Central counterparties

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  • Nordic Fixed Income Derivatives are traded and cleared in a unique market structure. Trades in fixed income derivatives are reached through bilateral negotiations between buyers and sellers, and reported to NASDAQ OMX Derivatives Markets for central counterparty clearing. NASDAQ OMX Derivatives Markets becomes the counterparty to both the buyer and seller, i.e. central counterparty (CCP) clearing. This structure combines the advantages of a cleared market, with the flexibility and the secured liquidity of a market maker driven market....

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  • Approved products on their own are not always enough for successful exporting. A good knowledge of the relevant standards and the special characteristics of the market for the application must be taken into account in addition to the approved products themselves. A check list may help to clarify important questions and take them into account at the quotation stage. After a system is completed, any special requirements that were not taken into account in the engineering stage may require a high level of cost and time for their implementation....

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  • This document presents the operational framework chosen by the Eurosystem* for the single monetary policy in the euro area. The document, which forms part of the Eurosystem’s legal framework for monetary policy instruments and procedures, is intended to serve as the “General Documentation” on the monetary policy instruments and procedures of the Eurosystem, and is aimed, in particular, at providing counterparties with the information they need in relation to the Eurosystem’s monetary policy framework....

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  • The financial markets touch all of our lives. If you didn’t believe that in years past, you surely do now after the tumultuous events of the late 2000s. The workings and integrity of those markets are vital to our increasingly global and interconnected economies. If you’ve chosen a career that involves working in the securities industry, you have a front-row seat in a dynamic and sometimes unpredictable field. George (Tres) Arnett and I met many years ago at Yale University where we both studied economics.

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  • The standards in this report harmonise and, where appropriate, strengthen the existing international standards for payment systems (PS) that are systemically important, central securities depositories (CSDs), securities settlement systems (SSSs), and central counterparties (CCPs). The revised standards also incorporate additional guidance for over- the-counter (OTC) derivatives CCPs and trade repositories (TRs).

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  • In November 2004, building upon the recommendations established in the RSSS, the CPSS and the Technical Committee of IOSCO published the Recommendations for central counterparties (RCCP). The RCCP provided 15 recommendations that addressed the major types of risks faced by CCPs. A methodology for assessing a CCP’s observance of each recommendation was included in the report.

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  • These consistencies have made it possible for accrediting groups to compare programs at multiple institutions. They make the handling of transfer credit from institution to institution reasonably systematic. They make it possible that institutions can issue “transcripts that follow commonly accepted practices and accurately reflect a student’s academic experience" as required by Criterion 5 of the North Central Association’s Criteria for Accreditation (Adopted February 2001).

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  • In contrast to equity markets, the government and corporate bond markets have been held back by the more restrictive regulatory framework. A number of reforms were introduced to the government bond market in 1992 when the price of newly-introduced bonds was set by auction. But it was not until 2005—11 years after the equity market—that bond market became an electronic order limit market. Several measures were implemented to minimize risks in equities trading and to create a national market in stocks.

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  • Until the 1990s, the main objective of the Italian banking regulation was to foster local de- velopment and to ensure financial stability. In general, mergers between public banks were not allowed; and for savings banks, there were strict authorization procedures for such mergers. This system was quite successful in supporting and stimulating the growth of the industrial sector, which was (and to a considerable extent still is) characterized by a large number of small and medium enterprises. But at the beginning of the 1990s, the system started to show its weaknesses.

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  • What can we learn from the UniCredit experience? First, it is remarkable that the most suc- cessful Italian bank has developed almost exclusively from public banks, with the exception of Credito Romagnolo. Therefore, it cannot be considered as an example of a successful merger across different pillars. Second, the geographical spread of UniCredit's activities within Italy is noteworthy. Apart from Credito Italiano, which also operated in some South- ern regions, all banks merged into UniCredit operated in the wealthy north of Italy.

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  • Interest rate swap terms typically are set so that the pres ent value of the counterparty payments is at least equal to the present value of the payments to be received. Present value is a way of comparing the value of cash flows now with the value of cash flows in the future. A dollar today is worth more than a dollar in the future because cash flows available today can be invested and grown. The basic premise to an interest rate swap is that the coun terparty choosing to pay the fixed rate and the counterpar ty choosing to pay the floating...

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  • Governments everywhere responded to the panic by pumping more equity into banks, greatly expanding the ambit of their deposit insurance, and opening up various central bank discount windows for distress borrowers. This gigantic effort seems to have reduced counterparty party risk, the fear of bank failure, in interbank trading. Figure 1 shows the one- month LIBOR rate coming down close to the Fed funds rate, now near zero, by mid 2009.

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