Sample Calculations for solar rooftop project in Indiadisruptiveenergy
If you want to setup a solar rooftop power plant on your roof, you must get the feasibility report first to confirm the profitability of the proposed project. Things such as Payback Period, Return On Investment(ROI), Internal Rate of Return and 100 more factors affecting the solar power output from your installed capacity. This is how a sample case calculation looks like.
Sample Calculations for solar rooftop project in Indiadisruptiveenergy
If you want to setup a solar rooftop power plant on your roof, you must get the feasibility report first to confirm the profitability of the proposed project. Things such as Payback Period, Return On Investment(ROI), Internal Rate of Return and 100 more factors affecting the solar power output from your installed capacity. This is how a sample case calculation looks like.
Transformation 101 - Business Model WorkshopDaniel Li
Tech savvy will distaste the seemingly lame business model discussion. However, a closer look at transformation challenges in IoT reveals the lack of business model discussion. A often ignored root cause is the lack of facilitation tool. The paper addresses such need to ice breaking executive sale to build buy-in and consensus
Time series analysis is conducted on daily views of Wikipedia article. The data set contains individual Pages and daily views of the pages.
The total number of pages in the data set is 145k. The training data set 1 contains daily views from July 1st 2015 to Dec 31st 2016 with a total number of 550 days.
Testing of forecast model is based on data from January, 1st, 2017 up until March 1st, 2017, which is 60 days including 1st march 2017.
In this analysis, I was tasked to calculate the growth rate of different energy production methods in the United States, and find the two fastest growing renewable energy methods.
Beijing Huanqiu Guangyang Bearings Co.,Ltd(GPZ Bearing), the professional manufacturer and exporter of high quality ball and roller bearings with more than 20 years of experience to meet the customers require.
We have won good market in Eastern European countries,Southeast Asia,American countries.
Choose GPZ Bearing to won your market based on quality guarantee.
We thank you for your attention and look forward to the cooperation with you!
Sincerely Yours,
Alan Yu
Export Manager
BEIJING HUANQIU GUANGYANG BEARINGS CO.,LTD
Tel:86-15101602678
Fax:86-319-6112678
Cell: 86-15032602678/ 15354192678
Email: alan@gpzbearing.com
Yahoo: gpzbearing@yahoo.com
MSN: gpzbearing@live.com
Gmail: gpzbearing@gmail.com
Skype: gpzbearing
Web: www.gpzbearing.com / www.gpzbearing.net
Thoughts on spend intelligence - Newsletter: April 2014ProcIntel
A regular column on producing spend intelligence and conducting strategic sourcing in companies.
APRIL 2014: Strategic sourcing in the extractive industries
1-Racism Consider the two films shown in class Night and Fog,.docxcatheryncouper
1-Racism:
Consider the two films shown in class "Night and Fog", and "Mr. Tanimoto's Journey". What do you think are the salient similarities, if any? What are the crucial differences? Why?
2- Slavery New & Old
Bales notes that New Slavery is very different from Old Slavery. What are some of the differences he describes? What are the links between New Slavery and the Globalized Economy?
Bales also notes that there are things we each can do to end slavery, but that this requires taking a "very dispassionate look at slaves as a commodity" (Bales 250). Why?
Finally, he suggests that activism without a broad-based explanatory framework is worse than none at all. Why does he think so? Do you agree? Why or why not?
3- Human- The Film
How, if at all, does the film "Human" resonate with or reflect themes explored in What Matters? Which of the characters was most compelling to you, and why?
4- Culture and Power Create Scarcity
Recognize that power and culture are inseparable, one does not exist without the other, and currently the dominant form of culture is based upon industrial production requiring essentially infinite energy supplies – which do not in fact exist. So we collectively face a terrible problem. And yet the greatest burden of this problem is being borne by those least able to do anything about it, while at the same time those who benefit most from the economic inequalities imposed by the culture of industrial production and imposed scarcity are unwilling or unable to recognize that things cannot continue as they are. This is our dilemma; one we must solve now or ignore and risk facing unimaginable chaos later.
Concerned about the ultimate implications of his theories about space, time and energy, Einstein pointed out that 20th century problems would never be solved by 19th century thinking. Indeed, by the same token, 21st century problems will not be solved with 20th century thinking either. The same can be said for oversimplified false dichotomies between 'conservatives' and 'liberals' and particularly 'capitalism' and 'communism'. The latter pair of binary opposites are 19th century ideas while the former are legacies of the 20th century.
We are well beyond the political and economic circumstances that informed such artificially limited conceptualizations of the human condition in many, many ways. And yet, these same tired inaccurate philosophical cages are still supposed to encompass the almost infinite variety and subtleties of contemporary global and local political economies? This is essentially the problem Einstein was concerned with when he noted the conceptual poverty of such willed ignorance. Our technological capacity has outstripped our cultural mechanisms of maintaining social control (consider greed: how much is enough?) and exacerbated our ability to impose physically violent solutions to complex and entirely negotiable problems. Our challenge now is to reassert the primacy of compassion and respect for differenc.
Transformation 101 - Business Model WorkshopDaniel Li
Tech savvy will distaste the seemingly lame business model discussion. However, a closer look at transformation challenges in IoT reveals the lack of business model discussion. A often ignored root cause is the lack of facilitation tool. The paper addresses such need to ice breaking executive sale to build buy-in and consensus
Time series analysis is conducted on daily views of Wikipedia article. The data set contains individual Pages and daily views of the pages.
The total number of pages in the data set is 145k. The training data set 1 contains daily views from July 1st 2015 to Dec 31st 2016 with a total number of 550 days.
Testing of forecast model is based on data from January, 1st, 2017 up until March 1st, 2017, which is 60 days including 1st march 2017.
In this analysis, I was tasked to calculate the growth rate of different energy production methods in the United States, and find the two fastest growing renewable energy methods.
Beijing Huanqiu Guangyang Bearings Co.,Ltd(GPZ Bearing), the professional manufacturer and exporter of high quality ball and roller bearings with more than 20 years of experience to meet the customers require.
We have won good market in Eastern European countries,Southeast Asia,American countries.
Choose GPZ Bearing to won your market based on quality guarantee.
We thank you for your attention and look forward to the cooperation with you!
Sincerely Yours,
Alan Yu
Export Manager
BEIJING HUANQIU GUANGYANG BEARINGS CO.,LTD
Tel:86-15101602678
Fax:86-319-6112678
Cell: 86-15032602678/ 15354192678
Email: alan@gpzbearing.com
Yahoo: gpzbearing@yahoo.com
MSN: gpzbearing@live.com
Gmail: gpzbearing@gmail.com
Skype: gpzbearing
Web: www.gpzbearing.com / www.gpzbearing.net
Thoughts on spend intelligence - Newsletter: April 2014ProcIntel
A regular column on producing spend intelligence and conducting strategic sourcing in companies.
APRIL 2014: Strategic sourcing in the extractive industries
1-Racism Consider the two films shown in class Night and Fog,.docxcatheryncouper
1-Racism:
Consider the two films shown in class "Night and Fog", and "Mr. Tanimoto's Journey". What do you think are the salient similarities, if any? What are the crucial differences? Why?
2- Slavery New & Old
Bales notes that New Slavery is very different from Old Slavery. What are some of the differences he describes? What are the links between New Slavery and the Globalized Economy?
Bales also notes that there are things we each can do to end slavery, but that this requires taking a "very dispassionate look at slaves as a commodity" (Bales 250). Why?
Finally, he suggests that activism without a broad-based explanatory framework is worse than none at all. Why does he think so? Do you agree? Why or why not?
3- Human- The Film
How, if at all, does the film "Human" resonate with or reflect themes explored in What Matters? Which of the characters was most compelling to you, and why?
4- Culture and Power Create Scarcity
Recognize that power and culture are inseparable, one does not exist without the other, and currently the dominant form of culture is based upon industrial production requiring essentially infinite energy supplies – which do not in fact exist. So we collectively face a terrible problem. And yet the greatest burden of this problem is being borne by those least able to do anything about it, while at the same time those who benefit most from the economic inequalities imposed by the culture of industrial production and imposed scarcity are unwilling or unable to recognize that things cannot continue as they are. This is our dilemma; one we must solve now or ignore and risk facing unimaginable chaos later.
Concerned about the ultimate implications of his theories about space, time and energy, Einstein pointed out that 20th century problems would never be solved by 19th century thinking. Indeed, by the same token, 21st century problems will not be solved with 20th century thinking either. The same can be said for oversimplified false dichotomies between 'conservatives' and 'liberals' and particularly 'capitalism' and 'communism'. The latter pair of binary opposites are 19th century ideas while the former are legacies of the 20th century.
We are well beyond the political and economic circumstances that informed such artificially limited conceptualizations of the human condition in many, many ways. And yet, these same tired inaccurate philosophical cages are still supposed to encompass the almost infinite variety and subtleties of contemporary global and local political economies? This is essentially the problem Einstein was concerned with when he noted the conceptual poverty of such willed ignorance. Our technological capacity has outstripped our cultural mechanisms of maintaining social control (consider greed: how much is enough?) and exacerbated our ability to impose physically violent solutions to complex and entirely negotiable problems. Our challenge now is to reassert the primacy of compassion and respect for differenc.
1-http://fluoridealert.org/researchers/states/kentucky/
2-
3-School fluoridation studies in Elk Lake, Pennsylvania, and Pike County, Kentucky--results after eight years.
https://www.ncbi.nlm.nih.gov/pmc/articles/PMC1229128/?page=1
4-American Association for Dental Research Policy Statement on Community Water Fluoridation
http://journals.sagepub.com/doi/abs/10.1177/0022034518797274
5- Ground-Water Quality in Kentucky: Fluoride - University of Kentucky
http://www.uky.edu/KGS/pdf/ic12_01.pdf
6-Kentucky Oral Health Program Brochure - Cabinet for Health.
https://chfs.ky.gov/agencies/dph/dmch/cfhib/Oral%20Health%20Program/beigebrochureoralhealth80107.pdf
7-
8-
9-
PIIS00028177146263
98.pdf
746 JADA, Vol. 131, June 2000
Enamel fluorosis is a hypomineralization of the
enamel caused by the ingestion of an amount of
fluoride that is above optimal levels during
enamel formation.1,2 Clinically, the appearance of
enamel fluorosis can vary. In its mildest form, it
appears as faint white lines or streaks visible
only to trained examiners under controlled exam-
ination conditions. In its pronounced form, fluo-
rosis manifests as white mottling of the teeth in
which noticeable white lines or streaks often
have coalesced into larger opaque areas.2,3 Brown
staining or pitting of the enamel also may be
present.2,3 In its most severe form, actual break-
down of the enamel may occur.2,3
In recent years, there has been an increase in
the prevalence of children seen with enamel fluo-
A B S T R A C T
Background. Few studies have evaluated the
impact of specific fluoride sources on the prevalence of
enamel fluorosis in the population. The author con-
ducted research to determine attributable risk percent
estimates for mild-to-moderate enamel fluorosis in two
populations of middle-school–aged children.
Methods. The author recruited two groups of
children 10 to 14 years of age. One group of 429 had
grown up in nonfluoridated communities; the other
group of 234 had grown up in optimally fluoridated
communities. Trained examiners measured enamel
fluorosis using the Fluorosis Risk Index and meas-
ured early childhood fluoride exposure using a ques-
tionnaire completed by the parent. The author then
calculated attributable risk percent estimates, or the
proportion of cases of mild-to-moderate enamel fluo-
rosis associated with exposure to specific early fluo-
ride sources, based on logistic regression models.
Results. In the nonfluoridated study sample,
sixty-five percent of the enamel fluorosis cases were
attributed to fluoride supplementation under the pre-
1994 protocol. An additional 34 percent were
explained by the children having brushed more than
once per day during the first two years of life. In the
optimally fluoridated study sample, 68 percent of the
enamel fluorosis cases were explained by the children
using more than a pea-sized amount of toothpaste
during the first year of life, 13 percent by having
been inappropriately given a fluoride supple.
1. Consider our political system today, in 2019. Which groups of peo.docxcatheryncouper
1. Consider our political system today, in 2019. Which groups of people are
excluded from participating in the political process?
Please identify at least two groups of people who are excluded and engage with at least one of your colleagues and explain why you either agree or disagree with the group of people that they identified. As always, use your critical thinking skills to answer this.
2.
What speech is protected under the
first amendment
and what speech is
excluded
from first amendment protection? And why?
.
1-Ageism is a concept introduced decades ago and is defined as .docxcatheryncouper
1-Ageism is a concept introduced decades ago and is defined as “the prejudices and stereotypes that are applied to older people sheerly on the basis of their age…” (Butler, Lewis, & Sutherland, 1991).
DQ: What are some common misconceptions you have heard or believed about older adults? What can you do to dispel these myths?
2-Please use textbook as, at least, one reference.
3-Please abide by APA 7th edition format in your writing.
4-Answers should be 2-3 Paragraphs made up of 3-4 sentences each
UNIT 1 CHAPTER 4 LIFE TRANSITIONS AND HISTORY (ATTACHED)
.
1. Create a PowerPoint PowerPoint must include a minimum of.docxcatheryncouper
1.
Create a PowerPoint:
PowerPoint must include a minimum of 12 slides (including Title Slide and Reference slide). Ensure that information is cited in-text throughout the presentation. Use inspirational quotes, graphics, visual aids, and video clips to enhance your presentation. Ensure that information included on your slides is properly paraphrased and cited; the use of direct quotes is prohibited. A minimum of three sources should be included (your textbook counts); ensure sources are credible.
Once you have chosen your format, choose a type of stress (schoolwork, family, job, a relationship, etc) and answer all of the following questions:
1. Give examples that causes the stress.
2. Describe healthy coping mechanisms you can use to help with stress.
3. Discuss of the warning signs of stress is in your life.
4. Describe the short-term effects stress can have on an individual.
5. Describe the long-term effects stress can have on an individual.
.
1. Compare vulnerable populations. Describe an example of one of the.docxcatheryncouper
1. Compare vulnerable populations. Describe an example of one of these groups in the United States or from another country. Explain why the population is designated as "vulnerable." Include the number of individuals belonging to this group and the specific challenges or issues involved. Discuss why these populations are unable to advocate for themselves, the ethical issues that must be considered when working with these groups, and how nursing advocacy would be beneficial.
2.
How does the community health nurse recognize bias, stereotypes, and implicit bias within the community? How should the nurse address these concepts to ensure health promotion activities are culturally competent? Propose strategies that you can employ to reduce cultural dissonance and bias to deliver culturally competent care. Include an evidence-based article that address the cultural issue. Cite and reference the article in APA format.
.
1. Complete the Budget Challenge activity at httpswww.federa.docxcatheryncouper
1. Complete the Budget Challenge activity at: https://www.federalbudgetchallenge.org/challenges/20/pages/overview
a. Keep a record of your selections and why you decided to select them and not the other options. ( keep a record of your selections in piece of paper so you can go back and reflect on your choices in your write-up. For instance, the first choice is about investments. So, on a piece of paper write down whether you selected any of the investment choices and a quick note about why you chose (for example) to spend $30B to establish a National Infrastructure Bank but didn't select to invest in the other options.) your selections as those reflect your own personal, subjective, choices. I will grade the assignment based on whether you have provided a thoughtful written response that answers the questions posted on the instructions.
b. When you’ve finished, save your results summary page.
2. Write a 2.5+ page summary overview of your experience, discussing your budget selections and analyzing your responses. Use the following questions to guide your response, but don't be limited by them:
a. What was challenging?
b. What was easy?
c. What do your selections say about your policy priorities and political ideologies?
** source: (Author Last Name, Year, pg.)
June 2003: WAY IN THE MIDDLE OF THE AIR
“Did you hear about it?”
“About what?”
“The niggers, the niggers!”
“What about ’em?”
“Them leaving, pulling out, going away; did you hear?”
“What you mean, pulling out? How can they do that?”
“They can, they will, they are.”
“Just a couple?”
“Every single one here in the South!”
“No.”
“Yes!”
“I got to see that. I don’t believe it. Where they going — Africa?”
A silence.
“Mars.”
“You mean the planet Mars?”
“That’s right.”
The men stood up in the hot shade of the hardware porch. Someone quit lighting a pipe. Somebody else spat out into the hot dust of noon.
“They can’t leave, they can’t do that.”
“They’re doing it, anyways.”
“Where’d you hear this?”
“It’s everywhere, on the radio a minute ago, just come through.”
Like a series of dusty statues, the men came to life.
Samuel Teece, the hardware proprietor, laughed uneasily. “I wondered what happened to Silly. I sent him on my bike an hour ago. He ain’t come back from Mrs. Bordman’s yet. You think that black fool just pedaled off to Mars?”
The men snorted.
“All I say is, he better bring back my bike. I don’t take stealing from no one, by God.”
“Listen!”
The men collided irritably with each other, turning.
Far up the street the levee seemed to have broken. The black warm waters descended and engulfed the town. Between the blazing white banks of the town stores, among the tree silences, a black tide flowed. Like a kind of summer molasses, it poured turgidly forth upon the cinnamon-dusty road. It surged slow, slow, and it was men and women and horses and barking dogs, and it was little boys and girls. And from the mouths of the people partaking of this tide came the sound of a river. A summer-.
1. Connections between organizations, information systems and busi.docxcatheryncouper
1. Connections between organizations, information systems and business processes.
2. There are a number of benefits associated with cutting edge business analytics.
3. Three conditions that contribute to data redundancy and inconsistency are:
4. Network neutrality
5. Simple Object Access Protocol (SOAP).
6. Outsourcing IT-advantages and disadvantages
7. The security challenges faced by wireless networks
.
1-Experiences with a Hybrid Class Tips And PitfallsCollege .docxcatheryncouper
1-Experiences with a Hybrid Class: Tips And Pitfalls
College Teaching Methods & Styles Journal, 2006, Vol.2(2), p.9-12
Notes
This paper will discuss the author's experiences with converting a traditional classroom-based course to a hybrid class, using a mix of traditional class time and web-support. The course which was converted is a lower-level human relations class, which has been offered in both the traditional classroom-based setting and as an asynchronous online course. After approximately five years of offering the two formats independently, the author decided to experiment with improving the traditional course by adopting more of the web-based support and incorporating more research and written assignments in "out of class" time. The course has evolved into approximately 60% traditional classroom meetings and 40% assignments and other assessments out of class. The instructor's assessment of the hybrid nature of the class is that students are more challenged by the mix of research and writing assignments with traditional assessments, and the assignments are structured in such a way as to make them more "customizable" for each student. Each student can find some topics that they are interested in to pursue in greater depth as research assignments. However, the hybrid nature of the class has resulted in an increased workload for the instructor. The course has been well received by the students, who have indicated that they find the hybrid format appealing.
2-Undergraduate Research Methods: Does Size Matter? A Look at the Attitudes and Outcomes of Students in a Hybrid Class Format versus a Traditional Class Format.
Author
Gordon, Jill A.
Barnes, Christina M.
Martin, Kasey J.
Publisher
Taylor & Francis Ltd
Is Part Of
Journal of Criminal Justice Education, 2009, Vol.20 (3), p.227-249
Notes
The goal of this study is to understand if there are any variations regarding student engagement and course outcomes based on the course format. A new course format was introduced in fall of 2006 that involves a hybrid approach (large lecture with small recitations) with a higher level of student enrollment than traditional research methods courses. During the same time frame, the discipline maintained its traditional research methods courses as well. A survey was administered to all students enrolled in research methods regardless of course format in fall 2006 and spring 2007. Student responses are discussed, including information concerning the preparation, design, cost and benefits of offering a hybrid research methods course format.
3- Distance Education: Linking Traditional Classroom Rehabilitation Counseling Students with their Colleagues Using Hybrid Learning Models.
Author
Main, Doug
Dziekan, Kathryn
Publisher
Springer Publishing Company, Inc.
Is Part Of
Rehabilitation Research, Policy & Education, 2012, Vol.26 (4), p.315-321
Notes
Current distance learning technological advances allow real and virtual classrooms to unite. In this .
RefereanceSpectra.jpg
ReactionInformation.jpg
WittigReactionOfTransCinnamaldehye.docx
Wittig Reaction of trans-Cinnamaldehyde
GOAL: Identify the major isomer of the Wittig reaction
E,E-1,4-diphenyl-1,3-butadiene OR E,Z-1,4-diphenyl-1,3-butadiene
Attached are the:
1. Drawing of the overall reaction
2. Drawing of the structure of the two possible isomers
3. Reference NMR spectra of what is labeled trans, trans-1,4-diphenyl-1,3-butadiene
4. IR spectra
5. UV vis spectra
6. 1H NMR not-detailed
7. 1H NMR detailed
8. BASED ON # 4, 5 and 7 Identify the major isomer of the Wittig reaction, can the integration values of the NMR be used to give approximate percent of each isomer
IR.jpg
UV-visSpectra.jpg
NMR.jpg
NMR-DeterminePredominantIsomer.jpg
...
Reconciling the Complexity of Human DevelopmentWith the Real.docxcatheryncouper
Reconciling the Complexity of Human Development
With the Reality of Legal Policy
Reply to Fischer, Stein, and Heikkinen (2009)
Laurence Steinberg Temple University
Elizabeth Cauffman University of California, Irvine
Jennifer Woolard Georgetown University
Sandra Graham University of California, Los Angeles
Marie Banich University of Colorado
The authors respond to both the general and specific con-
cerns raised in Fischer, Stein, and Heikkinen’s (2009)
commentary on their article (Steinberg, Cauffman, Wool-
ard, Graham, & Banich, 2009), in which they drew on
studies of adolescent development to justify the American
Psychological Association’s positions in two Supreme
Court cases involving the construction of legal age bound-
aries. In response to Fischer et al.’s general concern that
the construction of bright-line age boundaries is inconsis-
tent with the fact that development is multifaceted, variable
across individuals, and contextually conditioned, the au-
thors argue that the only logical alternative suggested by
that perspective is impractical and unhelpful in a legal
context. In response to Fischer et al.’s specific concerns
that their conclusion about the differential timetables of
cognitive and psychosocial maturity is merely an artifact of
the variables, measures, and methods they used, the au-
thors argue that, unlike the alternatives suggested by Fi-
scher et al., their choices are aligned with the specific
capacities under consideration in the two cases. The au-
thors reaffirm their position that there is considerable
empirical evidence that adolescents demonstrate adult lev-
els of cognitive capability several years before they evince
adult levels of psychosocial maturity.
Keywords: policy, science, adolescent development, chro-
nological age
In our article (Steinberg, Cauffman, Woolard, Graham,& Banich, 2009, this issue), we asked whether therewas scientific justification for the different positions
taken by the American Psychological Association (APA) in
two related Supreme Court cases—Hodgson v. Minnesota
(1990; a case concerning minors’ competence to make
independent decisions about abortion, in which APA ar-
gued that adolescents were just as mature as adults) and
Roper v. Simmons (2005; a case about the constitutionality
of the juvenile death penalty, in which APA argued that
adolescents were not as mature as adults). On the basis of
our reading of the extant literature in developmental psy-
chology, as well as findings from a recent study of our own,
we concluded that the capabilities relevant to judging in-
dividuals’ competence to make autonomous decisions
about abortion reach adult levels of maturity earlier than do
capabilities relevant to assessments of criminal culpability,
and that it was therefore reasonable to draw different age
boundaries between adolescents and adults in each in-
stance.
In their commentary on our article, Fischer, Stein, and
Heikkinen (2009, this issue) raised both general and spe-
cif ...
Reexamine the three topics you picked last week and summarized. No.docxcatheryncouper
Reexamine the three topics you picked last week and summarized. Now, break out each case into a list of ethical and legal considerations that might help to analyze each case—summarize the considerations in two paragraphs for each case.
For each case, also ask one legal and one ethical question that might present. Consider the principles of ethics from Week 1 and the laws addressed this week. You should also use outside references to dig deeper into each case for your list.
3 topics identified in paper below from last week
· The Principal of Justice
· Autonomy
· Non-maleficence
Health Care Ethics
Health care ethics is a set of beliefs, moral principles and values that guide health care centers and related institutions to make choices with regard to medical care. Some health ethics include: respect for autonomy, justice and non-maleficence (Percival, 1849).
The principle of justice in health care ensures that there is respect for people’s rights, fair distribution of health resources and respect for laws that are morally acceptable. There are mainly two elements in this principle; equity and equality. Equity ensure that are all cases have equal access to treatment regardless of the patients’ status in ethnic background, age, sexuality, legal capacity, disability, insurance cover or any other discriminating factors.
It is important to study this ethical issue of justice since there have been an increasing report of doctors and medical staff failing to administer certain treatment services to certain kind of patients. Consequently, there have been debates in countries such as the UK over the refusal to give expensive treatment to patients who are likely to benefit from the treatment but cannot afford it. One ethical in the principle of justice is as to whether the health care center is creating an environment for sensible and fair use of health care resources and no particular type of patients are shun away or stigmatized. The legal question is whether the health care center is breaking the law against inequality and discrimination particularly racism, tribalism, gender insensitivity and other discrimination noted and prohibited in the country’s constitution.
The second area of health care ethics is respect for autonomy. Autonomy means self-determination or self-rule. Hence, this principle stipulates that one should be allowed to direct their health life according to their personal rationale. The patients have a right to determine their own destiny freely and independently as well as having their decision respected (Pollard, 1993).
This principle is important for study because not many people would not want to be treated as those with dementia; a disease involving loss of mental power. Many people are afraid of the prospect of not being able to decide their own fate and exercise self-determination. An ethical question in this principle of respect for autonomy is whether the health care center ensures that the patient is provided with ...
Reconstruction
Dates:
The Civil War?_________
Reconstruction? ________
9-9-12
*
*
9/7/2010
Foner Chapter 15
"What Is Freedom?": Reconstruction, 1865–1877
*
After the Civil War, freed slaves and white allies in the North and South attempted to redefine the meaning and boundaries of American freedom. Freedom, once for whites only, now incorporated black Americans. By rewriting laws, African-Americans, for the first time, would be recognized as citizens with equal rights and the right to vote, even in the South. Blacks created their own schools, churches, and other institutions. Though many of Reconstruction’s achievements were short-lived and defeated by violence and opposition, Reconstruction laid the basis for future freedom struggles.
Introduction: Sherman Land
From the Plantation to the Senate
*
After the Civil War, freed slaves and white allies in the North and South attempted to redefine the meaning and boundaries of American freedom. Freedom, once for whites only, now incorporated black Americans. By rewriting laws, African Americans, for the first time, would be recognized as citizens with equal rights and the right to vote, even in the South. Blacks created their own schools, churches, and other institutions. Though many of Reconstruction’s achievements were short-lived and defeated by violence and opposition, Reconstruction laid the basis for future freedom struggles.
Click image to launch video
Q: Chapter 15 includes a new comparative discussion on the aftermath of slavery in various Western Hemisphere societies. You see important commonalities in the struggle over land and labor in post-Emancipation societies. How do you situate the experiences of former slaves in the United States in this borrowed content.
A: Well, just as slavery was a hemispheric institution, so was emancipation. It’s useful for us in thinking about the aftermath of slavery in the United States, the Reconstruction era and after to see what happened to other slaves in places where slavery was abolished. What you see is a similar set of issues and conquests taking place everywhere slaves desire land of their own—this is the No. 1 thing, they want autonomy, they want independence from white control. All of these regions are agricultural, everywhere former slaves demand land. In some places they get land fairly effectively, like in Jamaica, West Indies, where there’s a lot of unoccupied land they can take. In some places they don’t, but that battle to who’s going to have access to land and economic resources is a commonality in the aftermath of slavery. So too is the effort of local plantation owners trying to get the plantation going again and to force slaves to work back on the plantations, or if not, to bring labor from somewhere else—in the West Indies they bring workers from China, from India, from southeast Asia to replace slaves who were moving off on land of their own. They can’t quite do that in the United States—they tried to bring ...
Record, Jeffrey. The Mystery Of Pearl Harbor. Military History 2.docxcatheryncouper
Record, Jeffrey. "The Mystery Of Pearl Harbor." Military History 28.5 (2012): 28-39.Academic Search Complete. Web. 10 Dec. 2013.
According to the article "The Mystery of Pearl Harbor," it briefly examines the reason why Japan starts a war with the United States. On December 7th, 1941, Japan with about 182 aircrafts from the first assault invade U.S. Pacific fleet of Pearl Harbor. Japan's ultimate goal was to overthrow East Asia. The main point of this article is mainly for Japan's goal for economic security and determined to achieve their goal to conquer East Asia. Moreover, they wouldn't let U.S. stop them. Japan was humiliated to be dependent on the United States, including American imported oil. Ultimately, they fought a war that could not won since U.S. was more superior. United States outproduce Japan in every category of ammunition and armaments. If someone were to ask me what this article was about, I would say that this article is an inevitable defeat from Japan.
I believe this source was definitely helpful. This article made me realize how important Pearl Harbor is. If anything, we could have lost to the Japanese and everything would change. Personally, I believe our army played a significant role during the war between Japan and United States. I believe that this source is reliable. This source can be slightly biased because in the article, it says “If the Pacific War was inevitable, was not Japan's crushing defeat as well? If so, then why did Japan start a war that, as British strategist Colin Gray has argued, it "was always going to lose?”
This article can clearly be used for a American history classes. Several of the first paragraphs include a clear understanding and a great topic for students to discuss. This would benefit students who does not know anything about Pearl Harbor. This would be appropriate for students to realize what America has been through during the 1940’s. I admit I now have a better understanding of Pearl Harbor, this article enhanced my perspective and changed the way I view it.
Hanyok, Robert J. "The Pearl Harbor Warning That Never Was." Naval History 23.2 (2009): 50-53. Academic Search Complete. Web. 11 Dec. 2013.
This article particularly argues that Americans believe that the surprising attack from Japan Navy planes could not have happened without some sort of conspiracy or warning. Without a doubt, Americans thought that U.S. political and military leaders kept this serious warning from Pearl Harbor’s commanders. Furthermore, the National Security Agency Documentary, “West Wind Clear seemed to be not found. Robert Hanyok’s attempted to clear up the issue and as a result, the warning for the chief Navy doe- breaker was just a figment of his imagination.
I believe that this article offers reliable sources. Hanyok provides source documents for historical scholars and researchers. This article was extremely helpful due to the controversy with the “West Wind Clear. The goal of this article was basically des ...
Reasons for Not EvaluatingReasons from McCain, D. V. (2005). Eva.docxcatheryncouper
Reasons for Not Evaluating
Reasons from McCain, D. V. (2005). Evaluation basics. Arlington, VA: ASTD Press, pp. 14-16.
Below are reasons to not evaluate, but there are things you can do to overcome these reasons!
· Click Edit (upper right on the tool bar) to get into edit mode.
· Add at least 2 ideas to the page to overcome one or more of these reasons for not evaluating. Please explain in enough detail that someone reading this wiki will be able to understand it!
· Add your name in parenthesis after your idea so we know who contributed which idea!
· Click Save (upper right on tool bar) to save your changes.
1. Evaluation requires a particular skill set.
· Doing evaluation requires no particular skill. It only requires a desire to look into it a course or program and ask the right questions that would answer the whether or not the course was effective. There are many tools that would help in doing an evaluation. (D. Clark)
· Skills can be learned. Learning to evaluate is simply another avenue of training. If the skills to evaluate do not exist in your organization then the training may need to start at the Trainer level before moving on to more organizational specific training, (D Casper)
2. Evaluation is not a priority.
· In order to make progress in any learning environment, it is necessary to initiate check points and measurements producing an evaluation of knowledge (Valle)
· Evaluation is never a priority until things are going bad and the reason is not clear, Evaluation helps us understand where the issues are. (Jim K)
3. Evaluation is not required.
· Currently, as students we are being evaluated to check in our progress ion order to measure our understanding of the tasks given. We get a grade, it is required for this course.(Valle)
· Why are you only providing what is required? Why not go a little further and make the training better? (J. Sprague)
4. Evaluation can result in criticism.
· In order to grow as a person or a company we all need criticism, of course this needs presented in a positive light and in a way that people can learn and grow. (Jim K)
· In today's culture where everybody gets a trophy or everybody gets an "A" no matter how they perform it is not "PC" to criticize someone and hurt their feelings! Criticism is what motivated me to succeed and go beyond just what is normal! We need to stop equating "Criticism" with "Fault Finding" and realize we do more harm than good by not pointing out shortcomings and errors. (D Casper)
5. You can't measure training.
· In my place of work in the industry, we had to measure training. Time was spent in educating employees into new ways to create a product, cost effectiveness, supply management chain and distribution. Measuring effectiveness of the training was in direct correlation with the success of the given product into market.(Valle)
· You can always measure whether or not the training was successful. The key is to look for the right types of measurements. It may be measured ...
Recognize Strengths and Appreciate DifferencesPersonality Dimens.docxcatheryncouper
Recognize Strengths and Appreciate Differences
Personality Dimensions® is the latest evolution in presenting Personality Temperament Theory. It builds on research conducted in Canada over a period or two decades, and the foundations established by the work of Carl Jung, David Keirsey, Linda Berens, as well as a history of Temperament that spans 25 centuries.
The Personality Dimensions® system utilizes a convenient card sort and short questionnaire to reveal personality preferences. In addition to being the first Temperament assessment to incorporate the Introversion/Extraversion dichotomy, Personality Dimensions® also uses four colours along with short descriptors and symbols to represent the Temperament preferences: Inquiring Green, Organized Gold, Authentic Blue, Resourceful Orange. These combined aspects create a common language of understanding with a high level of retention.Know your Personality Dimensions to...
·
· Express yourself appropriately
· Appreciate yourself & others
· Negotiate more effectively
· Narrow gaps and differences
· Identify potential problems early
· Elevate morale and enthusiasm
· Optimize team performance
· Support and encourage others
· Organize efficient teams
· Yield higher productivity
· Influence others positively
Analyzing Personality Demensions:
Introverts:
· Tend to get their energy by spending some time alone.
· Prefer to think things through in their head before sharing their ideas with the larger group. They will often listen to other ideas, conversations and reactions, taking it all in, digesting it and then share their thoughts and ideas with the larger group. By the time they share an idea it has been given a lot of consideration -- they are not just thinking out loud.
· Learn best when they have the time for quiet reflection and are able to work on their own.
· May actually find that the standard brainstorming process shuts down their creative juices as it does not allow them the time they need to internally process information before building on it or reacting to it.
· Often prefer to keep their thoughts and feelings to themselves until they are totally comfortable with the people they will be sharing them with.
· Have a tendency to think through the consequences of a situation before acting.
· Preferred mode of problem solving is to have some quiet time alone to think, reflect on the situation and formulate a solution. They often become energized by this process.
· Project a sense of quiet and calmness. Their body language and tone of voice tends to be softer.
· Tend to have a small circle of people who they call true friends. These are people with whom they are comfortable and are willing to share their thoughts and feelings with.
What causes an Introvert stress at work
Introverts tend to like things to be quieter than Extraverts. A noisy work environment can cause real stress for an Introvert.
They can find it exhausting to work with Extraverts. If an Introvert has to work in situations ...
Real-World DecisionsHRM350 Version 21University of Phoe.docxcatheryncouper
Real-World Decisions
HRM/350 Version 2
1
University of Phoenix Material
Real-World Decisions
Read the following scenarios, which represent real-world decisions, and respond to each in 150 to 200 words.
Scenario One
You are the director of production at a multinational company. Your position is in Tokyo, Japan. Recently, this division experienced production quota problems. You determine that you must identify a team leader who will lead the work team to tackle the problem. You identify several possible team leaders, including Joan, a manager who is an expatriate US citizen and has recently arrived in your company’s Japanese office. You are also aware of Bob, a European national who has worked at the facility for about a year. His experience includes reengineering production processes at one of the company’s production facilities in Europe. The final candidate is Noriko, a Japanese national who has been at the facility for several years.
Questions
The team you assemble is composed of American expatriates and Japanese nationals. Compare the three candidates for the position. Based on cultural norms and traditions, what cultural factors and management styles may benefit or present obstacles for others on the team? Explain.
Response
Scenario Two
You have been assigned to an overseas position with your company. The local government of the host country offers gifts periodically to senior management as a way of thanking them for opening a facility and employing locals. These gifts include cash or merchandise into the thousands of dollars. Typically, to refuse a gift is considered an insult. Your country’s policy is to prohibit employees from accepting anything from clients and customers of more than $50. Your employer values its relationship with the host country and government officials, and it intends to continue operating in the venue.
Questions
How would you address a situation where you are presented with a gift of more than $50? Explain your rationale. How could your actions affect your company? How could your decision affect your working relationship with your company’s and the host country’s officials?
Response
Scenario Three
Christine, the leading expert in information technology (IT) organizational design, works for a large consulting firm and has been asked to work on a temporary assignment in Saudi Arabia. One of her firm’s biggest revenue-generating customers is embarking on an initiative to redesign the IT structure to improve efficiency and effectiveness, and to align the business unit’s output with the organization’s strategic objectives. The customer has read research reports and articles Christine has published, and the chief executive officer has asked Christine to handle this project. She is excited about the professional challenge of the assignment, but she is unsure of adopting customs and practices in a Muslim country.
Questions
Discuss the ethical considerations for Christine and her company. What implications m ...
Real Clear PoliticsThe American Dream Not Dead –YetBy Ca.docxcatheryncouper
Real Clear Politics
“The American Dream: Not Dead –Yet
By Carl M. Cannon and Tom Bevan
March 6, 2019
Solid pluralities of Americans think their country is heading in the wrong direction, have lost faith in its prominent public institutions, and believe both major political parties are an impediment to realizing the American Dream. Nonetheless, that dream persists – threatened, yes, but not nearly dead.
These are the findings in the latest poll from RealClear Opinion Research, focusing on how Americans view their future possibilities and how much economic guidance and oversight should be provided by government. The answers provide a road map for the 2020 election season.
Nearly four times as many respondents say the American Dream is “alive and well” for them personally (27 percent) as those who say it’s “dead” (7 percent). The overwhelming majority express a more nuanced outlook. Two-thirds of those surveyed believe the American Dream is under moderate to severe duress: 37 percent say it is “alive and under threat” while another 28 percent say it is “under serious threat, but there is still hope.”
“In this poll, most people are telling us that the American Dream isn’t working as they believe it should be,” said John Della Volpe, polling director of RealClear Opinion Research. “The overwhelming number of people are not seeing the fruits of working hard, whether it’s through a professional (finances) or a personal (happiness) lens.”
The panel of 2,224 registered voters was probed for its views on other foundational aspects of 21st century American civic life, including their views of capitalism and socialism, and how they see the future unfolding for the younger generation of Americans.
Asked, for example, whether the American Dream is alive for those under 18 years of age, the attitudes were decidedly pessimistic -- especially among Baby Boomers and the so-called Silent Generation (Americans born between the mid-1920 and mid-1940s), those who have been in control of our public and private institutions for decades. While 23 percent of Baby Boomers and Silent Generation voters say the American Dream is alive for them (already the lowest percentage among all age groups) only 15 percent say they believe it will be there for the next generation.
Measuring attitudes about the American Dream means different things to different people. For this survey, RealClear Opinion Research defined it for the poll respondents by using Merriam-Webster’s dictionary, which describes the American Dream as “a happy way of living that can be achieved by anyone in the U.S. especially by working hard and becoming successful.”
As one would expect, perceptions of the health of this idea differ by party, age, education and class. Among the most striking findings in the survey were the variances by ethnicity. Asian-Americans are the most likely to say the American Dream is working for them (41 percent) – twice the percentage as Hispanics. Despite such differences, ...
How to Create Map Views in the Odoo 17 ERPCeline George
The map views are useful for providing a geographical representation of data. They allow users to visualize and analyze the data in a more intuitive manner.
The Roman Empire A Historical Colossus.pdfkaushalkr1407
The Roman Empire, a vast and enduring power, stands as one of history's most remarkable civilizations, leaving an indelible imprint on the world. It emerged from the Roman Republic, transitioning into an imperial powerhouse under the leadership of Augustus Caesar in 27 BCE. This transformation marked the beginning of an era defined by unprecedented territorial expansion, architectural marvels, and profound cultural influence.
The empire's roots lie in the city of Rome, founded, according to legend, by Romulus in 753 BCE. Over centuries, Rome evolved from a small settlement to a formidable republic, characterized by a complex political system with elected officials and checks on power. However, internal strife, class conflicts, and military ambitions paved the way for the end of the Republic. Julius Caesar’s dictatorship and subsequent assassination in 44 BCE created a power vacuum, leading to a civil war. Octavian, later Augustus, emerged victorious, heralding the Roman Empire’s birth.
Under Augustus, the empire experienced the Pax Romana, a 200-year period of relative peace and stability. Augustus reformed the military, established efficient administrative systems, and initiated grand construction projects. The empire's borders expanded, encompassing territories from Britain to Egypt and from Spain to the Euphrates. Roman legions, renowned for their discipline and engineering prowess, secured and maintained these vast territories, building roads, fortifications, and cities that facilitated control and integration.
The Roman Empire’s society was hierarchical, with a rigid class system. At the top were the patricians, wealthy elites who held significant political power. Below them were the plebeians, free citizens with limited political influence, and the vast numbers of slaves who formed the backbone of the economy. The family unit was central, governed by the paterfamilias, the male head who held absolute authority.
Culturally, the Romans were eclectic, absorbing and adapting elements from the civilizations they encountered, particularly the Greeks. Roman art, literature, and philosophy reflected this synthesis, creating a rich cultural tapestry. Latin, the Roman language, became the lingua franca of the Western world, influencing numerous modern languages.
Roman architecture and engineering achievements were monumental. They perfected the arch, vault, and dome, constructing enduring structures like the Colosseum, Pantheon, and aqueducts. These engineering marvels not only showcased Roman ingenuity but also served practical purposes, from public entertainment to water supply.
Students, digital devices and success - Andreas Schleicher - 27 May 2024..pptxEduSkills OECD
Andreas Schleicher presents at the OECD webinar ‘Digital devices in schools: detrimental distraction or secret to success?’ on 27 May 2024. The presentation was based on findings from PISA 2022 results and the webinar helped launch the PISA in Focus ‘Managing screen time: How to protect and equip students against distraction’ https://www.oecd-ilibrary.org/education/managing-screen-time_7c225af4-en and the OECD Education Policy Perspective ‘Students, digital devices and success’ can be found here - https://oe.cd/il/5yV
2024.06.01 Introducing a competency framework for languag learning materials ...Sandy Millin
http://sandymillin.wordpress.com/iateflwebinar2024
Published classroom materials form the basis of syllabuses, drive teacher professional development, and have a potentially huge influence on learners, teachers and education systems. All teachers also create their own materials, whether a few sentences on a blackboard, a highly-structured fully-realised online course, or anything in between. Despite this, the knowledge and skills needed to create effective language learning materials are rarely part of teacher training, and are mostly learnt by trial and error.
Knowledge and skills frameworks, generally called competency frameworks, for ELT teachers, trainers and managers have existed for a few years now. However, until I created one for my MA dissertation, there wasn’t one drawing together what we need to know and do to be able to effectively produce language learning materials.
This webinar will introduce you to my framework, highlighting the key competencies I identified from my research. It will also show how anybody involved in language teaching (any language, not just English!), teacher training, managing schools or developing language learning materials can benefit from using the framework.
The French Revolution, which began in 1789, was a period of radical social and political upheaval in France. It marked the decline of absolute monarchies, the rise of secular and democratic republics, and the eventual rise of Napoleon Bonaparte. This revolutionary period is crucial in understanding the transition from feudalism to modernity in Europe.
For more information, visit-www.vavaclasses.com
Read| The latest issue of The Challenger is here! We are thrilled to announce that our school paper has qualified for the NATIONAL SCHOOLS PRESS CONFERENCE (NSPC) 2024. Thank you for your unwavering support and trust. Dive into the stories that made us stand out!
The Art Pastor's Guide to Sabbath | Steve ThomasonSteve Thomason
What is the purpose of the Sabbath Law in the Torah. It is interesting to compare how the context of the law shifts from Exodus to Deuteronomy. Who gets to rest, and why?
How to Make a Field invisible in Odoo 17Celine George
It is possible to hide or invisible some fields in odoo. Commonly using “invisible” attribute in the field definition to invisible the fields. This slide will show how to make a field invisible in odoo 17.
Instructions for Submissions thorugh G- Classroom.pptxJheel Barad
This presentation provides a briefing on how to upload submissions and documents in Google Classroom. It was prepared as part of an orientation for new Sainik School in-service teacher trainees. As a training officer, my goal is to ensure that you are comfortable and proficient with this essential tool for managing assignments and fostering student engagement.
The Indian economy is classified into different sectors to simplify the analysis and understanding of economic activities. For Class 10, it's essential to grasp the sectors of the Indian economy, understand their characteristics, and recognize their importance. This guide will provide detailed notes on the Sectors of the Indian Economy Class 10, using specific long-tail keywords to enhance comprehension.
For more information, visit-www.vavaclasses.com
8. Page 2 of 20
Introduction
At its meeting on 6 July 2006 the Governing Council of the
European Central Bank (ECB) decided to
explore, in cooperation with central securities depositories
(CSDs) and other market participants, the
possibility of setting up a new service for securities settlement
in the euro area, called TARGET2-
Securities (T2S). Since then, the Eurosystem has been actively
soliciting the views of CSDs and market
participants. It is also carrying out an internal Operational
Feasibility Study on the project. A high-level
presentation on the methodology, the principles and the
preliminary findings of this study has already
been shared with the market via industry-wide meetings held in
the ECB, including representatives from
the European public authorities.
This paper presents a first blueprint of the T2S design that can
be used for the formal market consultation,
following the Governing Council’s decision in March 2007 to
initiate the project.
It should be clarified at the outset that only the high-level
principles of the project are presented here. For
a thorough understanding of the legal, operational, technical
and economic aspects of the project,
reference should be made to the T2S Feasibility Study
document(s) which will be published in parallel.
Section 1 describes the background to the proposal and the
9. benefits that T2S would bring. Section 2
describes the perimeter of T2S and the scope of services it
would provide. Section 3 presents how T2S
would work. Finally, Section 4 presents the project’s time
frame.
1. Project Objectives
Contributing to integration in EU securities settlement
Over the past decade, two trends have been apparent in the
development of the European securities
settlement infrastructure:
• There has been considerable progress in integrating settlement
systems at the national level, with
the result that in most EU countries, there is now just one
settlement platform for all types of
securities.
• At the EU level, some cross-border company mergers have
resulted in bringing CSDs in different
countries under common ownership (e.g. Clearstream and
Euroclear Group). Although these
mergers have the objective of integrating settlement platforms
progress has to date been slow.
Consequently, while efficiency at the national level has
improved, there is widespread consensus that
more needs to be done at a cross-border level. It is particularly
striking that, almost eight years after the
introduction of the euro, the euro area still lacks an efficient,
integrated securities infrastructure that
would support the operation of a single financial market. This
illustrates the difficulty faced by
10. Page 3 of 20
independent and competing organisations in coordinating
solutions across multiple countries and
involving many different participants.
The result of this fragmented infrastructure is that the cost of
clearing and settlement is considerably
higher in the EU compared to the US. Various studies (by
CEPS, Giovannini, LSE/OXERA) have
concluded that the price per cross-border transaction in Europe
is between 2.5 and 5 times higher than in
the US, with the cost per cross-border transaction between 1.5
and 4 times higher.
Increasing efficiency of settlement of securities transactions in
euro
The implementation of TARGET2 presents an opportunity for
the European securities industry to take a
major step forward. TARGET2 will, for the first time, provide a
single technical infrastructure that
enables market participants to pool their euro liquidity across
different countries. This will make it
possible to bring together the payments associated with
securities settlement across multiple CSDs.
However, the benefits to banks of pooling liquidity are limited
if TARGET2 has to maintain separate
interfaces to multiple securities settlement engines in the
various CSDs.
To maximise the settlement efficiency of securities transactions,
two conditions need to be satisfied:
11. • a single cash account (that will allow for liquidity pooling)
must be operated; and
• it should be possible to deliver in real time, simultaneously
settling cash and securities on a single
platform via common procedures.
The concept of T2S has emerged out of these requirements.
The most innovative element in this concept is that the
securities accounts of multiple CSDs will be
maintained on a single technical platform together with central
bank cash accounts, while all other
functions – notably, the relationship with intermediaries,
investors and issuers and the management of
corporate actions – remain with the CSDs, as is the case today.
However, while this split is a radical one,
it is also logical. Settlement is the most standardised process
among CSDs activities. The relationships
with intermediaries, investors and issuers, on the other hand,
are much more heterogeneous, with
numerous local variations. It is therefore possible to integrate
the settlement process relatively rapidly,
while allowing the eventual harmonisation of local market
practices to take place at a later stage.
The Eurosystem is in a unique position in Europe, given that the
euro area level is a truly operative
decision-making framework that is just as efficient as any
national level scheme. In addition, in seeking to
overcome sectoral or national barriers that stand in the way of a
more efficient market structure, is
reassuming a traditional role for central banks in many
countries*. This is entirely consistent with the
mandates of the ECB and the national central banks (NCBs) of
12. the Eurosystem. The provision of T2S is
possibly the only solution that will allow existing national
CSDs to continue to operate in a decentralised
framework. In doing so, it provides the same service and
functionality to all financial market users as a
minimum in the euro area (and potentially in the whole
EU/European Economic Area as well).
By maintaining CSDs’ current role in relation to intermediaries,
investors and issuers, the project ensures
that there will continue to be choice and competition in the
provision of services; if anything, T2S will
Page 4 of 20
provide greater possibilities for choice and competition.
Participants may choose among multiple CSDs to
access securities through a single entry point based on a
common Settlement Engine. This would be also
true for other infrastructures (e.g. central counterparties (CCPs)
and trading platforms) in respect of the
Code of Conduct recently signed under the auspices of the
European Commission. Issuers can also
improve the liquidity and issuance cost of their securities by
making them directly available to a wider
range of participants via a single, potentially local CSD.
The ability of any bank (including international CSDs (ICSDs))
to offer securities settlement in
commercial bank money will not be affected. The parallel
provision of securities settlement services in
central bank money and commercial bank money represents a
stimulus for central banks to provide
efficient services. This is as true for T2S as it is for TARGET2.
13. T2S shares the same objectives as other public initiatives in this
field, most notably the European
Commission’s Code of Conduct. The common objective is to
improve efficiency and reduce costs
through ensuring greater competition. The Code of Conduct
pursues this objective through CSDs’ self-
commitment to provide price transparency, to facilitate access
and interoperability, to unbundle services
and to separate accounts. T2S, on the other hand, approaches
this issue from an operational angle. The
two initiatives naturally reinforce one another, and for this
reason the European Commission has stated its
support for T2S right from the start. The European Parliament
has also concluded that “until such time as
an [integrated settlement] infrastructure may have been
introduced, an ECB governance must be put in
place”.1
The potential benefits for TARGET2-Securities users
Although the initial impulse for the T2S concept was the
opportunity created by the TARGET2 payment
system, the potential benefits go much further and affect a wide
range of users.
• The settlement of cross-border securities transactions can be
as efficient as domestic settlement,
eliminating the cost disadvantages that have hitherto impeded
the development of a single financial
market especially when compared with the US one (see Chart
1). This will be achieved by bringing
together the securities accounts of multiple CSDs (as well as
dedicated sub-cash accounts of NCBs)
on a single platform. The bookings for the transfer of securities
14. between participants of different
CSDs can all be made simultaneously, together with the cash
movements. This eliminates the
current highly complex and costly processes of interactions
between various platforms, which are
costly often not synchronised, entailing delays and could pose a
risk in terms of failing to achieve
1 European Parliament Resolution on the ECB’s Annual Report
2005:
“15. Welcomes the publication of the ECB's first report on
financial integration in the euro zone, since this is vital both for
putting across information concerning monetary policy and for
financial stability; notes that, according to the ECB, financial
integration calls for the integration of market infrastructures, in
particular settlement-delivery systems; notes the intention of
the
ECB to create a settlement infrastructure; notes that, until such
time as an infrastructure may have been introduced, an ECB
governance must be put in place”.
Page 5 of 20
settlement finality. These shortcomings are responsible for the
current unattractiveness of CSD
links. T2S will also automate the realignment process between
CSDs on a real-time basis without
needing to use additional, often costly, procedures.
• T2S will propose the same pricing for domestic and cross-
border settlements. All markets may
operate in real time under the same settlement engine, thus
15. allowing a faster reuse of securities and
central bank money
• Competition would be fostered by pooling all securities that
settle in central bank money in a single
settlement engine accessible via multiple CSDs. At the same
time, a decentralised structure is
maintained whereby each CSD is responsible for maintaining its
relationships with intermediaries,
investors and issuers, as well as asset-servicing.
• As the European securities settlement industry could still
achieve significant economies of scale, a
single settlement engine with the volume scale of T2S could
potentially lead to a substantial
decrease in settlement costs on average. This is particularly the
case for cross-CSD settlement. The
economic feasibility of the project shows that this is possible
despite the conservative working
assumptions currently used in the calculations.
• A reduction in the number of settlement engines will decrease
the CSDs’ infrastructure costs on the
one hand, and the number of interfaces needed by market
participants on the other. This is an
additional factor which is reasonably expected to benefit
infrastructures and users’ back office
development and running costs.
• T2S will encourage CSDs to offer their participants the
opportunity, if they choose, to centralise
their securities holdings in one place. This will depend on the
readiness of CSDs to hold securities
issued in other CSDs, although it should be noted that CSDs
will have an incentive to do so in
order to improve their competitive position vis-à-vis their
16. participants.
• Issuers may potentially reach a much wider set of participants
while continuing to use the same
CSD they are using today (and with the same procedures as
today under their local legal and tax
regimes). This effectively makes the euro financial market a
domestic market that does not entail
any additional costs. In addition, this will increase the
attractiveness of securities, which are
currently marginalised because of their national nature, by
making them available throughout the
euro market.
• Investors will obtain cheaper access to non-local securities,
which today requires prohibitive cross-
border settlement procedures, and will therefore benefit from
greater opportunities to diversify their
portfolio. In addition, institutional investors will probably also
benefit from lower fees to access the
domestic market, while the share of infrastructure costs
represents a significant part of the fees they
pay to their custodians.
• The Eurosystem and its counterparties will also benefit from
this efficiency in terms of using
collateral in its credit operations. With cross-border deliveries
becoming as efficient as domestic
ones, a new generation of Eurosystem collateral handling
procedures could be implemented.
Page 6 of 20
Improved Eurosystem collateral management could rationalise
17. and harmonise Eurosystem
practices in this field, in particular replacing the current
correspondent central banking model
(CCBM) procedures and multiple domestic procedures when
securities are used for collateral
purposes.
• Finally, by de facto introducing standardised euro area-wide
settlement, T2S will significantly
contribute to the momentum for further harmonisation in the
financial markets. The successful
introduction of T2S will further facilitate, even during its
development phase, the current industry
cooperation towards elimination of the remaining barriers
identified by the Giovannini Report.
Although TARGET2 is a euro payment system, the problems of
fragmentation and inefficiency are wider
than in the euro area. T2S will therefore be designed in such a
way (an open architecture) that it could
later on provide settlement against other EU currencies, where
there is market demand, and provided that
the relevant NCB is prepared to enable settlement in its
currency.
As far as the Eurosystem is concerned, this is a project unlike
any undertaken before, as it reaches out
beyond banks and payments systems into securities markets.
The Governing Council has indicated that
the Eurosystem is willing to finance and operate T2S, but it also
recognises that it will need the
cooperation and commitment of CSDs and securities market
participants in order to deliver the service
successfully. It is therefore looking at mechanisms to enable its
project partners to participate fully in its
design and development, in a way that appropriately links the
18. degree of commitment with the level of
involvement in decision-making.
Chart 1: Domestic and Cross border settlement costs in EU
0
5
10
15
20
25
30
35
United
States
EU
dom estic
EU cross-
border
Min Max Avg.
- E U d o m e stic co sts ran ge fro m
0 .3 5 to 3 .4 3 �€ ;
- �… an d are h igh e r th an U S
19. (+ 0 .1 0 to 2 .9 0 �€ );
- C ro ss-b o rd e r co sts h igh e r th an
d o m e stic o n e s (1 9 .5 to 3 5 .0 �€ ).
S o u rce : O x e ra, L SE , C E P S
Conclusion
By providing a single platform for the settlement of the cash
and securities legs of all the transactions
today effected in the various CSDs, T2S will significantly
contribute to increasing the efficiency of
Page 7 of 20
settlement and the integration of the EU capital markets
infrastructure. A single platform will enable the
settlement of all domestic and cross-border securities
transactions.
It will also allow the potential benefits stemming from
TARGET2 (cash) to be fully exploited, since this
will complement the possibility of having a single pool of
liquidity with that of a having a single entry
point for the settlement of securities, providing cash and
securities settlement in the same platform.
20. Page 8 of 20
2. Perimeter of TARGET2-Securities
Functional specialisation: custody and settlement
Two dimensions can be distinguished with regard to the
functional organisation of the securities market
infrastructure:
• the management of flows, including the trading, clearing and
settlement functions as a result of the
movement of securities (against or not cash);
• the management of stocks, involving the custody or asset-
servicing function as a result of the
relationship between issuers and investors (see Chart 1).
Chart 2: Two dimensions of CSD services today
INVESTOR
CSD
INVESTOR
CSD
SECURITIES
SETTLEMENT
SECURITIES
SETTLEMENT
TRADINGTRADING
22. A CSD today typically undertakes tasks related to both the
settlement and custody functions. The
proposed model represents an opportunity for CSDs to perform
their securities settlement function in
central bank money via T2S. The custody function (investor and
issuer CSDs) will continue to be
performed by the CSDs as is currently the case, including the
responsibility for the notary function of
issuance (see Chart 2). Other services such as settlement against
commercial bank money and value-
added business are not part of the scope of T2S.
Chart 3: Perimeter of T2S
Page 9 of 20
INVESTOR
CSD
INVESTOR
CSD
SECURITIES
SETTLEMENT
SECURITIES
SETTLEMENT
TRADINGTRADING
ISSUER
CSD
24. the issuers, the investors directly or via
the brokers and the custodian banks, the CCPs, the tax
authorities, the supervisory authorities and the
legislators. These relations require a range of asset-servicing
activities that are typically adapted to local
market conditions, for which the local CSD has long-standing
expertise. The settlement function, on the
other hand, only relates to the participants in the settlement
process and to the cash clearing entity, the
central bank and its participating banks.
Participants in the settlement process are often active in several
markets. As a consequence, they have to
build and maintain multiple connections to several systems, or
have to route their transactions through
more expensive custodian networks. The introduction of
TARGET2 for cash settlement within the euro
area has facilitated these connections for the cash side of
settlement transactions. For the securities leg,
however, these complex and costly connections remain.
The proposed management of the settlement and custody
functions in separate platforms (T2S and asset-
servicing platforms of CSDs) is motivated by the fact that
settlement services are already highly
standardised and easier to harmonise than the custody business.
The latter is typically more complex and
may take more time to harmonise owing to the national
differences that exist with regard to custody,
corporate actions and beneficial ownership (e.g. owing to
different legal and tax regimes). The feasibility
of this separation will be presented in detail in the operational
and business analysis chapter of the T2S
Feasibility Study.
To avoid parallel settlement and to allow CSDs to
25. decommission their settlement platforms and systems,
T2S needs to offer the same level of settlement services for the
assets that CSDs settle in euro today.
Page 10 of 20
T2S scope of services
Within the context of the functionality described above, T2S
will cover the following aspects in the
services provided:
Scope of assets
T2S will provide settlement services for all securities (with
International Security Identification Number
(ISIN) codes) held through the participating CSDs’ accounts.
These include debt instruments, equities,
investment funds and warrants.2 Securities that are denominated
in foreign currency but settled in euro
will also be covered by T2S, provided they are held through a
T2S-connected CSD. This implies that
securities issued outside T2S could be settled through T2S,
provided that a T2S-connected CSD has a link
with the external issuer CSD.
Settlement type
T2S will offer an “optimised delivery versus payment (DvP)”
settlement model. It will be based on real-
time gross settlement (RTGS) procedures combined with self-
26. collateralisation and continuous
optimisation (including technical netting and other algorithms),
as well as recycling mechanisms.3 Such
mechanisms will compensate for situations where participants
lack liquidity (e.g. self-collateralisation) or
for complex transactions (specific algorithms for back-to-back
transactions or chains of trades, for
example). This innovative optimised DvP settlement model will
maximise settlement efficiency in terms
of liquidity, speed and safety.
In addition, free of payment (FOP) settlement and other types of
securities settlement needed for CSDs to
function effectively will be offered as well.
Scope of services
T2S will manage the entire settlement process by offering the
following services:
• receiving settlement instructions4 and checking their technical
validity against a static reference
database (updated and controlled by the CSDs – the information
checked will be defined with the
CSDs);
• providing matching services, mainly for transactions
conducted between participants of different
markets;
• verifying the availability of and reserving securities and
central bank money;
• managing queues;
27. 2 This list of assets may not be exhaustive.
3 The details of the self-collateralisation procedure, e.g. the
application of haircuts, assets and counterparties, are to be
performed
in accordance with the rules defined by the Eurosystem and the
relevant NCB providing the credit. Further analysis on the
exact rules and procedures will be described in the next phase
of the project.
4 T2S will accept unmatched or matched settlement instructions
from CSDs, CCPs, stock exchanges or other organised markets,
and possibly also market participants (users).
Page 11 of 20
• providing settlement optimisation mechanisms;
• offering self-collateralisation;
• executing debits and credits on securities accounts;
• performing automated real-time realignment of inter-CSD
accounts where applicable; and
• reporting to CSDs and other participants on the status of each
settlement instruction5 and the
account balance.
Operating hours
T2S will offer daylight and night-time settlement in order to
cover the range of services already provided
by some CSDs. The daylight operating hours of T2S will be in
28. line with the timetable of TARGET2.
Similarly, T2S will perform night-time settlement during the
same night-time period when TARGET2
supports the settlement of ancillary systems.
Currency
In principle, T2S will cover securities transactions settling in
euro central bank money. This service will
also be available to CSDs outside the euro area settling in euro
central bank money. The design of T2S
will also allow for the provision of securities settlement in other
EU currencies, provided that there is
market demand, and assuming that the relevant NCB is prepared
to enable settlement in its currency.
Non-compulsory participation
T2S is a project that seeks to offer safe, efficient and
competitive settlement services across all connected
markets. Market participants largely support the project.
However, the benefits for the market will only
materialise if all CSDs, or at least a critical mass of them, join
the project because of the greater
competition it will introduce, even if this may run counter to
their corporate interests in the short term.
At this stage, the Eurosystem believes that the pressure of the
market and the quality of the solution
proposed are sufficiently strong to convince all CSDs to follow
the European integration approach. In this
context, participation in T2S should not be made mandatory.
5 In case of direct user access (see footnote 1), T2S would also
provide settlement-related information directly to the user as
29. well
as to the CSD.
Page 12 of 20
3. Functional Architecture
A high-level overview of T2S
This high-level description, in combination with the more
detailed Operational Feasibility Study, presents
the T2S functionalities necessary to provide CSDs with efficient
securities settlement services. The
custody and value-added services which are processed and
initiated at the CSD level have an impact on
T2S operations insofar as they can result in changes in the
securities accounts balances maintained via
T2S (see Boxes 1 and 2).
As a consequence, the CSDs will instruct T2S to perform
related settlement activities. T2S will provide
via its interfaces specific instruction types for this purpose
which would be restricted to the CSDs.
Within the proposed T2S business model, three main building
blocks can be distinguished under the high-
level overview:
o the T2S Settlement Engine and Transactions Database
(including the Lifecycle
Management);
o the dedicated sub-cash accounts in TARGET2;
30. o the Securities Accounts Database(s) and interactions with
CSDs.
The first refers to the core functionality of the system, the
platform responsible for checking the
availability of cash and securities and eventually executing final
settlement in the securities accounts and
the Cash Accounts Database. The second is a database of the
dedicated cash sub cash accounts to be used
during the DvP processes and how this database interacts with
the RTGS accounts. The third is the set of
all securities accounts opened with the participating CSDs.
Chart 4: An overview of T2S
CSD ACSD A
CSD BCSD B
CSD CCSD C
T2S
SETTLEMENT
ENGINE
32. The dedicated cash sub-accounts (Chart 4) are part of the RTGS
accounts opened in TARGET2 with the
NCBs, technically dedicated to T2S. They function
independently; i.e. the T2S Settlement Engine can
only debit and credit these dedicated sub-accounts. The CSDs’
participants can choose to move liquidity
in and out of these sub-accounts at any time using the
TARGET2 functionality (ICM and payment
functionality) At the end of the day, all liquidity is pooled back
into the main TARGET2 RTGS account
in order to process end-of-day cash balances.
Chart 5: TARGET2 Dedicated Sub-account
Functional description
If we analyse T2S in more detail, two main functional blocks
can be distinguished: Lifecycle
Management and the core Settlement Engine (see Box 1). The
T2S Static Data constitutes a third rather
static functional block that supports the operations of the other
two, and includes the CSD-specific rules
for settlement. The current version of the Operational
Feasibility Study also covers in some detail the
level of functionality described below.
Lifecycle Management
The Lifecycle Management covers the lifecycle of an
instruction, the different processes it can take
within the system, and the related lifecycle status attached to
these processes (e.g. validated, matched,
unmatched, settled, etc.). Depending on the current lifecycle
33. status and on the underlying market rules, an
instruction will be processed within the following functional
modules:
• Validation – This checks that the instructions of incoming
messages are correct. The rules against
which instructions are validated are the ones maintained by the
CSDs in the T2S Static Data
databases.
• Matching – This matches instructions (if not already matched
at CSD level).
• Settlement eligibility – This module distinguishes between
eligible and non-eligible instructions. It
verifies whether an instruction is eligible for settlement
(depending on settlement date, deadlines,
market closing, etc.) and then either hands it over for
settlement, or returns instructions that are no
longer eligible (e.g. due to expired deadlines) by assigning them
a non-eligible status.
Dedicated cash
Sub-accounts
RTGS account
Managed via T2S functionality
Page 14 of 20
• Instructions maintenance – This updates the parameters of
34. instructions (e.g. prioritisation,
enrichment, etc.).
• Purging – This removes settled instructions from the system
at the end of the day.
Settlement Engine
The following modules apply exclusively to instructions that are
eligible for settlement and form the core
of the Settlement Engine:
• Sequencing – This creates queues of instructions that are
eligible for settlement in a way that
optimises settlement results while also taking into account
different levels of priority.
• Booking – This is the heart of the Settlement Engine, where
the final bookings of the movements
related to the instructions regarding the securities and cash
accounts are performed. This is the only
place where account balances can be changed.
• Optimisation – This identifies linked sets of (failed)
instructions which could be settled if certain
technical netting procedures are performed. Optimisation will
propose these instructions as linked
sets for processing in the Sequencing Module.
• Recycling – This determines when instructions that failed in
their first attempt will be put forward
again for settlement. Recycling will propose these instructions
for processing in the Sequencing
Module.
35. The T2S Static Data functional block can only be accessed by
CSDs via the authorisations interface (see
next section). The block purely includes stocks of data relevant
for the processing of settlement in T2S.
These data include updated information on valid participants’
accounts, active ISINs, and access and
rights for CSDs’ participants.
Interfaces
Three kinds of data groups to be stored and processed in T2S
can be differentiated: settlement
instructions, balances stored on the securities and cash
accounts, and authorisations (i.e. the information
on which kind of securities are admitted for which kind of
settlement, as well as the account set-up
information plus the connectivity set-up of each customer).
Box 1 provides an overview of how the relevant data (on
instructions, balances/holdings and
authorisations) relate to each other. Four different interfaces are
required for the interaction between T2S,
CSDs and the users6:
6 Users are defined as CSDs’ participants.
Page 15 of 20
An instructions interface, which can be accessed by CSDs as
well as some users. This will provide a bi-
directional functionality in order to instruct settlement, to
36. receive settlement status and feedback, to
query the status of instructions, and to maintain and manage
instructions.
An authorisation interface, which can only be accessed by
CSDs. This provides the latter with the
functionality to authorise securities and participants relevant for
settlement.
An accounts balance interface, which can be uni-directionally
accessed by CSDs as well as some users to
query balance information and to monitor accounts.
A payment system Interface, which allows CSDs’ participants to
transfer liquidity between dedicated sub-
cash accounts located in T2S and the main RTGS account
located in TARGET2 (cash), if and when
required.
These interfaces are primarily for the use of the CSDs, although
CSDs can give their participants limited
access to the instructions and accounts balance interfaces.
Box 1: A High-level Functional Description of T2S
TARGET2-Securities
Lifecycle Management and
Matching
T2S Static data
C
us
39. CSD B
CSD A
CSD B
CSD A
CSD A
CSD A
CSD A
RULES
CSD A
CSD B
CSD A
CSD A
SECURITIES
CSD A
CSD B
CSD A
CSD B
CSD A
CSD A
CSD A
CSD A
SECURITIES
Information
on status
Instruction ready
for settlement
43. NCB B
CSD A
NCB A
SETTLEMENT
AGENTS
•Set up / change /
maintain
• Participants
• Securities
• Rules CSD ACSD B
CSD A
CSD A
CSD A
CSD B
CSD A
CSD B
CSD A
CSD A
CSD A
CSD A
CSD
PARTICIPANTS
A typical settlement transaction (e.g. a “plain vanilla” DvP
over-the-counter trade) could follow this lifecycle:
instructions will enter the T2S system via the instructions
interface. If not already validated and matched at the CSD
44. level, these functions will be performed at the T2S level. The
T2S Static Data will provide reference information for
the validation of instructions. The Lifecycle Management and
Matching will provide the functionalities required for
the lifecycle of a settlement transaction (validation, matching,
settlement prioritisation, etc.). “Ready to settle”
transactions will be forwarded to the Settlement Engine where
the availability of securities and cash balances will
be checked. If enough balances are available, final and
irrevocable transfers of cash and securities will be executed
in an RTGS mode. If there are not enough balances (either
owing to a lack of cash or securities), pending
Page 16 of 20
transactions will be re-entered for settlement via pre-specified
optimisation and self-collateralisation procedures.
Instructing parties (CSDs and users) will be notified
accordingly via the instructions interface.
The account balances interface will report on the securities
holdings. The authorisations interface will provide
CSDs with the functionality of updating the static data
necessary for the settlement process (e.g. authorised CSD
participants, valid ISINs, market-specific rules for Lifecycle
45. Management, etc.).
TARGET2 will allow users to add central bank liquidity to and
withdraw it from the dedicated cash sub accounts.
The interaction of functional modules in T2S
The picture below shows how the different functional blocks
and modules interact with each other. A few
explanations need to be added:
• Real-time interfaces to the Static Data databases are required,
to accommodate any change in
securities reference data, in customer authorisations, or in
schedules and deadlines. Changes in static
data eventually have to be applied to all modules, but during
settlement processing, they mainly affect
the Lifecycle Management.
• In the flow process example described below, instructions are
split between eligible and non-eligible
ones.
• Instructions maintenance can also be performed for eligible
instructions*, but with a subset of
potential activities.
Box 2: An Overview of the Interaction of the Main Functional
Blocks in T2S
Page 17 of 20
48. A typical data flow in a straight “plain vanilla” over-the-counter
trade would be as follows: settlement
instructions “captured” via the instructions interface are
processed in the Validation Module (1)
according to the rules and restrictions stored in the T2S Static
Data Module via the Static Data Manager
(3). Once validated, instructions are matched in the Matching
Module (2). Whatever the outcome of the
matching process, instructions may be affected by the
Instructions Maintenance Module (4). Successfully
matched transactions are moved to the Settlement Eligibility
Module (5), where they are checked for their
settlement eligibility (e.g. checking the settlement date, blocked
instructions, etc.). Once they have been
assessed as eligible for settlement, instructions are prioritised in
the Sequencing Module (6) and
processed, in RTGS mode, for the final settlement (cash and
securities) in the Booking Module (7).
Assuming successful settlement in both securities and cash
accounts (optimised DvP model), transactions
reach the final stage of their lifecycle management and are
eventually purged and archived via the
relevant module (8). In the case of failed settlement,
transactions are moved to the Optimisation Module
in order to be optimised according to the T2S optimisation rules
(9). In case of successful optimisation,
the instructions are then immediately put into the settlement
queue via the Sequencing Modules. In case
optimisation was not successful, instructions are stored and
eventually recycled (10) and re-entered in the
Sequencing and Booking Modules, according to the T2S
recycling rules.
49. Page 18 of 20
For reasons of simplicity, instruction reporting is not covered
here. In some transaction lifecycle stages,
immediate reporting to the instructing entities is required. This
is not to be confused with the regulatory
reporting facility for the CSDs (11).
Annex 1 of the Operational Feasibility Study provides more
detail on the functionalities and interactions
of the T2S functional blocks and modules.
Connectivity
CSDs will be directly connected to and will communicate with
T2S. Users (CSDs’ participants)7 will
normally connect to T2S via their own CSD, i.e. the CSD with
which they legally hold their accounts.
This is particularly relevant for smaller local participants,
especially within the first period of live
operation of T2S. Users can also continue to send instructions
in their proprietary formats. Their CSDs
will be responsible for converting these instructions into the
T2S harmonised standards (message formats,
codification of securities accounts, etc.).
However, some users may see the need to have direct technical
connectivity to T2S. In particular, some
major European custodians have already expressed their
willingness to explore right from the start of T2S
the possibility of ensuring direct connectivity to the centralised
infrastructure.8 Whatever the strategy
chosen by the market participants, the nature of their
connectivity should be agreed and established in
cooperation with their local CSD, i.e. the system with which
50. they legally hold their securities accounts.
Within this scenario, directly connected entities must be able to
instruct T2S according to the harmonised
messages and standards, since T2S will not offer converting and
mapping services.
All stakeholders along the settlement chain are expected to
cooperate on the basis of their mutual interest
and should not abuse their controlling positions. Any
“restrictive” policies that are against the interests of
the local settlement community will be counterbalanced by the
open architecture of the T2S system and
the expected improved competition in the depository market
(i.e. there will be more opportunities for
CSD participants to open securities accounts in any CSD
connected to T2S). The Code of Conduct has a
similar incentivation effect.
In principle, the T2S architecture should be sufficiently open to
accommodate both direct and indirect
connectivity options for market participants. As Box 1 shows,
whatever the connectivity model,
settlement instructions will only be managed and processed in
the T2S environment by a single entry
point: the T2S Settlement Engine.
7 CCPs, despite being part of the post-trading infrastructure, are
also considered CSD participants for the purpose of securities
settlement. However, the functionality available in the T2S
Settlement Engine will take into account the specific settlement
requirements stemming from central counterparty netting.
8 Here connectivity is meant only in technical terms. Legally,
market participants will only remain direct participants in their
51. CSDs.
Page 19 of 20
T2S will use a standard communication protocol based on the
ISO 15022/20022 standard for messages.
(For more information on the standards to be adopted in T2S,
see the Operational Feasibility Study.)
Cross-CSD transactions
It is generally accepted that an issuer CSD cannot refuse to
open an inter-CSD account for an investor
CSD (unilateral outbound account). This point has recently been
reinforced by the Code of Conduct.
In order to achieve full coverage for all actors within T2S, all
investor CSDs should be ready to open
inter-CSD accounts in all issuer CSDs.
However, it is also recognised that some links may lack an
underlying business case, or that an investor
CSD may not be adequately prepared to provide its participants
with custody services for all kinds of
securities, at least not right from the start of T2S production.
Therefore, each investor CSD will have to
specify which securities of a remote issuer CSD it is ready to
accept in its participants’ accounts. This
implies accepting handling these securities and the related
corporate actions as proposed in the standard
agreement of the European Central Securities Depositories
Association (ECSDA).
52. Participants may hold their securities in the CSD in which they
have been issued (“issuer CSD”) or with
any other CSD (“investor CSD”) that is not the issuer CSD,
provided that the investor CSD accepts these
securities. From a technical point of view, transfer of securities
across national borders will take place as
a change of holdings in a single database (Annex 2 of the
Operational Feasibility Study provides concrete
examples of how these transactions will be handled in T2S).
The transmission of a security from one participant in an
investor CSD to another participant in another
investor CSD would necessarily imply a realignment at the level
of the issuer CSD. In other words, the
issuer CSD should always know in which investor CSD the
security is held. Realignment between
securities accounts at the issuer CSD level will take place in
real time. This functionality will exceed the
minimum requirements set by the ECSDA standards (at least
regarding end-of-day realignment).
T2S should also enable participants to settle securities issued in
CSDs not directly connected to T2S
(external CSDs). (This issue is also covered in some detail in
the Operational Feasibility Study.)
4. TARGET2-Securities Project Timeframe
Due to its complexity and wide range of specifications, it is
foreseen that the T2S project will take
between four to six years to materialise.
A tentative project timetable is presented, based on a six-year
project.. A detailed and thoroughly
53. documented time frame will be developed following the
initiation decision alongside the preparation of
the User Requirements.
Page 20 of 20
- Phase 1: User Requirements and Design (approximately 40%
of the project workload;
estimated to take place between Q2 2007 – Q3 2009). This
phase will start with the Governing
Council’s final decision to initiate the project. It includes the
definition of the User
Requirements and, as a next step, the first draft of the Detailed
Functional Specifications (DFS)
of the T2S functionalities. An extended engagement with CSDs
and market participants is
foreseen for this phase in order to ensure that services offered
by T2S will enable, on the one
hand, the design of an efficient pan-European infrastructure,
and on the other the smooth
functioning of the CSDs’ operations. Synergies with TARGET2
could help reduce the time
needed for this phase. The definition of the non-functional
requirements is also to be developed
here.
- Phase 2: Development and Implementation (approximately
30% of the project workload;
estimated to take place between Q4 2009 – Q3 2011). In this
phase, the development and
finalisation of the DFS would occur. This phase includes the
application development of T2S
and implementation steps, and the various units and modules
testing at the project team level.
54. Fine-tuning to the DFS could also take place at this stage.
- Phase 3: Testing and Deployment (approximately 30% of
project workload; estimated to take
place between Q4 2010 – Q1 2013). This final phase includes
testing on module integration,
interfaces, performance and back-up facilities. The supporting
documentation (manuals,
procedures, etc.) will be finalised during this phase, and user
training will be conducted. The
final user acceptance tests should be performed at the start of
this phase.
Migration options
The various options and details relating to the gradual migration
to the T2S environment, namely the
move of the CSDs’ settlement function to the central system,
should be discussed with the market. This
migration could be based on the different jurisdictions (as in
TARGET2) or on different assets (debt
instrument vs. equities markets). This may be particularly
relevant for new Eurosystem members that join
the Eurosystem by the time that T2S goes into production.
Chart 6: Provisional T2S Project Phases and Timeframe
Phase 1 Phase 2 Phase 3
• Public Consultation
• User Requirements
• Detailed Functional Specifications
55. (DFS)
• Architectural Specifications
• Decision on Migration Policy
March 2007
• T2S Development &
Implementation
• Units and Modules
Testing
• Fine Tuning (DFS)
• UAT Testing
• Integration,
performance,
interface & back up
testing
• Migration Options
• Final Deployment
T2S
March
2013
Governing
Council
TARGET2-SECURITIES - THE BLUEPRINTTable of
contentsIntroduction1. Project Objectives2. Perimeter of
TARGET2-Securities3. Functional Architecture4. TARGET2-
Securities Project Timeframe
56. Question/Question.doc
Maximum 5 pages (1.5 spaced); figures and/or tables are
allowed on additional pages.
1. (60 points – maximum 3 pages)
Do the problem that is described in the attached Excel
spreadsheet. When you do this problem, you are allowed to ask
for help within your organization of a person, who is very well
versed in Excel (or any other appropriate data analysis
software). However, the person who would help you with the
use of Excel should not assist you with regard to the design of
your expressions or formulas or with the interpretation of the
results.
When you experiment with your regression analysis, you have
to decide on a trade-off between a relatively simple expression
and an acceptable R-Squared. (Any one of the five KRIs may
appear only in at most two of the (composite) factors in your
expression.)
2. (40 Points - maximum 2 pages)
See the attached document that describes a trade settlement
system and answer following questions:
a) Identify the potential points of failure in the trade
settlement system described in the document.
b) Describe the types of events that can result in Operational
Risk losses. Can you say anything about the frequencies and
severities of losses? You may want to provide a qualitative
discussion about the frequencies and severities, possibly as a
function of total number of trades, the types of trades, or other
system or environment characteristics.
c) Describe KRIs that would be useful for the tracking or
monitoring of the ops risk.
d) Recommend risk controls for this organization (on a
tactical level as well as on a more strategic level).