tailieunhanh - Shelagh heffernan modern banking phần 10

Chi nhánh của các ngân hàng nhỏ hơn Pháp và Tây Ban Nha nên làm ngược lại, tức là chuyên môn hơn. Altunbas et al. (2001b) ước tính nền kinh tế quy mô bằng cách sử dụng các thiết lập cùng một dữ liệu (thu nhập và cân bằng dữ liệu từ cơ sở dữ liệu Bankscope cho các ngân hàng từ 15 nước EU từ năm 1989 và 1997) như đã được sử dụng cho X-điểm của họ không hiệu quả. | ---- 636 ------------------------------------------------------------------------------- Modern Banking Trading Proprietary trading was the key capital market activity which helped BT sustain a record of positive profits for nearly two decades without a single quarterly loss in the foreign exchange or securities trading markets. By the end of the 1980s management estimated that 60 of the bank s assets were liquid. The objective was to raise that figure to 80 . Proprietary trading and trading on behalf of BT customers added a new dimension to the challenge facing management regarding long-term profitability and success. Consistent with its organisational layout the trading function was operated very much like a business. Each trading division was structured to promote profitable activities and was supported by sophisticated information systems large geographically dispersed staffs and an emphasis on communication. Management believed constant communication provided the opportunity for new avenues of profit with risk diversification the underlying objective. Additionally the goal of consistent profitability was to generate asymmetric profit and losses. The management directive was twofold i losses should be taken early - as soon as they were evident and ii when gains were made they should be protected. At the same time management gave traders who proved themselves full rein to play their positions. In theory no trader could commit more than a predetermined level of capital but once that capital was earned back the trader could play his her position to amounts limited by accumulated profits. This meant there were single positions which exceeded a billion dollars. BT s reputation for taking the right positions encouraged herd instinct behaviour traders at rival firms would take the same positions which would magnify the extent BT moved the market. Commercial Paper Mr Sanford believed part of the BT strategy should be to offer a wide range of institutional financial .