Introduction flight to simplicity
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This document discusses the transition from Market 1.0 which was decentralized and disconnected, to Market 2.0 which is centralized and connected through intermediaries, and the emergence of Market 3.0 which aims to be decentralized and connected through networks. It argues that the problems created by peak credit and the housing bubble cannot be solved with 20th century solutions. It proposes moving to a community partnership enterprise model using a legal framework called "nondominium" and an investment instrument called "Stock 1.0" or "Stock 2.0" to provide a more sustainable and collaborative approach.
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This might have some utility for those transitioning to financial services from a different industry, in particular, those moving from military service. I have kept it as succinct as I can while maintaining utility; a full sheet could be filled for each point on the sheet so take it for what it is: a memory jogger or a crib card for some last minute revision before an interview. For a good overview of the City I recommend 'Know The City' by Christopher Stoakes. If people like then and find it useful then let me know and I will add some more.
Ch11
Financial intermediaries exist because of transaction costs, information asymmetries, and the need for risk diversification. They help reduce transaction costs for smaller actors, pool funds to diversify risk, and have expertise in gathering credit information. However, information asymmetries like adverse selection and moral hazard remain issues. Over time, deregulation and technology have transformed the financial system, with money market funds, commercial paper, and institutional investors like pension funds growing in importance and traditional banks facing more competition and taking on greater risks.
Securitisation Summit 29 November 2001
SA Home Loans is a South African company that originated home loans and funded its loan book through securitization, the process of packaging individual loans into marketable securities. The company presented on the growth of securitization globally and in South Africa. It discussed its own success using securitization to access cheaper funding than banks, allowing it to offer discounted home loans. Moving forward, it aims to expand securitization activity in South Africa through greater investor education, cross-border deals, and additional asset classes.
A Recipe for Disaster? Credit Derivatives, Structured Credit Products, and th...
A Recipe for Disaster? Credit Derivatives, Structured Credit Products, and th...Sikandar Siddiqui, CFA, FRM
A talk on the causes and conequences of the subprime crisis, given at the University of Konstanz in October, 2008A Recipe for Disaster? Credit Derivatives, Structured Credit Products, and th...
A Recipe for Disaster? Credit Derivatives, Structured Credit Products, and th...Sikandar Siddiqui, CFA, FRM
The document discusses the causes of the subprime mortgage crisis and how it spread through the financial system. It describes how low interest rates led to overinvestment in the housing market. Mortgage lenders lowered standards and offered risky loans. When housing prices declined and interest rates rose, there was a wave of defaults. Financial institutions had transferred risk through securities and derivatives, spreading losses throughout the global financial system and causing the near-collapse of some major firms.Financial Crisis in detail
This document provides background information on various financial institutions and instruments involved in the 2008 financial crisis. It discusses how banks operate by taking deposits and lending money, and the risks involved. It also describes mortgage-backed securities, collateralized debt obligations, credit rating agencies, and the roles played by investment banks, insurance companies, pension funds, and government regulators. The subprime mortgage crisis that helped trigger the 2008 crisis is also briefly explained.
An Tearman Partnership
This document outlines an alternative investment model called "Nondominium". It involves four main stakeholder groups - Custodian, User, Manager, and Investor - who enter into collective and associative agreements. The collective agreement governs asset ownership and management, while the associative agreement details the responsibilities and returns for each stakeholder. Investment takes the form of "Stock" that is purchased at a discount and can be returned in payment for use of the asset. The goal is to create a collaborative and sustainable system aligned around shared prosperity rather than profits.
The Subprime Crisis & Implications for Microfinance (SVMN, 05/18/08)
Presentation on the US Subprime Crisis & Impact / Implications on Microfinance, by Katherine McKee, CGAP, to the Silicon Valley Microfinance Network (SVMN.net).
Module 22 saving, investment, and the financial system
This document discusses key aspects of savings, investment, and the financial system. It introduces how savings and investment are related through the savings-investment identity. Private investment is mostly done using other people's money obtained through stock sales or borrowing. Borrowers are charged an interest rate. The financial system helps facilitate investment by reducing transaction costs, risk, and improving liquidity through various financial assets like loans, bonds, stocks and bank deposits.
FMICh1.pptx
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.
Financial inter
This document discusses the role of financial intermediaries in lending and borrowing. It explains that in a world without transaction costs or information problems, there would be no need for intermediaries. However, intermediaries exist to reduce transaction costs, allow for portfolio diversification, gather and produce information to address problems like adverse selection and moral hazard. The evolution of financial intermediaries in the US is then described, highlighting the impact of deregulation, technology, and the rise of institutional investors like pension funds and mutual funds.
Financial inter
This document discusses the role of financial intermediaries in lending and borrowing. It explains that in a world without transaction costs or information problems, there would be no need for intermediaries. However, intermediaries exist to reduce transaction costs, allow for portfolio diversification, gather and produce information, and address issues of asymmetric information like adverse selection and moral hazard. The evolution of financial intermediaries in the US is then reviewed, highlighting the impact of deregulation, technology, and the rise of institutional investors like pension funds and mutual funds.
Fim cha1.pptx
1. The financial system provides seven key functions: saving, wealth, liquidity, credit, payments, risk management, and implementing economic policy.
2. Financial markets allow for the exchange of financial assets and include money markets for short-term loans and capital markets for long-term investments.
3. Financial markets play important roles in price discovery, providing liquidity, and reducing transaction costs. They can be classified based on the type, maturity, and seasoning of financial claims, as well as whether transactions involve immediate or future delivery.
Stocks And Bonds
The document discusses stocks and bonds as the two main types of marketable securities, noting that while they have some similarities as financial instruments that enable investment, they differ significantly in aspects such as ownership structure, cash flow predictability, and risk level. Stocks represent ownership in a company and have uncertain dividends and capital appreciation, while bonds are essentially loans that guarantee periodic interest payments and return of principal, making them generally less risky than stocks.
Similar to Introduction flight to simplicity (20)
A Recipe for Disaster? Credit Derivatives, Structured Credit Products, and th...
A Recipe for Disaster? Credit Derivatives, Structured Credit Products, and th...
A Recipe for Disaster? Credit Derivatives, Structured Credit Products, and th...
A Recipe for Disaster? Credit Derivatives, Structured Credit Products, and th...
The Subprime Crisis & Implications for Microfinance (SVMN, 05/18/08)
The Subprime Crisis & Implications for Microfinance (SVMN, 05/18/08)
Module 22 saving, investment, and the financial system
Module 22 saving, investment, and the financial system
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Protocols, Promises & Power _06_11_18
This document discusses the evolution of markets and fintech. It proposes moving from transaction-based fintech 1.0 to relationship-based fintech 2.0 that links digital currencies to real economic activity. Examples discussed include energy credit obligations that can be used to pre-pay for energy supply, and housing platforms that provide housing as a service using local land use credits. The document proposes a research project to develop community fintech prototypes in four Scottish locations to explore cooperative models of credit clearing, risk sharing, and cost sharing enabled by shared transaction repositories and digital currencies.
Energy Fintech - 21st C Funding for Energy Storage
Introducing the Energy Credit Obligation (ECO) as a long term funding instrument. Energy loans with a return in energy as a service delivered to the end user offer a complementary means to fund the transition to a low carbon economy.
Energy Fintech Introducing the ECO Moscow 20th July 201818
1) The document introduces Energy Credit Obligations (ECOs) as a new type of financial instrument for the energy market. ECOs are promises issued by energy producers to deliver energy in the future in exchange for prepayment.
2) It proposes using ECOs and energy swaps within a new "smart market" framework centered around energy clearing unions. This would transition the energy market away from pricing oil in dollars to pricing dollars in energy units.
3) The goal is to create a more stable and resilient global energy market that does not rely on US dollar dominance and weaponization, by developing energy as a traded service rather than commodity.
Caspian Energy at the crossroads 17 05_17
This document summarizes a presentation on energy markets and transitioning to renewable energy given by Chris Cook and Mahmood Khaghani. It discusses the history of oil markets and the rise of US shale oil production. It then outlines proposals for new market paradigms using energy prepay instruments and defining energy as a service to incentivize efficiency and renewable energy. The presentation concludes by proposing an Institute for Resilience to promote cooperation on energy issues and the development of a Caspian-centric Eurasian Energy Clearing Union.
Introducing the Green Central Belt
The document proposes creating a "Green Central Belt" development zone along canals in central Scotland, managed by a Green Central Belt Company. The company would use innovative financing like "prepay rental credits" to fund affordable, energy efficient housing in a sustainable way. Investors could invest in both short-term development and long-term affordable housing. Councils would set standards. The outcome would be regeneration along the canals through locally-controlled, low-carbon development and new financing options.
Transition through gas world noc
The document discusses energy security and transitions in the global oil and gas market. It outlines some of the challenges faced by National Oil Companies (NOCs) and proposes alternative models for energy trading. Specifically, it suggests:
1. NOCs could ensure stable supply and demand by providing oil and gas as an energy service rather than a commodity.
2. This could be achieved through "energy swaps" where NOCs agree to supply a percentage of output to consumers and service providers in exchange for investment.
3. Investors could provide funding by purchasing "prepay energy credits" from NOCs, creating an alternative to debt financing.
4. This framework could minimize carbon fuel use and costs while increasing
Iran's energy sector at the crossroads
Iran at an Energy Cross Roads. Way forward is a transition through gas to energy as a service, not a commodity
Open capital 2015
This document discusses alternative financing models for the 21st century called "Open Capital" and "Economy 3.0". It proposes that trust-based credit instruments between individuals and communities can replace debt and derivatives. Specifically, it outlines two models: 1) Capital Partnerships that allow investors to share in production through prepaid credit for assets like land and energy; and 2) Guarantee Societies that enable peer-to-peer credit through mutual assurance pools. The goal is for financing to be relationship-based rather than transactional, aligning stakeholders' interests while providing sustainable alternatives to conventional capital.
South caspian summit cook 14th april 2015
The document proposes funding the development of a Caspian Energy Grid through innovative financing mechanisms to improve energy infrastructure connectivity and efficiency in the Caspian region. It suggests establishing a "Clearing Union" platform where investors can purchase energy credits at a discount, which producers and consumers can then use to fund infrastructure upgrades. As a proof of concept, it outlines plans for a Kazakhstan-Azerbaijan-Turkmenistan energy triangle connecting Turkmen gas and power generation assets to the other countries via undersea high voltage direct current cables, which could help Turkmenistan export surplus energy while conserving domestic gas resources. The proposal aims to minimize development costs through "energy loans" that are repaid with energy rather than interest, increase energy market integration
Sustainability & resilience 23 04_15
The document discusses developing community resilience through sustainable energy solutions like Denmark has achieved. It proposes testing "Linlithgow Natural Grid" protocols and instruments in Scotland to accelerate community energy projects. These include a prepay energy credit system and energy partnership model. The goal is for communities to become energy independent by applying the "least carbon fuel cost principle". Future research should pilot these approaches and engage communities through social media and documentaries to disseminate the solutions.
Athens Energy Forum
This document discusses how prepaying for energy through the sale of energy credits can help fund investment in renewable energy infrastructure. It proposes that energy producers sell undated credits to investors, which can then be used to prepay for future energy needs. This locks in prices for both producers and consumers and provides capital for producers. The document argues this model could help transition economies to low carbon solutions while providing returns to investors. It even presents a thought experiment where Greece issues energy credits as a dividend to citizens to help resolve its fiscal issues through taxes on land and carbon fuels.
Reliable energy ashgabat chris cook
This document proposes funding the development of a Caspian Energy Grid through a prepay energy credit system and energy loans. It would connect energy generation and transmission infrastructure across the Caspian region to improve efficiency. Currently infrastructure is fragmented, inefficient, and wastes carbon fuels. The proposal suggests upgrading legacy systems and building new high-voltage direct current connections. This would allow countries like Turkmenistan to export excess power. Investors could provide funding by buying discounted prepay energy credits or lending through energy loans repaid in energy units. A pilot project called KAT Core involving Turkmenistan, Kazakhstan, and Azerbaijan is presented as a proof of concept.
West Lothian Council Environment Policy & Scrutiny Committee 04 11_14
Linlithgow Natural Grid (LNG) aims to make Linlithgow energy independent through reducing energy consumption and installing renewable energy sources at no cost to consumers or the local council. LNG will adopt the "Least Carbon Fuel Cost" principle of minimizing carbon fuel inputs to maximize electricity, heat, and power outputs. It will be a company limited by guarantee with multiple stakeholders, acting as custodian of community energy infrastructure developed through partnerships. Initial proofs of concept like a solar roof and linking local energy sources could help cut Linlithgow's estimated £6.5 million in annual carbon fuel costs. The proposal invites the West Lothian Council to formally participate in LNG through supporting feasibility studies and designating
Sbi offshore arabia balancing regional gas supply and demand v0.8
1. Balancing regional gas supply and demand is a global equation that requires coordinating production and investment to meet rising global demand.
2. The failure of the inter-bank market to solve the supply and demand equation necessitates replacing it with a global network of regulated exchanges for improved price stability and energy security.
3. The region, through an organization like "Gas OPEC", has an opportunity to lead the development of this exchange network and sell large volumes of gas on it, strengthening energy security and economic/political interdependence.
Volos 3.0
Volos 3.0 proposes decentralizing financing and funding through prepayment models for land, energy, and taxes. This allows communities and consumers to lock in prices for housing, utilities, and taxes by prepaying upfront and getting credits returned over time. Protocols like Land Partnership and Energy Partnership align stakeholders through sharing revenues and managing costs collaboratively. A Guarantee Society and Clearing Union use pooled funds to guarantee transactions and handle defaults, providing an alternative to interest-based financing. Prepayment models incentivize efficiency and sustainability by tying returns to actual usage of resources.
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The document discusses Scotland's draft Heat Generation Policy Statement and the Scotland Heat Map. It provides context on Scotland's climate change, energy efficiency, and renewable energy targets. It then summarizes the draft policy's focus on decarbonizing heat by 2050, increasing heat security, reducing fuel poverty, and seizing economic opportunities. Key strategies discussed include energy efficiency standards, building regulations, district heating targets and funding, and renewable heat incentives. It also introduces the Scotland Heat Map initiative to identify heat demand and supply opportunities to inform planning and investment.
Linlithgow Natural Grid_Initial Report
This report examines options for a green, low carbon community in and around Linlithgow Cross in Scotland. It conducts a baseline survey of energy use in the area and considers seven technologies for reducing carbon emissions, including biomass boilers, CHP systems, heat pumps, and superinsulation. Capital costs for the options range from £1.68 to 5.89 million, with payback periods from subsidies of 5.5 to 196.5 years. The report recommends pilot projects using ground source heat pumps, micro-CHP, and superinsulation at specific buildings identified as energy "hotspots". It emphasizes the need for immediate action to secure funding and leverage available government subsidies to facilitate the transition to low carbon
All energy show 2014 introducing the natural grid
The document proposes a "Natural Grid" approach and "Open Capital" model to fund renewable energy and energy efficiency projects. It involves:
1) Applying a "Least Carbon Fuel Cost" principle to prioritize investments that minimize carbon inputs for a given energy output.
2) Creating an "Energy Partnership" where investors prepay for future energy production/savings, earning a return as energy credits are used to offset consumer bills.
3) Establishing an "Energy Pool" where investors fund community-level energy loans that are repaid through residents buying prepaid energy units, creating an interest-free financing structure.
Applecross Natural Grid
This document proposes a Natural Grid and Open Capital approach to achieve resilient Market 3.0. It discusses how Denmark achieved resource resilience through a Natural Grid policy focusing on least energy cost over time. This decentralized their energy system and led to energy security. It also proposes a prepay model for land and energy where consumers prepay for future access in exchange for an interest-free loan, aligning stakeholder interests sustainably over time. An Applecross Green Deal is outlined using this approach through an energy pool investing in community projects repaid via consumer energy prebuys.
Regeneration nhf - manchester 23-01_14
The document discusses funding regeneration through a system called Capital Partnership that uses prepay credits. It proposes that Capital Partnership is a new approach that can finance development and fund long-term use of assets through creating rental pools. Rental pools would establish affordable long-term rents and sell prepay credits returnable for rent, raising funds for development while providing income for investors. This system could help address 21st century problems by allowing different generations to directly invest in and benefit from assets like housing through exchange of rental credits, care, and intergenerational transfers of value.
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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.
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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.Recently uploaded (20)
Independent Study - College of Wooster Research (2023-2024)
Independent Study - College of Wooster Research (2023-2024)
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Pensions and housing - Pensions PlayPen - 4 June 2024 v3 (1).pdf
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1. Elemental Economics - Introduction to mining.pdf
1. Elemental Economics - Introduction to mining.pdf
Who Is the Largest Producer of Soybean in India Now.pdf
Who Is the Largest Producer of Soybean in India Now.pdf
Does teamwork really matter? Looking beyond the job posting to understand lab...
Does teamwork really matter? Looking beyond the job posting to understand lab...
Introduction flight to simplicity
- 1. A Flight to Simplicity Chris Cook Kansas City 23 July 2012
- 2. About me - Trading Places
- 3. “21st Century problems cannot be solved with 20th Century solutions”.
- 4. Market 1.0 – decentralised & disconnected
- 5. Market 1.0 – physical market presence
- 6. Here: Market 2.0 - centralised & connected
- 7. Market 2.0 - presence via intermediaries
- 8. There: Market 3.0 - decentralised & connected
- 9. Market 3.0 - network presence
- 10. Here - at Twin Peaks
- 11. Peak Credit - financial demand on people
- 12. Peak Oil - demand on a finite resource
- 13. Peak Credit – intermediary Banks create credit pyramids on their bases of Capital Credit Capital
- 14. Banks outsourced credit risk
- 15. Freeing Capital to support more credit creation
- 16. Totally – securitisation and sale of debt to 'shadow bank' investors
- 17. Temporarily – Credit Derivatives (CDS - a time-limited guarantee)
- 18. Partially – using credit insurance from insurers such as AIG
- 19. Radioactive cocktails of all three, like CDOs, structured finance and so on
- 20. The Result was a bigger Credit Pyramid than Banks alone could sustain… Credit Investor Capital Bank Capital
- 21. …and an opaque 'shadow banking system' of Investors holding sliced and diced risk Credit Investor Capital Bank Capital
- 22. This pyramid of Credit funded the Mother of all Bubbles in US property prices….
- 23. …and servicing this credit finally exceeded the financial capacity of the US population
- 24. Maybe the end of cheap oil spiked the bubble?
- 25. Peak Credit – was the point when the Property Bubble began to deflate
- 26. But by now no-one knew where the Risk was Credit Investor Capital Bank Capital
- 27. Banks started to think, “if this is what our balance sheet looks like…..”
- 28. “…what does everyone else’s look like?”
- 29. The problem is not shortage of money - liquidity
- 30. It is shortage of Capital - solvency
- 31. Solvency of Banks is one aspect Credit Capital
- 32. The other aspect is the solvency of populations
- 33. And a secular decline of purchasing power
- 34. Loans which cannot be paid, will not be paid
- 35. Non-performing loans drain money out of the system...
- 36. ...threatening a deflationary spiral...
- 37. ....which requires periodic transfusions
- 39. Quantitative Easing – increases quantity of money and prevents deflation
- 40. This dilutes the value of money, and causes inflation of financial asset prices
- 41. Money will only inflate retail prices if lent or spent into circulation
- 42. But at the Zero Bound of 0% dollar interest rates strange things happen
- 43. Investors buy anything but dollars whether it carries a return or not
- 44. Investors buy Structured Products from Banks and Units in Exchange Traded Funds
- 45. The motive is Fear: investors aim to avoid loss, not to make speculative transaction profit
- 46. Financial demand – not consumption – has caused correlated commodity bubbles
- 47. Markets have suffered a cardiac arrest
- 48. So Investors have actually created the very inflation they seek to avoid
- 49. Funding – long term investment in productive assets
- 50. Financing - short term investment in creation of new assets......
- 51. ....and trade credit necessary for the circulation of goods and services
- 52. Resolution & Transition - Getting from Here to There
- 53. “21st Century problems cannot be solved with 20th Century solutions”.
- 54. In fact, the answers lie prior to the 18 th Century“
- 55. Community Partnership Enterprise Model Structure - Stakeholders - Custodian - User - Manager - Investor Legal framework – Nondominium Investment instrument - Stock
- 56. User Payment Custodian % % Investor Manager
- 57. Legal Framework – 'Nondominium' Two complementary agreements Collective agreement between stakeholders jointly Associative agreement between stakeholders individually or severally
- 58. Collective Agreement Governs creation, issue and exchange of Stock, holds bank accounts and title/transaction registries Stakeholders have negative veto rights Interfaces with people and organisations (legal persons)
- 59. Associative Agreement User – pays for the use of productive asset (land, energy, IP) Manager – receives a proportional share in the flow of use value Investor – acquires Stock consisting of 'unitised' use value sold forward at a discount Complementary to the collective agreement – akin to a 'for profit' limited company's shareholder agreement
- 60. Nondominium - Outcomes A consensual non-statutory 'development corporation' Neutral – removes ego and politics Collaborative - stakeholder interests aligned – no principal/agent problem Social Business – shared surplus/ 'not for loss' - relationship-based not transaction-based Sustainable - everyone has an interest in minimising cost of use over time
- 61. Investment Instrument - Stock 1.0
- 62. Stock 2.0 – Back to the Future Stock - an undated credit returnable in payment for use value of productive asset Sold at a discount – eg £1.00 of Rental Stock sold for 80p gives an absolute return of 25% Rate of Return is literally the rate at which Stock may be returned to the issuer Rate is not fixed, but depends on whether there is a flow and what it is
- 63. Stock - Outcomes Competitive - no compound interest Secure – no default risk, and the more affordable the rental, the more secure the return Liquid – single asset class, not fragmented by date or interest rate Liquid – Manager will always buy Stock on behalf of Users for redemption at best offer < or = to £1.00
- 64. A Flight to Simplicity