Life Cycle of a Trade

Training Academy

Introduction
Facilitator Self Course Outline Break Timings

15 mins Forenoon 45 mins Lunch 15 mins Afternoon

Expectations

Page 2

Expectations
Static data How trade is booked Settlement and before settlement Trade booking and settlement Impact of incorrect settlement Pre-matching before a settlement Entire life of a trade

Front office & middle office

How trade is entered and how it is booked
Page 3

What is your Idea of Life Cycle of a trade ??

Page 4

Section One
The Market Participants

The Market Participants - Facilitators

Brokers Dealers Investment Banks Stock Exchanges Agents Securities Trading Organisations Custodians

Clearing Banks
Regulators
Page 6

The Market Participants - Investors

Institutional Investors Mutual Funds (Unit Trusts) Pension Funds Insurance Companies Hedge Funds Charities Individual Investors

Page 7

The Marketplace
INVESTORS

ISSUERS

AGENTS

Securities

INVESTORS

AGENTS

Securities Trading House

Exchanges

AGENTS

Securities

INVESTORS

ISSUERS

Page 8

Markets & Stock Exchanges

A Market is an environment in which securities are bought and sold. Central to some market places is the Stock Exchange. Trades executed over an Exchange are executed OnExchange or Exchange Traded

Other trades executed over the telephone are OTC (Over the Counter) or Non-Exchange Traded
Each securities market has an associated and recognisable place to effect settlement
Euroclear

E.g. French Government Bonds traded on the Paris Bourse settle in

Page 9

Stock Exchanges
Region Europe Country UK Financial Centre London Stock Exchange London Stock Exchange (LSE) London Metal Exchange London International Financial Futures & Options Exchange (LIFFE) Deutsche Bourse

Germany

Frankfurt

Spain
Asia Pacific China China

Madrid
Hong Kong Shenzhen Shanghai

Bolsa de Madrid
Stock Exchange of Hong Kong Hong Kong Futures Exchange Shenzhen Stock Exchange Shanghai Stock Exchange

Japan
Singapore Australia America USA

Tokyo
Singapore Sydney New York Chicago

Tokyo Stock Exchange Tokyo International Financial Futures Exchange (TIFFE)

Stock Exchange of Singapore Singapore International Monetary Exchange (SIMEX) Australian Stock Exchange (ASX) New York Stock Exchange (NYSE) Chicago Stock Exchange

Page 10

Other Market Participants

Salespeople Data Providers Registrars Coupon Paying Agents Trade Matching Services Settlement Instruction Communication Mechanisms

Page 11

Market Participants - Issuers

Organisations occasionally need to raise cash/capital to expand their businesses by:

Selling part ownership issuing shares or equity

Borrowing cash from investors issuing debt in the form of bonds

Type of Issuer
Corporations Sovereign Entities Local Governments Government Agencies Supranational Organisations

Example
Vodafone (UK) Kingdom of Denmark City of London Federal National Mortgage Association International Bank for Reconstruction & Development (World Bank IBRD)

Page 12

Where does Deutsche Bank fit?

Deutsche covers multiple functions: Broker Dealer Fund/Asset Manager Investment Bank Issuer Global Custodian

Retail Bank

Page 13

So far Covered
I. Market Participants

Page 14

Section Two
Static Data

What is Static Data?

Static Data is the common term to describe the store of information used to determine the appropriate actions required for successful processing of each trade. For Example: Trading Entities

Trading Books within each entity

Counterparties Instruments Currencies Prices
Page 16

Sources of Static Data

Where possible, financial institutions try and create a core of Golden Source static data to avoid data conflicts in inter-dependent systems Companies specialise in gathering and distributing financial data to institutions via:

Electronic File Feeds Internet Through on site terminals.

Page 17

Security Data Providers or Data Vendors

Reuters Bloomberg

Telekurs
Rolfe & Nolan SWIFT DTCC Alert Direct/OMGEO Standard and Poors Euroclear Wallstreet SIAC NSCC
Page 18

Counterparty Static Data

Name, Address & Contact Details Authorized Credit Limits Related Companies Standard Settlement Instructions Date of account set up

Type of Institution
Documentation signed Tax Status Registered Representative Confirmation Details

Fax, Telex, Electronic Trade Confirmation, SWIFT, Email

Page 19

Instrument Static Data

Type of instrument

Equity, Bond, Warrant, Derivative, Commodity Short Name, Long Name, Size, Denomination, Issuer Coupon Rate, Payment Characteristics - 30/360, A/360 etc ISIN, Common Code, RIC, Quick Code, Cusip etc

Issue

Coupon Dates

Alternative/External References,
Exchange Currency Maturity Date Factors
Page 20

Maintaining Static Data

Incorrect static data causes many processing errors: Delayed Confirmations Unmatched Transactions Settlement Failure Incorrect Fee calculations Incorrect Profit & Loss Calculation Poor Reporting (Regulatory & risk impact)

Increased cost per transaction due to reduced STP

Incorrect static data leads to reduced service and dissatisfied customers.
Page 21

Static Data Summary

Bad Static Data results in reduced service levels to clients due to processing hold-ups and possible trade failure

Bad Static Data impacts operational risk and increases the cost per trade processed
Bad Static Data contributes to poor internal & external reporting impacting risk & reputation Static Data will continue to be an important dependency on the efficient processing of trades especially as the trade lifecycle window becomes smaller

STATIC DATA

Must be populated correctly within all of the relevant systems. Must be obtained from a credible source as timely as possible.

Page 22

So far Covered
I. II. Market Participants Static Data

Page 23

Section Three
Trade Execution & Trades Processing

Straight Through Processing

Trade Execution Trade Capture

Trade Validation

Position/Inventory management

Securities Lending & Borrowing

Trade Enrichment

Trade Processing

Trade Confirmation/Affirmation/Matching

Trade Instruction

Instruction/Agent Matching

Trade Settlement

Fails & Fail Management

Page 25

Straight Through Processing (STP)

Trade/Position Accounting

Corporate Actions

Reconciliations

Cash Funding

What is a Trade?
A legal contract between two counterparties. A seller and a buyer. The SELLER must deliver the commodity he has sold to the buyer. The BUYER must pay the agreed purchase price on the agreed value date.

Page 26

The Front Office

Trading Sales Broking Corporate Finance Repo Desk

Page 27

Why Trade?
Speculate

Profit from price move or increase in value of the asset. Benefit from dividend on shares and interest on bonds.

Accumulate Hedging:

To speculate and accumulate. To reduce risk.

Page 28

Trade Execution
Trade execution tends to operate in one of three ways where sellers and buyers execute trades: Trading Floor

Traditional method of trading face to face on the trading floor of a

Stock Exchange.

Computerised Exchanges

Established in the UK as part of the Big Bang in 1986.

This term applied to the liberalization of the London Stock Exchange (LSE) when Trading was automated.

Telephone

Page 29

Trade Execution
Furthermore Trades can be: Quote Driven

Market Makers quote prices via computerised screens showing the

level at which they are prepared to buy and sell with the intention of attracting business. NASDAQ (US) SEAQ (UK)

Order Driven

Orders from sellers are matched with buyers orders electronically. Xetra (Germany) SETS (UK) SEATS (Australia) ECNs operate on an electronic basis only. Euro-MTS Brokertec Archipelago

Electronic Communications Networks (ECN)

Page 30

Trade Capture
Regardless of the trade execution/origin, all trades must be recorded formally by the market participant.

To update a trading position for a specific security within a trading book

To update average price of the current trading position to enable the trader to calculate trading profit or loss

To allow trade detail to be sent through to the Back Office for trade processing and settlement
As part of Market & Regulatory Reporting requirements To facilitate risk management Traders use complex trading systems to facilitate trading & position management, trade processing is usually done via Back Office processing systems.
Page 31

Front Office Trade Detail

Trading Book Trade Date Deal Time Value Date Operation (e.g. Buy/Sell, Lend/Borrow, In/Out) Quantity Instrument/Security

Price
Counterparty
Page 32

Trade Validation
Trade validation occurs to check if the trade information received in the Back office systems corresponds with the Front Office record.

Trade validation includes the checking of constituent static data information:

Examples include:

Is the security recognised on the system? Is the Counterparty account recognised? Is the Trader allowed to trade on the trading book? Is the trading book valid to trade security x? Is the value date a valid settlement date in the location of settlement? Are the securities restricted?

All detected errors must be investigated and corrected.

Page 33

Trade Enrichment
Trade enrichment exists to add specific trade data to the basic trade detail to allow downstream processing. This data is not usually held in Front Office Trading systems. This data can be added manually however in the STP environment the aim is to derive this automatically. Examples include:

Calculation of cash values. Regulatory Reporting required. Trade Confirmation requirements. Selection of custodian details. Selection of Settlement Instructions and communication method.

Page 34

So far Covered
I. II. Market Participants Static Data

III. Trade Execution & Trades Processing

Page 35

Section Four
Trade Confirmation

Trade Confirmation/Agreement
Trade Confirmation/Affirmation is an important process required to reduce the risk of the traders P&L. Until the counterparty acknowledges the trade detail the effect on the price or quantity of the trade is subject to change, impacting the traders book.

Trade agreement can be achieved through:

Sending trade confirmations to the counterparty. Receiving trade confirmations from the counterparty. Trade or Contract Matching. Trade Affirmation.

Page 37

Trade Matching
Trade Matching generally applies to mandatory electronic matching of trade details. Both parties are required to input details to a central matching facility. Matching results (i.e. matched, unmatched) are provided by the trade matching facility to both parties. Examples include:

Omgeo Central Trade Manager (CTM). TRAX (Internationally traded debt & securities). Depository Trust & Clearing Corporation (DTCC) National Securities Clearing Corporations Trade Matching Service.
(NSCC)

Page 38

Trade Affirmation
Trade Affirmation relates to the electronic matching of trade details typically between securities institutions and Institutional clients.

Trade details are input by the securities house and sent to a trade affirmation facility.
The Trade affirmation central hub sends on the message. The institutional client agrees (affirms) or disagrees and the response is sent back to the securities house. Both parties must subscribe to the service. Examples include:

Omgeos Oasys Global system. FIX (Global) Oasys Domestic - (US) DTC ID (Institutional Delivery) (US)

Page 39

Summary
Basic Principles The longer a trades detail remains unchecked after trade date, the greater the risk of price movement and P&L impact. Trade confirmation/matching messages should be issued as soon as possible after trade validation. Timely and accurate confirmation generation is a major client service consideration.

Prompt actioning of all confirmation discrepancies reduces trade risk.

Page 40

So far Covered
I. II. Market Participants Static Data

III. Trade Execution & Processing IV. Trade Confirmation

Page 41

Section Five
Trade Instruction

Settlement Instructions
Settlement Instructions are used to communicate the movement of securities and cash to the custodian. Trade Agreement confirms the commercial details of the trade. Settlement Instructions indicate the commercial details of the trade AND the location and account details for the cash and security movements. (Settlement Details).

Page 43

Instruction Content
Settlement Instructions tell the custodian/Agent to carry out precise commands such as: The quantity of securities to be received or delivered. The net settlement value to be paid or received. From whom securities will be received. To whom payment must be made. From whom payment will be received. To whom securities must be delivered. On which date to carry out these instructions.

Page 44

Instruction Communication Methods

S.W.I.F.T. CREST DTC Euroclear Clearstream Agent Banks Custodians Proprietary Messaging CREST DTC Euclid (for Euroclear) Cedcom (for Clearstream)

Page 45

So far Covered
I. II. Market Participants Static Data

III. Trade Execution & Processing IV. Trade Confirmation V. Trade Instruction

Page 46

Section Six
Instruction/Agent Matching

Why do we match instructions?

To reduce settlement risk by: Increasing the chances of trade settlement on value date Resolving differences between trades and counterparties Enabling accurate funding of cash in nostro accounts Managing stock inventory in depositories

Page 48

Matching at The Settlement Agent

Once Instructions have been received at the Custodian, the next lifecycle steps include:

Instruction Matching
instruction.

Custodian attempt to match the instruction to the counterparty Attachment of the current status of the instruction.
(matched/unmatched/unknown).

Status Update

Unmatched Resolution Trade Settlement

Investigation and resolution of non-matching instructions.

Updating the current status within the securities trading
organisations books and records.

Page 49

Instructions Matching: Example

CSD or ICSD Instruction Comparison 1 Securities Trading House Settlement Instruction Securities House Status Matched or Unmatched
Status

1 2
Counterparty

Settlement Instruction

Counterparty

Status

Status Matched or Unmatched

1 2 3 4
Page 50

Instructions sent in by Securities House and Counterparty. Instruction matching occurs. Status is recorded. Instruction Status (Matched/Unmatched) is sent back to both parties.

So far Covered
I. II. Market Participants Static Data

III. Trade Execution & Processing IV. Trade Confirmation V. Trade Instruction VI. Instruction / Agent Matching

Page 51

Section Seven
Trade Settlement

Settlement Terminology
Trade settlement is the act of exchanging securities and cash between buyer and seller. Value Date / Contractual Settlement Date. Actual Settlement Value Date and Settlement Date will be the same in the majority of trade settlement cases. A percentage of trades fail to settle on value date and will settle on another date referred to as the actual settlement date.

Page 53

Settlement Considerations
How to ensure trade settlement Ensure the seller holds the required level of securities at the correct custodian.

Some securities can settle at more than one location.

Ensure the purchaser has sufficient cash to make the payment.

The purchaser may aggregate balances over a number of accounts,

the total amount must cover the amount required. (Funding). The purchaser may have a credit agreement with the custodian who will cover the cash shortfall. (Secured credit line/Overdraft). The purchaser may have a collateral agreement whereby collateral is held in the account to offset any non return of funds. (Margin)

Page 54

Types of Settlement
Full Settlement Partial Settlement Securities Only Cash Only Cross Currency Settlement Net Settlement

Page 55

Summary
Timely settlement of trades is an important part of the Trade Lifecycle with implications across the following areas: Inventory Management Cash Management

Settlement Risk
Cost Management Firm Reputation

Page 56

So far Covered
I. II. Market Participants Static Data

III. Trade Execution & Processing IV. Trade Confirmation V. Trade Instruction VI. Instruction / Agent Matching VII. Trade Settlement

Page 57

Section Eight
Position/Inventory Management

Inventory Management
Management of the stock holding is an integral part of trade settlement: Inventory Management ensures:

The correct amount of securities (nominal) are available At the correct location (depot). At the correct time (on value date).

Page 59

Methods of Inventory Management

If securities are unavailable we can consider the following: Internal Book Transfer. Realignment.

Borrow securities from another firm account same depot. Borrow securities from another firm account different depot. Borrow the securities from the market. Borrow the securities from the custodian/central depository.

Stock Borrow Loan Trade.

Autoborrow.

Execute a Repurchase Agreement (Repo)

Do nothing and let the trade fail.
Page 60

Inventory & Funding Management

Transmit Settlement Instruction

Match Settlement Instruction at Custodian

Settle at Custodian

Securities

Cash

Choices

Choices

AutoBorrow

Lend

Do Nothing

Repo

Borrow via Repo

Do Nothing

Borrow Unsecured

Page 61

Automated Lending & Borrowing

Service provided by large Custodians and Central Security Depositories: Borrowers

Borrow required securities automatically. Borrow certain types of security automatically i.e. Spanish Bonds. Borrow upon request. Sometimes used as a last resort due to the cost. Lend all securities automatically. Lend certain types of security automatically. Lend upon request.

Lenders

Page 62

How do Trades & Positions get updated?

Automated Updates

Instruction statuses are sent in by the custodian (fully settled,

partially settled, failed etc). The Securities Trading House automatically loads this information into the settlements systems. The system attempts to locate the relevant trade in its internal books and records. Once found it records the status update against the transaction. It will also automatically update the relevant security positions and balances reflecting the delivery or receipts.

Manual Updates

In some cases it may be necessary to settle trade manually and a

settlements specialist may manually record the update against the trade record.

Page 63

So far Covered
I. II. Market Participants Static Data

III. Trade Execution & Processing IV. Trade Confirmation V. Trade Instruction VI. Instruction / Agent Matching VII. Trade Settlement

VIII. Position / Inventory Management

Page 64

Section Nine
Fails & Fail Management

Failing Trades and their Impact

A failed trade is any securities transaction that does not settle on value date. The buyer and seller are impacted by settlement failure:

Unable to use the cash to fund other security purchases. Unable to lend on money markets and earn credit interest on cash. Unable to pay off existing overdraft/debt. Unable to use securities required for an onward delivery causing a
break in the chain. Risk impact due to movement in the market causing a change in the value of securities. (mark to market)

Page 66

Why Trades Fail

Instructions not received by custodian Instructions remain unmatched on value date Insufficient cash, collateral, credit line Insufficient securities

Page 67

The Importance of Managing Fails

Fails will have cash implications

Interest claims on fails to receive. Interest expense on fails to deliver.

Fails make the reconciliation of corporate actions difficult which can lead to material losses

Regulatory Impact - In some markets fines are imposed for late trade settlement

Australia Fines are imposed daily from value date to settlement

date for trades executed on the Australian Stock Exchange. UK - Fines are imposed by CREST from a members failure to achieve pre-defined settlement targets.

Page 68

Interest Claims
An interest claim is compensation from the failing party to for the loss of cash interest or use of securities.

Failed trades are monitored to determine the reason for failure and

enable the interest claim to be executed against the counterparty. Some marketplaces (e.g. ISMA) have minimum claimable interest recommendations and deadlines by which claims must be issued. Back Office Settlements add immense value by actively monitoring instruction statuses and helping to accurately fund cash shortfalls or short positions. In some Securities Trading Houses, if the Firm Trader is at fault then the cost of the fail can be directly attributed to their book, impacting their P&L.

Page 69

So far Covered
I. II. Market Participants Static Data

III. Trade Execution & Processing IV. Trade Confirmation V. Trade Instruction VI. Instruction / Agent Matching VII. Trade Settlement

VIII. Position / Inventory Management

IX. Fails & Fail Management
Page 70

Section Ten
Reconciliations

What are Reconciliations

Reconciliations exist to check the accuracy of the firms books and records:

Internally between systems and departments Externally where securities and cash are held.

A Reconciliation Break is a discrepancy between one record and another All breaks should be investigated, accounted for and corrected to ensure continued integrity Automation of reconciliation reporting facilitates timely investigation and resolution of breaks on a daily basis

Page 72

Why do we monitor reconciliations?

Regulatory Managing Risk Corporate Actions

Types of Reconciliations
Position Reconciliations
Trade Reconciliations System Reconciliations

Page 73

So far Covered
I. II. Market Participants Static Data

III. Trade Execution & Processing IV. Trade Confirmation V. Trade Instruction VI. Instruction / Agent Matching VII. Trade Settlement VIII. Position / Inventory Management IX. Fails & Fail Management X.
Page 74

Reconciliations

Section Eleven
Clearing and Custody

Types of Custodian 1
Term
Custodian

Description
An organisation that holds securities and cash on its clients behalf and may effect trade settlement on its clients behalf. As per custodian, but has a network of local (or sub-custodians) that hold securities and cash and effect trade settlement on behalf of the global custodian. A custodian that operates within a specific financial centre. A custodian within a Global Custodians network of custodians.

Example
Deutsche Bank Domestic Custody Services State Street Citigroup

Global Custodian

BoNY
Paribas Credit Lyonnais Paris Banco Espirito Santo Lisboa Citibank Milan Citibank Madrid

Local Custodian

Sub-Custodian

Page 76

Types of Custodian 2
Term Central Securities Depository (CSD). National Central Securities Depository (NCSD) Description An organisation that hold securities, normally in book entry form; usually the place of settlement, effected through book transfer. A CSD that handles domestic securities of the country in which it is located. A CSD that handles domestic and international securities. Only two organisations are recognised as ICDSs. Examples DTC (USA) CREST (UK & Eire) JASDEC (JPY) CCASS (HK)

International Central Securities Depository (ICSD)

Euroclear (Brussels) Clearstream (Luxembourg)

Settlement Agent

An organisation that effects the exchange of securities and cash on behalf of its clients; resultant securities and cash balances may or may not be held.

Citibank Milan
Citibank Madrid

Page 77

So far Covered
I. II. Market Participants Static Data

III.
IV. V. VI.

Trade Execution & Processing

Trade Confirmation Trade Instruction Instruction / Agent Matching

VII. Trade Settlement VIII. Position / Inventory Management IX. Fails & Fail Management

X.
XI.

Reconciliations
Clearing & Custody

Page 78

What is a Corporate Action?

Any action by an Issuer which may affect the investor: The distribution of benefits to existing shareholders or bondholders

Coupon Payments Cash Dividends Stock Dividends Stock Split Bonus Shares

A change in the structure of an existing security

A notification that may or may not require a response from the securities owner

Annual Meeting Voting Rights

Page 79

Section Twelve
Trade & Position Accounting

Controlling
The accounting group within the bank is responsible for correctly recording and monitoring all of the financial transactions occurring within the Securities Trading House: Deutsche Bank Controllers include:

Legal Entity Controller (LEC)

Responsible for DB Companies.

Business Area Controller (BAC)

Responsible for product lines and the Business.

Responsible for Managing Risk across the all divisions centrally.

Central Functions Risk Controlling

Page 81

Controlling Responsibilities
Monitor Stock/Security Positions Monitor Cash Balances Track Firm Books and Records Create Good Processes Create Controls Reconcile Trade Data Reconcile Cash Flow

Reconcile all Journal activity

Page 82

Example Control Reports

Reconciliations Profit and Loss Statement (P&L) Balance Sheet Reporting (BS) Buy and Hold Reporting (B&H) Management Information Reporting (MIS) Credit Risk Reporting (CRES)

Page 83

So far Covered
I. II. III. IV. V. Market Participants Static Data Trade Execution & Processing Trade Confirmation Trade Instruction XI. Clearing & Custody XII. Trade & Position Accounting

VI.

Instruction / Agent Matching

VII. Trade Settlement VIII. Position / Inventory Management IX. X. Fails & Fail Management Reconciliations

Page 84

Section Thirteen
Regulatory & Compliance Responsibilities

Regulators
Regulatory authorities exist within the securities industry to ensure: All business undertaken within the marketplace is done in the proper manner To protect investors who are participants within the marketplace Guard the reputation and integrity of the marketplace Monitor activity which fails outside of normal business trading practice

Page 86

Regulator Responsibilities
Assessing suitability of securities trading houses to participate within the market place. Monitor the business undertaken by securities trading houses, investment advisors & fund managers. Enforcement of laws and possible prosecution of security law violators.

Page 87

Financial Regulatory Authorities

Country
Australia Bahamas France Hong Kong Japan Singapore

Regulatory Authority
Australian Securities & Investments Commission Prudential Regulatory Authority Bahamas Central Bank Commission des Operations de Bourse Banque de France Securities & Futures Commission Monetary Authority Financial Supervisory Agency Financial Reconstruction Commission Monetary Authority of Singapore

UK
USA

Financial Services Authority (FSA)

Securities & Exchange Commission (SEC) US Commodity Futures Trading Commission National Futures Association

Page 88

Reporting Methods
A number of methods exist dependent on how the local Regulator requires reporting to be effected Automatic forwarding of trade details by a computerised exchange requiring no additional reporting Automated message transmission by the member for confirmation/matching/instruction purposes part of which is used to satisfy transaction reporting requirements File feeds produced from Front Office/Back Office/Controlling systems and sent direct to Regulator

Page 89

Compliance
Compliance is the Banks internal regulator. Responsibilities include: Ensuring compliance to rules of appropriate financial regulatory body Handling confidential information

Ensure that personnel are adequately and properly licensed to operate in the marketplace
Managing anti-money laundering regulations

Monitoring Employee Personal Trading

Page 90

So far Covered
I. II. III. IV. V. Market Participants Static Data Trade Execution & Processing Trade Confirmation Trade Instruction XI. Clearing & Custody XII. Trade & Position Accounting XIII. Regulatory & Compliance

VI.

Instruction / Agent Matching

VII. Trade Settlement VIII. Position / Inventory Management IX. X. Fails & Fail Management Reconciliations

Page 91

Section Fourteen
Conclusions

Conclusions
Reduce Settlement Cycles Increase Straight Through Processing for trades Increase use of central Counterparties Increase use of Golden Source static data Active management of collateral

Minimise Risk
Minimise Operational Cost Offer increased service to clients Manage increasing volumes Maximise internal efficiency

Page 93

Section Fifteen
References

Recommended Reading
Michael Simmons

Securities Operations A Guide to Trade & Position Management An Introduction to Western Financial Markets An Introduction to Equity Markets An Introduction to Repo Markets Treasury Management The Handbook of Equity Derivatives Dictionary of Finance & Banking

Stephen Valdez
David Dasey

Moorad Choudhry Robert Hudsen

Financial Engineering Oxford paperbacks

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Industry Websites
http://www.crestco.co.uk/ http://www.dtcc.com/ http://www.euroclear.com/ http://www.isma.org/home.html http://www.fsa.gov.uk/ CREST Depository Trust & Clearing Corporation Euroclear International Securities Market Associations Bank of England Financial Services Authority

http://www.jasdaq.co.jp/index_en.jsp Japanese Securities Depository Centre http://www.bankofengland.co.uk/Links/setframe.html

http://www.sec.gov/
http://www.nasdaq.com/ http://www.amex.com/

Securities Exchange Commission

National Association of Securities Dealers Automated Quotations. American Stock Exchange

http://www.londonstockexchange.com/London Stock Exchange

http://www.lchclearnet.com/
http://www.liffe.com/

London Clearing House

International Financial Futures & Options Exchange

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Industry Websites
http://www.iosco.org/iosco.html http://www.ipma.org.uk/ International Organ Securities Commission International Primary Market Association

http://www.isda.org/index.html
http://www.isla.co.uk/ http://www.isma.com/home.html http://www.liba.org.uk/ http://www.lsta.org/ http://www.sia.com/

International Swaps & Derivatives Association

International Securities Lending Association International Securities Market Association London Investment Bank Association Loan Syndic Trading Association Securities Industry Association

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Industry Websites
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STP Forum
STP Info Association for Financial Professionals

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