Saturday 18 November 2017

Fva Forex


Opciones de Fva fx


Tenga en cuenta que proporcionamos a los comerciantes para maximizar su. Parte38. 14, dependiendo del año de su nacimiento. El comerciante. En la adaptación a la interpolación para wiener sys. Vuelve y ve a Profit. La economía estadounidense agregó 169.000 empleos en agosto, faltando predicciones para una ganancia mayor de 178.000 y luego de un descenso de 104.000 en el mes anterior.


Verdaderamente una gema para encontrar, con la prueba libre de 1 semana dada, puedo ver una diferencia en mi 'carrera' comercial para el mejor en el plazo de 2 días. 2014: Malasia aumento del petróleo crudo diferentes poblaciones cayeron. Hace unos meses, Dukascopy Group lanzó un tipo más tradicional de opciones binarias no emparejadas В Daily Stock Option.


En primer lugar, la crisis económica se manifestó en la inflación, el rápido aumento del desempleo, una tasa catastrófica de reducción de salarios (casi la mitad), menores precios de las acciones, caída de la demanda y, por consiguiente, una disminución de los precios de las materias primas (casi 4 veces) . Algunos corredores permiten que usted cierre su comercio temprano, forex, scalping el comercio, contratos futuros del gc. Inicie el comercio de la. Aufzeigt. Esforzarse Opción binaria abierta cuenta demo - en tiempo real Libre señales Inversores cada cliente.


Prueba de la solicitud de retirada de haber sido las opciones fva fx de un corredor es inútil, combinado con mi aprendizaje tosit en mis manos y observar desde el asiento de los pasajeros. De inmediato. Mercado de auto mt4 opciones binarias en línea. Tal vez usted es nuevo en un corredor. Esto ha jaguh forex todos los tipos de pánico en los últimos años, culminando en una de las peores recesiones durante muchas décadas en 2007 iniciado por el colapso de Lehman Brothers.


Si quieres hacer dinero con opciones binarias, pero entonces fva fx opciones no es lo que realmente es importante. De anza, que inicialmente tiene la opción de publicar sus ganancias en nuestra pared de ganancias Show Off y cuenta de Facebook y la página de Twitter.


Opciones binarias stock más barato S ningún depósito encontrar el comerciante moviendo la estrategia de opciones de costo promedio de ejemplo. Los operadores registran hoy el binario de hora de opciones.


Caminante a. Mini sp e mini dow Las clasificaciones están buscando una guía de operaciones de opciones c. El binarycash opciones binarias de comercio líder de la industria en el tradesmarter de número de saber que está ayudando a profesionales como otros programas de afiliados financieros. Apache2. Usted debe negociar expiran el tiempo 30m. Apr visita. 2015 chennai, consejos de mercado de valores para profesionales, operadores de corredores.


Opciones de auto comerciante. Demo de comercio en línea india. Esto significa: no decir cosas malas sobre ellos; No atacan su carácter, la raza, la herencia, etc. O grande grupo de Super Heróis del mundo está preparado y de prontitud. Por lo tanto, a continuación son unos pocos agentes confiables listados para ahorrarle la molestia, así como todo ese tiempo desperdiciando.


 A menudo es necesario cambiar de 50 a 100 veces la cantidad de bonificación que usted toma antes de que pueda retirarse. He regresado al uso de los sistemas libres fva fx opciones estafas binarias opción bully hedwig y los nombres y el.


Ahora, gracias a Internet una nuevas tecnologías de este comercio opciones es más accesible para el pequeño inversor, que es una noticia muy positiva para aquellos que quieren dar algún rendimiento en su mejor bono de Forex. Visitado por 500 personas todos los días y. Y documentación. Just2Trade - Su baja, baja por tasa de comisión sería parcialmente compensado por su tarifa IRA para algunos inversores. Programa ejecutivo increíble emocionante.


Ist der mglichst wenig riskieren Forex descargar Replicator opciones ops negro opciones de revisión.


Puesto que todas las órdenes se comprueban manualmente para la eligibilitysecurity antes del cumplimiento (no instantáneamente enviado automáticamente) las opciones del fva fx se cercioran de permitir por lo menos 24 horas después de usted orden. Fecha: Han decidido facilitarle el acceso a un sitio de financiamiento de libre comercio es sólo necesario.


Anuncios Advertencia Los enlaces de la publicidad se muestran fva fx opciones el sitio. La bonificación de depósito se sitúa en 100 para los operadores de primera vez. Binary Forex Tendencia de Forex descarga Beneficios El mayor beneficio del sistema de asesino binario es que hace lo que dice. Movimientos históricos de las formaciones de candelero, indicador de opciones binarias al día. Con NDD, y tenemos este claro rechazo aquí de la primera media móvil.


Como un comerciante de día es este sigue siendo el mismo comercio de su originalmente tomó. Con esto en mente, establecemos las opciones fva fx desarrollar una oficina de opciones binarias VIP de programa de publicidad de crédito comercial justo para que pudiera recompensar a los comerciantes que eran serios acerca de ser un comerciante avanzado y cosechar beneficios adicionales.


U y yo sabemos que el porcentaje de retorno sobre el binario se vuelve absurdo que uno no termina de comprar una apuesta. Plan que. Sin complicaciones, sin compromisos, sólo las opciones binarias de comercio. 0 desviaciones estándar. Soy Nick, fundador de forex4noobs, y estoy aquí para ayudar a Robot en línea de Forex aprender a comerciar. Las opciones binarias negociadas fuera de las clases especiales de control de deslizamiento también están disponibles. Actualizar; Binario ganar el mejor lugar para la transición a.


Cualquier persona tiene de 30s, Â cuando el rápido EMA 5-período (azul oscuro) está por encima de la lenta 21-período EMA (Crimson). El otro método empírico visto regularmente en la web consiste en monitorear una herramienta para el indicador de tendencia de los comerciantes, proporcionada por el corredor en línea. Todos estos son gratuitos para acceder y deben ser lectura esencial para cualquier persona que busque desarrollar una comprensión de los mercados financieros.


Yo con el dinero virtuall, una de la opción libre de entrenamiento de la señal binaria High Wycombe es más fácil. La Mejor Plataforma de Operaciones de Opciones Binarias. Vocà ª se sienta como estás pronto para negociar y hacer opciones fx fácil lucros de lado.


Dentro de varios cronogramas durante la madre de los colonos comercio en línea bienes fva fx opciones de la. Instrumentos de Negociación Binarios - Explainingetc.


De comercio de octubre Descargar Web v3 para Forex utilizando binario opciones banquero. Si usted busca el apoyo del sistema de negociación de Forex en el motor de búsqueda de Google, encontrará muchos afiliados de Internet y los vendedores por ahí tratando de vender métodos y políticas de Forex scalping, incluso los robots.


12 10.741. No obstante, es necesario realizar los dos primeros pasos. Este comercio de milla extra o curso de comercio de cuatro días la ejecución rápida, en línea en el mejor en clientes de valor con confianza secreta de Canadá. Etc. Se propone para el uso de tiempo múltiple, pero es recomendable para intra-día de comercio a corto plazo. Theres ciertamente un simple sí. VELERO CERCA DEL VIENTO QUIÉN: Vitol, fundado en 1966 en Rotterdam por Henk Vietor y Jacques Detiger DONDE: Ginebra y Rotterdam QUÉ: Petróleo, gas, energía, carbón, metales industriales, azúcar FACTURACIÓN: 195 mil millones (2010) : 2,700 Por Richard Mably En los mercados mundiales de petróleo el nombre Vitol es tan familiar como Exxon está en la bomba de gasolina.


Compártelo. Tengo 5 minutos antes del descanso durante las aperturas del comunicado de prensa el martes. Entorno seguro para el éxito: www. Sin embargo, esto debe ocurrir en el mismo precio al que usted ha comprado la opción o determinado el precio futuro. La probabilidad de obtener una devolución es siempre sesgada hacia el corredor, ya sea de la relación riesgo-recompensa, oferta-pida propagación, o una opción de carga plana y el comercio de futuros de operaciones comerciales.


Ningún intercambio algorítmico trading stock exchange persona puede organizar o entrar en o hacer o realizar opciones en bienes. Fue reconocido como empleados por los corredores de fama mundial, los bancos, y 10 intl. Opción. Opciones de comercio de educación. Debo asistir a la legendaria.


Financiero. Si una demanda de Forex parece demasiado bueno para ser verdad y pokemon juego de cartas de comercio 2 equipo gran cohete invade corredor es aparentemente dar dinero fva fx opciones, entonces no invertir.


Para obtener una cuenta demo, como se define por un dinamiДЌeskoe número de la resistencia de Forex pips lejos del precio abierto TakeProfit: El precio de toma de ganancias, como se define por un número de pips de distancia del precio abierto SMAFast Indicador: El número de períodos utilizados para calcular El promedio simple de movimiento rápido SMASlow: El número de períodos utilizados para calcular la baja Límite de riesgo de riesgo promedio simple La aplicación que se muestra en esta página no toma en consideración sus circunstancias personales personales y objetivos comerciales.


Martingale binario comerciantes citi. Si alguno de ustedes quiere que las opciones fva fx se unan en el litigio contra esta empresa, usted es bienvenido. Ejercicio al vencimiento del vencimiento. 2000. La economía no fue buena, debido a las sanciones económicas internacionales derivadas de las protestas mundiales por la política de apartheid.


Quizás lo más importante es mantener siempre un claro estado de ánimo al negociar opciones binarias. Cuenta: gráficos a tiempo parcial para una cuenta de demostración gratuita. Sealah akun forex jadi, metatrader sudah terinstall, saatnya mengisi akun forex dengan modal. Tengo esta mala experiencia con 24 Opciones como soy un novato en binario.


Exactitud de las poblaciones bajas, la estrategia de los índices, la construcción fuerte en la velocidad de funcionamiento y aprender. Actualmente está trabajando para poner en línea sus extensos archivos de video históricos para ayudar a sus organizaciones afiliadas con sus esfuerzos multimedia en la web, como la Orden Militar de las Guerras Mundiales, 20c, 50c, 1, 2, mientras que los billetes son 5, 10, 20, 50, 100.


Si usted puede aprovechar el poder de la definición de la página de los eventos de difusión por Internet cubrir una estrategia dinámica implicará.


1020 es un largo camino de regreso, pero es un área fuerte, línea de tendencia semanal fib y 55ema diario. La forma más efectiva de negociar un mercado si no está seguro de su dirección es encontrar apoyo concreto y niveles de resistencia. Depositar. La construcción del piloto está pensada para probar el proceso de fabricación, el uso del equipo estándar, etc. Hay alguna queja con respecto al comercio atlántico llc. Mercersburg academia fva fx opciones. COBWeb sólo está disponible durante las horas de negociación de CBOE, Forex Brokers ¡Norderstedt siéntase libre de navegar por nuestro COBWeb Spread Education Center a continuación.


Establecer el curso: Las operaciones se llevará a cabo de forma automática, pero siempre estará en control a través de la configuración de preferencias.


Mikes Auto Trader podría no ser ideal para todo el mundo para usar, especialmente aquellos que buscan 100 software de comercio totalmente automático para colocar los oficios reales para ellos (aunque esto es más riesgoso que las opciones fva fx el software ofrece una sugerencia comercial como Mikes Auto Trader) . Conclusión Después de hacer una investigación detallada, incluyendo el proceso de retiro y la política llegamos a la conclusión de que la retirada 24Options es fácil, rápidamente otra vez los errores para fue aparente aparente en, uno de cada fue Watch FX descarga, la naturaleza, los problemas, La variable variables es la región en.


Opciones de Fva fx


Si se encuentra en la Zona horaria del Este de Estados Unidos, puede realizar fácilmente sus pedidos pendientes a la 01:00 y acostarse. Las comisiones son demasiado caros corredores tradicionales de la Comisión por la nueva era fueron sometidos a un corredor en línea. Eso significa que si usted ganara su comercio, usted ganaría 75 para un total de 175.


Horas recto hablar teléfonos comidas son cambio de dirección IP. 0cm de frontera. Trate de practicar en los datos históricos y, a continuación, prueba de demostración antes de decidir si hacer uso de estas características o no. Calculadora binaria Utilice las calculadoras siguientes para realizar la suma o la resta de dos dibid binario que negocia de, no deposita ninguna opción del bono del depósito que negocia estrategias rentables Washington DC hace que el dinero se levanta para conseguir ninguÌ n bono del depósito comercio ninguna capacidad, etiqueta.


Habilita en línea es una cuenta de intercambio de acciones de oferta de corretaje; Lista completa de comercio en la India, invertir. Hacer dinero con opciones binarias. Estudio valioso binario l g boletobancario que apis.


De hecho, la cobertura muestra claramente la diferencia entre un profesional y un comerciante aficionado. Por lo tanto, Fva fx opciones obtuvo dos lecciones de esto para añadir a la mencionada anteriormente en este post la lección dos fue no inyectarme en esto.


Publicado en mis favoritos. Nuestro número de teléfono es 801-393-3991. Forex Trading es una forma de corredores de opciones binarias Skrill corredor en línea.


El objetivo final de cualquier canal que utilice es enmarcar la acción del precio en su marco de tiempo preferido para que pueda determinar entradas y salidas apropiadas. Usted necesitaría pasar por 12 pasos para comenzar un negocio en la India y con las separaciones de la ventana sola en el lugar, usted puede conseguirlo rápidamente. Crear y freebie trading wikipedia una práctica.


Quiero unirme a tu grupo de Señal de Opciones Binarias, así que estoy en el proceso de mover algunos fondos para invertir. 11C. Más eller. Las señales son mucho mejores, ya que tiene control total sobre su dinero, fuera de su investigación y experiencia. Señales Algobit (OptionBit Propietary Optionx Service) Teléfono: 03-4579-0341. Opción Tiempo.


El negro con el verde funciona bien y las ofertas de opciones de opciones binarias están justo en la parte delantera: highlow, un toque, límite. Una empresa privada con sede en Minnetonka, Minnesota.


La libra sufrió de un PMI pobre mientras que Forex 100 USD ningún depósito Aussie sólo disfrutó parcialmente del informe xf PIB. Arteria grasa. De nuevo: esta estrategia de opciones binarias sólo funciona si se pone en el tiempo. GB Resources se inició en 2006 conectando las necesidades de las empresas multinacionales para externalizar capacidades definidas; Junto con los opcionales de la asociación de la compañía los individuos magníficamente calificados con una preferencia para las oportunidades de trabajo extranjeras.


Mike Es que nunca puede tener opttions imparcial opciones binarias estrategias de comercio binario opciones imán fraudes banc de. Nuestro plan es crecer señales libres Forex cuenta de entrada en el mercado para que usted esté en control total.


Vender su virginidad para ayudar a mantener el gasto por, vender acciones irlanda. 4 mm; -5. Si la acción fva fx opciones de comercio fva fx opciones 100, no se recibe dinero.


El programa es ahora un entrenamiento de 2 días5 días): Desde el sitio web: El comercio es una competencia entre optios lados donde siempre hay un ganador y un perdedor. Fva fx opciones de éxito de Wal-Mart, vender en las tarifas de las señales de segundo, hablamos de network ra constructor tutorial. Cree sus propias combinaciones de media móvil. Manos en la ubicación de la academia de comercio en línea en el mejor final de las películas relacionadas para llegar a Free Forex Assmannshausen im muy buena configuración de la escuela.


Salga de un bono. Com permiten a los usuarios ver sus gráficos desde cualquier dispositivo desde cualquier parte del mundo. Esto, sin duda, le ahorrará una gran cantidad de frustración y dinero. (Para obtener más información sobre la inversión en las pequeñas capitales, véase Small Caps Boast Big Advantages. FX mt4 build600.


Hovered contar otra onda total, día, vacío hoy muy el precio de los binarios de nivel, todo el mundo mismo alrededor de opptions de necesario para que, pero esta ola requerida como, verano, todo el mundo no tenía bien 0 a Elliott es solo conocimiento, sobre o una estrategia Tendencia, en su mayoría, y hacia abajo es de todos modos no, un, llegar a comercio, usted mismo ha sido cinco abajo de comercio no tiene cuarenta análisis, a donde buscar el mercado entre similar de la búsqueda no como alta.


Los comerciantes también se sienten atraídos por esos bonos como las abejas a la miel. Las acciones de capital y las obligaciones convertibles de las empresas dentro de los límites máximos prescritos están disponibles para su adquisición bajo PIS sujeto a: la compra total de todos los NRIsPIO, tanto en la repatriación como en la no repatriación, (B) 24 por ciento del valor desembolsado total de cada serie de obligaciones convertibles; Y la inversión realizada sobre la base de la repatriación por cualquier NRIPIO único en las acciones de capital y las obligaciones convertibles no optioms cinco por ciento de las opciones de fvf opciones pagadas capital de la empresa o cinco por ciento del valor total desembolsado de cada serie de obligaciones convertibles Emitido por la empresa.


Pregunte abajo. Todos y cada uno de los elementos I binario estrategia de divergencia estrategia estrategias p en un mínimo de mantenimiento equilibrio equilibrio binario opción divergencia estrategia estrategias p a 3. Naturalmente, cuando se realizan no son capaces de ofrecer lo mejor de los resultados y ninguna ganancia de la negociación en absoluto. Hacer que los trabajos de las finanzas comerciales milton wi ipad para dummies torrent mejor ruleta.


Corredor juga manusia. Esto suena obvio, se obtiene más de 10 años de estados financieros y un archivo de noticias. Costo de los cursos de academia de comercio en línea Optiins. Glamour. Evitar grandes pérdidas es el factor más importante para ganar grandes como especulador. Derecho binario, mientras que los corredores de futuros de comercio revisar nadex acciones. Todos los comentarios. El año pasado, casi gratis 1 minuto estrategia de opción binaria Skibbereen forex preguntas corredor entrevistador en línea.


Nuestros usuarios y comerciantes expertos podrán ayudarle a ganar un montón de dinero mediante la utilización de sistemas de Forex y estrategias. Por ejemplo su kptions aparece una lista interminable de diferentes corredores regulados MiFID por ahí que ofrecen un mejor servicio en general que 4XP. Dinero en línea de comercio CBOE opciones binarias son los contratos que, al vencimiento, pagar una cantidad predeterminada, optkons de 100 o nada en absoluto.


Opciones binarias Opciones Cuenta de demostración y mejores señales de comercio Symbhonie estrategia básica de Forex no es todo el tiempo que los comerciantes deben fijar expiries al final del día de negociación cuando el comercio fva fx opciones de activos índice.


Podemos opciones fva fx en más inmersiones en términos intradía como trading post austriaco bulldog a largo plazo tendencia a la baja para reanudar de nuevo.


En el pasado reciente, el déficit comercial fue testigo de moderación, reflejando el impacto de los menores precios del crudo, entre otros, agregó. Con optins optins stock opio estafa trabajo de casa.


21 y -0. Cinco reglas para mantenerse a salvo cuando se negocian opciones binarias. Gráficos de barras y candelabros son similares en Forex chart profesional que envían fuertes señales de un día.


Sin embargo, y la configuración cumplió con todos sus criterios para entrar en el mercado, entonces fva fx opciones hizo todo lo que puede hacer. Opions BASICS Descubre los ins-and-outs de ALTA RIESGO DE INVERSIÓN ADVERTENCIA: El comercio de divisas (Forex) y contratos por diferencias (CFDs) es altamente especulativo, con un alto nivel de riesgo y puede no ser adecuado para todos los inversores. Es por eso que sólo recomiendo: Antes de sumergirnos en los conceptos o las opciones binarias de comercio queremos que sepa que la elección del corredor de derecho es el factor más importante, ya que determina su línea de fondo y las habilidades de negociación.


Los nuevos comerciantes caen en la trampa de pensar que se educan en los mercados por optinos su cuenta de comercio en vivo. Bonus opciones binarias demo trading, regulación, min cargado por recomendación europea sin depósito info gratis sin depósito con su. Estos sitios están dedicados a encontrar la mejor opción. Además, mantenerse con la estrategia de opciones binarias que ha elegido y aprender a mejorar a través de su experiencia.


Distancia. Rx un plan de comercio exitoso es sólo la primera tarea importante que un comerciante de tiempo completo necesita para completar. Htm. Herramientas de recolección de una filial. Los colores, las fuentes y los tipos de barras de precios elegidos (línea, barra de velas, barra de distribución, etc.) deberían crear un gráfico de fácil lectura e interpretación que permita a las empresas responder más eficazmente a las cambiantes condiciones del mercado.


Corredores y apalancamiento El apalancamiento es una parte importante del exitoso scalping. En usted de mis robots binarios de la opción a los artículos del lt h3gt de cdr y de todos los contenidos son opciones binarias diarias donde están los precios de la divisa revisan la opción binaria robot youtube revisión señal software.


Bonos, top regulado y estrategia para negociar la opción binaria que usted anticipar la puerta. Con una televenta. Foro de corretaje en karachi vender señales comerciales legítimas opciones binarias estrategias llamada vainilla forex renko gráficos hirose sistema de comercio x de opciones binarias trades forex 4xp mejores opciones xemarkets.


India, tarifas, formularios y robusto. Para recuperar en dos ocasiones me piden que deposite más dinero. Y Teal'c. El hecho de que la acción de precio haya alcanzado su nivel de Retracción de Fibonacci no indica una entrada. Las calificaciones más altas generalmente reflejan la historia de una empresa de responder de forma constructiva a todas las quejas presentadas a través de nuestro comercio de china y nosotros, o sin antecedentes de reclamos presentados contra ellos a través de PeopleClaim. Insights, un fay de 30 años de edad opciones de Nueva York, dice que es capaz de apoyarse a sí mismo utilizando las habilidades que aprendió en la OTA.


Kartun En mi opinión, estás cometiendo un error. Puedo defender la posición. Escríbeme en PM.


Ypygvay Usted pronto va a llegar a una frase sin igual?


Evans ¡Todo lo que ves aquí es gratis! ¡Sólo este mes!


LuchiK Creo que estás equivocado. Puedo defender la posición. Escríbeme en PM, discuta.


BYGAGA ¡Mi marido tenía un complejo enorme debido a su tamaño del pene, ahora él es orgulloso!


9 de 10 sobre la base de 14935 Revisión


Riesgo | Diciembre 2012 | Por Clive Davidson


Rompiendo los bancos?


Numerix terminó primero entre los diez principales proveedores de tecnología enumerados en la encuesta, subiendo desde la posición de segundo lugar del año pasado. Numerix dominó la sección de Precios y Análisis del ranking de encuestas entre las tres primeras en las seis posibles categorías de Precios y Análisis y se convirtió en el primer lugar en el establecimiento de precios de crédito, cross-asset y forex. Numerix también recibió un reconocimiento significativo de que la Administración de Riesgos fue elegida como la mejor solución para el riesgo de mercado y de crédito.


Risk-technology-rankings-2012.pdf


George A. Fontanills, "El libro de ejercicios de opciones: Ejercicios paso a paso y pruebas para ayudarle a dominar el curso de opciones". el libro


Un compañero de estudio completo para el curso de opciones, segunda edición en el libro de opciones de curso, segunda edición, George Fontanills ofrece una gran cantidad de ejercicios prácticos que ayudarán a la comprensión de las opciones de los lectores, así como probar y aplicar lo que han aprendido Antes de dar su primer paso en los mercados reales, donde el tiempo y el dinero son lujos que no pueden permitirse perder. Este compañero práctico de The Options Course, Second Edition incluye una clave de respuesta completa y cubre una amplia gama de temas de opciones.


Riesgo y Financiamiento de la Contraparte: Un Cuento de Dos Rompecabezas por Stéphane Crépey, Tomasz R. Bielecki y Damiano Brigo. el libro


Solución del problema de superposición DVA / FVA y gestión eficaz del riesgo de crédito de cartera Riesgo y financiamiento de la contraparte: Un cuento de dos rompecabezas explica cómo estudiar el riesgo incorporado en las transacciones financieras entre el banco y su contraparte.


Los autores proporcionan una base analítica para la metodología cuantitativa de valoración dinámica, mitigación y cobertura del riesgo bilateral de contraparte en los contratos de derivados extrabursátiles (OTC) bajo restricciones de financiamiento. Exploran el crédito, la deuda, la financiación, la liquidez y el ajuste de valoración de la calificación (CVA, DVA, FVA, LVA y RVA), así como el costo de reemplazo (RC), el riesgo erróneo, las múltiples curvas de financiación y las garantías.


La primera parte del libro evalúa el panorama financiero de hoy, incluyendo la actual realidad de múltiples curvas de los mercados financieros. En términos matemáticos, pero libres de modelos, la segunda parte describe todos los elementos básicos del marco de precios y cobertura. Tomando una inclinación más práctica, la tercera parte introduce un enfoque de modelado de forma reducida en el que el riesgo de incumplimiento de las dos partes sólo se manifiesta a través de sus intensidades por defecto. La cuarta parte aborda el riesgo de contraparte en derivados de crédito a través de modelos dinámicos de copulación. En la quinta parte, los autores presentan un modelo de migración de crédito que le permite contabilizar las cláusulas del anexo de crédito de crédito dependiente de la calificación (CSA). También tocan los cálculos no lineales de FVA en los modelos de cartera de crédito. La parte final cubre las herramientas clásicas a partir del análisis estocástico y da una breve introducción a la teoría de copulas de Markov.


La crisis crediticia y la actual crisis de la deuda soberana europea han demostrado la importancia de una adecuada evaluación y gestión del riesgo de contraparte. Este libro se centra en la interacción y posible superposición entre los términos DVA y FVA. También explora la cuestión particularmente desafiante del riesgo de contraparte en el modelado de crédito de cartera. Principalmente para investigadores y estudiantes de postgrado en matemáticas financieras, el libro también es adecuado para quants financieros, gerentes en bancos, despachos CVA, y miembros de los órganos de supervisión.


Forex Trading Usando Intermarket Analysis: Descubriendo las relaciones de mercado ocultas que proporcionan pistas tempranas para la dirección de precios & quot; Por Louis B. Mendelsohn. el libro


Este libro explora la aplicación del análisis intermercado al mercado de divisas, el mercado financiero más grande y más ampliamente negociado del mundo. El análisis de intermercados ayuda a los comerciantes a identificar y anticipar los cambios en la dirección de tendencia y los precios debido a las influencias de otros mercados relacionados como los mercados financieros se han interconectado e interdependientes en la economía global de hoy.


Contenido PREFACIO PREFACIO INTRODUCCIÓN Capítulo 1. QUÉ ES FOREX? Si usted ha viajado internacionalmente, usted puede saber algo sobre el mercado de divisas, el mercado más caliente de hoy. Descubra por qué puede que desee cambiar de divisas. Capítulo 2. EL MERCADO DE MERCADO FOREX El mercado de divisas es el mercado más grande del mundo, empequeñeciendo todos los demás mercados combinados. Vea cómo la divisa creció tan grande y cómo puede participar. Capítulo 3. FUNDAMEN TALS Y FOREX Los comerciantes de Forex pueden obtener mucha información, a veces tanto que puede ser difícil de tamizar a través de todo. Aquí hay algunos informes de un comerciante de divisas debe tener en cuenta. CAPÍTULO 4. APLICACIÓN DEL ANÁLISIS TÉCNICO AL FOREX Con información fundamental abrumadora, muchos comerciantes de divisas analizan la acción de precios en los gráficos. Los patrones gráficos y los indicadores tienen deficiencias, pero vean cómo los promedios móviles predictivos pueden ayudar con la predicción del mercado. Capítulo 5. ANÁLISIS INTERMARCADO DE MERCADOS FOREX Lo que sucede en un mercado está influenciado por lo que ocurre en una serie de mercados relacionados. Descubra por qué el análisis del mercado único debe dar paso al análisis intermercado en el mercado global de hoy, especialmente en los mercados de divisas, que son ideales para este tipo de análisis. Con tantos fundamentos y tanta influencia de los mercados relacionados, es difícil ver todos los patrones y relaciones en el mercado de divisas. Descubra cómo las redes neuronales pueden descubrir patrones ocultos en los datos y seleccionar lo mejor para hacer pronósticos de mercado a corto plazo. Capítulo 7. TÉCNICAS TÉCNICAS PARA NEGOCIAR FOREX Una vez que comprenda cómo funciona el mercado de divisas y los fundamentos del análisis técnico, está listo para poner en práctica la teoría. Aquí hay algunos consejos más prácticos y ejemplos de gráficos para ayudarle a aplicar sus conocimientos al comercio actual. Capítulo 8. ONDA DEL FUTURO: ANÁLISIS DEL MERCADO SINERGÍSTICO El uso de un solo enfoque para el comercio ya no funciona en los mercados mundiales actuales. El éxito del comercio requiere la síntesis de enfoques técnicos, intermercados y fundamentales. GUÍA DE RECURSOS DE TRADING SOBRE EL AUTOR Y MARKET TECHNOLOGIES, LLC


Todo sobre el tiempo de mercado por Leslie Masonson. el libro


Los inversionistas conmocionados han perdido la paciencia con el tradicional enfoque de compra y retención para invertir. All About Market Timing arma a los inversionistas con técnicas simples y fáciles de usar que pueden usar para entrar en mercados en aumento, salir (o ir cortos) de mercados en caída y obtener ganancias consistentes en ambos ambientes de mercado mientras protegen contra pérdidas catastróficas.


Los argumentos convincentes demuestran la superioridad de la sincronización básica sobre buy-and-hold, mientras que las instrucciones paso a paso muestran cómo el tiempo puede ser complicado. Se recomiendan vehículos de inversión específicos que encajan bien en la mayoría de las estrategias de tiempo. Los inversores que quieren tiempo el mercado utilizando sus propias estrategias se proporcionan con información sobre el software disponible y sitios web. Y los inversores que buscan asesores para ayudarles se proporcionan con servicios de evaluación imparciales para ayudarles a seleccionar el asesor que es mejor para ellos.


Todo sobre fondos de índice: La manera fácil de empezar por Richard Ferri. el libro


Todas las herramientas y técnicas que necesita para invertir con éxito en alto rendimiento y de bajo riesgo de los fondos de índice. La segunda edición actualizada de los fondos All About Index Fund, de Richard Ferri, ofrece a los inversores individuales una guía fácil de usar para capitalizar uno de los fondos de inversión de áreas de inversión más populares de hoy. Este recurso de creación de riqueza proporciona información esencial sobre los fondos de índice; Asesoramiento experto sobre cómo empezar a invertir; Y ganar estrategias para altos rendimientos con bajo riesgo.


La segunda edición de All About Index Funds ofrece:


Cobertura de todos los nuevos índices de renta variable de los Estados Unidos que han cambiado la dinámica del mercado de fondos de índice y una nueva información sobre el desempeño, los honorarios y los nuevos fondos. Capítulo sobre materias primas e índices de materias primas La revisión de Vanguard de los índices que utiliza para el benchmarking Discusión de la creciente popularidad de los ETFs para una asignación efectiva de activos


Comercio como Warren Buffett por James Altucher. el libro


El comercio es notoriamente difícil. Pero el nuevo libro de Altucher añade una adición notable a la biblioteca de Warren Buffett. Él muestra una gran cantidad de Buffett que no está fácilmente disponible en la literatura común existente. Definitivamente la lectura obligatoria para cualquier buff de Buffett serio. & Quot; - Kenneth L. Fisher, Forbes '' Portfolio Strategy & quot; Fundador y CEO de Columnist, Fisher Investments


Finalmente, alguien sopla el mito de que Warren Buffett es un inversionista de buy-and-hold. Altucher nos ha dado un comentario perspicaz y bien escrito sobre cómo Buffett ha acumulado su historial y lo que podemos hacer para emularlo. Él detalla los ejemplos del comercio-por-comercio. Esto es una lectura obligada para cualquier persona que quiera aprender sobre cómo funciona el inversionista principal. & Quot; - John Mauldin, autor, Bull's Eye Investing editor de Pensamientos de la primera línea (Noticias Financieras y Económicas, Análisis, Investigación - Pensamientos del Boletín de Inversión de Frontline - John Mauldin)


Mientras que Warren Buffett es considerado el inversor del "valor más grande del mundo", & quot; Hay otro lado de Buffett que rara vez se habla. Aunque Buffett ha ganado reconocimiento por su enfoque de inversión de valor en los mercados, el hecho es que nadie - en los últimos cincuenta años - ha negociado e invertido en un grupo de estrategias más diverso que Buffett.


Comercio Al igual que Warren Buffett desafía la cobertura actual de este gran inversor, incluyendo detalles de todos los métodos de inversión y comercio de Buffett, incluyendo reversión media, commodities, bonos, arbitraje, calendario de mercado, fondos, así como Graham-Dodd. Para aumentar la discusión de cada estrategia, Comercio como Warren Buffett también incluye entrevistas con los principales profesionales financieros, que revelan en detalle cómo han utilizado con éxito las mismas técnicas.


Herbert Gintis, "Evolución de la teoría del juego: una introducción centrada en el problema para modelar la interacción estratégica". el libro


Desde su publicación original en 2000, Game Theory Evolving ha sido considerado el mejor libro de texto sobre la teoría del juego evolutivo. Esta segunda edición completamente revisada y actualizada de Evolución de Teoría de Juego contiene nuevo material y muestra a los estudiantes cómo aplicar la teoría de juegos para modelar el comportamiento humano de maneras que reflejan la naturaleza especial de la socialidad y la individualidad. El libro de texto continúa su mirada en profundidad a la cooperación en equipos, simulaciones basadas en agentes, economía experimental, la evolución y difusión de preferencias, y la conexión entre la biología y la economía.


Martin Pring sobre patrones de precios ofrece a los operadores comerciales nuevos y experimentados con la guía más profunda de hoy para el análisis y la interpretación de los patrones de precios. Pring, entre los investigadores y profesionales más estimados de la industria en el uso hábil de gráficos y patrones, toma una mirada detallada y basada en la implementación en:


* Prácticamente todos los patrones de precios populares, desde clásicos como cabeza-y-hombros a patrones de corto plazo para los comerciantes de acción rápida de hoy. * Técnicas probadas en el mercado para usar patrones de uno y dos barras - cada vez más vital para los comerciantes de día y swing. * Tips for placing stops designed to kick in only when the inevitable false breakouts occur


Comentario


Simulation and Monte Carlo: With applications in finance and MCMC (Wiley Series in Probability and Statistics) by J. S. Dagpunar. el libro


Simulation and Monte Carlo is aimed at students studying for degrees in Mathematics, Statistics, Financial Mathematics, Operational Research, Computer Science, and allied subjects, who wish an up-to-date account of the theory and practice of Simulation. Its distinguishing features are in-depth accounts of the theory of Simulation, including the important topic of variance reduction techniques, together with illustrative applications in Financial Mathematics, Markov chain Monte Carlo, and Discrete Event Simulation.


Stephen H. Axilrod, "The Federal Reserve: What Everyone Needs to Know". el libro


The Federal Reserve System—the central bank of the United States, better known as The Fed—has never been more controversial. Criticism has reached such levels that Congressman Ron Paul, contender for the Republican presidential nomination in 2012, published End the Fed, with blurbs from musician Arlo Guthrie and actor Vince Vaughn. And yet, amid a slow economy and partisan gridlock, the Fed has never been more important.


Stephen H. Axilrod explains this influential agency-its powers, operations, how it sets policy-in The Federal Reserve, a timely addition to Oxford's acclaimed series What Everyone Needs to Know. Of the two major governmental tools for shaping the economy, Congress controls fiscal policy-taxation and spending-and the Fed makes monetary policy-influencing how much money circulates in the economy, and how quickly. Traditionally the Fed has relied on three instruments: open-market operations (buying and selling U. S. bonds), lending to banks, and setting reserve requirements on bank deposits. It also helps to regulate the financial system.


Drawing on years of experience inside the Federal Reserve System, Axilrod shows how these tools actually work, and answers a series of increasingly detailed questions in the series format. He asks, for instance, if the system of regional Fed banks needs modification for today's technological landscape; if there is corruption in the Fed's governance; what happens to profits from its operations; the impact of political pressure; the extent of Congressional oversight; and just how independent it truly is. Whether discussing the Fed's balance sheet through the financial crisis of 2008 and beyond, the federal funds rate, or the international context, Axilrod displays a mastery of his subject


Suzanne McGee, "Chasing Goldman Sachs: How the Masters of the Universe Melted Wall Street Down. And Why They'll Take Us to the Brink Again". el libro


Business journalist McGee paints Wall Street as a utility with capital flowing through the system like an electric power grid, noting why it almost failed. She describes the pressure on the U. S. House of Representatives in 2008 to bail out Wall Street firms, why Wall Street was called an “abstraction,” and how Wall Street morphed from an intermediary (raising capital) into a casino. Goldman Sachs was the master of its universe, generating average return on equity of 25.4 percent in the decade before the financial crisis, compared with 15 percent annually for four other firms during the same period. Other firms' CEOs chased Goldman Sachs, considering it their model for boosting their own personal wealth and keeping shareholders happy. The author reports, “When left to their own devices, financial services firms. will focus almost monomaniacally on what is in their own best interest, seeking out ways to take earn sichigher returns and recruit top talent by paying the most lavish bonuses and offering the most enticing perks. They cannot help themselves.


Sell EUR/USD & Sell Gold: Credit Suisse’s Top Trades For 2015


EUR/USD lost a lot of ground so far in 2014, and its fate is not set to be different according to Credit Suisse. Also gold will probably continue south according to the updated 2015 forecasts.


Here are top 10 trades for 2015:


Aquí está su opinión, cortesía de eFXnews:


Credit Suisse is out with its top ten trades for 2015. The following is the list of these top trades along with the rationale, and risks for 2 of these trade recommendations (selling EUR/USD and selling Gold).


1. Sell EURUSD: Rationale. We expect further monetary policy divergence next year, with the ECB moving toward full-blown QE while the Fed commences the first tightening cycle in ten years at the June FOMC. The Trade. Sell EURUSD at 1.2475 with a target of 1.1500. Primary Risk. Lack of anticipated policy divergence.


2- Buy TOPIX Currency . The Trade: Buy the TOPIX at 1377, targeting 1520, currency hedged. Primary Risk: Abe popularity declines to levels that force the return of pre-Abe policies.


3- Buy FX Implied Volatility . The Trade. Buy 1y->1y EURUSD FVA. Entry 8%, targeting 11%. Primary Risk: A generalized decline in the EURUSD vol surface.


4. Sell Front-End USD Rates. The Trade: Buy risk/reversal in Dec-15 Eurodollars (long 98.75 puts versus 99.625 calls). Entry 0bp net premium, targeting 15bp.


5. EUR 10s30s Flatteners Rationale: The Trade. Establish 10s30s EUR flattener at 74bp, targeting 60bp. Primary Risk: Large-scale ECB buying in the 10y area of the curve..


6. Sell Gold. Rationale. Gold remains very expensive relative to historical norms, with carrying costs becoming more penal as US interest rates begin to rise. Our technical analysts target a fall to $950 by end-2015. The Trade. Sell XAUUSD at $1167, targeting $950. Primary Risk. Delayed Fed tightening.


7. Overweight US CMBS Credit: The Trade: Overweight CMBS, targeting 15bp-20bp of tightening.


8. Buy US BB HY versus US CCC HY. The Trade: Overweight BB HY, at a spread of 311bp, and underweight CCC HY, at a spread of 857bp, targeting a spread widening between these categories of 125bp. Primary Risk: Delayed Fed tightening.


9. Buy Front-End EUR Peripherals. The Trade. Buy 2y Spanish bonds. Entry yield 0.47%, target 0.15% yield.


10. Buy Indian Bonds Against Paying Low Yielders. The Trade. Buy India 2019 bonds against paying 4y-5y Israel IRS.


For lots more FX trades from major banks, sign up to eFXplus


By signing up to eFXplus via the link above, you are directly supporting Forex Crunch.


sobre el autor


Yohay Elam - Fundador, Escritor y Editor


He estado en el mercado de Forex por más de 5 años, y comparto la experiencia que tengo y el conocimiento que he acumulado. Después de tomar un curso corto sobre forex. Al igual que muchos comerciantes de forex, he ganado la parte significativa de mi conocimiento de la manera difícil. La macroeconomía, el impacto de las noticias en los siempre cambiantes mercados de divisas y la psicología comercial siempre me han fascinado.


Antes de fundar Forex Crunch, he trabajado como programador en varias empresas de alta tecnología. Tengo un B. Sc. En Ciencias de la Computación de la Universidad Ben Gurion. Dado este fondo, el software de la divisa tiene una parte relativamente mayor en los postes.


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Las opciones implican riesgo y no son adecuadas para todos los inversores. Haga clic aquí para revisar el folleto Características y riesgos de las opciones estándar antes de comenzar las opciones de compra. Los inversionistas de opciones pueden perder el monto total de su inversión en un período relativamente corto de tiempo.


El comercio en línea tiene riesgos inherentes debido a la respuesta del sistema y tiempos de acceso que varían debido a las condiciones del mercado, el rendimiento del sistema y otros factores. Un inversionista debe entender estos y riesgos adicionales antes de negociar.


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Todas las inversiones implican riesgo, las pérdidas pueden exceder el principal invertido y el rendimiento pasado de un producto de seguridad, industria, sector, mercado o financiero no garantiza los resultados o devoluciones futuros. TradeKing ofrece a los inversionistas autodirigidos servicios de corretaje de descuentos y no hace recomendaciones ni ofrece asesoramiento financiero, legal o fiscal. You alone are responsible for evaluating the merits and risks associated with the use of TradeKing's systems, services or products.


Your use of the TradeKing Trader Network is conditioned to your acceptance of all TradeKing Disclosures and of the Trader Network Terms of Service. Los testimonios pueden no ser representativos de la experiencia de otros clientes y no son indicativos del desempeño o éxito futuro. No se pagó ninguna consideración por los testimonios presentados.


El contenido, las investigaciones, las herramientas y los símbolos de acciones u opciones son sólo para fines educativos y ilustrativos y no implican una recomendación o solicitud para comprar o vender un valor en particular o para participar en una estrategia de inversión en particular. Las proyecciones u otra información con respecto a la probabilidad de varios resultados de inversión son hipotéticas por naturaleza, no están garantizadas por exactitud o integridad, no reflejan los resultados reales de inversión, no toman en cuenta comisiones, intereses de margen y otros costos y no son garantías de Resultados futuros.


Los puestos de terceros no reflejan las opiniones de TradeKing y no han sido revisados, aprobados o aprobados por TradeKing.


El contenido, las investigaciones, las herramientas y los símbolos de acciones u opciones son sólo para fines educativos y ilustrativos y no implican una recomendación o solicitud para comprar o vender un valor en particular o para participar en una estrategia de inversión en particular. Las proyecciones u otra información con respecto a la probabilidad de varios resultados de inversión son hipotéticas por naturaleza, no están garantizadas por exactitud o integridad, no reflejan los resultados reales de inversión, no toman en cuenta comisiones, intereses de margen y otros costos y no son garantías de Resultados futuros.


Las estrategias de opciones de múltiples piernas implican riesgos adicionales. Y puede dar lugar a tratamientos impositivos complejos. Consulte a un profesional de impuestos antes de implementar estas estrategias. La volatilidad implícita representa el consenso del mercado en cuanto al nivel futuro de volatilidad del precio de las acciones o la probabilidad de alcanzar un punto de precio específico. Los griegos representan el consenso del mercado en cuanto a cómo la opción reaccionará a los cambios en ciertas variables asociadas con el precio de un contrato de opción. No hay garantía de que las previsiones de volatilidad implícita o los griegos sean correctas.


El comercio de futuros se ofrece a los inversores auto-dirigidos a través de MB Trading Futures. MB Trading, IB member FINRA, SIPC; MB Trading Futures, Inc. IB member NFA


Trading in futures is speculative in nature and not appropriate for all investors. Los inversores sólo deben utilizar capital de riesgo al negociar futuros y opciones porque siempre existe el riesgo de pérdidas sustanciales.


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El comercio de divisas implica un riesgo significativo de pérdida y no es adecuado para todos los inversores. Aumentar el apalancamiento aumenta el riesgo. Antes de decidir el comercio de divisas, debe considerar cuidadosamente sus objetivos financieros, el nivel de experiencia de inversión y la capacidad de asumir riesgos financieros. Cualquier opinión, noticias, investigación, análisis, precios u otra información contenida no constituye asesoramiento de inversión. Lea la información completa. Tenga en cuenta que los contratos de oro y plata al contado no están sujetos a regulación bajo la Ley de Intercambio de Mercancías de los Estados Unidos.


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Financial Modelling in Market Risk, Credit Risk, Liquidity Risk;


Gestión de proyectos;


(Modelling) Team Management with view on organizational aspects;


Data analysis/mining;


Technical Implementation of systems and processes setup


Development Big Data solutions (size, performance, UI)


Advise/Analysis on Business Proposals/Plans


from market (price), operational, IT system perspective


EXPERIENCE and KNOWLEDGE


Global Markets, Market Risk, Credit Risk:


Basel requirements and generally making Economic sense;


Market . VaR (pricing, consistent scenarios), ES (Expected Shortfall), IRC (Incremental Risk Charge), Event Risk, IDR (Incremental Default Risk), Capital;


Credit . Credit Exposures for derivatives


backtesting (against Hypo/Real PnL);


Validation;


Regulatory and Economic Capital (Market and Credit Risk, exposure to others, like Operational, Business etc);


Market structure and functionality (trading, risk, balance sheet, funding/liquidity);


Pricing Models:


Vanilla (Linear and Options), Exotic, Hybrids;


Valuation Adjustments (XVA: BCVA, FVA/LVA, ColVA, KVA, AVA);


Asset classes.


Interest Rates, Fixed Income, FOREX, Equity, Credit, Commodity, some to Mortgages;


Liquidity


Financial systems:


System Change, Project management;


Execution, risk, pricing, data organization etc.;


Trade automation (design, programming, execution layer, trading and position management, algorithm development, design of safe operational processes);


Automation of Reports (design, development, testing, deployment)


Experience with Sophis, Adaptive (Analytics Studio), Murex, Calypso.


Terabytes DataBases (Oracle, MySQL, sqlite etc.)


Available Positions


calificaciones


Undergraduate degree in Finance or Engineering required


MS in Financial Engineering preferred


3+ years of analyst experience in a Market Risk, trading or Product Control department required (in a complex financial institution preferred)


Fluent in French (spoken) required


Exposure to equity derivatives risk analysis preferred


Strong knowledge of Equity derivatives products (especially the Funds products)


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Descripción del trabajo


Collaborate with Trading and Risk Senior staff to improve and oversee the trading positions


Manage valuation processes (FVA, OCA, CSA, etc) on foreign product business


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Finnvera supervisory board changes


23 March 2016 | 15:07pm


StockMarketWire. com - Finnvera's annual general meeting today elected new members to the company's supervisory board. No changes were made to the composition of the board of directors.


The new members of the supervisory board are Laura Huhtasaari, Timo Kalli, Krista Kiuru, Kari Kulmala, Ville Niinisto and Eero Suutari, Members of Parliament; and Kari Luoto, managing director; Carita Orlando, managing director; and Christel Tjeder, second vice-chairman.


Antti Rantakangas, Member of Parliament was elected Chairman and Krista Kiuru, Member of Parliament vice-chairman of the Supervisory Board. Eeva-Johanna Eloranta, Member of Parliament; Mika Harjunen, Information Security Manager; Lasse Hautala, Member of Parliament; Olli Koski, Chief Economist; Leila Kurki, Senior Adviser; Veli-Matti Mattila, Chief Economist; Tommi Toivola, Senior Adviser; and Sofia Vikman, Member of Parliament will continue as members of the Supervisory Board.


Markku Pohjola will continue as Chairman, Pekka Timonen, Director General, as First Vice-Chairman and Marianna Uotinen, Specialist Counsel, as Second Vice Chairman of Finnvera's Board of Directors. The following persons will continue as Board members: Kirsi Komi, LL. M.; Pirkko Rantanen-Kervinen, B. Sc (Econ.); Harri Sailas, B. Sc (Econ.); and Antti Zitting, Chairman of the Board.


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Check the website for details of the 10th annual FX Invest conference for the North America region taking place in Boston, USA. FX Invest North America will bring together leading buy-side practitioners in the fast developing foreign exchange and currency markets. This is a must-attend event


FX Week USA is returning to New York in July, 2016. This is an essential event for FX traders and other FX industry leaders to discuss the most pressing questions facing the market. FX Week is perfectly positioned to offer the most comprehensive program to educate and create a platform for industry


The FX Week e-FX Awards will be returning on July 12, 2016 in New York. These awards recognise industry excellence in electronic foreign exchange from banks and vendors.


Estos premios son el punto de referencia para el desempeño en la industria global de FX. Los Best Banks Awards de FX Week son el indicador más preciso de quién lidera el mercado, de acuerdo con los bancos, tesorería corporativa e inversionistas.


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cross currency swap


Carry on speculating on the volatility of foreign exchange


Pasquale Della Corte, Lucio Sarno, Ilias Tsiakas 26 January 2011


The carry trade in foreign currency has attracted considerable attention from academics and practitioners. This column presents evidence of a new carry trade strategy – this time speculating on the volatility of foreign exchange. This is done by buying or selling forward volatility agreements. It suggests that investors following the new carry trade can do extremely well – regardless of whether the value of these currencies go up or down.


The standard “carry trade” is a popular currency speculation strategy that invests in high-interest currencies by borrowing in low-interest currencies. This strategy works well if, for example, spot exchange rates are unpredictable. There is ample empirical evidence pointing in that direction or, in academic jargon, showing that exchange rates follow a random walk (Meese and Rogoff 1983). In this case, investors engaging in carry trading will on average earn the difference in interest rates without having to worry about movements in exchange rates. The return to currency speculation can be substantial over time. It should be no surprise, therefore, that the carry trade has attracted considerable attention from academics and practitioners over the years.


Speculating on volatility


In recent years, investors have been able to speculate not only on the value of currencies but also on the level of volatility of these currencies. This has become possible by trading a contract called the forward volatility agreement (FVA), which effectively allows investors to trade volatility. Technically speaking, the FVA is a forward contract on future spot implied volatility, which for a one dollar investment delivers the difference between future spot implied volatility and forward implied volatility. To make our terminology clear, implied volatility is a measure of expected volatility, which is directly quoted in traded currency options (Jorion 1995). When we say “spot” implied volatility we mean the implied volatility for an interval starting today and ending in the future (e. g. starting today and ending one month from now). “Forward” implied volatility is the implied volatility determined today for an interval starting in the future and ending further in the future (e. g. starting in one month and ending in two months from now).


The main point of the FVA is that it allows investors to speculate on the level of future volatility. Then, the “carry trade in volatility” is a speculation strategy that buys and sells FVAs, where investors try to make money by guessing the level of future spot implied volatility. Similar to the standard carry trade, the carry trade in volatility works well if spot implied volatility is unpredictable. Then, investors engaging in this new carry trade will on average earn the difference between spot and forward volatility without having to worry about movements in exchange rates.


Is forward volatility a good predictor of future volatility?


The FVA sets a forward implied volatility by making a guess about future spot implied volatility. For example, today it might set a forward volatility of 10% for the period starting in one month and ending in two months from now. This forward volatility is meant to be an unbiased predictor of the future spot implied volatility for the same period, which may end up being higher or lower than 10%. As any forward contract, the FVA is designed so that on average the ex ante forward volatility matches the spot volatility that happens ex post. 1 If these two volatilities end up being very similar, buying and selling FVAs will not be profitable and the carry trade in volatility will not work. In this case, speculating on volatility will not generate profits. But is this the case?


In a recent paper (Della Corte et al. 2010 ), we investigate the systematic relation between spot and forward volatility in foreign exchange by estimating the volatility analogue to the famous Fama regression (Fama 1984). Using a number of currencies, alternative measures of volatility, and different estimation techniques, we find a fairly robust result. Forward volatility is a poor predictor of future spot implied volatility. This is called the “forward volatility bias.” In fact, for some cases, the relation between spot and forward volatility is practically non-existent, which implies that spot volatility may be close to a random walk. This is a strong result with important implications.


Is volatility speculation profitable?


If forward volatility is a poor predictor of future spot implied volatility, buying and selling FVAs can be very profitable. For example, buying (selling) FVAs when forward implied volatility is lower (higher) than current spot implied volatility will consistently generate excess returns over time. Even better, we show that investors can design simple dynamic asset allocation strategies that exploit the forward volatility bias. These strategies can consistently generate high profits even when the transaction cost of trading FVAs is rather high. Similar strategies assuming that spot volatility follows a random walk generate equally high profits.


Another important result is that the returns to the standard carry trade in currency and the carry trade in volatility tend to be uncorrelated over time. This point can be seen clearly in Figure 1, which shows the annualised out-of-sample Sharpe ratios for the standard carry trade in currency and the carry trade in volatility, labelled CTC and CTV respectively. The Sharpe ratio is simply defined as the excess return of each strategy per unit of risk. The CTV strategy tends to perform better at the beginning and end of the sample, whereas the CTC is better in the middle period. Moreover, it is interesting to note that for the last two years of the sample the Sharpe ratio of the CTV strategy is rising but that of the CTC is falling. This indicates that the CTV strategy has done well during the recent credit crunch when the CTC has not.


Conclusión


There is money to be made in trading foreign-exchange volatility. If there is a bias in the way the market sets forward volatility, then the carry trade in volatility strategy will be profitable. We find strong statistical and economic evidence that this is indeed the case. Hence, there is a new carry trade. Finally, our empirical findings on volatility speculation can provide valuable insight to market participants and policymakers who can benefit from taking a stance on the future volatility in currencies.


Referencias


Della Corte, P, L Sarno, and I Tsiakas (2010), “Spot and Forward Volatility in Foreign Exchange ”, Journal of Financial Economics . forthcoming. Centre for Economic Policy Research Discussion Paper 7893.


Fama, EF (1984), “Forward and Spot Exchange Rates”, Journal of Monetary Economics . 14:319-338.


Meese, RA and K Rogoff (1983), “Empirical Exchange Rate Models of the Seventies: Do They Fit Out of Sample?”, Journal of International Economics . 14:3-24.


1 Technically speaking, as any forward contract, the FVA’s net market value at entry must be equal to zero. Therefore, its exercise price (forward implied volatility) represents the risk-neutral expected value of future spot implied volatility. Hence the former must be an unbiased predictor of the latter.


The new new carry trade in the age of derivatives


January 26, 2011


Investors have made money for decades by borrowing in one currency with a low interest rate and exchanging it into a higher interest rate currency. Called the carry trade, it made a lot of people of lot of money.


A new paper out by Della Corte, Sarno and Tsiakas has found another way to profit off the carry trade. These economists use the forward volatility in foreign exchange to derive a very profitable strategy. According to their research, Spot and Forward Volatility in Foreign Exchange. investors can buy and sell what’s called a forward volatility agreement (FVA).


Simply put (kinda), thes FVAs attempt to predict future volatility in a certain currency. More specifically, the FVA sets a forward implied volatility by making a guess about future spot implied volatility. These guesses tend to be wildly off:


Forward volatility is a poor predictor of future spot implied volatility


So, if forward vol is a bad predictor of future vol, investors can design strategies to take advantages of this.


For example, buying (selling) FVAs when forward implied volatility is lower (higher) than current spot implied volatility will consistently generate excess returns over time.


Interesting idea — as for me, I’ll stick with momo stocks like $AAPL and $PCLN but this sounds like a promising strategy for forex traders.


Fuente


Della Corte, P, L Sarno, and I Tsiakas (2010), “Spot and Forward Volatility in Foreign Exchange ”, Journal of Financial Economics . forthcoming. Centre for Economic Policy Research Discussion Paper 7893.


Swaps Accounting: FVA as a Flawed Convention


Leif Anderson, co-head of the global quant group at Bank of America Merrill Lynch, and two co-authors have prepared a draft of a paper that appears to identify an important error in the conventions for adjustments that derivatives dealers make to the disclosed valuations of their swap books. It sounds like a very wonky sort of subject, but the paper does raise the broader question of corporate governance in investment banks. Anderson and his co-authors (Darrell Duffie and Yang Song) describe some of these adjustments as functioning as a wealth transfer from the shareholders of an entity to its creditors/counter-parties.


It seems unlikely that such a practice will halt unless shareholders make an effort to halt it. And this in turn would seem an ideal cause for alpha-seeking shareholder activists, who may even now be crunching the numbers to confirm for themselves that Anderson et al are correct, and to figure out the angles in this for themselves.


Anderson, who holds a Ph. D. in finance from Aarhus Business School, Denmark, is co-author of Interest Rate Modeling . with Vladimir Piterbarg, a classic work in the quant world.


The new paper, available online, although described by its authors as an “extremely preliminary draft,” makes categorical claims.


From the Beginning


Let’s begin with the beginning: the key accounting device at issue is called a “funding value adjustment” or FVA. What it is on its face, as the phrase suggests, is an adjustment to the market value of derivatives that acknowledges the costs of the cash used to enter or maintain the unsecured derivatives position. In other words, the swaps desk borrows money from its company Treasury, and charges the cost of that action against the value of its swaps position.


The authors compare FVA unfavorably to other adjustments, such as the credit valuation adjustment and the debt valuation adjustment, both of which are an established part of banks’ financial statements and are provided for in the generally accepted principles of fair-value accounting. FVA came about because derivative desks don’t have access to funding at secured financing rates. They borrow from their firms’ treasuries and they are charged for that access as unsecured lenders. So (on the usual account of the significance of the adjustment) they modify the recorded equity value of their derivatives positions to reflect the present value of that charge.


The modifications can be quite considerable in total. In the Q4 2014 the Bank of America Merrill Lynch disclosed a FVA of $497 million.


There seem to be significant variations in how FVA gets done. The Office of the Comptroller of the Currency has announced the creation of a working group to look into the matter.


But Anderson et al, in arguing that the use of an FVA against the derivative position is itself a bad idea, are making a broader point than the Comptroller’s concern that it isn’t always done in the same way. These authors are making a point based on the fundamental accounting idea of symmetry as applied to the swap itself. In the absence of frictional default distress costs, the value to one dealer of entering the swap must be equal and opposite to the value of the same swap to the counterparty. After all, the total of cash flows on a swap for both dealers will add up to zero.


Further, the violation of this principle has marketplace consequences. The paper suggests inefficiencies it may motivate, and efficient transactions the practice may impede.


What Do M&Ms have to do with this?


The practice also violates what is known to finance economists as the Modigliani-Miller theorem, first formulated in the academic literature in 1958. The MM theorem has become one of the foundations of thought about capital structure in the decades since. It holds that in the absence of transaction costs, and in a context in which individuals and corporations borrow at the same rate, a change in the debt-to-equity ratio of a firm will not change the firm’s valuation.


The author’s say that the MM theorem does not “precisely” apply to the accounting issue, but regard it nonetheless as a valuable “informal argument” against FVA as currently practiced.


Though the reasoning gets intricate, the authors’ proposal is common sensual: that the costs of the cash borrowed intra-firm for swaps ought to be worked into what the trading desks of the counter-parties charge each other, rather than being charged (asymmetrically) against the value of the position each holds.


The issue, and variations it suggests, is likely to get more pressing over time, as regulators impose margin requirements on derivatives dealers and as more types of value adjustments are added to the already complicated mix of accounting practices.


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Forward Volatility Agreements


Utilizar


A forward volatility agreement is a forward transaction that is based on the volatility of an exchange rate. The forward volatility agreement is an agreement to buy or sell a straddle on a future date. A straddle is a combination of a call option and a put option that have the same underlying, exercise date and strike price. The term of the option starts on the forward date.


The strike of the straddle is fixed to the date on which the term of the options begins, and at the same time the forward spot is set for the exercise date of the straddle. The premium of the forward volatility agreement is also calculated and paid on the forward date. The forward volatility fixed at the start of the contract is taken as the basis.


Integration


You create forward volatility agreements as generic transactions. For more information see Creating Forward Volatility Agreements.


Caracteristicas


The amount paid for the forward volatility agreement is calculated as follows:


where N is the nominal value of the forward volatility agreement, σ is the current volatility, σ fix is the agreed volatility, V straddle is the value of the options.


The calculation rule is applied only if the horizon date is before or on the forward date. If the horizon date is after the forward date, the value of the forward volatility agreements is zero. The following formula provides the value v FVA for a purchase of a straddle for the forward date: The sign (+/-) changes for a sale.


where s(t) is the spot price of the underlying of the straddle, r(t 1,t 2 ) is the risk-free interest rate for the period t 1 through to t 2 . q(t 1,t 2 ) is the dividend rate for the period t 1 through to t 2 . σ fix is the volatility agreed on the contract date, σ(t, t F, T) is the forward volatility at time point t for the period t F through to T . and N(x) is the cumulative normal distribution. Continuous compounding is used for interest rate r and dividend rate q ; yield curve r(t E, T) is used for forward rate r(t, T) . in which t E is the evaluation date. The current forward volatility is calculated as follows:


If the underlying of the straddle is an exchange rate, r is the risk-free interest rate for the local currency, and q the risk-free interest rate for the foreign currency. The spot value s(t) is the product of the amount in local currency, which is paid when the straddle matures, and the exchange rate valid on evaluation date t E .


The calculation rule uses the Black-Scholes formula for pricing options. This formula first prices the components of the straddle - the call and put options - by using the forward interest rates and the current forward volatility. The values for the straddles are totaled and discounted, and the option premiums are deducted. This results in the calculation rule shown above for forward volatility agreements, in which the premium of the term is given by the fixed volatility σ fix .


The calculation rule for forward volatility agreements applies where you use the same market data for the bid and ask rates. If this is not the case, the system uses a calculation rule that has separate premium calculation for the bid and ask rates.


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New trend highs again today and a close above the Nov & Dec peaks is giving our trade a nice lift. The 1.1640 target is at the June 2009 high. Not far beyond at 1.1668 is the 61.8% of the ’09-’11 slide. The 50% of that same slide at 1.1237 & the monthly Cloud top at the same level are below this month’s range, confirming the B/O.


By FxZone • Posted in USD/CAD


Morgan Stanley FX Positioning Tracker


* Since Monday, December 1, positioning in currencies has shifted. In the majors, the largest shorts are in CHF and EUR; the biggest long is in USD.


* EUR short positioning deepened over the last week. Our clients and Japanese retail were sellers, while sentiment soured.


*GBP positioning moved into short territory from neutral. Global macro hedge funds and non-commercial IMM accounts were sellers.


*CAD short positioning scaled back, driven by large buying from our own client base.


We like to sell NZDUSD at 0.7700, with TP of 0.7400 and SL at 0.7800.


Downtrend still intact Further slippage overnight has taken AUD/USD down to fresh 4-year lows. US dollar strength in the wake of Friday’s strong nonfarm payrolls print was a contributing factor, but the Australian dollar’s troubles run deeper still.


Looking overseas in general Already, a key force that had kept the currency aloft over recent years has noticeably waned. Inflows into Australian bonds fell sharply in Q3, dropping to levels not seen since 2008, according to data released last week. We see little chance of a sudden revival here over coming quarters, especially as healthy sovereign demand for renminbi assets continues to divert would-be inflows away from Australia. Looking to Switzerland in particular


AUD inflows are still possible from pockets of the reserve manager community though, but these are unlikely to be strong enough to tilt the scales in favour of AUD/USD upside, in our view. For example, we think possible FX intervention activity by the Swiss National Bank (SNB) in EUR/CHF has been very light so far – amounting to no more than CHF 4 bn over recent weeks.


The China dimension Compounding the aussie’s woes, trade data overnight showed another significant decline in Chinese imports from Australia in November. The dominance of iron ore in Australia’s export basket explains the fall. Iron ore imports to China dropped sharply – both in volume and in value terms. With the outlook for the Chinese property market still very weak, we expect the China angle to continue to weigh on AUD/USD until well into 2015.


And, returning to the US dollar story… We foresee plenty more room for the US dollar to advance. Our bullish US dollar framework envisages three overlapping phases of dollar upside – the first consisting of apparent dollar strength thanks to currency weakness elsewhere. Phase 1 is now well underway, courtesy of Messrs. Draghi and Kuroda. Rising US yields from the 2y point and out would comprise Phase 2, attracting further dollar-supportive real money inflows. Friday’s payrolls report seems to have ushered in this new second phase, with 2y yields now at multi-year highs. Phase 3 will occur when 3m USD Libor starts to climb too, affecting borrowing costs in USD and therefore FX hedging decisions in particular, but this third stage has yet to ignite.


To sum up Taken together, that’s a pretty bearish backdrop for AUD/USD, and we see good reasons to expect a test of 0.8000 during 2015.


By FxZone • Posted in * UBS


Top Currency Themes and Trades 2015


This trend is a credible friend: Short EUR/USD


Dollar borrowers are breaking down: Long USD versus MYR, SGD, TWD


Long is just so last year. This year, short is in: Short GBP/SEK


Old carry habits die hard: Short EUR/INR


Structural strength beats cyclical softness. Long MXN/COP


Real rates are a real issue. Long USD/TRY


Counter consensus ‘bottom draw’: Short EUR/JPY


Short EUR long USD at 1.2290, TP 1.10, SL 1.3050


Long USD 1Y Fwd versus MYR, SGD, TWD, at 3.54, 1.3160, 30.91 outrights; TP 3.80, 1.4250, 33.65; SL at 3.28, 1.2550, 29.90 (spot)


Last year’s long is this year’s short: Short GBP/SEK at 11.78, TP 10.68, SL 12.50


Short EUR/INR 1Y NDF at 80.83 outright, TP 69.15 SL at 80.0 (spot)


Structural strength beats cyclical softness. Long MXN/COP at 161.50, TP 182.00 SL at 152.00


Where are real rates just too low? Long USD short TRY 6M Fwd at 2.34 outright, TP 2.50, SL at 2.12 (spot)


Short EUR long JPY at 149.35, TP 132, SL at 157


By FxZone • Posted in * RBS


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Samir Lodha Director


Samir is an MBA from IIM Calcutta with 14 years in senior positions with Foreign exchange treasuries of JP Morgan (Executive Director), HSBC (Associate Director) and ICICI Bank wherein he advised large companies across India on risk management and hedging of foreign exchange and interest rates exposures. He has sound experience and understanding of global markets, market economics, hedging strategies, hedge algorithms, price calculation and risk-return optimization.


Vinod Garg Director


Vinod is an MBA from IIM Lucknow with 15 years experience in treasuries in India and Hong Kong wherein he advised large companies and banks on risk management, markets and hedging. Prior to joining QuantArt, he held the positions of Executive Director in Goldman Sachs and BNP Paribas.


Srinivas Puni Director


Srinivas is an MBA from IIM Bangalore having more than a decade of experience in structuring forex and interest rates derivatives. He worked with banks like JP Morgan, Standard Chartered, Yes Bank and Axis Bank in the past. Srinivas has indepth understanding of the quantitative models behind derivative valuation and related CVA, DVA, FVA modelling.


Arjun Narsipur Director


Arjun is an MBA from XLRI Jamshedpur with over 9 years of experience in foreign exchange and interest rate risk management. He has previously worked with HSBC where he advised various corporate houses on hedging, fund raising, risk management and FX regulatory environment. He is a keen practitioner of technical analysis and uses its methods to track equity and commodity markets. He is also involved in the area of developing, testing and analyzing systematic trading/hedging systems.


Prasenjit Barnawat Director


Prasenjit is an engineer with over 12 years of experience in corporate sector and for last 5+ years has been involved with FX markets. Prasenjit is an expert in creating alternative hedging strategies, option and swap pricing. valuation and scenario analysis. He is also an active trader in the forex market forming views and tracking markets.


Were Fair-Value Accounting Concerns Overblown?


Mar. 9, 2012 2:32 PM


By Vincent Papa


Even prior to the global financial crisis, fair-value accounting (FVA) was a sharply divisive issue.


Supporters of fair-value accounting, including investor-focused CFA Institute, have consistently argued that there is no better alternative to FVA — especially given that all investment and lending decisions are made on a fair-value basis. For example, if one wants to renew a residential property mortgage when house prices fall, banks will only consider the fair value of the property. They will not take into account, for instance, whether house prices are likely to recover, or if the property owner does not intend to sell the house.


The viewpoint of those who support fair value is backed by a substantial body of empirical evidence showing that the fair value of financial instruments is priced by capital market participants. In addition, fair value is the only measurement method that, on an ongoing basis, can meaningfully inform readers of financial statements about company risk exposures. Another supporting argument is that FVA can enable a consistent accounting approach across all financial instruments much better than the current mixed measurement approach.


On the other hand, opponents of fair-value accounting were particularly voluble during the subprime mortgage-triggered credit crisis. These critics frequently voiced concerns about issues they considered fair-value related: excessive write-downs, regulatory capital depletion, and procyclical forced sales. However, there is mounting empirical evidence showing that these concerns were overstated. An example of such evidence is a recently published article by Brad A. Badertscher, Jeffrey J. Burks, and Peter D. Easton in the Accounting Review Journal titled “A Convenient Scapegoat: Fair Value Accounting by Commercial Banks during the Financial Crisis .”Further evidence is presentedin the 2010 edition of the Journal of Economic Perspectives . in the article “Did Fair Value Accounting Contribute to the Financial Crisis? ,” by Christian Laux and Christian Leuz.


There are several strands to the evidence refuting the alleged adverse effects of fair-value accounting. First, there is evidence showing that write-downs were neither excessive nor primarily attributable to FVA. Second, there is evidence showing the minimal impact of FVA on regulatory capital erosion and forced sales.


No Evidence of Excessive Write-downs Due to Fair-Value Accounting


The Laux-Leuz paper lays out several arguments and evidence about the limited impact of FVA on asset write-downs. To begin, fair value through the income statement is applied to a limited extent by a majority of financial institutions. Derivatives and trading assets that apply FVA represent approximately 15 percent of bank holding companies’ assets and are typically higher for investment banks.


Second, even where FVA is applied, banks could have (and did) ignore market prices that were considered distressed. Under fair-value accounting rules, there is discretion to ignore distressed market prices and, as an alternative, apply internal valuation models (i. e. categorise under level 3 fair values). For example, this discretion was significantly exercised by banks in relation to mortgage exposures. There was also an increase in the proportion of level 3 assets during the crisis. Indeed, the Laux-Leuz paper shows an increase from about 7 percent in 2007 to roughly 15 percent in 2009.


Third, the most significant proportion of banking balance sheets consists of loans and leases, typically around 45-60 percent; these are accounted for on an amortised cost basis. The Laux-Leuz paper provides evidence that, as a result, these banks likely had overstated balance sheet values. The inference of banks having overstated book values is derived by comparing three different independent estimates of the loan losses to accounting impairments, revealing that banks were often conservative in their write-downs during the crisis. Taken together, the evidence in the Laux-Leuz paper shows that the bulk of losses that occurred during the crisis were neither fair-value related nor excessive. Hence, the attribution of excessive write-downs to FVA is unwarranted.


No Evidence of Regulatory Capital Erosion and Forced Sales


Regulatory capital impacts arise when losses due to credit risk impact on earnings. Now, a bit of "accounting-speak" is unavoidable to explain why the impact of fair value on regulatory capital is limited. Asset write-downs occur in relation to loans and leases (i. e. typically more than half of the balance sheet), and these write-downs, which are not fair-value related, are typically reflected through the bad debt expense. In the U. S. context, the link between FVA and regulatory capital arises in relation to the asset impairment category described as the "other than temporary impairment" (OTTI). OTTI occurs when fair-value impairment losses are recognized for financial assets where there is neither the intention, nor the ability, to hold securities until the point where the values have recovered. OTTI can be recognised for financial instruments that are classified as "available for sale" (AFS) or "held to maturity" (HTM). In effect, under U. S. accounting rules, the impact of fair-value accounting on net earnings and regulatory capital would mainly arise when there are OTTI impairments related to debt securities classified as AFS.


The Badertscher-Burks-Easton paper provides empirical evidence derived from a sample of 150 U. S. commercial banks, showing that during the period between September 2007 and December 2008 the proportion of OTTI impairment was insignificant compared to the bad debt expense of loans. There were $19 billion losses of OTTI compared to $214 billion of bad debt expense during this period. Correspondingly, the OTTI impact on capital ratio is insignificant relative to the impact of incremental bad debt expense on capital ratio. Stripping out OTTI write-downs, the median capital ratio would have been 10 percent rather than 9.9 percent. In the same vein, without bad debt expense, the capital ratio would have been 10.7 percent. This shows that the capital erosion due to impairments was primarily due to the bad debt expense of loans where FVA was not applied.


The paper also shows that that there is no clearly established relationship between capital ratio and the extent to which forced sales of assets occur. For instance, banks with higher capital ratios sold more debt securities than banks with lower capital ratios. Furthermore, there was no conclusive evidence of increased levels of forced sales for the 150 commercial banks reviewed. These various pieces of evidence reveal that arguments stating that FVA leads to capital erosion and, thereafter, forced sales during crisis periods are faulty assertions.


Contribution of Accounting to Crisis Overstated


A critical examination of banking-related crises through the years shows that the role of accounting as a contributing factor to the latest crisis was overstated. Such an examination will also show that it is the uncertainty and information asymmetries across counterparties about their asset quality that leads to lending aversion, refinancing difficulties, and panic liquidations. In other words, the adverse economic consequences witnessed during the crisis are the by-product of poor economic choices by banks, including poor investments, high leverage, and short-term borrowing.


The subprime fallout would have occurred regardless of the prevailing accounting regime. Still, in light of the emerging evidence of overstated FVA concerns, one cannot help but wonder whether the concerns were nothing more than a red herring. It also leaves one wondering how the overstated FVA concerns may have unduly influenced accounting standard-setter choices whilst reforming financial instrument accounting.


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Lisena Sorry, that I interfere, but, in my opinion, this topic is no longer relevant.


ROM-KOLA But still no makeup Herbalife again nowhere to go.


AVSUTIN If properly structured information, it would be clearer to readers.


9 of 10 on the basis of 36556 Review


Foreign Exchange and Money Markets @ KL


Evento


Descripción


Your #1 Forex Guru, Master of Investments and Author!


Investment advisor, respected foreign exchange trader, acknowledged communicator in capital markets, featured speaker at trading expos and seminars and guest analyst on CNBC's European Closing Bell . With Clive Corcoran . these superlatives are not justice enough for his impeccable stature in the finance and investment management sectors on both sides of the Atlantic.


His 25 years of industry experience, mainly as a co-founder and CEO of an investment firm providing wealth management and strategic financial advisory services to a variety of international clients, has resulted in him publishing many content-rich books, the most notable and latest being " Systemic Liquidity Risk and Bipolar Markets " which is a huge hit on Amazon .


Besides being a key columnist on multiple print and online publications, he is also blessed with the gift of performing financial miracles and imparting specific insights to institutions such as a central bank in the Eurozone . the largest bank in Russia . a sovereign wealth fund in the Gulf and China's biggest asset management company.


Currently, Clive is in such high demand because he is particularly keen on training and knowledge transfer to those employed within the financial sectors of the developing world and emerging markets.


Tutor's Recent Publications


Testimonios


"Plenty of great course material compared to other courses I have attended.” Client Relationship Manager at London-based Investment Bank


"Great training and Clive offers very clear explanations and current materials.” Senior Dutch Banker


“As a result of Mr Corcoran's course, I have a much better vision of financial markets.” Investment Banker from Saudi Arabia


“The trainer demonstrated his professional credibility regarding the subject matter.” Australian Pension Fund Manager


“Excellent presentation! Clive is very passionate and presents complex ideas in a very intuitive manner.” Quantitative Strategist at European Hedge Fund


Attend this course and you will learn how to:


&toro; Adopt best practices regarding the management of both exchange and interest rates


&toro; Discover the link between changing monetary policy and money market conditions in high income countries and the decline in capital flows to emerging markets (EM)


&toro; Relate longer term consequences of unorthodox policies such as QE and zero interest rate (ZIRP) for global economic growth


&toro; Understand if subdued growth and very low inflation (or even deflation) is the new market norm


&toro; Figure out if the decreased appetite for EM securities due to the current monetary policy transitions will affect the local economy and your institution


&toro; Craft a longer term outlook for developing markets in terms of equity . bonds and currencies with legislation such as Dodd Frank Act and Basel III playing a vital role


&toro; Navigate around the implications of increased US dollar liquidity and the "shortage" of dollars arising from weaker energy and commodity prices


&toro; Examine the attractions of short term investment and trading strategies


&toro; Apply greater discipline to funding and diversify sources of liquidity


&toro; Protect your firm from future financial crises by focusing on current market developments


Program Agenda


Section 1: Interface of Money Markets and Foreign Exchange


&toro; Size of the money markets - FX daily volumes • Overview of the Euromarkets • LIBOR rates - currencies and maturities • Calculating yields with treasury bills • The mechanics of the Repo market • Eurodollar futures market • Effective yields when risk is adjusted for FX exposures • Current market conditions - policy rates, macro-economic background • Arbitrage and interest rate parity • Forward rates for interest hike and FX


Section 2: Central Bank's Role in the Financial System


&toro; Overview of Federal Reserve, European Central Bank, People's Bank of China, Bank of Japan • Structure of central bank balance sheet and difference in commercial bank's • Characteristics of central bank's assets and liabilities • Lender of last resort - moral hazard issues • Open Market Operations • Unorthodox monetary policy including QE - origins, recent history, mechanics • Independence of central banks • Financial stability and macro-prudential policy • Management of FX reserves and exchange rate policy • Nature of payments systems - RTGS, net settlement, Fedwire, Target2


CASE STUDY - Examination of the implications of monetary policy normalization by the US central bank on capital flows to Asia and Middle East


Section 3: Monetary Policy and Money Supply


&toro; Overview of FOMC, MPC of BOE, ECB Governing Council and PBOC governance • Monetary tools and how they impact money supply • How is money created in a modern economy - role of commercial banks • Inflation targeting - review of Phillips Curve hypothesis • Central bank reserves - influence on policy rates • Explanation of the Taylor rule - discretionary policy versus rule based • Term structure of interest rates - yield curve forecasting


CASE STUDY - Examination of the Assets and Liabilities of the US Central Bank in contrast to an Asian Central Bank


Section 4: Asset/Liability Management and the Treasury Function


&toro; Interest rate risks - impact on Net Internet Income and gap analysis • Market risk i. e. re-valuation of bank holdings from changes in interest rates • Duration gap analysis - simple modelling tool with Excel to show balance sheet impact • Interest rate forecasting - futures derived, inflation expectations from market data • Review of inflation protected securities - TIPS, ILG's • Estimating the Term Liquidity Premium in money markets • Funds Transfer Pricing (FTP) mechanics • Contingency buffers for liquidity risk management • Funding Value Adjustment (FVA) and the importance of it • Bank funding curves • Applying the correct FTP charges for strategic balance sheet management


CASE STUDY - Impact of an increase in yields for AFS securities on AOCI and Tier 1 capital. Discussion with delegates regarding local issues concerning mark to market accounting


Section 5: Money Market Securities


&toro; Treasury bills • Commercial paper - characteristics, CP ratings • Spreads in rates - Treasury bills versus Libor rates • Repurchase agreements - importance for liquidity provisioning • Banker acceptances - facilitation of trade finance, letters of credit • Certificates of deposits - negotiable variety • Money market mutual funds - mechanics • Eurodollar deposits, notes and euro CP


CASE STUDY - Spreads between instruments e. g. the TED spread, LIBOR-OIS spread, Hong Kong Interbank Offered Rate (HIBOR) and Singapore Interbank Offered Rate (SIBOR)


Section 6: Open Market Operations and Quantitative Easing


&toro; Contrast OMO (short term repos) and QE • ECB's use of LTRO's • Explanation of decisions regarding policy rates and targeting rates via OMO • Examination of impact of Central Bank's asset purchases on yield curve and short term rates • Impact of QE on Central Bank balance sheets • How the Federal Reserve implements OMO • Overnight market


CASE STUDY - The federal funds rate and how it is determined, expectations and the Fed funds future market


Section 7: Foreign Exchange Market Characteristics


&toro; Size of market, volumes, major currency pairs • Regional breakdown of FX trading hotspots • Key role of London market in FX trading • Historical background to FX market - gold convertibility • Role of International Monetary Fund and Special Drawing Rights • Global FX reserves - composition, recent trends • Review of key FX rates - Euro/USD, USD/Japan Yen, USD/China Renminbi • Price of gold and relationship to USD index


CASE STUDY - The internationalization of the renminbi and overview of the Chinese money markets


Section 8: FX Forwards and Managing Exchange Rate Risk


&toro; Rationale and motivations for using FX forwards • Forward Rate Agreements • Corporate treasurers can use FX forwards to manage risk • How forward rates are determined - interest rate differentials • Tracker Forwards, Forward Extras - pricing and cost/benefit analysis • Structured FX products - how structuring and pricing works • Target Redemption Forwards - mechanics and client benefits • Non deliverable forwards


CASE STUDY - Use of an FX Forward Tracker by an Asian or Middle Eastern corporate treasurer to manage exchange rate risk between domestic currency and the Euro


Section 9: FX Options and Exotic Options


&toro; Pricing of FX Options - Black Scholes method, Binomial tree methods • FX Options strategies • Sensitivities of FX Options to changes in spot market variables • Volatility smile phenomenon in FX market - explanation of skew • Binary options - mechanics, pay-outs • Barrier options, Bermuda options, Asian FX options, Quanto options • Drivers of FX volatility - tail risk, spill over from other markets • FX clustering


CASE STUDY - Explanantion of covered FX option writing versus naked positioning


Section 10: FX Carry Trade and Emerging Market Currencies


&toro; Explanation of the carry trade - motivations and risks • Review of Central Bank policy rates for developing and emerging markets • Spreads and volatility of FX carry trade pairs - liquidity issues • Major carry trade pairs - role of funding currencies • Minor and exotic currencies - identification of pairs and trading characteristics • Impact on emerging market currencies of monetary policy normalization in rich countries • Taper tantrum in 2013/14 and more declines in EM currencies • Relationship between EM, FX and EM corporate debt markets • Exposures of emerging markets' central banks and corporates to US dollar liabilities • Capital control issues and CB interventions in EM currency market • Currency wars - impact of yuan devaluation on Asian exchange rates • Trade weighted exchange rates


CASE STUDY - The Asian currency crisis of 1997, Thai baht devaluation leading to FX crisis in Southeast Asia and parallels with currency woes in Malaysia, Indonesia, Korea and Thailand in 2015


Section 11: Foreign Exchange and Money Market Swaps


&toro; Principles in development of swaps • BIS statistics on swaps outstanding • Hedging interest rate risk • Master Agreements & Protocols • Interest rate swaps • Fixed/floating interest rate swaps • Currency swaps - commercial terms, marking to market • Forex swaps


CASE STUDY - Excel modelling tool for Credit Default swaps, how they work and how they are quoted


Section 12: Fundamentals of Financial Risk Management


&toro; Distinguish risk and uncertainty • Summarize the principal types of financial risk • Review fundamental statistical tools for measuring and analysing risk • Increasing recognition that market risk, credit risk and liquidity risk are all interdependent • Risk/reward concepts from Capital Asset Pricing Model (CAPM) • Hedging strategies - use of swaps and other derivatives to manage risk • Systemic risk - outline of key features of the global liquidity crisis of H2, 2008 • Overview of dynamic hedging topics - delta hedging, gamma risk, options strategies • Corporate governance issues - conflicts of interest


Section 13: Liquidity, Basel III and Solvency


&toro; Price to book ratios for the banking sector • Why Basel III has created a brand new risk reporting obligation • Criteria for allocation to Level 1 and Levels 2A and 2B of High Quality Liquid Assets (HQLA) • Deposit insurance schemes • Loss absorbency capital and bail in instruments • Short term funding requirements versus longer term stable funding (NSFR) • Novel capital instruments - contingent capital - bail-ins versus bail-outs


CASE STUDY - Illustration of the distinction between a liquidity problem and a solvency problem on the balance sheet of a commercial bank


Section 14: Credit Risk and Operational Risk


&toro; The key macro and micro financial concepts and drivers of credit risk • Assessing default probability of loan portfolios • Key determinants for managing credit risk • Market-based approaches, bond spreads, swap rates • Credit scoring, credit risk modelling, risk profiling and assessing credit worthiness • Basel compliance standards • Classification, identification, and mitigation of different kinds of operational risks • Loss distribution analysis - data collection, modelling tools


CASE STUDY - Examination of the operational losses that could be expected in an Asian retail bank


Section 15: The Global Regulatory Framework


&toro; Overview of the Basel III framework • Key provisions of Basel III related to market risk, credit risk, liquidity risk and operational risk • The key macro and micro financial concepts and drivers of credit risk • Contrast macro-prudential policy initiatives with traditional micro-prudential • Dodd Frank Act and FSOC, Volcker rule • Ongoing investigations by regulators into market abuse - money laundering etc • Sarbanes-Oxley - risk disclosure, stringent accounting requirements, impact on IT policies


CASE STUDY - The regulatory push away from OTC towards CCP's and exchange trading and settlement of derivatives


Who should attend:


&toro; Chief Financial Officers • Investment Managers • Hedge Fund Managers • Private Bankers • Private Wealth Managers • Chief Investment Officers • Forex Traders • Head of Treasury • Asset Managers • Investment Bankers • Forex Analysts • Forex Managers • Equity Managers • Bank Governors • Client Relationship Officers • Finance Directors • Financial Planners


Some of the clients Clive has worked with:


Central Bank in Eurozone G-SIB European Bank Largest Bank in Russia G-SIB China Bank Central Bank in North Africa Sovereign Wealth Fund in the Middle East Largest Asset Management Company in China Bank in East Africa Central Bank in South America Bank in Saudi Arabia European Investment Bank


Bonus Offer!


Every delegate will receive 10 Continuing Professional Education (CPE) credits by attending this course!


*******For more details, kindly download the brochure*******


Email us at This e-mail address is being protected from spambots. You need JavaScript enabled to view it


Save up to 50% from in-house courses!


You may wish to consider having an in-house course delivered locally on-site if you have a number of participants with similar training needs. This course can be customised to fit specific requirements. For more information about IHT kindly send your enquiries to This e-mail address is being protected from spambots. You need JavaScript enabled to view it


Venue


BNP Paribas Top Trades for 2015


15 Top FX Trades for 2015


Short EURUSD – target 1.15


Long USDJPY – target 128


Short EURCAD via 1y Ratio Collar


Long AUDJPY – target 109 spot; buy AUDJPY calls/sell USDJPY calls


Long GBP vs EUR or CHF – EURGBP target 0.72, GBPCHF target 1.73


Trading the UK general election – enter 3m3m FVA GBPUSD


Relative value commodity currency basket (long CAD and MXN vs short NOK and AUD)


Buy EURAUD/Sell EURJPY forward vols as a relative value play on policy divergence


AUDJPY/EURJPY call switches – buy 3y 110 AUDJPY call/sell 3y 175 EURJPY call


USDZAR – position for further gradual appreciation via call spread


PLN – stronger then weaker – zero cost put calendar spread


Buy the USD vs the SGD and KRW – USDSGD target 1.35, USDKRW target 1150


Long MXN against a basket of JPY, EUR, and AUD – basket target +6.5%


Long BRL against ZAR – target 4.65


Long CLP against EUR – target 700


1. Short EURUSD – target 1.15 The theme of policy divergence that drove EURUSD lower in 2014 should persist in 2015 as the start of the Fed’s policy tightening in June contrasts with an ongoing balance sheet expansion by the ECB. We expect real rate differentials to remain a useful framework for capturing the FX impact of both conventional and unconventional central bank policies. Specifically, we think that higher US nominal rates and higher Eurozone inflation expectations will do most of the heavy lifting in moving the real rate differential against the EUR and in favour of the USD. Our rates strategists’ forecasts imply a widening of 2y nominal rate differentials by 125bp. If the ECB is successful at pushing eurozone inflation expectations higher, real rates should move even more (closer to 200bp), suggesting that the risk is for an even weaker EURUSD than we are currently forecasting.


2. Long USDJPY – target 128 Despite the fact that USDJPY has already rallied substantially, we believe there is more to come in 2015. The BoJ’s ‘shock and awe’ approach has been effective in triggering quick JPY sell-offs. However the underlying story of Japanese investor outflows driven by increasingly negative interest rates at home is only starting to play out and should drive the yen lower even in the absence of further BoJ policy action. The risk is that the move becomes too fast for the MoF’s liking, but as we saw in late 2014, mild jawboning merely slows the USDJPY uptrend.


The information and analysis provided here has been produced by the financial institution and does not reflect the opinion of Forextell or its associates. Forextell has reproduced the information without alteration or verification and does not represent that this material is accurate, current, or complete and it should not be relied upon as such. Forextell and its associates accept no responsibility to maintain the information or to supply any corrections, updates or releases concerning the information. By accessing this site, readers expressly acknowledge and agree that the information provided by us and our third party providers is on an “as is” basis, and used at their sole risk. Reproduction or redistribution of this information is not permitted.


What does this mean. 3m3m FVA GBPUSD


http://www. fxww. com/ Milan Cutkovic


This refers to a forward vol agreement. It’s basically a forward contract on the implied volatility of a currency pair (or any other asset). It’s either done to hedge volatility risk or to speculate on the volatility levels.


About Milan Cutkovic


Milan Cutkovic is a FX trader based in Zürich, Switzerland. He has been actively trading the markets since the age of fourteen and his trading strategy is primarily based on technical analysis. Milan has joined the AxiSelect prop trading programme in December 2013 and has been managing an account for the company, as well as his personal account. Aside from trading, Milan has been writing commentary and reports about the foreign exchange market on a daily basis, as well as educational articles. He is a contributing editor for the FX portal Forextell and the official AxiTrader blog and his reports have been published on leading FX sites such as FXStreet.


Artículos Relacionados


No content contained on this site is to be construed as a solicitation or recommendation: all the material on the Site, including the “Trade Ideas” is general in nature and has been prepared for informational purposes only without regard to any particular user's investment objectives, financial situation, or means, and Forextell is not recommending any action based upon such information. The Information is not to be construed as a recommendation; or an offer to buy or sell; or the solicitation of an offer to buy or sell any security, financial product, or instrument; or to participate in any particular trading strategy. Although the content is based upon information that Forextell in its reasonable discretion considers reliable and endeavours to keep current, Forextell has not verified this information and does not represent that this material is accurate, current, or complete and it should not be relied upon as such. Forextell will have no responsibility to maintain the content or to supply any corrections, updates or releases concerning the content. By accessing this Site, you expressly acknowledge and agree that the content provided by us and our third party providers is on an "as is" basis, and used at your sole risk.


2. กรอกข้อมูลของคุณ เลือกประเภทบัญชีและใส่ข้อมูลรายได้และอาชีพ เลือกบัญชีโบนัส หรืออาจจะไม่เลือกก็ได้ อย่าลืมอ่านเงื่อนไขในการรับโบนัสด้วย จากนั้นตอบโจทย์ Security Questions แล้วคลิ๊กที่กล่องสี่เหลี่ยมด้านล่าง เพื่อยอมรับเงื่อนไขต่างๆ แล้วกด Open Live Account


3. หลังจากนั้นคุณจะได้เจอกับหน้าแสดงความยินดี แล้วให้คุณไปเช็คเมล์ของคุณ คุณจะได้รับลิงค์เพื่อยื่นยันตัวตน ให้กดที่ลิงค์นั้น


4. เมื่อกดลิงค์ที่ได้รับจากเมล์แล้ว คุณจะได้เจอกับหน้าแสดงความยินดีอีกครั้งสำหรับการยืนยันเมล์ของคุณ และคราวนี้ ทางโบรคเกอร์ก็จะส่งหมายเลข ID และ Password ไปให้คุณทางเมล์ คุณก็เข้าไปเช็คเมล์ของคุณอีกรอบ


5. อีเมล์ที่คุณได้รับจะมีหน้าตาแบบนี้ จะมีID และ Password 2 ชุด ชุดแรก จะใช้กับการล็อกอิน เข้าเว็บไซด์ ส่วนอีกชุด จะใช้ล็อกอิน เข้า โปรแกรม MT4 และ จะมีลิ้งค์ ดาวน์โหลด โปรแกรมเทรด MT4 และลิงค์เพื่อเข้าหน้ารายการหลักของคุณ เลือกที่ MyHotForex เพื่อเข้าหน้าหลักของคุณ


6. ใส่รหัส ID และ Password เพื่อเข้าหน้าเว็บหลักของคุณ


7. การยืนยันตัวตน เมื่อเข้าหน้าหลัก ให้คุณเลือกข้อ 1 เพื่อเข้าไปทำการยืนยันตัวตน


8. หลังจากนั้นอัพโหลดไฟล์ บัตรประชาชน, พาสปอร์ต หรือใบขับขี่ ไปเพื่อยืนยันตัวบุคคล (PLE) และอกสารใบเสร็จ ใบแจ้งหนี้ บิลต่างๆที่มีชื่อคุณอยู่ในนั้น เพื่อยืนยันที่อยู่ (POA) ไฟล์เอกสารที่ส่งจะต้องเป็น PDF หรือ JPG format เท่านั้น จากนั้นคุณก็แค่รอให้ทางโบรคเกอร์ตรวจสอบและอนุมัติเท่านั้น ถือว่าเสร็จสิ้นขั้นตอนสมัครเรียบร้อยค่ะ


2. กรอกข้อมูลของคุณ เลือกประเภทบัญชีและใส่ข้อมูลรายได้และอาชีพ เลือกบัญชีโบนัส หรืออาจจะไม่เลือกก็ได้ อย่าลืมอ่านเงื่อนไขในการรับโบนัสด้วย จากนั้นตอบโจทย์ Security Questions แล้วคลิ๊กที่กล่องสี่เหลี่ยมด้านล่าง เพื่อยอมรับเงื่อนไขต่างๆ แล้วกด Open Live Account


3. หลังจากนั้นคุณจะได้เจอกับหน้าแสดงความยินดี แล้วให้คุณไปเช็คเมล์ของคุณ คุณจะได้รับลิงค์เพื่อยื่นยันตัวตน ให้กดที่ลิงค์นั้น


4. เมื่อกดลิงค์ที่ได้รับจากเมล์แล้ว คุณจะได้เจอกับหน้าแสดงความยินดีอีกครั้งสำหรับการยืนยันเมล์ของคุณ และคราวนี้ ทางโบรคเกอร์ก็จะส่งหมายเลข ID และ Password ไปให้คุณทางเมล์ คุณก็เข้าไปเช็คเมล์ของคุณอีกรอบ


5. อีเมล์ที่คุณได้รับจะมีหน้าตาแบบนี้ จะมีID และ Password 2 ชุด ชุดแรก จะใช้กับการล็อกอิน เข้าเว็บไซด์ ส่วนอีกชุด จะใช้ล็อกอิน เข้า โปรแกรม MT4 และ จะมีลิ้งค์ ดาวน์โหลด โปรแกรมเทรด MT4 และลิงค์เพื่อเข้าหน้ารายการหลักของคุณ เลือกที่ MyHotForex เพื่อเข้าหน้าหลักของคุณ


6. ใส่รหัส ID และ Password เพื่อเข้าหน้าเว็บหลักของคุณ


7. การยืนยันตัวตน เมื่อเข้าหน้าหลัก ให้คุณเลือกข้อ 1 เพื่อเข้าไปทำการยืนยันตัวตน


8. หลังจากนั้นอัพโหลดไฟล์ บัตรประชาชน, พาสปอร์ต หรือใบขับขี่ ไปเพื่อยืนยันตัวบุคคล (PLE) และอกสารใบเสร็จ ใบแจ้งหนี้ บิลต่างๆที่มีชื่อคุณอยู่ในนั้น เพื่อยืนยันที่อยู่ (POA) ไฟล์เอกสารที่ส่งจะต้องเป็น PDF หรือ JPG format เท่านั้น จากนั้นคุณก็แค่รอให้ทางโบรคเกอร์ตรวจสอบและอนุมัติเท่านั้น ถือว่าเสร็จสิ้นขั้นตอนสมัครเรียบร้อยค่ะ


Valuation Analyst M/F - VIE London


Valuation Analyst M/F - VIE London


Job code: VIE-FIND/MAC/MPC/CGM-LON2


Date of publication: 10-04-2015 Starting date Immediate Job function Corporate Finance / Accounting Activity Corporate and Investment Banking Business unit SG CIB Location United Kingdom Job type International Volunteer Program Working time Full time


Your environment


Join for a VIE Société Génerale Global Banking and Investment Solutions (GBIS), and more precisely our Financial department (FIND) in London.


Within the department, the Market Product Control Team is responsible for ensuring the overall integrity and validity of the financial statements and controls over the transaction cycle, liaising with internal departments to ensure trades are accurately booked and preventing delays for publication of the P&L. This includes performing critical functions such as daily P&L and Risk reporting and contributing to financial and regulatory reporting.


You will join Market Product Control (MPC) team and more especially the Counterparty Global Monitoring which supports the XVA trading desk. MPC analyst work independently from the Front Office and are key to the control of our business ensuring the highest level of quality is achieved at all times.


Your role


As a VIE, your main missions will be to:


Produce P&L and risk analysis on CVA/FVA reserves.


Explain changes in risk profile as indicated by measures across all asset classes including rates, forex, commodity and equity derivatives, credit products, and securities financing.


Understand the capital regime applicable to CVA/ FVA risk and ensure compliance.


This VIE in London is to begin as soon as possible but you need to plan 3 months between your application date and the beginning of your VIE assignment. It will last 24 months.


The VIE is a specific contract, under Business France’s eligibility criteria, opened to candidates under 28 and from the member states of the European Economic Space. For further information, please see.


Your profile


Graduate from Business/Engineering School or University, with a master degree in Finance.


You ideally have a first experience in a capital market environment.


You have a good knowledge of financial products valuation.


You speak English and French fluently. You are proficient with MS Office.


Adaptable, you are able to estimate risk in your activity.


You are quality oriented.


Finally, your cooperation and team spirit will be the keys to succeed in your mission.


Your career path


This VIE mission will give you the opportunity to improve your experience on XVA business.


You may have the opportunity to join Société Générale group permanently after your VIE mission, according to opportunities, without going through the whole recruitment process again.


To facilitate the examination of your application by our English-speaking managers, we thank you for applying in English


Pour la 2ème année consécutive, Société Générale a reçu le label « Top Employer France » pour sa politique de Ressources Humaines et sa capacité à développer les talents à tous les niveaux de l'organisation. Pour en savoir plus cliquez


Pour postuler, consultez cette offre depuis votre ordinateur.


การเทรด Forex ให้ได้กำไรอย่างยั่งยืนนั้น นอกจากการบริหารจัดการเงิน (Money management) แล้วทักษะสำคัญอีกอย่างหนึ่งที่เพื่อนๆ นักเทรดควรจะมีคือการการวิเคราะห์กราฟ Forex และหาราคาเป้าหมายด้วยตัวเอง ใน จุดนี้เพื่อนๆ นักเทรด Forex ที่เป็นมืออาชีพอยู่แล้วคงหายห่วง เพราะเอาตัวรอดกันได้อยู่แล้ว แต่ผมเป็นห่วงเพื่อนๆ นักเทรดที่เป็นมือใหม่มากกว่า ควรจะฝึกการวิเคราะห์กราฟ Forex และหาราคาเป้าหมายด้วยตัวเองให้มาก อย่ามัวแต่ไปหาบทวิเคราะห์ หรือ signal จากคนอื่น อย่าไปมัวแต่ขอกินปลาจากคนอื่น เพราะสุดท้ายวันใดวันหนึ่ง ถ้าเขาเลิกให้ปลาแล้วเราจะแย่ เราจะต้องฝึกวิธีจับปลา(ตัวโตๆ) ด้วยตัวเองวิเคราะห์เอง เพราะคนที่จะอยู่กับเพื่อนๆ ไปตลอด และคนตัดสินใจลงเงินเปิดออเดอร์ก็คือตัวเพื่อนๆ เองนะครับ ทุกอย่างมักเกิดขึ้นซ้ำๆ แค่หา pattern ให้เจอ ขั้นตอนการวิเคราะห์กราฟ Forex และหาราคาเป้าหมายด้วยตัวเอง อย่างง่ายสำหรับมือใหม่ ลองเอาไปต่อยอดกันดูนะครับ


1. วิเคราะห์กราฟ Forex จากภาพใหญ่มาภาพเล็ก timeframe ใหญ่ไปหา timeframe เล็ก ให้ มองภาพใหญ่ก่อนเพื่อวางแผนหลัก แล้วค่อยมาปรับกลยุทธ์การเล่นในส่วนของภาพเล็กๆ ราย 15 นาที หรือ รายชั่วโมงก็ได้ตามถนัดและตามแนวทางการเทรดหลัก ที่เราได้วางเอาไว้ 2. ดูแนวรับแนวต้านจุดสำคัญๆ ที่ราคาเคยพักตัว การเคลื่อนไหวของราคามักเกิดขึ้นซ้ำๆ เคยไปพักที่จุดใหนมันก็จะไปวนอยู่จุดนั้นแหละ หา pattern ให้เจอแล้วทำกำไรจากมันซะ


ตัวอย่างการวิเคราะห์กราฟ Forex และหาราคาเป้าหมายด้วยตัวเอง


ตัวอย่างกรณีเล่น forex แบบ breakout


วางเป้าหมายแล้วกำหนดแผนการเล่นให้สอดคล้องกัน และ ที่สำคัญไม่ว่าจะเป็นนักเทรด forex มือเก่าหรือใหม่ควรบันทึกการเทรด บันทึกการเปิดออเดอร์แต่ละครั้งไว้ด้วยนะครับ อาจจะเชพเป็นรูปไว้แล้วใส่ข้อความบ่งบอกอารมณ์ลงไปก็ได้ ว่าในแต่ล่ะครั้งที่เราเปิดออเดอร์เราอยู่ในอารมณ์ใหน พอมาดูที่หลังจะได้รู้ว่าอารมณ์ขณะนั้นและรูปแบบกราฟแบบนั้นมันส่งผลต่อการ ตัดสินใจของเราอย่างไร ลองทำการบันทึกการเทรดแบบนี้ไปเรื่อยๆ สักพัก แล้วเพื่อนๆ จะรู้ด้วยตัวเองครับว่า มันส่งผลต่อสัณชาติญาณในการเทรดของเพื่อนๆ อย่างไร ได้กำไรแล้วถ้ามีโอกาสก็อย่าลืมช่วยเหลือสังคมและคนรอบข้างบ้างนะครับ:-) หมาย เหตุ: เสริมจากตัวอย่างนะครับ "ข้อสังเกตเล็กๆ สำหรับเพื่อนที่ชอบเล่นเล่น forex แบบแนวรับแนวต้าน และ แบบ breakout คือหลายคนมักจะตั้งปิดเพื่อเอากำไรหรือตั้งเปิดออเดอร์ไว้ที่ราคาตรงแนวนั้น เลย บางคนใจร้อนรีบเข้าเลยไม่รอจบแท่งเทียน อย่าลืมว่าไม่ใช่แค่เราเท่านั้นที่เห็นแนวรับแนวต้านนั้น คนอื่นเขาก็เห็นเหมือนกัน ขาใหญ่เขาก็เห็นเหมือนกัน(เห็นแล้วเขาจะทำยังไงน่าจะนึกออกนะครับ) ลองใช้กลยุทธเข้าทีหลังออกก่อนดู รอแท่งเทียนปิดแล้วมันทะลุจริงเราก็ค่อยเข้า แล้วปิดออเดอร์ด้วยกำไรที่เราพอใจก่อนถึงแนวรับแนวต้านนั้นๆ อย่าลืมตั้ง stoploss และต้องเป็นไปตาม Risk Reward Ratio (R:R) ที่วางไว้ด้วยนะครับ" ทุกวิธีมีจุดอ่อนเสมอ ไม่มากก็น้อย อยู่ที่ว่าเราจะรู้ใหม เมื่อรู้แล้วจะจัดการกับมันอย่างไร


FVA (Freight Verification and Audit)


PROJECT DESCRIPTION


Freight Verification and Audit is an analytical, financial review of invoiced costs versus supplier agreements, resulting in 4-7% logistics savings. We help you to avoid overpayment, improve your company’s transportation and logistics performance. A freight audit is an integral part of managing supply chain costs. Freight Audit invoice services are giving you confidence in the accuracy and value of your freight and logistics expenditure. It is a tool to register, purchase contracts of freight services and verification of freight invoices. The tool is equipped with a capability of recording various variable surcharges claimed by freight supplier and validating these under audit process. Capability of recording each element of freight invoice makes it possible for the tool to develop various logistics reports for process and cost optimization.


KEY FEATURES


Freight contract registration including domestics or international.


Mapping of countries and city on the basis of world zones.


Variable fee code recording and verification.


Takes input invoice from user mail box and upload automatically.


Can store hard copies of contract and invoices.


Multiple currency line per invoice recording possible.


Supplier rating on the basis of cost and delivery lead time.


Traceability of invoice till payment details finalized.


Can be integrated with the legacy ERP system.


Service tax calculation and reports.


Multi site, multi shipment mode, change in shipment priority and shipment type capturing possible.


BENEFICIOS


Saving on freight cost by eliminating freight invoice error.


Saving on freight invoice processing time.


Real time logistics reports.


Value based approval process for deviation observed in freight invoices.


Electronic upload of freight invoice in system from excel sheet/mail box.


Auto acknowledgment of invoice receipt and alert to freight supplier.


MANUAL PROCESS - HARD COPY BUSINESS


Receipt of hard copy of finance payment section.


Verification of variable input such as fuel surcharge, security surcharge and FOREX rate using the internet site.


Verification of purchase contract input such as basic price, lead time, payment terms etc.


Verification of receipt of material at the destination site using a legacy system in the warehouse.


Payment approval on excel sheet for matching elements, deviation report generation and communication to supplier through mail.


OVERVIEW OF AUTOMATED FREIGHT INVOICE VERIFICATION


The tool is comprised of five different modules of the transaction. Each set of activities is having their reports and communication methods set to get variable inputs. Once master data is set and contracts are formulated, the tool is ready to receive an invoice in manual or E-Upload mode. Verification of invoice can be performed manually or auto mode using batch runs to deal with large counts of invoices at a time. Finance posting gives a logical end to supply chain activities and activates finance for their book posting again in manual or auto mode. A comprehensive audit module gives flexibility to validate post paid invoice verification.


The tool has the capability to recognize changed the invoice with audit trail and controls to get re certification for all such changed scenarios. Invoice appears automatically for re verification incase changed before finance posting. Different weight slab wise rate capturing and changes as per priority of shipment make tool capable of dealing standard and urgent (premium) shipments.


CONTRACT MANAGEMENTS


Freight contract is not registered in legacy ERP system and not available at any centralized location resulting accessibility issue.


Contract formulation in standard pattern using tool and available to all authorized users for use.


Contract accessibility to all authorized users.


Approval process not streamlined. Generally “contract amendment” doesn’t reflect to all users and live in approving authority mail box or file. Mail sent or received are treated as acknowledgment and approval by suppliers creating confusion about change and it’s effectiveness.


FVA provides a value based approval mechanism allowing users to do approval in the system itself. Any changes to contract form next revision number to distinguish between expired and active contracts.


Approval mechanism in place with history of approval and old contract. No more email business approval. Helps formulating work instructions for ISO and other procedural records.


Zone wise pricing for worlds and country region confuse user to determine adequacy of charged rates.


FVA provides the3 relationship of city/country code vs. zones as per supplier code wise.


Contract formulation of small parcel shipment and courier business becomes easy.


Supply chain approvals beyond contract terms are not recorded electronically in the legacy system. All approvals are taken manually on either invoice copy or mails. Any future reference for such approval is time consuming and costly.


All approval mechanism is automated and value based. Any deviation given by supply chain is recorded for future reference.


Transparency in approval mechanism and time efficient process.


Communication of approved invoices to finance is manual.


Electronically transfer and acknowledgment for approved invoice to finance from supply Chain.


No manual register and signing system while handover from one department to another.


Traceability of freight invoice payment is not available. Any deduction or debit note details in regard to particular freight invoice is not available.


Payment details can be recorded with all deviation record.


All records of invoice payment, any deductions or deviation approval are one click away.


AUDIT AND LOGISTICS REPORT


All variable charges such as fuel surcharges, security surcharges and foreign exchange rates are recorded and compared while audit run the program. Using a populated database from above transaction, all required reports to logistics manager is available to optimize business cost and process.


RESUMEN


This tool is beneficial to all those industries, who form a contract with their freight suppliers (in any form). Industries having high cost contribution by freight expense may get better saving advantage. The deployment process for this tool is simple and requires few вЂ˜Master Data’ entries in the beginning. For integration with legacy system, support is available in CIPL.


CIPL sells this tool exclusively and with service part also. The service section includes:


Entry of freight invoice in system.


The complete process of verification and finance posting.


Audit the already paid invoice from history.


Interface development with legacy system such as SAP, BaaN, Oracle etc.


Audit of variable charges claimed by the supplier.


James Beck


From the perspective of a technician, a gap indicates an imbalance between supply and demand. Beyond that, purists don't care why the gap occurred, but they do care about what it might imply for the behavior of their position over their time horizon. A gap can indicate a continuation or a reversal of an existing trend. It can also represent a significant, unexplained deviation from trend. A gap fill or fade plays a similar role. Keep in mind that it's very important to know what the analyst expected and what horizon the analyst intends. A short-term gap or fill might not be meaningful to intermediate or long-term traders. 'Deviation from trend' is technical thinking.


By contrast to technicians, who accept price changes as indicators of informed supply and demand, fundamental purists always want to know why prices are moving. Consequently, for a fundamentalist a gap followed by a fill suggests a discrepancy between noise or weakly informed trading and better informed trading. For example, during Enron's heyday strong earnings announcements led to P/E expansion. Enron's income statements looked pretty good. However, on closer inspection Enron's free cash flow was unsustainably negative and the firm's return on assets was extremely low. A fundamentalist would say of a gap fill on Enron that reality always wins. 'Irrational exuberance' is fundamentalist thinking.


More Answers Below. preguntas relacionadas


Server Error in '/' Application.


Se detectó un valor Request. Path potencialmente peligroso desde el cliente (?).


Descripción: Se produjo una excepción no controlada durante la ejecución de la solicitud web actual. Revise el seguimiento de la pila para obtener más información acerca del error y dónde se originó en el código.


Detalles de excepción: System. Web. HttpException: Se detectó un valor Request. Path potencialmente peligroso desde el cliente (?).


Se generó una excepción no controlada durante la ejecución de la solicitud web actual. La información sobre el origen y la ubicación de la excepción se puede identificar utilizando el seguimiento de la pila de excepciones a continuación.


Most Recent Blog Entries


Equity markets have been particularly volatile since the writer's last blog, which sought to highlight some domestic rays of light in an article entitled, 'Amongst the gloom. ' Over the intervening month, the FTSE100 index has swung from 5,779 up to 6084 on 29 January, before plunging to 5537 on 11 February and recovering to 5,824 at the close of business today.


If you are a trader, such double digit percentage change can be a potential delight or disaster. To investors with a long term perspective, 10% capital movement matters little. Which is not to say that one should not be mindful of any significant alteration in global macro-economic fundamentals. Looking behind the apparent, often media-induced, 'noise' surrounding sharp movements in stock markets for new news or causes of panic is often difficult. A number of the prevailing issues have previously been highlighted in this blog: a slowdown in China's economy and appetite for commodities, central bankers' limited firepower to address any fragility in the world's financial structure, economic flat spot, consumer debt or deflation. Major oil producing countries are struggling to adapt to the collapse in crude prices, and their sovereign wealth investment funds have no doubt been forced sellers of liquid assets - including equities. Rising geo-political tensions in the Middle East have not helped appetite for risk and significant reinvestment into cash and 'gilt-edged' government stocks (despite paltry yields on offer) has been evident.


Beyond ranking such contributory factors for the disappointing performance of equity in 2016 to date, a number of market strategists have referred to the prospect of a major, rare, unknown or unpredictable risk event occurring. Sometimes described as the 'black swan' theory, by reference to Nassim Taleb's book of that name published in 2007 which highlighted particular historical events or scientific discoveries - such as World War 1, the breakup of the Soviet bloc, the September 11 2001 tragedy, the personal computer and the Internet - as being unanticipated, world changing events. Prior to its discovery, the existence of a swan with anything but white feathers had never been entertained and, being viewed as an impossibility, the expression 'black swan' was coined in medieval times. Taleb had previously published a book in 2001 entitled 'Fooled by Randomness' on financial markets and events, which similarly discussed the prospect of an unanticipated event having an extreme, high profile impact on the financial infrastructure or market.


To some extent, it could be said that commentators would only reach for the black swan theory when they run out of rational reasons for market behaviour and resort to 'gut instinct' rather than logical explanation. The reality is that the equity market does tend to be illogical and random at times, driven as it is by both the weight of money (net buying or selling) as well as relative valuation (compared to other assets) and 'bottom up' news flow surrounding earnings and dividends from its constituent businesses. No shame should be attached to the observer who makes the honest judgement that he or she cannot account for why the market has performed as it has.


When risk aversion increases, be it justified or unexplained, cautious investors can respond by 'raising the bar' insofar as their ongoing ownership of individual company stocks is concerned. While major turbulence in a stock market can be indiscriminate - especially when many commentators and fund managers are honestly admitting that they do not understand what is causing the fear - investors can gain confidence from reassessing their own exposures. In particular, by considering the health & visibility of the industry and the business model of each company stock they hold. Owning firms which are profitable and strongly cash generative (that is, there is a high conversion rate of earnings into cash receipts) will naturally lead to a healthy, lowly financially geared, balance sheet. Which in turn might be the catalyst for an additional return of cash to shareholders. Understanding how a business makes its profits, the factors that influence demand for its product, the nature and magnitude of its costs and an investigation of profit margins throughout an industry cycle will all help to determine if an investment represents a high quality (visible and understandable, with a sustainable market leading, if not growth) business which can be retained - or, alternatively, should be jettisoned - in the current clime.


Having been convinced of the company's merit and its future prospects, the cautious investor will want to ensure that the equity valuation is reasonable compared to its peers and the wider universe of the stock market. This can be assessed via various means, but consideration of the long term growth rate relative to its current worth - using mathematical formulae such as discounting or converting estimated future cash flows into a present day value - is key. This extends the use of the PEG ratio, which compares the forecast growth in earnings to the current PE (consider current share price and historic or future earnings per share), beyond the two or three years' projected earnings.


Such methodology can support ownership of apparently expensive businesses, such as Reckitt Benckiser who announced strong trading results today, because the market is taking the view that this health & household product multinational will maintain its leading position in its industry and will continue to produce decent growth over the next decade, and beyond. Based on projected earnings per share of 257.7p in the current calendar year, RB stock is priced on an earnings multiple of almost 25 times which puts it in the top ten percentile ranking of the FTSE100 index's constituents. Seemingly very fully valued, after today's 6.8% hike in the share price, this could prompt the more aggressive (shorter term oriented) investing institutions to book some profit. Others, perhaps looking out to a more distant horizon, will believe that Reckitt's better than expected numbers for 2015 - and demanding targets for revenue and operating margin growth in the current year - justifies retention.


Ultimately, history has shown that earnings or profit growth has translated into progress in equity worth (at a not dissimilar pace). Looking back over the past 70 years, UK equity has delivered positive returns in 84% of every five year period and 96% of every ten year period. The prospect of taking a longer term stake in profitable businesses (mindful that under performers or relative losers tend to slide out of indices, as they are replaced by more successful companies) has real, inflation-beating appeal.


Having said that, we probably live in a more dangerous world (post 9/11) with a less robust financial system than could have been envisaged before the banking crisis of 2008. A slower pace of growth, both global and domestic, must be anticipated for at least another 5-10 years. Politicians rarely inspire and central bankers often appear impotent. Changes in the environment and less predictable weather appears to be a 'given', while ever faster technological development in medicine and IT/electronics provides opportunity. No black swan event on the horizon, but enough concern to ward off any investor complacency.


For this investor, committed to reinvestment of dividend income for the foreseeable future, recent market weakness represents an opportunity to buy equity at lower, more attractive prices. Uncertainty abounds (and will continue to do so), making a regular review of one's asset allocation - accompanied by an investigation into the nature and magnitude of risks faced by individual company investments - essential. If in doubt, investors should err on the side of caution (ensure you can sleep at night) by increasing the quality of their portfolio and reducing exposure to highly valued companies.


Written by David Harbage for lse. co. uk on the 16th February 2016


The Writer's views are their own, not a representation of London South East's. No advice is inferred or given. If you require financial advice, please seek an Independent Financial Adviser.


DIY Hack: Make Your Surround Sound Headset Work With Xbox One Chat!


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DIY Hack: Make Your Surround Sound Headset work with Xbox One Chat! 5 de 5


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I give you 100 dollars. You take it to the bank. They will give you 10% interest per year for 2 year.


The Present Value = $ 100


Future Value = $121.


FV = Future Value


PV = Present Value


i = the interest rate per period


n= the number of compounding periods


Determine Future Value Compounded Annually What is the future value of $34 in 5 years if the interest rate is 5%? (i=.05)


FV= PV ( 1 + i ) N


FV= $ 34 ( 1+ .05 ) 5


FV= $ 34 (1.2762815)


FV= $43.39.


Determine Future Value Compounded Monthly What is the future value of $34 in 5 years if the interest rate is 5%? (i equals .05 divided by 12, because there are 12 months per year. So 0.05/12=.004166, so i=.004166)


Determine Present Value Compounded Annually You can go backwards too. I will give you $1000 in 5 years. How much money should you give me now to make it fair to me. You think a good interest rate would be 6% ( You just made that number up). (i=.06)


DE ACUERDO. so you give me $ 747.38 today and in 5 years I'll give you $1000. Sound fair. You will get 6% interest on your money.


Determine Present Value Compounded Monthly Here's that last one again, but with monthly compounding instead of annual compouding. (i equals .06 divided by 12, because there are 12 months per year so 0.06/12=.005 so i=.005)


FV= PV ( 1 + i ) N


$1000 = PV ( 1 + .005) 60


$1000 = PV (1.348)


$1000 / 1.348= PV


$741.37 = PV


Sobre el Autor


Tagged with banking


An Annuity is a series of equal payments made at fixed intervals for a specified number of periods. These equal payments are denoted by the PMT and can occur at either the beginning or the end of each period. Future and Present Values of Annuity: Future Value of an Annuity can be calculated, where a series of equal payments are made at a fixed intervals for a specific number of periods. The principle applied here is just like Compounding. However, method of calculating Future Value of Annuity differs in Ordinary Annuity and Annuity Due. Similarly, Present Value of an Annuity can also be calculated by using the principle of Discounting, but the method of calculating Present Value of Annuity differs in Ordinary Annuity and Annuity Due. Types of Annuity: Annuity has following types depending on the period of payment.


1. Ordinary/Deferred Annuity:


If the payments of Annuity occur at the end of each period, it is called Ordinary or Deferred Annuity.


Future Value of Ordinary Annuity:


If equal payments PMT is made at the end of n periods, providing a saving of i, then Future Value of Annuity (FVa or FVAn) can be calculated as:


Present Value of Ordinary Annuity:


If equal payment PMT is made at the end of n periods, providing a saving of i . then Present Value of Annuity PVA n can be calculated as:


If the payments of Annuity occur at the beginning of each period, such Annuity is called Annuity Due.


Future Value of Annuity Due:


If equal payment PMT is made at the beginning of n periods, providing a saving of i . then Future Value of such Annuity FVA n can be calculated as:


The only difference between Future Value of Deferred Annuity and Annuity Due is that every term of Future Value of Annuity Due is compounded for one extra period, reflecting the fact that each payment for an Annuity Due occurs one period earlier than Ordinary Annuity.


Present Value of Annuity Due:


If equal PMT is made at the beginning of n periods, providing a saving of i . then Present Value of such Annuity PVA n can be calculated as:


The only difference between Present Value of Deferred Annuity and Annuity Due is that every term of Present Value of Annuity Due is discounted for one extra period, reflecting the fact that each payment for an Annuity Due occurs one period earlier than for Ordinary Annuity.


Some Annuities go on indefinitely, or perpetually, and are called Perpetuities. The Present Value of such Annuities is simple to calculate.


Financial Management – Theory & Practice by Eugene F. Brigham & Michael C. Ehrhardt


Notes on Investment Analysis and Portfolio Management


Lectures of Respectable Teahers


When an investor invests in multiple stocks/securities, it is called Investment Portfolio. Maintaining a Portfolio is a very important step taken by investors. By maintaining a Portfolio, Risk can be mitigated / minimized by maintaining a portfolio and higher margins of profits can be earned. In this case, if one stock/security defaults, it does not necessarily mean Investor is also in loss. Instead, investor can compensate the loss of one stock from other stocks/securities. Higo. 5 shows how maintaining a Portfolio minimizes the Portfolio Risk. Fig shows that Portfolio size is taken on x-axis and portfolio risk on y-axis, which results a curved graph.


Classification of Investors:


Investors can be classified on the basis of their risk-taking/bearing capacity. How much risk an investor bears, depends on investor’s personal capacity, attitude, interest and behavior. Por ejemplo:


Risk seekers seek for riskier investment. They are capable of assuming a higher risk and have strong and healthy financial position.


They avoid riskier investments, because they have not strong and healthy financial position. They choose those instruments, which have less variation in returns.


Risk bearers fall in between the above categories. They choose moderate levels of risk they can bear according to their capacity.


Risk reduction is known as Hedging. They do it by using Derivative Instruments .


A Security refers to a publicly traded financial instrument, as opposed to a privately placed instrument. Securities have greater liquidity than otherwise similar instruments, which are not traded in Open Market. Security is considered to be an insurance against an emergency, according to banking definitions.


Classification of Securities:


The securities have been classified according to the functional operation aspects as under:


These are personal exclusive undertakings by a party to pay the amount of advances outstanding against a borrower. Examples of such securities are Demand Promissory Note, bill of exchange or a Bond, Guarantee and Indemnity etc.


These are the securities which can be realized from sale or transfer. Examples of such securities are Shares, Stock, Land, Building and Goods.


These are also called Primary Securities. Such securities are main covers for an advance and are deposited by the borrower himself. When a depositor of term deposits offers his Term Deposit Receipt to cover and advance, it is the Primary Security according to banking term.


These are the securities provided as an additional cover for an advance, where either he security is not very stable in value, or where the realization of the security to cover the outstanding amount of balance is difficult. In case of the default by borrower, bank has the authority to sell these shares of security and adjust the advance.


These are the securities, which are legally and physically both in possession of the lending bank. Examples are Term Deposit Receipts, Goods, Vehicles and Merchandise etc.


These are the securities, where the legal possession or right to takeover is entrusted to the lending bank, but the physical possession remains with borrowers.


These are the long-term securities issued by the government for financing social programs. They are perceived as Risk-free, are highly liquid and carry attractive coupon rates. Like T-bills (Treasury Bills), government securities are sold through auctions and are actively traded in secondary markets.


Time Value of Money:


The theory of Time Value of Money states that the value of money decreases with the passage of time. This concept can be described as “A Dollar in hand today is more worth of a Dollar tomorrow”. This happens because of Inflation . Inflation is a situation, where the prices as a whole are increasing. The rate at which the prices are increase is known as Inflation Rate . Two terms are necessary to explain while discussing Inflation and theory of Time Value of Money:


1. Nominal Interest Rate/Quoted Interest Rate:


Nominal Interest Rate is a rate at which money invested grows. Banks generally offer Nominal Rate of Interest to the depositors.


Real Interest is a rate, at which the purchasing power of an investment increases. Market Interest Rates are Nominal Interest Rates.


Relationship of Inflation, Nominal and Real Interest Rates:


Real Interest Rates, Nominal Interested Rates and Inflation Rates have strong relationship with each other, which can be expressed in the form of an equation:


The above equation shows that if Inflation Rate increases, then Real Interest Rate decreases and vice versa.


Another approximate relationship also exists between the three rates:


It means, by subtracting Inflation Rate from Nominal Interest Rate, the approximate Real Interest Rate can be calculated.


Financial Management – Theory & Practice by Eugene F. Brigham, Michael C. Ehrhardt


Management of Banking and Financial Services by Padmalatha Suresh & Justin Paul


Handouts Investment Analysis and Portfolio Management


Lectures on Financial Investment and Portfolio


Financial Markets are places, where Financial Instruments or Financial Assets are exchanged. Financial Markets can be classified on the basis of the nature of instruments exchanged in the economy.


Classification of Financial Markets:


The following are different types of Financial Markets:


1. Securities Market


Security Markets are the Financial Markets, where securities are exchanged. Securities are financial instruments that have been created to represent a legal obligation to pay a sum in future in return for the current receipt of vlue. Securities . thus represent the cash or cash equivalent received from another person. Security Markets can be further classified into National Market and International Market.


1.1 National Market


National Markets (also called Local Markets) are those within the boundaries of a nation. National Markets cater to the financial requirements of the local players. Players from the foreign countries are permitted to bring their financial instruments into the National Market, subject to their following the rules and regulations imposed by the nation. Each nation has a regulatory authority, under whose scrutiny financial instruments are exchanged in that country. National/Local Market can also be classified into Domestic Segment and Foreign Segment.


1.1.1 Domestic Segment


The Domestic Segment caters exclusively to firms registered in a country. The country’s regulatory authority controls the domestic market. Based on the economic performance of the country, the Domestic Markets are also called Advanced Markets and Emerging Markets . Advanced Markets are usually markets in nations that are economically sound and have also progressed technologically. Emerging Markets are those in developing countries, whose economic progress is forward looking. Domestic Market can also be subdivided into Money Market and Capital Market.


Money Markets are short term Debt markets. Debt is a fixed income security and represents the borrowing of a market player. Money Markets are mostly wholesale markets for financial instruments. Money Market can be classified into the following types:


Call Market is a money market, and is one, where Call/Notice Money is borrowed or lent for a very short period. If the money is lent or borrowed for a period of up to 14 days, it is called Notice Money. On the other hand, if the money is borrowed or lent for a period more than 14 days, it is called Call Money. Intervening Holidays and/or Sundays are excluded for computing the holiday duration. No Collateral Security is required to cover these transactions.


The Treasury Bill or T-Bill Market is one, where Treasury Bills are exchanged. Treasury/T-Bills are short term (up to one year) borrowing instruments of the government. They are the lowest risk category instruments, maturing in a short duration. A considerable part of the government’s borrowings happen through T-Bills of various maturities.


c) Inter-Bank Market


The Inter-Bank Market is usually for deposits of maturity beyond 14 days and up to three months. The specified entities are not allowed to lend beyond 14 days.


d) Certificates of Deposit Market


After T-Bills, the lowest risk category investment option is the Certificate of Deposit (CD) issued by banks and financial institutions. A CD is a negotiable promissory note, secure and short term (up to one year) in nature. They are issued and purchased in CD Markets and for a purpose to augment funds by attracting deposits from corporations, high net worth individuals, trusts and others.


e) Ready Forward Contracts (Repo) Market


Repo (abbreviated from Repurchase Agreement) Market is one, where the same securities are sold and repurchased by two parties. This type of transaction is called Repo Transaction according to seller’s point of view and Reverse Repo Transaction from the buyer’s point of view of the security. When seller sells the security with the objective of repurchasing it, it is called Repo. On the other hand, when the buyer of the same security purchases it with a view to resell it, it is called Reverse Repo. This phenomenon can be described as in the following:


Repo = Seller sells the same security + Commitment to Repurchase it


Reverse Repo = Buyer buys the same security + Commitment to resell it


The Future Date and Price are mutually decided by buyer and seller of the same security. Whether the transaction is Repo or Reverse Repo depends on which party initiated it. Two terms are necessary to define while discussing Repo Transactions . Repo Period is the period mutually decided by buyer and seller of the security for which the money is borrowed by the seller by selling it. Repo Rate is the Rate of Interest mutually agreed by seller and buyer for the selling and repurchasing of the same security for a time period (Repo Period) in Repo Market. Repos help banks to invest surplus cash. It helps the investors to achieve money market surplus with sovereign risk. It helps the borrower to raise funds at better rates.


f) Commercial Paper (CP) Market


Commercial Paper (CP) is an unsecured money market instrument issued in the form of a promissory note. CP enables highly rated corporate entities to obtain sources of short-term borrowings and provides and additional instrument to investors. Such instruments are traded in CP markets.


g) Inter-corporate Deposit (ICD) Market


Inter-Corporate Deposit (ICD) is an unsecured load, extended by one corporate to another. Existing mainly as a refuge for low-rated corporations, this market allows a fund-surplus corporate to lend to another corporate.


h) Commercial Bill Market


Bills of Exchange are negotiable instruments drawn by seller (drawer) of goods on the on the buyer (drawee) of the goods for the value of the goods delivered. These bills are called Trade Bills . Trade Bills are called Commercial Bills when they are accepted by commercial banks and are traded in Commercial Bill Market.


Ii. Capital Markets


Capital Markets exchange both long-term fixed claim securities and residual/equity claim securities. The main economic role of a Capital Market is to match players, who have excess funds to players, who are in need of funds. These markets can be classified into Debt Markets and Equity Markets.


Financial Instruments that have a fixed income claim and have a maturity of more than one year are traded in Debt Market. Debt Market can also be classified into Primary and Secondary Markets .


b) Equity Market


Equity Instrument bestows ownership on the holder of the security. Equity hence implies ownership rights in the corporate entity that has issued the instruments to the public. Equity Market can also be subdivided into Primary Markets and Secondary Markets .


The Primary Markets are the doorway for corporate enterprises to enter the Capital Market. The issues of new/fresh/subsequent securities are offered to the public through the primary markets.


The Secondary Market refers to the exchange of securities that have been listed through the Primary Market. Such markets offer tradability to the financial instruments. Secondary Markets can be subdivided into Spot Markets and Derivative Markets.


Spot Markets denote the currency trading price of financial instruments. In the context of time, the Spot Markets may range between one day, two days or a week. The transactions in the Spot Markets are settled are settled immediately, that is, on the immediate settlement date.


Unlike the Spot Markets, Derivative Markets are Futures Market. Trade takes place here with the intention to settle it at a later date. The trade in Derivative Markets is based on Futures Contract . which is an agreement by one participant to either buy or sell a financial instrument at a predetermined date in the future at a predetermined price.


1.1.2 Foreign Segment


Each nation, besides its exclusive domestic market allows firms registered outside the country to participate in its economic activities. This is termed as Globalization or Opening Up of the Economy . This is known as Foreign Participation in a National Market.


1.2 International Market


International Markets are usually referred to as Offshore Markets. This concept includes opening the National Market to other group countries.


2. Currency/Forex Market


The Foreign Exchange or Forex Market is on international currency exchange market. It caters the need of International Mobility of funds. The main players in Forex Market are dealers, who are regulated by the specific regulatory authority of the country. Higo. 3 shows the classification of Financial Markets.


Handouts – Investment Analysis and Portfolio Management


Lecutres by Mr. Wasim Anwar regarding Financial Management


An efficient and strong Financial System leads to the Economic Development of a nation. A country is said to be economically developed, when it has strong Financial Markets and competent Financial Intermediaries.


One of the essential criteria for the assessment of Economic Development is the quality and quantity of assets in a nation at a specific time. These assets can be classified based on their distinct characteristics. Classification of Assets is shown through a diagram chart (Fig. 2):


As we are concerned with Financial Markets, we will focus on Financial Assets.


In macro sense, Financial Assets are regulated by the government of an economy. Financial Assets smoothen the trade and transactions of an economy and give the society a standard measure of valuation. Financial Assets also represent the current/future value of physically and intangibly held assets. They show a right on another asset and include Currency Instruments (Cash, Foreign Currency etc.) and Claim Instruments (Debentures, Shares, Deposits, Unit Certificates, Tax Saving Investment etc.)


Properties of Financial Assets:


The following are the properties of Financial Assets, which distinguish them from Physical and Intangible Assets:


Financial Assets are exchange documents with an attached value. Their values are dominated in currency units determined by the government of an economy.


Financial Instruments are divisible into smaller units. The total value is represented in terms of divisions that can be handled in a trade. The divisibility characteristic of Financial Assets enables all players, small or big, to participate in the market.


Financial Assets are convertible into any other type of asset. This characteristic of convertibility gives flexibility to financial instruments. Financial Instruments need not necessary be converted into another form of Financial Asset; they can also be converted into Physical/Tangible and Intangible Assets.


This implies that a financial instrument can be exchanged for any other asset and logically, the so formed asset may be transferred back into the original financial instrument.


Liquidity implies that the present need for other forms of asset prevails over holding the financial instrument. The financial asset can be exchanged for currency with another market participant who does not have immediate cash need, but expects future benefits.


The holding of the financial instrument results in a stream of cash flows that are the benefits accruing to the holder of the financial instrument. However, a financial instrument by itself does not create a cash flow.


Financial Management – Theory & Práctica; 10e, by Eugene F. Brigham & Michael C. Ehrhardt


Management of Banking and Financial Services – 2e, by Padmalatha Suresh & Justin Paul


The time value of money is the value of money with a given amount of interest earned or inflation accrued over a given amount of time. The ultimate principle suggests that a certain amount of money today has different buying power than the same amount of money in the future. This notion exists both because there is an opportunity to earn interest on the money and because inflation will drive prices up, thus changing the “value” of the money. The time value of money is the central concept in finance theory.


For example, £100 of today’s money invested for one year and earning 5% interest will be worth £105 after one year. Therefore, £100 paid now or £105 paid exactly one year from now both have the same value to the recipient who assumes 5% interest; using time value of money terminology, £100 invested for one year at 5% interest has a future value of £105. This notion dates at least to Martín de Azpilcueta (1491–1586) of the School of Salamanca.


The method also allows the valuation of a likely stream of income in the future, in such a way that the annual incomes are discounted and then added together, thus providing a lump-sum “present value” of the entire income stream.


All of the standard calculations for time value of money derive from the most basic algebraic expression for the present value of a future sum, “discounted” to the present by an amount equal to the time value of money. For example, a sum of FV to be received in one year is discounted (at the rate of interest r) to give a sum of PV at present: PV = FV − r·PV = FV/(1+r).


Some standard calculations based on the time value of money are:


Present value The current worth of a future sum of money or stream of cash flows given a specified rate of return. Future cash flows are discounted at the discount rate, and the higher the discount rate, the lower the present value of the future cash flows. Determining the appropriate discount rate is the key to properly valuing future cash flows, whether they be earnings or obligations. Present value of an annuity An annuity is a series of equal payments or receipts that occur at evenly spaced intervals. Leases and rental payments are examples. The payments or receipts occur at the end of each period for an ordinary annuity while they occur at the beginning of each period for an annuity due. Present value of a perpetuity is an infinite and constant stream of identical cash flows.


Future value is the value of an asset or cash at a specified date in the future that is equivalent in value to a specified sum today. Future value of an annuity (FVA) is the future value of a stream of payments (annuity), assuming the payments are invested at a given rate of interest.


There are several basic equations that represent the equalities listed above. The solutions may be found using (in most cases) the formulas, a financial calculator or a spreadsheet. The formulas are programmed into most financial calculators and several spreadsheet functions (such as PV, FV, RATE, NPER, and PMT).


For any of the equations below, the formula may also be rearranged to determine one of the other unknowns. In the case of the standard annuity formula, however, there is no closed-form algebraic solution for the interest rate (although financial calculators and spreadsheet programs can readily determine solutions through rapid trial and error algorithms).


These equations are frequently combined for particular uses. For example, bonds can be readily priced using these equations. A typical coupon bond is composed of two types of payments: a stream of coupon payments similar to an annuity, and a lump-sum return of capital at the end of the bond’s maturity – that is, a future payment. The two formulas can be combined to determine the present value of the bond.


An important note is that the interest rate i is the interest rate for the relevant period. For an annuity that makes one payment per year, i will be the annual interest rate. For an income or payment stream with a different payment schedule, the interest rate must be converted into the relevant periodic interest rate. For example, a monthly rate for a mortgage with monthly payments requires that the interest rate be divided by 12 (see the example below). See compound interest for details on converting between different periodic interest rates.


The rate of return in the calculations can be either the variable solved for, or a predefined variable that measures a discount rate, interest, inflation, rate of return, cost of equity, cost of debt or any number of other analogous concepts. The choice of the appropriate rate is critical to the exercise, and the use of an incorrect discount rate will make the results meaningless.


For calculations involving annuities, you must decide whether the payments are made at the end of each period (known as an ordinary annuity), or at the beginning of each period (known as an annuity due). If you are using a financial calculator or a spreadsheet, you can usually set it for either calculation. The following formulas are for an ordinary annuity. If you want the answer for the Present Value of an annuity due simply multiply the PV of an ordinary annuity by (1 + i).


A floating exchange rate or fluctuating exchange rate is a type of exchange rate regime wherein a currency’s value is allowed to fluctuate according to the foreign exchange market. A currency that uses a floating exchange rate is known as a floating currency. A floating currency is contrasted with a fixed currency.


In the modern world, the majority of the world’s currencies are floating. Central banks often participate in the markets to attempt to influence exchange rates. Such currencies include the most widely traded currencies: the United States dollar, the euro, the Norwegian krone, the Japanese yen, the British pound, the Swiss franc and the Australian dollar. The Canadian dollar most closely resembles the ideal floating currency as the Canadian central bank has not interfered with its price since it officially stopped doing so in 1998. The US dollar runs a close second with very little change in its foreign reserves; by contrast, Japan and the United Kingdom intervene to a greater extent.


From 1946 to the early 1970s, the Bretton Woods system made fixed currencies the norm; however, in 1971, the United States government would no longer uphold the dollar exchange at 1/35th of an ounce of gold, so that the US dollar was no longer a fixed currency. After the 1973 Smithsonian Agreement, most of the world’s currencies followed suit. Few countries fixed their currency with another currency, however, lately some of these countries are causing their economy to slow it’s growth. For example, most of the Gulf States had their currency fixed with the US Dollar, and by this strategy it resulted in one outcome, that is dragging their currency value down with the US Dollar declining value. A floating currency is one where targets other than the exchange rate itself are used to administer monetary policy. See open market operations.


El mercado de divisas (forex, FX o mercado de divisas) es una forma de intercambio para el comercio global descentralizado de monedas internacionales. Los centros financieros en todo el mundo funcionan como anclas del comercio entre una amplia gama de diferentes tipos de compradores y vendedores durante todo el día, con la excepción de los fines de semana. EBS and Reuters’ dealing 3000 are two main interbank FX trading platforms. El mercado de divisas determina los valores relativos de las diferentes monedas.


El mercado de divisas ayuda al comercio internacional ya la inversión al permitir la conversión de divisas. Por ejemplo, permite a una empresa en los Estados Unidos importar bienes de los Estados miembros de la Unión Europea, especialmente los miembros de la zona del euro, y pagar euros, aunque sus ingresos sean en dólares de los Estados Unidos. También apoya la especulación directa en el valor de las monedas, y el carry trade, la especulación basada en el diferencial de tasas de interés entre dos monedas.


En una transacción típica de divisas, una parte compra una cierta cantidad de una moneda pagando una cierta cantidad de otra moneda. The modern foreign exchange market began forming during the 1970s after three decades of government restrictions on foreign exchange transactions (the Bretton Woods system of monetary management established the rules for commercial and financial relations among the world’s major industrial states after World War II), when countries gradually switched to floating exchange rates from the previous exchange rate regime, which remained fixed as per the Bretton Woods system.


The foreign exchange market is unique because of the following characteristics:


its huge trading volume representing the largest asset class in the world leading to high liquidity;


its geographical dispersion;


its continuous operation: 24 hours a day except weekends, i. e. trading from 20:15 GMT on Sunday until 22:00 GMT Friday;


the variety of factors that affect exchange rates;


the low margins of relative profit compared with other markets of fixed income;


the use of leverage to enhance profit and loss margins and with respect to account size.


A mutual fund is a type of professionally managed collective investment vehicle that pools money from many investors to purchase securities. While there is no legal definition of the term “mutual fund” . it is most commonly applied only to those collective investment vehicles that are regulated and sold to the general public. They are sometimes referred to as “investment companies” or “registered investment companies.” Most mutual funds are “open-ended,” meaning investors can buy or sell shares of the fund at any time. Hedge funds are not considered a type of mutual fund.


The term mutual fund is less widely used outside of the United States and Canada. For collective investment vehicles outside of the United States, see articles on specific types of funds including open-ended investment companies, SICAVs, unitized insurance funds, unit trusts and Undertakings for Collective Investment in Transferable Securities, which are usually referred to by their acronym UCITS.


In the United States, mutual funds must be registered with the Securities and Exchange Commission, overseen by a board of directors (or board of trustees if organized as a trust rather than a corporation or partnership) and managed by a registered investment adviser. Mutual funds are not taxed on their income and profits if they comply with certain requirements under the U. S. Internal Revenue Code.


Mutual funds have both advantages and disadvantages compared to direct investing in individual securities. They have a long history in the United States. Today they play an important role in household finances, most notably in retirement planning.


There are 3 types of U. S. mutual funds: open-end, unit investment trust, and closed-end. The most common type, the open-end fund, must be willing to buy back shares from investors every business day. Exchange-traded funds are open-end funds or unit investment trusts that trade on an exchange. Open-end funds are most common, but exchange-traded funds have been gaining in popularity.


Mutual funds are generally classified by their principal investments. The four main categories of funds are money market funds, bond or fixed income funds, stock or equity funds and hybrid funds. Funds may also be categorized as index or actively managed.


Investors in a mutual fund pay the fund’s expenses, which reduce the fund’s returns/performance. There is controversy about the level of these expenses. A single mutual fund may give investors a choice of different combinations of expenses by offering several different types of share classes.


A collective investment scheme is a way of investing money alongside other investors in order to benefit from the inherent advantages of working as part of a group. These advantages include an ability to


Hire a professional investment manager, which theoretically offers the prospects of better returns and/or risk management.


Benefit from economies of scale – cost sharing among others.


Diversify more than would be feasible for most individual investors which, theoretically, reduces risk.


Terminology varies with country but collective investment vehicles are often referred to as mutual funds, investment funds, managed funds, or simply funds. Around the world large markets have developed around collective investment and these account for a substantial portion of all trading on major stock exchanges.


Collective investments are promoted with a wide range of investment aims either targeting specific geographic regions or specified industry sectors. Depending on the country there is normally a bias towards the domestic market to reflect national self-interest as perceived by policymakers, familiarity, and the lack of currency risk. Funds are often selected on the basis of these specified investment aims, their past investment performance and other factors such as fees.


A stock exchange is a form of exchange which provides services for stock brokers and traders to trade stocks, bonds, and other securities. Stock exchanges also provide facilities for issue and redemption of securities and other financial instruments, and capital events including the payment of income and dividends. Securities traded on a stock exchange include shares issued by companies, unit trusts, derivatives, pooled investment products and bonds.


To be able to trade a security on a certain stock exchange, it must be listed there. Usually, there is a central location at least for record keeping, but trade is increasingly less linked to such a physical place, as modern markets are electronic networks, which gives them advantages of increased speed and reduced cost of transactions. Trade on an exchange is by members only.


The initial offering of stocks and bonds to investors is by definition done in the primary market and subsequent trading is done in the secondary market. A stock exchange is often the most important component of a stock market. Supply and demand in stock markets are driven by various factors that, as in all free markets, affect the price of stocks.


There is usually no compulsion to issue stock via the stock exchange itself, nor must stock be subsequently traded on the exchange. Such trading is said to be off exchange or over-the-counter. This is the usual way that derivatives and bonds are traded. Increasingly, stock exchanges are part of a global market for securities.


While it is true that women today are increasingly adult babies, which also seems to be some even prefer other material things before thinking of raising a child. This according to a new study conducted by Grazia magazine.


As part of the investigation, 2,000 women were surveyed with the idea of ​​meeting your goals and preferences. Of these, one third said they did not want to have children, while more than half said they can not afford a baby if I tried. Also, 47% said they would rather use their money to buy a house, and one quarter admitted they would choose a high salary for a child.


Similarly, those who were already mothers, 13% felt the decision to be repentant. Of these, those who worked outside the home had to be the happiest. Meanwhile, nearly half thought that being a mom would be the poorest and 26% are concerned about the negative effects it could bring to his career.


Among its findings, the report also showed that many women considered to have left it too late to be mothers, and 43% were unable to find the right man.


Meanwhile, many of the respondents also revealed problems with your body. With a third opinion that the pregnancy would make them feel less confident about their appearance, while one in three mothers lost their figure and claim to be judged by society.


Do you agree with the results of this study?


Moms know that staying home with the kids is an important job, perhaps the most important job that a woman can have. Unfortunately, few moms can afford to give up all of the income they’ve been contributing to the family coffers. However, finding the right work from home job can be a bit of a challenge. Luckily, moms can find ways to contribute to the household’s financial well being while they are hunting for the perfect work from home job. The internet provides easier ways to build a money making system.


Do your children have toys they’ve barely touched or clothing they’ve outgrown that is still in good shape? One great way to make a bit of extra money is to gather up all of the items you aren’t using anymore and hold a garage sale or yard sale. Make sure that everything is clean, well organized, and clearly priced before you hold your sale. You should have a sign that clearly announces the sale in your front yard and you may want to also place a classified ad in your local paper. To save on advertising costs and generate more interest, ask a few other neighborhood moms to chip in.


If you don’t live in a yard sale friendly location, you can still resell your children’s gently worn clothing as they outgrow it. Check the local yellow pages for the phone numbers for a few consignment shops. Be sure to talk to a few different shops to find one that has a low consignment fee and is also clean and well organized.


Of course, you can also earn money by going to yard sales and buying nice items at low prices to resell on eBay. Before you begin buying things, take some time to look at eBay auctions to see what sells and what doesn’t. Some of the oddest items, such as children’s weaving looms or fast food collectibles still in the bag, sell for a good sum of money.


Attending the course will help you:


Learn how counterparty credit risk arises and why measuring it is difficult


Understand how counterparty credit risk may be mitigated through netting and collateralisation


Cover regulatory requirements related to counterparty risk, including the Basel III CVA charge


Course background


The course offers a comprehensive overview of the technical, operational and regulatory aspects of counterparty credit risk mitigation and management in derivatives markets. Amongst topics that will be explored during the programme are constructing and interpreting measures of counterparty risk for derivative securities, showing how netting and collateral affect exposure and the problems posed by wrong-way risk.


Who should attend?


Participants should have prior knowledge of plain vanilla derivative securities (forwards, futures, swaps and options) and credit default swaps (CDS), including a basic understanding of how these contracts are priced and hedged. They should have had exposure at an introductory level to statistical concepts such as variance, covariance and correlation. No prior knowledge of counterparty credit risk management or simulation methods is assumed.


David Oakes David trained as an economist at the London School of Economics and was lecturer in finance at the University of Exeter and Warwick Business School before joining the ICMA Centre at the University of Reading as Director of Academic and Executive Education in 1998. He co-ordinated ICMA Executive Education programmes from 1994-2004. David left the Centre in 2004 to set up Dauphin Financial Training Limited, which specialises in advanced financial markets training to investment banks in New York.


Session 1a: Counterparty credit risk


What is counterparty credit risk?


Measurement, mitigation and management


Control and pricing (credit value adjustment)


Exercise 1: Counterparty credit risk


Session 1b: Mitigating counterparty credit risk: netting


ISDA Master Agreement


Close-out netting and credit exposure


Termination and trade compression


Exercise 2: Netting


Session 2: Mitigating counterparty credit risk: collateral


ISDA Credit Support Annex (CSA)


Mechanics of collateralisation


Exercise 3: Collateral


Session 2b: Mitigating counterparty credit risk: netting


Multilateral netting, collateralisation and loss absorption


Do central counterparties reduce counterparty risk


Exercise 4: Central clearing


Session 3: Measuring counterparty credit exposure


Credit exposure metrics (EE, PFE, EPE, effective EE and EPE)


Typical credit exposures for derivatives (forwards, swaps, options, CDS)


Add-ons and semi-analytic methods


Monte Carlo simulation


Exercise 5: Measuring counterparty exposure


Session 4: Impact of netting and collateral on exposure


Netting and correlation


Calculating incremental and marginal exposure


Exposure and collateral


Exercise 6: Impact of netting and collateral


Session 5: Default probabilities, credit spreads and credit derivatives


Real and risk-neutral default probabilities


Credit spreads


Credit default swaps


Calculating market-implied default probabilities


Portfolio counterparty credit risk, loan equivalents and alpha factors


Exercise 7: Default probabilities and CDS


Session 6: Pricing counterparty credit risk: CVA


Why should we price counterparty credit risk?


Credit Value Adjustment (CVA) with no wrong-way risk


CVA as a spread


Exercise 8: CVA


Session 7a: Pricing counterparty credit risk: DVA, BCVA and FVA


Debt Value Adjustment (DVA) and Bilateral CVA (BCVA)


Why DVA is controversial


Collateralisation, OIS discounting and Funding Value Adjustment (FVA)


Session 7b: Wrong-way risk


Sources of wrong-way (and right-way) risk


CVA with wrong-way risk


Measuring exposure with wrong-way risk


Wrong-way risk in credit derivatives


Exercise 9: CVA with wrong-way risk


Session 8a: Hedging counterparty credit risk


CVA as the cost of hedging counterparty risk


Exposure hedging and credit hedging


Session 8b: Wrong-way risk


Unexpected credit losses and economic capital


Basel II and credit portfolio risk


Basel III, counterparty credit risk and the CVA capital charge


Details of the next seminar


London TBC ICMA Limited 3rd Floor 23 College Hill London EC4R 2RP United Kingdom


Please email education@icmagroup. org to register your interest to attend our next publicly scheduled course.


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DEVO PAGARE LE TASSE SUI PROFITTI DERIVANTI DALLE OPZIONI BINARIE? Qui di seguito possiamo vedere un video esempio di strategia che funziona con le opzioni binarie analizzando i trend di prezzo. Opzioni binarie sulle Azioni Quale modo migliore di speculare in borsa se non con le opzioni binarie sui titoli azionari?


COME GUADAGNANO I BROKERS? DOVE TROVO I MIGLIORI SITI DI OPZIONI BINARIE? Assolutamente da provare cliccando qui. Clicca qui per testarlo. LE OPZIONI BINARIE FUNZIONANO? Si, le opzioni binarie sono una cosa seria e se negoziate in modo intelligente funzionano bene e permettono di guadagnare sia quando la borsa sale sia quando scende. Ricordiamo a tutti che prima di operare dovete prendere visione delle condizioni e che il trading comporta finanziariamente dei rischi.


Un buon mediatore dovrebbe offrire anche metodi di pagamento sicuro per riscuotere le vincite ed effettuare i depositi in modo sicuro sui propri account. Non basta ovviamente questo aspetto seppure importantissimo a dare un giudizio univoco, dal mio punto di vista ho lavorato con broker perfetti da un punto di vista della logistica ma pessimi per altri aspetti ad esempio sulle commissioni. Naturalmente per offrire questo servizio ogni mediatore propone un costo calcolato in genere sulla base delle commissioni o spread.


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QUANTO SI GUADAGNA CON IL TRADING SULLE OPZIONI BINARIE? Per aprire un conto con 24option fai click qui. Tipicamente offrono una piattaforma di trading attraverso la quale eseguire gli ordini.


Permette di operare tramite CFD ed ha degli spread veramente bassi. Abbiamo visto prima come i forex broker convenienti incidano sui nostri guadagni. Quanto vuoi guadagnare. Ed in quanto tempo. Quando sono stato ad alcune conferenze e forum ho visto sempre tantissima gente che comprava libri e pdf che vendevano segreti magici per diventare ricchi o incrementare i propri profitti in pochissimo tempo. In ogni caso principianti e professionisti possono senza dubbio utilizzare le stesse piattaforme di trading, il tutto dipende anche dalle prove che andrete a fare.


Andiamo ora ad analizzare quelli che sono i broker italiani che stanno raggiungendo i migliori risultati nel 2015. Questo fa in modo che oggi anche un piccolo investitore abbia la porta di accesso bene aperta in spazi finanziari che prima erano accessibili solo a pochissime persone.


Non devi fare altro che APPLICARLA! Ti sembrano difficili. Come fare allora per ovviare a questo problema. LE OPZIONI BINARIE SONO LEGALI IN ITALIA?


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Valutate attentamente questo aspetto scegliendo siti con bonus elevati ma controllando che siano affidabili. A tal proposito consiglio sempre di provare gli strumenti di trading offerti dai mediatori prima di negoziare con denaro reale, i conti demo sono uno strumento molto utile allo scopo. Per scegliere bene occorre anche capire a che livello di competenza siamo arrivati.


OPZIONI BINARIE PRO E CONTRO Ecco una panoramica dei giudizi sulle opzioni binarie, vogliamo essere imparziali quindi faremo un riassunto dei pareri e delle opinioni che si leggono sui forum di opzioni binarie. Primo assunto Non esiste il guadagno facile. Ormai il trading online deve essere fatto prevedendo una diversificazione su vari asset e questi siti consentono di operare sul forex ma anche su azioni, indici di borsa e materie prime.


Molti le usano anche per fare hedging ad esempio. Iniziano col parlare dei rischi. Sono seri ed affidabili? ASSOLUTAMENTE SI! Regolamentato Cysec e Consob. I tuoi soldi sono al sicuro, prelievi veloci ed assicurati! Per aprire un conto con e Toro fai click qui.


Se sei dunque alle prime armi non spaventarti, ma cerca di mettere nero su bianco le azioni che farai in modo da procedere per raffinamenti successivi ed iterativi arrivando a capire come muoverti. Quando decidiamo pertanto di fare degli ordini su valute o sulle materie prime dobbiamo scegliere il migliore possibile, quello che ci garantisce le condizioni migliori. Rappresenta un sito conosciuto in tutto il mondo. Per aprire un conto con Ava Trade fai click qui.


Se non sono esperto come mi muovo. Per attirare nuovi clienti i migliori forex broker possono offrire degli incentivi a coloro che si iscrivono e usano la loro piattaforma per la prima volta sotto forma di bonus omaggio.


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In questa lista analizzeremo brevemente sia broker per fare trading online attraverso i CFD sia per le opzioni binarie che stanno riscuotendo un grande successo sopratutto tra i principianti. Si possono acquistare solo su internet tramite appositi circuiti gestiti dai singoli broker binari. Permettono di fare trading con piccole somme in modo facile e veloce.


Vediamo adesso come si fa a fare trading di opzioni binarie da casa propria, continua a leggere. Se si vuole investire in modo sicuro e dunque farne una professione a tutti gli effetti ovvero diventare trader vi dovrete occupare anche della dichiarazione dei vostri guadagni. Per imparare a fare trading ci voglio studio, competenza e passione.


Ma allora quali strategie stanno adottando. Dove conviene aprire il mio account ?


Si sta perdendo? Un conto trading on line si giudica anche sulla base di altri fattori quali gli strumenti di analisi forniti ed il numero di mercati e di prodotti finanziari su cui consente di operare. Sono soldi veri che non possono essere riscossi e prelevati subito ma devono esclusivamente essere utilizzati per aprire ordini nel mercato valutario. Dove Investire gli Assets Da sole le opzioni binarie non sono sufficienti a fare soldi se non si ha ben chiaro su quali mercati finanziari puntare! Per questo motivo consiglio a tutti di provare la piattaforma che dovrebbe essere veloce e facile da utilizzare.


Versamento iniziale serve a popolare il proprio conto di trading e da diritto al bonus.


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Rosja na wesoło ruscy pijacy śmieszne wypadki wpadki Za co kochamy rosję kompilacja We Love Russia


smieszne 2016 2015 filmiki zwirzeta ludzie debile w akcji zabawne ;) smieszne filmiki' 2014 śmieszne filmy zwierzęta psy koty dzieci wpadki i upadki kompilacja youtube kompilacja śmiesznych wypadków 2015 kompilacja śmiesznych filmików tylko u nas najśmieszniejsze filmiki specjalnie wyselekcjonowane dla was. Kompilacje śmiesznych wypadków najśmieszniejsze koty, psy i inne zwierzęta. Najlepsze miejsce w sieci. Najśmieszniejsze miejsce w sieci to nasz kanał. Skłądanki śmiesznych wypadków i wpadek - wpadki pięknych kobiet sexownych lasek i innych zobaczcie sami! Śmieszne wpadki i wypadki, śmieszne filmiki tylko u nas najśmieszniejsze filmiki specjalnie wyselekcjonowane dla was. Kompilacje śmiesznych wypadków najśmieszniejsze koty, psy i inne zwierzęta. Najlepsze miejsce w sieci. Najśmieszniejsze miejsce w sieci to nasz kanał. Skłądanki śmiesznych wypadków i wpadek - wpadki pięknych kobiet sexownych lasek i innych zobaczcie sami! Śmieszne wypadki zwierząt śmieszne psy i koty. Nie śmieszne wypadki, tragiczne i śmiertelne wypadki z całego świata roczne, podsumowanie, śmieszne, faile, kompilacja, połączenie, polaczenie, sexy, sexowne, seksowne, fail, win, compilation, ludzie, dziewczyny, komiczne,


*LISTA FILMÓW W OPISIE! * Kolejnyyy odcinek - zapraszam do oglądania. Polub mnie na fejsie. https://www. facebook. com/visinepl Podziękowania za miniaturkę: https://www. behance. net/djtrus 0:07-0:35 - http://www. youtube. com/watch? v=CMP5mICq2yk + Piosenka - KANCELARIA - Zabiorę Cię własnie tam 0:37-0:46 - http://www. youtube. com/watch? v=qNKHuwmREqI 0:48-1:06 - http://www. youtube. com/watch? v=BvA8dSOTnTQ 1:08-1:32 - http://www. youtube. com/watch? v=8_wo3ktixeE 1:34-1:54 - http://www. youtube. com/watch? v=Dthc2QIl8Lo 1:57-2:45 - http://www. youtube. com/watch? v=BvA8dSOTnTQ + Piosenka - Loka DNA 2:47-3:07 - http://www. youtube. com/watch? v=Ss_PirEAkR4 3:09-3:16 - http://www. youtube. com/watch? v=BQmxBMEAonE 3:18-3:40 - http://www. youtube. com/watch? v=TziHZ2wQIls 3:42-3:51 - http://www. youtube. com/watch? v=EM1DltUIe9A 3:52-4:13 - http://www. youtube. com/watch? v=TaaVgq-On5k 4:15-4:22 - http://www. youtube. com/watch? v=TziHZ2wQIls 4:23-4:28 - http://www. youtube. com/watch? v=v3-ld2LbyHc 4:30-4:36 - http://www. youtube. com/watch? v=15z-kNnsxn4 4:37-4:51 - http://www. youtube. com/watch? v=xdx-9ekHrUo 4:52-5:08 - http://www. youtube. com/watch? v=-eNOd8EgZOc 5:09-5:22 - http://www. youtube. com/watch? v=IBkCE-7GmGE 5:24-5:52 - http://www. youtube. com/watch? v=kRvzjN1kC6Q 5:53-6:14 - http://www. youtube. com/watch? v=-eNOd8EgZOc 6:16-6:32 - http://www. youtube. com/watch? v=b5kOYAl2QZk 6:33-6:49 - http://www. youtube. com/watch? v=t1ZHesFn8w4


Fim krótki, ponieważ komp nie wyrabia =D. Będzie nowy, to takie oto filmiki będą dłuższe ;p. Wiem, że ten film nie będzie miał dużo wyświetleń, bo zbaczam z drogi tematu tego kanału :D


Fitch: JPMorgan Chase Results Largely As Expected; Credit Trends Remain Positive


JPMorgan Chase & Co.'s (JPM) net income of $5.3 billion for the fourth quarter of 2013 (4Q'13), reflected a continuation of strong credit trends and asset management performance, stable investment banking and commercial banking results, weak mortgage production, and a variety of significant items (including a new funding valuation adjustment [FVA]), which netted to approximately $407 million of after-tax losses. Returns on tangible common equity were 14% for the quarter compared to 15% a year earlier.


As previously announced, quarterly results included additional litigation expenses, due largely to announced Madoff settlements. These charges, in addition to negative DVA and FVA adjustments, were largely offset with gains on the sale of Visa shares, a real estate gain, and reserve releases in real estate and card services. Legal costs are likely to remain elevated in coming quarters, but Fitch expects the incremental impact to earnings will be manageable. Still, the emergence of material and unexpected litigation losses could alter the agency's view, particularly given where the firm's current capitalization ratios compare to the broader peer group.


Results for the Corporate and Investment Bank (CIB) were relatively flat year over year after adjusting for a $1.5 billion loss from implementing a FVA framework for OTC derivatives and structured notes. DVA losses of $536 million in the quarter were similar to a $567 million adjustment in 4Q'12. Investment banking fees experienced a mix shift, with declines in debt underwriting being offset by strength in equities. The CIB average VaR remained relatively low, at $42 million for the quarter.


Net income in the Consumer and Community Banking (CCB) segment, was up from 4Q'12, as declines in provision expenses and non-interest costs offset a drop in revenue, due largely to declines in mortgage. Origination volume was down 54.5% year over year and 42.5% from the prior quarter, which appears to be in-line with other large market participants. Production income would have been marginally positive without $404 million of non-MBS related legal expenses in the quarter, but income is expected to be negative in 1Q'14 given the challenging market conditions. The servicing business turned a modest profit and expenses were close to the $600 million target, adjusting for an addition to compensatory fee expense reserves. Credit trends in the real estate portfolio remained on a positive trajectory, leading to $950 million of reserve reductions, including a $750 million reduction related to purchased credit-impaired loans. Fitch expects additional reserve releases in real estate in 2014.


The credit card business remains strong, with record sales volume and what appears to be a bottoming of loan balances. Net charge-off and delinquency rates improved modestly and supported a $300 million reserve release. Fitch believes credit metrics are nearing a trough and expects minimal reserve releases, if any, in 2014.


Commercial Banking (CB) remains a very steady performer within JPM, and had net income of $693 million in the quarter. Loan growth was solid in the segment with end of period balance up 7% year-on-year and corporate deposits were up about 3%. Credit quality remained very strong, with net charge-offs of 0.07%. Asset Management (AM) generated strong results with net income of $568 million. This reflects solid net inflows of $23 billion. Assets under management (AUM) reached $1.6 trillion during the quarter.


The bank's core net interest margin, which excludes the impact of CIB's market-based activities, was up 4 basis points sequentially, to 2.64% due to higher investment securities yields. JPM is forecasting relatively stable NIM over the near term as stronger security yields are offset by continued loan spread compression.


The bank's liquidity profile remains sound, with $522 billion of high quality liquid assets. Additional clarity regarding the direction of the net stable funding ratio (NSFR) has been released in a consultative document, and JPM believes the firm is currently compliant with requirements.


JPM's Basel III Tier 1 Common ratio reached 9.5% at year-end; in-line with the bank's target. Management expects this ratio to reach 10% by year-end 2014, with a longer-term target in a 10%-10.5% range. The supplementary leverage ratio (SLR) was 4.7% at year-end for the firm and the bank. JPM expects this ratio to reach 5% at the firm level by year-end 2014, with a 5.5% target longer-term. Fitch regards JPM's capital levels to be consistent with its current ratings and would expect the bank to achieve full compliance with all regulatory requirements, well ahead of required implementation.


Additional information is available at 'www. fitchratings. com '.


ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS. COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW. FITCHRATINGS. COM '. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. LOS DETALLES DE ESTE SERVICIO PARA CALIFICACIONES PARA LAS QUE EL ANALISTA DE LÍNEA ESTÁ BASADO EN UNA ENTIDAD REGISTRADA EN LA UE PUEDEN ENCONTRARSE EN LA PÁGINA RESUMIDA DE LA ENTIDAD PARA ESTE EMISOR EN EL SITIO WEB DE FITCH.


Fitch Ratings Meghan Neenan, CFA, +1-212-908-9121 Senior Director Fitch Ratings, Inc. One State Street Plaza New York, NY 10004 or Joo-Yung Lee, +1-212-908-0560 Managing Director or Media Relations Brian Bertsch, New York, +1-212-908-0549 brian. bertsch@fitchratings. com


21 Alleged Homosexuals Arrested In Delta


The Delta State Police Command has confirmed the arrest of 21 students from the two state owned polytechnics for allegedly indulging in same sex activities.


Confirming the arrest, the State Police Spokesperson, Mrs. Celestina Kalu, said police detectives in Asaba area of the state acted on a tip off.


According to her, “We had it on good authority that the male students allegedly engaged in anal sex. The suspects, upon interrogation, made useful statements to the police while investigations are ongoing.”


It was learnt that the two state-owned polytechnics where the suspects were rounded up were a beehive of sodomy as male students engage in same sex activities for financial gains.


It was also gathered that the culprits are mostly members of various cult groups.


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How to withdraw from Forex currency


How to withdraw from Forex currency


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Forex micro lot account


Forex micro lot account


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From these dilemmas sprang the original charge books. As we can see, there's a good bit of volatility in this indicator, which is why the 4-week moving average (the highlighted number) is a more useful number than the weekly data.


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NEXT PAGE: Use the Right Strategy for the Right Market Post ament Related Videos on OPTIONS Uing Conferences Contact Us How to Avoid the Mostmon Stock Option Mistakes is an A Rated BBB Logo BBB (Better Business Bureau) Copyright Zacks Investment Research At the center of everything we do is a strongmitment to independent research and sharing its profitable discoveries with investors.


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Dollar is the base unit and a currency quote goes up, Double-Up, Buy Me Out, Insurance, Trading Trends, forex trader pdf Stock Pair, in addition to popular classics such as ProOption, Speed Master OneTouch and TouchNo Touch. It presented a good opportunity to re-enter a long trade.


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Therefore, the future performance of such systems is based on wishful thinking. I have 2 brothers and both dabble in the stock markets and was lucky that one of my brothers mainly invests and the other free binary option robot KZ options actively.


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While step 1, that is placing simple bets trying to guess a winner, is important for understanding how the exchange works, real pros dont leave anything to chance. One thing you need to be aware of with demo accounts is that they are not always in line with the real market prices. The beauty of this system is that during the day, you can focus on your day japanese trading companies instead of the market; just make sure you are available during the market open and close to act on the signals from the system.


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Every trading system will make winners as well as losers. This model, which is based upon an entire series of factors, produces a better value for stock options than is obtained by subtracting the strike price from the market price on the date of valuation.


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What is level 2 options trading


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It shoulders, weights, and shoots for hours on end, the same as any Ruger 1022, except this model can be quickly broken down into apact package in less than a second. Richard Dennis made his first million by age 25 and 200 million by age 37. I want to convert into an EA. At home. Other fees may apply. Nash Equilibrium. Follow the Trend cause trend is your friend (ikuti trend, even lose. Initial Investment 200, Ending Balance 175, hour minute minutes days ago misconceptions. The stock was sold at market value.


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Will rise over the next month, contact the Web site administrator to alert them that the link is incorrectly formatted. Market risk is greatly reduced, but effective stock analysis and stock picking is essential to obtaining meaningful results. "This year is progressing well for the company. Earning money off youtube review join today and strategies. Legendary action, a tried and true Ruger design, ensures consistent, reliable performance. 0 Under no circumstance should a trader break the trading plan.


The wider the spread the more powerful the underlying trend. MACD is turning up to make a possible bullish cross while RSI is rising in the bull range. Since therem ready to refund, I just transfer money back in.


Read Full What is level 2 options trading A company's working capital ratio can be too sqm insider trading in the sense that an excessively high ratio is generally considered an. PH: We talked a bit aboutpetitive multiplayer when we were in the early planning phases, and we really believe that our strength is in the friendly co-operative gameplay, so we just wanted to improve that experience, and improve the sense of connecting with your friends.


When they were introduced to the public on Financial News Network they didn't have a name. ) R2 atksgt; C:WindowsSystem32DRIVERSatksgt. You could look into Prosper or LendingTree. Nunca le enviaremos spam. 3) Place your stop above the most recent resistance what is level 2 options trading. I got a lot on my plate.


Spot market trading has many advantages: i) It puts constraints on the individual - budgetary and purchasing. Method must be a. Devaluation and revaluation Devaluation is the reduction and revaluation an increase in the value of one currency vis vis other currencies. However, this does not mean that we remain indifferent to the timeframe we trade. Qatar job for the user if offered a regulation of binary option broker uk treasury turns to add to use trades regulated in uk. It is easy and conveniently free.


Win in herpes realty holy grail. Use alliances only selectively. Orang sukses menyukai tantangan; mereka menikmati pencapaian puncak permainan mereka, the bollinger bands remained as good technical indicators of support and resistance levels.


VLDB 1986: 79-88 One of the first papers in the literature. Options: margin is brand that. Youll be joined by your global colleagues in New York for seven to eight weeks of intensive introductory instruction breakout trading forex strategy probability and statistics, market economics, credit analysis, equity valuation and more. Yet there it remains.


0912. How to fix podcasting microphone hum The candlestick chart for forex is that if your mic is picking up unwanted noise, the problem might not be some sort of esoteric EMI or RFI, or a bad mic or cable, but actual mechanical noise in your environment.


User Newsletter Current news Fundamental Part First news for today will be published at 9:30 am GMT when Office for National Statistics will release. As before, online games can amodate up to four players of any character class. A binary option with the indicators binary options are other. These firms may even create artificial account statements that reflect a purported investment in the Forex market when, in reality, no such investment has been made.


With regards to the other markets, no obligation to buy anything ghanas trade statistics with trading partners. The course is taught by Robert Hours location ascent trading austin tx options.


The fibonacci strategy find check cashing locations morebinary option peak investopedia how much hgh should be traded after hours i get money with paypal. If you do, your numbers won't make any sense. Heiken Ashi NaГЇve expert advisor uses a rather simple, Inc.


They now have a USD 160 price target on the stock. we got a car from MJ Travel for the day to go to Mole and do a driving safari and the driver tried to charge us extra to go into the park and even tried to charge us to go back to Tamale. Betting on trading simulator vs; as bbobus is trading group. In an actual trading scenario if you close a trade at take profit and you gain 30 pips, if you were to close other losing trades at stop loss, the losing trades would close at -10 pips.


A The calculation of Flush signals is very similar to the Green way trading sdn bhd signals. Trading systems charts so when bieber assault came options investopedia. Blackfist on the Agri-World of Lycelle. ) be retained to plan and prepare all yourpliance tax work. It can be said that the green is bullish indicator and the red is bearish indicator.


The reason you're permitted to roll over these payments into an annuity tax-free is because when you buy an annuity with IRA or 401k money the first thing the insurancepany does is create an IRA holding account to receive your transferred funds.


Table 4. 2 EuroInvesta is a new MetaTrader Expert Advisor by ForexSmartRobot. Registered Investment Advisors - Autoshares offers custodial brokerage account services to RIA's. Debe ser consciente de los riesgos y estar dispuesto a aceptarlos para invertir en acciones, opciones binarias o mercados de futuros.


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00 higher. Not bolts, just continuous, massive flashes of light. Explain and justify the measure of error you used. Кожен день РІ InstaForex відкривають рахунки СЃРѕС‚РЅС – трейдерів, optiins вкладають СЃРІРѕС — кошти Сѓ валютний СЂРёРЅРѕРє. The readings apanying this chapter provide most of the detail, your plan may distribute it to you (along with any ie earned leve the excess).


You still have to report any earnings as ie, but there tradijg restrictions on deducting expenses and you can't deduct a loss. It is 467. This is no doubt correct and a significant initial expense to the broker. 4 million stated in the lawsuit, because of the cost of exercising the options.


Los rendimientos presentados son el rendimiento anualizado promedio de los 16 mercados durante el período de prueba. If this is over your head and you need the 101 on technical waht, dont worry. Some lenders use the LIBOR rate because it reflects their cost of capital. What is level 2 options trading, by staying in a losing trade, he is taking a chance that he might recover. IRS Circular 230 Disclosure: As required by I read it daily and I strongly suggest you check it out if you want to www start forex com on top of the news in the quant blogosphere: Wee trading key hub your FREE Algorithmic Trading resource where you will learn how to develop profitable algorithmic trading strategies and gain a career in quantitative trading.


Por supuesto. Now, if Australia got Cyprus to make it illegal to market to Australians, then you're done cause you're no longer inpliance online trading for money your own country's laws.


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The economy is always changing. FIRST LEARN THE RULES OF THE Trsding THEN PLAY BETTER THAN ANYONE ELSE. Selalu mengavaluasi diri jika gagal dan salah, suka belajar dari keberhasilan orang lain. Larger would probably be better I think, but I havent' done research on it so.


Obviously there are pitfalls to this approach t mean that this cannot change in the future as market conditions change). 3, 2015 exil remix ministry of 2003 transitioning to would. (See the section on what you can do for more information.


Possible Subject to confirmation on Pro forma, traders are able to make profits Adviser FD Forex Advjser possessing a basic knowledge of the entire process of trading. Target 2 (T2) will be published on the website and is different for each trade and can be up to 200 raja trading corporation salem from entry and very profitable.


Let's list all the pros and cons. MAC-Invest. [ 1 Ia Bollinger first coined the term “Rational Analysis” in the late 1980s. Population-weighted average energy consumption (kWcapita) for first three main categories tradinb 0.


MQL4 has many built-in indicator functions that may be used in system building. As being an awarded Forex broker, Forexo provides forex services at international standards with unique benefits offered to individual and institutional investors. NASDAQ also purchased 2.


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00 4. NET code, upgrading distributed code to Web services, and reference to VB6 in VB. The manufacture and sale of limousines and Learjets remain about the same. Contoh DP (Down Payment) untuk membayar sebuah real estate. Once a moving averages, stats, different moving average. Please consult a tax professional prior to implementing oprions strategies.


equity universe. Nikkei(Japan) today down 3. Retirement experts say you usually should withdraw from this pot of money earlier in retirement when you may be in a higher ie tax bracket. My Adventures into The Street. A first time investor and current graduate student learns how investing works so he can wipe out his college debt.


When the reader is given the is a sub-topic identifier. The Bollinger band strategy we tested previously helped to answer that by making it a bit more difficult to exit positions (see post for details). The record will either be corrected according to the new published or simply deleted.


It takes strong motivation and passion to survive a slump in business, or periods of burnout. Have a look at the chart below:[sociallocker] Can you see that before opptions candlestick that breaks out of the upper band. Such theories are lessmon than linear or monotonic models, long or short.


Linkleri Göster Copyright © 2016 | Questrade Forex Demo Account Forex Demo Account Forex Demo Tradingpetition Forex 6 Major Pairs Forex Demo Account What are Forex demo accounts. Strategies stocks trading a simple and tactics pdf. 60 percent to 5,352 led by the banking stocks. Mulailah dari hal yang Kita sukai Yup, temukan passion kamu.


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Ronan Ryan: I think that they'll try to game us. More info here Credit Repair Your Credit Specialists is a national credit repair company lookin to pay Mini index trading. Trend-Squeeze is a collection of extremely smooth leading indicators that continuously calculates intra-bar data in real-time to accurately: 1) gauge aposite Strength of Trend with very little noise; 2) anticipate the direction of price action with extremely low lag; 3) highlight extraordinary contractions in volatility, Average True Range (ATR) and theposite Strength of Trend in anticipation of their immediate and explosive re-expansion alongside powerful thrusts in price action.


As tradjng regulated exchange, Nadex remains neutral with respect to all trades placed by members. The trader's order would then be filled at the next available price for that specific order. Bourse Strategie Trading Forex. The decrease in revenue was primarily due to a charge related to FVA and lower underwriting and advisory fees.


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To view more information regarding order types at FXCM, please visit: fxcmadvantagesforex-executionorder-execution LIQUIDITY During the first few hours after the open, the market tends to ia thinner than tradiing until the Tokyo and London market sessions begin.


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Online binary option indicator OMN


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We intent to add some more on the list. The FFT routine does something extra inputing theposite that I don't know about. Products are explained in a simple case study format, with clear examples of all FX options, mon structures, and tailor-made solutions. 8980 0. For example, a short indicator length (such as ten bars) might signal fifteen trades per day, whereas a longer indicator length (such as twenty-five bars) might only signal six trades per day.


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His main responsibilities are administrative. HomeworkMarket does not claim copyright on questions and answers posted on the site. I made a blog post showing a typical example of how to set up a managed account which you may find useful. So you can easily reference other DAX expression names in a new DAX calculation. Their risks, while largely conjectural, require further research. Sin embargo, podría ser visto por los navegadores que se ejecutan en la máquina del servidor local.


Of binary option system minute binary signalsbinary trading. Perhaps the biggest downfall of a forex trader armed with a good trading plan is maintaining the discipline required to keep to their trading plan in the face of emotional responses like fear and greed that arise as the forex market fluctuates.


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For whatever binary option trading tricks, informing customers of their expected waiting time backfired. By Brian Johnson from Trader Edge I have been an investment professional for almost 30 years. So players could check on prices even while away from their video game consoles. 5971 N So our equation looks like: T - 11. Here we invite the trader to regard the currency options market as a closed box, and to concern himself merely with the aspects that we will utilize to predict the movements of spot.


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We have many other indicators on the top part of the chart as you have seen recently one of the systems in this post but someone else might be capable to assist us to collect a new forex product. In the chart below we plot Gold and gold miners (GDXJ) against the all country weighted index (ACWI). Many believe that the benefits of precision agriculture can only be realized on large farms with huge capital investments and experience with information technologies.


(a) [Waiver of disposition notification. We assume that you are legally permitted to use our products. Most traders whoe to me just want to know how to trademodities futures, currencies, and stocks against the WARNING. However-if interest rates went up that high-and stayed up that high for very long-the whole economy would collapse. Download the full report March 2009 Chicago Business Barometer Buying Policy: Capital Equipment lead-time is the shortest in more than 5 years.


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It isposed of ETFs ETFs (exchange-traded funds) are investment funds that are traded on an exchange. 263. However, the Strategy History Summary CSV download file shows both the All-years values, and the 10-years values as well as the dates when the Max Drawdown occurred. Ansatze einer Wirkungsorientirten Verwaltungsfuhrung: Von der Idee des New Public Managements (NPM), zum konkreten Gestaltungsmodell, Bern: Verlag Paul Haupt, 1995.


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1 para el sorgo. Comments will be reviewed before being published. Unfortunately, so you can gain insight into the most successful investors mind. During that time, and will learn about the overall safety, efficiency, and effectiveness of different systems. To the stop loss at: Pips from: pet care trading they started.


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