The evolution of clearing and central counterparty services for exchange-traded derivatives in the United States and Europe - a comparison

This paper is organised as follows. Section 1 explains why issues concerning central counterparty clearing houses are of direct concern to central banks and why a comparison of the European and the US situation is of interest. Section 2 provides a comparative overview of the organisation of derivatives exchanges in the United States and in Europe. Section 3 focuses on the organisation of clearing, covering a broad range of aspects. Section 4 analyses operational developments in international risk management practices and arrangements. Section 5 discusses various forms of structural consolidation in the clearing and settlement infrastructure by highlighting the different approaches taken in the United States and in Europe. Section 6 is devoted to the roles of central banks and financial market regulators regarding clearing and to the challenges they face as a result of current innovations in clearing arrangements. Finally, Section 7 summarises some of the main findings.

Governance of securities clearing and settlement systems

In the context of securities clearing and settlement systems, the nature of governance arrangements acquires a dimension that goes beyond their traditional function in corporate law. They constitute a tool for regulators and central banks to achieve their respective policy goals relating to market operation, market integrity, and systemic stability. In the light of the analysis of this paper, and pending a further evolution in the regulation of securities clearing and settlement in the Community, the following conclusions can be drawn. Whatever the model of corporate governance used in a jurisdiction, securities clearing and settlement systems should adopt and ensure effective implementation of the highest corporate governance standards or best practices adopted or recommended for companies in the jurisdiction in which it operates as such standards or practices evolve over time. Generally, this would imply that securities clearing and settlement systems at minimum should adopt and implement the best practices recommended for listed companies. Additionally, a securities clearing or settlement system should adopt corporate governance mechanisms adequate to address the interests of users and the public in the operation of the system. Such mechanisms should be organized so that the criteria followed to select participants on the board or on specialized committees are established ex ante. Board members should also take into account the interests of users and the public in board decisions, in particular, those relating to qualifications for system access, fair pricing, the integrity of the risk management system, innovation and efficiency, and the achievement of the policy objectives of competent authorities. Securities clearing and settlement systems should make adequate disclosures regarding their corporate governance arrangements so that users and the public can ascertain the manner in which conflicts of interest among owners, the board, users and the public interest are prevented, resolved or mitigated. Corporate governance arrangements of securities clearing and settlement systems should be the subject of adequate regulation and oversight to ensure that services are provided at fair prices to users under fair and equitable conditions of access; that the risk management programs of system operators are effective; that risk management decisions are not affected by considerations extraneous to the risk management function; and that, to the maximum extent possible, functional service providers compete in equivalent conditions of competition. Looking forward, the adoption of a harmonized regulatory regime for securities clearing and settlement systems should be considered to complete the internal market within the Community and to better achieve the policy goals identified in this paper relating to the governance of those systems.clearing, settlement, governance, risk management, oversight.

Current Situation and Future Prospects of the US Goat Industry

Abstract The current demand for goat meat in the US outstrips domestic supply. There is great potential for industry growth in the meat and dairy sectors. Whereas fiber prices have improved, loss of animals and market resources, labor costs for shearing, and lack of animal genetic resources prevent growth in the short term. As producers age, there is opportunity for new producers to enter the marketplace. Significant challenges exist, like access to local markets and abattoirs, dewormer resistant parasites, and feed costs. Establishing goat feedlots can increase meat supply and industry commercialization. Technologies used for cattle will be expanded for use in goats with interconnected sensors collecting health and production data. The field of genetic improvement will change from current production testing to identifying superior animals at an early age using DNA analysis. A quality assurance program is needed to address animal welfare issues and promote the consumption of domestic products to consumers. Keywords: Meat Goat Industry, Dairy Goat Industry, Goat Industry, Goat Industry Statu

The Teacher\u27s Role in Facilitating Memory and Study Strategy Development in the Elementary School Classroom

The efforts of 69 elementary school teachers to instruct children in cognitive processing activities were observed. Although the teaching of such activities was relatively infrequent, it varied by grade (occurring more often in grades 2-3 than in higher or lower grades) and by the content of instruction. Teachers of grade 4 and above more often provided rationales for the use of cognitive strategies than did teachers of younger children. In a second study, children of three achievement levels were selected from classrooms in which teachers varied in their use of suggestions regarding cognitive processes. Subsequent to training in the use of a memory strategy, children\u27s performance on a maintenance trial was evaluated: Among average and low achievers, those whose teachers were relatively high in strategy suggestions showed better maintenance and more deliberate use of the trained strategy than did children whose teachers rarely made strategy suggestions. The role of school experience in the development of children\u27s memory skills is discussed

How Do Teachers Teach Memory Skills?

Research on teachers\u27 efforts to influence the ways in which children approach memory tasks and understand and regulate their own memory processes has been limited, possibly because of the restrictive views of memory held by cognitive theories that have previously guided research efforts. A more complex perspective on the memory skills that develop over the elementary school years has been elaborated by developmental psychologists and information-processing theorists, but their work has had limited influence on either teacher-training practices or research in teaching. In order to begin to apply this newer perspective to an understanding of classroom teaching processes, research needs to consider teacher practices and expectations for children\u27s learning and memory. A program of research that has been concerned with how teachers teach memory and metacognitive skills and with teachers\u27 views of memory processes is summarized in this article, and implications for teacher training are discussed

Governance of securities clearing and settlement systems

In the context of securities clearing and settlement systems, the nature of governance arrangements acquires a dimension that goes beyond their traditional function in corporate law. They constitute a tool for regulators and central banks to achieve their respective policy goals relating to market operation, market integrity, and systemic stability. In the light of the analysis of this paper, and pending a further evolution in the regulation of securities clearing and settlement in the Community, the following conclusions can be drawn. Whatever the model of corporate governance used in a jurisdiction, securities clearing and settlement systems should adopt and ensure effective implementation of the highest corporate governance standards or best practices adopted or recommended for companies in the jurisdiction in which it operates as such standards or practices evolve over time. Generally, this would imply that securities clearing and settlement systems at minimum should adopt and implement the best practices recommended for listed companies. Additionally, a securities clearing or settlement system should adopt corporate governance mechanisms adequate to address the interests of users and the public in the operation of the system. Such mechanisms should be organized so that the criteria followed to select participants on the board or on specialized committees are established ex ante. Board members should also take into account the interests of users and the public in board decisions, in particular, those relating to qualifications for system access, fair pricing, the integrity of the risk management system, innovation and efficiency, and the achievement of the policy objectives of competent authorities. Securities clearing and settlement systems should make adequate disclosures regarding their corporate governance arrangements so that users and the public can ascertain the manner in which conflicts of interest among owners, the board, users and the public interest are prevented, resolved or mitigated. Corporate governance arrangements of securities clearing and settlement systems should be the subject of adequate regulation and oversight to ensure that services are provided at fair prices to users under fair and equitable conditions of access; that the risk management programs of system operators are effective; that risk management decisions are not affected by considerations extraneous to the risk management function; and that, to the maximum extent possible, functional service providers compete in equivalent conditions of competition. Looking forward, the adoption of a harmonized regulatory regime for securities clearing and settlement systems should be considered to complete the internal market within the Community and to better achieve the policy goals identified in this paper relating to the governance of those systems

The evolution of clearing and central counterparty services for exchange-traded derivatives in the United States and Europe - a comparison

This paper is organised as follows. Section 1 explains why issues concerning central counterparty clearing houses are of direct concern to central banks and why a comparison of the European and the US situation is of interest. Section 2 provides a comparative overview of the organisation of derivatives exchanges in the United States and in Europe. Section 3 focuses on the organisation of clearing, covering a broad range of aspects. Section 4 analyses operational developments in international risk management practices and arrangements. Section 5 discusses various forms of structural consolidation in the clearing and settlement infrastructure by highlighting the different approaches taken in the United States and in Europe. Section 6 is devoted to the roles of central banks and financial market regulators regarding clearing and to the challenges they face as a result of current innovations in clearing arrangements. Finally, Section 7 summarises some of the main findings

Partnering for Formation in Ministry: A Descriptive Survey of On-Site Field Education Mentoring

A theological field education internship is not simply busy work for a seminary student or cheap labor for the church or organization where the student intern is ministering. Instead, involvement in a theological field education experience is a fundamental element in the intentional development of a future minister leader. A great internship opportunity can place a seminary student in an environment where God can work through the student in the lives of other people.  Further, a great internship can provide an environment where God can work in the seminary student's own life to expand a greater understanding of God's call, deepen the student's Christ-like character, and further develop ministerial competencies

Snowmobile Noise Exposure Monitoring of Yellowstone National Park Employees

In Yellowstone National Park (YNP) the use of snow machines has steadily increased since 1949.  Paralleling the rise in snow machine travel were concerns over increases in noise emissions. The concerns resulted in the establishment of winter-use plans for YNP.  As periodic iterations of winter-use plans began to appear, input was needed concerning noise exposures received by YNP employees regulating snow machine traffic entering the Park.  This study provides noise monitoring results of worker exposure from snow machine traffic at the west entrance to YNP.  The study objectives were to characterize noise exposures received by YNP employees and to evaluate these exposures relative to Occupational Safety and Health Administration (OSHA) standards.  Concerning area and personal monitoring of YNP employees supervising snow machine traffic, study results suggest compliance with OSHA regulations.  This is also true when applying a more conservative approach to estimate daily noise exposure. In contrast, monitoring results estimating noise exposures received by YNP employees operating snowmobiles revealed that 1 of 10 (10%) were not compliant with the OSHA noise standard and 5 of 10 (50%) equaled or exceeded its action level.  While the findings associated with snowmobile operators serve to provide awareness of the potential for adverse exposures, limitations concerning these exposure estimates are discussed and point to the need for additional monitoring using more precise methods.  Given that winter-use plans for YNP will continue to evolve, it is anticipated that the results of this study will provide information that can better manage occupational noise exposure and the protection of employee health