Investment Banking & Securities Dealing in the US
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Assessing the Effectiveness and Impact of Central Bank and Supervisory Policies in Greening the Financial System
INSPIRE Theme 6 Assessing the effectiveness and impact of central bank and supervisory policies in greening the financial system Overview of the projects funded under the third call for research proposals September 2020 PROJECT Energy transition intersectoral dependencies under different monetary and supervisory policy scenarios Moutaz Altaghlibi a and Rens van Tilberga a Sustainable Finance Lab, Utrecht University, The Netherlands As we transition our economies to a low carbon path, climate related transition risks to the financial sector pose a challenge to policy makers in their policy design. The unprecedented climate challenge requires the use and the development of new tools in order to quantify these risks and investigate the role of different policies to steer the transition in the right direction. Central banks and financial regulators can play an essential role in facilitating a successful transition by directing the funds needed to achieve this transition in the right direction and in a timely manner. However, any intervention by central banks should be evaluated across sectors and across scenarios in order to guarantee the effectiveness, efficiency and coherence with fiscal policies. Our methodology is scenario analysis based on a Computable General Equilibrium (CGE) model. Our CGE model allows us to capture feedback loops across sectors, along with tracking the change in prices and quantities following an exogenous change in policies, technologies, or consumer preferences. Moreover, in order to capture both risks and opportunities associated to the transition process, our model distinguishes between green and grey sub-sectors. It also uses sector-specific capital stocks which allows us to differentiate the cost of capital across sectors/scenarios. -
Business Strategy
Corporate Summary Executive Messages Business Strategy Summary of the Daiwa Securities Group’s Medium-Term Management Plan Business “Passion for the Best” 2014 14 Strategy Interview with the CEO 16 Message from the COO 20 Management Systems At a Glance 22 Retail Division 24 Wholesale Division 26 Asset Management Division 28 Investment Division 30 IT/Think Tank Division 31 Financial Section Other Information Daiwa Securities Group Annual Report 2013 13 Summary of the Daiwa Securities Group’s Medium-Term Management Plan “Passion for the Best” 2014 Daiwa Securities Group Management Vision • To become Asia’s leading financial services firm possessing and leveraging a solid business platform in Japan • Establish a robust business structure capable of securing profit even under stressful economic conditions Daiwa Securities Group Basic Management Policy • Achieve sustainable growth by linking Japan and the growth of Asia Outline of Medium-Term Management Plan • Establish a robust business structure immune to the external environment and aspire to achieve sound growth based on a new growth strategy “Passion for the Best” 2014 Milestones FY2012 Turnaround FY2013 Growth Management Targets Consolidated Ordinary Income [Initial FY] Return to Profitability Basic Policy I: Return to profitability by pursuing management efficiencies (Focus of execution in the first fiscal year) R Steadily implement the plan to reduce SG&A R Realize greater organizational efficiencies by shifting personnel from the middle and back offices to the front divisions Basic -
Are Universal Banks Better Underwriters? Evidence from the Last Days of the Glass-Steagall Act
A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Focarelli, Dario; Marqués-Ibáñez, David; Pozzolo, Alberto Franco Working Paper Are universal banks better underwriters? Evidence from the last days of the Glass-Steagall Act ECB Working Paper, No. 1287 Provided in Cooperation with: European Central Bank (ECB) Suggested Citation: Focarelli, Dario; Marqués-Ibáñez, David; Pozzolo, Alberto Franco (2011) : Are universal banks better underwriters? Evidence from the last days of the Glass-Steagall Act, ECB Working Paper, No. 1287, European Central Bank (ECB), Frankfurt a. M. This Version is available at: http://hdl.handle.net/10419/153721 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten -
The Bank Holding Company Act of 1956
THE BANK HOLDING COMPANY ACT OF 1956 T HE Bank Holding Company Act of 1956,1 designed principally to regulate the expansion of bank holding companies and to insure the separation of banking and nonbanking enterprises,' is perhaps the most important banking legislation of the past two decades. The im- mediate economic consequences of the act are themselves deserving of comment, 3 but, even more significantly, the act represents the first comprehensive congressional action with regard to multiple banking through the use of the holding company. Though of comparatively recent origin,4 the bank holding company device has become as prom- inent as both the other forms of multiple banking, chains5 and branches,6 largely because of the economic inadequacies of the former 7 and the legal restrictions imposed upon the latter.8 A brief historical survey of bank holding company -development will serve to highlight an analysis of the act itself. Historically, the independent, unit bank, with its welfare dependent upon the economic health of the small area it serves, has too frequently been unable to withstand the adverse affect of even brief, localized eco- nomic depression2 Particularly in the small towns of the agrarian West and South during the i92O's and 193O's, bank suspensions occurred at an astonishing rate." Some form of multiple banking which could 70 STAT. 133, 12 U.S.C.A. §§ 1841-48 (Supp. 1956). sS. REP. No. 1095, 84 th Cong., ist Sess. 2 (.955). s See note 131 infra. 'The first independently capitalized bank holding company was the Marine Ban- corporation organized in Seattle, Washington in 1927. -
The Technical Interview Guide to Investment Banking
k Trim Size: 7in x 10in Pignataro ffirs.tex V1 - 01/10/2017 5:21pm Pagei The Technical Interview Guide to Investment Banking k k k k Trim Size: 7in x 10in Pignataro ffirs.tex V1 - 01/10/2017 5:21pm Page ii The Wiley Finance series contains books written specifically for finance and investment professionals as well as sophisticated individual investors and their financial advisors. Book topics range from portfolio management to e-commerce, risk management, finan- cial engineering, valuation and financial instrument analysis, as well as much more. For a list of available titles, visit our Web site at www.WileyFinance.com. Founded in 1807, John Wiley & Sons is the oldest independent publishing company in the United States. With offices in North America, Europe, Australia and Asia, Wiley is globally committed to developing and marketing print and electronic products and services for our customers’ professional and personal knowledge and understanding. k k k k Trim Size: 7in x 10in Pignataro ffirs.tex V1 - 01/10/2017 5:21pm Page iii The Technical Interview Guide to Investment Banking PAUL PIGNATARO k k k k Trim Size: 7in x 10in Pignataro ffirs.tex V1 - 01/10/2017 5:21pm Page iv Copyright © 2017 by Paul Pignataro. All rights reserved. Published by John Wiley & Sons, Inc., Hoboken, New Jersey. Published simultaneously in Canada. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the Publisher, or authorization through payment of the appropriate per-copy fee to the Copyright Clearance Center, Inc., 222 Rosewood Drive, Danvers, MA 01923, (978) 750–8400, fax (978) 646–8600, or on the Web at www.copyright.com. -
Bankmobile Technologies, a Subsidiary of Customers Bank, and Megalith Financial Acquisition Corp
BankMobile Technologies, a Subsidiary of Customers Bank, and Megalith Financial Acquisition Corp. Agree to Combine to Bring a Digital Banking Platform to the Public Market under the New Name BM Technologies BankMobile is one of the largest digital banking platforms in the country with over 2 million accounts BankMobile Management to Lead Combined Company MFAC has Binding Commitments for a $20 Million Private Placement for the Business Combination Transaction Enterprise Value of $140 Million Investor Calls on Thursday August 6th: MFAC and BankMobile Technologies at 2pm; Customers Bancorp at 4pm NEW YORK, NY, Aug. 06, 2020 (GLOBE NEWSWIRE) -- BankMobile Technologies, a subsidiary of Customers Bank, and one of America’s largest digital banking platforms, and Megalith Financial Acquisition Corp (NYSE: MFAC) (“MFAC”), a special purpose acquisition company, announced today that they have entered into a definitive merger agreement. Upon closing of the transaction, the combined company (the “Company”) will operate as BM Technologies Inc. and expects to be listed on the NYSE. The transaction reflects an enterprise value for the Company of $140 million. All BMT serviced deposits and loans will remain at Customers Bank immediately after the closing of the transaction. Upon the closing of the transaction, BM Technologies will be a financial technology company bringing banks and business partners together through its digital banking platform. With over 2 million accounts, BankMobile Technology, Inc. (“BMT” or “BankMobile”) is one of the largest digital banking platforms in the country. Launched in January 2015, BankMobile’s mission has been to provide a compliant, mobile-first banking experience that is simple, affordable, and consumer-friendly. -
Copyrighted Material
Index A general business overview, 153 Accounting, introduction to, 56–58 management’s discussion and financial, 56 analysis (MD&A), 153–154 generally accepted accounting Apple Inc. principles (GAAP), 57–58 Income statement example, 68 managerial, 57 balance sheet example, 81–83 tax, 56–57 statement of cash flows example, Accounts payable (AP), 73–74 86–87 days, 168–169 Asset managers, 106–107 Accounts receivable (AR), 70 Asset management, 7 days, 168 Asset purchase, 301–302 Accretion/dilution analysis, 311–319 Assets, 69–72 impact of P/E ratios on, 318–319 current, 70–71 Accrual basis of accounting, 59–60 accounts receivable (AR), 70 Accrued expenses, 74 cash and equivalents, 70 Acquisition comps, 211–214 inventories, 70 selecting, 211–212 prepaid expenses, 71 criteria for, 211–212 noncurrent (long-term), 71–72 sources for, 211 intangible, 72 spreading and normalizing, 212–214 property, plant, and equipment Activity ratios, 167–169 (PP&E), 71–72 accounts payable days, 168–169 Associates, 24–25, 39–40, 45 accounts receivable days, 168 compensation, 45 days sales of inventory, 168 exit opportunities for, 46–47 inventory turnover, 168 Amortization, 314–315 B Analysis at various prices (AVP), Balance sheet, 69–83, 90–99, 275–281, 320–321 336–340 Analysts, 23–24,COPYRIGHTED 39, 44 assets, MATERIAL 69–72 compensation, 44 current, 70–71 exit opportunities for, 46 noncurrent (long-term), 71–72 Annual report (SEC Schedule 10-K), consolidation and noncontrolling 149–150, 152–155 interest, 81 cover, 152–153 deferred tax assets and liabilities, -
Investment Banking and Security Market Development: Does Finance
Investment Banking and Security Market Development: Does Finance Follow Industry?∗ Bharat N. Anand† Alexander Galetovic‡ Harvard University Universidad de Chile February 2001 Abstract This paper looks at the industrial organization of the investment banking industry. Long- term relationships between business firms and investment banks are pervasive in developed security markets. A vast literature argues that better monitoring and information result from relationships. Thus, security markets should allocate resources better when an investment bank- ing industry exists. We study necessary conditions for sustainable relationships and then explore whether policy can do something to foster them. We argue that the structure of investment banking is determined by the economics of the technology of relationships: (i) Sunk set up cost to establish a relationship. (ii) The firm pays the investment bank only when it does a deal. (iii) To a significant degree the investment bank cannot prevent other banks from free riding on the information created by the relationship. Then: (a) Relationships can emerge in equilibrium only if the industry is an oligopoly of large investment banks with similar market shares. (b) Relationships are for large firms–small firms are rationed out of relationships by investment banks. (c) Scale economies due to entry costs are irrelevant when the market is large but can prevent an industry from emerging when the market is small. While policy can probably remove obstacles that increase the costs of relationships, the size- distribution of business firms determines whether an investment banking industry is feasible: it will not emerge if large firms are few. In this sense, “finance follows industry.” Large firms can escape this limitation by listing in foreign developed security markets. -
FINANCIAL MODELING, INTERVIEW PREP, and TECHNICAL SKILLS DEVELOPMENT 1 Bridging the Gap: Financial Modeling, Interview Prep, and Technical Skills Development
BRIDGING THE GAP: FINANCIAL MODELING, INTERVIEW PREP, AND TECHNICAL SKILLS DEVELOPMENT 1 Bridging the Gap: Financial Modeling, Interview Prep, and Technical Skills Development Training programs for post-secondary students seeking roles in business and corporate finance EXPERTS IN FINANCIAL MODELING TRAINING [email protected] · +1 416 583 1802 WWW.MARQUEEGROUP.CA BRIDGING THE GAP: FINANCIAL MODELING, INTERVIEW PREP, AND TECHNICAL SKILLS DEVELOPMENT 2 About The Marquee Group Our Clients We believe that spreadsheet- based financial models are For several years, Marquee has led the annual the most important tools in training programs at numerous investment modern finance. Using our banks, pension funds and commercial banks. framework and discipline We have taught thousands of professionals all to develop best-in-class, across Canada, the United States, the United user-friendly models, we Kingdom, Mexico, Australia and China. help students and finance The following table highlights some of our professionals turn their models major clients: into powerful communication tools that lead to better, more UNIVERSITIES effective decisions. Acadia University Saint Mary’s University Brandeis University U of T - Rotman The Marquee Group is the only Dalhousie - Rowe UBC dedicated financial modeling firm HEC Waterloo in Canada. For over a decade, our McGill - Desautels Western - Ivey business has delivered what has McMaster - DeGroote York - Schulich become the industry standard Queen’s - Smith in financial modeling, training, SOCIETIES FINANCIAL consulting -
Revisiting the History of Bank Holding Company Regulation in the United States
2011-2012 THAT WHICH WE CALL A BANK 113 THAT WHICH WE CALL A BANK: REVISITING THE HISTORY OF BANK HOLDING COMPANY REGULATION IN THE UNITED STATES SAULE T. OMAROVA* ** MARGARET E. TAHYAR Introduction ....................................................................... 114 I. Background: Bank Holding Company Regulation in the United States ...................................................................... 117 A. The BHCA Statutory Scheme: Brief Overview ............ 118 B. The Shifting Policy Focus of the BHCA ....................... 120 II. Back to the Beginning: The Birth of the Statute ................ 129 III. Who Is In? The Evolution of the Statutory Definition of “Bank” ............................................................................... 138 A. The 1966 Amendments ................................................. 139 B. The 1970 Amendments ................................................. 142 C. The Competitive Equality Banking Act of 1987 ........... 153 IV. Who Is Out? Exemptions from the Definition of “Bank” under the BHCA ................................................................. 158 A. Industrial Loan Corporations ........................................ 158 B. Credit Card Banks ......................................................... 169 C. Limited Purpose Trust Companies ................................ 173 D. Credit Unions ................................................................ 174 E. Savings Associations ..................................................... 179 V. Looking Back, Thinking Forward: -
Investment Banks, Scope, and Unavoidable Conflicts of Interest
Investment Banks, Scope, and Unavoidable Conflicts of Interest ERIK SIRRI The author is a professor of finance and holder of the Walter H. Carpenter Chair at Babson College in Wellesley, Massachusetts. He thanks Jennifer Bethel and Laurie Krigman for helpful discussions. This paper was presented at the Atlanta Fed’s 2004 Financial Markets Conference, “Wall Street Against the Wall: Transparency and Conflicts of Interest.” There are certain sweet-smelling sugar-coated lies current in the world which all politic men have apparently tacitly conspired together to support and perpetuate. One of these is, that there is such a thing in the world as independence: independence of thought, indepen- dence of opinion, independence of action. Another is that the world loves to see independence—admires it, applauds it. —Mark Twain1 he investment banking community has tomers access to the research products of at least recently been the object of scorn, both three independent research firms for five years. on the regulatory front and in the press. These conflicts of interest are nothing new, and Critics have alleged a distinct lack of their existence was widely known throughout the independence in banks’ behavior and financial community. The conflicts are a consequence policies with regard to the objective- of the function of investment banks, which interme- nessT and independence of the research reports and diate the interaction between issuers and investors analyst recommendations. Retail investors, institu- in capital markets. Why the issue came to the fore tional investors, federal and state regulators, and in the last few years is debatable, but certainly con- Congress have expressed outrage over the conflicts tributing factors include the sharp market decline of interest that can exist in these large banks. -
Equities Business Overview PRESENTATION to HYPERLEDGER CAPITAL MARKETS SIG JUNE 17TH 2020
Equities Business Overview PRESENTATION TO HYPERLEDGER CAPITAL MARKETS SIG JUNE 17TH 2020 Presented by: Junji Katto Sateesh Vidhyanadhan 1 Agenda 1. Holistic View of Capital Markets 2. What are equities 3. Equities Trade Lifecycle 4. Current Equities Trading and Settlement Process 5. Challenges in Capital Markets 6. Key problems to solve 7. Blockchain Potential Benefits 8. Sample implementations 2 Holistic view of Capital Markets A capital market is a financial market in which long-term debt or equity-backed securities are bought and sold. Capital market refers to a broad spectrum of tradeable assets that includes the stock market as well as other venues for trading different financial products. The stock market allows investors and banking institutions to trade stocks, either publicly or privately. Stocks are financial instruments that represent partial ownership of a company. These documents are used extensively by companies as a means of raising capital. Within the stock market itself are primary and secondary markets that trade among banks underwriting stock and public investors trading stock, respectively. The Sales & Trading Division of the Investment Bank connects Investment Banks are intermediaries between buyers and sellers of stocks, bonds, commodities and other the providers of funding (investors-in the form of assets. Salespeople and traders sit on a trading floor. both debt and equities investors) and the users The trading floor is split out by asset class. Any large of funding (corporates, financial institutions, investment banks has following roles hedge funds, supranational, municipals and Front office Sales & Trading : governments). When talking about investment 1. Sales Traders – Client orders and contract management banking, it is important to know the difference 2.