Feature of the agreement FLOOR is that such protection from fluctuations in market interest rates need not only investors but also creditors, there is a banking institution, while buyers of CAP agreements is part of the borrowers - the bank's clients. Providing the customer with a loan at a floating interest rate, the bank is interested in guaranteeing a minimum annual return on this type of asset. In this case, the bank may purchase agreement FLOOR, to get right even in periods of significant downturn in interest rates to earn income on the loan is not fixed in the agreement below FLOOR level. For such a right bank pays the option premium. Thus, the agreement helps the bank FLOOR hedge against the risk of falling income lending. For the contractor who sold FLOOR, the benefits of the agreement are determined by the ratio of option premium received and paid by the bank's estimated total. COLLAR - an agreement that provides for a combination of CAP and FLOOR agreements and is used in order to protect the borrower in a floating interest rate of their increase in value is lower than the cost of conventional CAP. To receive this? Protection as COLLAR, the borrower buys CAP with set maximum limit above the current rates, and FLOOR with a specified lower limit, is usually lower than current rates. As is usual with CAP, COLLAR protects the borrower from increasing interest rates. However, if rates will be below the minimum limit specified in the agreement, he will be forced to pay the difference between the lowest market rates and the minimum level laid down in the agreement. After all, the agreement obligates the counterparty FLOOR-buyer compensate the reduction in the current market rates below the level that can lead to financial losses. By entering into an agreement COLLAR, the borrower makes the minimum and maximum CAP FLOOR as the limits of its interest expense and, therefore, can more accurately plan their activities. Thus, the agreement is a tool for simultaneous COLLAR insurance interest rate risk of both contracting parties: the borrower is insured against rising interest rates and lender - to reduce the profitability of their assets. COLLAR Agreement may be accompanied by actual operation of the loan or be separated from the credit, but in both cases, the parties agree to exchange only the difference in interest rates. Category: Management Operations Commercial Bank
On the exchange-cleaning
Order of the MICEX Stock Exchange CEO Marina Medvedeva, March 1, restrictions on trade in shares of 11 companies. Now they can buy and sell only in negotiated deals mode (RPS). What distinguishes it from the ground and how many ordinary investors are themselves vague. Let us explain: in the RPS is not the usual exchange of anonymous glass applications. Transactions are targeted, that is, first you must find their own contractor on the curb. Then be able to set the application to him, and not an indefinite number of market participants, as usual. Negotiated deals mode is mainly used by brokers to conduct their own bilateral operations with large blocks. The names of the shares in limited circulation, hardly familiar to readers. These issuers appeared doubtful MICEX listing committee, which recommended a limitation. "It is for this committee was created - to get an expert opinion of the market for such companies, including the trading regime," - said the representative of the area Nikita snipe. Suspicions aroused, "Ermak-Invest", "ROSINVEST", "Siberian Consolidated Fund", "Finservice", "Biznesaktiv", "Optima Invest", "Inter-regional stabilization group", "Don investment company", "CC strategy," "Sovinteh "" Micron NGOs. " Last of easily confused with the famous plant "Micron", to which it has nothing to do. The same story with "Sovintehom" - it is not associated with the same construction holding, or from a software developer, "Modern innovative technology." Promissory notes enigma. In a detailed consideration of all of these public companies really seem to put it mildly, unusual. Take, for example, of "Optima Invest." Established company in Moscow to invest in securities and real estate, as well as consulting services. But before she could really start economic activity, as has attended the admission of its own securities to trading. In December 2009, two months after registration in the Federal Financial Markets Service, the campaign "Invest Optima" get "registration" on the MICEX without going through the listing. By the way, it's not too time-consuming procedure, also free for the issuer (the additional costs arise only when the shares are traded in the list). Almost all of the authorized capital "Optima Invest", estimated at 240 million rubles was paid by promissory note of a "Region-Invest." They have four Ltd, "IR Norma," "Criminal Center", "TD nonwovens Factory", "IG premium asset." As follows from the information disclosed in the future, "Norm" is the principal owner of "Center" and the other by its owner speaks the same "region-invest." In addition, "Region-Invest" together "Premium Asset" established company, which later became a shareholder, "Optima". General Manager of "Optima" for six years worked in the "Region-Invest 'expert and auditor for seven - a lawyer. That is, by all indications mentioned legal entity - the links of one chain. Capital in the form of promissory notes was simply shifted by the same beneficiaries' out of pocket to pocket. "
How to make money in a falling market
Analysts point to several investment ideas in power, despite the overall negative investor sentiment towards the industry in recent years. Of interest are the shares of IDC Center and Volga Region, FGC, and preferred securities, "Len-power." The transition units of the first company to RAB-billing has created the preconditions for the doubling of its profits and the market is underestimating. Quotes FGC can spur deployment of a small package of its shares in London, announced in March. As for the preferred shares "Lenenergo", then it can pay high dividends. Earlier this year, investors have not complained and the banking sector, waiting for certainty with the terms of the privatization of 10% of VTB. Now that the deployment is over, and it went very well, the negative news background no longer dominates the industry. And the best dynamics it can demonstrate Sberbank. Sergey Grigoryan, head of investment department of the Criminal Code, "Pioneer Investment Management": - Rolling back the shares of "Gazprom", which started in mid-February, apparently, already been completed. Do investors have an opportunity to buy some paper cheapened. The catalyst for the growth of quotations can be negotiated "Gazprom" about the availability of the Celestial Kingdom. Technical issues have been resolved, it remains to agree on a price. Of course, the Chinese knock-effective long-term contract is not easy, but do not start deliveries until 2015. Nevertheless, news background around the talks will heat up interest in the shares of the concern. Because in the end it will have a huge market in the years ahead and reduce dependence on demand from European consumers. Another investment idea in the wake of the gradual recovery of the construction sector and real estate can be a purchase of shares of LSR Group, which operates in the market low-cost mass housing starts and expansion in the Moscow region. According to rumors, she has a good relationship with the new officials of the Moscow construction sector leadership. In addition, Russia continues to increase the volume of cement, which is also positive for the company - one of the largest manufacturers of these products. In general, in March - April, we expect the movement of indices of emerging markets in a wide range. In the first part of the period likely to increase by 5-7%, then - the profit and the beginning of the correction until the autumn. Eugene Smirnov, chief portfolio manager of the Criminal Code, "Aton-Management": - The biggest attraction has nefegazovy sector. This is due to soaring oil prices on the aggravation of the political situation in North Africa and the Middle East - exporting "black gold". But the most interesting Russian company in the oil industry - "Rosneft". Recall that it was planning a share exchange with BP for further joint development of the Arctic shelf. This is a very promising trend, especially in Russia, it was for new projects in the oil industry is a preferential tax regime, that is, they are able to create additional value for shareholders of companies. You can also select stocks potash workers. Rise in price of agricultural products on world markets contributes to the growth of consumption of fertilizers, including potassium.
Of course, in practice, to implement this approach
In addition, certain characteristics of the borrower, for example, his moral character or reputation, which determine the intention to repay the loan can not be measured quantitatively. Therefore, in the analysis apply certain formal procedures and techniques to assess the basic parameters of the solvency of the borrower, abstracting from the secondary. Although it is sometimes secondary to the creditor's perspective the factors on which he fails to pay attention, cause increasing credit risk. Third, the credit risks to some extent accompanied by all active (not just credit) transactions of the bank. In addition, the actual lending operations are accompanied not only credit but also other risks: interest rate, inflation, foreign exchange, etc. Hence, the analysis should clearly distinguish between the credit risk associated with non-return of principal and interest from other types of risk, as they are subject to a variety of methods. [100] Thus, the problem of reducing the credit risk depends on the perfection of the methods used by the bank for its evaluation. These methods can be aligned only to a certain extent, because each bank has its own clientele, its market segment, industry-specific and specific features. Selected Bank of methods should be possible to take into account these features and implement a differentiated approach to assessing credit risk, because the indicators on which to assess the activity of some borrowers may be entirely unacceptable to others. At the minimum level of harmonization of methods of analysis of credit risk is necessary, because it helps banks develop their own system of support for management decisions with respect to loans and provides a specified level of quality of its loan portfolio. Topic: Risks in Banking | Tags: in practice
Why banks are running out of Russia
To tell about the love for the Russian market the Swedish Swedbank Group began in 2004, and the Flemish group KBC - in 2007. Swedes come to us modest Belgians literally blew up the banking sector deafening expensive private absorption Absolut Bank. In March 2005 the first da Swedbank Group acquired a small credit institution with the symbolic name "Quest", in April 2007, the Belgians announced the purchase of "Absolute." Deputy Head of information and analytical support Probusinessbank Valery Piven recalled that the issue price with the "Quest" was 99 million rubles from the ratio of cost of capital (P / Bv) 2:1, and KBC Bank Absolut paid for 761 million euros (about $ 26, 6 billion rubles) by a factor of about 4. In the first case of foreigners, in fact, started a start-up, the second - have become the masters of a large bank with a large regional network. But all the same features in common with the passage of time combined the two projects: the European pedantry, the orange color in the logo and a very big ambitions. Orange songs. Even in the midst of the crisis in May 2009, Swedbank Group on behalf of a shareholder of the Russian subsidiary Swedbank AB are not too lazy to formally refute the information on plans to cut part of Swedbank. However, in an emotional press release stated that "the bank appreciates its customers in Russia and will not change its development strategy on the Russian market." To the credit of Absolut Bank, it is worth noting that in November 2009 when it became aware of the intention to sell the FAC have become "non-key" Russian and Serbian banks group, the leaders did not spare the time to explain and did not deny the obvious. Then predpravleniya Absolut Bank Nikolay Sidorov just elaborated on the position of shareholders and announced that KBC Group «determined with the decision on business development in Russia after 2011." Now, when it is clear that to realize the original intent of capturing the Russian market has neither the Swedes nor the Belgians, all statements and promises of Europeans began to resemble the French model plans for 1812. Then Napoleon forgot to insulate their soldiers, and got burned on anything, but the Europeans so enthusiastic about the rapid growth of the Russian banking market, the risks of possible force majeure considered significant. How else to explain the inexhaustible generosity of those same Belgians who do not restrict the "Absolute" in funding (the parent company share in the structure of bank liabilities is still about 50%). But to force majeure also had to prepare, focusing primarily on their own weaknesses. Valery Piven recalls that one of the reasons for the losses incurred can be called a weak diversification of loan portfolio. At the dawn of September 16, 2008, when came the global economic crisis, and Absolut Bank and Swedbank large proportion of the portfolio assets were loans related to real estate (mortgages and developers). "KBC while still unsuccessful," went "- on the eve of the crisis, the new owner simply may not have had time to re-work for the bank to make it more resistant to fluctuations in the economic cycle" - the expert emphasizes. The desire of both banks to enter the top 20 and top 25 by assets, to become the most profitable, most service and the most beautiful to date financial results overlap.
The aim of controlling risk
To reduce the risk of accounting profits can apply a mathematical model of hope came in the case of risk management. We denote by V (x) the expectation value of the integral present value (at a rate discount Ri) and the intensity of earned income was x. It is obvious that V (0) = 0. It is appropriate to consider the case where x> 0. Note for the determination of V (x) This gives the opportunity to negotiate a profit until I = 0. Consider a small time interval (0, dt). There are two possible situations. - With ymovitnistyu? ? dt will fail in the project. To address its consequences require expenditures (random variable), discount the value of which?. The project is normalized after a random period of time t (random variable), after which the object will move in a normal state, which corresponds to the expectation of the integral discounted profit V (x) Assuming that the elimination of "failure" by accident and is subject to an exponential distribution with mean 0, expectation of the discount factor M can be expressed as Assuming that the additional costs in the process of eliminating the consequences of a failure occur uniformly, but their value per unit of time is z, find the expectation of discounted costs of a "failure": - along the interval (0, dt ) time with probability kdt will be an economic disaster. In this case, the project will stop, and because integral discount income of the next operation of the facility will receive a zero value. We have the equation to the calculations for the following can be concluded that the application of a mathematical model of hope came in the case of risk management reduces the risk of accounting gains and helps to improve the bank's activities in general. Topic: Improvement of controlling
Russian soccer in the zone of turbulence
Ranking the budgets of football clubs in the championship-2010 Club Budget 2011, $ million investors Cover 2010 Budget Club owner in 2010, $ 165 million a Zenith Gazprom, Sibur Gazprom, Sibur, Gazprombank Rubin 99 3 120 TAIF , the government of Tatarstan Tatenergo 55 5 90 Lokomotiv Railways, Transcontainer, TransCreditBank, Freight Railways 62 4 85 Spartacus Lukoil, Lukoil Capital personally Leonid Fedun 65 7 80 Dynamo VTB Metalloinvest, CC Svyazinvest "Dynamo" 70 64.7 2 CSKA Moscow Aeroflot, Bashneft The real owner is unknown, minority shareholder Eugene Giner 64.3 11 Anji 60 The structures of Suleiman Kerimov Suleiman Kerimov 15-20 12 50 Closed-Terek bank Sovamerikantreyd Government of the Chechen Republic 40 37 0 Krasnodar Structures Sergei Galitsky, Sergei Galitsky 13 0 35 Kuban Russian mining and metal company Oleg Mkrtchyan (ISD) 12 0 32 Volga IDC Center and Volga Nizhny Novgorod Region Government August 13 Tom 28 Rosneft, Gazprom Neft, the band "Alliance", Sibur, Transneft, RAO UES, IDC Holding the government of Tomsk region 28 September 14 Rostov Agricultural Group of Companies "Yug Russia ", Bashneft-South Rostselmash controlling stake in Aston Administration of Rostov region 15 13 28 Wings of the Soviets Technologies, AvtoVAZ, Russpetsstal" Sekanata Ltd.. "(Cyprus); predpolzhitelno - Igor Zavialov 16 14 21 Amkar Administration of Perm Region," Mineral Fertilizers "" Mineral Fertilizers "June 17 Spartak Nalchik 15 Administration of Kabardino-Balkaria, the Inter-Regional clearing bank government of Kabardino-Balkaria 18 Source: sports.ru, proper. Info-I "F." At the entrance to the football stadium in Grozny hangs a poster with a portrait of the A-hmata Kadyrov with the caption: "He has gone undefeated." In the background sports officials like to shoot a new coach, "Terek" Ruud Gullit, who was recently hired a "boss" of Chechnya P amzan Kadyrov. In a recent match against the Chechen soccer team masters veterans of Brazil, which, according to Ramzan Kadyrov, has come to play not for money but out of respect for the Chechen people, Kadyrov scored two penalties - you have to add about ten minutes beyond the regulations to put the ball on the third time the point. Kadyrov is coming to the ball, the goalkeeper Brazilians shows where the beat beats Kadyrov, the goalkeeper drops the other side. The audience in the felt boots and a belt with a rifled furiously applauding lezginka Kadyrov, beginning with the final whistle. Another sign of the times. FC "Krasnodar" comes to the place of the missing "Saturn", although in the first division is only the 5th place. That is, in the Premier League instead ramenchan not sent the third and fourth, that follows the rules, and the fifth. Why, then, was conducted in the first division championship? And football functionaries argue that the selection took place on sports lines. But that's not all. Place "Krasnodar" in the first division has also become vacant - which means that it must take the best club in the second division. But there it was! Instead of "Krasnodar" in the first division of the second division goes, attention, drum roll ... "Torch" from Voronezh, who finished in the second division the 17th place.
The priority is to encourage banks to cooperate with new customers
The achievement of the task contributes to the tendency of constant increase range of additional services and products. In 2007, Pravex certified and launched a new card product - the payment card Visa Classic International Unembossed, combining high-level status of the card and instant card product - the customer receives a card when applying directly to the bank. It is based on the product in 2007, introduced new credit card "Universal" and "Hire," which perfectly complement a wide range of loan products for different categories of customers. Credit card products are in great demand and are the most promising services Pravex. These services have found its audience yet in the current market conditions in Ukraine, where a decrease in household demand for consumer loans and conventional client is interested in receiving payment of a universal product, which will save time when you contact the bank for registration of documents to obtain credit. Category: Financial Management
Techno-economic characteristics of ZAO "Privat"
PrivatBank was founded in 1992. To date, Privat is one of the banks in Ukraine, developing dynamically and is the leader of the banking ranking. As of March 1, 2004 net assets of 10 547 million USD. Statutory fund of the bank amounts to 700 million hryvnia, equity - 1034 million UAH. Bank's loan portfolio amounts to 7983 million USD, including loans to individuals - 2.1 billion UAH. Balance sheet profit of the bank on March 1, 2004 is 9.8 mln. At the end of 2003, the rating Best Bank Award Global Finance magazine as the best Privat Bank in 2003 in Ukraine. Reputable international financial and analytical magazine "Banker" on the results of the 2000 and 2002 studies, awarded the title "Bank Year". Another influential magazine - "Euromoney four years" in a row - in 1999. 2000, 2001 and 2002, recognizes the best bank of Ukraine. Privat - a modern universal bank. Be closer, better understood, to be more convenient - this coordinate system for the evaluation of any decision taken by the bank. Advantages: a wide network of offices and experienced staff, plain and simple procedures to maintain flexibility and reliance on electronic technology, Internet Banking, E-commerce, ATM-Banking. With a general license of the National Bank of Ukraine, Privat carries the full range available in the domestic market of banking services for corporate and private clients in accordance with international standards. Long-term partnership with the client - a top priority in the bank. Consistently expanding the range of services, and quality of banking products, is actively expanding its customer base. On the market for corporate banking customers - about 200 thousand of the largest Ukrainian companies and corporations, small and medium businesses [86]. "Privat" - is the promotion of domestic business. Promotion of the national economy is a strategic objective of the bank. The bank offers a wide range of credit products, taking into account the real needs of the client. In this case, "Privat" - a bank that provides client services are not disposable, and complex solutions based on individual approach and backed by extensive experience in the bank's domestic and international financial market. Category: Uchot bank ucherizhdeny
Companies protect minority shareholders from the curious
18 January for working in the field of corporate disputes lawyers may be a historic day: at the same time and not saying a word, just two courts - the Supreme Arbitration and Constitutional - figured out how to resolve conflicts that arise on the provision of information by companies to their shareholders. Experts have indicated that explanations contain internal contradictions, and many aspects remain unclear and could lead to new conflicts. Good and evil. The Supreme Arbitration Court of Russia (EAC) states that the shareholders (as well as members Ltd.) is not required to disclose the goals and motives that guide, requiring the provision of information about the company. For the "sanctity" of the principle of transparency advocates and the Constitutional Court of Russia: "As part of the legal status of participants of the company in relations with the company is entitled to information about the joint-stock company, which is provided by the Civil Code of the Russian Federation of the right of participants of the economic society to be informed about the activities of the society ". But at the same time the higher courts are allowed to refuse to grant the shareholder materials found to be abusing his rights. For example, if confidential information requiring security holder is an actual competitor (or its affiliate), and provide the required information may harm the commercial interests of the company. EAC also considers unfair party, who has repeatedly said the requirement to provide the same has already received the documents required relating to past periods of materials, "clearly does not represent value in terms of their analysis." Russian Constitutional Court also suggests the need to balance the legitimate interests of minority shareholders and the companies themselves. Therefore, management of joint stock companies shall have the right to object to the requirements of the shareholder, if, with his leadership, the point of view, the nature and amount of requested data indicate the presence of signs of abuse of the right of access to information, including "due to the lack of a legitimate interest "in obtaining it. The ban is also possible when there are other factual showing of bad faith, circumstance. Abuse of constitutional review body considers not only the actions in the interests of competitors, but also "the deliberate creation of objective difficulties" (eg, when specifically requested by a large amount of copies in order to hamper the activities of joint stock companies). The purpose of such an explanation - to protect the company from people who use the status of the shareholder to obtain relevant information in the interests of competitors, traders and other unscrupulous parties, and sometimes hostile takeovers. In this case, most often purchased tiny package, even one share. For example, the Russian Constitutional Court considered the question on the application of OJSC "Oil Company" Rosneft "," a process that leads to Alexei Navalny - one of the most "notorious" shareholders, the leader of a social movement against corruption. Last year alone Alex Bulk (excluded for unworthy actions of the "Yabloko" party) has filed at least six lawsuits against various public companies (including the "Gazprom", "Sberbank of Russia," etc.).
The structure of the fourth class of accounts of commercial banks
Class 4. Financial and material investments 41 Investments in associates 4102 Investments in associates banks, 4103 Investments in associated non-bank financial institutions; 4109 Investments in other associates 42 Investments in subsidiaries Investments in 4202 institutions wholly owned subsidiaries; 4203 Investment in subsidiary non-bank financial institutions; 4202 Investments in other subsidiaries 43 430 Intangible assets Intangible assets 431 Capital investment in intangible assets 44 Fixed assets 440 443 Fixed assets investment in capital assets under construction 45 Other non-current tangible assets 450 Other non-current tangible assets 453 Capital investment for fixed assets adopted in the operational leasing ( lease) to the intangible, assets include the cost of the bank, giving income. Intangible assets have no physical form, but have their own cost, rights-based, or privileges of the bank. Intangible assets - the cost of the acquired institution of rights to use land, water and other natural resources, industrial designs, trademarks, industrial and intellectual property rights to lease buildings (buildings, facilities), or use of, ownership of the apartment and other property rights defined by the object of ownership specific banking institutions and generate revenues. Other property rights owned inventions, utility models, trade marks for goods and services, trademarks, copyrights, software programs, computer technology, "know-how" acquired the rights to place the commodity on the stock exchange, the price which includes all costs associated with the practical advantage of this place for the establishment of the bank. Intangible assets on the balance sheet only when they were purchased for a price. Intangible assets are recorded in the accounting for the initial assessment, which consists of the actual cost of acquisition and enforcement of the state in which they are suitable for use in accordance with the target. The cost of intangible assets is paid at rates of depreciation, regulated bank, based on the actual useful life. Topic: The role of accounting in the management of the bank, its types and destination
He is a born manager
In tandem with her husband, computer programmer Natalya Kaspersky was born manager. Development of distribution channels, output abroad "Laboratory" owes her. "Experience of sales and work with partners it almost was not, but in the presence of a commercial streak and excellent quality - the desire to learn everything on-and skill to do it quickly. By 1996, over antivirus worked for 10 people, there was a technical support ", - admitted in an interview with" F. "success ex-wife Evgeny Kaspersky. In 2007, revenues were $ 183 million, the business grew by leaps and bounds. Natalie decided that the business of selling antivirus software requires the attention of professional managers, and began development of a new startup - Infowatch, until either shaky or rolls developed within a "laboratory". "We decided to sell the company dearly will be difficult, and cheap - netseleso-shaped" - says Natalya Kaspersky. But to take over the project, it had agreed on one condition: to obtain a controlling stake. Infowatch since 2003, provides complete protection against leakage of information (DLP-system). The result of four years is a product, working with huge problems. Infowatch required new approaches. Something for Natalia has not changed - the competitors are the same and the antivirus market, - Symantec, McAfee, WebSense. At the stage of formation is not without its oddities. For example, when in 2008 Infowatch came out on the German market, the system was a linguistic engine that uses besslovarnuyu morphology of the German language. Analyzed the words and word forms are not, and the technology did not work. "In German there are two problems, complex for automatic recognition of" runaway "prefixes and compound words. For example, the verb prefix ab-ablegen can be anywhere in the proposal. Guess in this case that relates to the ab-legen, - a non-trivial task for the system. The Germans are very fond of stick together a few words together ... There is no complicated words in the dictionary, and our technology did not work ", - says Natalya Kaspersky. Left for completion a year. In her view, the commercial success of "Kaspersky Lab" is based on a strong partner network, so the same principle Natalia tried to base the development Infowatch. "But the road was unsuitable. The product is very complex and involves the introduction and participation of highly qualified partner. We had to create from scratch support ", - said Natalya Kaspersky. Development Infowatch prevented the crisis. It is estimated Anti-malware.ru, revenue fell to $ 7.2 million in 2008 to $ 5 million in 2009. But last year the company took its revenge, for the first time reached zero return on EBITDA. According to Natalya Kaspersky, the company's products in 2010, took about half of its DLP-market systems. Experts Anti-malware.ru also talk about the amount of the total market of $ 18-20 million Natalia is a supporter of public accommodation "Kaspersky Lab". In her opinion, it is necessary to accelerate growth. But because of disagreements company shareholders did not come to the exchange. And so fresh news: the purchase of U.S. equity fund General Atlantic about 20% of male, some of which are sold Natalya Kaspersky.
McDonald `s has become the second
McDonald `s lost leadership in the Subway fast-food restaurant chains. Back in 2002, a manufacturer of sandwiches ahead of the world's principal supplier of hamburgers in the U.S., but now it has become more and more restaurants and world-wide. Subway now consists of 33 789 schools around the world, McDonald `s - 32 737. These figures were made available after they came to the Commission for Securities and Exchange Commission U.S.. Ceded leadership rival has reacted to the news calmly, "We never wanted to be bigger than everyone. Our goal - to be the best. " While we are talking about leadership Subway only by the number of restaurants. On turnover McDonald `s in 2010 was the leader by a wide margin. The network last year generated $ 24 billion, Subway - only $ 15.2 billion, but an important detail: the two-thirds of this amount earns producer of sandwiches in the U.S., so the potential for the development of its network in other states nothing less than a McDonald `s . By 2020, the Subway hopes to earn in foreign markets as much as in the United States. Fast-food industry fastest growing in Asia. Previously, Starbucks claimed that he was going to increase their number of points in China at all costs. Dunkin 'Brands, which owns Dunkin' Donuts and Baskin-Robbins, has planned for the next several years to expand its network in China for several thousand points. Company KFC in China opened a new cafe at one per day. Demand there solvent: the company Yum! Brands (Pizza Hut, Taco Bell, and others) claim that they have in the Middle Kingdom 3.9 thousand restaurants, and this network brings more profit than the U.S.. As far as Subway, then it has in Asia more than a thousand restaurants, one in China - 199, the newly opened facility in Vietnam. The secret of success sandwiches leading company is simple: its restaurants often put in non-traditional locations such as military bases, churches, business parks, colleges. Why are so many points, too, is understandable: the brand snacks have less area than restaurants McDonald `s. This means that the opening of each new zakusocheoy they require less money than the competition. Head of Forest Vaynougrad network says "point of Subway can open almost anywhere" - which does not require any special requirements such as floor space. "We are in the shops, car showrooms and cinemas. This is the secret of our success, "- he explains. Subway franchise costs $ 15 thousand, and the overall cost of running a restaurant in the U.S. is $ 84-280 thousand in this institution will work 8-12 people, and they will have revenues of around $ 8-12 thousand per week. Thus, at the opening point of Subway not need to buy firtyurnitsu, striot expensive exhaust system, and the meat comes already sliced. For comparison: McDonald's franchise only takes $ 1 million ($ 1.84 goes to the million). In addition, the company requires the owner of the restaurant under its brand name to give her 40% of revenue.
Consequently
The final control is carried out after the work is done and the results of this phase control can be taken into account when carrying out further work, as well as for determining employees' motivation. Thus, we see the relationship of control to another function of management - motivation. Administrative control of tasks - is the final stage of control, which aims at a synthesis of control, prevent disruption of the timing of Implementation as well as ensuring proper quality of performance at this stage of the implementation of control functions may be delegated to the head to one of his subordinates to collect data, prepare reports and proposals for individual decisions whose implementation is difficult or impossible. The monitoring process allows to answer the following questions: - What have we learned - that the next time to do otherwise - the reason for the deviations from the intended - whether action control positive or negative - are the conclusions to be done to develop a new purpose. Monitoring is closely linked with other management functions, but would like to emphasize that it is not the end point of the process management of the organization. Such an item does not exist at all, because every management function mobile other, that is, there is a sort of circular motion gradually. Thus, the marginal distribution of any of the functions, including control, may adversely affect the management of the organization (department) as a whole. The purpose of the audit as a separate stream of the bank - ensuring the reliability and legitimacy of the units Privat, profit maximization and minimization of risk to the bank and its business units, prevention of possible abuse, accounting (financial, administrative, fiscal) accounting and Reporting to the bank. Topic: Analysis of controlling
The outflow of funds from the banking system
Operations for the sale of foreign currency in the interbank market, as appropriate impact on the liquidity of the banking system. The volume of correspondent accounts of banks in February decreased by 17.3% (YTD - 19.2%) to 15.1 bln. In a way reducing the banks' liquidity constrained due to reduction of government funds in national currency in the accounts of the National Bank of 24.6% to 6 billion USD. In order to support the liquidity of banks in February, the National Bank to refinance the banks for a total amount of 15.2 billion UAH. (From the beginning of the year - almost 20 billion USD. ) With a view to improving the redistribution of temporarily free funds between banks, National Bank in February, did not stop the operations of banks to raise funds. During the month, the volume of transactions was raised 1.95 billion USD, with the beginning of the year - 3.4 billion UAH. Weighted average interest rate on refinancing operations in February amounted to 17.2% per annum, including on overnight credits - 18.0% on loans for tenders for liquidity support of banks - 22.6%, direct REPO transactions with government Ukrainian bonds and bonds of the State Mortgage Institution - 22.1%, other short-term loans - 15.9%. Interest rate policy of the National Bank in February continued to be directed at increasing the value of money to create incentives for the return of deposits in the banking system. According to the decision of the Board National Bank of Ukraine of 13.02.2009 № 72 as the base rates that determine the direction of monetary policy the National Bank uses interest rates on loans and refinancing operations to raise funds for a period of 14 days, which are determined on the basis of weekly tenders. When in December 2008, the average rate on these transactions amounted to 18.7% in February 2009 - 22.6% (January refinancing tenders were not conducted due to lack of approved in accordance with Art. 86 of the Law of Ukraine "On State Budget of Ukraine for 2009 "of the order of refinancing operations). Upon the resumption of January 30 refinancing operations of the banks, the rates on overnight loans was set at 16% (under the provision of government securities) and 17% (without collateral). This level of interest rates was established based on the projected rate of inflation by the IMF mission in 2009 to 16%. On February 17, 2009 they were increased to 18% and 20% per annum respectively. Category: Banking System
To ensure the stable circulation of money
Development of the economy is of great importance and volume of the structure of money supply. Adjusting the volume of cash from the central bank can maintain the required ratio of the basic parameters of the money supply. Such adjustments relative to the total amount of electronic means of payment for all issuers seem to be impossible. Thus, we conducted a comparative analysis of the use of public cash and electronic analogues to pay for goods and services leads to the conclusion that in the near future be the main cash means of payment I would like to add some information about the issue of money in Russia for comparing and selecting the best options for optimizing emission . It should be noted that the increase in cash circulation indirectly associated with an increased cash flow in the shadow economy, the withdrawal of business entities from taxation hampers the fight against corruption, money laundering, crime and terrorism. Despite the increase in cash turnover in recent years, there has been a downward trend in the share of cash (outside the offices of banks) for unit DoD total money supply (M2) at the expense of increasing the share of bank deposits. In early 2007, the share of cash in the structure of money supply was 31.0% against 33.2% - at the beginning of 2006 with the development of market relations in the Russian economy has been a change in the methods of cash management, reflected in the rejection of rigid administrative control of cash cash flow. So now a priority in the policy of the Bank of Russia is not the reduction of cash turnover, and its accomplishment. Topic: A PRACTICAL ANALYSIS OF MONETARY ISSUE
We will not give her
Keeping an existing customer costs a bank in an amount considerably less than the new attraction. This statement seems to be clear and undisputed. However, many organizations prefer to spend time and money to attract new customers than retaining old ones. For financial institutions (especially banks, which recently started to work in a saturated market) work on loyalty of existing customers is becoming increasingly important. "After the crisis, many banks faced with the need to accommodate the large amount of liabilities accrued during the crisis, after a short flight at the beginning of the crisis - says Svetlana Zakharenkova, director of retail products NB Trust. - An important tool for solving this problem is actively working with a system of loyalty. Since this is a sales channel, which allows banks with minimal marketing, without a large advertising company, to sell their products. " "Today, approximately 90% of the total working population of Russia are already customers of banks, - says Andrey Stepanenko, a member of the Board of Raiffeisenbank. - Accordingly, it is especially evident in the post-crisis conditions, the cost of attracting new clients in this market will grow. And over time, will have a decisive influence on the profits of banks, to the point that the mere involvement of a bank guarantee can not profit. " When maintaining a constant customer increases the chance of successful cross-selling, while the "newcomer" is likely to abandon the acquisition of an unplanned banking product in their first visit to the credit institution. The difficulty of the method. In Russia there is a specific technique to increase loyalty. This concept is relatively new, not only for bank customers, but also for the top management of credit institutions. So many have to start from scratch. Terms of the products in almost all banks are identical, so one of the main criteria when choosing a bank is its customer-oriented policy, says Vadim Jansson, head of quality and service of Absolut Bank. "Post-crisis period, forces banks to make more effort to maintain customer loyalty. Customers have become more cautious and suspicious, - he said. - It was difficult for them to attract and even harder - to keep. Just then, and plays a crucial role approach to customers, which is important to understand that he does not care just gets - it solves all your financial needs as comfortable and profitable. Realizing the effectiveness of interaction with the bank, the customer becomes loyal. A loyal customer of three new leads, disloyal - would lead the five. " But the very loyalty, market participants understand differently. For example, Andrew Stepanenko said that loyalty to Raiffeisenbank - "this desire to meet customer needs all of its financial through our bank, rather than through competition." More philosophical loyalty transcript offered in Binbanka. As noted by Anton Rud, director of retail sales in the literature to define customer loyalty as "a result of the interaction of two elements: the economic and emotional loyalty to loyalty." "Under the economic customer loyalty as the creation of their profits for a company that is economically loyal customer - a customer, revenue from services which are greater than the cost of this service, - he explains. - The problem in this case is not just simply to encourage customers to repeat purchase, but also to ensure that the conditions and amount of these purchases did not bring the company's losses.
Implementation of controlling the banks
Implementation of controlling the banks involves the development of a special program (the definition of shapes, types, timing, implementation, decision-makers, etc.), its methodological and organizational support, as well as implementation of measures for controlling the actual establishment of the service). To create the service is necessary to prepare the position of controlling her, whose structure can be represented schematically as follows: objectives, functions and objectives of the service, subject and object of controlling bank and the principles of the service, the direction of its activities taking into account links with other parts of the bank's rights and responsibilities of supervisors . The situation will determine the basic organizational aspects of the service controlling. The structure of the position is a list of tasks that require priority action by the leadership in the implementation of this service. In the position should be added to the controller code, which establishes the qualifications and organizational requirements for it. Professional requirements. Controlling office should be staffed by professionally qualified personnel suitable to possess a knowledge of the banking business and have extensive practical experience in the bank. The controller must have a basic knowledge of financial and managerial accounting, strategic and operational planning, information technology, financial and organizational management at the bank. Organizational requirements. The controller must be inherent in organizational skills and people skills, communication skills, tolerance, ie Tolerance for other opinions and judgments, as well as the ability to store confidential information about the subdivisions. Topic: Improvement of controlling
Pros and cons of corporate "Plastic»
Today, many employers prefer to pay staff salaries to bank cards. "Almost 80-90% of large and medium-sized enterprises and public institutions are sitting on the salary projects, especially true for the cities of the Central Region", - says Vice-President of the First Republic Bank, Dmitry Orlov. These projects are exempt from many of the company cares, including the Cash Register, collection, etc. The organization enter into payroll services in corporate banking, and banks offer a "card" product in conjunction with others. But what are we, the holders of imposed plastic, bringing the benefit of the employer's choice of a bank? The hardware the game. The first thing you pay attention to employees of companies - it's ATM network, as till now 90% of all card transactions is cash withdrawals. On the one hand, banks do a lot to the citizens paid cards in stores and service businesses. Other C - Russians still live in a world of cash and do not always have the ability to do without the cache. Employees of large enterprises are lucky. "If in the framework of the salary of the project the bank gets more than a thousand customers, it could put an ATM in the employer if the company employs 10 or 100 people, the installation of the device makes no sense, unless the organization itself will not assume costs", - says head Management of payment cards PSB Elena Bindusova. But the installation and maintenance of ATMs - not a cheap, so not all banks are engaged in active development of infrastructure. Therefore, employees of most companies have to carefully study the layout of ATM with the correct logo to avoid unnecessary commissions. As a rule, disappointments are inevitable: not always the right device is found close to home or office. Few of the Russian banks, except for that of the Savings Bank, boasts an extensive network of ATMs, and even around the clock access. Take, for example VTB24: live in the capital of 550 thousand zarplatnikov this bank, which account for 452 of the terminal, 99 - around the clock, of which the center (within the Circle Line subway) - only 34. Alternative search is too expensive: Bankcard Visa (Electron and Classic) rates of 1% of the amount of withdrawal, but not less than 200 rubles (in other banks' minimum threshold is 90 rubles). So, removing 1,000 rubles is not in the office VTB24, 20% of the amount necessary to give itself a service! Another example - the Bank "Zenith", which entered into contracts with a number of banks located in Lipetsk and Kazan. So Muscovites who are customers of "Zenith", must pay a 1% fee (minimum of 90 rubles) for withdrawals of third-party terminals. Its cash machines in Moscow at the "Zenith" a little - only 76, to the same concentration further limits the choice: in a shopping center is established once 12 ATMs! Until recently, it was a unique situation zarplatnikov bank "Russia", which served many of the gas industry. Their staff two years ago to withdraw cash at any (!) ATM without a fee.
However simplistic
For example, despite the fact that a portfolio of growth-oriented stocks, investment characteristic is that growth in market value, in its composition may include securities of other investment properties. Thus, considering also the growth and income portfolio. When choosing the structure of the securities portfolio at this stage should be a definite correlation between speculative and conservative parts of the portfolio. 7. Development of quality criteria for the securities portfolio. Established: the planned level of profitability and the profitability of the portfolio securities, the maximum level of risky investments in bank securities, the liquidity portfolio. 8. Formation of a monitoring mechanism for implementation of investment policy. 9. Overall assessment of the effectiveness of the developed investment policy. In developing the investment policy banks determine the priorities in the formation of the securities portfolio. The actual composition of the portfolio securities must comply with its investment policy. Otherwise, would not ensure the effective implementation of investment policy. Thus, the investment policy creates the necessary prerequisites for efficient operation of the general staff of the bank, reducing errors and making irrational decisions. Category: Management Operations Commercial Bank | Tags: Borrowed funds
The latter, in turn, is divided into short and long currency positions
Indoor overall currency position arises when the amount of assets and off-balance requirements for certain foreign currency equal to the sum of balance sheet and off-balance sheet obligation in the same currency. In terms of currency risk such a position poses no threat to the bank, since due to changes in exchange rates and assets and liabilities will change by the same amount at a constant amount of bank capital. Open foreign currency position arises when the amount of assets and off-balance requirements for certain foreign currency is not the same as the sum of the balance sheet and off-balance sheet liabilities in foreign currency. With respect to risk such a position is a threat to the bank, because with the change of the exchange rate assets and liabilities are not changed by the same amount that would change the size of the bank's capital. Long open foreign currency position - a situation where the amount of assets in certain foreign currency exceeds the amount of liabilities in foreign currency. Bank in such a position may suffer losses due to depreciation of foreign currencies relative to national income and receives in the form of positive exchange rate difference in the case of depreciation of the national currency against foreign currency. A short open foreign currency position - a situation where the amount of liabilities in certain foreign currency exceeds the amount of assets in foreign currency. Bank in such a position may suffer losses due to devaluation of national currency against foreign currency and receive income in the form of positive exchange rate difference in the case of depreciation of foreign currencies relative to the national one. For the duration of this position is divided into: daily open currency position (varies throughout the day), carrying the open currency position, moves to the next day and is reflected in the accounts of the restructured balance sheet. By appointment allocate speculative currency position and the position of foreign exchange for hedging. In addition, more differentiated and structural foreign exchange position at which the bank uses to protect against the adverse effects of possible changes in exchange rates on the ratio of its capital and assets (risk of failure of capital). It should be noted that changes in foreign exchange positions of banks are ongoing as a result of foreign currency transactions undertaken by them. Financial institution requires constant consideration of open positions of the bank. And in terms of effective management of the open foreign currency position of the bank each long position in foreign currencies are always balancing the short position in another currency. Category: Management Operations Commercial Bank | Tags: currency
As banks are looking approach to the client
Keeping an existing customer costs a bank in an amount considerably less than the new attraction. This statement seems to be clear and undisputed. However, many organizations rather prefer to spend time and money to attract new customers than retaining old ones. For financial institutions (especially banks, which recently started to work in a saturated market) work on loyalty of existing customers is becoming increasingly important. "After the crisis, many banks faced with the need to accommodate the large amount of liabilities accrued during the crisis, after a short flight at the beginning of the crisis - says Svetlana Zakharenkova, director of retail products NB" Trust. " - An important tool for solving this problem is actively working with a system of loyalty. Since this is a sales channel, which allows banks with minimal marketing, without a large advertising company, to sell their products. " "Today, approximately 90% of the total working population of Russia are already customers of banks, - says Andrey Stepanenko, a member of the Board of Raiffeisenbank. - Accordingly, it is especially evident in the post-crisis conditions, the cost of attracting new clients in this market will grow. And over time, will have a decisive influence on the profits of banks, to the point that the mere involvement of a bank guarantee can not profit. " When maintaining a constant customer increases the chance of successful cross-selling, while the "newcomer" is likely to abandon the acquisition of an unplanned banking product in their first visit to the credit institution. The difficulty of the method. In Russia there is no certain method to increase loyalty. This concept is relatively new, not only for bank customers, but also for the top management of credit institutions. So many have to start from scratch. Terms of the products in almost all banks are identical, so one of the main criteria when choosing a bank is its customer-oriented policy, says Vadim Jansson, head of quality and service of Absolut Bank. "Post-crisis period, forces banks to make more effort to maintain customer loyalty. Customers have become more cautious and suspicious, - he said. - It was difficult for them to attract and even harder - to keep. Just then, and plays a crucial role approach to customers, which is important to understand that he does not care just gets - it solves all your financial needs as comfortable and profitable. Realizing the effectiveness of interaction with the bank, the customer becomes loyal. A loyal customer of three new leads, disloyal - would lead the five. " Very loyal market participants understand differently. For example, Andrew Stepanenko said that loyalty to Raiffeisenbank - "this desire to meet customer needs all of its financial through our bank, rather than through competition." Philosophical transcript offered in Binbanka. As noted by Anton Rud, director of retail sales in the literature to define customer loyalty as "a result of the interaction of two elements: the economic and emotional loyalty to loyalty." "Under the economic customer loyalty as the creation of their profits for a company that is economically loyal customer - a customer, revenue from services which are greater than the cost of this service, - he explains. - The problem in this case is not just simply to encourage customers to repeat purchase, but also to ensure that the conditions and amount of these purchases did not bring the company's losses.
Japan has all the shows
2011 has just begun, but has become very difficult for East Asian and Pacific regions. The unprecedented floods in Queensland, Australia, drought in northern China, southern India and Sri Lanka, a devastating earthquake in the New Zealand city of Christchurch, and now is an earthquake, tsunami and accidents at nuclear power plants in Japan. Of course, all of these events pale before the last one - the human and economic losses caused by the disaster in Japan are extremely high. 1995 vs 2011. Although the earthquake, which occurred March 11 at 130 km off the northeastern coast of Japan (8.9 on the Richter scale) and was the strongest in the history of Japan, the Land of Rising Sun for such disasters is nothing new. The obvious historical parallel current events is a devastating earthquake that struck near the city of Kobe, January 17, 1995 years.1 (also known as the earthquake Hanshin-Kobe). Then the magnitude of the earthquake was much lower (6.6 points) and there was virtually no tsunami, but its epicenter was located on the coast and much closer to populated points (from 20 km to the big city of Kobe). Of course, any comparison is lame, especially when it comes to human tragedies and hardships, but all the same event in Kobe, provide a basis for assessing the possible impact of the current disaster. Casualties during the Kobe earthquake were 6434 people (on the final assessment in 2005), which is approximately two times lower than the projected loss of life now. The disaster struck at the sixteen-year-old more economically developed regions of the country than the present disaster - North-East region of Japan is responsible for 6.8% of GDP, while the areas affected by the earthquake in Kobe, gave 12.4 % of GDP. The very one and a half Kobe was one of the major ports in Japan before the earthquake, and despite the massive recovery and did not return his former role in the economy. Economic losses from disasters in 1995 was estimated at about 10 trillion yen (over $ 100 billion at the then exchange rate), or 2.5% of GDP. The current estimate of economic losses are still very vague, but it is likely that they will be higher. Thus, a consulting company in the field of modeling catastrophe Equecat believes that losses will exceed $ 100 billion Credit Suisse economists and Barclays give a higher estimate - $ 180 billion experts Mitsubishi UFJ Securities is even more pessimistic - in their opinion, the losses may amount to 5% of GDP, or about $ 250 billion burden of reconstruction work lies primarily in the state - according to consulting firm AIR Worldwide, the total amount of insured property losses account for only $ 15-35 billion, however, is much more than during the Hanshin-Kobe, then insurance was covered by only 3% of the property. Loss of global companies reinsurers - Swiss Re, Munich Re, Hannover Re, Scor, as well as Japanese Japan Earthquake Reinsurance - have not been disclosed, but you can with a high degree of confidence to assume that profits this year, they will not see.
Chart of accounts of commercial banks
Class 9. Off-balance sheet accounts 90 commitments and requirements for all types of warranties and Guarantees 900, 901 to banks guarantees from banks 902 Guarantees to customers 903 Guarantees received from customers 909 Doubtful guarantees and warranties 91 Obligations and requirements for loans and deposits 910 Obligations Lending to banks 91 1 Liabilities for loans from banks lending 912 Liabilities to customers 92 commitments and requirements arising from currency and precious metals 920 Currency and bank metals that are purchased but not yet received 921 Currency and bank metals, which sold but not shipped off-balance sheet position 928 in the bank's foreign currency and precious metals 929 Doubtful claims arising from currency and precious metals 93 Claims and liabilities for underwriting of securities and futures financial instruments, except for foreign exchange instruments 930 securities receivable underwriting operations 931 The securities to be sent on operations underwriting assets 935 936 Assets receivable prior to departure 939 Doubtful claims arising from financial instruments, except for foreign exchange instruments 95 Other liabilities and claims resulting deposit 950 95 1 96 collateral debt relief and funds to return 960 Unpaid term gains in 961 Debts written off as a loss for the return of 962 funds 97 Securities and wealth clients. 970 securities and property of clients in a fiduciary capacity 971 documents on privatization - housing 972 checks documents for privatization - 973 property certificates? Documents on privatization - land booms 974 975 Other calculations Documents privatization - compensation certificates 976 Cash compensation savings of Ukrainian citizens in Savings institutions 977 Different values and documents for privatization of the road 98 Accounting for other resources, valuables and documents 980 documents on settlement transactions 981 Other valuable documents with 982 forms of securities and strict reporting forms 983 documents and valuables taken and sent for collection 984 Transactions Fixed assets 985 funds for the construction, referred to in the order of 989 forms the equity and value in the subreport and in the way 99 990 contra account contra account for accounts of chapters 90 - 95 991 contra account for accounts of chapters 96 - 98 Accounts sections 90-95 are used to account for operations that carry different risks for the bank. It's the commitments and demands of the prisoners, but not yet executed the agreements legally binding. Sections 96-98 accounts used to record documents, valuables and settlement of transactions on privatization. All accounts of these sections are active. Section 99 cities contra account used for the double-entry operations on off-balance sheet. Topic: The role of accounting in the management of the bank, its types and destination
Investigation of factors external credit environment and prediction of their development
The most important external factors include: general state of the economy, inflation, growth in gross domestic product (GDP) budget deficit, monetary policy of NBU, income levels, ability to consume banking services, the availability of social benefits and etc., the level of competition, prices for banking products and services; politicized society, social tensions, the demand for bank services its customers. 4. Formation of strategic objectives and monetary policy studies such as credit policy. Type of credit policy of the bank describes the basic approaches to its implementation from the perspective ratio between the level of profitability and risk the credit of the bank. There are three principal types of bank credit policy - conservative, moderate and aggressive. Conservative type of credit the bank's policy aims to minimize credit risk. This minimization is seen as a priority objective in carrying out its lending activities. Focusing on this type of monetary policy, the bank is not trying to make high profits due to a significant expansion of the volume of lending activity. Mechanism for implementing this policy is: hard criteria for assessing the creditworthiness of borrowers, minimizing the term of the loan and their volumes, stringent conditions of the loan and increase its value, the use of stringent procedures elimination of bad debts. Moderate type of monetary policy characterized by the typical conditions of its implementation in accordance with generally accepted banking practices and focuses on the average level of credit risk. Aggressive type of credit policy priority of the credit activity aims to maximize profits by increasing the volume of lending activities, not considering the high level of credit risk that accompanies these operations. Category: Management Operations Commercial Bank | Tags: forecast
Corporate universities select another's bread
In Russia, the cost of training a specialist with a primary or secondary education can be from 150 to 250 thousand rubles (about $ 45-50 thousand per year). At first glance, not so much. For example, a specialist with higher education goes to 2-3 times (80-90 thousand rubles a year, mainly due to higher salaries of teachers). But, unlike them, training middle managers in many large and even not so long ago companies put on stream. Today, employers do train their employees more effective schools. Thus, the cost of training one person in the company may be about 10-15 thousand rubles a month. Given the fact that the training they rarely go more than 2-3 months, the total is unlikely to exceed 50 thousand rubles. That at least 3 times cheaper than three years of study in high school. The problem of quantity. Growth of industrial production showed an acute shortage of workers cad-ditch and mid-level professionals. Catastrophic situation was right before the crisis. Fortunately, the fall-winter of 2008, partly reduced the heat, though truly valuable specialists have sought to leave at home. State, hear endless complaints and requests from employers, sounding almost from every podium, think about the rehabilitation of primary and secondary vocational education (NGOs and ACT). In order to overcome the lag in volumes in 2007, the priority national project "Education" was included special direction, and the NGOs and the ACT for the first time in 20 years fell money. As part of the competitive selection of each institution may receive subsidies from the federal budget in the amount of 20 to 30 million rubles, as many were quick to take advantage of. In just 3 years NGOs and institutions beyond the normal ACT funding has been allocated in total about 10 billion rubles. It is true that under money rain fell only 320 winners - that is about 5% of the total number of agencies. The bulk still awaiting the decision of his fate. By the time the government remembered the existence of schools, technical schools and colleges, the sector accumulated a lot of problems. Starting from the fact that many people have forgotten what it is: very few people from one generation to the 1990s (and even 1980) understands the difference between the vocational and technical schools. The sphere of art and services do not count. This competition from higher education, they did not feel so affected to a lesser degree. It is clear that neither the barber nor the cook does not need it. True, the Polytechnic University diploma, whom have many sysadmins and sales managers, as they do not need, but this is a story from a different opera. Higher education has become an advantage to competitors, even in professions that do not require it strictly (like the Secretary at the reception with philological). For some reason, employers consider it an indicator desire for personal development, career ambitions. Industries in which the average staff shortage is a major problem, despite the crisis, there remain many. For example, the ratio of Russian medical doctors and nurses is one to one and a half, and requires one to eight.
That the WTO will make the financial markets
Joseph R. Biden Jr. during a meeting with the Russian leadership has promised unconditional support and even assistance in negotiations with Georgia, and then, meeting with students of Moscow State University, he began to speak, on what terms it will happen. And once again the illusion that much on this one time we will succeed. Conviction of Dmitry Medvedev that Russia will join WTO in 2011, which he expressed even before meeting with U.S. Vice-President, is infected proximately. Indeed, as you can overpay for a foreign car? Perhaps the cars - the most visible example of the benefits to consumers from the entry into the WTO. It is expected that, if we take the "family of nations trading", the import duty on passenger cars will fall from 30% to 25% initially, and then to 15% (for 7 years after entry into the WTO), has pleased the other day the head of our negotiator with the WTO Maxim Medvedkov. At the same should be parallel with the introduction of lower taxes and cheaper foreign-made cars in showrooms, experts explain. If you believe the Russian president and other officials, it's more than real. "I hope that this process (entry into the WTO -" F. ") has finally completed this year. All my partners that I have promised, "- said Dmitry Medvedev, speaking at the World Economic Forum in Davos in late January 2011. The president said that the entry of Moscow in the WTO accession of Russia to follow the OECD. "We are working towards a common economic space with the EU, which will be based on the principle of indivisibility of security, freedom of movement of people, capital and goods, on common technical standards" - described the joyful prospect Medvedev. The fact that the end of 2011 Russia joins the WTO, said in January and WTO head Pascal Lamy, who for the first time in 10 years of its participation in the negotiations feel that they are close to ending. The same was said, and U.S. Ambassador to Russia John Byerly, saying that Russia's accession to WTO is one of the main priorities of the Obama administration. In reality, introd leniya Russia's WTO accession in 2011 is believed by many of our officials expect to complete the accession by June, and the other half spent on technical procedures. 17 years of expectations. Application for accession to the WTO Russia applied in 1993, but then the process is caught up in the many endorsements. In the spring of 2010, Dmitry Medvedev, speaking to leaders of foreign venture capital funds, said that Russia "tired to be in a waiting room, trying to join this organization." And since September the government was given an urgent mandate to "storm" the WTO. This is it and do it. At the end of 2010, we achieved a breakthrough, completing bilateral talks with key players like the EU and the U.S.. True, the storm did not pass without casualties. However, they were not as bloody as the coveted our negotiating partners. Negotiators from the United States most insisted on refusing to support the Russian agro-industrial complex (APC) government subsidies. In the end we compromised. In the autumn Minister of Agriculture Elena Skrynnik said that by 2012 state-supported agriculture will remain at $ 9 billion a year and then will be reduced to $ 4.4 billion
The method of balanced management of liquidity
The advantages of this strategy are: flexibility, allowing the manager to choose a winning combination of different funding sources of liquidity, depending on economic conditions and changes in market prices, profit maximization subject to an acceptable level of risk the possibility of a more balanced approach to liquidity management by the exact definition of liquidity needs. Consequently, each successive approach to the management of bank finance is the logical continuation of the previous one and contains a whole range of known methods and techniques. In domestic practice the parallel use of all three approaches. Some banks (their share is insignificant) control is exercised over all the assets, in most institutions is dominated by autonomous management practices (ie, the second approach - in liabilities), but there are banks, where modern progressive methods of management. Category: Management Operations Commercial Bank | Tags: bank liquidity
Swedish spirit of environmentalism
The classical work of Max Weber's "Protestant Ethic and the Spirit of Capitalism," written by the master of sociology in 1905, clearly demonstrated the critical importance of such features of the Protestant ethic as thrift, modesty in the home, individualism, pedantry and honesty in business relations, equality all jobs. In modern Scandinavian Protestantism as a religion is dead, but the Protestant ethic is alive. That it is largely responsible for the unique features of the Swedish (and in the broader sense - Scandinavian) model of capitalism. Luther translated the Bible into the vulgar language with very few people understood Latin, an emphasis on studying the Scriptures every - all this led to almost total literacy in the XIX century. The principle of individual responsibility of each person before God raised up a nation of individualists. But this individualism is perfectly combined with the willingness to act collectively. Mutual trust among Swedes, according to sociological research, is at the highest level in the harsh climate and small communities, where people often become dependent on collective action, and each one way or another is forced to care for, is not primarily about profit, but about their own reputation, Mutual trust was (and remains) a very useful feature. Lutheran domination of state over church, along with other Protestant traits have led to the special role of the state in Sweden - it was not the mechanism of suppression of the individual, social and guide effective collective action. It also became a tool to align the property imbalances in society - in fact, a conductor egalitarian spirit of the peasant communities. Swedish economy in the twentieth century has undergone an amazing transformation - the country has come a way from the backwoods of European civilization to one of the richest and most technologically advanced nations. The reasons for success are rooted in the same inherited by new generations, the principles of the Protestant ethics - respect to any work, a special emphasis on the importance of technical education, the Swedish "tax morality" (high tax rates accompanied by a corresponding impact: people see their taxes go to improving the quality life), high relative to other countries the level of equality in income, the priority of rights - all these features of modern Swedish model combining the best features of the capitalist and socialist structures. Education gives its fruits, and most Swedes are atheists - the place God has taken a new environmentalism, almost religious concerns about nature and man's relationship to it. And, although this belief has some not fully rational postulates (eg, few Swedes doubt that, for example, human influence on climate is a determining factor in its change), the new dogma as a whole is rational from an economic point of view. Sweden to the Protestant dominated technical occupations has achieved impressive success in engineering, construction and high-tech architecture, electronics, processing, paper production and sale of many "clean" energy saving technologies.
When lending to large companies
The advantage with such a credit rating upgrade and supports the popularity of the bank. Application of the method of diversification in the banking institution reveals the presence of highly qualified personnel, which has deep knowledge in many sectors of the economy, knows the specifics of the various geographical areas, has practical experience with various categories of borrowers. Establishing limits - is the establishment of maximum allowable size of loans, allows you to limit credit risk. Through the use of this method to the bank can avoid losses due to ill-considered critical concentration of any type of risk and to diversify the loan portfolio and provide a stable income. Limitation of authority is used to determine loan officers of different ranks on the size of loans. Credit risk is limited to establishing the bank limit the overall size of the loan portfolio, credit limit the bank's branches. The limits are defined as the maximum allowable size of a loan or credit lines, and are expressed as the absolute limit value (loan amount in monetary terms) and in relative terms (the coefficients of the indices, standards). For the base when calculating the amount of capital standards take a bank loan portfolio or balance sheet. In determining the credit limit should identify key areas and risk factors. An example of limitation may also be a standard NBU (according to the Law of Ukraine "On Banks and Banking Activity" [1] in order to protect clients' interests and ensure the financial soundness of the NBU sets for all commercial banks and economic standards. Category: Risks in Banking
Principles of organization and activities of the National Bank of Ukraine
The legal status, organizational principles and the National Bank of Ukraine are determined by the Constitution of Ukraine and the Law of Ukraine "On National Bank of Ukraine." According to Article 99 of the Constitution of Ukraine, adopted in 1996, the main function of the state central bank - National Bank of Ukraine to ensure stability of the currency - the hryvnia. To fulfill its primary function, the National Bank promotes respect for the stability of the banking system and, within its mandate - price stability. The main function of the NBU According to the Constitution of Ukraine the main function of the National Bank is to ensure the stability of the monetary unit of Ukraine. To fulfill its primary function, the National Bank promotes respect for the stability of the banking system and, within its mandate - price stability Category: Legal status of the National Bank of Ukraine | Tags: Principles of Organization
Rospotrebnadzor than harm customers of banks
From the imposing paltry penalties in particular cases (specific agreements with the citizens) was transferred to the supervisory authority that claims rights and legitimate interests of an indefinite number of consumers of financial services - requirements prohibit the bank to perform any action. Recall that in 2006 it began as the campaign for the abolition of commissions and the duty of banks to show the effective interest rate. The campaign was successful, after which the activity of the RPN in the financial sector began to decline. As it turned out, permanently. In 2010, was filed more than fifty claims, twenty of them are satisfied. This service can not be called a whim - just the number of citizen complaints per year has increased five-fold - from 3.8 thousand to 19 thousand "Today, the vast range of issues and complaints that come to us, just respect the treaties concluded in 2007 -2009 years, when citizens began, they say, hindsight to ask questions about what they had once entered into the contract, and whether it violates their rights, "- said recently head of the Consumer Protection Rospotrebnadzor Oleg Prusakov. At the same time, even supporters of disgruntled customers consider such action "fighting windmills." Indeed, the Federal Service for Supervision of Consumer Rights Protection and Human Welfare reveals the formal violations often have no real justification, and sometimes detrimental to the banks themselves and the financial system as a whole. And do administrative cases are at a loss for the state. The law against the contract. The vast majority of disputes in the past year was due to the inclusion in contracts illegal conditions. By itself, this fact is an administrative offense and punishable by a fine of 10 to 20 thousand rubles-lei. Moreover, the law restricting the rights of private clients terms are negligible, that is not punishable legal consequences. An essential part of the administrative affairs can be considered "typical." For example, on the right bank to unilaterally change the rates. Of course, financiers can understand: if long-term lending (eg mortgages), they often use "short" money, conditions of attraction which can fluctuate significantly (deposit rates in 2009 relative to 2007 grew at times). Obviously, if the difference in rates of recruitment and lending is reduced to a minimum (or even go into the negative region), the bank suffers a loss, then a commercial organization can not prevent. On the other hand, we can understand and borrowers: the condition of a unilateral change in interest rates may make it impossible to service loans that triggered the subprime mortgage crisis in the U.S. in 2007. On this issue at Rospotrebnadzor formed a solid position, consisting in the unlawful unilateral changes in rates, even if the possibility of this was spelled out in the loan contract. This view was confirmed by the spring of last year adopted the decision of the Presidium of the Supreme Arbitration Court of Russia (EAC), which is a "leading and guiding force" (de facto or even de jure solution to this court are binding on all courts of arbitration).
Bankers set the task of business analysts
Overseas analysts had penetrated into all spheres of activity. Russian banks to fail to apply it only in the formation of statements, but some have come to the customer and marketing analytics. And quite a few - for use in the field of risk management. Recent regulatory trends in world market, the desire to reduce the risk of government involvement in banking capital (crisis has overemphasized this point), production of increasingly complex tasks of ensuring the return lead to cross-use of data from different analytical modules accounting systems. In practice, this means the integration, the creation of a common information base for the organization. The degree of centralization is directly related to the scale of business and market presence. Gurdjieff Constantine, Senior Advisor on Macroeconomics Economic Research Center IBM Institute of Business Value, said that Russian banks have to rethink their business models to deal with increasingly complex and changing products, services, client base. We must prepare for possible mergers, the integration of platforms, especially in the middle segment. "Banks need to understand and predict changes in demand by means of analytical studies. In this case the analyst should be integrated into operational systems as well as in strategic plans. For example, today the risks are assessed in parallel for individual customers and for special services. Should go a constant movement from one system of risk-assessment to another, then there is a need for integration. Integrated Analytics includes the planning and strategy, and budget analyst, analyst, risk management, analytics, related to internal management and external regulatory reporting. It is these features will be the basis of the competitiveness of banks in 3-5 years. This is especially true for diversified banks - Constantine predicted Gurdjieff. - The margin will not be supported due to the growth of services (this is pre-crisis system), and by better defining customer requirements and systematically reducing the value of their service. " In his view, the banking sector will shift from engineering to the engineering of derivatives risk management systems, both for clients and in their own operations. The current model of risk management is able to cover only the dynamic risks, ie risks that develop over time. But some rice-ki are interlinked, correlative in nature. Therefore, a granulation of data: the higher the level of the database, we can get, the better. However, these problems are far from the Russian banking sector. Vice-President of the Investment Trade Bank Vetrova Alina noticed that the view of western analysts to the Russian banking system and its key challenges is very interesting. "But we, in our own varyas boiler, with global instability, not quite sure what will happen tomorrow - said Alina wind energy. - Yes, to retain the customer base necessary to focus more on customer intelligence, but is not sure that many of us have grown to such a degree of detail as the detailed risk assessment for each client. "
Politics in the foreign exchange market of Ukraine
Today in Ukraine, everyone who is interested in the economic life of the state, carefully monitoring the situation on the currency market. The media serves a fairly good data on this topic. Recently there are many programs on television and a lot of pretty high-quality newspaper columns on events in the currency and banking markets of Ukraine. For 30-40s fluctuations in the world were so insignificant that they can be safely ignored. Now do this would be illogical. The rapid development of international trade and deep integration processes of the international economy pose new challenges to economists, if they are to effectively carry out their work at the state level and at an individual enterprise. Today the state of the national currency reflects the state of the entire national economy and the processes that occur in it. In place of the course may otherwise affect any changes in the economy, and vice versa, with the help of the course are governed by economic developments in the financial, commercial (including international) and other markets in the state. For example, the official devaluation of national currency (devaluation) increases the competitiveness of exports and thereby improves the balance of payments. This tool very often uses the National Bank of Ukraine to reduce the volume of exports, especially at the end of the reporting period or during the seasonal jump in production of export goods. Category: Foreign Exchange Market
Managerial Accounting
Operational records - records of economic and business - the bank's operations in the form of transaction logs, and contracts, as well as planned and actual payments on them - accounting position - position calculation and accounting records, such as the current position of assets and liabilities, actual revenues and expenditures over a certain period, etc. based on the operating account, and in some cases and analytical accounting - financial planning - defining the planned values for items and accounting records based on data from the operational and accounting position, such as the planned position of assets and liabilities, planned expenditures and revenues. - Financial analysis - calculation of the various factors and financial performance using results from the positional accounting and financial planning, for example, the calculation of the current and quick ratio, interest calculations GAP, ROI calculation, etc. [40]. By the results of management accounting include: - information on planned and actual revenues and expenditures and financial results as a whole in the bank and its subsidiaries in the reserve - the structure of assets and liabilities on the bank as a whole, as well as the balance of responsibility centers - data of customers, for example, the distribution of customers in terms of funds in their accounts, grouping customers by region and sector, the analysis of a specific customer - information about the branch network, including a comparative analysis of the branches; - information on the fulfillment of economic and business - operations. Also note that the management accounting position may facilitate the calculation of reported indicators for external financial reporting. Category: Controlling Excellence
One of the principles of governance - democracy
Provides for participation in the management of a wide range of bank employees, which provides a more complete identification of best practices and use of the resource potential of the bank. 12. Management must be efficient, ie costs for maintenance management personnel shall give multiple effect. Thus, the basic principles of asset and liability management is a scientific, comprehensive, systematic, objectivity, accuracy, reliability, effectiveness, unity of plan, promptness, interest, democracy, and efficiency. However, it should be used in managing assets and liabilities at any level. The bank's assets are distinguished by the degree of liquidity, profitability and risk. Assets of commercial banks, as well as any type of investment, have different levels of liquidity, ie, can be transformed into money in the cash and noncash form suitable for immediate execution of bank obligations to depositors and other creditors, as well as the speed with which can be carried out this transformation. Thus, banknotes and coins on hand can be used immediately for the issuance of private investors deposits, long-term credit is granted for the construction, can not be quickly transformed into a means for the correspondent account of bank or cash in his office. Various assets of the bank are characterized by different levels of income they give. The higher the level of liquid assets, the less it is profitable. The greatest profit banks offer assets in the form of loans and investments in securities. Category: Management Operations Commercial Bank | Tags: control
What is wrong banker Gitelson
"This is the most complicated case among all the banks and drainage during the crisis which took place with the participation of the DIA," - after a long pause before answering the general director of the Deposit Insurance Agency (DIA), Alexander Turbanov. EEFC bankrupt in nerve in 2008 was simply impossible. The alarming situation in the banking sector was exacerbated by the credit institution serving the retirement accounts "Post of Russia" and the Pension Fund. In the event of bankruptcy, rather than rehabilitation, "Bank EEFC 'accounts and a half million pensioners in St Petersburg would be frozen, they would fall into the third turn of creditors and pensioners would be derelict not to wait for their money. Actually, on this unfortunate and played banker Alexander Gitelson. His calculation was done for stupidity, slowness, and blindness of the state machine, which eventually was forced to spend more than 50 billion rubles for the sake of social peace in the North West region. While the return of those funds is not possible. And who to solve this problem, now it is not clear: public money to rescue banks and the situation is spent and the return of funds, in fact, now draw a headache. However, the investigation continues, and for the first time on the basis of prosecutorial checks can be punished employee of the Bank of Russia. As the "F." Investigation Committee Prosecutor's Office (ICPO) Russia in St. Petersburg, has reviewed the work of the Main Department of the Central Bank of Russia in St. Petersburg in the case of EEFC. As soon assumed the direction of the submission to the regulator which involves disciplinary action of employees of the Bank of Russia. "EEFC provided false information to the Central Bank of deliberately losing activity that CBR could not help noticing. For example, Inkasbank (EEFC in the group - "F.") took the funds from the Leningrad region by 7%, while lending to each of these funds by 3-4%, which is unprofitable to any bank ", - says the investigator for particularly important for the main investigation department (GUS) UPC in St. Petersburg, Vladimir Romitsyn. According to him, the staff of the Central Bank did not bother to check out some quirks and gaps in reporting EEFC thanks to which crimes were committed. Now planned to "eliminate the causes and conditions which led to the commission of economic crimes" in the Central Bank in St. Petersburg, he said. During this "elimination" is not ruled out a number of layoffs, said one of the St. Petersburg bankers. In the State Bank of St. Petersburg query "F." left unanswered. How to build a shield of the people. The banking business in Alexander Gitelson just did not go too well. Back in 1989 he became a shareholder of two financial institutions - "Aeroflot" and bank "Petrovsky". The first fairly quickly denied a license, and the second, much larger, the employer could not share with a partner on equity Yuriy Golovin. First Capital Alexander Gitelson, according to his former business associates, has earned "on their computers." "In the late 1980s Gitelson led multiple businesses. In addition to computer technology, he was engaged in food supplies in St. Petersburg and Moscow. He was even then Luzhkov spoke words of thanks - says one of the top managers of corporations EEFC, a good friend Gitelson. - He liked to work from eight in the morning until midnight. "
However, the money multiplier effect in the world.
However, the money multiplier effect, and in countries where compulsory redundancy is absent, ie maximum multiplier is not limited to rules of reservation. Money, which consist of animations (this is their main feature), make up a large portion of non-cash and money in general, and also called in different ways. For example, FA Hayek defines them as "partial." However, these funds are emitted and state-owned banks (except central). The money is also referred to as endogenous (internal) as opposed to exogenous (external) base. The author proposed the name "nonbasic" money (or nonbasic issue of money) as opposed to the base (base money issue). Thus, the issue of money M2 (and the unit) can be structured on the base (currency of the monetary base in a broad definition, but the remnants of offices of commercial banks, non-M2) and nonbasic. The fate of nonbasic money in M2 emission increases, which corresponds to an increase in the money multiplier and some increase in credit expansion of commercial banks. Topic: The mechanism of emission
At the present stage of development
At the present stage of development "of the international banking system can be divided into two main types of organization of the banking system in developed countries: - Credit system with the central bank - Credit system with the Federal Reserve. The status of the U.S. dollar as global reserve currency within fifty years after the signing of the Bretton Woods agreement gave the U.S. a big advantage. The presence in the developed countries of Europe fragmented system of central state-owned banks, each of which has issued its own currency, the European banking system was very difficult to compete with the U.S. Federal Reserve. In terms of economy, Canada is one of seven major industrialized countries. According to estimates of the Association of Canadian banks (Bank), Canada has one of the most efficient and reliable banking systems in the world. UK banking statistics divides all financial institutions into two groups: the actual banking and nonbank financial institutions. Bank of England has formal independence from the government, while working under the guidance of the Ministry of Finance. U.S. banking system was formed under the influence of multiple utochnyuvanogo Law of the Federal Reserve Act and the deregulation of depository institutions and monetary control (DIDMCA), adopted in 1980, the core of the monetary and banking system of the United States became the Board of Governors of the Federal Reserve System. The Federal Reserve - an independent organization. It can not be revoked at the whim of the president, Congress also can not change its role and functions only as a special legislative act. Long terms of office of members of the Board provide an opportunity to protect and insulate them from political pressure. Another important component of the U.S. banking system - it's 12 Federal Reserve banks, which are central banks, the banks and the banks kvaziobschestvennymi banks. Thus, in the U.S. 12 "central banks". The basis of the U.S. financial system is about 13 800 of its commercial banks. Approximately two thirds of them - banks state, ie private banks operating in accordance with the charter of the state. The last third gets the charter from the federal government, these banks are national. Banks perform a critical role in the mechanism of market economy. With their help, by the flow of capital into the most profitable sectors and regions, which contributes to the economic, social and technological advancement of society. As the concentration and centralization of industrial capital is the concentration and centralization of bank capital, which significantly changes the role of banks in the economy. With the paying agent banks become monopolists, capable of playing a qualitatively new role. Banking monopoly, putting a significant portion of capital into the real economy, gradually spliced with industrial capital (through their interpenetration with the industrial monopolies) to control the use of funds.
Rating brokers
Brokerage business is not experiencing the best period. Green, who painted in many of the tables prepared by "F." must not be misleading: all is relative. Thus, the total turnover of the 50 largest operators on the shares on the MICEX last March totaled 2.5 trillion rubles. As compared with the year-ago recorded an increase of 13%. Much or too little? For example, in March 2007, an increase reached 150%. The constant influx of new customers then allowed brokers expect further rapid increase in business volumes and make bold predictions about how many quarters the number of Russian citizens who were stock investors, step over a million and a half, two million people. By the way, on the MICEX, even now, after three years, recorded only 750 thousand unique clients (including 726 thousand individuals). From this figure must also deduct a larger share of accounts that are actually being used and remain open only because their owners do not reach this hand. Very indicative in this sense an example of the Savings Bank. He alone among the major brokers, who are actively clean out the customer base last year, canceling accounts, no signs of life. As a result, the total number fell from him in March by 15% even allowing for the influx of new customers. If we consider only active accounts (which in the last month, was accomplished at least one deal), their number, many brokers for the year decreased. More - in "Nettreydera" and "Zerich Capital Management." "Our clients - mostly medium investors, and individuals. Speculators are very few. Therefore, when the market is in the outset, the activity is reduced, will increase - and increase the activity "- not discouraged CEO" Nettreydera "Denis Matafonov. "The situation in the brokerage business corresponds to the situation in non-primary sector of the economy. Taxes have risen sharply (because much of the bill brokers have to pay wages) increased other costs due to inflation. But revenues are not growing, because brokerage commissions tend to decrease and the rate of influx customers now among the lowest in recent years ", - complains CEO" ITinvest "Vladimir Twardowski. RTS's derivatives market situation looks more rosy. At the very least, all the major operators of the market growth of turnover in March of 2010, tens and hundreds of percent. On changes in the customer base to judge here did not seem possible, because Exchange does not disclose this information. But, in terms of profitability, brokers would be much more profitable if their clients are actively traded at all in FORTS, where the commission is much lower and the stock market. At the same time on the MICEX picture has been developed quite variegated in different companies and banks, the dynamics of turnover is strongly divergent. Traditionally, occupying the first line of "Finam" and the BCS, though retained a significant lead over closest pursuer (the group "Alor"), but only held out near the achievements of a year ago. However, some of their competitors have improved their results and increased their market share. "MICEX - while not the only stock exchange in Russia, where our clients operate, and the total revenue from brokerage services in the first quarter of this year we are significantly higher than the same period last year," - retorted in a BCS CEO Yuri Mintz.
