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Clearing Services for Global Markets by Tina P. Hasenpusch Pdf
Clearing forms the core part of a smooth and efficiently functioning financial market infrastructure. Traditionally, it has been provided by clearing houses, most of which today act as a 'central counterparty' (CCP) between the two sides of a trade. The rapid growth of cross-border trading has sparked discussion on the most efficient industry structure - particularly in Europe and the US. At the heart of this discussion lies the question of whether the implementation of a single clearing house creates greater benefits than a more competitive but interlinked market structure. This is the starting point for this book, which analyses the efficiency of clearing and clearing industry structure. Along with clear-cut definitions and a concise characterisation and descriptive analysis of the clearing industry, the book determines the efficiency impact of various cross-border integration and harmonisation initiatives between CCPs. This serves to identify the most preferable future structure for the clearing industry.
Global Custody and Clearing Services by R. McGill,N. Patel Pdf
The global custody product was conceived out of changes to United States pension law. Today, service providers act for clients in many countries worldwide, handling assets across 100 countries of investment. The range of services is ever more sophisticated. Measured by the value of assets held under custody, it is a multi trillion dollar industry.
Guide to Clearance & Settlement by Virginia B. Morris,Stuart Z. Goldstein Pdf
"An overview of The Depository Trust & Clearing Corporation (DTCC), whose sophisticated infrastructure and risk management systems provide essential services to US and global capital markets. The guide explains clearing, netting, and settling - the essential elements of post-trade processing - and the role of a central counterparty in ensuring completion of equity and fixed-income transactions. It looks, as well, at the increasing number of solutions DTCC provides for financial firms at home and around the world"--P. [4] of cover.
Clearing, Settlement, and Custody by David Loader Pdf
'Clearing, Settlement and Custody' focuses on the clearing, settlement and custody functions by analyzing how they work and the interaction between the organizations involved. The author examines the roles of clearing houses, central counterparties, central securities depositories and the custodians, as well as, assessing the impact on the workflow and procedures in the operations function at banks, brokers and institutions. The changes that are taking place in the industry are explored and the impact for operations managers and supervisors assessed. Clearing, settlement and custody is at the heart of everything that happens in the financial markets. The evolution of clearing and settlement is one that is still happening and as such, it is impacting on the operations function through both new practices but also, increasingly, in terms of regulation, risk and reputation. In essence the efficient clearing and settlement operation is managing risk, not because it is a direct part of the process but more because it is a bi-product. The routine procedures relate to reconciliation and record keeping. If these are performed efficiently and accurately it will result in accurate records of activity and profit and loss. The settlement process is a key element in identifying and correcting errors made by dealers and traders. Failure to identify the error or act promptly will result in potentially serious financial loss, as well as worrying audit and the regulators. In addition to these concerns the financial service sector is also undergoing a massive rationalization of the structure of clearing and settlement and seeking the twin goals of automation and shortening settlement cycles. The challenge for operations managers is considerable: manage costs, eradicate inefficiencies, create an environment to be competitive, and implement the procedures to meet future changes that will occur. In this book the author looks at some of the different roles, the processes and procedures, and the key issues, in order to help those in operations meet the challenge. The definitive series of professional references for those finance professionals concerned with "Back office" or operations management unique to this industry.Presents concise references on the essential management functions such as technology, client services, and risk management for financial operations management professionals.A comprehensive resource from a leading financial management consultant for global banks and institutions.
Services in the Global Market by Jacques A.E. Nusbaumer Pdf
Service activities are at the heart of a major economic revolution taking place all around us. This new economic revolution is equivalent to the Industrial Revolution in the eighteenth century, the rise of the guilds in the Middle Ages, and the shift from a hunter/gatherer economy to an agricultural/pastoral economy at the dawn of recorded history when organized agriculture first led to the development of towns and the invention of writing. In this new revolution, computers, factory robots, and completely automated factories are rapidly reducing the need for physi cal labor in production. At the same time, sophisticated agricultural machinery, fertilizers, pesticides, and biogenetic engineering have reduced and will continue to reduce the physical labor involved in growing food. In the new economy that will emerge from this revolution, most people will earn their living by working in services. Like all revolutions, the new economic revolution is troublesome because it brings with it major changes in everyday life, both at home and in the workplace. Change creates uncertainty about the future and am biguity in the interpretation of economic trends. The new revolution is also troublesome because it adds to the complexity of economic organiza tion and removes more people from the direct production of physical goods. In the new economy, more and more jobs will be based on the application of specialized knowledge and the manipulation of information with computers, a long step away from "real" jobs like growing wheat and assembling cars.
The post-trading industry is one in which financial firms make money and one in which risk issues need careful management. Reliable payment, clearing and settlement structures are perceived to be essential to enable financial firms to withstand shocks. A great deal of the cost of trading and cross-border investment is attributed to the very complex process of clearing and settlement. This book describes and explains: 1. what happens in clearing and settlement, and the roles of (and risks assumed by) the various participants in the post-trade marketplace 2. the law applicable to infrastructures, how they are are regulated, and the other topographical features of their legal landscape 3. the legal and practical aspects of risk management and operations of infrastructures 4. the risks faced by participants in payment, clearing and settlement systems - the agent banks - along with practical and operational issues which they face in their roles. Fully revised, updates for the 3rd edition include: - Implications and impact of Brexit - CPMI and IOSCO paper on central counterparty default (CCP) management auctions - cyber-security and the resilience of financial market infrastructures (FMIs) and the wider market ecosystem.
An analysis of the major securities, derivatives and money markets from an operations point of view, 'Understanding the Markets' takes the reader through the major features and characteristics of the markets and the products. The relationship between the trading and dealing functions and the operations functions is examined and the issues discussed. This book looks at the financial markets from the viewpoint of the person working in the operations functions that support the trading, dealing and investment processes, and as such is essential reading in order to fully understand the industry - an industry which has gone, and is still going through, much change. As the markets undergo change so too do the administration, clearing and settlement functions, as the clearing houses, securities depositories and custodians merge and diversify. This is going to impact on the operations teams that support the trading, sales and retail business. A failure to be aware of and to understand the impact of changes in the markets will create massive problems, greater risk and ultimately financial losses. And yet the sheer size and diversity of the global markets, together with the rapid pace of change and expansion, and the increasing volume of transactions needing to be processed, presents a massive challenge to operations teams and managers. Knowing how the markets work and what impacts on the operations team is crucial for managers and supervisors. In this book the author provides a full explanation of the markets and their impact in operations terms. So if you are about to embark on a career in operations 'Understanding the Markets' is essential reading. Alternatively, if you are planning a career as a dealer it will prove very useful in explaining the process that occurs after you have traded. The definitive series of professional references for those finance professionals concerned with "Back office" or operations management unique to this industry. Presents concise references on the essential management functions such as technology, client services, and risk management for financial operations management professionals. A comprehensive resource from a leading financial management consultant for global banks and institutions.
BATS Global Markets, Inc/Chi-X Europe Limited by Great Britain: Competition Commission Pdf
The Competition Commission (CC) has cleared the anticipated acquisition by BATS Global Markets, Inc of Chi-X Europe Limited. Both companies operate Multilateral Trading Facilities which enable market participants (investment banks, brokers and dealers) to trade equities through a single platform as an alternative to trading on exchanges such as the London Stock Exchange.In this final report, the CC confirms its provisional findings published last month and concludes that the acquisition is not likely to result in a substantial lessening of competition in trading services for UK-listed equities. The CC found that customers would have the power to prevent any attempt by the merged company to raise trading fees or worsen service quality, by taking, or threatening to take, their business elsewhere or even potentially sponsoring new entry. Such sponsored entry has occurred in this sector before: large customers have strong incentives to ensure that trading conditions remain competitive.
Author : Peter Norman Publisher : John Wiley & Sons Page : 403 pages File Size : 53,7 Mb Release : 2011-09-07 Category : Business & Economics ISBN : 9781119977940
Clearing houses, or CCPs, were among the very few organisations to emerge from the global financial crisis with their standing enhanced. In the chaotic aftermath of the bankruptcy of Lehman Brothers, they successfully completed trades worth trillions of dollars in a multitude of financial instruments across listed and over-the-counter markets, and so helped avert financial Armageddon. That success transformed the business of clearing. Governments and regulators around the world gave CCPs and the clearing services they provide a front-line role in protecting the global economy from future excesses of finance. CCPs, which mitigate risk in financial markets, responded by greatly expanding their activities, notably in markets for over-the-counter derivatives, and often in fierce competition with one another. In The Risk Controllers, journalist and author Peter Norman describes how CCPs operate, how they handled the Lehman default, and the challenges they now face. Because central counterparty clearing is a complex business with a long history that continues to influence decisions and structures even in today’s fast changing world, The Risk Controllers explores the development of CCPs and clearing from the earliest times to the present. It draws on the experiences of the people who helped to shape the business of clearing today. It sets the development of CCPs and clearing in the broader context of changes in society, politics and regulation. The book examines turning points, such as the 1987 stock market crash, that set clearing on a new path and the impact of long running trends, including the exponential growth of computer power and the ebb and flow of globalisation. Written in non-technical language, The Risk Controllers provides a unique and accessible guide to CCPs and clearing. It is essential reading for clearing professionals, legislators and regulators whose job it is to take this vitally important business into the future. “The recent crisis has, thankfully, renewed interest in the importance of central counterparties: how they can help preserve stability or, as Hong Kong showed in 1987, undermine stability if they are not super sound. Peter Norman’s book places the role of clearing houses in a historical context, and explains why the financial system’s plumbing matters so much. It should be read by anyone interested in building safer capital markets.” Paul Tucker, Deputy Governor Financial Stability, Bank of England
Analyzing the Economics of Financial Market Infrastructures by Diehl, Martin Pdf
The prosperity and stability of any economic structure is reliant upon a foundation of secure systems that regulate the movement of money across the globe. These structures have become an integral part of contemporary society by reducing monetary risk and increasing financial security. Analyzing the Economics of Financial Market Infrastructures is a pivotal reference source for the latest scholarly research on the current developments in financial systems and how these processes are evolving due to new regulations and technical advances. Featuring extensive coverage on a range of relevant topics on payment systems, central securities depositories, central counterparties, and trade repositories, this book is an essential reference source for professionals in the financial sector, analysts, IT professionals, and academicians concerned with emerging research on financial markets. This book features timely, research-based chapters on a variety of crucial topics including, but not limited to, payment timing, multi-layer networks, transaction simulations, payment system analysis, and regulation of financial marketplaces.
The quick guide to understanding the global securities markets Investing in the global securities markets poses challenges far beyond simply choosing a security that's likely to provide a decent return. Global Securities Markets provides a framework for navigating through these highly diverse and complex markets, covering all the basics of global investing. Packed with tables and listings to help investors of all types easily locate the information they need to make the right choices, the book is an indispensible index for working the securities markets to their fullest extent. The book covers: The mechanics of execution, clearing, settlement, custody, regulation, and practice in the US, UK, and European markets Margin, short selling, prime brokerage, and the evolving disciplines of risk management, anti-money laundering, and international compliance With 110 securities exchanges and 40 derivatives exchanges, it is more important than ever for the savvy investor to understand the global securities markets, and Global Securities Markets illustrates the rich history of the markets, how they work, and relevant contemporary legal concepts.