Essay on Module 3 2014 2015

Essay on Module 3 2014 2015 Essay on Module 3 2014 2015 ADVANCED MANAGEMENT ACCOUNTING MA2 MODULE 3 Copyright 2014 by the Certified General Accountants of Ontario LEARNING OBJECTIVES 3.1 Risk environment and types of risk 3.2 Levels of risk management 3.3 Evaluating risk 3.4 Techniques for mitigating risk 3.5 Case analysis: Entropic Communications, Inc. Copyright 2014 by the Certified General Accountants of Ontario 3.1-1 RISK ENVIRONMENT AND TYPES OF RISK ï‚ § ï‚ § ï‚ § Risk is the probability that a negative outcome will occur. All organizations face risk. In many instances, it cannot be avoided, but it can be mitigated. The COSO framework is used by organizations as an enterprise risk management tool for dealing with risk. In this topic, the framework is used to describe the risk environment. The COSO (the Committee of Sponsoring Organizations) cube has three dimensions: 1. Four key categories used to classify entity objectives ï‚ § ï‚ § ï‚ § ï‚ § Strategic goals: High-level goals that support the mission Operational objectives: Effective and efficient operations Reporting objectives: Reliability of financial reporting Compliance objectives: Compliance with applicable laws and regulations Copyright 2014 by the Certified General Accountants of Ontario 3.1-2 RISK ENVIRONMENT AND TYPES OF RISK 2. Eight components of enterprise risk management (ERM) ï‚ § Internal environment - The internal environment encompasses the tone of an organization. It sets the basis for how risk is viewed and addressed by an entity’s people, including risk management philosophy and risk appetite, integrity and ethical values, and the environment in which they operate. ï‚ § Objective setting - Objectives must exist before management can identify potential events affecting their achievement. Enterprise risk management ensures that management has in a process in place to set objectives. It also ensures that the chosen objectives support and align with the entity’s mission and are consistent with its risk appetite. ï‚ § Event identification - Internal and external events affecting achievement of an entity’s objectives must be identified, distinguishing between risks and opportunities. Opportunities are channeled back to management’s strategy or objective-setting processes. Copyright 2014 by the Certified General Accountants of Ontario 3.1-3 RISK ENVIRONMENT AND TYPES OF RISK ï‚ § Risk assessment - Risks are analyzed, considering likelihood and impact as a basis for determining how they should be managed. ï‚ § Risk response - Management selects risk responses – developing a set of actions to align risks with the entity’s risk tolerances and risk appetite. ï‚ § Control activities - Policies and procedures are established and implemented to help ensure the risk responses are effectively carried out. ï‚ § Information and communication - Relevant information is identified, captured, and communicated in a form and timeframe that enable people to carry out their responsibilities. Effective communication also occurs in a broader sense, flowing down, across, and up the entity. ï‚ § Monitoring - The entire process of enterprise risk management is monitored and modifications made as necessary. Monitoring is accomplished through ongoing management activities, separate evaluations, or both. Copyright 2014 by the Certified General Accountants of Ontario 3.1-4 RISK ENVIRONMENT AND TYPES OF RISK 3. The third dimension represents the business/ operational units of the organization – entity-level, division, business unit, and subsidiary ï‚ §As a whole, the ERM components focus on identifying, assessing, and controlling risk. Copyright 2014 by the Certified General Accountants of Ontario 3.1-5 RISK ENVIRONMENT AND TYPES OF RISK ï‚ § Part of the process of managing risk is to assess its likelihood and impact. The types of risks an organization faces can be divided into four categories: ï‚ § ï‚ § ï‚ § ï‚ § Hazard risk - The possibility that an event will cause harm to an individual (by the organization) or that harm is done to the organization. Hazard risks

Why the Flu Vaccine Doesnt Work All the Time

Why the Flu Vaccine Doesnt Work All the Time The Centers for Disease Control (CDC) is looking at whether or not the flu vaccine is effective. Preliminary results indicate youll get just as sick (with colds, flu, flu-like illnesses) if you got the vaccine than if you didnt. Why doesnt the vaccine work? In order to understand the answer, youll need to understand some specifics about the flu vaccine and a bit about how immunity works. Flu Vaccine Facts There is no single virus that causes the flu; there is no one flu vaccine that protects against all of them. A flu vaccine is designed to confer immunity against the strains of flu that are expected to be most common and most serious. The vaccine is a sort of one-size-fits-all solution, even though there are more types of flu than covered by the vaccine and the flu types vary according to a region. It takes time to produce vaccines, so a new vaccine cant be instantly produced when a new type of flu starts to cause problems. The Vaccine and Immunity The flu vaccine gives your body parts of inactivated flu viruses. These virus parts correspond to parts of proteins floating around in your body. When the virus part contacts a chemical match, it stimulates the body to produce the cells and antibodies that can remove this particular intruder. Antibodies are proteins that float in body fluids and can bind to specific chemical markers. When an antibody binds to a substance, it essentially marks it for destruction by other cells. However, an antibody for one type of flu wont necessarily bind to a virus part from another type of flu. You dont get protection against other viruses. A flu vaccine can only stimulate your immune system to protect you against the viruses in the vaccine, with some lesser protection against very similar ones. Incomplete Protection Against Intended Targets You may not even get protection against the intended virus. Why? First, because viruses change over time. The piece that was in the vaccine may not look the same (chemically) as the real thing (months later, after all!). Second, the vaccine may not have given you enough stimulation to fight off the disease. Lets review whats happened so far: the inactivated virus piece has found a chemical match in your body. This causes an immune response, so your body has started to gear up its production of antibodies and similar markers on cells that can mark the virus for destruction or kill it outright. Its like calling up an army for a battle. Will your body win the fight when the real virus comes to call? Yes, if you have enough defenses built up. However, you will still get the flu if: Your body isnt fast enough producing a response.Get the vaccine and get exposed to the flu too soon (less than 2 weeks).Too much time between vaccination and exposure (the vaccine loses its effectiveness over time).You dont produce enough of a response.Overwhelmed by exposure to a high level of the virus.Your body couldnt recognize the initial virus piece (this determined by genetics).Your body didnt make enough antibodies/cells (this is common in older people or people with suppressed immune systems).The virus as changed beyond your bodys ability to recognize it.The part of the virus that was in the vaccine cant be detected by the body in the intact virus. But Is It Actually a Waste of Time? Yes and no... the flu vaccine will be more effective some years than others. The CDC predicted that the vaccine developed for the winter of 2003/2004 wasnt going to be effective against most cases of the flu because the strains covered by the vaccine werent the same as the strains that were common. Highly targeted vaccines work, but only against their targets! Theres no point in accepting the risks of a vaccine for a disease you cant get. When the flu vaccine is on-target, its more effective. Even then, the vaccine isnt perfect because it uses inactivated virus. Is that bad? No. A live vaccine is more effective, but much more risky. Bottom line The flu vaccine varies in effectiveness from year-to-year. Even in a best-case scenario, it wont always protect against the flu. The CDC study didnt say that the vaccine didnt work; it says the vaccine didnt protect people from getting sick. Even with imperfect effectiveness, the vaccine is indicated for certain people. In my opinion, however, the vaccine isnt for everyone and certainly shouldnt be required for otherwise healthy people.

GENDER- WAGE GAP IN AUSTRALIA Essay Example | Topics and Well Written Essays - 1000 words

GENDER- WAGE GAP IN AUSTRALIA - Essay Example Legislative changes have been effected like the 1986’s Federal Discrimination Act and the 1961’s Matrimonial Causes Act. The analysis presented from the Bureau of Statistics of Australia data shows that this nation of Australia has had a persistent gender wage gap. (Cassells, Rebecca, et al, 2009) The data obtained from the Survey of Average Weekly Earnings the years from 1990 to 2009, there was a narrow range of gender wage gap of between 15-17%. Over the period from early year 2005 to early year 2009 the range has been from 15.1-17.0%. (Wright, Tim, 2006) Causes of the predicament of gender wage gap in Australia, even though complex, are inter-linked and are most likely to change over time. These factors can be classified into two major factors; those that can be explained (labour market and human capital factors) and unexplained factors. (fahcsia.gov.au, 2009) Numerous studies have been carried out, and most of these have concentrated on the query whether discriminat ion is the main catalyst of the existing gaps in the wages between male as well as female workers or whether the fundamental catalyst of the gap in wages is the male’s and female’s attainment of human capital. These variances are, however, not easy to separate especially due to the fact that forms by which discrimination maybe interlinked with other factor’s attainment. ... Human capital is defined by the book as the skills in entirety as well as the experience that an individual puts into an employment which are relevant to that employment. It encompasses all the qualifications as well as training given by employers and also the experience gained from previous experience from the market. (Miller, Riel, 1996, p22) In those studies that have been carried out of gender wage gap, the measurement of human capital is mostly measured via formal education attained as well as the number of years of work experience. Some of these studies also make an inclusion of other variables to like the utilisation of the training provided by the employer. The component of education is usually captured in virtually entire studies of gender wage gap, mostly through the usage of several dummy variables that take the highest education level that has been completed. For instance, high school completion, bachelor degree or post school training. (Cassells, Rebecca, et al, 2009) Al so included, is the study field as one of the variables with the gender wage gap model being applied. This is due to the fact that wages vary with the study field. There is also a significant segregation in gender in the fields of study in post-secondary education. Most of the conclusions that have been drawn from the studies carried out in the nation of Australia of labour market rigidities and discrimination are that returns gained from education by females are from a generic point of view below those of their male counterparts. This is in spite of the ladies having a bit of higher education attainment. Additional schooling according to the journal creates openings to better job

Coaching portofolio Term Paper Example | Topics and Well Written Essays - 2000 words

Coaching portofolio - Term Paper Example Coaching philosophy covers ones purpose as a coach and how he will approach player development and winning. Ones coaching philosophy is made up of the primary objectives, beliefs and the principles that one adhere to in order to achieve his goals. (Barbour, 2011, p. 203) One’s coaching philosophy will guide him on how to behave as a coach and how to interact with his trainees. Coaching philosophy has to touch on who one is and who one wants to be in future. (Parsloe, 2009, p. 128) Mostly, it is based on one’s experience, knowledge, and opinions. All excellent philosophies describe and explain the purpose of coaching, the views, and the principle that the coach will use to achieve his goal. Some of the elements of the coaching philosophies are discussed below. Plan, prepare and perform: For all aspects of football planning is the key ingredients for good performance of footballers. It is advisable to use planning, preparation and performance in the ratio of 3:2:1. That is taking 3 hours to plan, 2 hours to prepare and 1 hour to perform. Fitness, skill and game sense: Whenever it is possible the coach should try to reproduce the ‘game type’ preparation. Tactics and skills of the game at times need to be given much weight for better performance. (Association, 2013, p. 307). Footballers should spend most time in situations that are pressured in terms of time and space. This will help them to win possession, make good and fast decisions and execute efficient disposal. Leadership: One should come up with his style or approach depending on the maturity of individuals he is coaching. Young athletes with no experience need some real direction and control. But when the player grows, become educated, experienced, confident, they need to be far more involved in the coach-player relationship. A well-performing team is always having a high leadership group, who wants to take ownership of the dynamics of the process which in place

E-trading Case Essay Example for Free

E-trading Case Essay Introduction Perhaps nowhere else is the impact of the Internet felt as much as in the service sector. The Internet has opened new channels for service delivery, shortened turnaround limes and offered unprecedented convenience to consumers. The financial services have leveraged the Internet and exploited its many benefits. E-trading is the financial service most amenable to E-enablement. It has already witnessed a meteoric growth in the United States and is staging a similar show in other economies.   E-trading offers tremendous benefits to the investors and will probably expand the market itself. This paper discusses issues of E-trading, its evolution and key characteristics. Then it examines scope of E-trading, significant players and groups involved in. After that discussion about benefits of E-trading, either for users or for brokers, technology and security issues related to this industry. And finally some insight in future of E-trading is presented. Evolution of the Industry The first ever ECN, Instinet, founded in 1969, was a means for brokerages lo display bid and ask prices for stock in North America and abroad. It was first used by institutions to transact with each other, but today ii also includes a select group of smaller brokerages. However, e-brokerage, or offering Internet transactions to clients, was pioneered in the by E*Trade securities (FreeTrade), one of the firs of all-electronic brokerages, which first started operations and offered online investing services through America Online and CompuServe and launched its own website, www.etrade.com, in 1996. The first E-trade was conducted on E*trade on July 11, 1983 and since that time has changed the way the world invests. Charles Schwab, now the largest in the US with 7 million on-line accounts and $1 trillion under management via the Internet, also launched its online trading venture in 1996. In January 2005, Charles Schwab clients executed an average of 300,000 electronic trades every working day. (www.aboutschwab.com) There are now more than 130 millions on-line brokerage firms in the US (Exhibit 1) offering E-trading services to consumers, who can be physically located anywhere on Earth. Today, about half of transactions made by US retail investors are done through the Internet. In fact, there is a range of websites on which one can not only trade stocks online but also buy and sell futures and options. According to International Data Corp the number of US households using online brokerage to meet their financial needs has grown from the 2000 figure of over 7 million to 19 million in 2004, with over $2.5 trillion of assets managed online. (Tower Group Research) Online brokerage in the US grew out of the discount brokerage industry and has fundamentally changed the retail brokerage industry. Online trading developed as a low-cost self-service approach to equity investing. Rather than paying high commissions that are typical of full service brokerage firms, investors could place trades directly at a fraction of the usual commission costs. In addition, online trading was more efficient and less costly than telephone trading a common channel used by discount firms. As a result, online brokers began competing on cost. (Colkin Cuneo) Exhibit 1 Online commission prices that started at between US$25 and $30 per trade have been cut significantly over the years. Currently, average online commission price per trade hovers around $12-15, and some deep discount firms offer trades as low as $5. A few firms—American Express, Free Trade, Com1 (a subsidiary of AmeriTrade), and most recently, thefinanciatcafe.com—have even introduced free online trading. (thefinancialcafe.com) The online commission pricing battle demonstrates the commoditization of online transactions. Initially, price may have been a differentiating factor, but currently, price alone is not sufficient for attracting and retaining individual investors (excluding the day-trading segment). Online brokerage firms must seek to provide greater services and support to clients. The number of US online brokerage accounts continues to grow consistently. After an initial period of astounding growth, the number of online brokerage accounts is still steadily increasing. (Tower Group Research) E-trading Scope The term E-trading stands for trading in equity or debt instruments on the exchange through an Electronic Communication Network (ECN). Although online trading strictly refers only to the electronic execution of trade, an ecosystem of E-trading has three dimensions: Electronic execution of the trade Payment for the transaction through a payment gateway Transfer of shares in electronic form. There have been three distinct phases of development of E-trading. These are: Phase 1: The open-outcry system with the transactions taking place manually in the ring Phase 2: The electronic system, enabling brokers to place orders online Phase 3: The E-trading system, empowering customers to transact online. The mechanics of the E-trading system begin with the user logging onto the ECN through the Internet. The user then accesses his E-trading account with the help of a password. The user is now connected directly with the exchange and any transactions would be instantaneous and irrevocable. The user also has access to real-time price movements of various scrips and other contextual information to assist him in his decision. An integrated E-trading system consists of not only a transaction enabler but also a payment gateway for funds transfer and a d-mat account for transfer of stocks. Such a service enables smooth, convenient and transparent operations. E-trading model is based on the proposition that a service which does not require sophisticated skills, is standardized, has a wide geographic spread of clients and a high number (statistic) of clients who use the service very frequently (scope) and whose automatable processes account for a high proportion of costs (savings), offers the best potential for E-enablement. Using this framework, it becomes clear which financial services are amenable to E-enablement (Colkin Cuneo): Corporate banking: The corporate banking industry involves understanding client needs, analysis of the project proposal, evaluation of various alternatives and finally recommendation of a suitable alternative. The task involves high-level skills, is not highly standardized and not amenable to automation. The number of clients per entity, i.e. the corporate customers, of a bank is limited, though the geographic spread may be diverse. The frequency of transactions is also limited. Thus, corporate banking does not seem to be amenable to E-enablement. Investment banking: For the reasons cited above, investment banking, like corporate banking, does not appear a suitable subject for E-enablement. Retail banking: The retail banking industry comprising credit-cards, management of savings accounts etc. is characterized by a large number of clients spread geographically utilizing a simple, repeatable and standardized service. For servicing the customer specialized-skills are not required and automatable processes comprise a significant proportion of the overall costs of service. Using the framework, it appears that retail banking would be highly amenable to E-enablement. Stock trading: A stockbroker collates orders from various customers and executes the same through a trading terminal. Customers typically place orders through the telephone and a representative of the broker executes the order on behalf of the client on the trading terminal. The skill-set used by the representative is not highly specialized as the action being considered is only the execution of the order and not client advisory. While other processes such as risk monitoring, exposure monitoring and client monitoring are also involved, they are typically automated for effectiveness. Thus, the broker acts purely as a manual interface between the client and the exchange. The task performed by the broker is simple, standardized and easily repeatable. Given that the frequency of transactions by the customers is at least moderate if not high, there is a significant scope for reduction in overall costs through automation. The geographic span of the clients is also widespread. All these characteristics make trading highly amenable to E-enablement. (Berber) Significant Players and Groups Involved OnlinÐ µ invÐ µsting bÐ µgan in thÐ µ US and is a big businÐ µss thÐ µrÐ µ. In thÐ µ first quartÐ µr of 2004, thÐ µrÐ µ wÐ µrÐ µ approximatÐ µly 25 million onlinÐ µ invÐ µstors with ovÐ µr US $ 4 trillion in assÐ µts. In yÐ µar 2002, 14 million onlinÐ µ invÐ µstors with an assÐ µt basÐ µ of US $ 700 Billion were activÐ µ. ThÐ µ markÐ µt lÐ µadÐ µrs arÐ µ a mixturÐ µ of full sÐ µrvicÐ µ firms (DLJ DirÐ µct, Morgan StanlÐ µy DÐ µan WittÐ µr, DiscovÐ µr), wÐ µll-Ð µstablishÐ µd discount brokÐ µrs (FidÐ µlity and CharlÐ µs Schwab) and nÐ µw on-linÐ µ spÐ µcialist firms (Е*TradÐ µ). MarkÐ µt SharÐ µs, in tÐ µrms of onlinÐ µ trading volumÐ µs, arÐ µ such that just 9 on-linÐ µ brokÐ µrs havÐ µ 86 pÐ µr cÐ µnt of thÐ µ markÐ µt sharÐ µ. Individual InvÐ µstors havÐ µ to opÐ µn an account with a firm bÐ µforÐ µ commÐ µncing trading and thÐ µ minimum account opÐ µning balancÐ µ rangÐ µs from US $ 500 (with Jack WhitÐ µ and Company) to US $ 10,000 (with Wall StrÐ µÃ µt AccÐ µss, IntÐ µrnÐ µt Trading Com and J B Oxford). (Tower Group) AnothÐ µr important fÐ µaturÐ µ that attracts on-linÐ µ invÐ µstors is thÐ µ frÐ µÃ µ rÐ µsÐ µarch providÐ µd by thÐ µ on-linÐ µ firms. PrÐ µviously this was availablÐ µ only to largÐ µ institutional invÐ µstors. In addition to fundamÐ µntal information about stocks, bonds and mutual funds sophisticatÐ µd tools likÐ µ tÐ µchnical analysis rÐ µports and charts arÐ µ also availablÐ µ for frÐ µÃ µ. SomÐ µ of thÐ µsÐ µ arÐ µ also customizablÐ µ, Ð µithÐ µr fully or partly. ThÐ µ problÐ µm for invÐ µstors is onÐ µ of information ovÐ µrload and how to absorb all thÐ µ information providÐ µd as wÐ µll as analyzÐ µ and act upon it. RÐ µcognizing this nÐ µÃ µd somÐ µ firms havÐ µ takÐ µn concrÐ µtÐ µ stÐ µps to summarizÐ µ and focus thÐ µ information to mÐ µÃ µt with individual rÐ µquirÐ µmÐ µnts. PricÐ µ alÐ µrts arÐ µ a standard fÐ µaturÐ µ with most brokÐ µrs. (Berber) ThÐ µ nÐ µw on-linÐ µ brokÐ µrs do not havÐ µ any lÐ µgacy systÐ µms and in spitÐ µ of making hÐ µavy invÐ µstmÐ µnts in tÐ µchnology (which is thÐ µ backbonÐ µ of any on-linÐ µ trading systÐ µm) havÐ µ vÐ µry low transaction costs, typically about lÐ µss than 10% of full sÐ µrvicÐ µ brokÐ µrs cost.   ThÐ µ Ð µxisting discount brokÐ µrs likÐ µ CharlÐ µs Schwab who startÐ µd offÐ µring on-linÐ µ trading did so by Ð µstablishing a sÐ µparatÐ µ division for Е-trading rathÐ µr than risk thÐ µ wholÐ µ organization. ThÐ µ main worry for thÐ µsÐ µ brokÐ µragÐ µs has bÐ µÃ µn thÐ µ rÐ µlations and businÐ µss prospÐ µcts of thÐ µir Ð µxisting salÐ µs forcÐ µ of brokÐ µrs. (www.aboutschwab.com) Benefits of E-trading Switching over to E-trading results in several benefits, both to the user and to the broker. Benefits to Users Lower transaction costs: Typical brokerage-rates in India are in the range 1.0-1.5%, whereas the rates for E-trading are as low as 0.1 %. E-trading brings down costs of not only the execution of the transaction but also the transfer of securities. In physical purchase of securities, the stamp duty rates are 0.5% of the value of the shares. With dematerialization of securities, the stamp duly charges are not applicable, in the US, brokerage costs before E-trading was introduced were as high as 7%, and have now come down to about 1%.(Colkin Cuneo) Transparency: E-trading empowers the customer to transact directly on the stock exchange. It delayers the process thereby improving transparency. The user does not need to rely on the brokers word-of-mouth or transaction slips for confirmation of the price at which his trade was conducted. Convenience: Online trading is available at the click of a button » making it much more convenient for the customer to trade. Also, with limit based orders being allowed, customers can place their orders even during the non-trading hours, which are executed at the earliest trading possibility. Procedural benefits: Unlike the earlier scenario, where the customers had to physically go to the broker to complete the formalities of trade i.e. payment/receipt of shares, involving procedural hassles, under the E-trading paradigm, these procedures are done away with. The entire cycle-of-trade i.e. placing the order, transfer of funds and transfer of securities trade is done electronically. Benefits to Online Brokers Easier risk management: Offline brokers collect margins from their clients and establish limits for trading based on the same. This may result in a situation where the broker would have to collect funds after the execution of the trade, exposing the broker to client credit-risk. However, under the online mechanism, the system would first check the status of funds available with the client in his bank account and only then allow the trade to take place. This reduces the exposure of the broker to client-risk. Greater business potential: The new paradigm of E-trading, which allows simple, convenient and transparent transactions may encourage more participants to trade. It is expected that the introduction of E-trading will expand the market itself resulting in better business for brokers. Lower staff costs: Automation of the processes, resulting in reduced requirement of manpower, offers significant cost-savings to the brokers. Technology and Security Issues Technology companies have developed online transaction processing (OLTP) applications that allow real time transaction execution. An extension of the OLTP transaction is the Straight-through Processing technology that allows an application to directly interface with the central system of any market place, without any manual intervention. Straight-through processing technology permits financial software products to directly interact with the stock exchange system by communicating with the exchange market structures. (odysseytec.com) The cycle of E-trading has to pass through three layers: The Client Interface Layer: the front-end The Middle Layer: risk management systems that access data from banks and depository participants (DP), calculate client exposure at that instant, and give the Go/No go advice to the trade. †¢ The End Layer: the back-end, where the accounting modules, pay in/pay out schedules, etc, operate. From a technical perspective, there are three key success factors for E-trading: Scalability and robustness of the trading system: The fundamental difference between the Internet as a transaction medium and the conventional closed user group network is that the Net is a universal platform providing concurrent access to infinite users at any given point in time. Consequently, it becomes imperative for any Net-based application to have a prove capability for scalability and robustness, which ensures the ability to handle and process requests from multiple users at any given point in time. Bandwidth optimization: The application software should demonstrate intelligence in optimizing the available bandwidth by deploying advanced technologies such as streaming. Integration with third party systems: On the Net, with information feeds available from multiple. points, it is prudent to deploy applications that are built on open architecture methodology for interfacing with third party systems. Security Any system to be successful should provide security, reliability and confidentiality of data. This can be achieved through the use of encryption technology before the online trading begins. The exchange must ensure that records maintained in electronic form by the broker are not susceptible to manipulation, and adequate back-ups and storage are available. The security features demanded by regulatory authorities include a unique user identification number and passwords that can be renewed from time to time to prevent hacking by outsiders. The major security requirements of e-broking1 are: Trusted means of authentication over open networks Confidentiality of the transaction Means to ensure integrity of data in transit Means to ensure ruin-repudiation of payment or its receipt. Various security models are adopted to secure e-broking transactions. The commonly employed security models in e-Broking are: passwords. Secure Sockets Layer (SSL), Kerberos, Pretty Good Privacy (PGP), Public Key Infrastructure (PKI), and Custom Implementations. (Odyssey Technologies) Future of E-trading Industry Exchanges across the globe are exploring an alliance that will create a 24-hour global equity market. The NYSE and exchanges from three main time zones—Australia, Tokyo and Hong Kong in the Asia-Pacific; Sao Paulo, Mexico and Toronto in the Americas; and Euronext, the combined Amsterdam, Brussels and Paris exchanges in Europe—plan to form a trading mechanism that will allow trading of the worlds global companies. Each of the partnering markets will retain its brand and form a platform to allow companies with worldwide demand to experience 24-hour trading of their shares. This is expected to lead to a better price discovery on a global basis. (Marlin) The proposed Global Equity Market (GEM) link the trading systems of each exchange to provide a global market structure based on the principles of transparency, self-regulation and agency-auction price discovery. (Angel)   This high-tech linkup of auction markets will create a global pool of liquidity, facilitate global price discovery and provide investors with better access to global stocks. The GEM will address investors appetite for big-capitalized stocks by providing them easier access to stocks not currently available on their local Stock Exchange. The market capitalization of the companies listed on the participating exchanges is expected It) exceed $20 trillion, representing more than 60 percent of the worlds market capitalization. Like the 24-hour Forex market and its electronic network SWIFT, the GEM will have an Electronic Communication Network (ECN), thereby realizing the ultimate potential of E-trading.   (Marlin) Nowadays, the structure of commercial finance is about to change dramatically. In place of the traditional bank-centered model, where institutions call the shots about who gets loans and who carries risk, we are going to see dominant players in their supply chain (companies such as Hewlett Packard or General Electric) use E-trading tools to drive the provision of financial services in the future. Today, companies like HP, GE, GM, and FedEx already exert tremendous influence on their trading partners. Their expressed and inferred capital goods requirements drive billions of dollars in marketing, sales, investment, and product decisions by their global business partners. (Macauley) Emerging E-trading environments will provide an ideal vehicle for investors to get access to transactions at the point of salethrough independent E-trading platforms or direct access to legacy enterprise systems. Their development will drive a major revolution in working capital financing in the United States, and that the funding vehicle is securitization. And there is also belief that the runway to securitization of commercial assets is shorter than one might expect. Securitization is a proven financial technology that is used to fund trillions of dollars of credit card, mortgage, auto loan, and a variety of specialty consumer loans each year. It provides the lowest cost, is the most efficient vehicle for funding large pools of financial assets, and, with modest enhancements, can be adapted to the E-trading environment. With small equity charges, high liquidity, low processing costs, and capital markets pricing, it presents a compelling opportunity for E-traders. (Berber) Today a few triple-A companies like GE are able to fund their own working capital requirements through their captive commercial paper conduits, and finance companies frequently fund their deal flow through third-party conduits (and a thick layer of equity capital). (Kelly) But to do so, there is need to solve several complex problems such as standard risk scoring, transaction capture, and back office processing services. Major initiatives are underway to solve eachand winners will innovatively combine them to create this new marketplace. Ultimately, it expected to see hundreds of billions in capital liberated from de-levered balance sheets of enterprises around the world. Bibliography Macauley, John T. The End of CI Lending. ABA Banking Journal, Vol. 93, 2001 Colkin, Cuneo.   E-trading Hangs On. InformationWeek, Issue 918, (12 Sep 2002):43. Kelly, Susan. The Rocky Road to Corporate E-trading. Treasury Risk Management, Vol. 11 Issue 9, (Oct 2001):55 Berber, Philip. From SOES to E-SOS: The Rise of E-trading, The Fall of Exchanges. Securities Industry News, , Vol. 12 Issue 15, (04 Oct 2000):3 Marlin, Steven. NYSE Aims at E-trading. InformationWeek, Issue 1001, (8 Sep 2004):22 Tower Group Research: Online Brokerage Becoming the Norm: Discount and Full Service Brokers Seek New Ways to Differentiate, July 2004 New York Stock Exchange., The Formation of a Global Equity Market, July 2002 www.nyse.com/content/articles Angel, James J, Consolidation in Global Equity Market, An Historical Perspective, 1998 Odyssey Technologies, PKI for E-broking, www.odysseytec.com E*Trade Website   www.etrade.com Schwab Charles Company Website http://www.aboutschwab.com/schwabcorp/history.html FreeTrade by AmeriTrade Website www.freetrade.com The Financial Cafe.com Website www.thefinancialcafe.com

Freud and Jung Essay -- Psychology

Freud and Jung The psychological genre as it relates to sociological and medicinal matters has gained an increasing amount of scientific approval. Impartiality and the scientific method are both integral components to a psychologist’s mode of practice. However, even the most esteemed of psychologists can only speculate at what makes human beings act the way they do. Absolutes play no function in psychology. Everything is relative and open to conjecture. Theologians give us their visions or thoughts about life. In the field of psychology, there have been many different regions of interest and speculation. Psychoanalysis has been the pinnacle of arenas to examine within the vast field of psychology. Psychoanalysis has been an area that Carl Jung has explored, critiqued and perfected in his lifetime. Jung was not alone in his exploration of the psyche; there were many other psychoanalytic perspectives as well. Carl Jung was said to have been a magnetic individual who drew many others into his circle. Sigmund Freud was Carl Jung’s greatest influence. Although he came to part company with Freud in later years, Freud had a distinct and profound influence on Carl Jung’s psychoanalytic perspectives, as well as many others. Within the scope of analytic psychology, there exist two essential tenets. The first is the system in which sensations and feelings are analyzed and listed by type. The second has to do with a way to analyze the psyche that follows Jung’s concepts. It stresses a group unconscious and a mystical factor in the growth of the personal unconscious. It is unlike the system described by Sigmund Freud. Analytic psychology does not stress the importance of sexual factors on early mental growth. The best understanding of Carl Jung and his views regarding the collective unconscious are best understood in understanding the man and his influences. In keeping with the scope and related concepts of Carl Jung, unconscious is the sum total of those psychic activities that elude an individual’s direct knowledge of himself or herself. This term should not be confused either with a state of awareness, that is, a lack of self knowledge arising from an individual’s unwillingness to look into himself or herself (introspection), nor with the subconscious, which consists of marginal representations that can be rather easily brought to consciousness. Properly,... ...s. Freud's assumption that sex is the driving force behind everything could also be a product of his times. Sexual feelings were often repressed. The problem with paradigmatic assumptions is that each person grows up in a different culture and some theories don't apply to everyone. The problem with psychology remains that it is not an exact science. Though Jung’s ideals may have been molded by Freud and further critiqued and perfected, it may further be perfected in the future. And such is the arena of science, an ever-changing, dynamic field that undergoes much scrutiny and much refinement. Works Cited Carl Gustav Jung: BK. Rev. The Economist, Vol. 340 September 14, 1996 Coon, Dennis. Introduction to Psychology: Exploration and Application, 7th Edition. Minnesota: West Publishing Company, 1995. Ellenberger, Henri F. The Discovery of the Unconscious. The History and Evolution of Dynamic Psychiatry. New York: Basic Books, 1970. Freud, Sigmund. The Basic Writings of Sigmund Freud. Brill, A. A.: Dodd, Mead and Company, Inc., July 1979. Piaget, Jean, et al. The Psychology of The Child. Berkeley and Los Angeles: University of California Press, Ltd., 1972.

‘My Swordhand is Singing’ Develops Essay

This novel is based around a small village called Chust, in Romania. Chust is a small 17th century village surrounded by a large and sinister wood, full of shadows of unease. The villagers were frightened of the wood, and all that it contained. They were wary of ‘outsiders’ and were led by tradition. They especially believed in the Miorita, a song about a shepherd murdered by his fellows and through a lamb, he sends word to his mother that he is not dead but has gone to ‘marry a princess from a distant land.’ They believed in vampires and ghouls and the Shadow Queen. Peter and Tomas lived a nomadic life. They moved from place to place and were not accepted in Chust. They were wood-cutters and lived on a little island with flowing water around it. Peter does not understand the significance of this moat and thinks it is just an attempt to try and bond with him. It was the first time in years where Peter and Tomas were working together and enjoying it. It is a metaphor of their own existence; lonely, isolated and secretive. Tomas has no interest in making friends and shuns society. This means that Peter doesn’t have the chance to make relationships as they are always moving around. This exacerbates his sense of isolation and makes him resent his father more. Peter does not understand what Tomas was running away from, mentally or physically. Before Peter was born, Tomas was enrolled to fight with King Michael, the ‘Winter King’. The fighting was long and savage and there was lots of bloodshed. When invading a small Turkish town, Peter found a sword. This was not just any sword. It had the power to kill vampires. â€Å"The sword was made in a land were vampires were common. This sword has the power to vrykolakoi for good.† Vrykolakoi are the living dead, souls, escaping from corpses. When Tomas’s wife died giving birth to Peter, Tomas believed his life wasn’t worth living. He had lost the only person who had cared for him, who loved him. This was ironic because his job was to return dead souls who want to be alive and here he is with no will to live and wanting to die. He doesn’t recognise the needs of the living like he does the need of the dead. Tomas starts drinking to numb the pain of his wife’s death. This is one of the main causes of Peter and Tomas having an intermittent relationship. Tomas gets infuriated as Peter always tries to stop him drinking but Tomas sees it as an invasion of freewill. â€Å"By the time Peter got inside, Tomas had already poured himself a glass of rakia. ‘Have some?’ he asked. Peter shook his head. ‘For God’s sake!’ his father shouted, without warning. ‘For God’s sake, drink with me for once!† Peter is scared of Tomas. He is intimidated by his father. He feels that Tomas is holding him responsible for his wife’s death. The live in their own worlds. â€Å"Who is ‘we’? There is no ‘we’ here.† When Peter was 5, Tomas had made him a wooden goose. Tomas was very skilled at carpentry and it was a beautiful masterpiece, a gift of love. In a fit of rage, Tomas destroyed the goose. By doing this he was breaking any bond that he had made with Peter. Peter tried to make another goose, but it was never as good. This symbolises their relationship, never to be as good as it once was. As Peter was growing up, Tomas lied to him to keep the truth from coming out about his past. Whenever Peter went into Chust to deliver logs, he would come back with stories. Stories about flocks of sheep being attacked and people dieing. Peter would tell Tomas of these but he would be scornful of them, and me for believing them. â€Å"There’s all sorts of commotion in the village’, Peter said. ‘Sheep have been attacked in their sheds.’ ‘So the wolves are getting hungry. What of it?’ ‘It’s not wolves. Well that’s what they’re saying in Chust’ ‘Pah!’ Tomas spat on the floor. ‘Idiots! And you’re and idiot too for listening†. For as long as Peter could remember, Tomas had a box. Tomas had said, ‘Do not look in the box under any circumstances’. For Peter, this is just another mystery about his father and impairs their relationship. At the end of this novel, Tomas rode into the crowd of hostages and started slaying them to the ground. Tomas knew he was going to die and this was a last effort to show Peter that he always loved him and that he was a good father. As soon Tomas was engulfed by the vampires, Peter immediately picked up the sword and fought until they were all dead. This is know as the ‘Elizabethan Revenge Tragedy’ stating that is you’re father dies you must avenge his death. When Peter went back from the battle he found a wooden goose in the tool shed. This was to symbolise that he has moved from place to place all his life and he should carry on moving, like a bird. â€Å"Tomas’ eyes were closed, but in his mind he could see Peter twisting and stroking the blade from side to side. ‘That’s it. Feel it.’ In his heart, he heard Peter’s reply. ‘Yes, Father. My swordhand is singing.’