... destruction because of fire. The seriousness ofthe threat to Indonesia’s forests has prompted the European Commission to reorient its development co-operation with Indonesia to focus onthesustainable ... range of projects in the field of conservation and sustainable forest management. The funds for this support have been donated in the form of grants. The importance ofthe fire issue cannot ... of concern to the regional office ofthe Ministry of Forestry and Estate Crops in South Sumatra after the widespread smoke haze pollution of 1997. As part of our commitment to sustainable forest...
... IntroductionIn light of rapidly growing cross-border trading volumes, the sophistication of information technology, financial market deregulation, and the ongoingintegration and harmonisation ofthe ... sectors.In Europe, other issues have driven the quest forthe optimal structure for the post-trade industry. The launch ofthe European Monetary Union, par-ticularly the introduction ofthe euro, has ... Options Clearing CorporationOECD Organisation for Economic Cooperation and Development OFT Of ce of Fair TradingOMLX OM London ExchangeOTC over -the- counterp. pagePBOT Philadelphia Board of...
... builds onthe findings ofthe previous chapters andconsists of four matrices. These provide the foundation for an assessment of the impact of various network strategies on efficiency. The matrices ... 8 compares these conclusions with the case study findings. Final conclusions are then drawn regarding the impact of network strategies onthe efficiency of European clearing. Based on these find-ings, ... commonfeature in the context of derivatives trading is the employment of position limits, which are set by either the exchange or clearing house. Position limits constrain the number of contracts...
... between the partners.108Also, the higher the level of integration through a certain initiative, the stronger the potential effect of any given initiative onthe structure of the Value Provision ... to the complexity of measuring andquantifying the savings from the reductions in back -of ce costs, these savingsare not analysed in the context of this study. Forthe purpose of this study, the indicator ... costs of connecting to a clearing house, whichcan comprise initial informational, search and contracting costs. These costsinclude the compilation of necessary data and information, consultations...
... notassociated with the final conclusions of this study. The findings of this studydo not necessarily reflect the views ofthe individuals interviewed in the context of this study. The majority ofthe oral ... questionnaire to their team. Prior interaction was therefore consideredessential for conveying the benefits of contributing to the research and toenhance the interviewees’ understanding ofthe nature ... higher fee income forthe clearer.41Nonetheless, the interviewed clearing members’ general perception of the relevance ofthe cost of capital was marginal: The cost of funding for us as a bank...
... cents forthe hedge in index options. Lastly, CC&G charges €1.56 for clearing services.70This helps to provide first evidence ofthe existence of economies of scale onthe part ofthe clearinghouses. ... comparison of these production costs to the GCMs’ commissions exceeds the scope of thisstudy, but the overview of clearing members’ costs of production providedhere serves to clarify further the structural ... scale’ business in the electronicworld Thereislittle economic justification to clear on a small scale.139Despite these limitationsand constraining factors, theexpert inquiry nonethe-less revealed...
... example, results in a doubling ofthe number of contracts traded,but at the same time also to a bisection ofthe contract value. Therefore, the value ofthe contractstraded ultimately remains ... effects onthe first and second levels impact one anotherare also examined (section 6.1.1.3). Additionally, the spill-over ofthe first andsecond level network effects on to other parts ofthe transaction ... electronic format, which is then usable for further processing, and when the process of transferring transaction information from the execution venueto the clearing house is automated. The use of...
... terms of efficiency gains, from the implementation of aSingle CCP. Nonetheless, these clearers will presumably only adopt a SingleCCP approach if they have the means to control the rules of clear ... situation ofthe involved exchanges, r atherthan those ofthe partnering clearing houses. Nonetheless, these dynamics ultimately shaped the benefitsand drawbacks ofthe clearing link; they thus ... allowed pre-liminary conclusions to be drawn about the impact of these network strategies on the efficiency of clearing. The preliminary conclusions drawn from these303 Checking theory against reality...
... evidence of whether strong forms of lock-in exist onthe GCMlevel, the fact that five of CCorp’s clearing members chose to disinter-mediate their European clearer supports the conclusions ofthe ... allows conclusions on the economies of scale and scope for both CCPs, which in turn enables the derivation ofthe GCL’s net supply-side scale effects forthe two clearinghouses. For ECAG, the implementation ... members of CCorp’s clearing network. This is largely due to the competitive situation ofthe partnering clearing houses at the time of the implementation ofthe GCL, but the specifics ofthe initiative...
... global positioning.407 The future network economy – developmentofthe clearing industryINTRODUCING THE FUTURE NETWORK ECONOMY – DEVELOPMENT OFTHE CLEARING INDUSTRYFuture Developmentofthe European ... recommendations forthe industry’s future development. The following sections summarise and build onthe insights obtainedfrom the previous chapters to create an outlook onthe future development ofthe ... diminishes the economic appeal of self-clearing, because their costs of production increase.88A detailed interpretation of these results and their possible effect onthe structure ofthe VPN...
... objective The focus of this study lies onthe identification ofthe most cost-efficient organisation of clearing service provision in the light of globalised capital markets, and the question of whichstructures ... Introducing the future network economy – developmentof the clearing industry The findings of this study led to conclusions onthe future clearing industrystructure and delivered recommendations onthe ... with the final conclusions of this study. The findings of this study thus do not necessarily reflect the views of the individuals interviewed in the context of this study. Any proposition that is forwarded...
... facilitate the tracking ofthe questionnaires. The questionnaire will be made anonymous forthe statistical analysis and the publication. For details regarding the anonymity and non-disclosure, ... that the fees in the chart represent a snapshot of that particular date.rParticularly in the case of equity options/futures, the number of necessary contracts variesdepending onthe value ofthe ... for at a later stage ofthe calculation of total clearing house charges; refer to step 1.3).rBased onthe publicly available information onthe number of cleared contracts in the selected benchmark...