Assertive Behavior Essay Example | Topics and Well Written Essays - 2250 words

Assertive Behavior - Essay Example At the end of the vignettes there is a compiled scenario with a response following it. This scenario is totally fictitious but is carried out to show a thorough comprehension of the material that has been studied. I have begun paying a lot more attention to my social atmosphere around me and have noticed many different traits in all people of all different ethnic classes and economic levels as well. I think what starts more conflicts than anything else in society is a misjudgment of people based on first impressions and it happens to be one of my own personal fears. People look at someone and judge them based on how they wear their hair, how they dress, how they speak, and even their body language. Many disagreements among people could be avoided if they only took the time to open their eyes and look beyond that first impression and get to know people for who they really are, not the superficial aspects of individuals. I personally have my own boundaries and there are certain actions and words that can make me snap and act out inappropriately just as anyone else does. Some of these are based on specific statements concerning race and economic position in society. I hate it when people think they are better than someone else simply because they can afford a better car, more expensive clothing, and larger home. Also, it makes me very angry when people judge someone based on their color or personal beliefs. Everyone is entitled to an opinion and it should be allowed freely and without worry of being ridiculed or beaten up because of it. Isolation is a great fear I have and I have a problem with discussing certain feelings I have because I feel I will then have to deal with ignorance and inappropriate attitudes for a long time that I won’t be able to avoid. This makes me snap very easily and I don’t like that but it is something that I don’t think I

Inflation and Monetary Policy Term Paper Example | Topics and Well Written Essays - 2000 words

Inflation and Monetary Policy - Term Paper Example The only time the US policymakers assume to think about the foreign exchange value of the dollar is if the dollar moves in acute fashion: if it avalanche as it did in the 1960s and 1970s (Mayer, p. 62, Truman Tally Books) or, for example, if the top amount of the dollar led Federal Reserve Chairman Paul Volcker to apathy the awry arresting that he was accepting from the M1 ambition in aboriginal 1985. The aforementioned attitude is axiomatic in the Fed's attrition to inflation targeting. There is an evolving accord that central banks care to ballast monetary policy with advancing inflation targets. Absolute inflation targets have been a lot of advantageous in countries that accept already accomplished some amount of value stability. Whether advised or accidental, the advantage of absolute inflation targeting seems to be that the accessible comes to accept that the ambition is a long run aim. Inflation targeting helps to access believability about continued run objectives. Outside the US, threats to believability are reflected a lot of acutely in the foreign exchange markets (Taylor, 2000). This paper discusses inflation and monetary policies in the United States of America as the main topic. The paper also three more subtopics, namely Monetary Policy and Foreign Exchange Policy, The Expectations Channel and Inflation and Interest Rate and Inflation Inflation and Monetary Policy Student Enter the Name and Code Number University/College/High School Name of the Professor 11th November, 2009 Main Topic Inflation and Monetary Policy Conventionally, monetary authorities are anxious with the control of inflation in about all economies- developed and developing alike. However, the attributes of inflation is altered for developing and developed economies. For accessible and arising economies, area assets are yet not absolutely utilized, and abounding application does not exist, inflation cannot be a abiding phenomenon, if it is advised deftly. On the contrary, an attack to barrier the annoyance of inflation may collapse bread-and-butter advance and as an aftereffect bread-and-butter development may take a back seat. Moreover, if the abridgement is aperture up and amalgam with the apple economy, inflation may get alien as well. In this sense, a multidimensional access of the monetary action is added relevant Economists and monetary action makers accede that the abiding ambition of the monetary action have to chronicle to abiding inflation, and this can be accomplished through acclimation the money supply (Stock, p.102,Washington DC). The implications of monetary action on advance of output, unemployment or absorption ante is about nil in the long-term, although in the concise these may be affected. This is added in case of developed economies area abounding application already exists and the absolute advance amount is absolutely abutting to the abeyant advance rate. However, in a developing abridgement like India, an access in money accumulation and adjustment through monetary action assuredly leads to college bread-and-butter growth, abridgement in unemployment and successful control of inflation. This is because a lot of abeyant for advance still exists in such an abridgement with affluence of assets that are

Quality Assurance Of Teaching Education Essay

Quality Assurance Of Teaching Education Essay The divisions of rules that exist in the university curriculum-making authority are distributed as follows. Curriculum design is done by a team at the program-level in which courses design is in draft form. Then, as a draft of curriculum it should be approved by the department and faculty academic senate before it finally passed by the chancellor as formal curriculum for each program. This arrangement is suitable with the hierarchy of stakeholders of the institution within the university. It defines that the Faculty is organizing stakeholders and or academic activities in specific disciplines and can consist of one program or several program of study. Department is the organization of academic resources for the development of science, education and implementation of academic, professional and or profession, in part or one branch of science, technology, art and culture. The Program is the integrated study plan as guidance and academic education or profession conducted on the basis of a curriculum and aimed so that learners can master the knowledge, skills and attitudes in accordance with curriculum objectives. Based on this definition, the program is the stakeholder which takes main responsibility of curriculum design and evaluation. As will be elaborated below, the process of curriculum development involves many parties in which the program holds main duty that is initial design and determining course structure jointly with the department. Curriculum Design The formulation process of the curriculum at the program level is carried through several steps: (i) define the graduate profile, (ii) define their competences, (iii) map and translate the learning process that needed for achieving these competences in the course design, (iv) arrange the courses in suitable order and reasonable time study, (iv) synchronization of the course design with related programs. This duty is carried by the curriculum design team at the program level in which consist of: Head of the program Group of lecturers who represent each of specialization area Academic staff of the department Historically, the curriculum design has been evoluted following the rule set by directorate of higher education, Ministry of Education. It had involved three curriculums, namely curriculum 2007, curriculum 2009 and the current/undertaking revision: competence-based curriculum. Shortly, current undergoing  changes in  the curriculum  is a shift from  the target  mastery of science  and technology  into  the  emphasis on  the education process  that refers to the  context of culture  and  human  development  in a comprehensive,  global  /  universal. The target now is to produce  graduates who are  cultured  and able to  play a role  in the international world.  This is known  as a  competency-based  curriculum. The curriculum development is started by formulation of descriptive profile of the graduate. Referring to the current rule, as stated in the Chancellor decree No.897/SK/R/UI/2009 in article 2 about the objective of the program, it is stated: To generate economic undergraduate economics courses that have the ability and skills analysis of both micro and macro economics to meet the needs of analysis and research in government institutions, research institutes, banking and capital markets. According to this definition, the graduates are those who should master ability and skill as junior economist. In order to achieve this profile of competence, the entire representative of lecturers of each are/courses was involved to design the appropriate course structure. Internal course area meeting In this meeting each courses area design three important documents: GBPP(Garis-garis Besar Program Pengajaran), SAP(Satuan Acara Perkuliahan) and the syllabus. In the new term GBPP and SAP are recognized as BRP(Buku Rancangan Pengajaran) and BPKM(Buku Pedoman Kerja Mahasiswa). During the last revision this process have been conducted for . (isi tanggal rapat koordinasi internal tiap konsentrasi dan matakuliah wajib). Within the program, the area is a group of specialization in economics area. The following is the lists of area and lecturers responsible for each area. Monetary economics: Prof. xxx, Dr. xxxx International economics: Prof. xxx, Dr. xxxx Industrial organization: Prof. xxx, Dr. xxxx Public economics: Prof. xxx, Dr. xxxx Human resource and labor economics: Prof. xxx, Dr. xxxx Environmental and natural resource economics: Prof. xxx, Dr. xxxx Regional economics: Prof. xxx, Dr. xxxx Work meeting (Rapat Kerja) In order to create a good coherence and mapping of each course with the graduate profile, jointly work meeting were carried. For the last curriculum revision this meeting conducted on (Raker Bandung). The result of these process is summarized in the following tables. Table 1 Sequence of Courses of Economic Undergraduate Program (EUP) Based on Curriculum 2009 Table 1 Sequence of Courses of Economic Undergraduate Program (EUP) based on KBK The detail of the connection between each courses and competence aimed from each course is in the Appendix. Users Involvement In the curriculum development, jointly with the department, the program  also  involves users as the  important stakeholders. One of the example is during the develpment of 2009 curriculum, a focus group discussion with stakeholders were conducted on December 10, 2008. To accommodate the various type of organization of workplace for graduates, the meeting invited participants from Ministry of Finance and National Planning Agency who represented government institution, NC Sekuritas, Mandiri Sekuritas, Bahana TCW Investment MGT, Danareksa Persero, and PT Pefindo as private instituion representatives, participant from the Bank Indonesia (Central Bank), and LPEM FEUI and LD FEUI as research institution representative. From this session, there were valuable inputs as a based to revised the competence profile in order to be suitable with the users need. For example is the focus on the mastering quantitative software, loyalty, English proficiency and writing skills. As the result, wit hin the compulsory 144 unit of courses now students are required to participate more on the quantitative laboratory session, minimum of 15 unit English-based course, and the academic writing course. Students Involvement In addition, the students  involvement in the course development also considered as important as other stakeholders. Especially, the students are the main party of the curriculum implemetation. For this reason, the program also conducted several meeting with each of students bagde, e.g. meeting December 19, 2011. In this meeting there are some feebacks including the continuous improvement of writing skills which then be accomodated in the KBK curriculum design. The Curriculum Dissemination and Implementation After the curriculum is finalized as formal document of the university, the faculty has been disseminating the curriculum for all stakeholders, mainly it targets students and lecturers. This was done by two handbook: Buku Panduan Akademik and Buku Katalog Mata Ajar. In addition, the program also uses program website to inform lecturer and students about the curriculum. Figure 1 The Website Course and curriculum evaluation The role of UPMA and BPMA Specifically, the university manage teaching and learning process by the role of quality assurance body BPMA(Badan Penjaminan Mutu Akademik) at university level and UPMA(Unit Penjamin Mutu Akademik) at faculty level. Curriculum implementation then will be monitored and audited by these units. The cycle of curriculum monitoring started by formulation of quality standard then followed by monitoring, internal evaluation and finally the development and enhancement of the curriculum. In addition to the role of internal evaluation, the implementation of the curriculum is also influenced by external evaluation such as national accreditation (BAN PT) and AUN itself. Figure 2 Cycle of Curriculum Quality Assurance In Handbook of Quality Standard published by university, within the quality standard, it is stated that the curriculum component should meet the criteria of: mention explicitly the graduates competence, list of learning materials, appropriate grouping of courses, has three main documents of BRP, BPKM and syllabus, and exhibit well connection between courses to meet the required competence as the learning objectives. In addition to this indicator it also should show indicator of the availability of course reference in the library, delivery method, time study allowed and the spread of workload and student evaluation system. The cycle is summarized in the following figure. detail of audit process Once the audit by quality assurance bodies was carried, and at the same time it is the period of curriculum evaluation, the faculty will appoint a team to review and develop new curriculum. Historically we have two consecutive revision, in 2007 and 2009. detail of the 2007 and 2009 revision KPTS/449/D/2006: Prosedur Pengembangan dan Perubahan Kurikulum KPTS/29/D/2008: Pembentukan Panitia Pengembangan Kurikulum FEUI Student evaluation The monitoring from student point of view to academic progress is carried over following processes: EDOM EDOM(Evaluasi Dosen oleh Mahasiswa) is one of the formal intrument to monitor teaching process within university. This system is implemented based on the Chancellor decree number (isi SK rektor tentang EDOM). While the name of the system suggests that the evaluation is mainly on the performance of the lecturers, the evaluation components are not limited to individual lecturers evaluation but also teaching and learning in various aspects. Evaluation aspects in EDOM includes: Course content delivery of course by the lecturer Class management Course assessment Course content: evaluating the availability of course syllabus, information of references, textbooks and other leaning resources, as well as relevance of assignments with the course objectives. Delivery of course by the lecturer: evaluating the delivery methods (including the implementation of active learning methods, discussion methods), relevance of course materials with the syllabus, consistency among lectures within teaching team, encouragement by the lecturer Class management: evaluating the punctuality of sessions, learning atmosphere, the use of supporting facilities, lecturers attitudes towards feedback and support for students with problems. Course assessment: evaluating the relevance of examination and assignment with the course contents, feedback and discussion on the results of assignments and examination. Analysis based on EDOM Pros: ? Cons: it is not completely reflect student opinion rather than obligatory fill in to see their course grade Academic Councelling (Bimbingan akademik) In addition to feedback from EDOM, the program evaluates the curriculum based on the feedback from students during the consultation with the academic supervisor. This is a non-structured feedback from student that ocasionally gives valuable input, epecially related to course assesment and course management. Evidence

Malaysian Small and Medium Enterprises Essay -- Small and Medium Enter

SMALL and medium enterprises (SMEs) are broadly defined as manufacturing, manufacturing-related services (MRS) and agro-based industries that employ around 200 full-time employees or have annual sales turnover of not more than RM50mil (Chermaine, 2013). Besides, the term also refer to enterprises in the services, primary agriculture and information and communication technology industries with not more than 75 full-time employees or annual sales turnover of not more than RM20mil. According to the SME Annual Report 2012, small and medium enterprises represent 98.5% of the approximately 78,000 companies in Malaysia, with the remaining 1.5% made up of multinational and public-listed companies. In many developed nations, SMEs are thought to contribute between 40% and 60% to gross domestic product and 60% and 70% of the employment, but the SME sector in Malaysia has not reached the mark yet. The core purpose of Web services is to create an exchange of data and information between businesses in real time via the Internet, and thus can be shared with customers, suppliers and other business partners of all the information needed. It is resemblance of the business model for example e-commerce or e-business that required transaction, product catalogue, and so on between supplier, company and customer. The complex e-commerce is becoming trend as Amazon.com and eBay started it to encourage other Website within other companies using it. From that, the growing of the new software, function and features will be invented. Furthermore, the rise and development of technology and communication by using the Web to conduct business is on the rise as well. Therefore, when applied to any organization that uses web services to automatically increase the value of the market, because right now, all the benefits of working on the line will help the company in its growth There are some of those benefits that will increase the value of business. An easier and efficient e-business or e-commerce application is one of the benefit can be gained by the company which is the efficiency and the easy access of business will make business flowing good and flawless. In addition, the company or organization would be able to go in the global market. As the purpose of the company want to expand their businesses, this e-commerce will help the organization going global business as the main function is online and everyone can buy it from their home as long as the customer meets the term and condition. Finally, invented the new way to do business, as this e-commerce will allow other business sector at all fields will do the same. From this, the growth of the economics and the customer will be enjoy of the variety of product that can be bought. There are a lot of benefits of Web services to Amazon, eBay and their developer partners. The first one is it allows an explosive business growth in globally because it is not only on domestic as Web services are invented for organization to go global market. This will encourage other organization will do the same method to increase their profit. Secondly, Web services help these companies to expand their market reach as promotional activities for customer to get to know the product. Target market reach will be able for the company to find their potential customer to buy their product. Thirdly, it will give users the ability to act on information any time, any place, and from any smart device. It covers up almost everything that is available t... ...e services providers begin and other competitor have no choice to lower their price in order to compete with U Mobile and it is long debate to be spot on. Back to the topic, in Aroma Hijrah itself is the new entrant in the market. So far, NSK has to compete with new retailer which are more convenience and cheap. The price wars and offering better product and services are needed. Thus, NSK came out with an idea to cover themselves from threat of new entrant. First of all, they provide a membership cards that the customer can get 1 point in every Rm1 they spend. Once they collected at some limit, NSK will provide the customer with the special gifts and the membership also allows the customer to get member prices that is lower than non-member price. Also, NSK provide N-Card Kiosk in order to check and verify their cards and its collected points. Based from my observation, NSK tend to open their store nearest factory and industry location rather than open area for business, and this probably they want attract nearest people that do not want to go out the place to shopping. . It is cleared that, NSK and Econsave are ultimate rivalry based on their current business operation and profitable. However, only one company will always be a winner and NSK is capable on this competition as they brave enough to do a 24-hour store opened located in Selayang that could capture more customer nearby and during festive season. They also brave in reduce some price of their products in order to attract the customers. Works Cited Chermaine Poo (2013). Financing for SMEs. The Star Online. http://www.thestar.com.my/Business/SME/2013/09/27/Financing-for-SMEs/ Muhyiddin Yassin (2013). SMEs. Berita Harian Online. www.beritaharianonline.com

Implications of Islamic finance for securities law in New Zealand Essay

The global growth and development of Shari’ah compliant financial products has been more pronounced in the last three decades, when several countries already had established laws and regulations governing finance and securities. The materialization of variety of capital market products, compounded by progression of market activity, not confined to the traditional jurisdictions in Asia and the Middle East and the development and advancement of technology has led to global trade in Shari’ah compliant products not limited by the geographical boundaries, whereas New Zealand has laws governing investment and finance, what are the implications of Islamic finance for securities law in New Zealand? Furthermore how has the development of Shari’ah compliant financial products occurred in New Zealand and what is the regulatory treatment of these products? Introduction Islamic capital securities and Shari’ah compliant products, which were previously predominantly viewed as a preserve of Middle East and East Asia, has received geographical expansion beyond the traditional spheres of activity. The global impacts of Shari’ah compliant products resulted to the recognition of such products, hence International Organization of Securities Commissions hence creating Islamic Capital Market Task Force to access the compatibility of IOSCO? s core principles with the products and practices of Islamic finance. The securities of several countries were created and implemented before the global recognition of Islamic laws concerning finance and securities. In New Zealand, several laws which govern securities were implemented long before IOSCO’s creation and recognition of Islamic Capital Market Task Force, these laws include The Securities Act 1978, Securities Regulations 1983, The Securities Markets Act 1988, Securities Act (Contributory Mortgage) Regulations 1988, Financial Reporting Act 1993, Securities (Fees) Regulations 1998 and the Securities Markets (Fees) Regulations 2003. The growth of compliant financial services as experienced global growth and several measurement metrics have been recognised, such as FTSE Global Islamic Index Series, Global Dow Jones Islamic Market Index , FTSE Shari’ahh Global Equity Index , Bursa Malaysia Hijrah Shari’ahh and EMAS Shari’ahh indices, FTSE SET Shari’ahh Index, FTSE SGX Shari’ahh Index Series and the FTSE SGX Shari’ah Index Series which on critical analysis reveals that the global performance of Shari’ah compliant financial services has been on the positive trend, however New Zealand does not have Islamic compliant Series and as such, whereas the laws have been amended and changed several times, the global influence of Shari’ah compliant products is bound to have adverse impacts on the securities law in New Zealand. Literature Review The Islamic finance sectors in terms of Shari’ah compliance incorporate diverse spectrum of financial services such as securities, banking, insurance, non-bank monetary arbitration and capital markets where these products are influenced by the common Shari’ah legal maxim where any action is permitted unless expressible prohibited by law According to El-Hawary, Grais & Iqbal the growth of Islamic finance in the 1980’s and 1990’s involved mainly the augmentation of banking and trade-related financing activities. The Islamic finance sector is a product of Shari’ah laws, which are founded on Qur’an, Ahadith , Ijma, Qiyas, and Ijtihad, the laws however traverse the Islamic way of life in entirety, where associated influence of rules, laws and interpretations of Shari’ah is demonstrated in the religious, cultural, social, political and communal aspects of Muslims. According to Muhammad Ashraf , the convergence of the country’s regulatory laws, and the Shari’ah compliancy should be based on the principle of concordare leges legibus est optims interpretandi modus which dictates that the best mode of interpreting laws is to make laws agree with laws. New Zealand being a member of International Organization of Securities Commissions (IOSCO) which mandated the formation of an Islamic Capital Market Task Force (ICMTF) is envisioned to embrace fully and conform with international defined standards of Shari’ah compliancy, however the Securities Act 1978, which regulates primary markets in New Zealand forms a basis of regulation, Securities Markets Act 1988 regulates secondary markets, furthermore there exists legislations that impact on securities such as Unit Trusts Act 1960, Financial Reporting Act 1993, KiwiSaver Act 2006, and Companies Act 1993, these acts come in force before the prominence of Shari’ah compliant financial products. Mansoor H Khan , and argues that the implications of Islamic finance on laws are a challenge based on divergence of Islamic banking courts and conventional court systems, where disputed cases of the Islamic banks are subjected conventional legal system while in essence the nature of the legal system of Islam differs, he further argues existing laws, are repugnant to injunctions of Islam, yet they are expected to promulgate Shari’ah compliant legal cases and products. This supports the argument by Yong-Jae Chang , and Jun-Hee Choi , where existent laws are identified as inhibitors to development of Shari’ah compliant products, and advocates amendment of existing laws since Islamic banking resembles universal banking, consequently, laws and regulations need to be amended accordingly to provision for the universal approach, this complies with Securities Act 1978, which grants the Securities Commission leeway to co-operate with similar bodies overseas. The connotation of Islamic finance are disposed by the Shari’ah laws governing finance and investment, which are bound to have influence is the principle of materiality where financial transactions should bear material in terms of actual monetary transaction. In this case Shari’ah compliancy in terms of financial reward achievement is based on musharaka, in terms of joint ventures, where risks and financial results are shared by the contributing partners and mudaraba centred on trust financing where the outcome of business venture is shared by capital contributor and the managing partner. Shari’ah laws also prohibits predetermined interest rate, referred as riba or usury set ex ante, in this regard banks are disallowed from charging additional interests, which do not equally benefit the client, consideration of New Zealand laws, Securities Markets Act 1988 , requires brokers and investment advisers offer customers written disclosure statement and forbids market manipulation, hence agreeing with Shari’ah. With the principle of risk-sharing, the finance provider as well as the loaned party share risks, in exchange of profits and losses, the attractiveness of such arrangement has enhanced the growth of Shari’ah compliant especially to risk averse investors, regulations however have to be modified to suit such an arrangement. The Securities Act 1978 & Securities Regulations 1983 allows clients to cancel allotment of security midterm as a result of misleading information, on the Islamic perspective, Shari’ah dictates murabaha (mark-up financing), which occurs in terms of Basic Murabaha, Commodity Murabaha and Reverse Murabaha in which a financing institution buys products for a client and sells them on on a deferred basis, adding an agreed profit margin , however the agreement can be cancelled midterm, this conforms with existing laws on securities and can foster development of Shari’ah compliant products. Ijara which governs operating Lease and Ijara wa Iqtina which governs finance Lease are also products which demand less amendment of existing laws, since they are modelled on conventional sale agreements where the financial institutions acquire assets and leases them to a customer who may purchase the said assets at a later date, this is also exhibited in Diminishing Musharaka. On contrast however, qard hassana which prohibits charging interest on loans and bai’salam or bai’salaf is based on delivery or the purchased commodity, are different from the conventionally accepted principles of financial institutions which are geared towards achieving profits by charging interests. According to IOSCO report, Shari’ah law prohibits gharar or improbability or speculation, in actual sense however, financial markets are laden with vibrant and fickle behavior, whereas Shari’ah principle states that complete disclosure of information is a requisite and disallows indiscretion of information in a contract, while allowing improbability with controllable on the society, in New Zealand, the Financial Reporting Act 1993 , agrees with the Shari’ah laws and further defines the terms of compliance by defining the punitive measures against truant financial institutions. Conclusion The global pace of market development hint on interest to offer Shari’ahh compliant financial products by financial institutions globally, the fact that regulatory bodies such as International Organization Of Securities Commissions distinguishes these products means that global recognition and regulation of Islamic finance is eminent, with collaboration, information exchange and thematic work by financial institutions globally, New Zealand financial institutions will be compelled to offer Shari’ah compliant products, in essence this shall contribute to altering of the country’s laws to accommodate the new product.

Definition and Examples of Semi-Negatives in English

In English grammar, a semi-negative is a word (such as seldom) or an expression (such as hardly ever) that is not strictly negative but is almost negative in meaning. Also called a  near negative or broad negative. Semi-negatives (also called near negatives) include the use of hardly, barely, rarely as adjuncts, and little and few as quantifiers. In terms of grammar, a semi-negative often has the same effect as a negative (such as never or not) on the rest of the sentence. Examples and Observations She hardly ever cries but lies quietly in her crib, as if in a reverie. (Lilka Trzcinska-Croydon, The Labyrinth of Dangerous Hours, 2004)She scarcely ever cries, and she seems perfectly content most of the time. (B.J. Hoff, Where Grace Abides, 2009)Nora starts crying. She almost never cries. (Carol Anshaw, Lucky in the Corner, 2002)Everybody dislikes having to work and make money, but they have to do it all the same. Im sure Ive often pitied a poor girl, tired out and in low spirits, having to try to please some man that she doesnt care two straws for — some half-drunken fool that thinks hes making himself agreeable when hes teasing and worrying and disgusting a woman so that hardly any money could pay her for putting up with it. (Mrs. Warren in Mrs. Warrens Profession by George Bernard Shaw, 1893)Why, Jane, we can hardly expect Clara to bear, with perfect firmness, the worry and torment that David has occasioned her today. (Mr. Murdstone in David Copperfield by Charles Dicken s, 1850)I call her Nina, but I could hardly have known her name yet, hardly could we have had time, she and I, for any preliminary. (Vladimir Nabokov, Spring in Fialta. The Stories of Vladimir Nabokov. Vintage, 1997) Inversion With Semi-Negatives Negative and semi-negative words have the property of inducing inversion of subject and finite verb form (auxiliary) when they are in initial position, as in:(5a) Never had she experienced such a feeling of real power.(5b) The fog was heavy. Hardly could we distinguish the contours of the house.It is surely an obvious thought to postulate that hardly contains a negation in its logico-semantic analysis, so that it is analysed as, for example, almost not. (Pieter A. M. Seuren, A View of Language. Oxford University Press, 2001)Scarcely was the locket well in my hand before I had it undone, finding a thumbnick whereby, after a little persuasion, the back, though rusted, could be opened on a hinge. (J. Meade Falkner, Moonfleet, 1898) It is important to remember that inversion is used only when the negative or near negative refers to a part of the sentence other than the subject. Not a single ship did they see. (A single ship is the direct object.) Never had he gone there alone before. (Never is an adverb.) Little do they know about  their sons affairs. (Here, little functions as an adverb.) Compare these sentences to the following sentences, in which the negative or near-negative refers to the subject of the sentence so that no inversion is used. Little water can be found in the desert.Not a single ship was found.No human being can learn in that kind of situation. Positive Tag Questions With Semi-Negatives A number of adverbials, e.g. barely, hardly, little, scarcely, and the determiners/pronouns little and few are so nearly negative that they function much like true negative words. Thus they take positive question tags: Its barely/scarcely possible, is it?Few people know this, do they? Dont romanticize Yasmin, Hakim says.Thats hardly possible, is it, given her situation? Sources TOEFL Paper-and-Pencil, 3rd ed. Kaplan, 2004Sylvia Chalker and Edmund Weiner, Oxford Dictionary of English Grammar. Oxford University Press, 1998Tom Filer, Finding Mahmoud, 2001

A REVIEW FOR A MULTINATIONAL CORPORATION - Free Essay Example

Sample details Pages: 15 Words: 4547 Downloads: 8 Date added: 2017/06/26 Category Business Essay Type Research paper Did you like this example? The Company Ive chosen for the dissertation deals with projects in providing offshore solutions and infrastructure to the Oil Gas extraction companies. As the projects are high investment oriented and needs millions and billions of dollars and other foreign currencies as the firm deals with the countries like Italy, Germany, France, UK and Japan for procurement of inventory materials and the skilled professional to perform and accomplish the objectives of the projects with the maximum customer satisfaction and optimum return to the stake holders. As and when the project progress, the payments have to be made to the suppliers of the materials and the services of the subcontractors that have been ordered and assigned respectively. Don’t waste time! Our writers will create an original "A REVIEW FOR A MULTINATIONAL CORPORATION" essay for you Create order In this stage, the company gets the exposure in to the risk of cash out flow in other foreign currencies such as EURO, GBP, YEN, NOK other than the functional currency USD. The cash flows exposure to the risk factors is the sensitivity of the cash flow to the unexpected changes in the risk factor. The risk factor is the variable such as price, quantity that can change unexpectedly for reasons beyond ones control. Exposure to cash flow to risk factor = change in cash flow per unit change in risk factor. Lest us consider a simple example of purchasing an inventory for EUR 20,000 needs to be paid in due course at the market rate. At the beginning the exchange rate was 1.20 dollar per euro which gives cash out flow of $24,000. But when the real payment has to be made the rate has spiked up to 1.41 dollars per euro ended up in out flow of $28,200 resulting in a loss of $4,200. To eliminate or minimize these risks on the Cash flow of the project, the firm enters into financial agreement with a counterparty called a hedge. A financial position that reduces the risk resulting from exposure to a risk factor called a financial hedge. Here the firm chooses a financial hedge is a forward contract. In the above given example, the firm will enter into a forward contract say with a Bank, with an obligation to serve the contract at a given period of time with an agreed price. Like the firm will agree with the bank to buy ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬20,000 at the end of 3 month from the date of contract at an agreed price of say $1.32 inclusive of charges and commission. This will minimize the risk of the firm by $1,800, which is a notional gain for the company. The above example is very simple vanilla explanation of a foreign currency exposure in a single cash flow with assuming constant exchange rates, no inflation and no other source of uncertainty. But in actual financial market conditions the firm will face catastrophic uncertainties. This dissertatio n gives a detail study about how the company deals with the cash flow risk through forward hedging and how the various factors affect the pricing of the derivatives. The possibilities of the firm to maintain the effectiveness, the balancing act between the uncertainties and the techniques to overcome the uncertainties. As the risk factor is unlimited in the foreign currency exposure cash flows and the company is not fine tune its practice and procedures to curtail the risk of the firm, then the interest of the stakeholders of the will be in jeopardy. To safe guard the interest of the investor, the regulatory authorities inflict every company to comply with the set financial reporting procedures in relation to every financial aspect of the company. FASB statement No-133 establishes a uniform procedure of accounting for Derivative Instruments and Hedging Activities, and related amendments and implementation issues. Chapter 1 Introduction and Overview Introduction The company that I have chosen is one of the leading worldwide marine solutions companies with fabrication facilities in the Americas, Middle East, Caspian and Asia Pacific. They are the leading provider of engineering, procurement, construction and installation in the global oil and gas industry. It is a project based firm. Companys self description to the market is Challenging Projects. Its What We Do. This company does EPCI Projects (Engineering, Procurement, Construction and Installation). Our major budget is for the procurement (Nearly 60% to 70% for the total budget) of steels, Inconel pipes and valves from various parts of the world. All the three are very highly priced and also have fluctuations in price very often. We need to make huge payments to the vendors who supply these materials according to the achievement of agreed milestones. After the award of the project, the engineering phase will start; followed by procurement as per the specifications drawn by the e ngineers. The procurement functional department with the Project specific Procurement Manager decides the modus operandi and then gets the price quotes from repute vendors and vendors recommended by the Client. In this place the PMT and the functional department decides the vendor to whom the order should be placed; who fulfill the technical and commercial conditions. Simultaneously a detailed procurement plan will be prepared and will be passed on over to the Project Accountant to prepare the cash flow which will be the designated item to hedge. Importance of Topic Project revenues (cash inflows) of almost all the Projects are in US Dollars. Hence, when these huge procurement orders are being placed with Vendors from Germany, UK and Japan, the MNC has to pay them in their currency. THE COMPANY faces the foreign currency exposure at this juncture. To protect the firm from adverse/unfavorable changes in foreign currency exposure, Firm enters into forward contracts to hedge the EURO and GBP cash flows. In other words, the Firm hedges its cash flow of the currencies other than its base currency in order to reduce the volatility (ÃÆ' Ãƒâ€ Ã¢â‚¬â„¢) of the Cash flows. A Hedge is a position in a hedging instrument (here its Forward Contract) put on to reduce the risk resulting from the exposure to a risk factor. Statement about Problem The predicament our company faces is the cash flow forecast of the EURO and GBP as it being keeps on roll over due to non-achievement of milestones by the vendors. The payments of such milestones keep on delaying month by month. In this circumstance, the hedge becomes ineffective. Hedge Effectiveness reflects the degree to which changes in the performance of an underlying risk exposure, i.e., underlying hedged item, in respect of a designated risk are offset by changes in the performance of a designated hedging instrument. Effectiveness clearly depends upon the specific hedging objectives which are reflecting on two key factors: The specific performance metric being used, The designated risk being hedged If there is lack of offset between the hedging instrument and the hedged item then the hedge is said to be ineffective. The range of offset is 80 120 percentages. Dissertation Outline This study visualizes the following: Analyze the currency exposure and cash flows Understand the current approach of hedging other currency cash flows. Identify the other possible ways of hedging the risk Make Models and run using historical data Find and recommend the company better solutions to minimize risks. Ill work on the data available within The Company and The Reuters Bloomberg for the Spot and Forward rates. The research methodology would be worked out using the knowledge acquired on hedging strategies through the EMBA Curriculum and the work experience. The final outcome will have the following: Information on EURO GBP Cash flows Identification of risks in the deployment of EURO and GBP Use of Forwards, Futures or Options to minimize risks or rather make profit. Build and evaluate models and demonstrate its benefits Testing the Models Final Recommendations. Summary AASB-139: The Cash flow hedge is hedge of exposure to the inconsistency or volatility in cash flows that are attributable to a particular risk associated with a recognized asset or liability or a forecast transaction Examples of circumstances to which cash flow hedges may be appropriate include: Hedge of future foreign currency exchange risk associated with an unrecognized contractual commitment to purchase stocks (inventory) or commodity for a fixed foreign exchange amount; or Hedge of change in price of inventory stock or commodity relating to an unrecognized commitment to purchase at a fixed price with payment in the domestic currency; or Use of a swap to change a floating rate debt into fixed rate debt. This dissertation narrates about the first point noted above. Cash Flow Hedging Example Company ABC Limited is an American retail company with USD as its functional currency. It has projected to order EUR 3,000,000 new game consoles for the Xmas period to be delivered in December 20xx. Payment is due to occur in January 20xy in EUR. In January 20xx the company management decides to hedge the foreign currency risk arising from the projected purchase. ABC Limited has determined the transaction is highly probable and the company has entered into a forward contract to buy EUR against USD. Assume hedges have been effective prospectively and retrospectively The fair value and movement in the fair value of forward contract and the fair value of the hedged item i.e. hypothetical derivative are set out below for each measurement date. 1 Jan xx USD $ 000 30 June xx USD $ 000 31 Dec xx USD $ 000 Fair value of hypothetical Derivative 0 (190) 55 Change in value of Hypothetical Derivative (190) 245 (55+190) Fair Value of derivative 0 200 (50) Change in Fair Value of derivative in period 200 (250)=(-50-200) Entries at 1 Jan xx No entry required for the derivative as it was entered into at market rates and no cash was exchanged. Fair value of derivative at inception is nil Entries at 30 June xx Derivative DR 200,000 Unrealized Gain Cash Flow Reserve CR Unrealized Gain Other Income CR To record clean fair value of the derivative post cash flow hedge reserve entries Entries at 31 Dec xx Unrealized Gain Cash Flow Reserve DR 250,000 Derivative CR Unrealized Gain Other Income DR 10,000 Cash Flow Reserve CR To record clean fair value of the derivative post cash flow hedge reserve entries Cash Flow Reserve DR 50,000 Inventory CR To record transfer of the balance of the cash flow reserve to inventory on the physical receipt of the inventory Inventory DR 3,500,000 Accounts Payable CR To reflect the receipt of Inventory Entries at 31 Jan xy Derivative DR 50,000 Cash CR To record settlement of derivative Cash Flow Hedge Reserve Reconciliation 30 June xx 31 Dec xx Opening Balance 190,000 Gain/(Loss) on Derivative 190,000 (250,000) Transfer from prior period PL 10,000 Balance 190,000 (50,000) Transfer to inventory 50,000 Final Balance 190,000 0 Profit Loss 10,000 (10,000) When calculating or obtaining (from bankers) fair values of derivatives or hedged items the clean fair value should be used. The clean fair value excludes accrued interest. The dirty fair value is the fair value including accrued interest. The use of clean values in effectiveness testing results often results in less ineffectiveness than the use of dirty values. With cash flow hedges as there is no hedged item to perform effectiveness testing and generate accounting entries it is necessary to use a proxy derivative or hypothetical derivative. The hypothetical derivative can be derived by selecting a derivative that is similar to the expected cash flows. Alternatively the fair values of the cash flows being hedged can be used as the hypot hetical derivative. Hedge accounting is discontinued and the balance of the hedge reserve is transferred straight to profit and loss when the firm commitment or forecast transaction is no longer expected to occur. Hedge accounting is discontinued and remains in equity until the firm commitment or forecast transaction occurs: Hedged instrument is sold , terminated or expired; or The hedge no longer meets hedging criteria for hedge accounting; Chapter 2 Research Methodology Introduction Forecasting the cash out flow arises out of payments of the foreign currencies or exchange can be difficult, as the exact timing of future payments is often unpredictable. Firms have cash flows that are stochastic and wish to hedge them. When the exchange rates fluctuate, this uncertainty makes managing cash flow and maintaining the precincts even more challenging. So, if optimizing cash flow is critical to your business, Forward Contracts may be just the tool you need to gain control over foreign payments. What is a Forward Contract? It is a foreign exchange instrument or may be a derivative agreement for purchasing a set amount of a foreign currency at a fixed rate for distribution over a predetermined length of time. It provides a range of days a window of time for settling the contract at a previously agreed price. Forward Contracts are often used when you expect to make foreign payments, but payment dates are uncertain. You benefit from greater flexibility, certainty a nd convenience because you establish your exchange rate in advance and pay invoices as they become due. In addition, Forward Contracts do not require upfront funding. Payment is required only when the contract is drawn down and only for the amount you need. Therefore, you have access to funds, and your cash in hand will continue to earn interestÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦all while establishing your foreign exchange costs in advance. If a firm has undertaken a cash flow hedge, it has to demonstrate that this hedge is Effective. If a cash flow hedge is effective, the derivative qualifies for hedge accounting treatment. The effectiveness of the hedge requires the hedge to meet a standard set by the Company as to how the gains of the hedge offset the changes in cash flows being hedged. This standard has to be set at the time the derivative position is entered. If the standard is no longer met at some point during the life the hedge, the firm looses the use of the hedge acc ounting. The effective part of the gains and losses of the derivative that offset the changes in cash flows being hedged. The gains and losses of the derivatives flow through Other Comprehensive Income rather than earnings and hence do not affect earnings as long as the gains and losses of the hedged cash flows are not recognized. When the gains or losses on the hedged cash flows are realized, the gains and losses that went through Other Comprehensive Income are used to offset the gains or losses on the hedged cash flows. Research Background Research Questions Though the firms core competency is building projects, the ultimate mission and goal is to increase the shareholders wealth and satisfaction. So it is very important to tap the opportunities wherever available to make or realize revenues and enhance the earnings of the company. Hence to accomplish the aphorism we need to analyze the following positions with the available facts, figures and the extensive learning. Is Insurance a Proper hedge for OR? The discussions about the appropriateness of insurance to protect against the operational risk have dominated the topic of operational risk hedging. The mains issue is that the definition and classification of operational risk varies significantly. Therefore insurers fear being held liable for losses that have not be factored into their premium calculations. As a result, insurers generally word policies very carefully in order to exclude risks that are not definite in amount, time, place or cause. Consequently this may lead to gaps in the available cover, preventing the insurance of all risks encompassing OR (although some business risk types, which are not included in regulatory capital, might be included). In addition, where policies have not been properly worded there is the possibility of lengthy disputes over whether a loss really is covered or not. This can at best lead to long delays in the payment of claims. Decision making on whether to opt the hedging for the disbursement of the cash flow or not How to make the Hedging function as profit centre of the business Research Objectives The main purpose of this dissertation is to gain an understanding on the value implications of the cash flow hedging. In other words how the corporate hedging affects the value of the firm. What are the merits and demerits of Cash out flow hedging? Is Hedging Model gives maximum returns or gains while reducing the uncertainty of the cash flows that are stochastic? Research Approach Analyze the foreign currency cash flow of a corporate at a given period for their potential risks and the way to eliminate them through derivative trading and come up with the appropriate hedging model to maximize the earnings. Research Methodology Problem Definition As the firms core competency of the firm is not Derivative trading, the company is not considering handling derivatives innovatively. They are just concentrating on developing, improvising, competing and sustaining the existing industry of building projects. This dissertation is to analyze and prove that the treasury also be a profit centre that being regarded as a supportive or service unit. This is to indulge the intrapreneurship upon the internal stake holders that they can also be part of the earnings of the Company and their ultimate mission and goal should align with the companys mission to increase the shareholders wealth and satisfaction. Research Design Plan (Data Sources etc) Refer APPENDIX-1 for the design or nomenclature followed by the company to enter into a derivative forward contract. All the data are supplied or collated through Secondary Data sources which are very much from the internal and confidential. The data are consciously maneuvered to maintain the confidentiality of the firm, without affecting the objective of this thesis submission. The Other secondary sources are https://www.oanda.com, https://www.x-rates.com, https://www.bloomberg.com. Qualitative Data Analysis The Research methodology is purely qualitative as the analysis is based on the content of the collected data. The data collected were the cash flows in other foreign currencies other than the Companys functional currency US Dollars. To be specific the cash flows are the EURO and GBP payments forecasted to pay the vendors who have supplied the inventory for various projects. As already mentioned, the analysis is about how to decide upon whether the cash flow has to be hedged or not with objective of eliminating the uncertainty of the cash flows that are stochastic. The company is mainly deals with the Foreign currency Forward Contracts. A forward exchange contract (or forward contract) is a binding obligation to buy or sell a certain amount of foreign currency at a pre-agreed rate of exchange, on a certain future date. To take out a forward contract you need to advise us of the amount, the two currencies involved, the expiry date and whether you would like to buy or sell t he currency. It can be possible to build in some flexibility to allow the purchase or sale of the currency between two pre-defined dates rather than a single maturity date. Consider a Forward contract where you agree on 1st of March to purchase EUR 1,000,000 on 1st of June at a price of F. The price of the deliverable asset for Spot Delivery would be SJune-1 at the maturity of the Contract. The pay off of the Contract at maturity is 1,000,000 (SJune-1 F). To create a replicating portfolio for the forward contract, Ive to purchase an asset on 1st of March that pays EUR 1,000,000 on 1st of June. I can purchase today an amount of EURO such that on 1st of June Ive EUR 1,000,000 by buying EUR T-bills for a face value of EUR 1,000,000 maturing on 1st of June. The EUR T-bills maturing 1st of June must have equal value to the present value of the forward price. Pricing formula for a foreign exchange currency forward contract St = Spot Price at a given date (t) rFX = Interest rate on Foreign Currency (EURO) Treasury Bill maturing at (t+i) i = Maturity date of the Forward Contract r = Interest rate on a US Treasury Bill maturing at the same date. F = Forward price of the Foreign currency (EURO) Assuming with the confidence level of 99%, the replicating portfolio has zero value at initiation, the formula being generalized as: St e-rFX ÃŽ i ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒ ¢Ã¢â€š ¬Ã‚ ¢ Fe-r ÃŽ i = 0 This formula implies that the forward price must be: F = St e(r-rFX) The equation represents that the hedge ratio is one because the firm goes short one EURO forward for each EURO of exposure. The hedge ratio is the size of the hedge for a one-unit exposure to a risk factor. The key to pricing the Forward contract is that they can be replicated by the underlying asset and financing the purchase until the maturity of the contract. This allows the traders to price the contracts at arbitrage. This means that we can price a forward contract without having a clue as to the expected value of the underlying asset at maturity. To price a forward contract on a currency, we ÃÆ' ¢Ãƒâ€¹Ã¢â‚¬  Ãƒâ€šÃ‚ ´, dont need to know anything about the determinants of changes in the exchange rates. The Forward price depends upon: the interest rate that has to be paid to finance the purchase of the underlying asset; the cost to store it and the benefit from holding it. TREND SENITIVITY ANALYSIS OF EUR/USD: EUR/USD EXCHANGE RATES USED IN BID Rate Txn Value Project-A 0.763 9,472,124 Project-B 0.763 13,788,450 Project-C 0.763 40,540,186 SENSITIVITY ANALYSIS Rates Proba-bility Values Low Avg High Low Avg Project-A 0.841 0.736 0.660 50% 11,265,609 12,867,111 Project-B 0.841 0.736 0.660 35% 16,399,203 18,730,489 Project-C 0.841 0.736 0.660 67% 48,216,206 55,070,551 59% 75,881,017 86,668,151 Sensitivity due to change in rate (7,697,977) 3,089,156 TREND SENITIVITY ANALYSIS OF GBP/USD: GBP/USD EXCHANGE RATES USED IN BID Rate Txn Value Project-A 0.637 19,940,303 Project-B 0.637 35,273,919 Project-C 0.637 9,632,902 SENSITIVITY ANALYSIS Rates Proba-bility Values Low Avg High Low Avg Project-A 0.702 0.640 0.592 70% 28,392,856 31,142,125 Project-B 0.702 0.640 0.592 55% 50,226,283 55,089,675 Project-C 0.702 0.640 0.592 47% 13,716,221 15,044,358 Total 64% 92,335,360 101,276,157 Sensitivity due to change in rate (9,474,624) (533,827) Statement on Research Findings Limitations Reliability The decision of going forward and place a forward contract hedging relies on two major factors: Trend line of the Exchange rate fluctuation or movement Cash flow of the Foreign currencies (i.e) Underlying asset To have reliable derivative instrument to protect the underlying asset from affecting the bottom line of the firm, we need to have a consistent and scientific way of structuring the cash flow through which its stochastic nature could be eliminated. The firm has a huge exposure and limitations on the reliability upon the formulation of cash flows as it involves various decisive factors. Some of them are: Approval of drawings and its documentation Approval/Passing of Quality check and the specifications of raw materials Delivery of the Product Submission of documents as per the contract Validity Risk is costly to export onto the business. Consequently if hedging has no cost, the firm chooses it to minimize the risk. To determine whether and how to hedge the cash flow it is essential to measure Value at Risk (VaR), Cash Flow at Risk (CFaR) and Volatility, so that the firm can determine how much of that risk it wants to bear. We consider the risk-minimizing hedges of a foreign currency position when risk is measured by volatility, VaR and CFaR. Value at Risk measures the potential risk or loss anticipated (worst case scenario) on an investment or an asset or portfolio over a defined time period for a given level of confidence. The notion of the VAR is simple the maximum sum that you can lose in any investment over a particular period with a specified probability. CFaR measures the expected maximum decrease in the expected cash flows resulting from the adverse movement of the market, over a defined period for a given confidence interval. To calculate CFaR the fol lowing steps are performed: Setting time horizon and confidence interval. Cash flow mapping. Identifying risk factors. Simulation of risk factors. Revaluation of cash flows. Constructing the probability distribution of cash flows. Reading the value of the particular quartile of the cash flow distribution based on the confidence level. There are different methodologies of calculating at-Risk measures: Variance-covariance methodology (delta-normal) Historical simulation Monte Carlo simulation (Being used to evaluate the risk) Volatility-minimizing hedge of cash position, when the returns are identically independently distributed: Cov [r(cash).r(hedge)] ÃŽ Cash Position Var [r(hedge) This equation makes clear that the risk-minimizing hedge depends on the size of the cash position. As the cash position increases, the volatility-minimizing hedge involves a larger dollar amount short in the hedge instrument. Summary With the detailed study, its evident that the Forward Contract can have substantial default risk. As financing and storage become more expensive, the forward price increases compared to the current price of the underlying asset. But the systematic risk reduces the forward prices to compensate the financing and storage risk. The important factors to consider while entering into forward contract is that measurement of VaR, CFaR and the Volatility of the underlying asset and also the basis risk (I,e) the determination of relation between the forward price and the spot price. Apart from these the other important factor is the market condition which is the systematic risk, which plays a vital role in the decision making. So the firm has to always watchful to take right decision on right time about when to enter the market and when to exit the out the hedging position. Chapter 3: Analysis and Interpretation Results on Findings Analysis After the detailed review of the firms role play in the field of Cash flow hedging I found that there cash flows are stochastic and they could not capitalize on the due the various factors that had been listed out in Statement of Research Findings. There is no access provided in the measurement of VaR, CFaR and the volatility which is the most important criterions in deciding upon the hedging instrument. I find there is no much need as the firm opts only forward contracts and not any other hedging instrument. As mentioned earlier, there is no need to fear the risk if you make sure that hedge ratio does not fall beyond control. But in this case, I found that due the major deviation in the cash flows, the ratio could not be managed and the forward contract could not be replicated by an underlying asset to purchase at the time of maturity, which resulted in the ineffectiveness of the hedge. Chapter IV: Conclusion Recommendation Due to the lack of proper system, it is very difficult for the firm to have a control on the cash flows and to round up the problems that are resulting in the ineffective cash flow. As a result of this dissertation, it was evident that the firm has to improve the status of the cash flow to have efficient and effective decision making on selection of the hedge instrument. And the same has been recommended to the Company along with other considerations on measuring the risk related to the Cash flow and Volatility, so that the firm can find other better options of derivative instruments rather sticking onto the Forward Contract alone. APPENDIX-1 Foreign Exchange Transaction Process Counter Party Bank Trading Desks access Misys/CMS via Internet and provide confirmation of FX transaction details Bank trading Desks offer Forex Rates to the treasury via Telephone or Bloomberg Corporate or Other Subsidiary Treasury Treasury sends Transaction confirmation to the subsidiary Treasury reviews Misys/CMS for confirmation of FX transaction details Treasury contacts Banks for the quotes via Telephone or Bloomberg Treasury proceeds with the txn and loads details into quantum or Bloomberg loads quantum automatically Forex Txn details automatically gets loaded into Misys /CMS for matching confirmation with Bank counterparties MISYS/CMS Quantum (Treasury Work Station) Subsidiary provides the Hedge request to the Treasury