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    NZX is pleased to announce that the launch of milk price options contracts will occur on 30 June 2016. This follows the successful launch of milk price futures contracts on 27 May.read more...

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    We introduce a network valuation model (hereafter NEVA) for the ex-ante valuation of claims among financial institutions connected in a network of liabilities. Similar to previous work, the new framework allows to endogenously determine the recovery rate on all claims upon the default of some institutions. In addition, it also allows to account for ex-ante uncertainty on the asset values, in particular the one arising when the valuation is carried out at some time before the maturity of the claims. The framework encompasses as special cases both the ex-post approaches of Eisenberg and Noe and its previous extensions, as well as the ex-ante approaches, in the sense that each of these models can be recovered exactly for special values of the parameters. We characterize the existence and uniqueness of the solutions of the valuation problem under general conditions on how the value of each claim depends on the equity of the counterparty. Further, we define an algorithm to carry out the network valuation and we provide sufficient conditions for convergence to the maximal solution.

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    We study the problem of a trader who wants to maximize the expected reward from liquidating a given stock position. We model the stock price dynamics as a geometric pure jump process with local characteristics driven by an unobservable finite-state Markov chain and the liquidation rate. This reflects uncertainty about the state of the market and feedback effects from trading. We use stochastic filtering to reduce the optimization problem under partial information to an equivalent one under complete information. This leads to a control problem for piecewise deterministic Markov processes (in short PDMP). We apply control theory for PDMPs to our problem. In particular, we derive the optimality equation for the value function and we characterize the value function as unique viscosity solution of the associated dynamic programming equation. The paper concludes with a detailed analysis of specific examples. We present numerical results illustrating the impact of partial information and feedback effects on the value function and on the optimal liquidation rate.

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    The concept of RRI has emerged as a new framework to be used by the European Commission for research projects. It now lies at the core of the Horizon 2020 programme and is designed to replace current assessment practices focused on ethical review. The book will analyse the shift from ethical review to RRI: what remains of the former, what has been gained? Secondly, it makes a critical presentation of existing ethical reviews from the perspectivesread more...

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    In a filing with The Bermuda Stock Exchange (“BSX”), HSBC Holdings plc (Ticker: HSBC.BH) announces HSBC Finance Corp reaches agreement to resolve 14- year shareholder class action. The full filing stated:read more...

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    The Board of Directors of the European Stability Mechanism (ESM) today authorised the second tranche of €10.3 billion of ESM financial assistance to Greece. The Board also authorised the first disbursement of this second tranche of €7.5 billion to Greece. The country will use the €7.5 billion to meet debt servicing obligations and to help clear domestic arrears. The Board of Directors’ decisions follow the Greek government’s completion of all prior actions.read more...

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    On 16 June 2016, the final settlement price was determined for the copper futures contracts:read more...

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    Tokyo Stock Exchange, Inc. has published “Appointment of Independent Directors by TSE-Listed Companies”.[Summary]・77.9% of the 1st Section appoint two or more independent directors. (increased by 612 companies (29.5%) from the previous year)・96.2% of the 1st Section appoint independent directors. (increased by 242 companies (9.2%) from the previous year)read more...

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    The Bank of England is today launching a FinTech Accelerator to work in partnership with FinTech firms on challenges that we, as a central bank, uniquely face. The Accelerator will work with new technology firms to help us harness FinTech innovations for central banking.read more...

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    The Securities and Futures Commission (SFC) and Hong Kong Exchanges and Clearing Limited (HKEX) today jointly issued a consultation on proposed enhancements to The Stock Exchange of Hong Kong Limited’s (Exchange) decision-making and governance structure for listing regulation (Note 1).read more...

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    The Stock Exchange of Thailand (SET) has announced the semi-annual index review results for the SET50, SET100 and SETHD indices to be used in the second half of 2016 (July 1 - December 31). There will be 4 additions to SET50 index, 9 additions to SET100 index and 8 additions to SETHD index.read more...

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    The Irish Stock Exchange (ISE) has been ranked as the 14th Best Workplace in Europe in the small to medium category (50-500 employees) by Great Place to Work® (GPTW). This achievement follows the ISE's win as the Best Medium Workplace in Ireland earlier this year.  The ISE is the highest ranking financial services workplace in Europe and the best Irish workplace in our category.read more...

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    Toronto Stock Exchange, TSX Venture Exchange, Montréal Exchange and TSX Alpha Exchange will be closed on Friday, July 1, 2016, for the Canada Day holiday.read more...

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    Speaker: Christopher Woolard, Director of Strategy and Competition Location: The Banking Hall, London Delivered on: 16 June 2016read more...

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    The European Securities and Markets Authority (ESMA) has issued today an Opinion in response to a notification by the European Commission about intended changes on a draft Implementing Technical Standard (ITS) on the disclosure of inside information under the Market Abuse Regulation.read more...

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    The current reports for the week of June 14, 2016 are now available.read more...

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    On behalf of the entire IEX team, I would like to sincerely thank you all for supporting us throughout our application to become an exchange. We are thrilled that the SEC has approved our Exchange Filing which puts us on track to commence a symbol-by-symbol roll-out on August 19th, concluding on September 2nd.read more...

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  • 06/18/16--00:58: There has to be a better way
  • Note: This was published as my last column on Business Spectator on April 6th, but it’s now gone missing after News Ltd merged BS with its own in-house stable and changed all the URLs. Given the election and Elizabeth Farrelly’s excellent thought piece in the Sydney Morning Herald “The great tragedy of Malcolm Turnbull“, I thought it was a good time to revive it. One of the disadvantages of growing up is finding in your old age that people you never took seriously in your youth are now running your country.read more...

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