Resident Money Market and Investment Funds Return (MMIF) Worked examples - derivatives, securities borrowing/lending and overdrafts

Size: px
Start display at page:

Download "Resident Money Market and Investment Funds Return (MMIF) Worked examples - derivatives, securities borrowing/lending and overdrafts"

Transcription

1 Resident Money Market and Investment Funds Return (MMIF) Worked examples - derivatives, securities borrowing/lending and overdrafts Version 2 March sbys@centralbank.ie Website:

2 Contents Lending/Borrowing, including Repurchase Agreements and Reverse Repurchase Agreements... 2 borrowing...2 lending...3 lending and borrowing...4 s... 5 Swaps...5 Forward Contract...7 Exchange Traded Futures and Options...8 OTC Options bought and sold...9 Contract for difference (CFD) Accounts with Overdraft Facilities

3 Lending/Borrowing, including Repurchase Agreements and Reverse Repurchase Agreements The securities lending and borrowing worksheets, and the securities lending cells in the A-Equities (3.1.3) and A-Debt (3.2.3), capture the reporting requirement for securities lending and securities borrowing. Where securities borrowed are subsequently short sold, this needs to be reported on security-bysecurity on the A-Equities and A-Debt worksheets. NB, where borrowed securities are not short sold; they should not be recorded on the A-Equities or A-Debt worksheets. All cash movements in these arrangements are recorded. borrowed or lent are only recorded if they are not collateral only. employed as collateral only means that the recipient of the securities can only reuse the securities in the event of the counterparty defaulting on the agreement. The examples below relate to securities borrowing, securities lending and a combination of both. Example 1: borrowing A Fund undertakes 4 transactions: Row 1: A reverse repo with another Irish Fund, rolled over on a daily basis, which lends 100,000 in cash and takes in 102,000 in securities as collateral into an escrow account, started 4 working days before end. Fees receivable accumulate at a rate of 200 per day and are paid daily. The daily rollovers of the 100,000 lent out accumulate in transactions. The closing position is the 100,000 cash lent out. The 102,000 in securities are collateral and are not recorded. Funds receivable amount to 800 by -end and are all paid so none accrue. Rows 2 and 3: A securities borrowing arrangement with another Irish Fund where; 1) 50,000 in securities are borrowed, all with permission to be re-used, and 51,000 in securities is provided to the other Fund as collateral. 2) 20,000 of the above borrowed securities are re-used as collateral in order to borrow 20,000 more securities from a US Fund, and 25,000 are short-sold. The 20,000 in borrowed securities from the US Fund are also short-sold. Where no cash is involved, there are no records in market movements. All securities that can be either re-used as collateral or short-sold are recorded as securities borrowing, i.e. the 50,000 in securities originally borrowed and the 20,000 in securities borrowed following rehypothecation but not the 51,000 in securities originally provided as collateral. All short-sold securities should be recorded in the A-Equities or A-Debt worksheets. Under rehypothecation, the split between securities re-used as collateral and securities short-sold is on the basis of totals for all securities borrowed, i.e. this should be recorded on the total line in and no individual breakdown is necessary. borrowed are not recorded in the A-Equities or A-Debt, as the exposure to market movements in these securities remains with the counterparty (except where the borrowed securities are subsequently short-sold). 2

4 Row 4: 2 reverse repos with Barclays bank in the UK, lending 200,000 in cash and taking in securities as collateral, and RBS bank in the UK, lending 50,000 in cash and taking in securities as collateral. Since both of these instruments have the same characteristics for all non-market movement columns, they can be merged into one row. Section 3.4: Borrowing and Reverse Repurchase Agreements Instrument Cash Movements Increases 3..2 Decreases Value of Borrowed Rehypothecation Sold Reused as Collateral Interest Instrument Characteristics 650, , , , , , , , , EUR IE IF 1 01/04/14 2 EUR 50, IE IF 1 07/04/14 2 USD 20, US IF 1 07/04/ , , STG UK DTC 1 01/04/ Original Section 3.2: Debt Other Market Price per Security at end Amount of involved in Lending Interest Interest Contractual Price / Par Value Yield Investment Grade Purchases Sales , ISIN XXX , , AA 31/06/15 ISIN XXX , , AAA 31/12/21 Example 2: lending A Fund undertakes 2 transactions: A repo in which the Fund borrows 1,000,000 from a US bank and lends 1,005,000 in debt securities to the bank. This repo is rolled over on each of the 2 days before -end. Fees are payable and paid at 200 per day. A securities lending arrangement in which the Fund lends 2,000,000 in debt securities to a German bank and receives 2,010,000 in debt securities as collateral. The cash element of the repo is recorded under cash movements. As there is no cash element to the securities lending arrangement, it is not recorded in Section 5.2. The securities lent out are recorded as totals only in Section 3.1 and/or Section 3.2. In this case, the 1,005,000 in debt securities lent out in the repo and the 2,000,000 in debt securities lent out in the securities lending arrangement are combined as a total in the Debt worksheet in column Amount of position involved in Lending. 3

5 lent out continue to be recorded on a security-by-security basis as the Fund remains exposed to market movements in securities lent out. Section 5.2: Lending and Repurchase Agreements Instrument Cash Movements Interest/Fees Interest Instrument Characteristics Increases Section 3.2: Debt Decreases Original ,000, ,000, ,000, ,000, ,000, ,000, US DTC 1 01/04/ Amount of involved in Lending Interest Interest Other Identificatio n Market Price per Security at -end Contractual Price / Par Value Yield Investment Grade Purchases Sales 3,005, ,005, ,005, YYY ,005, ,005, AA 31/06/15 1 YYY ,000, ,000, AAA 31/12/21 Example 3: lending and borrowing A Fund undertakes the following transaction: are lent to a US Fund amounting to 1,000,000, with permission to be re-used, in exchange for equity securities borrowed from the US Fund, amounting to 1,000,000. The securities borrowed are short sold. This is treated as both securities borrowing and securities lending. As no cash is involved, cash movements within the Lending and Borrowing worksheets are not filled in. In fact, the Lending worksheet is ignored. The securities lent out are recorded on the A- Equities worksheet. The securities borrowed are recorded in column of the Borrowing worksheet. The short-sold securities are recorded in both the Borrowing worksheet, under rehypothecation, and in the A-Equities worksheet. 4

6 Section 3.4: Borrowing and Reverse Repurchase Agreements Instrument Cash Movements 3..1 Increases Decreases Value of Borrowed Rehypothecation Sold Reused as Collateral Interest ,000, ,000, Instrument Characteristics 2 USD 1,000, US IF 1 07/04/ Original Section 3.1: Equities Other Identificatio n Market Movements Purchases Sales Market Price per Share at -end Amount of involved in Lending Dividends Dividends (line-by-line option) Instrument Characteristics Instrument Quoted/Unq uoted ,000, ,000, ,000, Non-ISIN coded securities only: 2 XXX1234 1,000, ,000, USD 1 1 US NFC Issuer s For all derivative positions, the following rules apply: All settlement receipts or payments are recorded as transactions under market movements these are realised gains/losses. Other receipts or payments, such as trading fees, are recorded as income or expenses receivable, payable or accrued; Initial margin, since it is repayable, should be recorded in the Other Assets and Other Liabilities worksheets, not in the derivatives worksheet; to margin accounts to maintain the initial margin after gains/losses are essentially realised gains/losses and so are recorded as transactions; Premium payments, such as for exchange traded options, are recorded as transactions in derivatives; Only if the derivative contract has expired, the following fields are not required: nominal amount (.4), or any of the columns in - derivative type, underlying asset type, long/short and maturity date. Where there is no closing position but the derivative contract remains in place, these fields are required, such as where daily settlement occurs. The following examples relate to Swaps, Forward Contracts, Exchange Traded Futures and Options, OTC Options and Contracts for Difference. Swaps Swaps can be recorded on either one or multiple rows, where one row reflects the merging of valuations and characteristics of each leg and multiple rows reflect the separation of each leg of a swap. 5

7 For the long/short column,.3, this is only filled in where the Fund is long or short just one leg, where the other leg or legs represent fixed payments. Otherwise, it can be left blank. For example, in the interest rate swap example below, the Fund is only long with respect to the floating interest rate, not the fixed payments. Example: Interest rate swap The Fund enters into an interest rate swap where it pays a fixed annual rate of interest of 4%, paid ly, on a notional amount of 10 million which expires in 6 months. The counterparty agrees to pay to the Fund ly LIBOR + 1% on the same notional amount, ly, over a period of 6 months. Table: Background information for valuing swap market movements Time period (t) LIBOR futures + 1% Quarterly floating interest rate Quarterly fixed interest rate Fund receipts Fund payments Net receipts Discount factor Valuation of Fixed leg Q , , , ,750 Q , , ,776 The net present value (NPV) of the floating leg of the swap is 10m ( 10m x.9776) = 224,000. The NPV of the fixed leg of the swap is 98, ,776 = 196,526. This represents the combination of the value of the fixed leg in Q1 and the value of the fixed leg in Q2 payments multiplied by discount factors. For the Fund, the net value of the swap is 27,474 ( 224, ,526), before any receipts or payments. The Fund receives a fee of 1,000 per, payable when the derivative matures. This is in addition to settlement payments on the derivative. In Q1, the value of the swap at closing is the unrealised gain of 14,794, which is the total gain of 27,474 less the 12,500 received in the. In Q2, the balance of the swap is paid upon settlement, which we assume here is the unrealised gain from Q1. receivable and accrued is reported only once where more than one leg is reported. In Q2, the change in position of - 1,000 reflects the fact that 1,000 in fees fell due in the while 2,000 was paid upon maturity. The example presents both choices netting both legs or reporting each leg separately. Where more than one leg of a derivative is reported separately, market movements are reported in gross terms. So transactions reflect the 112,500 received on the floating leg and the 100,000 paid on the fixed leg, even though the actual payment was likely to have been the net 12,500. positions for each leg are the NPV of the leg minus these gross transactions. amounts for swaps refer to the amount of the underlying asset upon which the percentage cash flows are based. In this example, the nominal amount is 10 million. 6

8 Q1.1 Other Amount , , , , , Asset.3 1 TW000GTFF406 12,500 14,974 10,000, EUR 1,000 1,000 1,000 1 de 1 31/03/14 UK DTC OR 1 TW000GTFF ,000-96,526 10,000, EUR 1 d 31/03/14 UK DTC 1 TW000GTFF , ,500 10,000, EUR 1,000 1,000 1,000 1 e 1 31/03/14 UK DTC Q2.1 Other Amount , , , , Asset.3 1 TW000GTFF406 14,974 14,974 EUR 1,000-1,000 UK DTC OR 1 TW000GTFF406-96,526 96,526 EUR 1,000-1,000 UK DTC 1 TW000GTFF , ,500 EUR UK DTC Forward Contract These contracts should be recorded at mark to market rates using spot exchange/interest rates prevailing at the beginning/end of the period. Example The Fund enters into a forward contract with a US bank at end-february to buy $10 million for euro ( ) at a rate of 1 = $1 at end-may. At the start of the contract, the contract has a value of zero. At the end of the, the forward rate is 1 = $0.95. So the mark to market position is positive for the Fund Q1 and should be reported as an asset: ($10,000,000/0.95) ($10,000,000/1.00) = 526,315; The forward contract is worth 526,315 at the end of Q1 to the Fund. This is an unrealised gain and should be recorded by the Fund as a closing position. are only recorded when there is a realised gain/loss at the expiry of the forward contract. At the time of delivery in Q2 the market rate is 1 = $1.05 and the forward contracts value is: ($10,000,000/1.05) ($10,000,000/1.00) = - 909,091. Therefore, the forward contract is now worth - 909,091 at expiry. This is recorded as a transaction (realised loss) and the position is closed out. 7

9 The nominal amount is the amount of underlying asset upon which the cash flows are based. In this example, the nominal amount is 10,526,315 ($10,000,000 converted at a spot rate (assume equals forward rate for simplicity) rate of 1 = $0.95). Q1.1 Other Amount , Asset.3 4 BBGG00FGHI 526,315 10,526, USD 5 f 1 15/04/14 US DTC Q2.1 Other Amount , , Asset.3 4 BBGG00FGHI 526, ,091 USD US DTC Exchange Traded Futures and Options /closing positions are recorded at zero as exchange traded derivatives have daily settlement of positions. Where the contract has not expired at -end, the nominal amount and instrument characteristics fields are filled; Daily settlements arising from variation margin calls result in receipts from/payments to your margin accounts with the clearing house should be recorded as transactions; If the option results in a transaction in the underlying financial instrument, this should be recorded under the appropriate instrument worksheet; A central clearing counterparty, such as an exchange, is classified in the OFI sector. Example: Futures contract A Fund buys a commodities futures contract that agrees to buy 100,000 barrels of oil at a price of $91.50 on the London stock exchange at the end of Q1. The contracts are held for 4 days and are closed out in Q2. The Fund reports in US dollars. The daily price movements and variation payments are as follows: Quarter Day Price at which contract is traded price Price Movement Variation Margin (cash flow) Q1 1 Bought at ,000 Q ,000 Q ,000 Q2 4 Sold at ,000 8

10 On day 1, the variation margin reflects the movement in the closing price per barrel of oil multiplied by the number of barrels in the contract ($0.10 x 100,000 = $10,000). Due to daily settlement, this is a realised gain under transactions. Any initial margin is recorded in the Other Assets worksheet. On day 2, a $5,000 payment is similarly calculated and the closing position is zero since all gains/losses have been realised. The nominal amount, the total upon which cash flow percentages are calculated, is the number of contracts multiplied by the price of the underlying asset at end (100,000 x = $9,155,000). Similarly, on day 3, there is no opening position. On day 4 the position closes out so there is no closing position at the end of Q2 and, with the expiry of the contract, no requirement for the nominal amount or instrument characteristics. Since no barrels of oil are purchased or sold by the Fund, there is no impact on any non-derivative worksheet. Q1.1 Other Amount Asset , ,00 4 BBG004QJLTVO 10,000 5,000 9,155, USD 6 G 1 04/04/14 GB OFI Q2.1 Other Amount , ,00.1 Asset.3 4 BBG004QJLTVO 30,000 5,000 USD GB OFI OTC Options bought and sold For options bought, the related premium payments should be recorded as transactions payments; For options sold, the related premium receipts should be recorded as transactions receipts; If the option is exercised, the net settlement flows should be recorded by the purchaser as transactions in derivatives. Example: OTC Option bought A Fund purchases an OTC call option (buying the right to purchase the stock at a fixed price) in Q1 on an equity currently trading at 1 from a US investment corporation. If the Fund sells a put option (selling the right to the counterparty to sell the stock to the Fund at a fixed price), the recording below also applies. The premium is The strike price is The market price of the equity at the expiry date 3 months later in Q2 is

11 At the end of Q1, the market price of the equity was The option is for 10,000,000 shares. The premium payment of 600,000 (10,000,000 x 0.06) is recorded as a transaction. The option has an unrealised value of 200,000 at the end of Q1 (10,000,000 x 0.02). This is the difference between the strike price and the prevailing price. The nominal amount is the end- share price multiplied by the number of shares in the contract (10,000,000 x 1.17), which is 11,700,000. At expiry in Q2, the Fund records a transaction of 500,000 (10,000,000 x 0.05). This is the difference between the strike price and the prevailing price at settlement. When the option is triggered, the equities purchased should be valued at the prevailing market price of 11,200,000 (i.e. 10,000,000 x 1.20) and recorded under purchases in equity assets transactions in Section 3.1. Q1.1 Other Amount , , Asset.3 1 TW000GTFF , ,000 11,700, EUR 2 a 1 15/05/14 US NFC Q2.1 Other Amount , , Asset.3 1 TW000GTFF , ,000 EUR US NFC Example: OTC Option sold A Fund sells an OTC call option (sell to the counterparty the right to purchase the stock from the Fund at a fixed price) in Q1 on an equity currently trading at 1 to a UK bank. If the Fund buys a put option (buying the right to sell the stock at a fixed price), the recording below also applies. The premium is The strike price is The price at end-q1 is The market price of the equity at the expiry date 3 months later in Q2 is The option is for 1,000,000 shares. The premium receipt is 30,000 (1,000,000 x 0.03) is recorded as a transaction. 10

12 At end-q1, the Fund records a closing position of 10,000, which is the 0.01 difference between the end-q1 market price and the strike price multiplied by 1,000,000 shares. The nominal amount at end-q1 is 97,000 (1,000,000 shares multiplied by 0.97). When the option is triggered, the Fund makes a payment of 10,000 which reflects the total profit on the option of 40,000 (the 0.04 difference between the market price and the strike price multiplied by 1,000,000 shares) minus the premium receipt of 30,000. The equities sold should be valued at the prevailing market price of 94,000 (i.e. 1,000,000 x 0.94) and recorded under sales in equity assets transactions in Section 3.1. Q1.1 Other Amount / Expenses , , Asset.3 1 TW000GTFF406 30,000 10,000 97,000 EUR 1 a 1 10/05/14 GB DTC Q2.1 Other Amount / Expenses , , Asset.3 1 TW000GTFF406 10,000 10,000 EUR GB DTC Contract for difference (CFD) A minimum margin has to be maintained for CFDs. Cash flows to/from the Fund to maintain this minimum margin are recorded as transactions; CFDs have no expiry date and can be exercised at any time during the contract. Example: CFD bought A Fund takes a long CFD position with a German bank that bets on the price of a German company. The share price of the German company is in Q1. The CFD provider is quoting an offer price of Buy 1,000,000 CFDs for the above company (1,000,000 x 10.52) = 10,520,000. The initial margin requirement in relation to this German company is 5%, is recorded in other assets ( 10,520,000 x 0.05) = 526,000. The price drops to on day 2, so a payment needs to be made into the margin account as follows (1,000,000 x 0.12 x 0.05) = 6,000. This is a transaction payment. 11

13 The price drops to and the Fund decides to close out the position (1,000,000 x x 0.05) = 515,000. The net loss is 10,000 which is recorded as a transactions payment. Quarter Day Price at which contract is traded price Price Movement Margin of 5% Cash flow required to maintain initial margin Q1 1 Bought at ,000 Q ,000 Q2 3 Sold at ,000 5,000 Q1.1 Other Amount / Expenses ,00.1 Asset.3 4 NGH ,000 10,520,000 EUR 7 a L DE DTC Note: 526,000 is recorded as a transactions increase and closing position in the Other Assets worksheet. Q2.1 Other Amount / Expenses ,00.1 Asset.3 4 NGH ,000 EUR DE DTC Note: 526,000 is recorded as an opening position and transactions decrease in the Other Assets worksheet. Accounts with Overdraft Facilities A Fund, reporting in euro, has 4 accounts with overdraft facilities: Account 1, in euro with an Irish Bank, opens with positive balance of 1,000,000. Cash paid in amounts to 550,000 in the and cash paid out amounts to 40,000. Interest receivable is 1,000 of which 500 is paid. Note that cash in and cash out are both recorded as positive figures. The system automatically assumes transactions decreases represent a cash outflow; Column , Interest accrued - change in, represents the interest receivable but not received, i.e. accrued. 12

14 Account 2, in US dollars with a US bank, opens with an overdraft of negative $6,000. Over the, it repays and closes the account. Interest payable and paid amounts to $150. The exchange rate is 1:$1.5 at the start of the and 1:$1.2 when the account closes. All figures must be converted into euro: 6,000 at 1:$1.5 = 4,000, interest payable = $150 at an average exchange rate of $1.35 = ; Exchange rate differences account for the fact that the transaction increase more than offsets the opening balance even though the account is closing. Account 3, in euro with an Irish bank, opens with a positive balance of 250,000. Over the, it withdraws 320,000 from the account and finishes in an overdraft position of 70,000. Interest receivable is 500 and interest payable is 100, none of which is received or paid. An account moving from a positive to a negative figure only requires one row of data; Interest receivable/payable and accrued are net figures. 400 is the balance between interest receivable, of 500, and payable, of 100. Account 4, in euro with an Irish bank, opens with an overdraft of negative 100,000. Over the, it borrows another 50,000 and moves further into overdraft. Interest accrued amounts to 2,000, none of which is paid. Q1 and closing positions are negative but not transactions; Any interest accrued but not paid accumulates in and Account Movements Interest / Interest Debtor/Creditor Increases Decreases 1,250, , , ,460, , , , , , , ,000, , , ,460, EUR 1, IE DTC -4, , USD US DTC 250, , , EUR IE DTC -100, , , EUR -2, , , IE DTC 13

Guide to Balance Statistics towards foreign countries: specification for Balance Statistics 1(14)

Guide to Balance Statistics towards foreign countries: specification for Balance Statistics 1(14) 1(14) Guide to Balance Statistics towards foreign countries: specification for Balance Statistics Deposits (from row 101)... 2 Rest of the world... 2 Allocation among countries... 2 Thousands of SEK...

More information

Financial Risk Management

Financial Risk Management 176 Financial Risk Management For the year ended 31 December 2014 1. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES s major financial instruments include cash and bank balances, time deposits, principal-protected

More information

(1.1) (7.3) $250m 6.05% US$ Guaranteed notes 2014 (164.5) Bank and other loans. (0.9) (1.2) Interest accrual

(1.1) (7.3) $250m 6.05% US$ Guaranteed notes 2014 (164.5) Bank and other loans. (0.9) (1.2) Interest accrual 17 Financial assets Available for sale financial assets include 111.1m (2013: 83.0m) UK government bonds. This investment forms part of the deficit-funding plan agreed with the trustee of one of the principal

More information

PRODUCT DISCLOSURE STATEMENT FOR MARGIN FX & CONTRACTS FOR DIFFERENCE

PRODUCT DISCLOSURE STATEMENT FOR MARGIN FX & CONTRACTS FOR DIFFERENCE PRODUCT DISCLOSURE STATEMENT FOR MARGIN FX & CONTRACTS FOR DIFFERENCE This document provides important information about Margined Foreign Exchange and Contracts for Difference contracts to help you decide

More information

SECURITIES AND FUTURES ACT (CAP. 289)

SECURITIES AND FUTURES ACT (CAP. 289) Monetary Authority of Singapore SECURITIES AND FUTURES ACT (CAP. 289) NOTICE ON RISK BASED CAPITAL ADEQUACY REQUIREMENTS FOR HOLDERS OF CAPITAL MARKETS SERVICES LICENCES Monetary Authority of Singapore

More information

General Forex Glossary

General Forex Glossary General Forex Glossary A ADR American Depository Receipt Arbitrage The simultaneous buying and selling of a security at two different prices in two different markets, with the aim of creating profits without

More information

Guidance Note Capital Requirements Directive Market Risk

Guidance Note Capital Requirements Directive Market Risk Guidance Note Capital Requirements Directive Issued : 18 December 2007 Revised: 13 March 2013 V3 Please be advised that this Guidance Note is dated and does not take into account any changes arising from

More information

Beginner s Guide to CFDs

Beginner s Guide to CFDs Beginner s Guide to CFDs Chapters 1.1-1.3 www.trader.ge CFDs Chapter 1.1 / A Basic Description Welcome to this chapter, which will give a brief introduction to the history of CFDs. If you are already familiar

More information

STATUTORY BOARD SB-FRS 32 FINANCIAL REPORTING STANDARD. Financial Instruments: Presentation Illustrative Examples

STATUTORY BOARD SB-FRS 32 FINANCIAL REPORTING STANDARD. Financial Instruments: Presentation Illustrative Examples STATUTORY BOARD SB-FRS 32 FINANCIAL REPORTING STANDARD Financial Instruments: Presentation Illustrative Examples CONTENTS Paragraphs ACCOUNTING FOR CONTRACTS ON EQUITY INSTRUMENTS OF AN ENTITY Example

More information

STATUTORY BOARD FINANCIAL REPORTING STANDARD SB-FRS 32. Financial Instruments: Presentation Illustrative Examples

STATUTORY BOARD FINANCIAL REPORTING STANDARD SB-FRS 32. Financial Instruments: Presentation Illustrative Examples STATUTORY BOARD FINANCIAL REPORTING STANDARD SB-FRS 32 Financial Instruments: Presentation Illustrative Examples CONTENTS Paragraphs ACCOUNTING FOR CONTRACTS ON EQUITY INSTRUMENTS OF AN ENTITY Example

More information

Contracts for Difference (CFDs)

Contracts for Difference (CFDs) Contract for Difference (CFDs) and FCA Disclosure Requirements What are Contract for Difference (CFDs) CFDs (also known as Synthetic Equity Swaps (SES)) are Over the Counter (OTC) transactions which allow

More information

Managing Interest Rate Exposure

Managing Interest Rate Exposure Managing Interest Rate Exposure Global Markets Contents Products to manage Interest Rate Exposure...1 Interest Rate Swap Product Overview...2 Interest Rate Cap Product Overview...8 Interest Rate Collar

More information

GUIDE TO THE SURVEY FINANCIAL BALANCE STATISTICS

GUIDE TO THE SURVEY FINANCIAL BALANCE STATISTICS 1(16) GUIDE TO THE SURVEY FINANCIAL BALANCE STATISTICS 1 GENERAL INFORMATION... 3 2 DEFINITION OF DATA... 3 2.1 Positions... 3 2.2... 3 2.3... 4 3 DEFINITION OF VARIABLES... 4 3.1 Financial assets... 4

More information

Introduction to Derivative Instruments Part 1 Link n Learn

Introduction to Derivative Instruments Part 1 Link n Learn Introduction to Derivative Instruments Part 1 Link n Learn June 2014 Webinar Participants Elaine Canty Manager Financial Advisory Deloitte & Touche Ireland ecanty@deloitte.ie +353 1 417 2991 Christopher

More information

MARGIN FOREIGN EXCHANGE AND FOREIGN EXCHANGE OPTIONS

MARGIN FOREIGN EXCHANGE AND FOREIGN EXCHANGE OPTIONS CLIENT SERVICE AGREEMENT Halifax New Zealand Limited Client Service Agreement Product Disclosure Statement for MARGIN FOREIGN EXCHANGE AND FOREIGN EXCHANGE OPTIONS Halifax New Zealand Limited Financial

More information

Accounting for Derivatives. Rajan Chari Senior Manager rchari@deloitte.com

Accounting for Derivatives. Rajan Chari Senior Manager rchari@deloitte.com Accounting for Derivatives Rajan Chari Senior Manager rchari@deloitte.com October 3, 2005 Derivative Instruments to be Discussed Futures Forwards Options Swaps Copyright 2004 Deloitte Development LLC.

More information

Guidance on Implementing Financial Instruments: Recognition and Measurement

Guidance on Implementing Financial Instruments: Recognition and Measurement STATUTORY BOARD SB-FRS 39 FINANCIAL REPORTING STANDARD Guidance on Implementing Financial Instruments: Recognition and Measurement CONTENTS SECTION A SCOPE A.1 Practice of settling net: forward contract

More information

Learning Curve Forward Rate Agreements Anuk Teasdale

Learning Curve Forward Rate Agreements Anuk Teasdale Learning Curve Forward Rate Agreements Anuk Teasdale YieldCurve.com 2004 Page 1 In this article we review the forward rate agreement. Money market derivatives are priced on the basis of the forward rate,

More information

1.1 When we engage in CFD or Spot Forex trading with you, we do so on the basis of: - these terms, i.e. our CFD and Spot Forex Terms.

1.1 When we engage in CFD or Spot Forex trading with you, we do so on the basis of: - these terms, i.e. our CFD and Spot Forex Terms. CFD and Spot Forex Terms: Standard Credit Account 1. Structure 1.1 When we engage in CFD or Spot Forex trading with you, we do so on the basis of: - our General Terms; these terms, i.e. our CFD and Spot

More information

Türkiye İş Bankası A.Ş. Separate Financial Statements As at and for the Year Ended 31 December 2015

Türkiye İş Bankası A.Ş. Separate Financial Statements As at and for the Year Ended 31 December 2015 Türkiye İş Bankası A.Ş. Separate Financial Statements As at and for the Year Ended 2015 29 April 2016 This report includes 93 pages of separate financial statements together with their explanatory notes.

More information

Managers Directive AIFs. Issued :

Managers Directive AIFs. Issued : Information page Alternative Investment Fund Managers Directive AIFMs managing leveraged AIFs Issued : 7t May 2013 Table of Contents 1. Introduction... 3 2. General provisions applicable to AIFs using

More information

A negotiable instrument, akin to cash, which evidences a payment obligation to be met, on presentation, at designated dates.

A negotiable instrument, akin to cash, which evidences a payment obligation to be met, on presentation, at designated dates. GLOSSARY Australian dollar Long-Term Debt Portfolio The majority of the Long-Term Debt Portfolio consists of the domestic debt component known as the Australian dollar Long-Term Debt Portfolio. It consists

More information

Contracts for Difference Product Definition

Contracts for Difference Product Definition Contracts for Difference S4 Ltd. P.O. Box 159, Twickenham TW2 5YF 020-8894 3832 Version 8; September 2002 cfd@s4systems.com DES.ProductDefinition.LessMaths.doc 1. Objective 1. The purpose of the facility

More information

Condensed Interim Consolidated Financial Statements of. Canada Pension Plan Investment Board

Condensed Interim Consolidated Financial Statements of. Canada Pension Plan Investment Board Condensed Interim Consolidated Financial Statements of Canada Pension Plan Investment Board September 30, 2015 Condensed Interim Consolidated Balance Sheet As at September 30, 2015 As at September 30,

More information

Collateral Fundamentals

Collateral Fundamentals COLLATERAL INITIATIVES COORDINATION FORUM Collateral Fundamentals A Dictionary Definition of Collateral: Something pledged as security for repayment of a loan, to be forfeited in the event of a default

More information

Margin FX and CFDs Product Disclosure Statement 26 April 2016

Margin FX and CFDs Product Disclosure Statement 26 April 2016 Margin FX and CFDs 26 April 2016 Issuer: Forex Capital Trading Pty Ltd AFSL No. 306400 and ABN 69 119 086 270 1 P a g e 1. Important Information 1.1 About this PDS This PDS is issued by Forex Capital Trading

More information

How To Convert Euro To Korean Rouble

How To Convert Euro To Korean Rouble COMMISSIONS, CHARGES & MARGIN SCHEDULE This schedule outlines the various commissions, charges, margins, interest, any other rates and important information that you should be aware of and/or are referred

More information

85.52 Investments. 85.52.10 July 1, 2003. About investments. Short-term investments. 85.52.20 June 1, 2003 85.52.10

85.52 Investments. 85.52.10 July 1, 2003. About investments. Short-term investments. 85.52.20 June 1, 2003 85.52.10 85.52.10 85.52 Investments 85.52.10 July 1, 2003 About investments Investments are made as authorized by law and/or contractual agreement. Investment purchase and sale transactions are to be reported for

More information

Condensed Interim Consolidated Financial Statements of. Canada Pension Plan Investment Board

Condensed Interim Consolidated Financial Statements of. Canada Pension Plan Investment Board Condensed Interim Consolidated Financial Statements of Canada Pension Plan Investment Board December 31, 2015 Condensed Interim Consolidated Balance Sheet As at December 31, 2015 (CAD millions) As at December

More information

How To Write A Statement In European Currency

How To Write A Statement In European Currency How to Read Your Daily Futures Account Statement Format: Your statement has eight potential sections listed below. Which sections appear on your statement depends on the positions and type of activity

More information

PRODUCT DISCLOSURE STATEMENT FOR THE ISSUE OF ASX CFDs BY MORRISON SECURITIES PTY LIMITED

PRODUCT DISCLOSURE STATEMENT FOR THE ISSUE OF ASX CFDs BY MORRISON SECURITIES PTY LIMITED PRODUCT DISCLOSURE STATEMENT FOR THE ISSUE OF ASX CFDs BY MORRISON SECURITIES PTY LIMITED PART 1 This document is part of a Product Disclosure Statement and is Part 1. The other document which makes up

More information

PRINCIPLES FOR PRODUCING AND SUBMITTING REPORTS

PRINCIPLES FOR PRODUCING AND SUBMITTING REPORTS December 2014 PRINCIPLES FOR PRODUCING AND SUBMITTING REPORTS (1) The balance sheet and income statement are in euros, rounded up to integers. Amounts recorded in foreign currencies must be converted into

More information

Derivatives, Measurement and Hedge Accounting

Derivatives, Measurement and Hedge Accounting Derivatives, Measurement and Hedge Accounting IAS 39 11 June 2008 Contents Derivatives and embedded derivatives Definition Sample of products Accounting treatment Measurement Active market VS Inactive

More information

CFA Level -2 Derivatives - I

CFA Level -2 Derivatives - I CFA Level -2 Derivatives - I EduPristine www.edupristine.com Agenda Forwards Markets and Contracts Future Markets and Contracts Option Markets and Contracts 1 Forwards Markets and Contracts 2 Pricing and

More information

ASPE AT A GLANCE Section 3856 Financial Instruments

ASPE AT A GLANCE Section 3856 Financial Instruments ASPE AT A GLANCE Section 3856 Financial Instruments December 2014 Section 3856 Financial Instruments Effective Date Fiscal years beginning on or after January 1, 2011 1 SCOPE Applies to all financial instruments

More information

GENWORTH MI CANADA INC.

GENWORTH MI CANADA INC. Condensed Consolidated Interim Financial Statements (In Canadian dollars) GENWORTH MI CANADA INC. Three and six months ended June 30, 2015 and 2014 Condensed Consolidated Interim Statements of Financial

More information

Advanced forms of currency swaps

Advanced forms of currency swaps Advanced forms of currency swaps Basis swaps Basis swaps involve swapping one floating index rate for another. Banks may need to use basis swaps to arrange a currency swap for the customers. Example A

More information

Note 10: Derivative Instruments

Note 10: Derivative Instruments Note 10: Derivative Instruments Derivative instruments are financial contracts that derive their value from underlying changes in interest rates, foreign exchange rates or other financial or commodity

More information

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10 - Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10 - Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10 - Q QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTER ENDED JUNE 30,

More information

Industrial and Commercial Bank of China Limited Dealing frequency: Daily on each business day *

Industrial and Commercial Bank of China Limited Dealing frequency: Daily on each business day * APRIL 2016 This statement provides you with key information about Income Partners RMB Bond Fund (the Sub-Fund ). This statement is a part of the offering document and must be read in conjunction with the

More information

Basel Committee on Banking Supervision. Frequently Asked Questions on Basel III s January 2013 Liquidity Coverage Ratio framework

Basel Committee on Banking Supervision. Frequently Asked Questions on Basel III s January 2013 Liquidity Coverage Ratio framework Basel Committee on Banking Supervision Frequently Asked Questions on Basel III s January 2013 Liquidity Coverage Ratio framework April 2014 This publication is available on the BIS website (www.bis.org).

More information

Attachment A to Rules Notice 14-0066

Attachment A to Rules Notice 14-0066 INVESTMENT INDUSTRY REGULATORY ORGANIZATION OF CANADA MARGIN REQUIREMENTS FOR CERTAIN CASH AND SECURITY BORROWING AND LENDING ARRANGEMENTS - AMENDMENTS TO SCHEDULES 1, 7 AND 7A OF DEALER MEMBER FORM 1

More information

ACI Dealing Certificate (012)

ACI Dealing Certificate (012) I ealing ertificate (012) Sample Questions Setting the benchmark in certifying the financial industry globally 8 Rue du Mail, 75002 Paris - France T: +33 1 42975115 - F: +33 1 42975116 - www.aciforex.org

More information

Sprogo - A Guide to reportingarteries in Sweden

Sprogo - A Guide to reportingarteries in Sweden STATISTICS SWEDEN 1(10) Instructions for the quarterly reporting of AP funds, excluding the 7th AP fund. General Quarterly reports for AP funds are to be sent to Statistics Sweden (SCB) at the latest 45

More information

Non-Complex Products. Complex Products. General risks of trading

Non-Complex Products. Complex Products. General risks of trading We offer a wide range of investments, each with their own risks and rewards. The following information provides you with a general description of the nature and risks of the investments that you can trade

More information

db x-trackers S&P 500 UCITS ETF (DR) Supplement to the Prospectus

db x-trackers S&P 500 UCITS ETF (DR) Supplement to the Prospectus db x-trackers S&P 500 UCITS ETF (DR) Supplement to the Prospectus This Supplement contains information in relation to db x-trackers S&P 500 UCITS ETF (DR) (the Fund ), a sub-fund of Concept Fund Solutions

More information

Centrale Bank van Curaçao en Sint Maarten. Manual Coordinated Portfolio Investment Survey CPIS. Prepared by: Project group CPIS

Centrale Bank van Curaçao en Sint Maarten. Manual Coordinated Portfolio Investment Survey CPIS. Prepared by: Project group CPIS Centrale Bank van Curaçao en Sint Maarten Manual Coordinated Portfolio Investment Survey CPIS Prepared by: Project group CPIS Augustus 1, 2015 Contents Introduction 3 General reporting and instruction

More information

Complex Products. Non-Complex Products. General risks of trading

Complex Products. Non-Complex Products. General risks of trading We offer a wide range of investments, each with their own risks and rewards. The following information provides you with a general description of the nature and risks of the investments that you can trade

More information

Risks of Investments explained

Risks of Investments explained Risks of Investments explained Member of the London Stock Exchange .Introduction Killik & Co is committed to developing a clear and shared understanding of risk with its clients. The categories of risk

More information

PRINCIPAL GLOBAL INVESTORS FUNDS. Supplement dated 31 July 2013. for the Long/Short Global Opportunities Equity Fund

PRINCIPAL GLOBAL INVESTORS FUNDS. Supplement dated 31 July 2013. for the Long/Short Global Opportunities Equity Fund PRINCIPAL GLOBAL INVESTORS FUNDS Supplement dated 31 July 2013 for the Long/Short Global Opportunities Equity Fund This Supplement contains specific information in relation to the Long/Short Global Opportunities

More information

Form SR-4 Foreign Exchange and OTC Derivatives Notes to assist Completion

Form SR-4 Foreign Exchange and OTC Derivatives Notes to assist Completion Form SR-4 Foreign Exchange and OTC Derivatives Notes to assist Completion Section 1 of this return is aimed at establishing the exposure to the risk of loss arising from adverse movements in foreign exchange

More information

XIV. Additional risk information on forward transactions in CFDs

XIV. Additional risk information on forward transactions in CFDs XIV. Additional risk information on forward transactions in CFDs The following information is given in addition to the general risks associated with forward transactions. Please read the following information

More information

Roche Capital Market Ltd Financial Statements 2014

Roche Capital Market Ltd Financial Statements 2014 Roche Capital Market Ltd Financial Statements 2014 1 Roche Capital Market Ltd - Financial Statements 2014 Roche Capital Market Ltd, Financial Statements Roche Capital Market Ltd, statement of comprehensive

More information

CFD Disclosure Document Marketmaker TM (DD)

CFD Disclosure Document Marketmaker TM (DD) CMC Markets NZ Limited CFD Disclosure Document Marketmaker TM (DD) 9 March 2013 Company Registration Number 1705324 Table of contents Table of contents 01 Important information 5 1.1 About this DD 1.2

More information

Annual result of the Swiss National Bank for 2010

Annual result of the Swiss National Bank for 2010 Communications P.O. Box, CH-8022 Zurich Telephone +41 44 631 31 11 communications@snb.ch Zurich, 3 March 2011 Annual result of the Swiss National Bank for 2010 The Swiss National Bank (SNB) is reporting

More information

MT4 Trading Manual. Effective date: 13 October 2015

MT4 Trading Manual. Effective date: 13 October 2015 MT4 Trading Manual Effective date: 13 October 2015 LMAX MT4 Trading Manual Effective date: 13 October 2015 This Trading Manual ( the Manual ) provides further information and worked examples on our trading

More information

2 FSA002 Income statement

2 FSA002 Income statement 2 FSA002 Income statement This data item provides the PRA with information on the main sources of income and expenditure for a firm. It should be completed on a cumulative basis for the firm's current

More information

DERIVATIVE ADDITIONAL INFORMATION

DERIVATIVE ADDITIONAL INFORMATION DERIVATIVE ADDITIONAL INFORMATION I. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES A. Definitions and Concepts 1. Derivative Instrument A "derivative instrument" is a financial instrument that "derives"

More information

Significant Accounting Policies

Significant Accounting Policies Apart from the accounting policies presented within the corresponding notes to the financial statements, other significant accounting policies are set out below. These policies have been consistently applied

More information

MT4 Trading Manual. Effective Date: 25 th February 2015

MT4 Trading Manual. Effective Date: 25 th February 2015 MT4 Trading Manual Effective Date: 25 th February 2015 MT4 Trading Manual This Trading Manual ( the Manual ) provides further information and worked examples on our trading services when using the MT4

More information

Manual for SOA Exam FM/CAS Exam 2.

Manual for SOA Exam FM/CAS Exam 2. Manual for SOA Exam FM/CAS Exam 2. Chapter 7. Derivatives markets. c 2009. Miguel A. Arcones. All rights reserved. Extract from: Arcones Manual for the SOA Exam FM/CAS Exam 2, Financial Mathematics. Fall

More information

CONTRACTS FOR DIFFERENCE

CONTRACTS FOR DIFFERENCE CLIENT SERVICE AGREEMENT Halifax New Zealand Limited Client Service Agreement Product Disclosure Statement for CONTRACTS FOR DIFFERENCE Halifax New Zealand Limited Financial Services Provider No. 146605

More information

CGWM Bond Fund. Supplement dated 11 November 2014 to the Prospectus dated 11 November 2014. Investment Objective. Investment Policy.

CGWM Bond Fund. Supplement dated 11 November 2014 to the Prospectus dated 11 November 2014. Investment Objective. Investment Policy. CGWM Bond Fund To us there are no foreign markets. TM Supplement dated 11 November 2014 to the Prospectus dated 11 November 2014 This Supplement contains specific information in relation to the CGWM Bond

More information

General Risk Disclosure

General Risk Disclosure General Risk Disclosure Colmex Pro Ltd (hereinafter called the Company ) is an Investment Firm regulated by the Cyprus Securities and Exchange Commission (license number 123/10). This notice is provided

More information

International Accounting Standard 39 Financial Instruments: Recognition and Measurement

International Accounting Standard 39 Financial Instruments: Recognition and Measurement EC staff consolidated version as of 18 February 2011 FOR INFORMATION PURPOSES ONLY International Accounting Standard 39 Financial Instruments: Recognition and Measurement Objective 1 The objective of this

More information

Accounting for Derivative Instruments

Accounting for Derivative Instruments CHAPTER 26 Accounting for Derivative Instruments isky Business R It has been said that until the early 1970s most financial managers worked in a cozy, if unthrilling world. Since then, however, constant

More information

Section 1 Important Information... 2. Section 2 Regulatory Guide 227... 2. Section 3 Features... 3. Section 4 How to Trade... 8

Section 1 Important Information... 2. Section 2 Regulatory Guide 227... 2. Section 3 Features... 3. Section 4 How to Trade... 8 CONTENTS Section 1 Important Information... 2 Section 2 Regulatory Guide 227... 2 Section 3 Features... 3 Section 4 How to Trade... 8 Section 5 Significant Risks... 32 Section 6 Costs, Fees & Charges...

More information

Exchange-traded Funds

Exchange-traded Funds Mitch Kosev and Thomas Williams* The exchange-traded fund (ETF) industry has grown strongly in a relatively short period of time, with the industry attracting greater attention as it grows in size. The

More information

Notes to the consolidated financial statements continued

Notes to the consolidated financial statements continued 144 www.ocadogroup.com Stock Code: OCDO to the consolidated financial statements continued 4.5 instruments Accounting policies assets and financial liabilities are recognised on the balance sheet when

More information

CGWM Total Return Bond Fund

CGWM Total Return Bond Fund To us there are no foreign markets. TM CGWM Total Return Bond Fund Supplement dated 6 October 2015 to the Prospectus dated 6 October 2015 This Supplement contains specific information in relation to the

More information

Transaction Reporting. User Guide TRANSACTION REPORTING. User Guide. December. November 2010

Transaction Reporting. User Guide TRANSACTION REPORTING. User Guide. December. November 2010 December November 2010 2008 Transaction Reporting User Guide TRANSACTION REPORTING User Guide This User Guide provides guidance for Investment Firms. Investment firms must comply with the requirements

More information

Hedging with Futures and Options: Supplementary Material. Global Financial Management

Hedging with Futures and Options: Supplementary Material. Global Financial Management Hedging with Futures and Options: Supplementary Material Global Financial Management Fuqua School of Business Duke University 1 Hedging Stock Market Risk: S&P500 Futures Contract A futures contract on

More information

EMERGING INVESTMENT PRODUCTS AND THEIR REGULATORY CHALLENGES

EMERGING INVESTMENT PRODUCTS AND THEIR REGULATORY CHALLENGES 2007 FAS ANNUAL CONFERENCE FAIRMONT CHATEAU MONTEBELLO SEPTEMBER 27 30, 2007 EMERGING INVESTMENT PRODUCTS AND THEIR REGULATORY CHALLENGES Louis Piergeti Vice President, Financial Compliance IDA 1 Emerging

More information

Financial Instruments: Recognition and Measurement

Financial Instruments: Recognition and Measurement STATUTORY BOARD FINANCIAL REPORTING STANDARD SB-FRS 39 Financial Instruments: Recognition and Measurement This version of the Statutory Board Financial Reporting Standard does not include amendments that

More information

Financial Instruments: Disclosures

Financial Instruments: Disclosures STATUTORY BOARD SB-FRS 107 FINANCIAL REPORTING STANDARD Financial Instruments: Disclosures This version of the Statutory Board Financial Reporting Standard does not include amendments that are effective

More information

Transactions in Financial Derivatives

Transactions in Financial Derivatives 127 Transactions in Financial Derivatives In This Section: Coverage and definitions Estimation methods overview Financial derivatives Coverage and definitions This account measures transactions arising

More information

PRODUCT DISCLOSURE STATEMENT COMMSEC CFDS

PRODUCT DISCLOSURE STATEMENT COMMSEC CFDS PRODUCT DISCLOSURE STATEMENT COMMSEC CFDS We re here to help To find out more, call us on 1300 307 853, from 8am Monday to 6am Saturday, email us at cfds@commsec.com.au or visit our website at commsec.com.au.

More information

IAS 39 Financial Instruments: Recognition and Measurement Accounting for term-structured repo transactions

IAS 39 Financial Instruments: Recognition and Measurement Accounting for term-structured repo transactions STAFF PAPER IFRS Interpretations Committee Meeting November 2013 Project Paper topic IAS 39 Financial Instruments: Recognition and Measurement Accounting for term-structured repo transactions CONTACT(S)

More information

What are Swaps? Spring 2014. Stephen Sapp

What are Swaps? Spring 2014. Stephen Sapp What are Swaps? Spring 2014 Stephen Sapp Basic Idea of Swaps I have signed up for the Wine of the Month Club and you have signed up for the Beer of the Month Club. As winter approaches, I would like to

More information

How Banks Create Money: The Balance Sheets Contents

How Banks Create Money: The Balance Sheets Contents How Banks Create Money: The Balance Sheets Contents 1. The different types of money 2. A quick word on balance sheets 3. How central banks create money 1. Central bank reserves 2. Cash 4. How commercial

More information

CASH FLOW STATEMENT (AND FINANCIAL STATEMENT)

CASH FLOW STATEMENT (AND FINANCIAL STATEMENT) CASH FLOW STATEMENT (AND FINANCIAL STATEMENT) - At the most fundamental level, firms do two different things: (i) They generate cash (ii) They spend it. Cash is generated by selling a product, an asset

More information

How do CFDs work? CFD trading is similar to traditional share dealing, with a few exceptions.

How do CFDs work? CFD trading is similar to traditional share dealing, with a few exceptions. What is a CFD? A CFD is an agreement to exchange the difference between the opening and closing prices of the share, index or commodity between the time at which a contract is opened and the time at which

More information

Guidelines for Preparing an Error-Free Call Report: FFIEC 002 Common Reporting Errors

Guidelines for Preparing an Error-Free Call Report: FFIEC 002 Common Reporting Errors Guidelines for Preparing an Error-Free Call Report: FFIEC 002 Federal Reserve Bank of New York Updated by: Susan Jessop December, 2002 Guidelines for Preparing an Error-Free Call Report (For FFIEC 002

More information

MONETARY AND FINANCIAL STATISTICS MANUAL. Index

MONETARY AND FINANCIAL STATISTICS MANUAL. Index MONETARY AND FINANCIAL STATISTICS MANUAL Index Numbers in references refer to paragraphs Accounting rules, 182 Accrual accounting, 227-239 Accumulation accounts, 406-407, 413, 417, 421-423, 426-437 Administered

More information

Report and Non-Statutory Accounts

Report and Non-Statutory Accounts Report and Non-Statutory Accounts 31 December Registered No CR - 117363 Cayman Islands Registered office: PO Box 309 GT, Ugland House, South Church Street, George Town, Grand Cayman, Cayman Islands Report

More information

CANADA. Time Series Data on International Reserves/Foreign Currency Liquidity

CANADA. Time Series Data on International Reserves/Foreign Currency Liquidity CANADA Time Series Data on International Reserves/Foreign Currency Liquidity 1 2 3 (Information to be disclosed by the monetary authorities and other central government, excluding social security) In Millions

More information

Chapter 7. Financial Account

Chapter 7. Financial Account Chapter 7. Financial Account A. Concept and Coverage 7.1 The financial account will be defined, and its structure and purpose outlined along the lines of BPM5 paras. 313 342, BPT paras. 446 447, and the

More information

Introduction to Eris Exchange Interest Rate Swap Futures

Introduction to Eris Exchange Interest Rate Swap Futures Introduction to Eris Exchange Interest Rate Swap Futures Overview Eris Exchange interest rate swap futures ( Eris contracts ) have been designed to replicate the net cash flows associated with plain-vanilla,

More information

How To Invest In Stocks And Bonds

How To Invest In Stocks And Bonds Review for Exam 1 Instructions: Please read carefully The exam will have 21 multiple choice questions and 5 work problems. Questions in the multiple choice section will be either concept or calculation

More information

International Financial Reporting Standard 7. Financial Instruments: Disclosures

International Financial Reporting Standard 7. Financial Instruments: Disclosures International Financial Reporting Standard 7 Financial Instruments: Disclosures INTERNATIONAL FINANCIAL REPORTING STANDARD AUGUST 2005 International Financial Reporting Standard 7 Financial Instruments:

More information

How To Account In Indian Accounting Standards

How To Account In Indian Accounting Standards Indian Accounting Standard (Ind AS) 39 Financial Instruments: Recognition and Measurement Contents Paragraphs Objective 1 Scope 2 7 Definitions 8 9 Embedded derivatives 10 13 Recognition and derecognition

More information

Paper F9. Financial Management. Fundamentals Pilot Paper Skills module. The Association of Chartered Certified Accountants

Paper F9. Financial Management. Fundamentals Pilot Paper Skills module. The Association of Chartered Certified Accountants Fundamentals Pilot Paper Skills module Financial Management Time allowed Reading and planning: Writing: 15 minutes 3 hours ALL FOUR questions are compulsory and MUST be attempted. Do NOT open this paper

More information

TERRITORY BANKING ACCOUNT

TERRITORY BANKING ACCOUNT TERRITORY BANKING ACCOUNT Purpose Treasury provides services to the Government including financial asset and liability management through the establishment of investment and borrowing policies and objectives,

More information

4. ANNEXURE 3 : PART 3 - FOREIGN EXCHANGE POSITION RISK

4. ANNEXURE 3 : PART 3 - FOREIGN EXCHANGE POSITION RISK Annexure 3 (PRR) - Part 3, Clause 18 - Foreign Exchange Position Risk Amount 4 ANNEXURE 3 : PART 3 - FOREIGN EXCHANGE POSITION RISK (a) CLAUSE 18 - FOREIGN EXCHANGE POSITION RISK AMOUNT (i) Rule PART 3

More information

Margin FX and CFDs Product Disclosure Statement 26 June 2015

Margin FX and CFDs Product Disclosure Statement 26 June 2015 Margin FX and CFDs 26 June 2015 Issuer: Forex Capital Trading Pty Ltd AFSL No. 306400 and ABN 69 119 086 270 1 P a g e 1. Important Information 1.1 About this PDS This PDS is issued by Forex Capital Trading

More information

BRITISH TRANSCO INTERNATIONAL FINANCE B.V. Rotterdam, The Netherlands. Annual Report for the year ended 32 March 2015

BRITISH TRANSCO INTERNATIONAL FINANCE B.V. Rotterdam, The Netherlands. Annual Report for the year ended 32 March 2015 BRITISH TRANSCO INTERNATIONAL FINANCE B.V. Rotterdam, The Netherlands Annual Report for the year ended 32 March 215 ADDRESS: Westblaak 89 312 KG Rotterdam Chamber of Commerce Rotterdam File number: 24,262.646

More information

Moscow-Minsk Foreign Bank (unitary enterprise) Financial Statements Together With Independent Auditors Report For The Year Ended December 31, 2004

Moscow-Minsk Foreign Bank (unitary enterprise) Financial Statements Together With Independent Auditors Report For The Year Ended December 31, 2004 Moscow-Minsk Foreign Bank (unitary enterprise) Financial Statements Together With Independent Auditors Report For The Year Ended December 31, 2004 Financial statements for the year ended 31 December 2004

More information

1 Introduction. 1.5 Margin and Variable Margin Feature

1 Introduction. 1.5 Margin and Variable Margin Feature Risk Disclosure Spread Betting and CFDs are high risk investments. Your capital is at risk. Spread Betting and CFDs are not suitable for all investors and you should ensure that you understand the risks

More information

CONTRACTS FOR DIFFERENCE

CONTRACTS FOR DIFFERENCE CONTRACTS FOR DIFFERENCE Cornhill Capital helps private client investors realise significant value in an innovative trading environment. Cornhill Capital Limited is a leading independent investment company

More information

Roche Capital Market Ltd Financial Statements 2012

Roche Capital Market Ltd Financial Statements 2012 R Roche Capital Market Ltd Financial Statements 2012 1 Roche Capital Market Ltd - Financial Statements 2012 Roche Capital Market Ltd, Financial Statements Reference numbers indicate corresponding Notes

More information