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Facilitator Self Course Outline Break Timings
15 mins – Forenoon 45 mins – Lunch 15 mins – Afternoon
Static data How trade is booked Settlement and before settlement Trade booking and settlement Impact of incorrect settlement Pre-matching before a settlement Entire life of a trade Front office & middle office How trade is entered and how it is booked
What is your Idea of Life Cycle of a trade ?? Page 4 .
Section One The Market Participants .
The Market Participants .Facilitators Brokers Dealers Investment Banks Stock Exchanges Agents Securities Trading Organisations Custodians Clearing Banks Regulators Page 6 .
Investors Institutional Investors Mutual Funds (Unit Trusts) Pension Funds Insurance Companies Hedge Funds Charities Individual Investors Page 7 .The Market Participants .
The Marketplace INVESTORS ISSUERS AGENTS Securities IN VESTO RS AGEN TS Securities Trading House Exchanges AGENTS Securities INVESTORS ISSUERS Page 8 .
Trades executed over an Exchange are executed “OnExchange” or “Exchange Traded” Other trades executed over the telephone are “OTC” (Over the Counter) or Non-Exchange Traded Each securities market has an associated and recognisable place to effect settlement E.g. French Government Bonds traded on the Paris Bourse settle in Euroclear Page 9 . Central to some market places is the Stock Exchange.Markets & Stock Exchanges A Market is an environment in which securities are bought and sold.
Stock Exchanges Region Country Financial Centre London Stock Exchange London Stock Exchange (LSE) London Metal Exchange London International Financial Futures & Options Exchange (LIFFE) Deutsche Bourse Bolsa de Madrid Stock Exchange of Hong Kong Hong Kong Futures Exchange Shenzhen Stock Exchange Shanghai Stock Exchange Tokyo Stock Exchange Tokyo International Financial Futures Exchange (TIFFE) Stock Exchange of Singapore Singapore International Monetary Exchange (SIMEX) Australian Stock Exchange (ASX) New York Stock Exchange (NYSE) Chicago Stock Exchange Europe UK Germany Spain Asia PacificChina China Japan Singapore Australia America USA Frankfurt Madrid Hong Kong Shenzhen Shanghai Tokyo Singapore Sydney New York Chicago Page 10 .
Other Market Participants Salespeople Data Providers Registrars Coupon Paying Agents Trade Matching Services Settlement Instruction Communication Mechanisms Page 11 .
Market Participants .Issuers Organisations occasionally need to raise cash/capital to expand their businesses by: Selling part ownership issuing shares or equity Borrowing cash from investors issuing debt in the form of bonds Type of Issuer Corporations Sovereign Entities Local Governments Government Agencies Supranational Organisations Vodafone (UK) Kingdom of Denmark City of London Federal National Mortgage Association International Bank for Reconstruction & Development (World Bank – IBRD) Example Page 12 .
Where does Deutsche Bank fit? Deutsche covers multiple functions: Broker Dealer Fund/Asset Manager Investment Bank Issuer Global Custodian Retail Bank Page 13 .
So far Covered I. Market Participants Page 14 .
Section Two Static Data .
For Example: Trading Entities Trading Books within each entity Counterparties Instruments Currencies Prices Page 16 .What is Static Data? Static Data is the common term to describe the store of information used to determine the appropriate actions required for successful processing of each trade.
Sources of Static Data Where possible. Page 17 . financial institutions try and create a core of “Golden Source” static data to avoid data conflicts in inter-dependent systems Companies specialise in gathering and distributing financial data to institutions via: Electronic File Feeds Internet Through on site terminals.
Security Data Providers or Data Vendors Reuters Bloomberg Telekurs Rolfe & Nolan SWIFT DTCC Alert Direct/OMGEO Standard and Poors Euroclear Wallstreet SIAC NSCC Page 18 .
Address & Contact Details Authorized Credit Limits Related Companies Standard Settlement Instructions Date of account set up Type of Institution Documentation signed Tax Status Registered Representative Confirmation Details Fax. Telex.Counterparty Static Data Name. SWIFT. Email Page 19 . Electronic Trade Confirmation.
Commodity Short Name. Exchange Currency Maturity Date Factors Page 20 . Denomination. Common Code. Quick Code. Payment Characteristics .30/360. Cusip etc Coupon Dates Alternative/External References. Warrant. Long Name. Derivative. Bond. Size. RIC.Instrument Static Data Type of instrument Issue Equity. A/360 etc ISIN. Issuer Coupon Rate.
Page 21 .Maintaining Static Data Incorrect static data causes many processing errors: Delayed Confirmations Unmatched Transactions Settlement Failure Incorrect Fee calculations Incorrect Profit & Loss Calculation Poor Reporting (Regulatory & risk impact) Increased cost per transaction due to reduced STP Incorrect static data leads to reduced service and dissatisfied customers.
Static Data Summary Bad Static Data results in reduced service levels to clients due to processing hold-ups and possible trade failure Bad Static Data impacts operational risk and increases the cost per trade processed Bad Static Data contributes to poor internal & external reporting impacting risk & reputation Static Data will continue to be an important dependency on the efficient processing of trades especially as the trade lifecycle window becomes smaller STATIC DATA Must be populated correctly within all of the relevant systems. Must be obtained from a credible source as timely as possible. Page 22 .
II. Market Participants Static Data Page 23 .So far Covered I.
Section Three Trade Execution & Trades Processing .
Straight Through Processing Trade Execution Trade Capture Trade Validation Position/Inventory management Securities Lending & Borrowing Trade Enrichment Trade Processing Trade Confirmation/Affirmation/Matching Trade Instruction Instruction/Agent Matching Trade Settlement Fails & Fail Management Page 25 Straight Through Processing (STP) Trade/Position Accounting Corporate Actions Reconciliations Cash Funding .
Page 26 . The SELLER must deliver the commodity he has sold to the buyer. The BUYER must pay the agreed purchase price on the agreed value date.What is a Trade? A legal contract between two ‘counterparties’. A seller and a buyer.
The Front Office Trading Sales Broking Corporate Finance Repo Desk Page 27 .
Why Trade? Speculate Profit from price move or increase in value of the asset. Hedging: To speculate and accumulate. To reduce risk. Accumulate Benefit from dividend on shares and interest on bonds. Page 28 .
Page 29 . Computerised Exchanges Established in the UK as part of the Big Bang in 1986.Trade Execution Trade execution tends to operate in one of three ways where sellers and buyers execute trades: Trading Floor Traditional method of trading – face to face on the trading floor of a Stock Exchange. Telephone This term applied to the liberalization of the London Stock Exchange (LSE) when Trading was automated.
NASDAQ (US) SEAQ (UK) Order Driven Orders from sellers are matched with buyers’ orders electronically. SEATS (Australia) Xetra (Germany) SETS (UK) Electronic Communications Networks (ECN) ECN’s operate on an electronic basis only. Archipelago Euro-MTS Brokertec Page 30 .Trade Execution Furthermore Trades can be: Quote Driven Market Makers quote prices via computerised screens showing the level at which they are prepared to buy and sell with the intention of attracting business.
To update a trading position for a specific security within a trading book To update average price of the current trading position to enable the trader to calculate trading profit or loss To allow trade detail to be sent through to the Back Office for trade processing and settlement As part of Market & Regulatory Reporting requirements To facilitate risk management Traders use complex trading systems to facilitate trading & position management.Trade Capture Regardless of the trade execution/origin. all trades must be recorded formally by the market participant. trade processing is usually done via Back Office processing systems. Page 31 .
g. In/Out) Quantity Instrument/Security Price Counterparty Page 32 . Lend/Borrow.Front Office Trade Detail Trading Book Trade Date Deal Time Value Date Operation (e. Buy/Sell.
Page 33 .Trade Validation Trade validation occurs to check if the trade information received in the Back office systems corresponds with the Front Office record. Trade validation includes the checking of constituent static data information: Examples include: Is the security recognised on the system? Is the Counterparty account recognised? Is the Trader allowed to trade on the trading book? Is the trading book valid to trade security x? Is the value date a valid settlement date in the location of settlement? Are the securities restricted? All detected errors must be investigated and corrected.
Selection of custodian details.Trade Enrichment Trade enrichment exists to add specific trade data to the basic trade detail to allow downstream processing. Trade Confirmation requirements. Regulatory Reporting required. Examples include: Calculation of cash values. Selection of Settlement Instructions and communication method. Page 34 . This data can be added manually however in the STP environment the aim is to derive this automatically. This data is not usually held in Front Office Trading systems.
So far Covered I. II. Market Participants Static Data III. Trade Execution & Trades Processing Page 35 .
Section Four Trade Confirmation .
Page 37 . Until the counterparty acknowledges the trade detail the effect on the price or quantity of the trade is subject to change. Trade Affirmation. Trade or Contract Matching. impacting the traders book.Trade Confirmation/Agreement Trade Confirmation/Affirmation is an important process required to reduce the risk of the traders P&L. Receiving trade confirmations from the counterparty. Trade agreement can be achieved through: Sending trade confirmations to the counterparty.
Both parties are required to input details to a central matching facility. Examples include: Omgeo Central Trade Manager (CTM). Depository Trust & Clearing Corporation (DTCC) National Securities Clearing Corporation’s Trade Matching Service. TRAX (Internationally traded debt & securities).e.Trade Matching Trade Matching generally applies to mandatory electronic matching of trade details. matched. Matching results (i. (NSCC) Page 38 . unmatched) are provided by the trade matching facility to both parties.
Trade details are input by the securities house and sent to a trade affirmation facility. FIX – (Global) Oasys Domestic . Both parties must subscribe to the service. The institutional client agrees (affirms) or disagrees and the response is sent back to the securities house. The Trade affirmation central hub sends on the message.(US) DTC ID (Institutional Delivery) – (US) Page 39 .Trade Affirmation Trade Affirmation relates to the electronic matching of trade details typically between securities institutions and Institutional clients. Examples include: Omgeo’s Oasys Global system.
Page 40 .Summary Basic Principles The longer a trade’s detail remains unchecked after trade date. the greater the risk of price movement and P&L impact. Timely and accurate confirmation generation is a major client service consideration. Prompt actioning of all confirmation discrepancies reduces trade risk. Trade confirmation/matching messages should be issued as soon as possible after trade validation.
So far Covered I. Trade Execution & Processing IV. Market Participants Static Data III. Trade Confirmation Page 41 . II.
Section Five Trade Instruction .
Settlement Instructions Settlement Instructions are used to communicate the movement of securities and cash to the custodian. Settlement Instructions indicate the commercial details of the trade AND the location and account details for the cash and security movements. (Settlement Details). Page 43 . Trade Agreement confirms the commercial details of the trade.
Instruction Content Settlement Instructions tell the custodian/Agent to carry out precise commands such as: The quantity of securities to be received or delivered. On which date to carry out these instructions. The net settlement value to be paid or received. To whom payment must be made. From whom securities will be received. From whom payment will be received. To whom securities must be delivered. Page 44 .
Instruction Communication Methods S.T. CREST DTC Euroclear Clearstream Agent Banks Custodians Proprietary Messaging CREST DTC Euclid (for Euroclear) Cedcom (for Clearstream) Page 45 .W.I.F.
So far Covered
I. II. Market Participants Static Data
III. Trade Execution & Processing IV. Trade Confirmation V. Trade Instruction
Why do we match instructions?
To reduce settlement risk by: Increasing the chances of trade settlement on value date Resolving differences between trades and counterparties Enabling accurate funding of cash in nostro accounts Managing stock inventory in depositories
(matched/unmatched/unknown). Page 49 . Status Update Attachment of the current status of the instruction.Matching at The Settlement Agent Once Instructions have been received at the Custodian. Unmatched Resolution Trade Settlement Investigation and resolution of non-matching instructions. Updating the current status within the securities trading organisation’s books and records. the next lifecycle steps include: Instruction Matching Custodian attempt to match the instruction to the counterparty instruction.
Instruction Status (Matched/Unmatched) is sent back to both parties.Instructions Matching: Example CSD or ICSD Instruction Comparison 1 Securities Trading House Settlement Instruction Securities House Status 1 Settlement Instruction Counterparty 2 Counterparty 4 Status M atched or Unm atched 3 Status Status Matched or Unm atched 4 1 2 3 4 Page 50 Instructions sent in by Securities House and Counterparty. Status is recorded. Instruction matching occurs. .
Market Participants Static Data III. Trade Instruction VI. Instruction / Agent Matching Page 51 . Trade Confirmation V. Trade Execution & Processing IV.So far Covered I. II.
Section Seven Trade Settlement .
Value Date / Contractual Settlement Date. Page 53 . Actual Settlement Value Date and Settlement Date will be the same in the majority of trade settlement cases.Settlement Terminology Trade settlement is the act of exchanging securities and cash between buyer and seller. A percentage of trades fail to settle on value date and will settle on another date referred to as the actual settlement date.
(Secured credit line/Overdraft). The purchaser may have a collateral agreement whereby collateral is held in the account to offset any non return of funds.Settlement Considerations How to ensure trade settlement Ensure the seller holds the required level of securities at the correct custodian. the total amount must cover the amount required. Some securities can settle at more than one location. (Margin) Page 54 . (Funding). The purchaser may have a credit agreement with the custodian who will cover the cash shortfall. The purchaser may aggregate balances over a number of accounts. Ensure the purchaser has sufficient cash to make the payment.
Types of Settlement Full Settlement Partial Settlement Securities Only Cash Only Cross Currency Settlement Net Settlement Page 55 .
Summary Timely settlement of trades is an important part of the Trade Lifecycle with implications across the following areas: Inventory Management Cash Management Settlement Risk Cost Management Firm Reputation Page 56 .
Trade Confirmation V. Trade Settlement Page 57 . Trade Instruction VI. II. Trade Execution & Processing IV.So far Covered I. Market Participants Static Data III. Instruction / Agent Matching VII.
Section Eight Position/Inventory Management .
At the correct time (on value date).Inventory Management Management of the stock holding is an integral part of trade settlement: Inventory Management ensures: The correct amount of securities (nominal) are available At the correct location (depot). Page 59 .
Borrow the securities from the market. Execute a Repurchase Agreement (Repo) Do nothing and let the trade fail. Stock Borrow Loan Trade. Borrow securities from another firm account same depot. Autoborrow. Realignment. Borrow the securities from the custodian/central depository. Page 60 .Methods of Inventory Management If securities are unavailable we can consider the following: Internal Book Transfer. Borrow securities from another firm account different depot.
Inventory & Funding Management Transmit Settlement Instruction Match Settlement Instruction at Custodian Settle at Custodian Securities Cash Choices Choices AutoBorrow Page 61 Lend Do Nothing Repo Borrow via Repo Do Nothing Borrow Unsecured .
Lenders Lend all securities automatically. Lend upon request. Sometimes used as a last resort due to the cost. Borrow certain types of security automatically i. Spanish Bonds. Lend certain types of security automatically. Borrow upon request. Page 62 .Automated Lending & Borrowing Service provided by large Custodians and Central Security Depositories: Borrowers Borrow required securities automatically.e.
Page 63 . Manual Updates In some cases it may be necessary to settle trade manually and a settlements specialist may manually record the update against the trade record. partially settled.How do Trades & Positions get updated? Automated Updates Instruction statuses are sent in by the custodian (fully settled. failed etc). Once found it records the status update against the transaction. The system attempts to locate the relevant trade in its internal books and records. It will also automatically update the relevant security positions and balances reflecting the delivery or receipts. The Securities Trading House automatically loads this information into the settlements systems.
So far Covered I. II. Trade Confirmation V. Trade Instruction VI. Trade Execution & Processing IV. Trade Settlement VIII. Instruction / Agent Matching VII. Market Participants Static Data III. Position / Inventory Management Page 64 .
Section Nine Fails & Fail Management .
Risk impact due to movement in the market causing a change in the value of securities. (mark to market) Page 66 . The buyer and seller are impacted by settlement failure: Unable to use the cash to fund other security purchases. Unable to pay off existing overdraft/debt. Unable to use securities required for an onward delivery causing a break in the chain. Unable to lend on money markets and earn credit interest on cash.Failing Trades and their Impact A failed trade is any securities transaction that does not settle on value date.
collateral. credit line Insufficient securities Page 67 .Why Trades Fail Instructions not received by custodian Instructions remain unmatched on value date Insufficient cash.
Fines are imposed by CREST from a member’s failure to achieve pre-defined settlement targets. Fails make the reconciliation of corporate actions difficult which can lead to material losses Regulatory Impact .In some markets fines are imposed for late trade settlement Australia – Fines are imposed daily from value date to settlement date for trades executed on the Australian Stock Exchange. Page 68 .The Importance of Managing Fails Fails will have cash implications Interest claims on fails to receive. Interest expense on fails to deliver. UK .
g. Some marketplaces (e. In some Securities Trading Houses. ISMA) have minimum claimable interest recommendations and deadlines by which claims must be issued. if the Firm Trader is at fault then the cost of the fail can be directly attributed to their book. Back Office Settlements add immense value by actively monitoring instruction statuses and helping to accurately fund cash shortfalls or short positions. Failed trades are monitored to determine the reason for failure and enable the interest claim to be executed against the counterparty. impacting their P&L.Interest Claims An interest claim is compensation from the failing party to for the loss of cash interest or use of securities. Page 69 .
Position / Inventory Management IX.So far Covered I. Trade Execution & Processing IV. Trade Instruction VI. Market Participants Static Data III. Instruction / Agent Matching VII. Trade Confirmation V. Trade Settlement VIII. Fails & Fail Management Page 70 . II.
Section Ten Reconciliations .
What are Reconciliations Reconciliations exist to check the accuracy of the firms books and records: Internally between systems and departments Externally where securities and cash are held. A Reconciliation Break is a discrepancy between one record and another All breaks should be investigated. accounted for and corrected to ensure continued integrity Automation of reconciliation reporting facilitates timely investigation and resolution of breaks on a daily basis Page 72 .
Why do we monitor reconciliations? Regulatory Managing Risk Corporate Actions Types of Reconciliations Position Reconciliations Trade Reconciliations System Reconciliations Page 73 .
II. Fails & Fail Management X. Trade Instruction VI. Instruction / Agent Matching VII.So far Covered I. Reconciliations Page 74 . Trade Settlement VIII. Market Participants Static Data III. Trade Execution & Processing IV. Trade Confirmation V. Position / Inventory Management IX.
Section Eleven Clearing and Custody .
Types of Custodian 1 Term Custodian Description Example An organisation that holds securities and Deutsche Bank Domestic cash on its clients’ behalf and may effect Custody Services trade settlement on its clients’ behalf. As per custodian. Banco Espirito Santo Lisboa A custodian within a Global Custodian’s network of custodians. but has a network of local (or sub-custodians) that hold securities and cash and effect trade settlement on behalf of the global custodian. State Street Citigroup BoNY Paribas Global Custodian Local Custodian A custodian that operates within a specific Credit Lyonnais Paris financial centre. Citibank Milan Citibank Madrid Sub-Custodian Page 76 .
effected through book JASDEC (JPY) transfer.Types of Custodian 2 Term Central Securities Depository (CSD). DTC (USA) normally in book entry form. usually the CREST (UK & Eire) place of settlement. Description Examples An organisation that hold securities. A CSD that handles domestic securities of CCASS (HK) the country in which it is located. Settlement Agent Page 77 An organisation that effects the exchange Citibank Milan of securities and cash on behalf of its Citibank Madrid clients. Clearstream (ICSD) Only two organisations are recognised as (Luxembourg) ICDS’s. National Central Securities Depository (NCSD) International Central A CSD that handles domestic and Euroclear (Brussels) Securities Depository international securities. resultant securities and cash .
II. Market Participants Static Data Trade Execution & Processing Trade Confirmation Trade Instruction Instruction / Agent Matching VII. VI. XI. X. III. Position / Inventory Management IX. V.So far Covered I. IV. Trade Settlement VIII. Fails & Fail Management Reconciliations Clearing & Custody Page 78 .
What is a Corporate Action? Any action by an Issuer which may affect the investor: The distribution of benefits to existing shareholders or bondholders Coupon Payments Cash Dividends Stock Dividends Stock Split Bonus Shares A change in the structure of an existing security A notification that may or may not require a response from the securities owner Annual Meeting Voting Rights Page 79 .
Section Twelve Trade & Position Accounting .
Controlling The accounting group within the bank is responsible for correctly recording and monitoring all of the financial transactions occurring within the Securities Trading House: Deutsche Bank Controllers include: Legal Entity Controller (LEC) Responsible for DB Companies. Page 81 . Central Functions – Risk Controlling Responsible for Managing Risk across the all divisions centrally. Business Area Controller (BAC) Responsible for product lines and the Business.
Controlling Responsibilities Monitor Stock/Security Positions Monitor Cash Balances Track Firm Books and Records Create Good Processes Create Controls Reconcile Trade Data Reconcile Cash Flow Reconcile all Journal activity Page 82 .
Example Control Reports Reconciliations Profit and Loss Statement (P&L) Balance Sheet Reporting (BS) Buy and Hold Reporting (B&H) Management Information Reporting (MIS) Credit Risk Reporting (CRES) Page 83 .
So far Covered I. VI. Market Participants Static Data Trade Execution & Processing Trade Confirmation Trade Instruction Instruction / Agent Matching XI. Clearing & Custody XII. X. V. II. Fails & Fail Management Reconciliations Page 84 . Trade Settlement VIII. III. IV. Trade & Position Accounting VII. Position / Inventory Management IX.
Section Thirteen Regulatory & Compliance Responsibilities .
Regulators Regulatory authorities exist within the securities industry to ensure: All business undertaken within the marketplace is done in the proper manner To protect investors who are participants within the marketplace Guard the reputation and integrity of the marketplace Monitor activity which fails outside of normal business trading practice Page 86 .
Enforcement of laws and possible prosecution of security law violators. Monitor the business undertaken by securities trading houses. Page 87 . investment advisors & fund managers.Regulator Responsibilities Assessing suitability of securities trading houses to participate within the market place.
Financial Regulatory Authorities Country Australia Bahamas France Hong Kong Japan Singapore UK USA Regulatory Authority Australian Securities & Investments Commission Prudential Regulatory Authority Bahamas Central Bank Commission des Operations de Bourse Banque de France Securities & Futures Commission Monetary Authority Financial Supervisory Agency Financial Reconstruction Commission Monetary Authority of Singapore Financial Services Authority (FSA) Securities & Exchange Commission (SEC) US Commodity Futures Trading Commission National Futures Association Page 88 .
Reporting Methods A number of methods exist dependent on how the local Regulator requires reporting to be effected Automatic forwarding of trade details by a computerised exchange requiring no additional reporting Automated message transmission by the member for confirmation/matching/instruction purposes part of which is used to satisfy transaction reporting requirements File feeds produced from Front Office/Back Office/Controlling systems and sent direct to Regulator Page 89 .
Compliance Compliance is the Bank’s internal regulator. Responsibilities include: Ensuring compliance to rules of appropriate financial regulatory body Handling confidential information Ensure that personnel are adequately and properly licensed to operate in the marketplace Managing anti-money laundering regulations Monitoring Employee Personal Trading Page 90 .
Trade & Position Accounting XIII. Regulatory & Compliance VII. II. Clearing & Custody XII. Trade Settlement VIII. Market Participants Static Data Trade Execution & Processing Trade Confirmation Trade Instruction Instruction / Agent Matching XI. Position / Inventory Management IX. V. IV.So far Covered I. X. Fails & Fail Management Reconciliations Page 91 . VI. III.
Section Fourteen Conclusions .
Conclusions Reduce Settlement Cycles Increase Straight Through Processing for trades Increase use of central Counterparties Increase use of “Golden Source” static data Active management of collateral Minimise Risk Minimise Operational Cost Offer increased service to clients Manage increasing volumes Maximise internal efficiency Page 93 .
Michael Simmons Stephen Valdez David Dasey
Securities Operations – A Guide to Trade & Position Management An Introduction to Western Financial Markets An Introduction to Equity Markets An Introduction to Repo Markets Treasury Management The Handbook of Equity Derivatives Dictionary of Finance & Banking
Moorad Choudhry Robert Hudsen
Financial Engineering Oxford paperbacks
http://www.crestco.co.uk/ http://www.dtcc.com/ CREST Depository Trust & Clearing Corporation http://www.euroclear.com/ Euroclear http://www.jasdaq.co.jp/index_en.jsp Japanese Securities Depository Centre http://www.isma.org/home.html International Securities Market Associations http://www.bankofengland.co.uk/Links/setframe.html Bank of England http://www.fsa.gov.uk/ Financial Services Authority http://www.sec.gov/ http://www.nasdaq.com/ Securities Exchange Commission National Association of Securities Dealers Automated Quotations.
http://www.amex.com/ American Stock Exchange http://www.londonstockexchange.com/London Stock Exchange http://www.lchclearnet.com/ http://www.liffe.com/ London Clearing House International Financial Futures & Options Exchange
org.pipex.com/ International Organ Securities Commission International Primary Market Association International Swaps & Derivatives Association International Securities Lending Association International Securities Market Association London Investment Bank Association Loan Syndic Trading Association Securities Industry Association http://www.finanz-adressen.dial.sia.org.com/home.isda.Industry Websites http://www.iosco.trioptima.co.org/index.org/ http://www.uk/ http://www.de/WE-fin-regulatory.html http://www.ipma.html http://www.isla.org/ http://www.com/tri/ Federation of Exchanges OTC Derivatives termination service Financial Regulatory Authorities Page 97 http://www.com/jhalsey/ Compliance Exchange http://www.uk/ http://www.isma.uk/ http://www.securities-institute.lsta.liba.org.world-exchanges.uk Securities Institute http://dspace.org/iosco.html http://www.html .
afponline.com/ OMGEO Sungard Systems Page 98 .calpers.co.com/ http://www.com/ http://www.com/ http://www.com/ http://www.omgeo.jsp?bc=/investments/straightthrough.stpinfo.stpforum.gov/index.org/ Glossary STP Forum STP Info Association for Financial Professionals http://www.ca. http://www.exchange-handbook.uk/Exchange Handbook http://www.xml Virtual Matching Utilities (VMUs).Industry Websites http://www.sungard.investorwords.