Life Cycle of a Trade


 Facilitator  Self  Course Outline  Break Timings

 15 mins – Forenoon  45 mins – Lunch  15 mins – Afternoon
 Expectations

Page 2

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
Page 3

What is your Idea of Life Cycle of a trade ?? Page 4 .

Section One The Market Participants .

Facilitators  Brokers  Dealers  Investment Banks  Stock Exchanges  Agents  Securities Trading Organisations  Custodians  Clearing Banks  Regulators Page 6 .The Market Participants .

The Market Participants .Investors  Institutional Investors  Mutual Funds (Unit Trusts)  Pension Funds  Insurance Companies  Hedge Funds  Charities  Individual Investors Page 7 .

The Marketplace INVESTORS ISSUERS AGENTS Securities IN VESTO RS AGEN TS Securities Trading House Exchanges AGENTS Securities INVESTORS ISSUERS Page 8 .

French Government Bonds traded on the Paris Bourse settle in Euroclear Page 9 . Central to some market places is the Stock Exchange.g.  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.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 .

Market Participants Page 14 .So far Covered I.

Section Two Static Data .

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. For Example:  Trading Entities  Trading Books within each entity  Counterparties  Instruments  Currencies  Prices Page 16 .

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.Sources of Static Data  Where possible. Page 17 .

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 .

Electronic Trade Confirmation.Counterparty Static Data  Name. SWIFT. 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. Email Page 19 . Telex.

Derivative. Issuer  Coupon Rate.Instrument Static Data  Type of instrument  Issue  Equity. Quick Code. Commodity  Short Name.  Exchange  Currency  Maturity Date  Factors Page 20 . Size.30/360. Denomination. Cusip etc  Coupon Dates  Alternative/External References. A/360 etc  ISIN. Warrant. Bond. Common Code. Payment Characteristics . RIC. Long Name.

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. Page 21 .

Page 22 .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.

Market Participants Static Data Page 23 .So far Covered I. II.

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 .

What is a Trade?  A legal contract between two ‘counterparties’. Page 26 .  The BUYER must pay the agreed purchase price on the agreed value date.  The SELLER must deliver the commodity he has sold to the buyer. 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. Page 28 .  To reduce risk.  Hedging:  To speculate and accumulate.  Accumulate  Benefit from dividend on shares and interest on bonds.

 Telephone This term applied to the liberalization of the London Stock Exchange (LSE) when Trading was automated.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.  Computerised Exchanges  Established in the UK as part of the Big Bang in 1986. Page 29 .

 NASDAQ (US) SEAQ (UK)  Order Driven  Orders from sellers are matched with buyers’ orders electronically.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. Archipelago  Euro-MTS Brokertec Page 30 . SEATS (Australia)  Xetra (Germany) SETS (UK)  Electronic Communications Networks (ECN)  ECN’s operate on an electronic basis only.

trade processing is usually done via Back Office processing systems. Page 31 .  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.

In/Out)  Quantity  Instrument/Security  Price  Counterparty Page 32 .g.Front Office Trade Detail  Trading Book  Trade Date  Deal Time  Value Date  Operation (e. Lend/Borrow. Buy/Sell.

Page 33 .  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.Trade Validation  Trade validation occurs to check if the trade information received in the Back office systems corresponds with the Front Office record.

 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.Trade Enrichment  Trade enrichment exists to add specific trade data to the basic trade detail to allow downstream processing.  Regulatory Reporting required.  Selection of custodian details.  Trade Confirmation requirements.  Selection of Settlement Instructions and communication method. Page 34 .  Examples include:  Calculation of cash values.

Market Participants Static Data III.So far Covered I. Trade Execution & Trades Processing Page 35 . II.

Section Four Trade Confirmation .

 Trade Affirmation.  Until the counterparty acknowledges the trade detail the effect on the price or quantity of the trade is subject to change.  Trade or Contract Matching.  Trade agreement can be achieved through:  Sending trade confirmations to the counterparty. Page 37 .Trade Confirmation/Agreement  Trade Confirmation/Affirmation is an important process required to reduce the risk of the traders P&L. impacting the traders book.  Receiving trade confirmations from the counterparty.

 Examples include:  Omgeo Central Trade Manager (CTM). (NSCC) Page 38 . matched. unmatched) are provided by the trade matching facility to both parties.Trade Matching Trade Matching generally applies to mandatory electronic matching of trade details.  TRAX (Internationally traded debt & securities).  Matching results (i.e.  Depository Trust & Clearing Corporation (DTCC)  National Securities Clearing Corporation’s Trade Matching Service.  Both parties are required to input details to a central matching facility.

(US)  DTC ID (Institutional Delivery) – (US) Page 39 .  FIX – (Global)  Oasys Domestic .Trade Affirmation Trade Affirmation relates to the electronic matching of trade details typically between securities institutions and Institutional clients.  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.  Trade details are input by the securities house and sent to a trade affirmation facility.  Examples include:  Omgeo’s Oasys Global system.  Both parties must subscribe to the service.

Page 40 .  Prompt actioning of all confirmation discrepancies reduces trade risk.Summary Basic Principles  The longer a trade’s detail remains unchecked after trade date.  Timely and accurate confirmation generation is a major client service consideration. the greater the risk of price movement and P&L impact.  Trade confirmation/matching messages should be issued as soon as possible after trade validation.

Market Participants Static Data III. II. Trade Execution & Processing IV. Trade Confirmation Page 41 .So far Covered I.

Section Five Trade Instruction .

 Trade Agreement confirms the commercial details of the trade.  Settlement Instructions indicate the commercial details of the trade AND the location and account details for the cash and security movements. Page 43 . (Settlement Details).Settlement Instructions Settlement Instructions are used to communicate the movement of securities and cash to the custodian.

 The net settlement value to be paid or received.  To whom securities must be delivered. Page 44 .  From whom payment will be received.  From whom securities will be received.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.  To whom payment must be made.

W.T.F.I.Instruction Communication Methods S.  CREST  DTC  Euroclear  Clearstream  Agent Banks  Custodians Proprietary Messaging  CREST  DTC  Euclid (for Euroclear)  Cedcom (for Clearstream) Page 45 .

So far Covered
I. II. Market Participants Static Data

III. Trade Execution & Processing IV. Trade Confirmation V. Trade Instruction

Page 46

Section Six
Instruction/Agent Matching

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

Page 48

 Unmatched Resolution  Trade Settlement  Investigation and resolution of non-matching instructions. the next lifecycle steps include:  Instruction Matching  Custodian attempt to match the instruction to the counterparty instruction. Page 49 .Matching at The Settlement Agent Once Instructions have been received at the Custodian. (matched/unmatched/unknown).  Updating the current status within the securities trading organisation’s books and records.  Status Update  Attachment of the current status of the instruction.

Instruction Status (Matched/Unmatched) is sent back to both parties. . Status is recorded.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. Instruction matching occurs.

Market Participants Static Data III. Trade Confirmation V. II.So far Covered I. Trade Execution & Processing IV. Trade Instruction VI. Instruction / Agent Matching Page 51 .

Section Seven Trade Settlement .

Settlement Terminology Trade settlement is the act of exchanging securities and cash between buyer and seller. Page 53 .  Value Date / Contractual Settlement Date.  A percentage of trades fail to settle on value date and will settle on another date referred to as the actual settlement date.  Actual Settlement  Value Date and Settlement Date will be the same in the majority of trade settlement cases.

(Funding). the total amount must cover the amount required.  The purchaser may have a collateral agreement whereby collateral is held in the account to offset any non return of funds.  The purchaser may aggregate balances over a number of accounts.  Ensure the purchaser has sufficient cash to make the payment.  The purchaser may have a credit agreement with the custodian who will cover the cash shortfall.Settlement Considerations How to ensure trade settlement  Ensure the seller holds the required level of securities at the correct custodian.  Some securities can settle at more than one location. (Secured credit line/Overdraft). (Margin) Page 54 .

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 Execution & Processing IV. Trade Settlement Page 57 . Instruction / Agent Matching VII. Trade Instruction VI. II. Trade Confirmation V.So far Covered I. Market Participants Static Data III.

Section Eight Position/Inventory Management .

Page 59 .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).  At the correct time (on value date).

Methods of Inventory Management If securities are unavailable we can consider the following:  Internal Book Transfer.  Autoborrow.  Borrow securities from another firm account same depot.  Realignment.  Borrow the securities from the market.  Stock Borrow Loan Trade.  Borrow the securities from the custodian/central depository.  Execute a Repurchase Agreement (Repo)  Do nothing and let the trade fail.  Borrow securities from another firm account different depot. Page 60 .

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 .

 Borrow certain types of security automatically i.  Lend upon request. Page 62 .  Borrow upon request. Spanish Bonds.e.  Lenders  Lend all securities automatically.Automated Lending & Borrowing Service provided by large Custodians and Central Security Depositories:  Borrowers  Borrow required securities automatically.  Sometimes used as a last resort due to the cost.  Lend certain types of security automatically.

 The system attempts to locate the relevant trade in its internal books and records. Page 63 .  It will also automatically update the relevant security positions and balances reflecting the delivery or receipts.  Once found it records the status update against the transaction.  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.How do Trades & Positions get updated?  Automated Updates  Instruction statuses are sent in by the custodian (fully settled. partially settled.  The Securities Trading House automatically loads this information into the settlements systems. failed etc).

So far Covered I. II. Trade Confirmation V. Trade Instruction VI. Trade Execution & Processing IV. Instruction / Agent Matching VII. Position / Inventory Management Page 64 . Market Participants Static Data III. Trade Settlement VIII.

Section Nine Fails & Fail Management .

 The buyer and seller are impacted by settlement failure:  Unable to use the cash to fund other security purchases.  Unable to lend on money markets and earn credit interest on cash.  Unable to use securities required for an onward delivery causing a break in the chain.  Risk impact due to movement in the market causing a change in the value of securities. (mark to market) Page 66 .  Unable to pay off existing overdraft/debt.Failing Trades and their Impact  A failed trade is any securities transaction that does not settle on value date.

collateral.Why Trades Fail  Instructions not received by custodian  Instructions remain unmatched on value date  Insufficient cash. credit line  Insufficient securities Page 67 .

The Importance of Managing Fails  Fails will have cash implications  Interest claims on fails to receive. Page 68 .Fines are imposed by CREST from a member’s failure to achieve pre-defined settlement targets.  UK .  Interest expense on fails to deliver.  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.

 In some Securities Trading Houses.g.  Back Office Settlements add immense value by actively monitoring instruction statuses and helping to accurately fund cash shortfalls or short positions.  Some marketplaces (e. ISMA) have minimum claimable interest recommendations and deadlines by which claims must be issued.  Failed trades are monitored to determine the reason for failure and enable the interest claim to be executed against the counterparty. Page 69 .Interest Claims  An interest claim is compensation from the failing party to for the loss of cash interest or use of securities. impacting their P&L. if the Firm Trader is at fault then the cost of the fail can be directly attributed to their book.

Trade Settlement VIII. Trade Execution & Processing IV. Instruction / Agent Matching VII. Trade Confirmation V.So far Covered I. Trade Instruction VI. II. Position / Inventory Management IX. Market Participants Static Data III. Fails & Fail Management Page 70 .

Section Ten Reconciliations .

 A Reconciliation Break is a discrepancy between one record and another  All breaks should be investigated.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. 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 .

Trade Settlement VIII. Trade Confirmation V. II. Market Participants Static Data III. Trade Execution & Processing IV. Instruction / Agent Matching VII.So far Covered I. Reconciliations Page 74 . Fails & Fail Management X. Position / Inventory Management IX. Trade Instruction VI.

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. Citibank Milan Citibank Madrid Sub-Custodian Page 76 . Banco Espirito Santo Lisboa A custodian within a Global Custodian’s network of custodians. As per custodian. 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.

Types of Custodian 2 Term Central Securities Depository (CSD). usually the CREST (UK & Eire) place of settlement. 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. effected through book JASDEC (JPY) transfer. A CSD that handles domestic securities of CCASS (HK) the country in which it is located. resultant securities and cash . DTC (USA) normally in book entry form. Description Examples An organisation that hold securities. National Central Securities Depository (NCSD) International Central A CSD that handles domestic and Euroclear (Brussels) Securities Depository international securities.

XI. X. Position / Inventory Management IX. III. Market Participants Static Data Trade Execution & Processing Trade Confirmation Trade Instruction Instruction / Agent Matching VII. Trade Settlement VIII. VI.So far Covered I. V. IV. II. 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 .

Page 81 .  Business Area Controller (BAC)  Responsible for product lines and the Business.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.  Central Functions – Risk Controlling  Responsible for Managing Risk across the all divisions centrally.

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 .

Position / Inventory Management IX. IV. Trade & Position Accounting VII. V. X.So far Covered I. Clearing & Custody XII. II. VI. Market Participants Static Data Trade Execution & Processing Trade Confirmation Trade Instruction Instruction / Agent Matching XI. Fails & Fail Management Reconciliations Page 84 . Trade Settlement VIII. III.

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 .

 Monitor the business undertaken by securities trading houses. Page 87 .  Enforcement of laws and possible prosecution of security law violators.Regulator Responsibilities  Assessing suitability of securities trading houses to participate within the market place. investment advisors & fund managers.

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 .

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 .Compliance Compliance is the Bank’s internal regulator.

So far Covered I. Fails & Fail Management Reconciliations Page 91 . Regulatory & Compliance VII. X. Clearing & Custody XII. Trade Settlement VIII. IV. Trade & Position Accounting XIII. II. V. III. Position / Inventory Management IX. VI. Market Participants Static Data Trade Execution & Processing Trade Confirmation Trade Instruction Instruction / Agent Matching XI.

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 .

Section Fifteen

Recommended Reading
 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
Page 95

Industry Websites
  CREST Depository Trust & Clearing Corporation  Euroclear  Japanese Securities Depository Centre  International Securities Market Associations  Bank of England  Financial Services Authority   Securities Exchange Commission National Association of Securities Dealers Automated Quotations.

 American Stock Exchange  Stock Exchange   London Clearing House International Financial Futures & Options Exchange

Page 96   Compliance Exchange   http://www.Industry Websites   Securities Institute  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  Federation of Exchanges OTC Derivatives termination service Financial Regulatory Authorities Page 97   http://www.isla.html    . Handbook  http://www.xml Virtual Matching Utilities (VMUs).jsp?bc=/investments/ Glossary STP Forum STP Info Association for Financial Professionals  http://www.calpers.stpforum.sungard.  Websites    OMGEO Sungard Systems Page 98 .com/  

Sign up to vote on this title
UsefulNot useful