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| functioning of financial markets: Financial Markets Operations Management Keith Dickinson, 2015-01-20 A comprehensive text on financial market operations management Financial Market Operations Management offers anyone involved with administering, maintaining, and improving the IT systems within financial institutions a comprehensive text that covers all the essential information for managing operations. Written by Keith Dickinson—an expert on the topic—the book is comprehensive, practical, and covers the five essential areas of operations and management including participation and infrastructure, trade life cycle, asset servicing, technology, and the regulatory environment. This comprehensive guide also covers the limitations and boundaries of operational systems and focuses on their interaction with external parties including clients, counterparties, exchanges, and more. This essential resource reviews the key aspects of operations management in detail, including an examination of the entire trade life cycle, new issue distribution of bonds and equities, securities financing, as well as corporate actions, accounting, and reconciliations. The author highlights specific operational processes and challenges and includes vital formulae, spreadsheet applications, and exhibits. Offers a comprehensive resource for operational staff in financial services Covers the key aspects of operations management Highlights operational processes and challenges Includes an instructors manual, a test bank, and a solution manual This vital resource contains the information, processes, and illustrative examples needed for a clear understanding of financial market operations. |
| functioning of financial markets: Guide to Financial Markets Marc Levinson, 2018-07-24 The revised and updated 7th edition of this highly regarded book brings the reader right up to speed with the latest financial market developments, and provides a clear and incisive guide to a complex world that even those who work in it often find hard to understand. In chapters on the markets that deal with money, foreign exchange, equities, bonds, commodities, financial futures, options and other derivatives, the book examines why these markets exist, how they work, and who trades in them, and gives a run-down of the factors that affect prices and rates. Business history is littered with disasters that occurred because people involved their firms with financial instruments they didn't properly understand. If they had had this book they might have avoided their mistakes. For anyone wishing to understand financial markets, there is no better guide. |
| functioning of financial markets: OECD Sovereign Borrowing Outlook 2021 OECD, 2021-05-20 This edition of the OECD Sovereign Borrowing Outlook reviews developments in response to the COVID-19 pandemic for government borrowing needs, funding conditions and funding strategies in the OECD area. |
| functioning of financial markets: Open Market Operations and Financial Markets David Mayes, Jan Toporowski, 2007-05-24 A mixture of academic and practitioner research, this is the most detailed book available that provides an account of open market operations. With broad international appeal it includes discussions of central bank operations in Europe, North America, Australia and Japan. Exploring the effectiveness of short-term interest rates and other modern cent |
| functioning of financial markets: Financial Markets Evolution Galina Panova, 2021-06-07 Influenced by technological innovation, banks and their businesses are changing dramatically. This book explores the transformation and prospects of financial market institutions (banks, insurance companies, pension funds and microfinance organizations) in the context of the development of financial innovation, financial engineering and financial technologies, taking into account risks and new opportunities for development. It presents new approaches to the sustainable development of financial and credit institutions, taking into account the risk management and crisis management of their activities in the macro and microeconomic environment. Contributors from Russia, Kazakhstan, Azerbaijan, Mongolia, Ireland and Italy present their expert opinions on the practice of financial intermediaries in the conditions of economic transformation under the influence of the 4th Industrial Revolution and the Covid-19 pandemic. This book includes some of the key debates in this area including the genesis of financial markets in the paradigm of economic digitalization, the evolution of financial intermediaries from the classical model to the ecosystem, and the regulation of neo-banks. The book will be of interest to academics and practitioners in various spheres of theoretical and empirical knowledge, including economics, finance and banking, who are interested in investigation of the complex of fundamental (international and domestic) trends in the development of financial intermediation in the globalized financial markets. |
| functioning of financial markets: Financial Markets and Financial Crises R. Glenn Hubbard, National Bureau of Economic Research, 1991-08-13 Warnings of the threat of an impending financial crisis are not new, but do we really know what constitutes an actual episode of crisis and how, once begun, it can be prevented from escalating into a full-blown economic collapse? Using both historical and contemporary episodes of breakdowns in financial trade, contributors to this volume draw insights from theory and empirical data, from the experience of closed and open economies worldwide, and from detailed case studies. They explore the susceptibility of American corporations to economic downturns; the origins of banking panics; and the behavior of financial markets during periods of crisis. Sever papers specifically address the current thrift crisis—including a detailed analysis of the over 500 FSLIC-insured thrifts in the southeast—and seriously challenge the value of recent measures aimed at preventing future collapse in that industry. Government economists and policy makers, scholars of industry and banking, and many in the business community will find these timely papers an invaluable reference. |
| functioning of financial markets: Financial Markets and Institutions Jakob de Haan, Sander Oosterloo, Dirk Schoenmaker, 2012-06-28 Second edition of a successful textbook that provides an insightful analysis of the world financial system. |
| functioning of financial markets: A Strategy for Resolving Europe's Problem Loans Mr.Shekhar Aiyar, Mr.Wolfgang Bergthaler, Jose M Garrido, Ms.Anna Ilyina, Andreas Jobst, Mr.Kenneth Kang, Dmitriy Kovtun, Ms.Yan Liu, Mr.Dermot Monaghan, Ms.Marina Moretti, 2015-09-24 Europe’s banking system is weighed down by high levels of non-performing loans (NPLs), which are holding down credit growth and economic activity. This discussion note uses a new survey of European country authorities and banks to examine the structural obstacles that discourage banks from addressing their problem loans. A three pillared strategy is advocated to remedy the situation, comprising: (i) tightened supervisory policies, (ii) insolvency reforms, and (iii) the development of distressed debt markets. |
| functioning of financial markets: Finance and Financial Intermediation Harold L. Cole, 2019-03-29 The financial system is a densely interconnected network of financial intermediaries, facilitators, and markets that serves three major purposes: allocating capital, sharing risks, and facilitating intertemporal trade. Asset prices are an important mechanism in each of these phenomena. Capital allocation, whether through loans or other forms of investment, can vary both across sectors-at the broadest, manufactures, agriculture, and services-and within sectors, for example different firms. The risk that various investors are willing to take reflects their financial position and alternative opportunities. Risk and asset allocation are also influenced by whether money, and especially its expenditure, is more important now or in the future. These decisions are all influenced by governmental policies. When there are mismatches, the results include financial meltdowns, fiscal deficits, sovereign debt, default and debt crises. Harold L. Cole provides a broad overview of the financial system and assets pricing, covering history, institutional detail, and theory. The book begins with an overview of financial markets and their operation and then covers asset pricing for standard assets and derivatives, and analyzes what modern finance says about firm behavior and capital structure. It then examines theories of money, exchange rates, electronic payments methods, and cryptocurrencies. After exploring banks and other forms of financial intermediation, the book examines the role they played in the Great Recession. Having provided an overview of the provate sector, Cole switches to public finance and government borrowing as well as the incentives to monetize the public debt and its consequences. The book closes with an examination of sovereign debt crises and an analysis of their various forms. Finance and financial intermediation are central to modern economies. This book covers all of the material a sophisticated economist needs to know about this area. |
| functioning of financial markets: Financial Markets Theory Emilio Barucci, Claudio Fontana, 2017-06-08 This work, now in a thoroughly revised second edition, presents the economic foundations of financial markets theory from a mathematically rigorous standpoint and offers a self-contained critical discussion based on empirical results. It is the only textbook on the subject to include more than two hundred exercises, with detailed solutions to selected exercises. Financial Markets Theory covers classical asset pricing theory in great detail, including utility theory, equilibrium theory, portfolio selection, mean-variance portfolio theory, CAPM, CCAPM, APT, and the Modigliani-Miller theorem. Starting from an analysis of the empirical evidence on the theory, the authors provide a discussion of the relevant literature, pointing out the main advances in classical asset pricing theory and the new approaches designed to address asset pricing puzzles and open problems (e.g., behavioral finance). Later chapters in the book contain more advanced material, including on the role of information in financial markets, non-classical preferences, noise traders and market microstructure. This textbook is aimed at graduate students in mathematical finance and financial economics, but also serves as a useful reference for practitioners working in insurance, banking, investment funds and financial consultancy. Introducing necessary tools from microeconomic theory, this book is highly accessible and completely self-contained. Advance praise for the second edition: Financial Markets Theory is comprehensive, rigorous, and yet highly accessible. With their second edition, Barucci and Fontana have set an even higher standard!Darrell Duffie, Dean Witter Distinguished Professor of Finance, Graduate School of Business, Stanford University This comprehensive book is a great self-contained source for studying most major theoretical aspects of financial economics. What makes the book particularly useful is that it provides a lot of intuition, detailed discussions of empirical implications, a very thorough survey of the related literature, and many completely solved exercises. The second edition covers more ground and provides many more proofs, and it will be a handy addition to the library of every student or researcher in the field.Jaksa Cvitanic, Richard N. Merkin Professor of Mathematical Finance, Caltech The second edition of Financial Markets Theory by Barucci and Fontana is a superb achievement that knits together all aspects of modern finance theory, including financial markets microstructure, in a consistent and self-contained framework. Many exercises, together with their detailed solutions, make this book indispensable for serious students in finance.Michel Crouhy, Head of Research and Development, NATIXIS |
| functioning of financial markets: Financial Analysts and Their Contribution to Well-functioning Capital Markets Mark T. Bradshaw, Yonca Ertimur, Patricia O'Brien, 2017 Well-functioning capital markets rely on a complex set of institutions and participants that ensure capital is allocated to its best possible use, and that information flows between firms receiving capital and the investors who provide it. In this manuscript, we endeavor to understand whether, how, and under what circumstances sell-side research contributes to the functioning of capital markets. We review major findings in the literature, address significant regulatory and technological changes, and offer suggestions for future research. |
| functioning of financial markets: Understanding the Markets David Loader, 2002 As the markets undergo change so too do the administration, clearing and settlement functions, as the clearing houses, securities depositories and custodians merge and diversify. This is going to impact on the operations teams that support the trading, sales and retail business. A failure to be aware of and to understand the impact of changes in the markets will create massive problems, greater risk and ultimately financial losses. And yet the sheer size and diversity of the global markets, together with the rapid pace of change and expansion, and the increasing volume of transactions needing to be processed, present a massive challenge to operations teams and managers.--BOOK JACKET. |
| functioning of financial markets: The Origins and Development of Financial Markets and Institutions Jeremy Atack, Larry Neal, 2009-03-16 Collectively, mankind has never had it so good despite periodic economic crises of which the current sub-prime crisis is merely the latest example. Much of this success is attributable to the increasing efficiency of the world's financial institutions as finance has proved to be one of the most important causal factors in economic performance. In a series of insightful essays, financial and economic historians examine how financial innovations from the seventeenth century to the present have continually challenged established institutional arrangements, forcing change and adaptation by governments, financial intermediaries, and financial markets. Where these have been successful, wealth creation and growth have followed. When they failed, growth slowed and sometimes economic decline has followed. These essays illustrate the difficulties of co-ordinating financial innovations in order to sustain their benefits for the wider economy, a theme that will be of interest to policy makers as well as economic historians. |
| functioning of financial markets: Financial Market Regulation and Reforms in Emerging Markets Masahiro Kawai, Eswar Prasad, 2011 In the wake of the global financial crisis that began in 2008, offers a systematic overview of recent developments in regulatory frameworks in advanced and emerging-market countries, outlining challenges to improving regulation, markets, and access in developing economies--Provided by publisher. |
| functioning of financial markets: Economics for Financial Markets Brian Kettell, 2001-11-23 Successful trading, speculating or simply making informed decisions about financial markets means it is essential to have a firm grasp of economics. Financial market behaviour revolves around economic concepts, however the majority of economic textbooks do not tell the full story.To fully understand the behaviour of financial markets it is essential to have a model that enables new information to be absorbed and analysed with some predictive implications. That model is provided by the business cycle. 'Economics for Financial Markets' takes the reader from the basics of financial market valuation to a more sophisticated understanding of the actions that traders take which ultimately drives the volatility in the financial markets. The author shows traders, investment managers, risk managers and finance professionals how to distil the flow of information and show what needs to be concentrated on, covering topics such as:* Why are financial markets subject to economic fashions?* How has the New Economy changed financial market behaviour? * Does the creation of the euro fundamentally change the behaviour of the currency markets?Shows how to distil the vast amount of information in financial markets and identify what is importantDemonstrates how the New Economy had changed financial market behaviourExplains how to follow the behaviour of central banks |
| functioning of financial markets: Following the Money National Research Council, Division of Behavioral and Social Sciences and Education, Commission on Behavioral and Social Sciences and Education, Panel on International Capital Transactions, Anne Y. Kester, 1995-11-12 Many questions have been raised about America's status in the increasingly interconnected global economy. Yet key factsâ€such as the amount of foreign assets abroad owned by U.S. citizensâ€are not known. The crucial data needed to assess the U.S. position are unavailable. This volume explores significant shortcomings in U.S. data on international capital transactions and their implications for policymakers. The volume offers clearcut recommendations for U.S. agencies to bring data collection and analyses of the global economy into the twenty-first century. The volume explores: How factors emerging since the early 1980s have shaped world financial markets and revealed shortcomings in data collection and analysis. How the existing U.S. data system works and where it fails how measurements of international financial transactions are recorded; and how swaps, options, and futures present special reporting problems. How alternative methods, such as collecting data, from sources such as global custodians and international clearinghouses, might improve coverage and accuracy. |
| functioning of financial markets: Financial Market History: Reflections on the Past for Investors Today David Chambers, Elroy Dimson, Since the 2008 financial crisis, a resurgence of interest in economic and financial history has occurred among investment professionals. This book discusses some of the lessons drawn from the past that may help practitioners when thinking about their portfolios. The book’s editors, David Chambers and Elroy Dimson, are the academic leaders of the Newton Centre for Endowment Asset Management at the University of Cambridge in the United Kingdom. |
| functioning of financial markets: Resolving the Financial Crisis C. E. V. Borio, Bent Vale, Goetz Von Peter, 2010 How does the management and resolution of the current crisis compare with the response of the Nordic countries in the early 1990s, widely regarded as exemplary? We argue that, while intervention has been prompter, the measures taken so far remain less comprehensive and in-depth. In particular, the cleansing of balance sheets has proceeded more slowly, and less attention has been paid to reducing excess capacity and avoiding competitive distortions. In general, policymakers have given higher priority to sustaining aggregate demand in the short term than to encouraging adjustment in the financial sector and containing moral hazard. We argue that three factors largely explain this outcome: the more international nature of the crisis; the complexity of the instruments involved; and, hardly appreciated so far, the effect of accounting practices on the dynamics of the events, reflecting in particular the prominent role of fair value accounting (and mark to market losses) in relation to amortised cost accounting for loan books. There is a risk that the policies followed so far may delay the establishment of the basis for a sustainably profitable and less risk-prone financial sector. |
| functioning of financial markets: Japanese Financial Markets Junichi Ujiie, 2002-10-31 Second edition of the clasiic text on Japanese financial amrkets incorporating all the latest changes. |
| functioning of financial markets: Handbook of Financial Markets: Dynamics and Evolution Thorsten Hens, Klaus Reiner Schenk-Hoppe, 2009-06-12 The models of portfolio selection and asset price dynamics in this volume seek to explain the market dynamics of asset prices. Presenting a range of analytical, empirical, and numerical techniques as well as several different modeling approaches, the authors depict the state of debate on the market selection hypothesis. By explicitly assuming the heterogeneity of investors, they present models that are descriptive and normative as well, making the volume useful for both finance theorists and financial practitioners. - Explains the market dynamics of asset prices, offering insights about asset management approaches - Assumes a heterogeneity of investors that yields descriptive and normative models of portfolio selections and asset pricing dynamics |
| functioning of financial markets: Market Players Gail Rolland, 2010-12-13 The global financial markets are not just driven by the big investment houses and fund managers. Along with these, private banks, insurance houses, hedge funds, sovereign wealth funds and a range of boutique investment managers, regional institutions and brokers of different sizes and nationalities all operate and interact to form the bedrock of the global financial infrastructure. Because of this, it is essential that practitioners and observers of the markets fully understand the linkages, objectives and functions of these institutions, and the new and dynamic environment they are working in. Market Players provides a complete roadmap to the institutions and intermediaries operating in today's global financial landscape, illustrating what they are, how they work, how they interact and importantly, their motivation. It explains the core financial market business of these institutions and considers how they have become the firms that we see today, providing readers with a clear understanding of which market sectors are likely to see the most involvement from the different types of institution and, importantly, why they are involved in these market areas. Key features include: a series of case studies looking at examples of some of these institutions including an explanation of the EIB and the UK agency UKFI. They also look at the financial crisis and the impact on AIG and Northern Rock, two institutions that clearly illustrate what can go wrong and how the other market players have to step in when this happens. an international perspective looking at representative institutions from Europe, Asia and North America, showing global similarities and differences. a Post Financial Crisis perspective on the structure of international banks in today's markets. coverage of the major players on both the buy and sell side of the market Written in plain English, Market Players is an accessible and much needed guide to financial institutions, equipping readers with the knowledge to better understand how the global financial markets really work. |
| functioning of financial markets: Handbook of Key Global Financial Markets, Institutions, and Infrastructure Gerard Caprio, Douglas W. Arner, Thorsten Beck, Charles W. Calomiris, Larry Neal, Nicolas Véron, 2012-11-27 This title begins its description of how we created a financially-intergrated world by first examining the history of financial globalization, from Roman practices and Ottoman finance to Chinese standards, the beginnings of corporate practices, and the advent of efforts to safeguard financial stability. |
| functioning of financial markets: Financial Statecraft Benn Steil, Robert E. Litan, 2008-10-01 divAs trade flows expanded and trade agreements proliferated after World War II, governments—most notably the United States—came increasingly to use their power over imports and exports to influence the behavior of other countries. But trade is not the only way in which nations interact economically. Over the past two decades, another form of economic exchange has risen to a level of vastly greater significance and political concern: the purchase and sale of financial assets across borders. Nearly $2 trillion worth of currency now moves cross-border every day, roughly 90 percent of which is accounted for by financial flows unrelated to trade in goods and services—a stunning inversion of the figures in 1970. The time is ripe to ask fundamental questions about what Benn Steil and Robert Litan have coined as “financial statecraft,” or those aspects of economic statecraft directed at influencing international capital flows. How precisely has the American government practiced financial statecraft? How effective have these efforts been? And how can they be made more effective? The authors provide penetrating and incisive answers in this timely and stimulating book. /DIV |
| functioning of financial markets: Introduction to the Economics of Financial Markets James Bradfield, 2007-02-08 There are many textbooks for business students that provide a systematic, introductory development of the economics of financial markets. However, there are as yet no introductory textbooks aimed at more easily daunted undergraduate liberal arts students. Introduction to the Economics of Financial Markets fills this gap by providing an extremely accessible introductory exposition of how economists analyze both how, and how well, financial markets organize the intertemporal allocation of scarce resources. The central theme is that the function of a system of financial markets is to enable consumers, investors, and managers of firms to effect mutually beneficial intertemporal exchanges. James Bradfield uses the standard concept of economic efficiency (Pareto Optimality) to assess the efficacy of the financial markets. He presents an intuitive, and introductory, understanding of the primary theoretical and empirical models that economists use to analyze financial markets, and then uses these models to discuss implications for public policy. Students who use this text will acquire an understanding of the economics of financial markets that will enable them to read, with some sophistication, articles in the public press about financial markets and about public policy toward those markets. The book is addressed to undergraduate students in the liberal arts, but will also be useful for undergraduate and beginning graduate students in programs of business administration who want an understanding of how economists assess financial markets against the criteria of allocative and informational efficiency. |
| functioning of financial markets: Financial Markets in Korea The Bank of Korea (Central Bank of South Korea), 2013-11-28 The Korean economy has achieved outstanding development not only in its real economy but also in the financial sector. Driven by the expansion in economic size and by the government’s policies to foster the capital markets and increase their openness, the Korean financial market has grown by more than 17 times over the past two decades since the 1990s. Financial market quality has also been greatly enhanced due to efforts to develop the financial infrastructure and improve the transaction techniques. As a result, global interest in the Korean financial market has increased significantly. In reflection of this upgraded international standing of the Korean financial market, the Bank of Korea now publishes this English edition of ?Financial Markets in Korea? for the first time. Initially published in 1999, this book has been revised every two to three years. This English edition is published along with the 2012 revision. Although its arrival is somewhat late, we hope that it will serve readers as a solid introduction to the overall Korean financial market. This book provides an overview of the Korean financial market structure, and of recent developments related to the individual markets. Chapter 1 introduces the structure and size of the financial market as a whole, while Chapters 2 through 4 describe the funding, capital and financial derivatives markets respectively, covering their trading terms and conditions, participants,transaction mechanisms and recent developments. Detailed explanations of recent major issues concerning the financial markets, including notable developments and institutional changes, are also available in the Boxes included throughout the text. It is hoped that this book will provide readers good guidance for a better understanding of Korea’s financial markets. Money markets Ⅰ. Overview Ⅱ. Call market Ⅲ. Repurchase agreement (RP) market Ⅳ. BOK repurchase agreement (RP) market Ⅴ. Certificate of deposit (CD) market Ⅵ. Commercial paper (CP) market Capital markets Ⅰ. Overview Ⅱ. Bond market Ⅲ. Monetary Stabilization Bond market Ⅳ. Asset-backed securities (ABS) market Ⅴ. Stock market Financial derivatives markets Ⅰ. Overview Ⅱ. Equity derivatives market Ⅲ. Interest rate derivatives market Ⅳ. Foreign exchange derivatives market Ⅴ. Credit derivatives market Ⅵ. Derivatives-linked securities market |
| functioning of financial markets: Comparing Financial Systems Franklin Allen, Douglas Gale, 2000 Why do different countries have such different financial systems? Is one system better than the other? This text argues that the view that market-based systems are best is simplistic, and suggests that a more nuanced approach is necessary. |
| functioning of financial markets: Financial Markets and the Real Economy John H. Cochrane, 2005 Financial Markets and the Real Economy reviews the current academic literature on the macroeconomics of finance. |
| functioning of financial markets: European Financial Markets and Institutions Jakob de Haan, Sander Oosterloo, Dirk Schoenmaker, 2009-01-15 Written for undergraduate and graduate students, this textbook provides a fresh analysis of the European financial system. |
| functioning of financial markets: Project Financing and the International Financial Markets Esteban C. Buljevich, Yoon S. Park, 1999-07-31 The book provides an in-depth description of cross-border project financing as a technique for financing capital-intensive projects as well as an overview of certain financing and derivative instruments currently available in the global financial markets.--BOOK JACKET. |
| functioning of financial markets: Systemic Banking Crises Revisited Mr.Luc Laeven, Mr.Fabian Valencia, 2018-09-14 This paper updates the database on systemic banking crises presented in Laeven and Valencia (2008, 2013). Drawing on 151 systemic banking crises episodes around the globe during 1970-2017, the database includes information on crisis dates, policy responses to resolve banking crises, and the fiscal and output costs of crises. We provide new evidence that crises in high-income countries tend to last longer and be associated with higher output losses, lower fiscal costs, and more extensive use of bank guarantees and expansionary macro policies than crises in low- and middle-income countries. We complement the banking crises dates with sovereign debt and currency crises dates to find that sovereign debt and currency crises tend to coincide or follow banking crises. |
| functioning of financial markets: Financial Markets and Institutions Anthony Saunders, Marcia Millon Cornett, 2012-01-01 Financial Markets and Institutions, 5e offers a unique analysis of the risks faced by investors and savers interacting through financial institutions and financial markets, as well as strategies that can be adopted for controlling and managing risks. Special emphasis is put on new areas of operations in financial markets and institutions such as asset securitization, off-balance-sheet activities, and globalization of financial services. |
| functioning of financial markets: OECD Sovereign Borrowing Outlook 2020 OECD, 2020-07-29 The OECD Sovereign Borrowing Outlook provides regular updates on trends and developments associated with sovereign borrowing requirements, funding strategies, market infrastructure and debt levels from the perspective of public debt managers. |
| functioning of financial markets: Introduction to Business Lawrence J. Gitman, Carl McDaniel, Amit Shah, Monique Reece, Linda Koffel, Bethann Talsma, James C. Hyatt, 2024-09-16 Introduction to Business covers the scope and sequence of most introductory business courses. The book provides detailed explanations in the context of core themes such as customer satisfaction, ethics, entrepreneurship, global business, and managing change. Introduction to Business includes hundreds of current business examples from a range of industries and geographic locations, which feature a variety of individuals. The outcome is a balanced approach to the theory and application of business concepts, with attention to the knowledge and skills necessary for student success in this course and beyond. This is an adaptation of Introduction to Business by OpenStax. You can access the textbook as pdf for free at openstax.org. Minor editorial changes were made to ensure a better ebook reading experience. Textbook content produced by OpenStax is licensed under a Creative Commons Attribution 4.0 International License. |
| functioning of financial markets: Exchange-Traded Funds in Europe Adam Marszk, Ewa Lechman, 2019-03-18 Exchange-Traded Funds in Europe provides a single point of reference on a diverse set of regional ETF markets, illuminating the roles ETFs can play in risk mitigation and speculation. Combining empirical data with models and case studies, the authors use diffusion models and panel/country-specific regressions-as well as graphical and descriptive analyses- to show how ETFs are more than conventional, passive investments. With new insights on how ETFs can improve market efficiency and how investors can benefit when using them as investment tools, this book reveals the complexity of the world's second largest ETF market and the ways that ETFs are transforming it. |
| functioning of financial markets: Clearing, Settlement and Custody David Loader, 2002-09-05 'Clearing, Settlement and Custody' focuses on the clearing, settlement and custody functions by analyzing how they work and the interaction between the organizations involved. The author examines the roles of clearing houses, central counterparties, central securities depositories and the custodians, as well as, assessing the impact on the workflow and procedures in the operations function at banks, brokers and institutions. The changes that are taking place in the industry are explored and the impact for operations managers and supervisors assessed.Clearing, settlement and custody is at the heart of everything that happens in the financial markets. The evolution of clearing and settlement is one that is still happening and as such, it is impacting on the operations function through both new practices but also, increasingly, in terms of regulation, risk and reputation.In essence the efficient clearing and settlement operation is managing risk, not because it is a direct part of the process but more because it is a bi-product. The routine procedures relate to reconciliation and record keeping. If these are performed efficiently and accurately it will result in accurate records of activity and profit and loss.The settlement process is a key element in identifying and correcting errors made by dealers and traders. Failure to identify the error or act promptly will result in potentially serious financial loss, as well as worrying audit and the regulators.In addition to these concerns the financial service sector is also undergoing a massive rationalization of the structure of clearing and settlement and seeking the twin goals of automation and shortening settlement cycles. The challenge for operations managers is considerable: manage costs, eradicate inefficiencies, create an environment to be competitive, and implement the procedures to meet future changes that will occur. In this book the author looks at some of the different roles, the processes and procedures, and the key issues, in order to help those in operations meet the challenge.The definitive series of professional references for those finance professionals concerned with Back office or operations management unique to this industry.Presents concise references on the essential management functions such as technology, client services, and risk management for financial operations management professionals.A comprehensive resource from a leading financial management consultant for global banks and institutions. |
| functioning of financial markets: Financial Soundness Indicators International Monetary Fund, 2006-04-04 Financial Soundness Indicators (FSIs) are measures that indicate the current financial health and soundness of a country's financial institutions, and their corporate and household counterparts. FSIs include both aggregated individual institution data and indicators that are representative of the markets in which the financial institutions operate. FSIs are calculated and disseminated for the purpose of supporting macroprudential analysis--the assessment and surveillance of the strengths and vulnerabilities of financial systems--with a view to strengthening financial stability and limiting the likelihood of financial crises. Financial Soundness Indicators: Compilation Guide is intended to give guidance on the concepts, sources, and compilation and dissemination techniques underlying FSIs; to encourage the use and cross-country comparison of these data; and, thereby, to support national and international surveillance of financial systems. |
| functioning of financial markets: General Theory Of Employment , Interest And Money John Maynard Keynes, 2016-04 John Maynard Keynes is the great British economist of the twentieth century whose hugely influential work The General Theory of Employment, Interest and * is undoubtedly the century's most important book on economics--strongly influencing economic theory and practice, particularly with regard to the role of government in stimulating and regulating a nation's economic life. Keynes's work has undergone significant revaluation in recent years, and Keynesian views which have been widely defended for so long are now perceived as at odds with Keynes's own thinking. Recent scholarship and research has demonstrated considerable rivalry and controversy concerning the proper interpretation of Keynes's works, such that recourse to the original text is all the more important. Although considered by a few critics that the sentence structures of the book are quite incomprehensible and almost unbearable to read, the book is an essential reading for all those who desire a basic education in economics. The key to understanding Keynes is the notion that at particular times in the business cycle, an economy can become over-productive (or under-consumptive) and thus, a vicious spiral is begun that results in massive layoffs and cuts in production as businesses attempt to equilibrate aggregate supply and demand. Thus, full employment is only one of many or multiple macro equilibria. If an economy reaches an underemployment equilibrium, something is necessary to boost or stimulate demand to produce full employment. This something could be business investment but because of the logic and individualist nature of investment decisions, it is unlikely to rapidly restore full employment. Keynes logically seizes upon the public budget and government expenditures as the quickest way to restore full employment. Borrowing the * to finance the deficit from private households and businesses is a quick, direct way to restore full employment while at the same time, redirecting or siphoning |
| functioning of financial markets: Banking and Financial Markets Andrada Bilan, Hans Degryse, Kuchulain O’Flynn, Steven Ongena, 2019-11-27 The traditional role of a bank was to transfer funds from savers to investors, engaging in maturity transformation, screening for borrower risk and monitoring for borrower effort in doing so. A typical loan contract was set up along six simple dimensions: the amount, the interest rate, the expected credit risk (determining both the probability of default for the loan and the expected loss given default), the required collateral, the currency, and the lending technology. However, the modern banking industry today has a broad scope, offering a range of sophisticated financial products, a wider geography -- including exposure to countries with various currencies, regulation and monetary policy regimes -- and an increased reliance on financial innovation and technology. These new bank business models have had repercussions on the loan contract. In particular, the main components and risks of a loan contract can now be hedged on the market, by means of interest rate swaps, foreign exchange transactions, credit default swaps and securitization. Securitized loans can often be pledged as collateral, thus facilitating new lending. And the lending technology is evolving from one-to-one meetings between a loan officer and a borrower, at a bank branch, towards potentially disruptive technologies such as peer-to-peer lending, crowd funding or digital wallet services. This book studies the interaction between traditional and modern banking and the economic benefits and costs of this new financial ecosystem, by relying on recent empirical research in banking and finance and exploring the effects of increased financial sophistication on a particular dimension of the loan contract. |
| functioning of financial markets: Operations in Financial Services Michael Pinedo, Yuqian Xu, 2017-12-21 Operations in Financial Services establishes a framework for this research area from an operations management perspective. The first section presents an introduction and provides an overview of the topic. The second section establishes links between the current state of the art in relevant areas of operations management and operations research and three of the more important aspects of operations in financial services - (i) financial product design and testing, (ii) process delivery design, and (iii) process delivery management. The third section focuses on the current issues that are important in the financial services operations area. These issues center primarily on mobile online banking and trading in a global environment. The fourth section discusses operational risk aspects of financial services. The final section concludes with a discussion on research directions that may become of interest in the future. |
| functioning of financial markets: Case Studies on Financial Markets Chiradeep Chatterjee, 2008-04-23 he days, when sovereign governments used to administer almost insulated economic systems, are gone. And gone with them is the age of savings by individual investors, secured and guaranteed by their respective governments. Post-globalisation, financial markets have become highly relevant to human society. Individual investors today look up to financial markets and have become savvy enough to tuck in the trends. From the macroeconomic viewpoint, interesting trends are the influence of the dollar on other nations, consolidation in financial markets, and the resurgence of Asian markets. The dollar s influence persists mainly due to the continued acceptance of the dollar as the anchor for international trade. This makes US domestic economic policy effects to spill over into the distant economies. On the one hand, globalisation abetted by proliferation of Internet has influenced this. To counter US supremacy, capital markets especially in Europe have resorted to integration. They have embraced modern technology in a big way, worrying the US capital markets. On the other hand, globalisation has helped Asian countries benefit from the proliferation of manufacturing technology; also making them economic powerhouses. Resurgent Southeast Asian economies were dubbed as Asian Tigers . These nations saddled by the vestiges of old practices smacked of red tape and nepotism. But economic imperatives have made them embrace professional management practices. Of late, India and China emerged as potential economic superpowers. Experts predict they will exert greater influence on financial markets. The book has been divided into three sections: US financial markets, European financial markets, and Asian financial markets. There are cases related to market innovations and how advantages from them have been nullified by human greed. Cases highlight issues relating to accounting principles and market regulations. Cases on European markets focus on how private equity has helped transform conservative businesses, integration of European bourses to counter US supremacy and other regulatory aspects. Finally, the Asian section focuses on the problems faced by Southeast Asian economies. Innovative instruments in Indian financial markets and inherent problems have also been discussed. This book will interest those people who want to get a deeper insight into the functioning of world financial markets. |
FUNCTIONING | English meaning - Cambridge Diction…
FUNCTIONING definition: 1. the fact of working or operating, or the way that something operates: 2. the normal …
FUNCTIONING Synonyms: 124 Similar and Opposite Words ...
Synonyms for FUNCTIONING: operating, operational, operative, functional, running, working, active, going; Antonyms of FUNCTIONING: broken, dead, nonfunctioning, inoperative, …
Functioning - Definition, Meaning & Synonyms - Voca…
Something that is functioning is working — doing what it's supposed to do. A functioning refrigerator keeps your food cold. A functioning television shows a clear picture. A functioning group gets …
FUNCTIONING Definition & Meaning - Dictionary.com
Functioning definition: performing a specified action or activity; working; operating.. See examples of …
Functioning - definition of functioning by The Free Dicti…
The action or purpose for which a person or thing is suited or employed, especially: a. A person's role or occupation: in my function as chief editor. b. Biology The physiological …
FUNCTIONING | English meaning - Cambridge Dictionary
FUNCTIONING definition: 1. the fact of working or operating, or the way that something operates: 2. the normal way that…. Learn more.
FUNCTIONING Synonyms: 124 Similar and Opposite Words ...
Synonyms for FUNCTIONING: operating, operational, operative, functional, running, working, active, going; Antonyms of FUNCTIONING: broken, dead, nonfunctioning, inoperative, inactive, …
Functioning - Definition, Meaning & Synonyms - Vocabulary.com
Something that is functioning is working — doing what it's supposed to do. A functioning refrigerator keeps your food cold. A functioning television shows a clear picture. A functioning …
FUNCTIONING Definition & Meaning - Dictionary.com
Functioning definition: performing a specified action or activity; working; operating.. See examples of FUNCTIONING used in a sentence.
Functioning - definition of functioning by The Free Dictionary
The action or purpose for which a person or thing is suited or employed, especially: a. A person's role or occupation: in my function as chief editor. b. Biology The physiological activity of an …
functioning - WordReference.com Dictionary of English
func•tion /ˈfʌŋkʃən/ n. role:[countable] The function of the kidneys is to purify the blood. a ceremonious public or social gathering or occasion:[countable] a charity function. a factor …
FUNCTIONING definition and meaning | Collins English Dictionary
FUNCTIONING definition: the natural action or intended purpose of a person or thing in a specific role | Meaning, pronunciation, translations and examples
functioning | English Definition & Examples | Ludwig
The word "functioning" is correct and usable in written English. It can be used as either a noun or an adjective. As a noun, it might refer to the way in which something works, e.g. "The functioning of …
functioning - Wiktionary, the free dictionary
Mar 31, 2025 · functioning (comparative more functioning, superlative most functioning) Functional, working. The other factions believe that those who are Factionless are nomads and outcasts. But …
functioning, adj. meanings, etymology and more | Oxford ...
There is one meaning in OED's entry for the adjective functioning. See ‘Meaning & use’ for definition, usage, and quotation evidence.
