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The Stock Exchange Trading Room, 1977
“View looking southeast from [The Art Institute] gallery into reconstructed room.” Originally published in The Stock Exchange Trading Room, 1977. 80 Downloaded from http://www.mitpressjournals.org/doi/pdf/10.1162/1526381041165476 by guest on 25 September 2021 The Stock Exchange: Standing Upright, Idle CATHERINE INGRAHAM It is clear, in any case, that mathematical order imposed upon stone is really the culmination of the evolution of earthly forms, whose direction is indicated within the biological order by the passage from the simian to the human form, the latter already displaying all the elements of architecture. Man would seem to represent merely an intermediary stage within the morphological develop- ment between monkey and building.1 One room, the second-floor Trading Room, of Louis Sullivan’s Stock Exchange Building (1863) in Chicago, has been preserved (1977) in the Chicago Art Institute for museum visitors to see and for the museum to use for banquets and fund-raising events.2 Housing architecture, or parts of architecture, in a museum has always been odd. Short of leaving architectural fragments lying around where they fell—the scenic architectural ruin that becomes its own museum—architecture is typically brought into the museum in miniaturized or schematic or cinematic form; as a model, drawing, photograph, or film. On some occasions—the stock exchange trading room is one such occasion— architectural parts are brought into a museum context and completely recon- structed at the original scale. The Pergamon Museum in Berlin houses pilfered building fragments (gates, walls) from Babylon that seem almost plausible architecturally, perhaps because the museum building itself and the colossal fragments are in rooms whose scale is already so large that nothing but archi- tectural remains can be imagined inside them. -
View the Bloomberg Terminal User Guide
Press the <HELP> key twice for instant Helpx2 live assistance. bloomberg.com Frankfurt New York Singapore +49 69 9204 1210 +1 212 318 2000 +65 6212 1000 Hong Kong San Francisco Sydney +852 2977 6000 +1 415 912 2960 +61 2 9777 8600 London São Paulo Tokyo GETTING +44 20 7330 7500 +55 11 3048 4500 +81 3 3201 8900 The BLOOMBERG PROFESSIONAL service, BLOOMBERG Data and BLOOMBERG Order Management Systems (the “Services”) are owned and distributed locally by Bloomberg Finance L.P. (“BFLP”) and its subsidiaries in all jurisdictions other than Argentina, Bermuda, China, India, STARTED Japan and Korea (the “BLP Countries”). BFLP is a wholly-owned subsidiary of Bloomberg L.P. (“BLP”). BLP provides BFLP with all global marketing and operational support and service for the Services and distributes the Services either directly or through a non-BFLP subsidiary in the BLP Countries. BLOOMBERG, BLOOMBERG PROFESSIONAL, BLOOMBERG MARKETS, BLOOMBERG NEWS, BLOOMBERG ANYWHERE, BLOOMBERG TRADEBOOK, BLOOMBERG BONDTRADER, BLOOMBERG TELEVISION, BLOOMBERG RADIO, BLOOMBERG PRESS and BLOOMBERG.COM are trademarks and service marks of BFLP or its subsidiaries. ©2007 Bloomberg Finance L.P. All rights reserved. 26443337 1107 10006030 02 The Bloomberg Keyboard Keyboard and Navigation 04 Creating a Login Name and Password 06 Finding Information Autocomplete and the <HELP> Key 06 The Global Help Desk: 24/7 Interact with the Bloomberg Help Desk 08 Broad Market Perspectives Top Recommended Functions 09 Analyzing a Company Basic Functions for Bonds and Equities 10 Communication The BLOOMBERG PROFESSIONAL® Service Message System 11 Tips, Tricks, and Fun 12 Customer Support If you are not using a Bloomberg-provided keyboard, press the Alt + K buttons simultaneously to view an image of your keyboard. -
Securitization of Assets: Problems and Solutions
S. HRG. 111–397 SECURITIZATION OF ASSETS: PROBLEMS AND SOLUTIONS HEARING BEFORE THE SUBCOMMITTEE ON SECURITIES, INSURANCE, AND INVESTMENT OF THE COMMITTEE ON BANKING, HOUSING, AND URBAN AFFAIRS UNITED STATES SENATE ONE HUNDRED ELEVENTH CONGRESS FIRST SESSION ON EXAMINING THE SECURITIZATION OF MORTGAGES AND OTHER ASSETS OCTOBER 7, 2009 Printed for the use of the Committee on Banking, Housing, and Urban Affairs ( Available at: http://www.access.gpo.gov/congress/senate/senate05sh.html U.S. GOVERNMENT PRINTING OFFICE 56–262 PDF WASHINGTON : 2010 For sale by the Superintendent of Documents, U.S. Government Printing Office Internet: bookstore.gpo.gov Phone: toll free (866) 512–1800; DC area (202) 512–1800 Fax: (202) 512–2104 Mail: Stop IDCC, Washington, DC 20402–0001 COMMITTEE ON BANKING, HOUSING, AND URBAN AFFAIRS CHRISTOPHER J. DODD, Connecticut, Chairman TIM JOHNSON, South Dakota RICHARD C. SHELBY, Alabama JACK REED, Rhode Island ROBERT F. BENNETT, Utah CHARLES E. SCHUMER, New York JIM BUNNING, Kentucky EVAN BAYH, Indiana MIKE CRAPO, Idaho ROBERT MENENDEZ, New Jersey BOB CORKER, Tennessee DANIEL K. AKAKA, Hawaii JIM DEMINT, South Carolina SHERROD BROWN, Ohio DAVID VITTER, Louisiana JON TESTER, Montana MIKE JOHANNS, Nebraska HERB KOHL, Wisconsin KAY BAILEY HUTCHISON, Texas MARK R. WARNER, Virginia JUDD GREGG, New Hampshire JEFF MERKLEY, Oregon MICHAEL F. BENNET, Colorado EDWARD SILVERMAN, Staff Director WILLIAM D. DUHNKE, Republican Staff Director DAWN RATLIFF, Chief Clerk DEVIN HARTLEY, Hearing Clerk SHELVIN SIMMONS, IT Director JIM CROWELL, Editor SUBCOMMITTEE ON SECURITIES, INSURANCE, AND INVESTMENT JACK REED, Rhode Island, Chairman JIM BUNNING, Kentucky, Ranking Republican Member TIM JOHNSON, South Dakota JUDD GREGG, New Hampshire CHARLES E. -
2020 05 11 Reynolds Et Al Ethical Accepted
UWS Academic Portal When ethical leaders are ‘no longer at ease’ Kasonde, Mukuka; Reynolds, Kae E-pub ahead of print: 30/09/2020 Document Version Peer reviewed version Link to publication on the UWS Academic Portal Citation for published version (APA): Kasonde, M., & Reynolds, K. (2020). When ethical leaders are ‘no longer at ease’: the role of social vice in corruption through the lens of a Nigerian novel. Paper presented at British Academy of Management 2020 Conference in the Cloud, . General rights Copyright and moral rights for the publications made accessible in the UWS Academic Portal are retained by the authors and/or other copyright owners and it is a condition of accessing publications that users recognise and abide by the legal requirements associated with these rights. Take down policy If you believe that this document breaches copyright please contact [email protected] providing details, and we will remove access to the work immediately and investigate your claim. Download date: 02 Oct 2021 When ethical leaders are ‘No Longer at Ease’: The role of social vice in corruption through the lens of a Nigerian novel Mukuka Kasonde*, University of Huddersfield Kae Reynolds, University of the West of Scotland Queensgate Huddersfield HD1 3DH United Kingdom *[email protected] 1 When ethical leaders are ‘No Longer at Ease’: The role of social vice in corruption through the lens of a Nigerian novel Word count: 6592 Abstract This paper addresses the social context of corruption through literary analysis of Chinua Achebe’s (1960) novel No Longer at Ease. By exploring the societal influences that may lead an individual to engage in unethical behaviour, the analysis challenges the more predominant view of ethical failure as individual vice and reframes corruption as socially embedded. -
New IRS Rules Would Impose U.S. Withholding Tax on Many Derivatives and Other Financial Transactions Linked to U.S
December 19, 2013 clearygottlieb.com New IRS Rules Would Impose U.S. Withholding Tax on Many Derivatives and Other Financial Transactions Linked to U.S. Stock I. OVERVIEW On December 5, 2013, the U.S. Department of the Treasury (“Treasury”) and the Internal Revenue Service (“IRS”) published proposed regulations that would impose U.S. withholding tax on a wide range of financial instruments linked to stock issued by U.S. issuers, including most equity swaps and many other equity derivatives, and many mandatory convertible bonds and structured notes that provide for the delivery of, or payment by reference to, U.S. equities. The withholding tax also will apply to certain conventional convertible bonds acquired in the secondary market. As drafted, the rules appear to apply to certain kinds of U.S. equity-based deferred compensation, M&A and joint venture transactions involving the acquisition of a minority stake and certain types of insurance although it is not clear that all of those applications were intended. The withholding tax would apply to payments and deemed payments by U.S. and non- U.S. payors on financial instruments held by nonresident aliens and legal entities organized outside the United States that are “long” the underlying stock, including individuals, hedge funds, activist shareholders, special purpose vehicles, and dealers trading for their own account, starting January 1, 2016. The rules generally would apply to equity swaps outstanding on that date, and would apply to other equity-linked instruments acquired on or after March 5, 2014, regardless of when they were issued or entered into. -
Law and Economics Yearly Review
Volume 4 – Part 2 – 2015 ISSN 2050-9014 ISSUES ON FINANCIAL LAW AND MARKET REGULATION, ECONOMICS BUSINESS DEVELOPMENT AND YEARLY GOVERNMENT’S POLICIES ON REVIEW GLOBALIZATION Editors F. CAPRIGLIONE – R. M. LASTRA – R. MCCORMICK C. PAULUS – L. REICHLIN – M. SAKURAMOTO in association with LAW AND ECONOMICS YEARLY REVIEW www.laweconomicsyearlyreview.org.uk Mission The “Law and Economics Yearly Review” is an academic journal to promote a legal and eco- nomic debate. It is published twice annually (Part I and Part II), by the Fondazione Gerardo Capriglione Onlus (an organization aimed to promote and develop the research activity on fi- nancial regulation) in association with Queen Mary University of London. The journal faces questions about development issues and other several matters related to the international con- text, originated by globalization. Delays in political actions, limits of certain Government’s policies, business development constraints and the “sovereign debt crisis” are some aims of our studies. The global financial and economic crisis is analysed in its controversial perspectives; the same approach qualifies the research of possible remedies to override this period of progressive capitalism’s turbulences and to promote a sustainable retrieval. Address Fondazione Gerardo Capriglione Onlus c/o Centre for Commercial Law Studies Queen Mary, University of London 67-69 Lincoln’s Inn Fields London, WC2A 3JB United Kingdom Main Contact Fondazione G. Capriglione Onlus - [email protected] Editor‐ in‐ Chief F. Capriglione Editorial Board G. Alpa - M. Andenas - A. Antonucci - R. Olivares-Caminal - G. Conte - M. De Marco - M. Hirano - I. MacNeil - M. Martinez - M. Pellegrini - C. Schmid - M. Sepe - A. -
Chapter 5 Role of Cognitive and Other Influences on Rogue Trader
Chapter 5 Role of Cognitive and Other Influences on Rogue Trader Behaviour: Findings from Case Studies 5.1. Introduction One of the key findings from Chapter 4 was the lack of significant difference in the financial decision-making behaviour of investment professionals compared with retail investors in the survey sample. However, there was a distinctive pattern in the odds ratio in Table 4.5 where investment professionals were seen to be more likely to be affected by behavioural biases when the choices were risky ones. The aim of the discussions and analyses of the selected case studies in this chapter (the qualitative element of the mixed methods approach), therefore, was to investigate the reasons behind the seeming inability or reluctance of investment professionals to ignore the influence of behavioural biases under high risk situations; where their actions could result in either extremely large monetary gains or losses. The discussion in this chapter consisted of three main sections. The first section was a brief account of the events behind five high-profile financial scandals caused by individuals who engaged in unauthorised trading or investment activities on behalf of their financial institutions, or rogue traders as they were popularly known. Section two highlighted some common characteristics of the rogue trading incidents, and section three was an analysis of the behavioural biases and related emotional influences behind the conduct of rogue traders. 132 5.2. Case Studies on Rogue Trading Rogue trading is the term popularly used to describe unauthorised proprietary trading activities by financial market professionals. These trading activities which resulted in significant monetary losses and severe reputational damage to the affected financial institutions more often than not involved transactions in derivative products. -
The Return of the Rogue
THE RETURN OF THE ROGUE Kimberly D. Krawiec∗ The “rogue trader”—a famed figure of the 1990s—recently has returned to prominence due largely to two phenomena. First, recent U.S. mortgage market volatility spilled over into stock, commodity, and derivative markets worldwide, causing large financial institution losses and revealing previously hidden unauthorized positions. Second, the rogue trader has gained importance as banks around the world have focused more attention on operational risk in response to regulatory changes prompted by the Basel II Capital Accord. This Article contends that of the many regulatory options available to the Basel Committee for addressing operational risk it arguably chose the worst: an enforced self- regulatory regime unlikely to substantially alter financial institutions’ ability to successfully manage operational risk. That regime also poses the danger of high costs, a false sense of security, and perverse incentives. Particularly with respect to the low-frequency, high-impact events—including rogue trading—that may be the greatest threat to bank stability and soundness, attempts at enforced self- regulation are unlikely to significantly reduce operational risk, because those financial institutions with the highest operational risk are the least likely to credibly assess that risk and set aside adequate capital under a regime of enforced self-regulation. ∗ Professor of Law, University of North Carolina School of Law. [email protected]. I thank Susan Bisom-Rapp, Lissa Broome, Bill Brown, Steve Choi, Deborah DeMott, Anna Gelpern, Mitu Gulati, Donald Langevoort, Marc Miller, Eric Posner, Steve Schwarcz, Jonathan Wiener, David Zaring, and workshop participants at the University of Arizona James E. -
Volitamata Kauplemine Finantsturgudel
View metadata, citation and similar papers at core.ac.uk brought to you by CORE provided by DSpace at Tartu University Library TARTU ÜLIKOOL Majandusteaduskond Ettevõttemajanduse instituut Darja Medvedskaja VOLITAMATA KAUPLEMINE FINANTSTURGUDEL Bakalaureusetöö Juhendaja: lektor Mark Kantšukov Tartu 2012 1 Soovitan suunata kaitsmisele ………………………………….. (juhendaja allkiri) Kaitsmisele lubatud “ “........................ 2012. a. …...… õppetooli juhataja ………………………… (õppetooli juhataja nimi ja allkiri) Olen koostanud töö iseseisvalt. Kõik töö koostamisel kasutatud teiste autorite tööd, põhi- mõttelised seisukohad, kirjandusallikatest ja mujalt pärinevad andmed on viidatud. ………………………………….. (töö autori allkiri) 2 SISUKORD Sisukord ............................................................................................................................3 Sissejuhatus.......................................................................................................................4 1. Volitamata kauplemine finantsturgudel – teoreetiline käsitlus.....................................7 1.1. Volitamata kauplemine kui valgekraede kuritegude üks liikidest .........................7 1.2. Volitamata kauplemise tunnused ja põhjused......................................................18 1.3. Volitamata kauplemist puudutavad aktid ja pankade operatsiooniriski juhtimine .....................................................................................................................................24 2. Volitamata kauplemise juhtumite analüüs ..................................................................37 -
UBS Hit by $2 Billion in Unauthorized Trades
New s, Quotes, Companies, Videos SEA RCH Friday, September 16, 2011 As of 12:00 AM New Y ork 68º |59º BUSINESS Welcome, Robert A Miller Logout My Account My Journal Help U.S. Edition Home Today's Paper Video Blogs Journal Community World U.S. New York Business Markets Tech Personal Finance Life & Culture Opinion Careers Real Estate Small Business Asia Europe Earnings Economy He alth Law Autos Management Media & Marketing En e r g y CFO Journal More Industries 1 of 12 2 of 12 3 of 12 TOP STORIES IN Paulson Still a Bull UBS Raises Tally on Ford, Chrysler at Eff Business After His Bare Year Losses Bat With UAW Loa BUSINESS SEPTEMBER 16, 2011 UBS: Rogue Trader Hit Firm Swiss Bank Says It Lost $2 Billion on London Employee's Unauthorized Bets Article Video Interactive Graphics Comments (214) MORE IN BUSINESS » Email Print Save Like 22 602 By DEBORAH BALL,PAUL SONNE and CARRICK MOLLENKAMP UBS AG said a rogue trader racked up as much as $2 billion in losses using the firm's own money, a dramatic admission that raised new questions about the ability of one of the world's largest banks to manage risk and global regulators' ability to monitor it. The losses stemmed from unauthorized derivatives-trading bets, according to a person familiar with the matter. The bank said no client positions were affected. The Swiss bank made the discovery late Wednesday and notified London police at 1 a.m. Thursday, alleging that one of its traders had committed fraud. At 3:30 a.m., police Enlarge Image arrested a 31-year-old man on "suspicion of Sarah Ainslie fraud by abuse of position." UBS said its London employee Kw eku Adoboli, show n here in 2010, allegedly lost $2 billion of the bank's The man arrested is Kweku Adoboli, money in unauthorized trades. -
Key Information Document Spread Bets on Delta One Indices
Key Information Document Spread bets on Delta One Indices Key Information Document – Delta One Spread Bets on Indices Purpose This document provides you with key information about this investment product. This is not marketing material. The information is required by law to help you understand the nature, risks, costs, potential gains and losses of this product and to help you compare it with other products. Spread bets are provided by Monecor (London) Ltd, a company registered in England and Wales, number 00851820. ETX Capital is a trading name of Monecor (London) Limited which is authorized and regulated by the Financial Conduct Authority in the United Kingdom, register number 124721. Call 0800 138 4582 or go to www.etxcapital.com for more information. This document was created/last updated on May 30th, 2018. You are about to purchase a product that is not simple and may be difficult to understand. What is this product? Type A Delta One product allows the investor to gain exposure to the reference market in a more capital efficient manner. Delta One products allow our clients the ability to gain leveraged exposure to the reference market while containing no pricing optionality. As such, movement of the Delta One markets will always be 1:1 with the reference market on which it is based. A spread bet is a leveraged contract entered with ETX Capital. It allows an investor to speculate on rising or falling prices in the reference Indices market. A Delta One Spread Bet Contract is a leveraged contract opened with ETX Capital that allows an investor to speculate on rising or falling prices of a Stock Index. -
Global Corporate and Investment Banking: an Agenda for Change
Global Corporate & Investment Banking Practice Global Corporate and Investment Banking: An Agenda for Change Global Corporate and Investment Banking: An Agenda for Change Foreword 1 Day of Reckoning? New Regulation and Its Impact 3 On Capital Markets Businesses Europe: Beyond the Crisis, New Challenges 31 And Opportunities Asia: The Future of Corporate and 37 Investment Banking Out of the Shadows: Central Clearing of 56 Repurchase Agreements Winning in Flow: Scale Is Everything 83 Foreword 1 Foreword our years after the financial crisis, the agenda for change within the F global corporate and investment banking (CIB) industry remains signifi- cant. In this compendium, we bring together five articles published over the past year that serve as a ready reckoner for the CIB agenda—not just for capital markets and banking, but also for critical components of the bank- ing infrastructure that supports funding. Day of Reckoning explores the impact of new regulation on capital markets businesses. After-tax return on equity for these businesses is likely to fall from 20 percent pre-regulation to 7 percent, absent any mitigating actions by banks. We suggest strategies that banks can pursue to manage the impact of regulation on their capital markets businesses and to maintain an accept- able level of profitability. We examine portfolio optimization, model and data quality improvements, financial efficiency and operational enhancements. In Europe: Beyond the Crisis, New Challenges and Opportunities, we review the impact of new regulation on corporate banking businesses. De- spite significant reductions in credit costs, profits remain well below 2007 peaks in these businesses. Many of the mitigation strategies for capital markets businesses are relevant to restoring profitability to corporate bank- ing.