... for the functional description of proteins. The presence of identified functional domains byblastx search in the examined sequence was accepted for the assignment of functions. A criterion of ... detectablefluorescence signal from the reaction. A range of five dilu-tions ofthe total cDNA was tested under the same condi-tions as the samples. Amplification reactions were initiatedwith a pre-denaturing ... enables the sequencing of total cDNA for the derivation of anaccurate measure of gene expression, both individuallyand comprehensively, and the discovery of novelregions of transcription, dramatically...
... IntroductionIn light of rapidly growing cross-border trading volumes, the sophistication of information technology, financial market deregulation, and the ongoingintegration and harmonisation ofthe ... represent theof cial stance of Barclays Capital. The International Capital Market Association’s sponsorship of this publication aims to promote research and the continuing developmentofthe market. ... their functional set-up 1073.15 Impact of mergers and acquisitions onthe structure ofthe ValueProvision Network 1113.16 Single CCP’s impact onthe structure ofthe Value Provision Network...
... 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 or the ... 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...
... 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 ... strategiesintegration ranges from low to very high. The greater the degree of valuechain integration, the more the clearing houses’ le vel of autonomy declines,i.e. the higher the level of inter-organisational ... 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. For the purpose of this study, the indicator...
... her firm, the more likely he or she will be able to provide a comprehen-sive assessment ofthe cost of capital.37 The evaluation ofthe cost of capitaldepends onthe characteristics ofthe clearing ... requirements. However, thissoftware is often based on old versions ofthe vendor software; upgrades areoften put off until the last minute due to the expense. These IT systems arethen largely proprietary ... of cial stance of their organisation. The interviewees are notassociated with the final conclusions of this study. The findings of this studydo not necessarily reflect the views ofthe individuals...
... and functions; most of the NCMs participating in the study expressed their motivation to honetheir understanding of these issues.rNetwork initiatives can increase the attractiveness of self-clearing, ... scale’ business in the electronicworld Thereislittle economic justification to clear on a small scale.139Despite these limitationsand constraining factors, theexpert inquiry nonethe-less revealed ... strengthen the strong position of high volume clearers, and how they impact the unprivileged position of low and medium volume clearers in the Value Provision Network are topicsto be examined in the...
... 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 ... 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 ... through the estimation of a cost orproduction function,115cannot be properly conducted due to the limita-tions ofthe data and the small sample selection. Taking these drawbacks intoaccount, the...
... 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 ... (section 8.4), conclusions are drawn regarding the impact of network strategies onthe efficiency of European clearing; summaris-ing whether the insights from the case studies support or refute the...
... and Lon-don (respectively) expressed an opinion onthe GCL. Figure 8.8 shows thatwhereas a solid majority ofthe London-based respondents did not endorse the GCL, the responses from the Continental-Europe- ... enables the derivation ofthe SIM for the GCL(section 8.1.2.6.3), whose results will be compared to the conclusions of the analysis in section 7.1.97 The remaining either felt that they had ... 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 ... 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 ... recommendations for the industry’s future development. The following sections summarise and build onthe insights obtainedfrom the previous chapters to create an outlook onthe future development of the...
... 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 ... associated 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...
... clearingcosts in 2005 The calculation ofthe total European derivatives clearing costs in 2005 was based on the assumptions regarding the Value Provision Network (section 2.3), the structure ofthe Europeanclearing ... 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 ... facilitate the tracking ofthe questionnaires. The questionnaire will be made anonymous for the statistical analysis and the publication.For details regarding the anonymity and non-disclosure,...
... disruption could have on two of their key responsibilities, the implementation of monetary policy and the smooth functioning of payment systems, central banks know the importance of smoothly functioning ... details onthe impact of netting and CCPs onthe allocationofcapital,referto:Green(1997); and Kahn/McAndrews/Roberds (1999).176For more details onthe effect of post-trade anonymity on liquidity, ... trans-action costs constitute the basic reason for the existence of firms.16Transac-tion cost theory was developed to facilitate an analysis ofthe comparativecosts of planning, adapting, and monitoring...