THE INNOVATIONS ON THE FINANCIAL MARKETS USING DERIVATIVES FOR BANKING MARKET RISK COVERAGE

Derivatives are used for speculative purposes and to reduce the risks manifested on financial markets. Banking market, due to the high volatility of exchange rate and interest rate derivatives are frequently used to cover the risk associated with lending. Contracts such as options on the exchange rate of national currency, swaps - on interest rate exchange, forward on the interest rate, swaps and options on interest rates, banks enable unbundling credit risk and the funding market and credit risk transfer, and keeping its ownership.derivatives, forward contracts, futures, swaps, options, securitization

CHARACTERISTICS OF INVESTMENT PORTFOLIOS PASSIVE MANAGEMENT STRATEGY ON THE CAPITAL MARKET

The strategies of investment portfolios management on the capital market involves a range of transactions with different financial securities, aimed at optimizing the results. On a developed and efficient capital market, with a high liquidity level, portfolio management primarly depends on investor’s targeted level of return and the risk profile of the investor. Passive strategy of investment portfolios management is applied especially by risk aversion investors, who are taking into account all existing risks in the capital market and seeking to preserve the value of investments, rather than increasing its value. This strategy presume that the investor has no information about the prices and the return of securities that would make him to give to his investment portfolio a different structure from the structure of capital market portfolio. Therefore, he will seek a return level equal to the return on the market portfolio, minimizing the portfolio risk up to eliminating the specific risk

ANALYSIS OF THE BUCHAREST STOCK EXCHANGE INDICES STRUCTURE

A stock market index is used for measure the stock market activity or the value of a section of the stock market. Bucharest Stock Exchange (BSE) currently has 7 indices, with different structures, whose evolution reflects the real situation of the most liquid companies listed on the BSE or the price movement of all the companies listed on the BSE regulated market, in fact the situation of the Romanian economy. For investors, stock indices evolution is very important, since highlights the stock exchange profitability compared to other methods of investment. Thus, the symbols index weight is determinate by liquidity factor or free-float factor or other factors, so that the each index be representative for a particular stock exchange sector or for the entirely market

BITCOIN – THE NEW KIND OF MONEY

Bitcoin is a new kind of money, which means a digital currency which can be used for commercial purposes. Over time, the trade has evolved from barter to the use of the precious metals as money, then to the coins with intrinsic value and to the symbol coins and later to the use of the electronic money, reaching at present to a virtual currency, created and used through the internet network. Bitcoin promises to its users getting high returns under conditions of low risk arising from transactions carried out instantly, without intermediary bank and almost no fees. At this moment, Bitcoin is still an experimental new currency, but in the future it can offer an alternative to previous costly systems and it can increase online business access to developing countries

THE IMPACT OF BASEL III AGREEMENT ON THE ROMANIAN BANKING SYSTEM

Basel III Agreement is a set of regulations on the banking system, which aims to ensure the system stability, by applying new standards on the capital level and on the liquidity level adequacy and also, on the reduction of banking risk, implied by the financial crisis. Romanian commercial banks will be forced, by the Basel III Agreement implementation, to reduce the risk of capital, using the balance sheet restructuring and by improving the capital quality. The aim of this paper is to analyze the impact of implementing new capital requirements, stipulated by Basel III Agreement, on the Romanian commercial banks, how they will react to the new standards and the decisions they will be able to adopt to respect the standards

THE PROMOTION OF THE ACCOUNTING SERVICES WITHIN THE LIMITS OF PROFESSIONAL ETHICS

The marketing services involve using specific methods and techniques of marketing, adapted to the process of provision of services. Thus, the marketing services are focused on attract clients and establish preferential relations with customers and obtain their loyalty. In the case of accountants, the marketing must provide a description of the services offered by professional accountant, and the description must concords to reality. This paper aims to describe how accountants can promote their activity and, in the same time, to respect the ethical rule

YIELD AND RISK - THE BASIC COORDINATES OF SOCIO-ECONOMIC DEVELOPMENT PROGRAMS

Public policies are implemented through larger and smaller public programs and projects that have to comply with very strict governance conditions. Evaluating the net benefits generated by public programs or projects allows for the identification of the cost-effective ones in order to select them. For this purpose, a lot of indicators, mainly the Net Present Value (NPV), both in financial and socio-economic terms, as well as the recovery period, are being constructed, the probabilistic modeling of which provides the information needed to determine the public spending performance, public expendityres financing the national economy development. Development and implementation of the public programs are faced with risks, their prediction being a complex approach. For the identification of risks, a wide range of values of indicators involved in risky actions is assigned so that probability appraisal of the occurrence of those risks can be made, including their impact upon environment and / or community. The mix of the probability of producing the risk and its impact leads to the identification of most of its manifestations, so that we can retain to evaluate the program only the significant risks. The paper also presents the most important criteria for the selection of the development programs / projects, focusing on addressing economic and social benefits, expressed in monetary terms. The cost-benefit analysis that must accompany any public project proposal will identify both its utility for the intended community and externalities, positive and / or negative, that will be a factor of impact upon the NPV

More Than 50 Percent Reduction in LDL Cholesterol in Patients With Target LDL <70 mg/dL After a Stroke

International audienceBACKGROUND: Whether a strategy to target an LDL (low-density lipoprotein) cholesterol 50% from baseline rather than 50% LDL cholesterol reduction from baseline during the trial had a higher baseline LDL cholesterol and a lower LDL cholesterol achieved as compared to patients who had 50% LDL reduction had a significant reduction in the primary outcome as compared to the higher target group (hazard ratio, 0.61 [95% CI, 0.43–0.88]; P =0.007) and patients with <50% LDL reduction from baseline had little reduction (hazard ratio, 0.96 [95% CI, 0.73–1.26]; P =0.75). CONCLUSIONS: In this post hoc analysis of the TST trial, targeting an LDL cholesterol of <70 mg/dL reduced the risk of primary outcome compared with 100±10 mg/dL provided LDL cholesterol reduction from baseline was superior to 50%, thereby suggesting that the magnitude of LDL cholesterol reduction was as important to consider as the target level to achieve. REGISTRATION: URL: https://www.clinicaltrials.gov ; Unique identifier: NCT01252875. URL: https://clinicaltrialsregister.eu ; Unique identifier: EUDRACT2009-A01280-57.gov; Unique identifier: NCT01252875. URL: https://clinicaltrialsregister.eu; Unique identifier: EUDRACT2009-A01280-57.URL: https://www