tailieunhanh - SECURITIES MARKETS AND THEIR AGENTS: SITUATION AND OUTLOOK

No one is born knowing how to save or to invest. Every suc- cessful investor starts with the basics—the information in this brochure. A few people may stumble into financial security—a wealthy relative may die, or a business may take off. But for most peo- ple, the only way to attain financial security is to save and in- vest over a long period of time. Time after time, people of even modest means who begin the journey reach financial security and all that it promises: buying a home, educational opportunities for their children, and a comfortable retirement. If they can do it, so can you!. | I Securities markets and their agents situation and outlook Contents 1 Executive summary 13 2 Macro-financial setting 15 International economic and financial developments 15 Domestic economic and financial developments 22 Outlook 27 3 Spanish markets 27 Equity markets 27 Fixed-income markets 36 4 Market agents 39 Investment vehicles 39 Investment firms 43 Collective investment scheme management companies 47 Other intermediaries venture capital 48 5 Initiatives by financial supervisors in the light of the subprime crisis 51 Transparency 52 Rating agencies 55 Liquidity risk 56 List of exhibits Exhibit 1 Freddie Mac and Fannie Mae 17 Exhibit 2 The events of September 2008 that will change the face of the international financial system 18 Exhibit 3 Listing conditions vis à vis distribution of shares to the public in leading European markets 31 Exhibit 4 Savings bank participation quotas 34 Exhibit 5 Money-market funds characteristics and recent performance 39 Exhibit 6 Financial Stability Forum recommendations to improve institutional and market resilience 51 CNMV Bulletin. Quarter III 2008 11 1 Executive summary - In the last six months1 international markets have continued to feel the after effects of the subprime crisis against a backdrop of deteriorating global financial and macroeconomic prospects. - After a brief respite in April and May share price corrections2 and high credit spreads returned with force in the year s middle months accompanied by sluggish issuance and a dearth of activity in interbank markets. In the last few weeks the crisis gripping American mortgage companies and insurers and the investment banking industry sent fresh shock waves running through securities and interbank markets which were partly stilled by central bank interventions and above all the announcement of a rescue plan by the United States government - still to be approved by Congress at the closing date for this report. - In order to

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• different non linear
• optimization techniques
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• multiplier provides
• multipliers require
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• Journal of Mechanics
• Note on nonlinear systems
• Different degrees of excitations
• The small parameter
• The Liapunoff type
• Communications in Physics
• Perturbative nonlinear optics in the extreme ultraviolet region
• The extreme ultraviolet region
• Different extreme ultraviole
• Multiple cycle pulses
• Vietnam Journal of Mechanics
• Interactionbetween the forced and parametric excitations
• Different degrees of smallness
• Smallness resonance forced excitation
• The nonlinear system
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• cách trình bày báo cáo
• example of equations
• complicated attractors
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• called chaotic
• strange attractors
• Soliton transmission
• Horita’s method
• Soliton solutions
• Coupled nonlinear
• Schrodinger equations