Network security Essay Example | Topics and Well Written Essays - 750 words - 1

Network security - Essay Example Also, partnership with application vendors needs some consideration. The solution should render application traffic as safe and avoid data corruption or change risks. Application vendor partnerships are required to achieve this. These services enhance convenience and efficiency to the users. File serves enable users share their files over the network in a transparent manner. Most importantly, users can access a specific file over the network without necessarily sharing it (Diablotin, 2014). In order to support diskless workstations, Transmission Control Protocol (TCP) and the Internet Protocol (IP) is enabled hence users can come up with their own open network protocols. An alternative protocol may include Network File System (NFS). On the other hand, a printer server provides a platform for users to access the same printer over the same network. Some of the advantages associated with printer sharing include; reduced costs on the number of required printers, reduced maintenance costs due to fewer machines, and maximum utilization of expensive resources as a result of access to special printing machines. The servers enable users get in touch with their office work, family and customers among others. Users can customize their web mail according to their preference. The servers provide a platform to send and receive messages from users connected over the same network, especially over the internet. Users can set up filters whenever they want to organize their email folders. Also, groupware collaboration options enable users to share their distribution lists, classified notes, and email folders in a convenient way. Users can install ComAgent application that would run on their workstations and monitor all their classified emails. These kinds of servers are applicable for any user that utilizes either high-performance cloud or a

Please write a thoughtful response to one or more of the readings Essay

Please write a thoughtful response to one or more of the readings - Essay Example When the swordfish started attacking and killing the people of Singapore, Sultan Padouka Sri Maharadja became utterly devastated and hopeless. He did not know how to stop the mysterious swordfish attack. His first response was to use his soldiers as barricades against the attacking swordfishes. But this strategy seems so inhumane. So a young boy suggested using banana trees as barricades. The sultan accepted the suggestion and it proved to be a wise decision. The swordfishes attacked the banana trunks, and because these trunks were solid the people were eventually protected from the swordfishes’ deadly attacks. Fortunately, the swordfishes were not merely stopped, but their long snouts were also stuck in the banana trunks. The numerous swordfishes that were caught provided food for the people. On the surface, the story seems to promote wisdom and cooperation. The swordfish attack was successfully halted due to a young boy’s wisdom and the people’s cooperation. However, the story has an underlying moral message: valuing nature and other creatures of the earth. Asians, especially ethnic groups, are environmentalists by heart. The story expresses resistance to irresponsible fishing. The angry swordfishes symbolize how nature would take revenge if people do not change their attitude toward other creatures of the planet. It shows that the damages we do to the environment will return to us tenfold; it could be even lethal. The young boy’s suggestion, on the other hand, symbolizes effective ways of taking care of the environment. Our concern for the environment will definitely pay off in the end, just like how the swordfishes became a constant food supply for the people of Singapore. The second story, Kancil and Sang Buwaya, is a fable about wisdom, or, more specifically, shrewdness. Kancil, a mouse deer, usually goes to the river to drink. However, Sang Buwaya, a crocodile, wants to eat Kancil. And so the poor mouse deer has to

Duke of Edinburg Adventurous Journey Report Essay Example for Free

Duke of Edinburg Adventurous Journey Report Essay The Duke of Edinburg Adventurous Journey Report It all started on the cool morning of July 31. After a delay of about 2 hrs, we finally got on the Volvo AC bus after having our modest breakfast in OIS. I felt great; the morning fresh air always suited me. The bus passed effortlessly through the jam less Dhaka streets. Once it got to Savar, I began to notice natural beauty of the highest quality. There were all kinds of plants and shrubs and delicately colored flowers. The green carpeted Savar Golf Course was the main attraction of our journey from Dhaka to Aricha. After an hours delay at the Aricha ferry ghat, it took us another hour to cross the river. The other half of our journey from ferry ghat to Khulna was torturous. Amid the sweltering heat of the shrouded sun, the AC of the AC bus kept breaking down and we were not in a position to actually appreciate the natural roadside beauty. Everyone was sweating and cursing inside the bus. And no one had the heart of taking pictures or tuning to a song. So the first emotion upon stepping out of the bus was one of relief; no one would want to repeat a bus journey like that! We reached the quarter where we would be saying for the better part of the next 2 days. Every one of us felt disappointed on seeing the small building surrounded by the wild. Compared to BARD, this place was like a jungle. We spent an hour for settling in our room and washing ourselves up. Then we took a 20 minute walk and our journey for the day was put to an end. The next day was full of adventures. We took a 2 hr walk before breakfast. The highlight of our adventurous journey came right after that. We took a bus to Bagerhat to visit the Sathgombhuj Mosque. The guide there told us some part of the history of the mosque and also gave us an insight on where the name of the mosque derived from. After a brief photo-session we went to Khan Jahan Ali Mazar; there we sat near the edge of the lake and took a little snack break of singara and Frutica. Some half an hour later another bus trip took us to Chadmahal. The place is a gem hidden deep in the heart of Bagerhat. It looked like a great place for family hangout. Apart from anything else there is a zoo, an astounding 3-storey marble-studded building and an underwater entrance to the building. After our short visit to Chandmahal, we took our survey of the local people, as instructed and then went back to our resting place. After a day full of work, it was a bliss to me to get a quick shower and nap before the grand camp fire. Although most of the awardees were reluctant, the campfire went fine. I was honored to be given the chance to light the fire. From there on, we sang and Akter sir danced and overall the camp-fire was a success. After that we went to sleep. The next day, everyone woke up early and prepared to leave. We loaded vans with our luggage and hurried to the train station. No sooner had we got on the train, it gave its final whistle and started to move. The train journey was itself an adventure with one of the bogies going off-track soon after we passed a small station. All in all the adventurous journey was a memorable one and a few glitches along the way will not make it any less enjoyable.

The Nature And Role Of The Financial System Finance Essay

The Nature And Role Of The Financial System Finance Essay Financial system is a mechanism where economic exchange activities can be done. The economic activities can be done through the interaction between financial institutions and the financial market. The purposes of this interaction are to mobilize fund and providing payment facilities for the financing of commercial activities. With the emergence of Islamic finance, the dual financial systems being introduce. In dual financial system the conventional financial systems operating side by side with the Islamic financial systems. The Islamic Financial system consists of the role of four essential mechanisms: The Islamic banking institutions, Takaful, Islamic Capital Market and Islamic Money market. The structure of this financial system may consist of specialized and non-specialized financial institutions, of organized and unorganized financial markets, of financial instruments and services which facilitate transfer of funds. It also comprises of procedures and practices adopted in the Islamic financial markets. The operation and mechanism of the financial system is scrutinized by Bank Negara Malaysia advisory board and Securities Commission Syariah Advisory Board to ensure compliance of Islamic rules and regulations. The Islamic financial institutions which are govern and control under Bank Negara Malaysia are the organizations that mobilize the depositors savings, and provide financing, acting as creditor or in the form of capital venture or financing in the form of profit and loss sharing (PLS). They also provide various financial services to the community, particularly business organizations. The activities will be dealing in financial assets such as deposits, loans, securities or dealing in real assets such as machinery, equipment, stocks of goods and real estate. The activities of different financial institutions may be either specialized or their function may be overlap. They may be classified base on the basis of their primary activity or the degree of their specialization with relation to savers or borrowers with whom they customarily deal or scope of activity or the type of ownership are some of the criteria which are often used to classify a large number and variety of financial institu tions which exist in the economy. Financial institutions are divided into banking and non-banking institutions. The banking institutions traditionally participate in the economys payments mechanism, i.e., they provide transactions services, their deposit liabilities constitute a major part of the national money supply, and they can, as a whole, create deposits or credit, which is money and Banks, subject to legal reserve requirements, can advance credit by creating claims against themselves. Financial institutions are also classified as intermediaries and non-intermediaries. As the term indicates, intermediaries intermediate between savers and investors; they lend money as well as mobilize savings; their liabilities are towards the ultimate savers, while their assets are from the investors or borrowers. Non-intermediary institutions do the loan business but their resources are not directly obtained from the savers. All banking institutions are intermediaries. Many non-banking institutions also act as intermediaries) and when they do so they are known as Non-Banking Financial Intermediaries. The Evolution of Financial Intermediaries in Malaysia In this section, our task is to survey the landscape and identify the institutional players. By describing what financial intermediaries look like today, it is also revealing to see how financial intermediaries have evolved over the last century. Institutional Players The banking system in Malaysia, which is the major component of the financial sector, consists of Bank Negara Malaysia, commercial banks, Islamic banks, International Islamic banks, Investment bank, other non bank institutions and money brokers. Which are all regulated and supervised by Bank Negara Malaysia.  Ã‚  Ã‚  The other non-bank institutions are supervised by other government agencies. These institutions can be divided into four major groups, consisting of the development finance institutions, the saving institutions, the provident and pension funds, and a group of other financial intermediaries, comprising of building societies, unit trusts and property trusts, leasing companies, factoring companies, credit token companies, venture capital companies, special investment agencies and several financial institutions such as the National Mortgage Corporation (Cagamas) and Credit Guarantee Corporation. The traditional banking system role has been to make long-term loans and fund them by issuing short-term deposits.  [1]  But banking systems are prohibited from engaging in securities market activities such as securities underwriting or the sale of trust funds. Therefore, the current design of non-bank financial institution are allowed to deal in the securities market a part of providing services which are similar to the banking system. The contribution of each non-bank financial institutions: insurance companies and pension funds; they receive investment funds from their customers, both of these institutions place their money in a variety of money-earning investments. Leasing companies; they purchase equipment/asset and then lease to businesses for a set number of years. Factoring companies; provide specialized forms of credit to businesses by making loans and purchasing accounts receivable at a discount, usually assumes responsibility for collecting the debt, specialize in bill processing and collections and to take advantage of economies of scale. Market makers; as an agent that offer to buy or sell security (trading in securities),  [2]  storage the securities and insured the securities against loss, provide margin credit,  [3]  cash management account services.  [4]   Trust funds; pool the funds of many small investors and purchase large quantities of securities, offer a wide variety of funds designed to appeal to most investment strategies, allow the small investors to obtain the benefits of lower transaction costs in purchasing securities and reduce the risk by diversifying the portfolio. The National Mortgage Corporation; is to promote the secondary mortgage market in Malaysia, with the issuance of secondary mortgage securities, Cagamas Berhad performs the function of an intermediary to bring together the primary lenders of housing loans and investors of long-term funds. Evolution The evolution of financial intermediation in Malaysia is reflected in Table 1. Table 1 shows the major financial intermediaries by assets and also by percentage share (in parentheses) from 1960 to 2000. To the extent that we can view the pace of financial intermediation as a horse race, there seem to be a clear winners and losers. For example, in terms of relative importance the winners are unit trust, Cagamas Berhad, leasing companies, factoring companies and venture capital companies. Commercial banks and finance companies are losers. These findings raise some interesting questions. First, what caused the change in the mix of financial intermediaries? In this section, we will examine this evolutionary process via three factors. Deregulation of Interest Rate Interest rate deregulation that affects loan pricing takes its earliest form.  [5]  Canada, in 1960, was the first to deregulate its interest rate. Other countries deregulated in the 1980s or thereafter.  [6]  This deregulation allows more freedom and activity to the banks and other institutions to issue new depository products as well as diversified short and long term credit instruments.  [7]  Leightner and Lovell (1998) state that some relaxation to the banks portfolio were part of the liberalization that enables bank to diversify investment to private as well as the foreign equity.  [8]  This made possible with the establishment of the foreign exchange market and the expansion of the underwriting activities of the financial intermediaries. Liberalization in Japan and Germany for instance, brings new paradigm to the roles of the banking institutions. The bank in Germany and Japan is no longer to be a creditor, but can also be the equity holder and in the board of d irectors and management. Liberalization of the banking industry, for example in Malaysia and some other countries, take banking institution into a new dimension that is the establishment of Islamic banking.  [9]  The increasing demand on the interest free banking offer by the Islamic financial institutions leads many conventional banks to offer Islamic counter or rather known as dual banking. This development happens to Muslim and non-Muslim countries. The results show that the individuals prefer to diversify their investment other than deposits. In particular, they invest in securities such as stocks, bonds and unit trusts. Therefore, new investment in unit trust for the small saver altered permanently the financial landscape. The Institutionalization of Financial Markets Institutionalization refers to the fact that more and more funds in Malaysia have been flowing indirectly into the financial markets through financial intermediaries, particularly pension funds, trust funds and insurance companies rather than directly from savers. As a result, these institutional players have become much more important in the financial markets relative to individual investors. What caused institutionalization? Quite simply, it was driven by the growth of these financial intermediaries, particularly pension and unit trust.  [10]  Pension fund growth was encouraged by government policy. Tax laws, for instance, encourage employers to help their employees by substituting pension benefits for wages. This is good for employees because they do not pay taxes on their pension benefits until they are received after retirement. Unit trusts gained considerably from these changes in pension plan laws. Defined contribution plans were allowed to include unit trust on the menu of assets for which plan members could choose. In addition, the increasing attractiveness of specialized funds such as bond funds and index funds has also fueled unit trust fund growth. The Transformation of Traditional Banking The fact that banks are exposed to the non-performing loans that stood at 9.1% for the periods of 1997 to 1999 and it seems to us that banking is a declining industry. However, first, the so-called decline of commercial banking is limited to a decline in the relative importance of commercial banking. As shown in Table 1, the decline of commercial banks assets as a fraction of total intermediated assets from 43.4% in 1980 to 41.3% in 2001. Table 1 also shows that banking industry assets actually increased between 1960 and 2000. In other words, bank assets have actually increased just not as fast as the assets of other financial intermediaries. Second, many of the new innovative activities in which banks engage are not reflected on bank balance sheets as assets even though they add significantly to bank revenue.  [11]  These include, for example, trading in interest rate and currency swaps, selling derivative instruments and issuing credit guarantees. Third, banks have a strong comparative advantage in lending to individuals and small businesses.  [12]  Finally, banks have joined forces with a number of other types of financial intermediaries.  [13]  For example, banks have combined with unit trust funds, merchant banks, insurance companies and finance companies. Bank acquisitions of non-bank financial intermediaries are part of broader consolidation of the entire financial services industry. Diagram 1: Structure of Regulatory Framework Minister of Land and Co-operative Development Licensing of : Brokers Representatives Trading Adviser Representatives Fund Managers Representatives Minister of Finance Minister of Domestic Trade Consumer Affairs Securities Commission Act 1993 Securities Industry Act 1983 Registrar of Companies Securities Commission Future Industry Act 1993 Companies Act 1965 Cooperative Act 1993 Kuala Lumpur Stock exchange (KLSE) BNM Islamic Banking Act 1983 Licensing of Dealers Representatives Investment Adviser Representatives Fund Managers Representatives Securities Clearing Automated Network Sdn Bhd (SCANS) Malaysian Central Depository Sdn Bhd (MCD) Kuala Lumpur Commodity Exchange (KLCE) Malaysian Futures Clearing Corporation Sdn Bhd (MFCC) Kuala Lumpur Options Financial Futures Exchange (KLOFFE) Malaysian Monetary Exchange (MME) Malaysian Derivative Clearing House Sdn Bhd (MDCH) Table 1: Malaysia: Assets of the Financial System, 1960-2000 As at end of (RM million) 1960 1970 1980 1990 2000 Banking System 2,356 (66.3) 7,455 (64.1) 54,346 (73.3) 223,500 (69.8) 829,900 (66.8) Central Bank 1,114 (31.4) 2,422 (20.8) 12,994 (17.5) 37,500 (11.7) 148,900 (12.0) Commercial Banks 1,232 (34.7) 4,460 (38.4) 32,186 (43.4) 130,600 (40.8) 513,600 (41.3) Finance Companies 10 (0.3) 531 (4.6) 5,635 (7.6) 39,400 (12.3) 109,400 (8.8) Merchant Banks 2,229 (3.0) 11,100 (3.5) 36,900 (3.0) Discount Houses 42 (0.4) 1,292 (1.7) 4,900 (1.5) 21,100 (1.7) Non-Bank Financial Intermediries 1,197 (33.7) 4,167 (35.9) 19,807 (26.7) 96,900 (30.2) 413,100 (33.2) Provident and Pension Funds 733 (20.6) 2,717 (23.4) 11,370 (15.3) 51,800 (16.2) 217,600 (17.5) Life and General Insurance Funds 103 (2.9) 439 (3.8) 2,476 (3.3) 10,300 (3.2) 52,200 (4.2) Development Financial Institutions 113 (1.0) 2,193 (3.0) 6,000 (1.9) 25,100 (2.0) Savings Institutions 267 (7.5) 645 (5.5) 2,463 (3.3) 10,000 (3.1) 32,300 (2.6) Other Intermediaries 93 (2.6) 233 (2.0) 1,305 (1.8) 19,800 (6.2) 85,900 (6.9) Total 3,553 11,622 74,153 320,400 1243,000 Source: Bank Negara Malaysia, Annual Reports (various issues) Financial Markets Financial markets are the centers or an arrangement that provide facilities for buying and selling of financial claims and services the corporations, financial institutions, individuals and governments trade in financial products in these markets either directly or through brokers and dealers on organized exchanges or off-exchanges. The participants on the demand and supply sides of these markets are financial institutions, agents, brokers, dealers, borrowers, lenders, savers, and others who are interlinked by the laws, contracts, covenants and communication networks. Financial markets are sometimes classified as primary (direct) and secondary (indirect) markets. The primary markets deal in the new financial claims or new securities and, therefore, they are also known as new issue markets. On the other hand, secondary markets deal in securities already issued or existing or outstanding. The primary markets mobilize savings and supply fresh or additional capital to business units. Alt hough secondary markets do not contribute directly to the supply of additional capital, they do so indirectly by rendering securities issued on the primary markets liquid. Stock markets have both primary and secondary market segments. Very often financial markets are classified as money markets and capital markets, although there is no essential difference between the two as both perform the same function of transferring resources to the producers. This conventional distinction is based on the differences in the period of maturity of financial assets issued in these markets. While money markets deal in the short-term claims (with a period of maturity of one year or less), capital markets do so in the long-term (maturity period above one year) claims. Contrary to popular usage, the capital market is not only co-extensive with the stock market; but it is also much wider than the stock market. Similarly, it is not always possible to include a given participant in either of the two (money and capital) markets alone. Commercial banks, for example, belong to both. While treasury bills market, call money market, and commercial bills market are examples of money market, stock market and government bonds market are example s of capital market. Keeping in view different purposes, financial markets have also been classified into the following categories: (a) organized and unorganized, (b) formal and informal, (c) official and parallel, and (d) domestic and foreign. There is no precise connotation with which the words unorganized and informal are used in this context. They are quite often used interchangeably. The financial transactions which take place outside the well-established exchanges or without systematic and orderly structure or arrangements constitute the unorganized markets. They generally refer to the markets in villages or rural areas, but they exist in urban areas also. Interbank money markets and most foreign exchange markets do not have organized exchanges. But they are not unorganized markets in the same way the rural markets are. The informal markets are said to usually involve families and small groups of individuals lending and borrowing from each other. This description cannot be str ictly applied to the foreign exchange markets, but they are also mostly informal markets. The nature, meaning, and scope of activities of these types of markets will be discussed later in the book. As mentioned earlier, financial systems deal in financial services and claims or financial assets or securities or financial instruments. These services and claims are many and varied in character. This is so because of the diversity of motives behind borrowing and lending. The stage of development of the financial system can often be judged from the diversity of financial instruments that exist in the system. It is not possible here to discuss individually the nature of various financial claims that exist in the financial system. The financial assets represent a claim to the payment of a sum of money sometime in the future (repayment of principal) and/or a periodic (regular or not so regular) payment in the form of interest or dividend. With regard to bank deposit or government bond or industrial debenture, the holder receives both the regular periodic payments and the repayment of the principal at a fixed date. Whereas with regard to ordinary share or perpetual bond, only periodic payments are received (which are regular in the case of perpetual bond but may be irregular in the case of ordinary share). Financial securities are classified as primary (direct) and secondary (indirect) securities. The primary securities are issued by the ultimate investors directly to the ultimate savers as ordinary shares and debentures, while the secondary securities are issued by the financial intermediaries to the ultimate savers as bank deposits, units, insurance policies, and so on. For the purpose of certain types of anal ysis, it is also useful to talk about ownership securities (viz., shares) and debt securities (viz., debentures, deposits). Financial instruments differ from each other in respect of their investment characteristics which, of course, are interdependent and interrelated. Among the investment characteristics of financial assets or financial products, the following are important: (i)liquidity, (ii) marketability, (iii) reversibility, (iv) transferability, (v) transactions costs, (vi) risk of default or the degree of capital and income uncertainty, and a wide array of other risks, (vii) maturity period, (viii) tax status, (ix) options such as call-back or buy-back option, (x) volatility of prices, and (xi) the rate of return-nominal, effective, and real. DEFINITION AND SCOPE OF A CAPITAL MARKET (THE ECONOMIC FUNCTIONS OF FINANCIAL INSTITUTIONS) The previous section gave a brief overview of the major types of financial institu ­tions. To understand why financial institutions exist and the economic services that they provide, it is important to understand the different ways in which funds are transferred within an economy between businesses, government, and households (economic entities) that need to borrow funds (borrowers) and those that have sur ­plus funds to lend (investors). In a very simple economy without financial institutions, transactions between, different borrowers and lenders are difficult to arrange. Borrowers and savers incur significant search and information costs trying to find each other. Transactions be ­tween borrowers and savers may also be limited, because few financial contracts in ­volve only two parties. Similarly, risks are great, since individual entities have little or no knowledge of each other and little ability to monitor each others actions. Also, the transactions costs may be so high that small entities may be unwilling to supply funds. Investors also have little ability to diversify their risk, due to the high cost of many financial contracts. Supplier of funds: surplus (savings) units Lenders: Housesolders, companies, governments, rest of the worlds Demand of funds: deficit unit Borrowers: Housesolders, companies, governments, rest of the worlds Financial Markets Financial institutions help to reduce transactions, search, monitoring, and infor ­mation costs. They provide risk management services and allow investors to diversify their risk and hold portfolios of financial assets by creating ways of indirect financing. Financial institutions also play important roles in an efficient payment system be ­tween entities and in managing pure risk (insurance). The upper panel of Figure 1 shows the role of financial institutions as intermedi ­aries between borrowers and lenders. The term primary securities refers to direct financial claims against individuals, governments, and non-financial firms. A simple economy without any financial insti ­tutions would accommodate only direct financial claims or financial contracts. In ef ­fect, a borrower gives an investor a financial contract or direct financial claim or se ­curity that promises a stake in the borrowers company (i.e., shares of stock) or future payments returning the amount invested plus interest (i.e., a bond, or some other sort of IOU). These are examples of direct or primary securities. As an economy develops, markets emerge for trading direct securities. Some function as auction markets, where trading is carried out in one physical location, as occurs on the New York Stock Exchange; others function as over-the-counter mar ­kets, where trading is carried out by distant contacts, perhaps over the phone and computer, as on the National Association of Security Dealers Automated Quotation (NASDA Q) system. Loans made directly with borrowers are another example of a primary or direct security, where a direct contract is made between a borrower and a bank or other individual lender. Table 1.2 provides examples of primary securities in the first column. The financial assets owned by banks, insurance companies, and mu ­tual funds, such as loans, bonds, and common stock, are all direct securities, where the lenders give funds to the borrowers, and the lenders receive financial contracts guaranteeing repayment of funds plus interest or shares of ownership in the bor ­rower companies. Investors lend funds in return for a direct or primary security. Secondary securities, in contrast, are financial liabilities of financial institu ­tions-that is, claim against financial institutions. In Table 1.2, financial institu ­tions liabilities-deposits, policyholder reserve obligations, and mutual fund shares-are secondary securities or claims against financial institutions. In effect, fi ­nancial institutions created secondary securities that offer advantages over primary securities or direct financial claims. EXAMPLES OF PRIMARY AND SECONDARY SECURITIES Primary Securities Secondary Securities Commercial loans Savings deposits Mortgage loans Transaction deposits Consumer loans Certificates of deposit Government bonds Insurance policyholders reserves Corporate bonds Mutual fund shares Corporate common stock Pension fund reserves Table 1.2 shows this type of indirect financing. Unfortunately, like most fields, finance sometimes uses confusing terminology. Readers should carefully avoid confusing the use of the words primary and secondary in this dis ­cussion with their use in other contexts. For example, students who have previously stud ­ied corporate finance or investments may have encountered the terms primary and sec ­ondary markets; primary markets are those for originally issued securities, and secondary markets handle resale of securities. In the context of this chapter, primary and secondary distinguish between issuers of securities and not between changes in securities ownership. PRIMARY AND SECONDARY MARKET In a market economy the existence of financial markets can greatly ease the process of exchanging loanable funds for financial claims. A firm that wants to borrow money can go to the market in the knowledge that those with funds to lend will be there. The process is made easier still if specialist traders are known to be actively participating in the markets, buying and selling financial claims on their own account, thereby smoothing over days on which trading is thin or when there is an excess of potential borrowers or lenders. Further economies are achieved if agents or brokers can be employed to enter the market representing the customer to buy and sell securities. The existence of the market serves borrowers and lenders alike by reducing the search costs which each has to incur to get in touch with the other, and also maintains confidence in market prices. Markets do not always have a physical location. A market for loanable funds might consist of nothing more than a list of know n dealers who can be contacted by letter or telephone. The International Stock Exchange is the centre of the securities market. It has both a physical trading site which is used for a very small number of securities, and a highly developed system of trading which takes place in a number of locations via computer linkages. The discount market is another traditional financial market, but one which operates without a physical site at all. This market operates by representatives of the discount houses maintaining close daily contact with the leading banks, either by telephone or personal visits, to determine where trading opportunities are. Two types of financial markets exist for real and financial assets, and it is important to distinguish between them. A primary market for financial assets deals in new issues of all types of loanable funds. Transactions in primary markets result either in the creation or in the extinction of financial claims. The creation of a new loan causes the transfer of cash from a lender to a borrower in exchange for a financial claim on the latter. The claim is extinguished when the cash, usually interest and principal, has been repaid to the lender. A secondary market is a market in old issues. Transactions in secondary markets do not create or extinguish financial claims. Cash does not pass between borrowers and lenders, but existing issues simply change hands. The borrower remains unaffect ed by the transaction while the lender transfers the right of repayment to another. The main economic function of the secondary markets is to support the operations of the associated primary markets for new issues by providing liquidity to lenders. In the absence of a developed secondary market an individual saver might be very unwilling to lend out money for long periods of time, except at rates of high interest too high to be attractive to borrowers. If the chances of making a sale when necessary are unacceptably low, no lender would commit funds. Therefore an active secondary market is essential for an active primary one. However, there is no guarantee that the lender will receive back in sale proceeds the full amount at the time they are sold, since markets fluctuate all the time, and prices are not constant. Secondary markets also contribute to the efficiency of the primary market by providing pricing information. In the share market, for example, the current prices of traded securities significantly reduce the problem of setting a price on new issues with similar risk profiles, and information from the secondary market will also influence the attitude of potential participants in primary markets. Figure 3.2 illustrates the connections between primary and secondary markets. Not all primary markets have secondary markets associated with them and some securities are issued for which there are no secondary markets

resolving coworkers conflicts :: essays research papers

Dear Sakiko and Edmundo,   Ã‚  Ã‚  Ã‚  Ã‚  After reviewing both of your letters, I can definitely see that you guys do not get along. You both gave me your opinions of each other and I can see that you both have different views of each other. Hopefully, as your Editor in Chief, I can resolve your differences. Even though the two of you may not be on the same page, you really need to try and give each other respect. Although you guys aren’t friends, you are coworkers and you both see each other eight hours a day, five days a week. Once you show some respect, the lines of communication will open and disagreements will be reduced. Don't run away and hide from the problems. Confront it head on. You will never solve anything if you don't speak. Now is not the time to be selfish; don't just think of yourself. As your Editor in Chief, I think we should pick a quiet, neutral location such as the company boardroom to sit down and discuss these problems. I will personally make sure that the both of you have an understanding of what the other is feeling at the end of the meeting. First, we will try to find out what exactly makes you both upset, angry or hurt. I think there may be more to the story than meets the eye. I want to get all of the issues out on the table, that way we can try and solve it. When one of you tells your side of the story, I want the other to listen carefully to what your partner is saying and don't jump to conclusions or try to argue his or her point. I want both of you to speak your mind before you dispute it (in a calm manner). Try to step back for a moment. Put yourself in each other’s shoes. How would you feel if you were in his/her position? When you do this, his/her perspective may not seem so farfetched. Finally, come to a truce.

The Origin Of Basketball And I Essay -- essays research papers

Over the years since basketball was invented, its popularity has gotten very big. The game is played all over the world and has made a lot of people rich through its many professional leagues. The National Basketball Association is, by far, the most popular league in the world, but a lot of people like to watch college, high school, and recreational basketball as much. The game of basketball is one of the most popular and exciting games to watch or play on any skill level. In December of 1891, Dr. James Naismith was a teacher at the Young Men's Christian Association Training School in Springfield, Massachusetts. It was winter and one of his superiors, Dr. Luther Gulick, asked of Dr. Naismith to come up with a game that could be played during the winter months ("History"). Dr. Naismith had played rugby and he didn't like the roughness of that game. He wanted a team game which would get rid of most physical contact ("Basketball"). The game contained elements from American football, soccer, and hockey ("History"). Dr. Naismith contemplated the way the game should be played and what should be used for a goal. His original idea was to have a vertical goal. When he consulted some of his students, they brought to his attention that people would be able to block an attempt to score by simply raising their hand in front of the ball. He then came up with the idea of a horizontal goal in which the players would have to throw the ball in an arc. This would mean less force would be needed to get the ball in and it also meant that the opposing players wouldn't be able to block a shot so easily (Anderson, 5). He then asked a custodian to hang to boxes from the balcony in the gym. The custodian came back and said that he only had to peach baskets. That would have to do. The first ball used was a soccer ball. Since there was eighteen kids in his class, each team consisted of nine players (Vancil). Since the baskets were placed on the balconies, which happened to be ten feet high, the players needed a ladder to get the ball out after each score. By 1897, the size of teams had reduced to only five players and the ball was replaced with a slightly larger leather ball, very similar to what is used today ("Basketball"). As the popularity grew, more people began to go and watch th... ...it still does. The first great pro team was the Original Celtics of 1915 ("History"). It survived the NBL and dominated the NBA. The Celtics also changed the game into a future. The Celtics proved to be the best team in history. They were the first dynasty. Under some of the best coaches every to coach, they won an average of 57.6 wins out of 80 per season (Vancil, 12). They won eight championships in a row, and have a total of sixteen which is five more than any other team. The other great team throughout the ages was the Lakers. They won five championships in Minneapolis and six more after they moved to Los Angeles, for a total of eleven (Vancil, 26). The turning point for the NBA was the 1966-67 season. The Celtics were dominating and Bill Russell, the center for Boston, made $100,000 for that year (Vancil, 13). The fan interest was at an all-time high. In 1951 the first All-Star Game was held. The east had five of the leagues top nine scorers and beat the west easily. Eight years later, the Basketball Hall of Fame was built in Springfield, MA. It hold the names of great players, referees, coaches, and people of importance to the development of the game of basketball.

Frankenstein Socratic Seminar Reflection

Frankenstein and Pride & Prejudice Socratic Seminar Reflection This Socratic Seminar made me agree much more with Socrates’ beliefs: that extended discussion and continual questioning facilitate the most meaningful learning experiences. It helped me understand the novel much more than I had before because I got to hear about the book from the perspective of others and how they interpreted the story and discussed what they thought were the positive and negative aspects of Frankenstein.I discovered that many others interpreted some meanings of the novel in the same way that I did. Overall, the seminar went very well in both groups, but there were some negative aspects in both seminars. In the Pride & Prejudice seminar, none of the members proposed any questions in response to an already given question (a rebuttal question). This was not the case in the Frankenstein group, which is good.However, although we did ask rebuttal questions, our group failed to use quotes for support an d our discussion was more of a modern conversation between people with a lot of agreeing and disagreeing, but no evidence for backup. I believe that there was only one person who used quotations and cited them to backup his/her point, who was Matt Kane (I hope you didn’t want us to specify names; at least it’s not a bad comment). The Pride and Prejudice group did fulfill the use of quotations, which evened out the differences between the seminars.There were also many great points brought up in our discussion of Frankenstein, which almost everybody agreed with such as how we appointed Victor Frankenstein as the monster of the novel and not the physical monster that he has created. I would not have thought about many of the things with deeper meanings that were discussed in the seminar by myself. Not only was the seminar itself what helped me to further understand the story, but also the pre-seminar tasks (question responses and formation).Each question coincidentally as ked me something that I had thought about at least one time during the reading, and the required quotations helped remind me of when and where I had encountered the question while reading it. The post-seminar paper (this thing) is helping me because it makes me remember what we talked about during the seminar and how it was effective to understanding the story. Being reminded of how effective the seminar actually was, will make me believe more in the beliefs of Socrates, as well as want to do more seminars for different novels in the future.