Asset

considered relatively low. Threat of Substitute Products or Services The threat of limited by the high loyalty of clients, the high competence of enterprises and the high psychological barriers to change of financial consultants and to entrust our assets to unknowed administrators. Bargaining Power of Suppliers We can note that the market financial services counts numerous suppliers (the number of financial product owner is very high and supplier of financial placements too). Moreover threat of

evaluate risks and asked to be free of debt limit because of those so-called “safe” models. More and more risks have been taken with little understanding of their potential consequences. 2.2. Asset bubbles House price bubble began in 1990s and lasted until 2006. An asset bubble is an overestimated asset: its price goes beyond both its value and the income of the purchasers. This housing bubble has a structural aspect: it is due to the decrease of the interest rate to 1% by the Federal Reserve

and profitable objectives. 5 What you should know about us June 10th 2008 6 Services profile Move. Right time, right place Asset based; transport with our own transport resources: Store. Inventory as added value Manage. Integrating, optimising and monitoring • road transport • intermodal • Dedicated warehouse services Non Asset Based; using third party capacity: • Shared warehouse services • freight management • Value added services • freight forwarding & brokerage

consequences it provoked? Definition and causes To understand how it happened we should firstly introduce the subject by a definition. For a financial market Liquidity of a financial market represents the capacity to buy and sell a listed asset without any impact on prices. A liquid market is faster and cheaper for transactions. We distinguish: -Funding liquidity: availability of credit or ease for institutions to borrow or take on leverage. - Market liquidity: ease for market participants

others. One of these financial products that are creating confusing situations in Islamic finance nowadays is Tawarruq, also known as commodity Murabahah. Tawarruq is a mode of finance that involves a tripartite sale contract whereby one party buys an asset from a vendor for deferred payment and then sells it to a third party for cash at a price that is lower than the deferred price. This mode is very popular within bankers as a rapid and flexible way for acquiring liquidity. In fact, by using Tawarruq

la même époque. La titrisation des créances consistait à les regrouper par paquet (plus de 1 000) provenant de plusieurs États américains, de façon à permettre en théorie une diversification du risque, ou décorrélation, en une obligation appelée Asset-backed security (ABS) revendue à un réhausseur de crédits. L'ABS pouvait ensuite être mélangée avec des obligations moins risquées pour émettre des CDO, des obligations servant aux banques à proposer aux épargnants des placements à rendements garantis

Markowitz ne distingue pas le risque dû à une performance plus forte de celui qui intervient lorsque le portefeuille enregistre de forte perte. | Le Modèle d'évaluation des actifs financiers (MEDAF), traduction approximative de l'anglais Capital Asset Pricing Model (CAPM) fournit une estimation de valeur théorique d'un actif financier. Cette théorie prend en compte l'aversion naturelle des investisseurs pour le risque (plus précisément, ils cherchent à maximiser leur profit pour un risque donné

les premiers éléments déclencheurs de cette crise. Tout d’abord, souvent dénoncé comme le principal élément qui mit « le feu à la paille », le marché immobilier a montré les premières inquiétudes au deuxième semestre de l’année 2006 (F.Alessandrini, Asset Management, HEC Lausanne). Sous l’ère Georges W. Bush et même depuis la fin de la deuxième guerre mondiale, la politique de consommation à crédit a eu un essor gigantesque, ce qui a conduit les Etats-Unis au niveau d’endettement que l’on connait aujourd’hui

internship in a worldwide known company like HSBC. This experiment will be a preview of what I would face in the future. HSBC is one of the largest banking and financial services organization in the world and the 4th largest company in terms of assets. His asset is made of 70% incomes from outside UK and 40% of the activities are made in Hong Kong. HSBC Holding plc is a public limited company. The “Hong Kong and Shanghai Banking Corporation” Group was founded in 1865 by Thomas Sutherland Limited

les actifs sous-jacents, c’est-à-dire qui composent le portefeuille. Vous entendrez peut-être parler d’ABS. En dehors du réputé système de freinage, il s’agit du terme générique de la titrisation (Asset Backed Securities) qui exprime que les titres (securities) sont adossés (backed) à des actifs (asset). Selon ce qu’on met dans les véhicules de titrisation, ils s’appellent CDO (Collateralised Debt Obligation), CBO (Collateralised Bond Obligation, adossé à des obligations), CLO (Collareralised Loan