign security is expected to earn
a higher effective yield than investment in a domestic
security.
IRP does not exist, the forward premium (discount) exceed
(is less than) the interest rate differential
Covered interest arbitrage is feasible for investor residing in
the home country.
IRP does not exist, the forward premium (discount) is less
than (exceed) the interest rate differential
Covered interest arbitrage is feasible for foreign investors but
not for investor residing in home country.
17. Complication in Optimizing Cash Flow
• When a subsidiary delays its payments to the other subsidiaries, the other subsidiaries may be
forced to borrow until the payments arrive.
• Centralized approach that monitor all inter subsidiary payment should be able to minimize such
problem.
Company Related Characteristic
• Prohibit the use of a netting system.
• Periodically prevent cash from leaving the country.
Government Restriction
• The abilities of banks to facilitate cash transfers for MNCs may vary among countries.
• Without full use of banking recourses and information, the effectiveness of international cash
management.
Characteristic of Banking System
18. Transfer Pricing And Related Issues
• The Transfer Price is the price that for accounting purposes, is
assigned to goods and services flowing from one division of a firm to
another division.
• For MNC, there exists the added complications of:
Difference in tax rate.
Import duties and quotas.
Exchange rate restrictions on part of host country.
• Most countries have regulations controlling transfer pricing. In the
U.S., the tax code requires transfer prices to be arms length prices.
19. Arms Length Price
• A price a selling affiliate would charge an unrelated customers for the
goods and services.
• The provisions relating to determination of arm’s length price are
contained in section 92C which provides as follows:
Comparable uncontrolled price.
Resale price: the price at which the good is resold by the affiliate is reduced
by overhead and profit.
Cost-plus approach: an appropriate profit is added to the cost of the
manufacturing affiliate.
Profit split method.
Transactional net margin method.
Such other method as may be prescribe by the board.