Value at risk

émis). The difference between sport markets and future markets Spot markets (marché au comptant) are markets where the asset is sold and given to the investor at the same moment (vente et livraison casi-instantanée). Future markets are markets where you can decide today to buy or sell an asset three months or thirty months later, at a certain date in the future (acheter une action à 102$ dans trois mois et payment d’une prime = a premium, achat d’un droit). Sur ce marché, on va trouver les « options »

still live largely at the mercy of the weather. It influences our daily lives and choices, and has an enormous impact on corporate revenues. Until recently, there were very few financial tools offering companies protection against weather-related risks. However, the invention of the weather derivative has changed all this by making weather a tradable commodity. Weather derivatives represent financial products those companies and other organizations can use as part of their risk management strategy

profitability, their competitive advantages and creating a new business without losing their own strategic autonomy. An alliance becomes strategic when it is designed to enhance the partners’ strengths and when it allows to follow the objectives defined at a corporate level (Ring.2000). A strategic alliance is sometimes defined as “a governance structure involving a incomplete contract between two separate firms and in which each partner has a limited control” (Lasserre.2003.p.99). According to Andrew

term structure is relatively stable through time. This is good news for value-at-risk calculations, as this suggests that the correlations among assets of different credit classes are stable; therefore use of historic correlations to model spread relations can be valid. JEL Classification: G21, G24 I. Introduction In January 1996, the Basle committee on Banking Supervision adopted new capital requirements to cover the market risk exposure resulting from the daily trading activities of banks. The most

Bank of England The Bank of England is the central bank of the United Kingdom. Sometimes known as the 'Old Lady' of Threadneedle Street, the Bank was founded in 1694, nationalised on 1 March 1946, and gained independence in 1997. Standing at the centre of the UK's financial system, the Bank is committed to promoting and maintaining monetary and financial stability as its contribution to a healthy economy. The Bank's roles and functions have evolved and changed over its three-hundred year history

in-depth interviews with government officials and senior executives at a number of financial services companies in Latin America. Our thanks are due to all the interviewees for their time and insights. May 2005 © The Economist Intelligence Unit 2005 1 Assessing payments systems in Latin America Contents Executive summary Electronic payments systems Electronic payment products Conventional payment cards Smart cards Stored value cards Internet-based Payments Payment systems infrastructure

number of overhead absorption rates. accounting The classification and recording of monetary transactions, the presentation and interpretation of the results of those transactions in order to assess performance over a period and the financial position at a given date, and the monetary projection of future activities arising from alternative planned courses of action. accounting adjustments Accounting entries that do not arise from the basic transactions of cash and invoices. Adjusting entries are made

industry is growing very rapidly. Estimated to be a $1 trillion industry and growing at about 20% per year with approximately 8350 active hedge funds. Largest hedge fund managers are: - JP Morgan Chase - Bridgewater Associates - Paulson & Co. - Brevan Howard - Soros Fund Management c. What is the aim of Hedge Funds? The primary aim of a Hedge Fund is to reduce volatility and risk while attempting to preserve capital and deliver positive returns under all market

pilotage adéquats. Majdi Chaabouni Responsable de la practice risk management Headstrong ■ Durant les dernières années, la gestion du risque de taux présent dans le bilan bancaire, a attiré l’attention des autorités réglementaires internationales et nationales. C’est au travers de la lecture des 14 principes publiés dans le nouvel accord de Bâle II sur la gestion du risque de taux (Principals for the management of interest rate risk) que l’on peut constater que la nouvelle réglementation met fortement

control searches out the causes of positive and negative variances and is part of Integrated Change Control (Section 4.6). For example, inappropriate responses to cost variances can cause quality or schedule problems or produce an unacceptable level of risk later in the project. 7-6. : Cost Control: Inputs, Tools & Techniques, and Outputs Section 7.3.1 Cost Control: Inputs .1 Cost Baseline Described in Section 7.2.3.1. .2 Project Funding Requirements Described in Section 7.2.3.2. .3 Performance