Business plan maken pdf

According to the proposal EU member states should pool up to 60 percent of gross domestic product GDP of their national debt under joint and several liability as senior sovereign debt blue tranchethereby reducing the borrowing cost for that part of the debt. Any national debt beyond a country's blue bond allocation red tranche should be issued as national and junior debt with sound procedures for an orderly default, thus increasing the marginal cost of public borrowing and helping to enhance fiscal discipline. Participating countries must also establish an Independent Stability Council voted on by member states parliaments to propose annually an allocation for the blue bond and to safeguard fiscal responsibility.

Business plan maken pdf

The discount broker DeGiro has been executing client option orders against their own hedge fund, HiQ. These option trades have been matched inhouse, which means the retail clients effectively have traded over-the-counter options against DeGiro.

business plan maken pdf

Retail investors are unaware they may have done option trades against DeGiro instead of safely cleared by LCH. This can be devastating for the markets, and implies a lot of extra risk for investors.

The offer in the screen was 7 cents for 25 contracts. He made a bid for 50 contracts at 7 cent. He was curious if he could get the full 50 lots, so he paid more attention than usual at the execution.

You would expect the trade of the 25 lots at 7 cent, and bid on for the remaining He did receive a full fill, immediately.

But nothing traded on the screen. The offer for 25 contracts remained untouched.

business plan maken pdf

I have proof of the trade. He bought 50 contracts, but no contract traded on the exchange in this serie all day.

They confirmed the trade was done off exchange screenshot of e-mail, in Dutch. In transaction overview nothing is mentioned about inhouse matching. Clients tricked in OTC trades against DeGiro This means clients who think trade options with a central counterparty involved — actually have exposure to DeGiro.

Their sister operation hedge fund HiQ has been taking massive losses. Eventually it may be possible for retail clients to trade options against other retail clients off-exchange. Hedgefund HiQ is on other side of the trades The latest strategy update from the sinking HiQ says they plan to move to more traditional market making strategy with human traders.

They hired ten 10! Ditching earlier quant strategies. This market making strategy, what could it be? After the massive losseshedge fund HiQ suddenly appeared to be making a bit of steady money again.

HiQ is on the other side of retail trades. They apparently are able to trade more size than visible in the screen. Chances are HiQ is joining every market quote in the option market in a stealth mode — nobody in the market can see they did a trade at all.

For example, you had a margin call and you are forced to buy back a bucketload of certain puts in a stock. And hedgefund HiQ knows about your margin call. What makes them decide to trade against which order? How much time do they get for such a decision?


Can they see account details before they trade? A bid from the guy from Amsterdamtrader? Yes, sell him any size! Risk is even more market makers will throw the towel. Spreads widen in less liquid options classes, and in the end the clients end up paying a lot more for the executions.

When a retail client buys a bag of atm puts in a stock, the hedge fund can hedge their trades easily because nobody has seen the first big trade at all. On the other hand, options contracts are basically a kind of bets.

This CCP guarantees all obligations are met. In this option trade in Ten Cate options, the retail investor has got a long position of 50 lots. The other side has got a short position of 50 in this put.

Not my field of experience, but this certainly looks like a major problem. There seems to be a legal window of opportunity to start inhouse matching of option orders.The internally matched trades off exchange are not cleared which in it self doesn’t affect the security of this trade towards clients.

Though the fact that Degiro as a brokers enters the non-secure OTC space where trades are not guaranteed, makes them very vurnerable. The Energy Commission is working closely with other state agencies, including the California Public Utilities Commission (CPUC), the California Air Resources Board (CARB), and the CAISO, to implement the Energy Commission is also coordinating closely with affected utilities and electrical corporations subject to SB A range of printers specifically designed for the Textile and Apparel market; enables direct and sublimation printing onto a wide range of fabrics and garments.

Purdue extension EC The Elements of a Business Plan: First Steps for New Entrepreneurs Cole Ehmke and Jay Akridge Department of Agricultural Economics. European bonds are proposed government bonds issued in euros jointly by the 19 eurozone nations.

The idea was first raised by the European Commission in Eurobonds would be debt investments whereby an investor loans a certain amount of money, for a certain amount of time, with a certain interest rate, to the eurozone bloc altogether, which then forwards the money to individual governments.

Pamela Wilson is the author of Master Content Marketing: A Simple Strategy to Cure the Blank Page Blues and Attract a Profitable Audience. Find more from Pamela at Big Brand System.

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