FOI7952 Response Annex
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Saxo Bank's BEST EXECUTION POLICY
SAXO BANK’S BEST EXECUTION POLICY SAXO BANK’S BEST EXECUTION POLICY THE SPECIALIST IN TRADING AND INVESTMENT Page 1 of 6 Page 1 of 6 SAXO BANK’S BEST EXECUTION POLICY 2.2 The trading conditions for the above products 1 INTRODUCTION are available on Saxo Bank’s different web- sites. 1.1 This policy is issued pursuant to, and in com- pliance with, EU Directive 2004/39/EC of 21 3 SAXO BANK’S APPROACH TO BEST EXE- April 2004 on Markets in Financial Instruments CUTION ("MiFID") and the Danish legislation imple- menting MiFID (the "Rules") that applies to 3.1 When executing orders Saxo Bank will take all Saxo Bank. reasonable steps to obtain the best possible result under the circumstances for the client 1.2 This policy provides an overview of how Saxo taking into account price, costs, speed, likeli- Bank executes orders on behalf of clients, the hood of execution and settlement, size, nature factors that can affect the timing of execution or any other consideration relevant to the exe- and the way in which market volatility plays a cution of the order ("Best Execution"). part in handling orders when buying or selling a financial instrument. 3.2 When considering the best executing factors, Saxo Bank takes into account: 1.3 This policy applies to Saxo Bank's execution of orders on behalf of retail clients and profes- the characteristics of the client order; sional clients as defined by the Rules. the characteristics of the financial instru- ments that are subject to that order (in 1.4 Where Saxo Bank provides a quote to a client particular in relation to OTC financial in- or negotiates the terms of an Over-the-Counter struments); and ("OTC") transaction with Saxo Bank as coun- the characteristics of the execution ven- terparty, Saxo Bank will normally not be acting ues to which that order can be directed. -
The Mastercard Compliant Service Provider List
The Mastercard Compliant Service Provider List A company’s name appears on this Compliant Service Provider List if (i) MasterCard has received a copy of an Attestation of Compliance (AOC) by a Qualified Security Assessor (QSA) reflecting validation of the company being PCI DSS compliant and (ii) MasterCard records reflect the company is registered as a Service Provider by one or more MasterCard Customers. The date of the AOC and the name of the QSA are also provided. Each AOC is valid for one year. MasterCard receives copies of AOCs from various sources. This Compliant Service Provider List is provided solely for the convenience of MasterCard Customers and any Customer that relies upon or otherwise uses this Compliant Service Provider list does so at the Customer’s sole risk. While MasterCard endeavors to keep the list current as of the date set forth in the footer, MasterCard disclaims any and all warranties of any kind, including any warranty of accuracy or completeness or fitness for any particular purpose. MasterCard disclaims any and all liability of any nature relating to or arising in connection with the use of or reliance on the Compliant Service Provider List or any part thereof. Each MasterCard Customer is obligated to comply with MasterCard Rules and other Standards pertaining to use of a Service Provider. As a reminder, an AOC by a QSA provides a “snapshot” of security controls in place at a point in time. Service Provider Name Region AOC Date Assessor DESV 1&1 Internet SE (1&1, 1&1 ipayment, Europe 05/09/2016 Security Research & Consulting GmbH ipayment.de) 1Link (Guarantee) Limited SAMEA 11/17/2015 Trustwave 1Shoppingcart.com (Web.com Group, lnc.) US 04/13/2016 SecurityMetrics 1stPayGateWay, LLC US 05/27/2016 IBM Internet Security Systems (ISS) 2138617 Ontario Inc. -
Institutional Investor
R +R Research + Rankings The 2015 Tech 50 repeating in the No. 1 position, brought his company from nowhere to the top of the global exchange world in part because, he says, “technology enabled us to scale quickly.” It also can fail. ICE’s three-and-a-half-hour outage on July 8 was only the latest to affect a major mar- Racers ket platform — and demonstrate the importance of two other differentiating qualities: resiliency and recovery. Catherine Bessant (No. 2), global technology and operations executive at Bank of America Corp., frets that the technology world at large is “moving at to the the speed of the consumer, not the speed of the enterprise.” The answer? “The best and brightest talent.” Bessant believes that “in conjunction with advanced- state thinking, financial services is mag- netic for tech people.” But that means competing against Apple, Google and other name brands. Edge The Tech 50 ranking was compiled The global financial technology elite sets itself apart by understanding by Institutional Investor editors and the strategic and societal implications of high-tech advances and staff, with nominations and input from industry participants and experts. Four pushing innovation at Silicon Valley–like speed. primary sets of attributes were evalu- ated: achievements and contributions over the course of a career; scope and complexity of responsibilities; influence GROUNDED AS IT IS IN INFOR- applications and system performance as and leadership inside and outside the mation and money — and components of corporate strategy. These organization; and pure technological information about money leaders think big about the global or innovation. -
J.P. Morgan's Expression of Interest to Act As Global Co-Ordinator And
CONFIDENTIAL J.P. Morgan’s expression of interest to act as Global Co-ordinator and Bookrunner in connection with the Íslandsbanki IPO J.P. Morgan is pleased to express its interest to act as Global Co-ordinator and Bookrunner in connection with the sale process of the Icelandic State Financial Investments’ holdings in Íslandsbanki. J.P. Morgan is a leading global investment bank with a market capitalisation of $427bn and total assets of $3.4trn (December 2020). J.P. Morgan’s global headquarters are in New York, while our European headquarters are in London. We have a strong presence and track record in the Nordic region and our commitment to the region is evidenced by our local offices across the region. J.P. Morgan offers ISFI a full range of investment banking services and will provide first class advice in connection with the sale process of its holdings in Íslandsbanki. We are a global leader in areas such as equity and equity linked capital markets, debt capital markets, M&A advisory, ratings advisory and equity and debt sales, research and trading. J.P. Morgan team for Íslandsbanki Senior project leadership and sponsorship Andreas Lindh, Co-Head of EMEA FIG Stefan Weiner, Head of Northern Europe ECM Kari Hallgrimsson, Senior Country Sponsorship Nordic FIG Advisory European ECM Christian Kornhoff, Executive Director Vittorio Rivaroli, Executive Director Filiph Nilsson, Analyst Emese Pavlik, Associate Kim-Jonas Pellikka, Analyst Vincent Collan, Analyst FIG DCM Ratings Advisory Kiran D. Karia, Executive Director Jens Rasmussen, Executive Director J.P. Morgan contact details Andreas Lindh Registered address: Full legal name: Taunustor 1 J.P. -
Retirement Strategy Fund 2060 Description Plan 3S DCP & JRA
Retirement Strategy Fund 2060 June 30, 2020 Note: Numbers may not always add up due to rounding. % Invested For Each Plan Description Plan 3s DCP & JRA ACTIVIA PROPERTIES INC REIT 0.0137% 0.0137% AEON REIT INVESTMENT CORP REIT 0.0195% 0.0195% ALEXANDER + BALDWIN INC REIT 0.0118% 0.0118% ALEXANDRIA REAL ESTATE EQUIT REIT USD.01 0.0585% 0.0585% ALLIANCEBERNSTEIN GOVT STIF SSC FUND 64BA AGIS 587 0.0329% 0.0329% ALLIED PROPERTIES REAL ESTAT REIT 0.0219% 0.0219% AMERICAN CAMPUS COMMUNITIES REIT USD.01 0.0277% 0.0277% AMERICAN HOMES 4 RENT A REIT USD.01 0.0396% 0.0396% AMERICOLD REALTY TRUST REIT USD.01 0.0427% 0.0427% ARMADA HOFFLER PROPERTIES IN REIT USD.01 0.0124% 0.0124% AROUNDTOWN SA COMMON STOCK EUR.01 0.0248% 0.0248% ASSURA PLC REIT GBP.1 0.0319% 0.0319% AUSTRALIAN DOLLAR 0.0061% 0.0061% AZRIELI GROUP LTD COMMON STOCK ILS.1 0.0101% 0.0101% BLUEROCK RESIDENTIAL GROWTH REIT USD.01 0.0102% 0.0102% BOSTON PROPERTIES INC REIT USD.01 0.0580% 0.0580% BRAZILIAN REAL 0.0000% 0.0000% BRIXMOR PROPERTY GROUP INC REIT USD.01 0.0418% 0.0418% CA IMMOBILIEN ANLAGEN AG COMMON STOCK 0.0191% 0.0191% CAMDEN PROPERTY TRUST REIT USD.01 0.0394% 0.0394% CANADIAN DOLLAR 0.0005% 0.0005% CAPITALAND COMMERCIAL TRUST REIT 0.0228% 0.0228% CIFI HOLDINGS GROUP CO LTD COMMON STOCK HKD.1 0.0105% 0.0105% CITY DEVELOPMENTS LTD COMMON STOCK 0.0129% 0.0129% CK ASSET HOLDINGS LTD COMMON STOCK HKD1.0 0.0378% 0.0378% COMFORIA RESIDENTIAL REIT IN REIT 0.0328% 0.0328% COUSINS PROPERTIES INC REIT USD1.0 0.0403% 0.0403% CUBESMART REIT USD.01 0.0359% 0.0359% DAIWA OFFICE INVESTMENT -
Annual Report 2020
ANNUAL REPORT 2020 Content Profile 3 Statement from the board 5 Developments in the payment system 8 Activities Activities: Point-of-sale payment system 11 Activities: Online payments 14 Activities: Giro-based payments 18 Activities: Stability of Payment Chains 23 Activities: Security in the payment system 25 Appendices Appendix: Board and management 30 Appendix: Governance 31 Appendix: List of members 33 2 Annual Report 2016 Profile The payment system is the bloodstream of our economy, has many stakeholders and is of great social importance. Therefore it has the characteristics of a utility. The many parties involved, the many relevant laws and regulations, the requirements for high quality, new technological possibilities and the high number of transactions make the payment system complex and dynamic. Transparency, openness, accessibility and dialogue with all stakeholders are important prerequisites in the payment system. The Dutch Payments Association organizes the collective tasks in the Dutch payment system for its members. Our members provide payment services on the Dutch market: banks, payment institutions and electronic money institutions. The shared tasks for infrastructure, standards and common product features are assigned to the Payments Association. We aim for a socially efficient, secure, reliable and accessible payment system. To this end, we deploy activities that are of common interest to our members. We are committed, meaningful and interconnecting in everything we do, to unburden our members where and when possible. We engage representatives of end users in the payment system, including businesses and consumers. On behalf of our members, we are visibly involved and accessible and we are socially responsible. -
How Banks and Fintechs Create and Capture Value with Mobile Payment
How banks and fintechs create and capture value with mobile payment via their business value network: A value network case study of ING’s Mobiel Betalen and WeChat Pay’s Quick Pay. Author: Laura Frank University of Twente P.O. Box 217, 7500AE Enschede The Netherlands Network value analysis of mobile payment solutions has shown that in order to deliver value and create the service, a network of partners is required. Solutions of different providers, banks and fintechs, have shown that both have similar network partners in place. Common partners among mobile payment solutions are banks or actors with a payment license, smartphone manufacturers, stores, merchants and generally places that accept mobile payments. Depending on the technology that got chosen by the payment provider, further actors are part of the network. All actors within the network receive their own individual value by being part of the network. Mobile payment solutions that make use of quick response (QR) codes for payments are easier to facilitate than payment solutions that make use of near field communication (NFC). This is due to that users and merchants simply need a unique QR code that is connected to their mobile payment account, while payment solutions that make use of NFC technology need payment terminals that facilitate contactless payments as well as a suitable smartphone. By limiting the payment solution to only certain smartphones, payment terminals and operating systems, providers limit their potential user base. Even though multiple network partners of the fintech and bank payment solution got distinguished, some value chain elements still remain, as the parent companies of both take on multiple task and functions of the network. -
Registros De Entidades 2017
REGISTROS DE ENTIDADES 2017 SITUACION A 31 DE DICIEMBRE DE 2017 BANCO DE ESPAÑA INDICE Página CREDITO OFICIAL ORDENADO ALFABETICAMENTE ........................................................................................................ 9 ORDENADO POR CODIGO B.E. ......................................................................................................... 11 BANCOS ORDENADO ALFABETICAMENTE ...................................................................................................... 15 ORDENADO POR CODIGO B.E. ......................................................................................................... 17 CAJAS DE AHORROS ORDENADO ALFABETICAMENTE ...................................................................................................... 27 ORDENADO POR CODIGO B.E. ......................................................................................................... 29 COOPERATIVAS DE CREDITO ORDENADO ALFABETICAMENTE ...................................................................................................... 33 ORDENADO POR CODIGO B.E. ......................................................................................................... 35 ESTABLECIMIENTOS FINANCIEROS DE CREDITO ORDENADO ALFABETICAMENTE ...................................................................................................... 47 ORDENADO POR CODIGO B.E. ......................................................................................................... 49 ESTABLECIMIENTOS FINANCIEROS DE CREDITO -
Swiss Asset Management Study 2020 an Overview of Swiss Asset Management
1 Inhaltsverzeichnis Inhaltsverzeichnis Swiss Asset Management Study 2020 An Overview of Swiss Asset Management Editors Jürg Fausch, Thomas Ankenbrand Institute of Financial Services Zug IFZ www.hslu.ch/ifz 1 Table of Contents Swiss Asset Management Study 2020 Table of Contents Preface 2 Executive Summary 3 1. Definition & Framework of Asset Management 5 2. The Swiss Asset Management Environment 12 3. Asset Management – An International Perspective 39 4. Asset Management Companies in Switzerland 47 5. Active versus Passive Investing – A Differentiated View on a Heated Debate 69 6. Conclusion & Outlook 77 7. Factsheets of Asset Management Companies in Switzerland 78 Authors 108 References 109 Appendix 120 2 Swiss Asset Management Study 2020 Preface The asset management industry is a growing segment of the Swiss financial center and offers a differentiating value proposition relative to private banking and wealth management. The strong expertise in asset manage- ment is highly relevant for Switzerland since it helps to diversify and complete the Swiss financial center. In this regard, the Asset Management Association Switzerland has the goal to further establish Switzerland as a leading provider of high quality asset management services and products domestically and abroad. In this context, the following study provides a comprehensive overview of the current status and various develop- ments in the Swiss asset management industry and consists of two parts. The first part starts with Chapter 1 in which a definition of asset management is provided and the methodological framework of the study is outlined. Chapter 2 gives an overview of the environment and discusses the political/legal, economic, social and technolog- ical developments relevant for the asset management industry. -
Does Ownership Have an Effect on Accounting Quality?
Master Degree Project in Accounting Does Ownership have an Effect on Accounting Quality? Andreas Danielsson and Jochem Groenenboom Supervisor: Jan Marton Master Degree Project No. 2013:14 Graduate School Abstract Research on accounting quality in banks has evolved around the manipulation of the Loan Loss Provision and has been discussed in terms of earnings management and income smoothing. Key variables used to explain the manipulation of Loan Loss Provisions have been investor protection, legal enforcement, financial structure and regulations. This study will extend previous research by investigating the effect of state, private, savings and cooperative ownership on accounting quality. In this study data from more than 600 major banks were collected in the European Economic Area, covering annual reports between 2005 and 2011. Similar to prevalent research, the Loan Loss Provision is used as a central indicator of accounting quality. In contrast to existent literature, accounting quality is not explained by the manipulation of the Loan Loss Provision in terms of income smoothing or earnings management. Instead, accounting quality is addressed in terms of validity and argued to be an outcome of the predictive power of the Loan Loss Provision in forecasting the actual outcome of credit losses. The findings of this study confirm that ownership has an effect on accounting quality. All but one form of ownership investigated showed significant differences. State ownership was found to have a positive effect on accounting quality, both in comparison to private banks and all other banks. On the other hand, savings ownership was shown to have a negative impact on accounting quality compared to private and other banks. -
Exchange Council Election Eurex Deutschland Preliminary Voter List – As of 16 August 2019
Exchange Council Election Eurex Deutschland Preliminary Voter List – as of 16 August 2019 Voter group 1a cooperative credit institutions Company State DZ BANK AG Deutsche Zentral-Genossenschaftsbank Germany Page - 1 - Exchange Council Election Eurex Deutschland Preliminary Voter List – as of 16 August 2019 Voter group 1b credit institutions under public law Company State Bayerische Landesbank Germany DekaBank Deutsche Girozentrale Germany Hamburger Sparkasse AG Germany Kreissparkasse Köln Germany Landesbank Hessen-Thüringen Girozentrale Germany Landesbank Saar Germany Norddeutsche Landesbank - Girozentrale Germany NRW.BANK Germany Sparkasse Pforzheim Calw Germany Page - 2 - Exchange Council Election Eurex Deutschland Preliminary Voter List – as of 16 August 2019 Voter group 1c other credit institutions Company State ABN AMRO Bank N.V. Netherlands ABN AMRO Clearing Bank N.V. Netherlands B. Metzler seel. Sohn & Co. KGaA Germany Baader Bank Aktiengesellschaft Germany Banca Akros S.p.A. Italy Banca IMI S.p.A Italy Banca Sella Holding S.p.A. Italy Banca Simetica S.p.A. Italy Banco Bilbao Vizcaya Argentaria S.A. Spain Banco Comercial Português S.A. Portugal Banco Santander S.A. Spain Bank J. Safra Sarasin AG Switzerland Bank Julius Bär & Co. AG Switzerland Bank Vontobel AG Switzerland Bankhaus Lampe KG Germany Bankia S.A. Spain Bankinter Spain Banque de Luxembourg Luxemburg Banque Lombard Odier & Cie SA Switzerland Banque Pictet & Cie SA Switzerland Barclays Bank Ireland Plc Ireland Barclays Bank PLC United Kingdom Basler Kantonalbank Switzerland Berner Kantonalbank AG Switzerland Bethmann Bank AG Germany BNP Paribas United Kingdom BNP Paribas (Suisse) SA Switzerland BNP Paribas Fortis SA/NV Belgium BNP Paribas S.A. Niederlassung Deutschland Germany BNP Paribas Securities Services S.C.A. -
List of British Entities That Are No Longer Authorised to Provide Services in Spain As from 1 January 2021
LIST OF BRITISH ENTITIES THAT ARE NO LONGER AUTHORISED TO PROVIDE SERVICES IN SPAIN AS FROM 1 JANUARY 2021 Below is the list of entities and collective investment schemes that are no longer authorised to provide services in Spain as from 1 January 20211 grouped into five categories: Collective Investment Schemes domiciled in the United Kingdom and marketed in Spain Collective Investment Schemes domiciled in the European Union, managed by UK management companies, and marketed in Spain Entities operating from the United Kingdom under the freedom to provide services regime UK entities operating through a branch in Spain UK entities operating through an agent in Spain ---------------------- The list of entities shown below is for information purposes only and includes a non- exhaustive list of entities that are no longer authorised to provide services in accordance with this document. To ascertain whether or not an entity is authorised, consult the "Registration files” section of the CNMV website. 1 Article 13(3) of Spanish Royal Decree-Law 38/2020: "The authorisation or registration initially granted by the competent UK authority to the entities referred to in subparagraph 1 will remain valid on a provisional basis, until 30 June 2021, in order to carry on the necessary activities for an orderly termination or transfer of the contracts, concluded prior to 1 January 2021, to entities duly authorised to provide financial services in Spain, under the contractual terms and conditions envisaged”. List of entities and collective investment