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International Derivatives Brochure
International Derivatives Brochure

... Conversely, this represents a negative movement of R20 for the seller of the International Derivatives SSF contract. The exchange will require that the seller pay R20 into his variation margin account which will then be paid into the buyer’s variation margin account. The margin required to be paid ...
TREASURY CERTIFICATES (CCTS)
TREASURY CERTIFICATES (CCTS)

... Treasury Certificates are a kind of security very appreciated by families because of their feature to adjust coupons to market rates and therefore guarantee, in case of a negotiation before maturity, a capital amount very similar to that initially invested. CCTs have been issued, since March 1991, w ...
Document
Document

...  All treasury coupon securities and bills: All are used in the hope that they contain additional information relative to the above. here it is not possible to use bootstrapping as there may exist several yields for each maturity (uses instead exponential spline fitting).  Treasury coupon strips: a ...
Global Financial Stability Report(Chapter 1): Potent Policies for
Global Financial Stability Report(Chapter 1): Potent Policies for

AB - Global Value Portfolio
AB - Global Value Portfolio

... convenience pricing, which offers the ability to purchase or redeem shares using the currency indicated, which is then converted into the base currency of the portfolio using a market rate at the time of purchase or redemption. Convenience pricing involves no currency hedging and does not seek to pr ...
Why Managing Inflation Risk Still Matters: A Multi
Why Managing Inflation Risk Still Matters: A Multi

FINRA Proposes Amendments to Supervision R
FINRA Proposes Amendments to Supervision R

... require that a member firm designate an appropriately registered principal to supervise each type of business the member firm engages in, regardless of whether registration as a broker-dealer is required for that activity. This would constitute a major change for broker-dealers that currently do not ...
Financial Market Failures and Systemic Risk
Financial Market Failures and Systemic Risk

... short term borrowing and by the use of derivatives. Institutional investors, mutual funds and banks, all relied on the same financing pattern. On the BIS opinion, the systematic recourse to very high leverage is an indication of an aggressive attitude toward risk. It is motivated by excess competiti ...
Rating Symbols and Definitions
Rating Symbols and Definitions

... obligations.5 As such, Issuer Ratings incorporate any external support that is expected to apply to all current and future issuance of senior unsecured financial obligations and contracts, such as explicit support stemming from a guarantee of all senior unsecured financial obligations and contracts, ...
Financial Management: Principles and Applications
Financial Management: Principles and Applications

... Diff: 1 Topic: 2.3 The Financial Marketplace: Securities Markets Keywords: stock exchanges 16) Organized security exchanges do not physically occupy space. Answer: FALSE Diff: 1 Topic: 2.3 The Financial Marketplace: Securities Markets Keywords: stock exchanges 17) Explain how securities markets prov ...
Earnings Release Q3 FY 2016: Strong execution drives growth and
Earnings Release Q3 FY 2016: Strong execution drives growth and

... Siemens Real Estate Corporate items Centrally carried pension expense Amortization of intangible assets acquired in business combinations Eliminations, Corporate Treasury and other reconciling items Reconciliation to Consolidated Financial Statements ...
Impartial Investing - University of Michigan Law School
Impartial Investing - University of Michigan Law School

... on the ground that they would provide too little return to income beneficiaries, since trustees are permitted to make compensating distributions from capital appreciation to income recipients. These compensating distributions must, however, reflect the nature of the investment plan rather than a st ...
Chapter 5
Chapter 5

Addressing the pro-cyclicality of capital requirements with a
Addressing the pro-cyclicality of capital requirements with a

SAI - Cortina Asset Management
SAI - Cortina Asset Management

THE CHARLOTTE-MECKLENBURG HOSPITAL AUTHORITY
THE CHARLOTTE-MECKLENBURG HOSPITAL AUTHORITY

fair value - WikiLeaks
fair value - WikiLeaks

community - American Crystal Sugar
community - American Crystal Sugar

Probability of Default for Microfinance Institutions
Probability of Default for Microfinance Institutions

... » If financial statements were less than 3 month before default event then these statements were removed from the model development » If 2 statements were available from 4 to 21 months before default event then statement closer to default event was kept and tagged as default and other statement was ...
ALASKA COMMUNICATIONS SYSTEMS GROUP INC
ALASKA COMMUNICATIONS SYSTEMS GROUP INC

... Pursuant to the Purchase Agreement, ACS will, or will cause one or more of its affiliates to, sell to GCI, or one or more of its affiliates, ACS Wireless’s interest in AWN and substantially all the assets of ACS and its affiliates related to ACS’s wireless business (the "Acquired Assets") for a cash ...
Diversified thinking
Diversified thinking

FSB Securities Lending and Repos: Market Overview and Financial
FSB Securities Lending and Repos: Market Overview and Financial

Global safe assets - Bank for International Settlements
Global safe assets - Bank for International Settlements

Session 9 Government financing and debt
Session 9 Government financing and debt

... 8% per annum – but this is unlikely, as lending involves risk. Commercial banks want to make a profit from their loans, taking into account the risks involved: therefore, they add a ‘risk premium’. Imagine that you are the Director of Credit at “First Bank”, a leading commercial bank in your country ...
Indexed Sovereign Debt: An Applied Framework
Indexed Sovereign Debt: An Applied Framework

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Securitization

Securitization is the financial practice of pooling various types of contractual debt such as residential mortgages, commercial mortgages, auto loans or credit card debt obligations (or other non-debt assets which generate receivables) and selling their related cash flows to third party investors as securities, which may be described as bonds, pass-through securities, or collateralized debt obligations (CDOs). Investors are repaid from the principal and interest cash flows collected from the underlying debt and redistributed through the capital structure of the new financing. Securities backed by mortgage receivables are called mortgage-backed securities (MBS), while those backed by other types of receivables are asset-backed securities (ABS).Critics have suggested that the complexity inherent in securitization can limit investors' ability to monitor risk, and that competitive securitization markets with multiple securitizers may be particularly prone to sharp declines in underwriting standards. Private, competitive mortgage securitization is believed to have played an important role in the U.S. subprime mortgage crisis.In addition, off-balance sheet treatment for securitizations coupled with guarantees from the issuer can hide the extent of leverage of the securitizing firm, thereby facilitating risky capital structures and leading to an under-pricing of credit risk. Off-balance sheet securitizations are believed to have played a large role in the high leverage level of U.S. financial institutions before the financial crisis, and the need for bailouts.The granularity of pools of securitized assets can mitigate the credit risk of individual borrowers. Unlike general corporate debt, the credit quality of securitized debt is non-stationary due to changes in volatility that are time- and structure-dependent. If the transaction is properly structured and the pool performs as expected, the credit risk of all tranches of structured debt improves; if improperly structured, the affected tranches may experience dramatic credit deterioration and loss.Securitization has evolved from its beginnings in the late 18th century to an estimated outstanding of $10.24 trillion in the United States and $2.25 trillion in Europe as of the 2nd quarter of 2008. In 2007, ABS issuance amounted to $3.455 trillion in the US and $652 billion in Europe. WBS (Whole Business Securitization) arrangements first appeared in the United Kingdom in the 1990s, and became common in various Commonwealth legal systems where senior creditors of an insolvent business effectively gain the right to control the company.
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