Download or read book Design of Master Agreements for OTC Derivatives written by Dietmar Franzen and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 183 pages. Available in PDF, EPUB and Kindle. Book excerpt: I first came across the issue of derivatives documentation when writing my diploma thesis on measuring the credit risk ofOTC derivatives while I was an economics student at the University of Bonn. Despite the fact that security design has been an area of research in economics for many years and despite the widespread use of derivatives documentation in financial practice, the task of designing contracts for derivatives transactions has not been dealt with in financial theory. The one thing that aroused my curiosity was that two parties with usually opposing interests, namely banking supervisors and the banking industry's lobby, unanimously endorse the use ofcertain provisions in standardized contracts called master agreements. Do these provisions increase the ex ante efficiency of contracts for all parties involved? I actually began my research expecting to find support for the widely held beliefs about the efficiency or inefficiency of certain provisions and was sur prised to obtain results that contradicted the conventional wisdom. I would strongly advise against using these results in any political debate on deriva tives documentation. They were obtained within a highly stylized model with some restrictive assumptions. This work should rather be seen as an attempt to formalize the discussion on derivatives documentation and to challenge the notion that certain provisions are generally ex ante efficient. It is also an invitation to all those advocating the use of certain provisions in master agreements to formalize their arguments and to explain the economic ratio nale behind these provisions.
Download or read book Negotiating Skills for the ISDA Master Agreement written by Seth Bender and published by Financial Times/Prentice Hall. This book was released on 2011 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the wake of recent turbulence in the financial markets, institutions that transact OTC derivatives are increasingly relying on the International Swaps and Derivatives Association, Inc.'s ("ISDA") Master Agreement. However, because this agreement is extremely complex, many money managers, hedge fund managers, and traders find themselves at a serious disadvantage when negotiating with dealer counterparties. Now, for the first time, there's a complete, practical guide to successfully negotiating the ISDA Master Agreement and its associated Credit Support Annexes. Negotiating Skills for the ISDA Master Agreement helps readers clearly understand what dealers will and won't concede, helping them focus on the issues and provisions they can actually change. Long-time OTC derivatives consultant Seth Phillip Bender clearly introduces the ISDA Master Agreement's documentation architecture, provides drafting recommendations and language suggestions, and offers specific operational tips related to the Credit Support Annex and the collaterization of exposure. He also devotes a full chapter to recent ISDA initiatives, showing how they have affected negotiations, and guiding readers in aligning with them. Simply put, this book gives financial professionals the insights they need to protect their interests in today's OTC derivatives marketplace--fairly, efficiently, and consistently.
Download or read book Islamic Commercial Law written by Mohamed H Reda and published by BRILL. This book was released on 2017-10-30 with total page 218 pages. Available in PDF, EPUB and Kindle. Book excerpt: Islamic Commercial Law: Contemporariness, Normativeness and Competence offers new perspectives on why for centuries Islamic commercial law has been perceived as arbitrary and unpredictable, and on its evolution to a contemporary, consistent, reliable and credible body of law. The book also examines why Western positivists have viewed Islamic commercial law in a simplistic or archaic religious framework and counters those arguments with an examination of its normative legal qualities. The work analyses the competencies of Fiqh (jurisprudence) for structuring new financial instruments, and restructuring conventional financial products more equitability.
Download or read book Collateral Netting and Systemic Risk in the OTC Derivatives Market written by Mr.Manmohan Singh and published by International Monetary Fund. This book was released on 2010-04-01 with total page 17 pages. Available in PDF, EPUB and Kindle. Book excerpt: To mitigate systemic risk, some regulators have advocated the greater use of centralized counterparties (CCPs) to clear Over-The-Counter (OTC) derivatives trades. Regulators should be cognizant that large banks active in the OTC derivatives market do not hold collateral against all the positions in their trading book and the paper proves an estimate of this under-collateralization. Whatever collateral is held by banks is allowed to be rehypothecated (or re-used) to others. Since CCPs would require all positions to have collateral against them, off-loading a significant portion of OTC derivatives transactions to central counterparties (CCPs) would require large increases in posted collateral, possibly requiring large banks to raise more capital. These costs suggest that most large banks will be reluctant to offload their positions to CCPs, and the paper proposes an appropriate capital levy on remaining positions to encourage the transition.
Download or read book Safety and Soundness Issues Related to Bank Derivatives Activities written by United States. Congress. House. Committee on Banking, Finance, and Urban Affairs and published by . This book was released on 1994 with total page 856 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Safety and Soundness Issues Related to Bank Derivatives Activities Without special titles written by United States. Congress. House. Committee on Banking, Finance, and Urban Affairs and published by . This book was released on 1994 with total page 828 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Recommendations for Central Counterparties written by Group of Ten. Committee on Payment and Settlement Systems and published by . This book was released on 2004 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Managing Energy Risk written by Markus Burger and published by John Wiley & Sons. This book was released on 2014-06-23 with total page 452 pages. Available in PDF, EPUB and Kindle. Book excerpt: An overview of today's energy markets from a multi-commodity perspective As global warming takes center stage in the public and private sectors, new debates on the future of energy markets and electricity generation have emerged around the world. The Second Edition of Managing Energy Risk has been updated to reflect the latest products, approaches, and energy market evolution. A full 30% of the content accounts for changes that have occurred since the publication of the first edition. Practitioners will appreciate this contemporary approach to energy and the comprehensive information on recent market influences. A new chapter is devoted to the growing importance of renewable energy sources, related subsidy schemes and their impact on energy markets. Carbon emissions certificates, post-Fukushima market shifts, and improvements in renewable energy generation are all included. Further, due to the unprecedented growth in shale gas production in recent years, a significant amount of material on gas markets has been added in this edition. Managing Energy Risk is now a complete guide to both gas and electricity markets, and gas-specific models like gas storage and swing contracts are given their due. The unique, practical approach to energy trading includes a comprehensive explanation of the interactions and relations between all energy commodities. Thoroughly revised to reflect recent changes in renewable energy, impacts of the financial crisis, and market fluctuations in the wake of Fukushima Emphasizes both electricity and gas, with all-new gas valuation models and a thorough description of the gas market Written by a team of authors with theoretical and practical expertise, blending mathematical finance and technical optimization Covers developments in the European Union Emissions Trading Scheme, as well as coal, oil, natural gas, and renewables The latest developments in gas and power markets have demonstrated the growing importance of energy risk management for utility companies and energy intensive industry. By combining energy economics models and financial engineering, Managing Energy Risk delivers a balanced perspective that captures the nuances in the exciting world of energy.
Download or read book Pricing Portfolio Credit Derivatives by Means of Evolutionary Algorithms written by Svenja Hager and published by Springer Science & Business Media. This book was released on 2008-09-08 with total page 176 pages. Available in PDF, EPUB and Kindle. Book excerpt: Svenja Hager aims at pricing non-standard illiquid portfolio credit derivatives which are related to standard CDO tranches with the same underlying portfolio of obligors. Instead of assuming a homogeneous dependence structure between the default times of different obligors, as it is assumed in the standard market model, the author focuses on the use of heterogeneous correlation structures.
Download or read book Quarterly Journal written by United States. Office of the Comptroller of the Currency and published by . This book was released on 1994 with total page 426 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Corporate Finance written by Stephen J. Lubben and published by Aspen Publishing. This book was released on 2020-12-22 with total page 1182 pages. Available in PDF, EPUB and Kindle. Book excerpt: Designed for use in the Corporate Finance class, increasingly important in any skills-based curriculum, Corporate Finance, Third Edition features a strong coverage of M&A, bankruptcy, finance, and valuation. The valuation unit covers math from a lawyer’s perspective, focusing on the intuitions behind the valuation techniques in a way that will facilitate interaction with bankers and accountants in practice. Basic Excel skills are taught along the way. New to the Third Edition: Updated coverage of the effects of COVID-19 on finance New chapters on swaps and CLOs A new case study (iHeartMedia, Inc.) is integrated in the book from beginning to end New and improved layout with chapter summaries and highlighting of key concepts Professors and students will benefit from: Practical, transactional approach to corporate finance Organization around four basic units: valuation, finance, mergers and acquisitions, and financial distress A focus on the quantitative tools on motivating and understanding the business and concepts Extensive references to deal documents throughout to establish a theme of the actual transactions to compare to the lines of cases describing how deals go bad Extensive teaching materials, including Excel spreadsheets and a full set of PowerPoint slides
Download or read book Rural transportation problems written by United States. Congress. Senate. Committee on Agriculture, Nutrition, and Forestry. Subcommittee on Agricultural Production, Marketing, and Stabilization of Prices and published by . This book was released on 1978 with total page 576 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Possible Changes to the Commodity Exchange Act written by United States. Congress. Senate. Committee on Agriculture, Nutrition, and Forestry and published by . This book was released on 1997 with total page 196 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book EU Electricity Trade Law written by Petri Mäntysaari and published by Springer. This book was released on 2015-05-06 with total page 621 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book aims to describe the mechanisms of the internal wholesale electricity market in terms of the legal tools and practices used by electricity producers, the most important market participants. In this regard, the focus is on Northwestern Europe. Because of the book’s functional perspective, it is not limited to the external regulation of electricity markets at the EU level and also describes the business models and practices employed by electricity producers. Both the physical and financial marketplaces are examined and topics including electricity supply, balancing, transmission and derivatives are covered. The target for the completion of the EU’s internal electricity market was 2014. The internal wholesale electricity market is very important not only for electricity producers, suppliers and major end consumers but also for network operators, marketplace operators, electricity technology firms, investment firms and market regulators.
Download or read book Contract Governance written by Stefan Grundmann and published by OUP Oxford. This book was released on 2015-07-23 with total page 496 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book introduces and develops Contract Governance as a new approach to contract theory. While the concept of governance has already been developed in Williamson's seminal article, it has, ironically, not received much attention in general contract law theory. Indeed, Contract Governance appears to be an important and necessary complement to corporate governance and in fact, as the second, equally important pillar of governance research in the core of private law. With this in mind, Grundmann, Möslein, and Riesenhuber provide a novel approach in setting an international and interdisciplinary research agenda for developing contract law scholarship. Contract Governance focuses particularly on the ways in which a governance perspective leads to research questions that have been neglected in traditional contract law scholarship, and how, from a governance perspective, the questions are dealt with in a different manner and style. Combining substantive chapters and commentaries, this collection of essays addresses an array of topics, including: third party impact and contract governance problems in herd behaviour; governance of networks of contracts; governance in long-term contractual relationships; contract governance and rule setting; and contract governance and political dimensions.
Download or read book Equity and Efficiency Considerations of Public Higher Education written by Salvatore Barbaro and published by Springer Science & Business Media. This book was released on 2005-12-16 with total page 127 pages. Available in PDF, EPUB and Kindle. Book excerpt: It has become part of the conventional wisdom in the economics of education that subsidies to higher education have a regressive distributional effect. Given that relatively more children from wealthier families enroll in higher education, many economist assume that these subsidies to higher education have an unwanted distributional impact. This volume presents new empirical evidence for the cross-sectional point of view and provides an analytical framework for the longitudinal perspective. The present volume also analyzes the equity and efficiency effects of widely-discussed funding reforms and proposes a voluntary graduate tax.
Download or read book Planning Stability in Material Requirements Planning Systems written by Gerald Heisig and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 273 pages. Available in PDF, EPUB and Kindle. Book excerpt: In logistics systems, the issue of planning stability has attracted increased attention and interest in recent years. This is mainly due to an increasing integration of planning systems both within and across companies in supply chain management. The propagation of adjustments in planning systems first acquired wide attention when MRP systems were employed as standard planning tools for material coordination. Within a rolling horizon framework the MRP application produced considerable planning instability which origins from uncertainties in the planner's exogenous environment as well as from endogenous sources. This book presents an analytical investigation that gives deep insight into the influence of different kind of inventory control rules on the stability of material planning systems under stochastic demand in a rolling horizon environment.
