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Topic: Financial market participants


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 pr3210b: Strengthening the International Financial Architecture Report of G7 Finance Ministers to the Kln Economic Summit Cologne, 18 - 20 June , 1999
Recognising the importance of providing a sufficient degree of transparency by all market participants, steps should be taken to improve transparency by all market participants, including steps to improve the quality and timeliness of public disclosure of direct material exposure to highly leveraged financial institutions, and of relevant information by highly leveraged institutions.
The BIS-Committee on the Global Financial System (CGFS) is reviewing ways to improve market disclosure, including a model template for public disclosure of their exposures and risk profile by institutions engaged in trading, investment and lending activity, both regulated and unregulated.
A well-functioning international financial system is essential to allow an efficient allocation of global savings and investment, and provide the conditions needed to improve world-wide growth and living standards in all countries.
www.ustreas.gov /press/releases/pr3210b.htm

  
 McDonough: Celebrating the 30th Anniversary of the International Monetary Market - Federal Reserve Bank of New York
In such an environment, changes in benchmark interest rates are felt quickly by all participants in the financial system, from those in the wholesale markets to homeowners in the residential mortgage market.
Market participants might be well advised to consider the longer view and acknowledge that opaqueness can lend itself to a hunt for the usual suspects in a crisis and raise the risk of derivatives being falsely accused of having contributed to the crisis.
Market discipline is a fundamental part of financial stability.
www.ny.frb.org /newsevents/speeches/2002/mcd020514.html

  
 sato002c.htm
These risks are reduced by (a) reducing the time lag between when a financial transaction occurs and when the transaction is settled and (b) instituting loss-sharing agreements among participants in the clearing house (thereby internalizing the risk and providing an incentive to carefully screen and control the risky behavior of clearing house members).
Financial market transactions include interbank overnight borrowings, bank large value certificates of deposit, government debt securities, enterprise equity and (short and long-term) debt securities, as well as a whole host of futures, options, and other derivative instruments related to money market securities, foreign exchange, and commodities.
Financial market transactions are typically large value transactions and there are two primary ways they are cleared and settled.
www1.worldbank.org /finance/PUBS/SATO/sato002c.htm

  
 Dollars and Sense: The Magazine of Economic Justice
As a consequence, the future cannot be known, and the bias expressed in the market participants' decisions becomes an important factor in determining the course of events...
In his new book, The Crisis of Global Capitalism, Soros harshly criticizes true believers in the wonders of unregulated free markets, an ideology he calls "market fundamentalism." During a recent speech at Harvard University, Soros attacked market ideology on several grounds, ranging from amorality to its role in fostering financial instability.
Another prime tenet of textbook economics is that free markets tend toward stable "equilibria." Soros, with vast experience in financial markets, believes that they are inherently unstable (with the recent capital flight from east Asia a case in point):
www.dollarsandsense.org /archives/1999/0199breslow.html   (429 words)

  
 Ontario Securities Commission: Rules & Regulation: Orders & Rulings - In the Matter of Independent Electricity Market Operator - Exemption Order - CVMO:
The IMO does not require prospectus and registration relief in Ontario, since all authorized market participants in the Financial Markets will be required to meet financial thresholds that are at least equal to those to be applied under Commission Rule 45-501 dealing with "accredited investors";
The OEB is the sole regulatory board under the Electricity Act vested with the powers of oversight in connection with the business and/or aim of the IMO, including its operation of the Financial Markets;
the physical markets govern the real-time operation of the power system, allowing load and generation to be balanced, flows on the transmission system to be within limits and voltage and frequency to be maintained;
www.osc.gov.on.ca /Regulation/Orders/2002/ord_20020621_224_independant.jsp   (429 words)

  
 Treasury and Financial Risk Management Systems
provides the following Treasury and Financial Risk Management Systems to assist organizations in managing their financial market risks.
These reports will not only serve to give management an overall consolidated position of the company’s market risk exposures, they also provide an indication of the amount of risk the company is exposed to under adverse market conditions.
The software system facilitates Seminar Participants in learning, understanding and registering key concepts in a novel manner through the use of specially developed sensory methods which combine the use of visualization and actualization.
www.pi-eta.com /Products/Products.asp   (497 words)

  
 Banque de France
fsr Financial stability Review Banque De France emerging market debt The Financial Stability Review is essentially aimed at financial sector players and observers, such as decision makers, academics and market participants.
It reviews developments affecting financial institutions, markets and their infrastructures from a cyclical and structural perspective.
The Centre uses the Banque de France branch network to gather business and financial information on the firms that have agreed to take part in the project.
www.banque-france.fr   (497 words)

  
 Kidd - WHOLESALE ELECTRICITY MARKET CONGRESS
The Government's policy, which market participants took as the starting point for designing the market, is to ensure the continuing availability of energy services at the lowest cost to the economy as a whole, consistent with sustainable development.
As the electricity market approaches the sophistication of the financial markets, I see new faces in the industry, financial advisors, stock brokers, and merchant bankers.
Finally the market is able to begin to respond to signals that have been hidden in the 'black box' of the monopoly supplier.
www.executive.govt.nz /93-96/minister/kidd/dks060696.htm   (2053 words)

  
 Single Capital Market in Europe: Challenges for Global Companies (H. Pitt)
By ensuring that each market participant acts in a manner consistent with these goals rather than judging the regulatory system in the participants' home countries, the SEC allows the largest possible number of qualified market participants to have access to U.S. markets.
Markets generally have been thought to act consistently with their legitimate interests when they impose disclosure standards in connection with listings or offerings in their markets.
At a time when we are carefully evaluating the impact of U.S. rules and regulations on foreign entities, in an attempt to move to more global markets, the EC would do well to ward against the possible extraterritorial imposition of standards on U.S. firms by the EC in the form of "equivalence" determinations.
www.sec.gov /news/speech/spch589.htm   (3820 words)

  
 Market Liquidity Under Stress
Market participants, especially market makers, need to make sure that they operate with sufficient cushions in terms of capital and liquidity so as not to be forced into liquidation of positions and distress selling that would exacerbate market strains.
Similarly, the financial institutions (FIs) that structurally provide liquidity to the markets in normal times may not be doing so under stress, as their balance sheets become sensitive to changes in market conditions, thereby reducing their investment horizons.
In the previous article, we discussed the impact of policy environment on the expectations of market participants and on market liquidity in the context of debt markets.
fecolumnists.expressindia.com /full_column.php?content_id=17437   (3820 words)

  
 Weather Derivatives Market
The early market participants saw weather derivatives as both a mechanism to hedge inherent weather exposure in their core energy assets and other energy commodity trading operations as well as a new risk management product to offer to regional utilities and other energy concerns alongside the array of structured products they were already providing.
In many ways, the weather market represents a frontier of convergence between the insurance market and the broader financial markets.
With deregulation, the various participants in the process of producing, marketing, and delivering energy to U.S. households and businesses were left to confront weather as a new and significant risk to their bottom line.
www.climetrix.com /WeatherMarket/MarketOverview   (1339 words)

  
 E LAW Unified Financial Services Supervision in Latvia, the United Kingdom and Scandinavian Countries - Text
The Commission argues that the development of the financial sector in Latvia should be supported by the implementation of international accounting standards and the co-operation of the Commission with professional associations of market participants.
The Financial Services Authority has now acquired the powers to supervise banks, listed money market institutions (as defined in the Financial Services Act 1986,[137] section 43) and related clearing houses (as defined in the Companies Act 1989, section 171).
Today, the Financial Services Authority is expected to carryout prudential financial supervision in accordance with a number of EU directives in the area of financial services, all of which have been implemented in the UK.
www.murdoch.edu.au /elaw/issues/v10n1/mwenda101_text.html   (7855 words)

  
 FSF: Elements of the financial system
The term financial market therefore encompasses the participants and their dealings in particular financial claims or groups of claims and the manner in which their demands and requirements interact to set a price for such claims (the interest rate).
It will be evident that the participants in the financial markets are the borrowers (issuers of securities), the lenders (buyers of securities), the financial intermediaries (buyers and issuers of securities and other debt obligations) and the brokers.
Since financial institutions tend to be more specialised on the liability side of their balance sheets, it would be appropriate to classify them according to the nature of the indirect securities they issue.
www.finforum.co.za /markets/eleconts.htm   (3581 words)

  
 Accounting Disclosure About Derivative Financial Instruments
By transacting in exchange-traded instruments (such as futures and options) and "over-the-counter vehicles" (such as swaps, forwards, and other customized instruments), market participants are able to transform their risk exposures in anticipation of movements in interest rates, (currency) exchange rates, indices of stock prices or groups of commodities, and the prices of numerous specific commodities.
If the hedge instrument is not terminated when the hedged item is brought into income, it converts to an instrument to be marked to market.
All financial assets and liabilities should be recorded at "fair value", i.e.
www.stanford.edu /~wfsharpe/art/fer/fer95b.htm   (455 words)

  
 Clearing Services offered by Nord Pool
To be allowed to trade on the Nordic Power Exchange or have financial electricity contracts cleared via Nord Pool Clearing, market participants must enter into a body of agreements with Nord Pool and Nord Pool Clearing; this body of agreements includes rules and regulations governing the posting of collateral.
Nord Pool Clearing clears a substantial proportion of the total trade in standardised contracts in the Nordic power market.
Clearing clients may therefore through client representatives on the Nordic Power Exchange with the same assurances with regard to settlement of contracts as apply for clearing members.
www.nordpool.no /information/reports/clearing_report/chapter_001.html   (455 words)

  
 UBC Election Stock Market
Through the ESM, participants learn first-hand about the operation of a financial market and, because they have an added incentive to do so, they often become better informed about not only the current election but also the election process itself.
The UBC Election Stock Market is a financial market in which the ultimate values of the contracts being traded are based on the outcome of provincial or federal elections in Canada.
The ESM is operated as a not-for-profit venture.
esm.ubc.ca   (455 words)

  
 Mechanisms for Financial Markets
This can be caused by one or some market participants gaining control of most of one security, allowing these participants to extract a 'monopoly rent' from others.
Governments should reduce volatility in the foreign-exchange markets by committing themselves to frequent and regular auctions of short-dated physically-delivered FX options.
Its interventions in the money markets are at the wrong maturity, are in too small size, and the BoE accepts low-quality collateral.
www.jdawiseman.com /papers/finmkts.html   (455 words)

  
 National Electricity Market and the Environment
All parties to the NEM have a monumental task in setting it up, but it seems highly unfortunate that conditions not to the benefit of the established participants are the only ones that ever get overlooked in the fine print of the Code.
In a society of specialist elites, it is hardly surprising that the shotgun marriage of electrical engineers (from the former vertically integrated electricity monopolies) to money market purists has led to a situation where these chalk-and-cheese partners have closed ranks to form the new high priesthood of the electricity industry.
Such intervention appears to be totally lacking in Victoria, where the financial viability of the electricity industry, legislated into the Electricity Industry Act 1993 as a prime objective of the Regulator-General, is being interpreted as the financial viability of each and every big participant in the industry.
www.voltscommissar.net /links.htm   (1479 words)

  
 The Efficient Capital Market Hypothesis Revisited: Implications of the Economic Model for the United States Regulator
The Efficient Capital Market Hypothesis is an economic model, which assumes that the market is comprised of a large number of rational participants and that information is fully and quickly available to them.
Most capital market regulation is expressly or implicitly based on a theory of how the regulated market works.
Two factors played an important role in leading to the corporate scandals of the early 2000’s: a) auditors’ misperception that their responsibilities was to serve the management, and b) the need for CEOs and CFOs to ensure that financial information (particularly referred to quarterly and annually financial disclosures) be accurate.
www.bepress.com /gj/advances/vol5/iss1/art3   (408 words)

  
 MSN Money - Market Report: Stock Ticker
Financial also showed relative strength, benefiting from multiple upgrades on Franklin Resources (BEN 90.40 +1.73) as the Treasury market sat firmly in a holding pattern, temporarily stalling continued interest-rate worries that have been at the heart of the market's inability to sustain a convincing advance.
Briefing.com is the leading Internet provider of live market analysis for U.S. Stock, U.S. Bond, and world FX market participants.
Given the Fed's increased policy guidance from incoming data, the bond market is also embracing the weaker than expected data as the 10-yr note is now up 9 ticks, knocking the yield down to 5.11%.
news.moneycentral.msn.com /briefing/StockTicker.asp   (2222 words)

  
 Efficient market hypothesis - Wikipedia, the free encyclopedia
Some economists, mathematicians and market practitioners cannot believe that man-made markets are strong-form efficient when there are prima facie reasons for inefficiency including the slow diffusion of information, the relatively great power of some market participants (e.g.
In finance, the efficient market hypothesis (EMH) asserts that financial markets are "efficient", or that prices on traded assets, e.g.
Opponents of the EMH sometimes cite examples of market movements that seem inexplicable in terms of conventional theories of stock price determination, for example the stock market crash of October 1987 where most stock exchanges crashed at the same time.
en.wikipedia.org /wiki/Efficient_market_hypothesis   (1278 words)

  
 Financial Engineering
This is an obvious consequence of general economic growth and development in which the number of market participants, the variety of financial transactions, and the sums and risks involved also grow.
Financial engineering is, in essence, the phenomenon of product and/or process innovation in the financial industries - the development of new financial instruments and processes that will enhance shareholders', issuers' or intermediaries' wealth.
As financial engineering attempts to define itself as a field with connections closer to the engineering disciplines than more traditional finance, associations are being set up, and the general engineering community does not quite know what to do.
www.deanlebaron.com /book/ultimate/chapters/fin_eng.html   (2399 words)

  
 Efficient market hypothesis - Wikipedia, the free encyclopedia
In finance, the efficient market hypothesis (EMH) asserts that financial markets are "efficient", or that prices on traded assets, e.g.
Behavioural finance explains that when entering positions market participants are not driven primarily by whether prices are cheap or expensive, but by whether they expect them to rise or fall.
The EMH is the central part of Efficient market theory (EMT).
en.wikipedia.org /wiki/Efficient_market_hypothesis   (1631 words)

  
 FSF: Elements of the financial system
The term financial market therefore encompasses the participants and their dealings in particular financial claims or groups of claims and the manner in which their demands and requirements interact to set a price for such claims (the interest rate).
Since financial institutions tend to be more specialised on the liability side of their balance sheets, it would be appropriate to classify them according to the nature of the indirect securities they issue.
They issue financial liabilities that are acceptable as assets to the lenders and use the funds so obtained to acquire claims that reflect the requirements of the borrowers.
www.finforum.co.za /markets/eleconts.htm   (1631 words)

  
 Summary of the Interim Report of the First Committee of the Financial System Council
Given the difficulty associated with making the necessary changes to create the framework for such a radical system on a theoretical basis alone, concrete changes should instead be considered on the basis of a thorough understanding of the state of progress in reform of the financial system and of the actual situation of market participants.
Financial and economic internationalization and advances in financial and telecommunications technologies have enabled the provision of a diversity of attractive financial products and services which go beyond the bounds of the existing framework for financial institutions.
The financial system must be made fair and effective and be regulated by clear and transparent rules.
www.mof.go.jp /english/system/fs001a.htm   (1631 words)

  
 Financial Market Update
With credit spreads in corporate and emerging debt markets at low levels, the search for yield is increasingly providing incentives for financial market participants to move out the credit spectrum towards riskier assets, and to try to enhance returns through use of complex financial instruments such as credit derivatives.
Financial Market Updates will be produced twice a year and timed to fall between the semi-annual publication of the Global Financial Stability Report.
As a result, credit spreads in mature and emerging markets have narrowed, the cost of default protection has fallen, global equity markets have rallied strongly since their trough in March, and equity market volatility is low.
www.imf.org /external/pubs/ft/fmu/eng/index.asp   (1631 words)

  
 Economic Issues No. 5--Transformations to Open Market Operations
Open market operations allow central banks great flexibility in the timing and volume of monetary operations at their own initiative, encourage an impersonal, businesslike relationship with participants in the marketplace, and provide a means of avoiding the inefficiencies of direct controls.
These are the markets for government and central bank securities, for interbank debt, and for short-term instruments issued by financial institutions and other corporate entities, including commercial paper, finance company paper, and bank certificates of deposit.
Open market operations are the major instrument of monetary control in industrial countries and are becoming important to developing countries and economies in transition.
www.imf.org /external/pubs/ft/issues5   (5463 words)

  
 TMAC • Seminars • Money Market
This practical two-day seminar explores the ABCs of money market transactions and provides participants with the basic tools and methods to understand the alternatives, strategies and risks involved in borrowing and investing.
North American money market instruments and much more through a combination of case studies.
Designed as an overview for staff new to money market functions.
www.tmac.ca /seminars/money-market.html   (227 words)

  
 FOREX Market
Many of the participants in the foreign exchange market trade currencies purely in response to the currency exposures created by their import and export activities, or to offset the financial risks of international holdings.
This is very different from the equities markets, such as the NASDAQ or NYSE (where even a hoax on an obscure website can send the price of a stock through the roof or into the basement) and as such, experts have rightly called the foreign exchange market “the fairest market on earth”.
To trade on the FOREX market, a “margin account” must be established with a currency broker.
www.gctg.net /fx.htm   (1782 words)

  
 Integrating Municipal Utilities into a Competitive Electricity Market
Participating in competitive markets is not easy for government-owned entities, and markets don’t function well when groups of participants play by different legal, tax, and regulatory rules.
Despite the strength of the international trend in privatizing electric utilities and the improvements that privatization has brought to electricity consumers worldwide, cities in the United States have not embraced it as a method of transitioning their munis into a competitive market.
Yet a number of states have not yet acted to restructure their electricity markets because they fear rising prices, while in other states that have restructured, across-the-board rate cuts were part of the legislation (for example, California& 10 percent rate cut).
www.rppi.org /privatization/ps270.html   (15653 words)

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