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  • Funds Management In A Two-way Market  By : zara
    Why engage in a pure swap transaction? People engage in pure swaps for the following reasons.
  • Factors affecting spot exchange rates  By : Chill
    For any party who assumes net exchange positions, an assessment of future prices of currencies is imperative. However, this assessment is hard to make. It can take the form of only a forecast, and forecasting remains more of an art than a science. Nevertheless, these limitations do not excuse the funds manager who must operate in these markets from making an educated estimate of the future movements of the values of relevant currencies. In this chapter, we shall examine the major fundamental for
  • Factors Affecting Spot Exchange Rates  By : Chill
    This could be accomplished in only one fashion: by continued deficits in the U.S. balance of payments, i.e., a continuous increase in the liabilities of the United States. On the one hand, this provision appeared to put the United States in a privileged position relative to other countries; it could run deficits continuously without being forced to curb its domestic economy. On the other hand, the markets started raising questions as to the reasonableness of the increased amount of U.S. dollars in foreign hands. Now the crises of confidence turned away from deficit countries, such as the United Kingdom and France, to the surplus countries. Actually, turning funds into the currencies of the surplus nations was the same as getting rid of unwanted U.S. dollars. The difference was that now the pressure was felt most directly by the surplus countries that saw themselves flooded with speculative funds attracted by the possibility of an upvaluation of these currencies against the U.S. dollar-a devaluation of the U.S. dollar against these currencies.
  • Problems And Opportunities In The Trading Room  By : Chill
    How to take advantage of expected changes in interest rates

    If we anticipate a change in interest rates, we are alsa anticipating a change in net accessible interest differentials and, therefare, in the swap rate. We can take advantage 'Of the expected change in rates in either the maney market or in the foreign exchange market. In the maney market, we will simultaneausly barraw and invest in the currency whase interest we are expecting ta change. Hawever, the maturity 'Of the barrawing will be different fram that 'Of the investment. In the fareign exchange market, we have to deal with two currencies. To take advantage of the expected change in swap rates, we will buy and sell each currency simultaneously. However, the maturity of the buy and sell in each currency will be different. Let's illustrate the mechanics 'Of this transaction.
  • Statutory creation and modification of insurable interest  By : Chill
    We have seen already how certain people such as bailees, repairers, and so on may acquire insurable interest on the property of others held by them for which they are responsible. Over the years the liability of certain of these people was considered to be too onerous and statutes were passed to modify their liability. When the responsibility was modified it followed that the insurable interest was correspondingly reduced and it is for this reason that we are interested in these modifying statutes at this stage. One practical point worth bearing in mind is that while the statutes modified liability in certain instances, in others they left a full liability with the person who was originally liable. As a result the practical position relating to insurable interest may be unaltered.
  • BASIC DOCTRINES  By : jippien
    The condition contained in most policies states that the insurer is liable only for his "rateable proportion" of the loss. The insurer is liable for his share only, and the insured is left to make a claim against the other insurer if he wishes to be indemnified. It should be noted that the condition does not require the insured to claim from the other policies, although in practice he will elect to do so.
  • NATIONAL INSURANCE  By : jippien
    Almost all who will read this book will have spent their entire lives under the protection of some form of "welfare state". In these circumstances it is extremely difficult for us to cast our minds back to pre-welfare state days but such days did exist and they were very harsh. Many plays, books and films portray the lot of the unfortunates who found themselves unable to earn a living through ill health or just through lack of work.
  • REINSURANCE  By : jippien
    This is the earliest form of reinsurance cover, but is still used (a) where treaty capacity has been filled, (b) where the risk is outwith the terms of the treaty, and (c) for unusual risks. Each risk is reinsured separately and each party is completely free to decide whether to reinsure or not and whether to accept the reinsurance or not. The reinsurer has freedom of choice of how much of the risk to insure and at what commission rate.
  • CREDIT INSURANCES  By : jippien
    When a building has been damaged, even though damaged enough so that it cannot be used until repairs are carried out, the person occupying the building may still be obliged contractually to pay rent to the owner. In a similar case the owner may lose rent where the tenant has been relieved of the obligation to pay it.
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