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    This paper explores the effects of labor and product market reforms in a New Keynesian, small open economy model with labor market frictions and endogenous producer entry. We show that it takes time for reforms to pay off, typically at least a couple of years. This is partly because the benefits materialize through firm entry and increased hiring, both of which are gradual processes, while any reform-driven layoffs are immediate. Some reforms--such as reductions in employment protection--increase unemployment temporarily. Implementing a broad package of labor and product market reforms minimizes transition costs. Importantly, reforms do not have noticeable deflationary effects, suggesting that the inability of monetary policy to deliver large interest rate cuts in their aftermath--either because of the zero bound on policy rates or because of membership in a monetary union--may not be a relevant obstacle to reform. Alternative simple monetary policy rules do not have a large effect on transition costs.

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    We show that profit-maximizing firms alter product design in the market for Medicare prescription drug coverage to account for underutilization by consumers. Using plausibly exogenous variation in coverage, we examine prescription drug utilization under two different plan structures. We document that plans that cover all medical expenses spend more on drugs than plans that are only responsible for prescription drug spending, consistent with drug spending offsetting some medical costs. The effect is driven by drugs that are likely to generate substantial offsets. Our supply side model confirms that differential incentives across plans can explain this disparity. Counterfactuals show that the externality created by stand-alone drug plans is $405 million per year. Finally, we explore the extent to which subsidies and information provision can mitigate the externality generated by under-consumption.

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    The Depository Trust & Clearing Corporation (DTCC)’s Omgeosubsidiary, the global standard for institutional post-trade efficiency, and Simcorp, the leading provider of investment management solutions and services, today announced that the first live repurchase agreement (repo) trade has been automatically processed in SimCorp Dimension and Omgeo Central Trade ManagerSM (Omgeo CTM) between Kammarkollegiet and Nordea Bank. This marks a significant milestone in DTCC’s ongoing partnership with SimCorp to deliver straight-through processing (STP) to the marketplace.read more...

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    Endesa Generación S.A. has been admitted to exchange trading for Phelix Futures/Options and Dutch Financial Power Futures.

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    Nasdaq (Nasdaq:NDAQ) today announced the results of the annual re-ranking of the NASDAQ Biotechnology Index (Nasdaq:NBI), which will become effective prior to market open on Monday, December 21, 2015.read more...

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    In December 2015, brokerage firm Triad Securities announced they will be expanding their managed suites offering by adding an area of 7,500 square feet meant exclusively for hedge fund managers.Located in the historic Trinity Building at 111 Broadway in the Wall Street area, Triad Securities currently occupies 22,500 square feet of space and will be introducing custom suites that range from 1,000 to 5,000 square feet, at a rate which will be much more affordable than standard office space."Manhattan asking rents are up 10% in the last 12 months and our start-up hedge fund clients have always had difficulty leasing relatively small office space with flexible lease terms," said Daniel Madison, Executive Managing Director, real estate firm Newmark Grubb Knight Frank.Triad Securities has been offering their prime brokerage services and infrastructure to hedge funds looking to develop and focus their business strategies for over 20 years."Triad continues to help emerging managers grow their businesses by expanding its "hedge fund hotel” services and providing an economic alternative for hedge funds to work and grow without being forced to sign a long term lease,”  said Scott Daspin, Director Prime Brokerage Sales at Triad.Triad has an in-depth understanding of the expenses involved with launching a hedge fund and the resources emerging managers need to grow their business and stay compliant.  Their infrastructure helps funds outsource a variety of areas crucial to launching and maintaining a fund.The operating budgets of hedge funds encompass numerous expenses, including marketing, legal fees, accounting, and risk systems.  In order to offer managers some relief from these costs, Triad also offers IT, operational, trading, and prime brokerage support, as well as allowing managers access to their network of contacts that can assist with legal, accounting, marketing and capital introduction.

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    The partnership agreement between the European Bank for Reconstruction and Development (EBRD) and Borsa Ä°stanbul was signed with the participation of Deputy Prime Minister H.E. Mehmet Şimşek. Member of the Parliament, Izmir, from the Justice and Development Party Ä°brahim Turhan participated in the panel entitled “Borsa Ä°stanbul’s Global Journey on its 142nd Anniversary”.Borsa Ä°stanbul’s closing bell rang simultaneously with Nasdaq for BISTECH “Transformation through Technology Program”, launched on November 30. Having entered into important strategic partnerships as part of its vision to make Istanbul a leading financial center of its region as well as globally, Borsa Ä°stanbul signed a partnership agreement with the European Bank for Reconstruction and Development (EBRD). Previously, Borsa Ä°stanbul signed a term Sheet with the EBRD. Borsa Ä°stanbul CEO Tuncay Dinç and EBRD First Vice President Phil Bennett signed the agreement in a ceremony in the presence of Deputy Prime Minister H.E. Mehmet Şimşek. At the ceremony, Tuncay Dinç presented a symbolic Strategic Partnership Share of Borsa Ä°stanbul to Phil Bennett. Mr. Bennett presented gifts to Deputy Prime Minister H.E. Mehmet Şimşek and Member of the Parliament, Izmir, from the Justice and Development Party Ä°brahim Turhan for their support and cooperation.In his speech following the signing ceremony, Deputy Prime Minister H.E. Mehmet Şimşek said: “We are here to celebrate the beginning of the strategic partnership between Borsa Ä°stanbul and the EBRD. I am sure this is going to be a highly beneficial partnership. I would like to thank Borsa Ä°stanbul’s management and the EBRD for this great milestone agreement. Borsa Ä°stanbul is at the heart of our ambition to make Istanbul an international financial center. As a founding member of the EBRD, the relations with the Bank are very important to us. Turkey has now become the largest recipient of EBRD finance. This demonstrates the Bank’s confidence in Turkey. Today’s agreement is the expression of this trust. The EBRD has great experience and knowledge in transforming other stock exchanges. This will help the development of Borsa Ä°stanbul. On the other hand, we appreciate Nasdaq deeply as a partner. I believe that the value of this partnership and investment will be better understood in the forthcoming period”.As part of “Borsa Ä°stanbul’s Global Journey on its 142nd Anniversary” event, a panel was held with the participation of Borsa Ä°stanbul’s Founding Chairman and Member of the Parliament, Izmir, from the Justice and Development Party Ä°brahim M. Turhan; former Chairman of the Capital Markets Board of Turkey and Boğaziçi University faculty member Prof. Dr. Vedat Akgiray; Istanbul Technical University Rector Prof. Dr. Mehmet Karaca; EBRD First Vice President Phil Bennett; and Nasdaq President Adena Friedman. Following the panel, a closing bell ceremony was held for BISTECH and a signing ceremony was held for the EBRD Strategic Partnership Agreement.Member of the Parliament, Izmir, from the Justice and Development Party Ä°brahim M. Turhan expressed his best wishes for Borsa Ä°stanbul for a happy anniversary on its 142nd year, and shared the four-phase vision they developed during his incumbency with Borsa Ä°stanbul. Turhan said that the first phase of this vision was “restructuring”, and went on to say, “Thanks to the support of our esteemed President, then the Prime Minister of Turkey, as well as Mr. Ali Babacan, who was then Minister; and the Chairman of the Capital Markets Board of Turkey at the time, Prof. Vedat Akgiray, we issued the Capital Markets Law and Istanbul Stock Exchange demutualized into Borsa Ä°stanbul. After that, we merged with the Istanbul Gold Exchange and Izmir Derivatives Exchange and also integrated with Takasbank, thereby successfully completing the “Horizontal and Vertical Integration” phase”. Turhan said that the third phase was “Strategic Partnerships”, during which, the partnerships with Nasdaq and EBRD converted Borsa Ä°stanbul into a technology company running a trading platform, from an exchange with a technology department. Turhan emphasized that the last phase of the strategic vision is Borsa Ä°stanbul’s public offering, adding, “I believe that the valuable executives of Borsa Ä°stanbul will successfully complete this phase and realize the vision we created in 2012”.EBRD First Vice President Phil Bennett said: “We welcome Turkey’s ambition to transform Istanbul into a dynamic hub for internationally significant financial services. With Borsa Ä°stanbul as the catalyst for development of the Turkish capital markets, we believe that our partnership is a logical step towards fulfilling this ambition. As a shareholder, the EBRD will work to improve the efficiency and liquidity of Borsa Ä°stanbul and help it become a leading exchange in terms of the number of listed companies and market capitalisation, reflecting the full potential of the Turkish economy.”Former Chairman of the Capital Markets Board and Boğaziçi University Faculty Member Prof. Vedat Akgiray said that Boğaziçi University has a long-term relation with Borsa Ä°stanbul, and added that the Financial Technopark is only one of the joint projects of the two institutions. Akgiray said that Borsa Ä°stanbul is the sole exchange of Turkey and the largest in the region, and added, “Financing is for people. That was the intention when the exchange was founded 142 years ago. Then, there was a break of 100 years. Borsa Ä°stanbul registered the fastest growth in the world. Had we done all of this in time, we could have been bigger than Nasdaq. And so we will be”.Istanbul Technical University Rector Prof. Dr. Mehmet Karaca indicated that the company they founded in cooperation with Borsa Ä°stanbul is one-year old only, and said, “We will start profiting next year. Our data center will be launched soon. We have nearly 100 companies in our Technopark, which will be operating in finance. We will grow with Borsa Ä°stanbul”.Prof. Dr. Karaca expressed that the ecosystem they established with Borsa Ä°stanbul is aimed at supporting entrepreneurship, and added, “The competition on entrepreneurship we organized last year received 100 projects in the first year. This year, we have 3,900 applications. If Borsa Ä°stanbul supports entrepreneurship through the Private Market, this ecosystem will improve further. We need more success stories. I am thankful to our government for their support in this field”.Nasdaq President Adena Friedman indicated that they are a technology company and went on to say, “Our partnerships are mostly in the form of technology transfer. However, in the case of Borsa Ä°stanbul, we became shareholders. This is a first for Nasdaq. This actually shows the power of our partnership”. Friedman expressed their gratitude to Borsa Ä°stanbul management, adding, “This is a milestone in the history of Nasdaq. With Borsa Ä°stanbul, we will realize the transformation of other exchanges in the region”.At the panel, Ä°brahim M. Turhan asked: “Most of such technology projects are long-term, but unsuccessful. How come did such a comprehensive project with Borsa Ä°stanbul succeed in such a short time?” Nasdaq President Friedman replied to this question by saying that they defined the scope of the work at a very early stage, and said, “Borsa Ä°stanbul team became a part of us. They learned from us, and we learned from them. It is easy to say, but it is difficult to do. But we always focused on the result. Everyone was part of this and a fantastic project came out. We owe such a successful start to working with very skilled people”.The closing bell of Borsa Ä°stanbul on the occasion of its 142nd anniversary rang for the renewal of its Equity Market’s 22-year old applications along with its ecosystems as part of BISTECH “Transformation through Technology Program” simultaneously with Nasdaq, and as part of this event, the Turkish flag streamed in the Times Square of New York in a live broadcast.Borsa Ä°stanbul CEO Tuncay Dinç said that they wanted to celebrate the 142nd anniversary of Borsa Ä°stanbul along with the partnership with the EBRD as well as the BISTECH project. Dinç said that the partnership with the EBRD is the right choice for Borsa Ä°stanbul since the EBRD is an institution that is active in the Balkans and the Middle East, where Borsa Ä°stanbul intends to be active. Dinç said that an exchange means technology, and added, “If you want to be ready for the future, you have to be technologic. With BISTECH, we increase both the speed and capacity of the exchange. This will make us capable of competing with the other exchanges of the world. We have taken the source codes, sales rights and copyrights from Nasdaq. We wanted to realize this with our own people. In the forthcoming years, we want to make this technology sellable to other countries”.Dinç also indicated that Japanese, known for their skill in technology, want to buy that technology, adding, “We are working to convert Turkey from a technology-using country to one that produces technology. We are doing what we do not for today, but for the future. We want to plant seeds before we need them. Thanks to this structure, we will be one of those exchanges capable of competing in the future”.Borsa Ä°stanbul CEO Tuncay DinçDeputy Prime Minister H.E. Mehmet Şimşekread more...

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    Singapore Exchange (SGX) was named “Global Exchange of the Year” for the first time at the recent Futures & Options World (FOW) International Awards ceremony, as well as “Exchange of the Year – Asia, Australasia and MEA.”read more...

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    The American-Hellenic Chamber of Commerce and Japonica Partners presented the inaugural Pericles Leadership Award to Harvard Business School Professor George Serafeim. Professor Serafeim has pledged the €100,000 Award to support the goal of helping the Hellenic Republic produce a government balance sheet, which he views as an essential step to accelerating the turnaround of Greek government finances.read more...

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    We study the feedback from the risk of outstanding mortgage-backed securities (MBS) on the level and volatility of interest rates. We incorporate the supply shocks resulting from changes in MBS duration into a ...

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    MIAX Options Exchange will have an abbreviated trading session on Thursday, December 24, 2015.  All Option Classes will close 3 hours early. read more...

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    Businesses face more than £1bn in costs from the launch of the National Living Wage next year, according to government advisors.

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    Quayle Munro is pleased to announce that it has advised Synova Capital LLP (“Synova”), an award winning investor into UK growth companies, on its £9.0 million investment into Vistair Systems Limited (“Vistair” or the “Business”), a leading provider of technology-based safety, efficiency and compliance solutions to the airline industry.read more...

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    Whose business is climate change?

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    The European Banking Authority (EBA) launched today a consultation on its draft Regulatory Technical Standards (RTS) that specify the conditions under which competent authorities assess the significance of positions included in the scope of market risk internal models, as well as the methodology that competent authorities shall apply to assess an institution's compliance with the requirements to use an Internal Model Approach (IMA) for market risk.  These draft RTS are a key component of the EBA's work to ensure consistency in models outputs and comparability of risk-weighted exposures and will contribute to harmonise the supervisory assessment methodology across all EU Member States. The consultation runs until 13 March 2016.read more...

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    New transactional binary protocol for derivatives market TWIME will be available on test environment starting form 10 December 2015. We are glad to invite our clients to participate in testing.read more...

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    Intercontinental Exchange Group (NYSE:ICE), the leading global network of exchanges and clearing houses, today completed its previously announced $5.2 billion acquisition of Interactive Data Corporation (Interactive Data), a leading provider of financial market data, analytics and related trading solutions. Interactive Data is now a wholly-owned subsidiary of ICE, having been acquired from Silver Lake and Warburg Pincus for approximately $3.65 billion in cash and approximately 6.47 million shares of ICE common stock, which were valued at $1.55 billion on October 23, 2015, based on the 10-day trailing volume-weighted average price of the ICE common stock as of that date. Based on the 10-day trailing volume-weighted average as of December 10, 2015, the 6.47 million shares have an approximate value of $1.67 billion. ICE previously announced that it had issued $2.5 billion in senior notes relating to the cash portion of the transaction.read more...

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    The European Banking Authority (EBA) published today its report in response to the European Commission's call for advice on the suitability of certain aspects of the prudential regime for investment firms. This report, done in consultation with the European Securities Market Authority (ESMA), presents the EBA's findings and lists a series of recommendations aiming to provide a more proportionate and less complex prudential regime for investment firms, based on appropriate risk sensitivity parameters.read more...

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    Bucharest Stock Exchange (BVB) Ordinary General Shareholders Meeting met on Monday, December 14, 2015, elected the new members of the Board of Governors and a new president of the Board.read more...

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    The European Banking Authority (EBA) launched today a consultation on its draft Regulatory Technical Standards (RTS) that specify the conditions under which competent authorities assess the significance of positions included in the scope of market risk internal models, as well as the methodology that competent authorities shall apply to assess an institution’s compliance with the requirements to use an Internal Model Approach (IMA) for market risk.  These draft RTS are a key component of the EBA's work to ensure consistency in models outputs and comparability of risk-weighted exposures and will contribute to harmonise the supervisory assessment methodology across all EU Member States. The consultation runs until 13 March 2016.read more...

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