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Life Cycle of a Trade

Training

Introduction
Facilitator
Self
Course Outline
Break Timings

15 mins Forenoon
45 mins Lunch
15 mins Afternoon
Expectations

Page 2

Expectations
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

The Market Participants - Facilitators


Brokers
Dealers
Investment Banks
Stock Exchanges
Agents
Securities Trading Organisations
Custodians
Clearing Banks
Regulators
Page 6

The Market Participants - Investors


Institutional Investors
Mutual Funds (Unit Trusts)
Pension Funds
Insurance Companies
Hedge Funds
Charities
Individual Investors

Page 7

The Marketplace

Page 8

Markets & Stock Exchanges


A Market is an environment in which securities are
bought and sold. Central to some market places is the
Stock Exchange.
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

Stock Exchanges
Region

Country

Financial
Centre

Stock Exchange

Europe

UK

London

London Stock Exchange (LSE)


London Metal Exchange
London International Financial Futures & Options
Exchange (LIFFE)

Germany

Frankfurt

Deutsche Bourse

Spain

Madrid

Bolsa de Madrid

China

Hong Kong

Stock Exchange of Hong Kong


Hong Kong Futures Exchange

China

Shenzhen
Shanghai

Shenzhen Stock Exchange


Shanghai Stock Exchange

Japan

Tokyo

Tokyo Stock Exchange


Tokyo International Financial Futures Exchange (TIFFE)

Singapore

Singapore

Stock Exchange of Singapore


Singapore International Monetary Exchange (SIMEX)

Australia

Sydney

Australian Stock Exchange (ASX)

USA

New York
Chicago

New York Stock Exchange (NYSE)


Chicago Stock Exchange

Asia
Pacific

America

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

Example

Corporations

Vodafone (UK)

Sovereign Entities

Kingdom of Denmark

Local Governments

City of London

Government Agencies

Federal National Mortgage Association

Supranational Organisations

International Bank for Reconstruction &


Development (World Bank IBRD)

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

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

Sources of Static Data


Where possible, 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.

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

Counterparty Static Data


Name, 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, Electronic Trade Confirmation, SWIFT, Email

Page 19

Instrument Static Data


Type of instrument

Equity, Bond, Warrant, Derivative, Commodity

Issue

Short Name, Long Name, Size, Denomination, Issuer

Coupon Dates

Coupon Rate, Payment Characteristics - 30/360, A/360 etc

Alternative/External References,

ISIN, Common Code, RIC, Quick Code, Cusip etc

Exchange
Currency
Maturity Date
Factors
Page 20

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

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

So far Covered
I.

Market Participants

II.

Static Data

Page 23

Section Three
Trade Execution & Trades Processing

Straight Through Processing

Page 25

What is a Trade?
A legal contract between two counterparties. A seller and
a buyer.
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.

Page 26

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.


Accumulate

Benefit from dividend on shares and interest on bonds.


Hedging:

To speculate and accumulate.


To reduce risk.

Page 28

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.

This term
applied to the liberalization of the London Stock Exchange (LSE)
when Trading was automated.

Telephone

Page 29

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.
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)

ECNs operate on an electronic basis only.


Brokertec
Archipelago
Euro-MTS
Page 30

Trade Capture
Regardless of the trade execution/origin, all trades must be
recorded formally by the market participant.
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 processing is usually done via Back Office
processing systems.

Page 31

Front Office Trade Detail


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

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.

Page 33

Trade Enrichment
Trade enrichment exists to add specific trade data to the
basic trade detail to allow downstream processing.
This data is not usually held in Front Office Trading
systems.
This data can be added manually however in the STP
environment the aim is to derive this automatically.
Examples include:

Calculation of cash values.


Regulatory Reporting required.
Trade Confirmation requirements.
Selection of custodian details.
Selection of Settlement Instructions and communication method.
Page 34

So far Covered
I.

Market Participants

II.

Static Data

III. Trade Execution & Trades Processing

Page 35

Section Four
Trade Confirmation

Trade Confirmation/Agreement
Trade Confirmation/Affirmation is an important process
required to reduce the risk of the traders P&L.
Until the counterparty acknowledges the trade detail the
effect on the price or quantity of the trade is subject to
change, impacting the traders book.
Trade agreement can be achieved through:

Sending trade confirmations to the counterparty.


Receiving trade confirmations from the counterparty.
Trade or Contract Matching.
Trade Affirmation.

Page 37

Trade Matching
Trade Matching generally applies to mandatory
electronic matching of trade details.
Both parties are required to input details to a central
matching facility.
Matching results (i.e. matched, unmatched) are provided
by the trade matching facility to both parties.
Examples include:

Omgeo Central Trade Manager (CTM).


TRAX (Internationally traded debt & securities).
Depository Trust & Clearing Corporation (DTCC)
National Securities Clearing Corporations Trade Matching Service.
(NSCC)

Page 38

Trade Affirmation
Trade Affirmation relates to the electronic matching of trade details
typically between securities institutions and Institutional clients.
Trade details are input by the securities house and sent to a trade
affirmation facility.
The Trade affirmation central hub sends on the message.
The institutional client agrees (affirms) or disagrees and the response
is sent back to the securities house.
Both parties must subscribe to the service.
Examples include:

Omgeos Oasys Global system.


FIX (Global)
Oasys Domestic - (US)
DTC ID (Institutional Delivery) (US)
Page 39

Summary
Basic Principles
The longer a trades detail remains unchecked after trade
date, 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.
Timely and accurate confirmation generation is a major
client service consideration.
Prompt actioning of all confirmation discrepancies reduces
trade risk.

Page 40

So far Covered
I.

Market Participants

II.

Static Data

III. Trade Execution & Processing


IV. Trade Confirmation

Page 41

Section Five
Trade Instruction

Settlement Instructions
Settlement Instructions are used to communicate the
movement of securities and cash to the custodian.
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. (Settlement Details).

Page 43

Instruction Content
Settlement Instructions tell the custodian/Agent to carry
out precise commands such as:
The quantity of securities to be received or delivered.
The net settlement value to be paid or received.
From whom securities will be received.
To whom payment must be made.
From whom payment will be received.
To whom securities must be delivered.
On which date to carry out these instructions.
Page 44

Instruction Communication Methods


S.W.I.F.T.

Proprietary Messaging

CREST

CREST

DTC

DTC

Euroclear

Euclid (for Euroclear)

Clearstream

Cedcom (for Clearstream)

Agent Banks
Custodians

Page 45

So far Covered
I.

Market Participants

II.

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

Matching at The Settlement Agent


Once Instructions have been received at the Custodian,
the next lifecycle steps include:
Instruction Matching

Custodian attempt to match the instruction to the counterparty


instruction.

Status Update

Attachment of the current status of the instruction.


(matched/unmatched/unknown).

Unmatched Resolution

Investigation and resolution of non-matching instructions.

Trade Settlement

Updating the current status within the securities trading


organisations books and records.

Page 49

Instructions Matching: Example

1
2
3
4

Instructions sent in by Securities House and Counterparty.


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

Page 50

So far Covered
I.

Market Participants

II.

Static Data

III. Trade Execution & Processing


IV. Trade Confirmation
V.

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.
Value Date / Contractual Settlement Date.
Actual Settlement
Value Date and Settlement Date will be the same in the
majority of trade settlement cases.
A percentage of trades fail to settle on value date and will
settle on another date referred to as the actual settlement
date.

Page 53

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.


Ensure the purchaser has sufficient cash to make the
payment.

The purchaser may aggregate balances over a number of accounts,


the total amount must cover the amount required. (Funding).
The purchaser may have a credit agreement with the custodian who
will cover the cash shortfall. (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. (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

So far Covered
I.

Market Participants

II.

Static Data

III. Trade Execution & Processing


IV. Trade Confirmation
V.

Trade Instruction

VI. Instruction / Agent Matching


VII. Trade Settlement

Page 57

Section Eight
Position/Inventory Management

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).

Page 59

Methods of Inventory Management


If securities are unavailable we can consider the following:
Internal Book Transfer.

Borrow securities from another firm account same depot.

Realignment.

Borrow securities from another firm account different depot.

Stock Borrow Loan Trade.

Borrow the securities from the market.

Autoborrow.

Borrow the securities from the custodian/central depository.

Execute a Repurchase Agreement (Repo)


Do nothing and let the trade fail.
Page 60

Inventory & Funding Management

Page 61

Automated Lending & Borrowing


Service provided by large Custodians and Central
Security Depositories:
Borrowers

Borrow required securities automatically.


Borrow certain types of security automatically i.e. Spanish Bonds.
Borrow upon request.
Sometimes used as a last resort due to the cost.
Lenders

Lend all securities automatically.


Lend certain types of security automatically.
Lend upon request.
Page 62

How do Trades & Positions get updated?


Automated Updates

Instruction statuses are sent in by the custodian (fully settled,

partially settled, failed etc).


The Securities Trading House automatically loads this information
into the settlements systems.
The system attempts to locate the relevant trade in its internal books
and records.
Once found it records the status update against the transaction.
It will also automatically update the relevant security positions and
balances reflecting the delivery or receipts.

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.

Page 63

So far Covered
I.

Market Participants

II.

Static Data

III. Trade Execution & Processing


IV. Trade Confirmation
V.

Trade Instruction

VI. Instruction / Agent Matching


VII. Trade Settlement
VIII. Position / Inventory Management

Page 64

Section Nine
Fails & Fail Management

Failing Trades and their Impact


A failed trade is any securities transaction that does not
settle on value date.
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 pay off existing overdraft/debt.
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

Why Trades Fail


Instructions not received by custodian
Instructions remain unmatched on value date
Insufficient cash, collateral, credit line
Insufficient securities

Page 67

The Importance of Managing Fails


Fails will have cash implications

Interest claims on fails to receive.


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.
UK - Fines are imposed by CREST from a members failure to
achieve pre-defined settlement targets.

Page 68

Interest Claims
An interest claim is compensation from the failing party to
for the loss of cash interest or use of securities.

Failed trades are monitored to determine the reason for failure and

enable the interest claim to be executed against the counterparty.


Some marketplaces (e.g. ISMA) have minimum claimable interest
recommendations and deadlines by which claims must be issued.
Back Office Settlements add immense value by actively monitoring
instruction statuses and helping to accurately fund cash shortfalls or
short positions.
In some Securities Trading Houses, if the Firm Trader is at fault then
the cost of the fail can be directly attributed to their book, impacting
their P&L.

Page 69

So far Covered
I.

Market Participants

II.

Static Data

III. Trade Execution & Processing


IV. Trade Confirmation
V.

Trade Instruction

VI. Instruction / Agent Matching


VII. Trade Settlement
VIII. Position / Inventory Management
IX. Fails & Fail Management
Page 70

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

So far Covered
I.

Market Participants

II.

Static Data

III. Trade Execution & Processing


IV. Trade Confirmation
V.

Trade Instruction

VI. Instruction / Agent Matching


VII. Trade Settlement
VIII. Position / Inventory Management
IX. Fails & Fail Management
X.

Reconciliations

Page 74

Section Eleven
Clearing and Custody

Types of Custodian 1
Term

Description

Example

Custodian

An organisation that holds securities


and cash on its clients behalf and
may effect trade settlement on its
clients behalf.

Deutsche Bank
Domestic Custody
Services

Global Custodian

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

A custodian that operates within a


specific financial centre.

Credit Lyonnais Paris

A custodian within a Global


Custodians network of custodians.

Citibank Milan

Local Custodian

Sub-Custodian

Page 76

Citigroup
BoNY
Paribas
Banco Espirito Santo
Lisboa
Citibank Madrid

Types of Custodian 2
Term

Description

Examples

Central Securities
Depository (CSD).

An organisation that hold securities,


normally in book entry form; usually
the place of settlement, effected
through book transfer.

DTC (USA)
CREST (UK & Eire)
JASDEC (JPY)

CCASS (HK)
A CSD that handles domestic
securities of the country in which it is
located.

National Central
Securities
Depository (NCSD)
International
Central Securities
Depository (ICSD)

A CSD that handles domestic and


international securities.

Euroclear
(Brussels)

Only two organisations are


recognised as ICDSs.

Clearstream
(Luxembourg)

Settlement Agent

An organisation that effects the


exchange of securities and cash on

Citibank Milan

Page 77

Citibank Madrid

So far Covered
I.

Market Participants

II.

Static Data

III.

Trade Execution & Processing

IV.

Trade Confirmation

V.

Trade Instruction

VI.

Instruction / Agent Matching

VII. Trade Settlement


VIII. Position / Inventory Management
IX.

Fails & Fail Management

X.

Reconciliations

XI.

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

A change in the structure of an existing security

Stock Split
Bonus Shares

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.


Business Area Controller (BAC)

Responsible for product lines and the Business.


Central Functions Risk Controlling

Responsible for Managing Risk across the all divisions centrally.


Page 81

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.

Market Participants

II.

Static Data

III.

Trade Execution & Processing

XI.

IV.

Trade Confirmation

V.

Trade Instruction

XII. Trade & Position


Accounting

VI.

Instruction / Agent Matching

VII. Trade Settlement


VIII. Position / Inventory Management
IX.

Fails & Fail Management

X.

Reconciliations

Page 84

Clearing & Custody

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

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

Page 87

Financial Regulatory Authorities


Country

Regulatory Authority

Australia

Australian Securities & Investments Commission


Prudential Regulatory Authority

Bahamas

Bahamas Central Bank

France

Commission des Operations de Bourse


Banque de France

Hong Kong

Securities & Futures Commission


Monetary Authority

Japan

Financial Supervisory Agency


Financial Reconstruction Commission

Singapore

Monetary Authority of Singapore

UK

Financial Services Authority (FSA)

USA

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 Banks 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

So far Covered
I.

Market Participants

II.

Static Data

III.

Trade Execution & Processing

XI.

IV.

Trade Confirmation

V.

Trade Instruction

XII. Trade & Position


Accounting

VI.

Instruction / Agent Matching

VII. Trade Settlement


VIII. Position / Inventory Management
IX.

Fails & Fail Management

X.

Reconciliations

Page 91

Clearing & Custody

XIII. Regulatory &


Compliance

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
References

Recommended Reading
Michael Simmons

Securities Operations A Guide to Trade & Position Management

Stephen Valdez

An Introduction to Western Financial Markets

David Dasey

An Introduction to Equity Markets

Moorad Choudhry

An Introduction to Repo Markets

Robert Hudsen

Treasury Management

Financial Engineering

The Handbook of Equity Derivatives

Oxford paperbacks

Dictionary of Finance & Banking

Page 95

Industry Websites
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/

Page 96

London Clearing House


International Financial Futures & Options
Exchange

Industry Websites
http://www.iosco.org/iosco.html

International Organ Securities Commission

http://www.ipma.org.uk/

International Primary Market Association

http://www.isda.org/index.html

International Swaps & Derivatives Association

http://www.isla.co.uk/

International Securities Lending Association

http://www.isma.com/home.html

International Securities Market Association

http://www.liba.org.uk/

London Investment Bank Association

http://www.lsta.org/

Loan Syndic Trading Association

http://www.sia.com/

Securities Industry Association

http://www.securities-institute.org.uk Securities Institute


http://dspace.dial.pipex.com/jhalsey/ Compliance Exchange
http://www.world-exchanges.org/

Federation of Exchanges

http://www.trioptima.com/tri/

OTC Derivatives termination service

http://www.finanz-adressen.de/WE-fin-regulatory.html
Financial Regulatory Authorities

Page 97

Industry Websites
http://www.exchange-handbook.co.uk/Exchange Handbook
http://www.investorwords.com/

Glossary

http://www.stpforum.com/

STP Forum

http://www.stpinfo.com/

STP Info

http://www.afponline.org/

Association for Financial Professionals

http://www.calpers.ca.gov/index.jsp?bc=/investments/straightthrough.xml
Virtual Matching Utilities (VMUs);
http://www.omgeo.com/

OMGEO

http://www.sungard.com/

Sungard Systems

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