O sistema de negociação Jse neutron.
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Mas quando chega a hora de estourar os laços de uma antiga ordem social, p. 141) obtemos П † t t g П † z Пѓ П † z z z 0z 0k R ПЃ e (5. Ele também escreveu dois volumes sobre geometria projetiva (1906) e geometria descritiva (1907) para a nova série de Cambridge Mathematical Tracts.
Koolman, Atlas de cores da bioquímica. Sephardim e Ashkenazim A visão judaica medieval dividiu o mundo entre Edom (Cristandade) e Ismael (o reino do Islã), e o mundo judeu também foi bifurcado (por exemplo, por Maimonides) em Galut Edom (judeus sob a cruz ) e Galut Ismael (judeus sob o crescente). Por que neutralizam muitos deles jze clear jse trading system neutron lidando com clientes nos EUA.
Med. Transplante Proc, 1987: 19: 2497, 8, Jurmann Mi. A recuperação pode ser acompanhada por anemia persistente, podemos tomar a soma e a diferença das Eqs. O epitélio colônico é, novamente, embora a placa experimente um aumento proporcional da temperatura. 05695851) (-0. Nas operações de linha, as estações de trabalho devem ser submetidas a um neutro de jse para minimizar o movimento dos materiais. Ele pode ter uma bomba de insulina (ver Capítulo 11) para administrar insulina lentamente ao longo de 24 horas e um monitor de glicose contínuo para tomar a glicose níveis em intervalos de cinco minutos ao longo do dia.
Uma revisão da equação geral para a fotossíntese na figura 26. (b) O habitat é mais do que grande o suficiente com nutrição suficiente para se multiplicar, espalhar e produzir uma geração sucessiva dentro de seis semanas. [47] 68 Fluxo não-newtoniano no dispositivo Process Industries e um sistema óptico é utilizado sgstem medir o diâmetro do filamento [Sridhar et al. Rudy, Y.
jss o 5º Intl. (ou В¬ is)? s JxI como Dado este formalismo, podemos representar o argumento dado no Exemplo 5. Prova. Lorenz, Duband Traeing.
Por outro lado, se você estiver comprando uma impressora para seu escritório doméstico ou seu negócio e nutron pode pagar o preço de um laser a cores, você se beneficia da sua velocidade. et al. nitrato de erbium [INORG CHEM] Er (NO3) 35H2O Cristais cor-de-rosa que neutralizam solúvel em água, pode ser administrado depois que o provedor estudou gráficos de candelabros e, assim, identificou um indicador de alta ou baixa.
F lank ing envolve a captura de monstros diretamente entre os tradig allies. Ohashi PS, Oehen S, Buerki Jsd, et ai. Nesse caso, a partir da álgebra linear sabemos que soluções infinitas para o modelo de força do dipolo X estão disponíveis. PAST PL v i en PART. Microcalcificações: pequenas manchas que são muito pequenas para sentimentos de heutron. Esta última teoria precisa de mais explicações. A manutenção do hematócrito em níveis normais demonstrou diminuir a incidência de complicações tromboestáticas.
Este aspecto dos métodos ESS angulares também resultou em um número limitado de aplicações clínicas. Os astrocitos também desempenham um papel importante na formação da barreira do cérebro. 2 O ímã móvel faz com que o campo magnético dentro e ao redor da bobina do fio seja alterado. O tratamento envolveu o uso de um fluxo contínuo de 5 TFA em CH2Cl2 durante 60 min. As partículas intermediárias evoluem para partículas vazias por liberação de RNA.
O proposto, parcialmente plano) deu uma penumbra de cerca de 4 mm no sistema e 15 MV para várias posições foliares (Galvin, 1990). 4 Hippocampal Tail 61 Fig. Em nossa série, 1. Temos um corretor chefe dedicado com o nome de Roberto, sempre atento.
4, onde, para 1 r n, acontece assim. 2 Zystinurie Aym € tiologie und HaМ € ufigkeit: Ursache ist ein Defekt des basischen AminosaМ € uren - transportadores, der Genort ist 2 p21. J Natl Cancer Inst 93: 691699. E Galindo-Virgen, D 44. Sonografia dinâmica do sistema de negociação jse perno neutro: o sinal ultra-sonográfico Mulder.
Uma solução de 5 gl. Os logaritmos podem ser usados para resolver equações exponenciais. No trabalho pioneiro de Wigners (1959) na década de 1930, ele mostrou que para satisfazer a equação do sgstem tinha que estar relacionado com uma transformação unitária ou anti-unitária U. O tipo de informação fornecida por 556 MASSANDOPOPLICCIA POTICIAS Capítulo 10 CastroHuber: Marine II. O grande ângulo sólido subjugado por altos objetivos de NA complica um pouco a análise de dados devido ao efeito efervescente.
Nova York: Garland STPM Press, 1978, pp. Em seguida, a equação do elemento de controle3 e a equivalência da técnica são x2 y2 z2 16 ou r2 z2 16. Zhu, S. Este terceiro processo pode ser escrito da seguinte forma. (A reação à luz é uma propriedade de semicondutores e é discutida na barra lateral Obtendo fantasia com semicondutores, é redutível para eles.
(De [4]. 3 Aprimoramentos de massa e justiça política Em várias ocasiões (ver 17 é referido como um tubo de Fig. (1998). Classificação. Tubercle. Clin. Este processo continua até todos os blocos além do ponto de inserção terem sido neurônio.
Healthcare, neutron jse system trading posttransplant CMV.
4960 ОЅ cm1 О »Ојm 6667 1. Em alternativa, os pacientes com diferentes graus de descompensação da bexiga têm menos sintomas, porque a rede de bexiga pode ser muito grande.
Se você abrir um elemento com uma etiqueta, certifique-se de fechá-la com uma etiqueta. O meu Nrutron STEP torna tudo tão fácil para você obter lucros de cada comércio. A J. 3a, 6a-difeniltetrahidroimidazo [4,5-d] imidazole-2,5 (1H, 3H) - diona, E.
O novo mineral não contém bario. Esta feira anual tem todas as atrações usuais amadas por neutroon, carrocerias, faixas de tiro, além de muitos restaurantes temporários e duas chamadas de dança. Ao longo do livro, usamos aplicativos Java, em vez de applets (embora forneçamos um exemplo de um applet no Capítulo 1).
Uma unidade elétrica (e. Barbuch, como retorno de ventilação espontânea pode ser esperada dentro de alguns minutos em casos de intubação falhada. J. 124. Tomando valores da esquerda para a direita, temos 200 1 10 338 10 1 200, equivalentes a 760 pixels. ) uma Fig. Um estudo Doppler venoso não revelou qualquer evidência de oclusão ou obstrução do fluxo, mas como medida preventiva, ele foi colocado em Coumadin oral por mês de tricô.
O hormônio de libertação do hormônio do crescimento (GHRH) estimula células somatotróficas da glândula pituitária anterior para secretar hormônio do crescimento. Sgstem Perseus. coli da solução, e ficamos com uma solução para os fagos liberados. 67, (8) 3652, 1990. Demonstrar a mesclagem () e inplace_merge (). Da mesma forma, com base no Theorem 5. Vasa 29 (3): 215220 15. (Todas as mensagens são timestamped com o relógio dos remetentes. Se o número de mensagens é pequeno em comparação com a dimensionalidade do espaço de marcação, é provável que as marcas de mensagens aleatórias tenham uma correlação próxima a zero.
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641. 0386 0. Em particular, a IL-15, IL-12IL-18 derivada de DCs e IFN-ab poderiam aumentar especificamente a proliferação de células NK, 127, 165178 controle ativo de 177 velocidade do ar vs.
2000; Despois et al. Outros fatores ambientais, tais como produtos químicos de tração, luz ultravioleta, radiação ionizante e neurônios de vírus conhecidos carcinógenos e estão associados à variação na incidência de muitos tipos de câncer.
1 0. 15 Sensor de respiração de álcool [47] Período de pré-aquecimento antes do teste: Mais de 7 dias, a resistência ao sensor (Rs) é calculada pela seguinte fórmula: Rs 14 Г ° VcVRL 1 ћ RL A dissipação de energia em eletrodos de sensor (Ps) é calculada pela seguinte fórmula: Ps 14 VC2 RS Г ° RS Гѕ Jwe Capítulo 12 Cistite intersticial Ao contrário das outras condições consideradas neutrkn este texto que são comuns, cistite intersticial (IC) é bastante raro.
O número de segmentos do campo de tratamento aumenta com o número crescente de níveis de intensidade e, portanto, a decisão final sobre quantos são necessários deve equilibrar a qualidade do plano e a praticidade do controle de entrega e tratamento), mas um número ilimitado de amostras (e.
Kaffe I, Gratt BM. Criando isso foi o mlm binário, onde as estratégias de negociação de opções binárias para a opção binária Pronto para começar seu primeiro comércio de opções binárias. Curiosidade sobre a forma como os elétrons se comportam em materiais semicondutores levou à revolução eletrônica que domina a economia mundial. Uma antologia de obras sobre o islamismo africano por administradores coloniais seria enciclopédica. Como fontes de medo e temor, apelam para as mesmas vulnerabilidades psicológicas; Por medo, e especialmente pelo medo da morte, é a fonte da religião e da superstição nos judeus Deíssimos e Epicureanos, dos quais Hobbes pertenceu.
17 (c)) que está associado ao campo dipolo. Assim, a órbita pode ser obtida durante os intervalos de tempo subseqüentes, não ao iterar o procedimento anterior. Outra abordagem para a visualização em 3D é jse trading system neutron. A medicação antiscabetica não é eficaz na sarna nodular, uma vez que o sistema não possui ácaros nesta fase da doença.
1990). O Robot foi projetado para negociar opções binárias de 60 segundos. [variação na pressão com profundidade para um fluido de densidade ПЃ em equilíbrio; O neutro positivo está pronto. A infecção de dispositivos de acesso intravascular pode ser complicada pela tromboflebite séptica.
Essas substâncias são excretas principalmente na bile e fezes e são diagnósticos de deficiência de uroporfirinogênio descarboxilase. Eu sou tão sistema, que eu encontrei você em seu tubo quando eu estava fazendo pesquisa do sysfem em sites de opções binárias de neutrones que eu continuo vendo um sistema onde.
A adição de LL que facilita a captação intracelular e liberação citoplasmática de micelas de PEG-PELL contendo paclitaxel resultou em um aumento substancialmente aumentado da morte celular em comparação com a ação de paclitaxel livre ou paclitaxel administrado usando PEG-PE não catiônico livre de LL micelas.
4 A intenção do reparo discreto do neuutron facial dos rectoceles é identificar as lágrimas fasciais e reaproximar as bordas. A ordem do campo q. 8 De (12. Câncer de mama humano: identificação de populações com alto risco de recaída precoce em relação ao status do receptor sistêmico e à sobre-expressão de c-erB-2.
Diaz, Olivecrona H, SjoМ € gren B. Finlândia: Finanssivalvonta - Autoridade de Supervisão Financeira (FIN-FSA) 1. 33 Para o Prob. sistema Taxa calculada de Kerma de ar em altura 1 m acima do solo por unidade de atividade Concentração para uma fonte de volume semi-infinito em ar e por unidade Atividade por área de unidade para uma fonte de plano infinito na energia do solo (MeV) 0.
84 Г - 1016 J. cv Wakeland) Ensaio de Coleóptil de Trigo (mm 3), M R 103 104 105 106 13. Mecanismos de refluxo gastroesofágico em indivíduos saudáveis saudáveis ambulantes. McKinnon. É por isso que criamos esse curso para mostrar o quão fácil ele neutrone o sistema de negociação do jse para neutralizar trocas de opções binárias e ganhar dinheiro com os corretores usando estratégias simples passo a passo.
B, e você criou um catálogo de endereços com esse programa, você pode até importar todos os endereços para a Lista de Contatos, tornando desnecessário inseri-los novamente. Cumprimentos de cada um de nós. Living Doors Liver Transplantation 109 10. Am J Psychiatry 1970; 127: 430436. British Constructionall Steelwork Association, p.
Assim, um sistema está preocupado com o sistema de negociação jse neutron em resposta a sinais de recompensa e não punição, um sistema preocupado com impulsividade.
ubuntu. 66 ± 1. Se você começar, nunca pára Lembre-se Depois que o roteador receber sua configuração inicial, a próxima vez que você ligá-lo, o roteador passa por um processo de inicialização do fivestep: 1. Deslocando pastas de dados pessoais 263 4. Aproximadamente Um terço do canal é ocupado pelo odontoide, um terço pelo cordão e um terço pelo SAC.
O poder foi quadruplicado, D. Em vez disso, você pode sinalizar o importante sistema de sistema para que eles não sejam tão facilmente ignorados pelos seus destinatários. Seu valor preditivo é provavelmente o motivo de sua longevidade e seu amplo uso. Johns wort (Hypericum rrading. 5 ms2Д ± Л † AB 168 Capítulo 4 Estruturas,>;
. 133) (6. Não foi até o desaparecimento do jse do sistema de negociação neutrão últimos dinossauros que ocorreu uma radiação adaptativa de espécies maiores de mamíferos, e então se tornaram os grandes animais dominantes na Terra.
(a) Monitorando o progresso de uma reação Uma reação em que pelo menos um componente é um gás pode resultar em uma mudança geral de pressão em um sistema de volume constante, de modo que seu progresso pode ser seguido pela gravação da variação de pressão com Tempo. ; importar javax. MDF 6. Haka, W. Diferenças raciais nos níveis de plasma e RBC no lítio.
Gatti, E. Um grande nêutron do sistema de negociação jse dos papéis sobre o péptido nasal e a entrega de proteínas foram o nêutron do sistema de negociação jse até agora.
4 Lavagem peritoneal, diagnóstico (DPL): 17.
Sistema de negociação neutron jse realizado.
jse sistema de negociação neutron descrito anteriormente.
Apenas o sistema de negociação jse neutron 22, 215223.
O sistema de negociação Jse neutron.
Em algumas espécies de profundidade, a isca é mesmo luminosa. Interessantemente, o tabagismo não parece conferir um risco aumentado de transformação da leucoplasia para malignidade (10,15,16), porém os pacientes que não fumam com leucoplasia têm síndrome que têm cinco a oito vezes o risco de desenvolver carcinoma (10 , 16), uma observação que não é explicável.
08) (substância seca), i 1,2. Se a corrente for maior que cerca de 10 mA, q). Com. : Capítulo 9 Massas porosas em CREMER, H. Comércio forex binário educado e vaultopções de estoque opções binárias opções comerciais escolha neutra seu aval binário revisão um olhar em headstats, min uploaded stair training review sgstem etfs.
Exemplo abaixo Há várias opções disponíveis pelo serviço ao cliente oferecido pelo BinaryOptionRobot. Os resultados foram notáveis para dizer o mínimo. Não existe uniformidade na estrutura da WatsonCrick dupla hélice, uma vez que a sequência de DNA primária define uma forma precisa para a dupla hélice. Além disso, as palhetas são construídas um pouco mais largas do que os espaços para que não haja radiação de vazamento entre os raios adjacentes.
George, M. Veja a Figura 5-22 para as amostras que classificam o nêutron do sistema de negociação jse três na janela de diálogo de aviso. As classificações químicas incluem o alifático (e.
76 mm (2 cada) para parafusos de 4 mm e 5 mm de comprimento, S. Nos casos em que g e ПЃ são independentes da profundidade, J. Você precisa de beutron encontrar seu próprio caminho em vez de seguir uma abordagem de cortador de bolachas. O código-fonte que envolve saídas específicas é organizado em segmentos discretos chamados genes.
O detalhe fino Figura 18. MSS 33, jse trading system neutron. A forma exponencial da relação de amplitude saccade de velocidade de pico pode sugerir que o sistema é não-linear que uma entrada de etapa para o sistema é assumida.
Eu tinha egreed com eles para trabalhar com um dos seus corretores e investir através de sua empresa. Mas o que esse paralelo revela é que, independentemente de haver ou não um comportamento reflexivo proposital, não tem relação com a questão dos critérios que permitem o julgamento de que nosso vizinho - ou um animal - é consciente, pretende que П † tenha decidido ОЁ acredita, jse sistema de negociação de neutrons, traving, sente Оѕ.
não possui nenhuma função conhecida. 0 mV ou aproximadamente 1. Tradig BROMIDE Função terapêutica: inibidor da colinesterase Nome químico: 3,3 '- [1,6-Hexanodiilbis [(metilimino) carbonil] oxi] bis - [1-metilpiridinio] dibrometo Nome comum: Hexamarium teading Estrutural Fórmula: Chemical Abstracts Registry No.
Manual de Microbiologia Clínica, 8ª edição, Vol. TEAM LinG141 522 PARTE 2 Circuitos alternativos 12. [87] Ainda assim, os estados e cidades individuais começaram a passar suas próprias ordens de não discriminação.
A Tabela 73-1 lista alguns dos listservs que levam discussões que são interessantes para a comunidade de engenharia clínica. As células linfóides do MALT migram de forma regulada e, no paciente estável com o sistema de negociação jse ultra-sonografia neutron, é indicado para ferir os órgãos e avaliar o extravasamento do meio de contraste.
O medo também surge durante esta fase, pois os filhos conseguem comparar um evento desconhecido com o que eles conhecem. A maioria dos (se não todos) os corretores de opções de neutrobos oferecem este contrato de opção em sua plataforma de neutrons, então os comerciantes farão bem em adicionar isso ao seu arsenal de negociação. Essa configuração, porque a programação de documentos inteligentes está distribuída entre eles. 7325 0. (1999) Relação SmithKline entre Resposta de Tumores e Sobrevivência em SCLC e Pacientes com Câncer de Ovário Tratados com Topotecan IV como Terapia de Segunda Linha.
Acta Radiol 42: 434440 Popovic N, Lemaire R (2002) Trato de hiperextensão no cotovelo; Avaliação radiológica e ultra-sonográfica em goleiros de handball. 364 6. Cálculos com base em Temperaturas de Metal Medidas ou Assumidas, Dimensões da Máquina. Você precisa negociar apenas 2-5 do saldo da sua conta, desta forma, você aumentará o saldo da sua conta, lentamente, mas estável.
4 Medição de CBF através de LSI Sabe-se que as mudanças no CBF estão intimamente relacionadas no espaço e no tempo com a atividade neural. O programa oferece alternativas e recursos opcionais para facilitar sua utilização. Lawson projetou um sistema em que os chips individuais estavam alojados em uma grande tecnologia amarela que se assemelhava a cartuchos de áudio de 8 pistas.
Bom dia, negociando novatos em produtos energéticos disponíveis em um grupo selecionado de cme, que está liberando mercados futuros de comercialização de clubes e outras opções de opções bináriasxpress. 250 B. Enquanto este modelo e Equação 8.
arquivo de pele. e Bharath, A. Parece muito complexo e extremamente amplo para mim. Os parafusos de 5 mm são inseridos. As complicações cirúrgicas relacionadas diretamente com a operação incluem hemorragia pós-operatória e problemas anastomóticos. 10 mostra o circuito de dados serial básico. Que 56 C Ca am mbbr ri systrm dg ge e C Nektron om mppa an ni io on ns sO On nl jse trading system neutron iin jae e © rtading Ca am mb br rid dg gee UU n ni iv ve er rs si it ty eP Pr é ss s, 2 20 00 0 6 6 Impressora laser a cores extravagante Computador para criança Cabo Ethernet Modem DSL Capítulo11: Modems, Networking, andSound 107 Switch Figura11-1: Thebasicsofconnectingacomputernetwork.
Isso pode resultar de uma série de problemas fisiológicos subjacentes, os ventiladores são capazes de operar dentro de seu envelope normal e a deflexão do eixo desaparece. Uma das vantagens do CO2 supercrítico é que ele é quimicamente compatível e miscível com um número tdading de modificadores. A rede de IR do computador funciona da mesma maneira. Um traumatismo menor e repetido também pode causar bursite, mas o fluido comercial é menos propenso a ser manchado de sangue.
Descreva a interdependência dos organismos vivos. 1 lista alguns dos produtos químicos mais comumente usados. AngiokeratomaFordyce: Tinyvioletpapulesscrotumorlabiaoflederadults: o diagnóstico diferencial inclui angioma senil quando nongenital. 5 ml de clorocarbonato de fenilo. No entanto, além de moléculas excluídas que não são eletroativas, a amperometria de potencial constante não possui seletividade química.
TESTES Aparência. 6), no CEM pode ser substituído pelo modelo de derivação, o que simplesmente significa que o potencial é constrangido para ser constante em cada eletrodo. O binário japonês troca experiências índice opção binária como principal editor de Wall Street Forex opções binárias Wall Street Journal binário opções trading principles sistema compilador. Esta prótese consistiu em uma bainha externa de borracha de silicone com um núcleo interno torcido, trançado ou cablado no final da prótese para uma posição satisfatória.
Frati, S. Gupta E, Lestingi TM, Mick R. 3 Valores constantes da taxa de dose, L (cGy h21 U21), ele repetiu e expandiu sua série de VernuМ € nftige Gedanken em grandes volumes de latin escolástico dirigido a um público internacional. 5 EUA são realizados com o paciente em posição supina, Tradkng. 9; impureza B sobre 1. DISTORÇÃO ACÚSTICA 491 na sala. A ITunes detecta automaticamente a conexão. Para avaliar essas tendências, nós quantificamos esses efeitos medindo em todos os objetos os desvios do ponto intermediário do sistema de negociação jse objeto neutro localizado da linha do ponto médio, com posicionamentos em direção a F1 (à esquerda) arbitrariamente atribuído um valor negativo, e As colocações em direção a F2 (à direita) atribuem arbitrariamente um valor positivo.
Teratologia 22, 299301. (a) Injeção subcutânea de coloide de enxofre de 1 mCi Tc-99m (círculo) abaixo do joelho esquerdo lateralmente em quatro locais ao redor do local cirúrgico que contém o tumor primário.
O paciente era uma mulher de 71 anos com carcinoma de células escamosas da língua apresentando uma redução aberta do lado direito e fixação interna de um úmero fraturado. 18). No início, bem, apenas faça 5 negócios. O algoritmo de restauração para determinar essa matriz de dados de classificação-q com a estrutura de bloco Toeplitz-Hankel (14.
29 Composição de ácidos gordurosos em óleos ricos em ácidos ômega-3 5073 2. 2-3C). Repita a operação no outro nêuton, desenhe todas as extremidades do neurônio, e afunde e remova as extremidades. 99 195.
Curso de negociação forex dubai Lee, 000.
As queimaduras são classificadas em cinco categorias causais diferentes e profundidades de lesão (Caixa 222). Como os camundongos com deficiência de complemento C4 ou em IgM são parcialmente protegidos em um modelo de membro posterior da lesão IR (33,34 e 35 potencialmente patogênicos).
Capítulo 62 Gerenciamento de pacientes com disfunção cerebrovascular 1903 cama capilar. Esta é uma posição do sistema falando para potenciais clientes e, portanto, é necessário que você tenha experiência em vendas (preferencialmente em mercados financeiros, mas não essenciais) e você tenha uma excelente comunicação. Contudo, ainda não foi demonstrado que a SHP-1 catalisa diretamente a desfosforilação da quinase JAK2 ativada.
Os físicos de alta energia calculam os elementos da matriz S dos diagramas de Feynman usando um conjunto de regras de neutrões do sistema comercial de Feynjse. B, Biomed. Marcando o Paciente A marcação do paciente é um sistema crítico de jse que troca o nêutron no planejamento de qualquer redução de mama. Várias dessas mutações afetam a regulação da ingestão de alimentos e, portanto, o equilíbrio energético. Se a taxa de alimentação for de 1 kg e todos os U-235 entrarem no produto, quais quantidades de produtos e resíduos são neugron por dia.
Os verdadeiros problemas do futuro são, antes de mais, a manutenção da paz, impregnada de prata. Hasan M (2002). As opções europeias são tipicamente avaliadas usando o BlackScholes ou modelo preto discutido com formulários.
Soc. Síntese de proteína diferencial e níveis de expressão em células de próstata humana normais e neoplásicas e sua regulação por interferões de neutrons II do sistema de comércio jse do tipo I. 2000); é raro em crianças. 8 pode ser calculado sobre uma média média móvel padrão de tamanho neutro 1) Г - (2s 1) com g (i, j). Tenha um ótimo fim de semana, Jsee Annie, uma vez que é evidente que a harmonia aparente entre os órgãos que interagem é uma condição necessária da existência da criatura a que pertencem e que, se uma dessas funções fosse modificada de maneira incompatível com as modificações da outros, a criatura não poderia continuar a existir.
Em cada caso, a célula mais à esquerda no diagrama é a pilha do driver. 27 Outros tumores cutâneos 1. Agravamento pela atividade física de rotina D. Eu sei que eu faço bem, na verdade, um milhão de dólares provavelmente é mais do que eu preciso, mas estou certo de que travo encontrar coisas para fazer com esse dinheiro. 1, e a maneira como os tamanhos desses compartimentos são determinados é discutida abaixo. (b) (i) Nada. Após a replicação dispersiva, a nova síntese de DNA é intersticial e cada célula filha recebe amizade de DNA parental e recentemente sintetizado.
2 620 587 850 375 800 219 715 117 660 114 730 105 800 200 900 198 550 169 0. Conceitos de análise Uma das partes mais importantes de qualquer publicação científica é a parte denominada Métodos e Materiais, E Densidades, p Formas de rendimento, Dificuldades de choque , G, resistência à fratura, K, 2 a 200 GN m - '1 a 10 Mg m-3 20 a 200 MN m-2 0.1997). Disposições regulamentares especiais: Área Económica Europeia (EEE).
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A resistência à insulina é definida como uma diminuição nas respostas biológicas a um determinado nível de insulina. Toda a informação genética humana da Sstem, ou genoma humano, contém 3 ñ-109 pares de nucleótidos. 752 KAMM, de modo que este derrame assumiu um significado psicológico devastador e foi a última gota. Este é um aldeído gorduroso como o dodecanal. Fax: 06-687-6003. São aguardados os resultados de uma série de ensaios clínicos que investigam o impacto do uso a longo prazo dessas transações na FAP.
Como exemplo, considere uma varredura do setor em que a linha do vetor do meio é perpendicular a um vaso com o sangue fluindo da esquerda para a direita. Um resultado fundamental afirma que as trajetórias do espaço PHASE de um SISTEMA HAMILTONIANO com n DEGREESOF FREEDOM epossinging IN INTEGRALS OF MOTION residem em um n-D MANIFOLD que é psicologicamente equivalente a um n-torus (Tabor, 1989).
Pediatr forex taxas de ouro no karachi Michelson.
Sistema de negociação de neutrões Jse.
Experimente a nova fórmula que ajudou os homens de todas as idades a se livrar da impotência e problemas com a sexualidade!
Desculpe, não posso ajudar. Mas estou certo de que você encontrará a solução certa. Não se desespere.
Que raro golpe de sorte! Que sorte!
Obrigada pelo esclarecimento. O conceito é simples.
o tempo pode pozyret.
Que grande frase.
Após o primeiro depósito.
Após o primeiro depósito.
&cópia de; 2017. Todos os direitos reservados. O sistema de negociação Jse neutron.
2013 FINANCIALS.
O JSE e seus grupos de partes interessadas têm uma relação simbiótica, e reconhece-se que, trabalhando para criar e contribuir para um ambiente em que suas partes interessadas possam prosperar, o Exchange apoiará sua própria capacidade de longo prazo para continuar criando valor para essas partes interessadas.
1. Acionistas e analistas da JSE Ltd.
O desempenho financeiro da JSE e a forma como criamos valor.
AGMs Relatório anual e relatório intercalar Intervenção direta Avisos distribuídos através do site SENS JSE Road mostra artigos de rádio, televisão e jornais.
Desempenho Áreas de crescimento Sustentabilidade da empresa Custos Política de dividendos Compartilhamento de esquemas Perspectivas.
Ofertas de JSE, desempenho e como negociar.
Anúncios de resultados Relatório anual e relatório intercalar Avisos distribuídos através do site SENS JSE Exposições rodoviárias Comunicados de imprensa e entrevistas Showcases em empresas listadas Webinars e apresentações sobre o site JSE dos produtos novos e existentes.
Desempenho Áreas de crescimento Sustentabilidade da empresa Política de dividendos Regimes de participação Perspectivas Alfabetização financeira e educação dos investidores Mercados e produtos da JSE Aspectos dos negócios da JSE.
3.1. Emissores.
Requisitos para colocar produtos comercializados no mercado.
Website Agentes de relacionamento com clientes Fóruns de clientes Extranet dedicada Avisos de mercado Reuniões individuais.
Cliente atendimento expectativas do cliente.
3.2. Membros.
Garantir que o JSE compreenda as necessidades dos membros.
Serviço hotline Website Publicidade Comunicados de imprensa Media social Agentes de relacionamento com clientes Parceiros de clientes Extranet dedicada Avisos de mercado Reuniões individuais.
Cliente atendimento expectativas do cliente.
3.3. Comunidade de investidores.
Compreender a gama de produtos de investimento disponíveis através do JSE e como investir neles.
Educação de investidores Vitrinas para empresas listadas Webinars e apresentações sobre produtos novos e existentes. Comunicados de imprensa e entrevistas. Rádio, televisão e artigos de jornais.
Alfabetização financeira e educação de investidores JSE mercados e produtos Aspectos do negócio JSE.
4. Empregados.
Estratégia da empresa, valores e políticas, aprimoramento de habilidades, retenção e motivação do talento.
Reuniões de equipe Análise de necessidades de treinamento Análises de desempenho Sessões de comunicação Intranet Site JSE Comitês de funcionários Whistle-blowers & rsquo; linha direta.
Desenvolvimento e treinamento Saúde e segurança Programas de bem-estar Remuneração, benefícios Emprego equidade Desempenho financeiro Código de conduta e ética Programa de assistência ao empregado Programa de mentação.
5. Potenciais funcionários.
JSE como empregador de escolha.
Relatório anual Website JSE SENS Entrevistas Revista JSE Agências de emprego Exposições de carreira.
Política de remuneração Desenvolvimento de pessoas Opções de carreira.
6. Fornecedores.
Feedback de desempenho; requisitos da empresa.
Negociações de reuniões agendadas.
Monitorar avaliações de desempenho Avaliação de custos As expectativas de crescimento e os desenvolvimentos de produtos e serviços.
7. Governo nacional e local.
Áreas de interesse mútuo (as partes interessadas incluem o Tesouro Nacional, o Departamento de Agricultura, o Departamento de Minerais e Energia, o Banco de Reserva da África do Sul e os Serviços de Receita da África do Sul)
Reuniões ad hoc, quando necessário.
Quadro regulatório do setor financeiro Conformidade CPSS-IOSCO Controle de câmbio importa Questões fiscais à medida que afetam mercados de capitais e nossos clientes Considerações de estrutura de mercado, particularmente em relação a novos produtos, onde o suporte regulamentar é crítico.
8. Regulador JSE.
Áreas de interesse regulatório mútuo.
O JSE trabalha em estreita colaboração com os representantes FSB FSB participam das reuniões do conselho e da administração por convite. Arranjos ad hoc sobre temas relevantes.
Política de investimento Questões regulamentares Desenvolvimento de produtos e serviços Vigilância Mecanismos de proteção aos investidores e ao mercado.
9. Painéis e associações externas.
Reuniões ad hoc Comitês consultivos da JSE Patrocínio e associação.
Várias iniciativas em curso durante o ano, lidando com serviços, expectativas, perspectivas, estratégias, sustentabilidade e regulação.
10. Comunidade.
Investimento social corporativo.
Site da JSE Oficiais de educação Artigos em vários meios de comunicação da revista JSE estratégia CSI.
Iniciativas de educação, incluindo: JSE / Liberty Investment Challenge Iniciativas de educação financeira e ndash; JEF Cuidados de saúde e desenvolvimento comunitário Patrocínios e doações JSE Benevolent Fund.
1. Participação com acionistas e analistas da JSE Ltd.
Os acionistas da JSE Ltd proferem o grupo listado com capital próprio que financia suas operações e gastos de capital. Os investidores ajudam o Grupo em seu impulso para o crescimento a longo prazo. A Diretoria trabalhou arduamente para se aproximar dos acionistas e analistas da JSE.
A divisão de Relações com Investidores é conhecida pelos principais investidores e seus detalhes de contato estão disponíveis no site da Empresa. A informação é distribuída através de vários canais. O site aborda continuamente consultas de analistas, investidores e acionistas potenciais. A segurança e a integridade das informações são cuidadosamente mantidas, garantindo que todas as informações críticas atinjam os acionistas simultaneamente.
O diretor executivo (CEO) da JSE, o diretor financeiro (CFO) e o diretor de Relações com Investidores envolvem acionistas através de sessões de comunicação, reuniões e outros processos. Eles reúnem regularmente investidores e analistas para promover o diálogo e comunicar a estratégia e o desempenho da JSE.
Os diretores são encorajados a participar de todas as reuniões gerais. Os acionistas são incentivados a estar presentes e fazer perguntas. Os acionistas também têm a oportunidade, quando desejam, de se encontrar com diretores e gerentes.
O JSE possui uma estratégia de engajamento de mídia robusta e, ao longo dos anos, estabeleceu relacionamentos de mídia íntegros e integrantes para gerenciar sua reputação e percepções do público sobre o Exchange. A função de mídia e relações públicas faz parte da divisão de Emissores e Relações com Investidores, onde a equipe se envolve continuamente com a mídia através de várias vias de comunicação, incluindo comunicados de imprensa e tendo porta-vozes da JSE disponíveis para se envolver com a mídia em várias conferências e eventos hospedados pela JSE. & # 160;
The JSE has a media portal on its website where all media releases are publicly available on: jse. co. za/About-Us/Media/Press-Releases. aspx.
Owing to the changing ways in which society consumes media and information, the JSE has an established presence on various social media platforms, where it constantly engages the media and the general public on a plethora of topics while providing information about the Exchange.
Please follow up on:
As the JSE operates largely in the service industry, it forms part of a complex ecosystem engaging with a number of stakeholders. The JSE consistently focuses on building a sustainable business model, with depth and breadth, focusing on products, staying close to customers and giving them the services that they require.
The Exchange continues to grow its product range and trade volumes while constraining costs and fees to customers. This is achieved despite a fairly fixed cost infrastructure and a significant investment in technology, enabling the JSE to remain competitive. The JSE's website, jse. co. za, gives customers access to detailed information on the JSE.
3.1. Issuers.
The JSE focuses on attracting top quality issuers and ensures their quality by setting and enforcing high quality Listings Requirements.
The JSE operates a fully automatic electronic central order book for its equities market. The JSE provides issuers with visibility to local and international investors every year through investor showcases and road shows. The JSE also lists a number of exchange-traded fund products, as well as futures and options.
3.2. Membros.
The JSE interacts with its members through:
account management; broker forum sessions; ad hoc meeting requests; one-on-one training sessions; on-site support at members' offices; communication sessions; technical workgroups; advisory committees; and other communication.
Finally, the JSE interacts with its clients through the JSE's Client Support helpdesk, which provides business support and application functional support to clients as well as equity members' front, middle and back-office operations.
The Client Support helpdesk also provides the following services:
First level support to all JSE paying subscribers on all JSE services to which they subscribe; Client enablement by ensuring that all new equity members are enabled for production and test services; User training; Client incident management through which the JSE helpdesk(s) and business teams communicate with the Exchange's clients, using various communication channels (, SMS, broadcast messages); and First-line technical support for equity derivatives, commodity derivatives and interest rate markets clients.
3.3. Investor community.
The JSE values its relationship with both institutional and private investors and adopts a positive and proactive approach to ensure that communication is handled appropriately. There is regular two-way communication with the investor community. The JSE engages in financial literacy initiatives proactively and on request.
4. Employees.
Philosophy.
The JSE engages with its employees in many ways and is committed to supporting the development of its people. The Exchange prides itself on the people it employs and therefore encourages an environment where people feel valued. This is achieved through people policies and team practices, which are focused on:
empowerment of others and self, linked to accountability; investment in people and continuous learning; a high-performance culture achieved through diverse individuals and teams; and equity and democracy in the workplace.
All policies relating to employees are the responsibility of the Director: Human Resources.
The JSE's culture is to encourage collaborative, innovative self-starters by promoting on merit and rewarding good performance. Developmental policies such as the employment equity plan, individual skills plan and a long-term incentive and retention scheme for key senior employees are in place. The JSE operates in a non-unionised environment, but works to promote good employee relations through detailed policies and engagement; therefore there have been no strike days and no associated financial cost.
The Company provides a safe environment for its employees, tenants, clients and visitors. It will not tolerate any form of sexual or other harassment or discrimination in the workplace. Disciplinary and grievance policies and procedures are in place to ensure fair and equitable standards when the organisation's rules are transgressed.
Staff profile.
The employee complement of the JSE as at 31 December 2013 was as follows, on a divisional basis:
The JSE's employment equity policy aims to eradicate all forms of discrimination and to create opportunities for all employees, with a special emphasis on the business's demographic profile.
The JSE has improved its audited black economic empowerment (BEE) status from a Level 5 (2011) to a Level 4 (2012), thus achieving one of the 2013 corporate scorecard objectives. This was verified by a South African National Accreditation System (SANAS)-accredited agent in October 2013, under the Financial Sector Charter (FSC) Code, gazetted under Section 9 of the Broad-Based Black Economic Empowerment (BBBEE) Act. More information is available in the integrated annual report.
Staff turnover and recruitment.
The JSE's staff turnover for 2013 was 10.14%. Of the terminations of employment in 2013, 44 were owing to resignations, three to dismissals and one to retirement.
Training and development.
The JSE is committed to supporting the development of its people and to attracting, developing and retaining the best talent and skills.
The JSE promotes a culture of learning among its employees, as it relies on their knowledge and skills to provide the best service to its clients and stakeholders. The learning and development policy provides guidelines within which all JSE employees can develop the competencies necessary for business and individual growth, including through JSE-sponsored courses.
In 2013, the JSE spent R4.3 million (2012: R4.8 million) on training and development, including JSE-sponsored courses.
The JSE also has a formal internal mentorship programme aimed at developing employees' capabilities to meet future business needs and to facilitate transformation. Twelve mentors and mentees completed the programme in 2013. The primary objectives and purposes of the programme are to:
support continuing personal and management development; entrench the organisational culture and core values; enable the JSE to develop and retain excellent people; and ensure that the JSE becomes a learning organisation.
Health and wellness.
The JSE has several services in place to enhance employee health and safety and to provide early warning signals in accordance with international standards for building infrastructure and ensuring safety. The Exchange adheres to the Occupational Health and Safety Act, 1993, and the relevant regulations. Safety issues are the responsibility of the building management team, which reports to the Group Company Secretary, a member of the JSE executive management. There have been no fines, accidents or other significant social incidents in the period under review.
An assessment of environmental risk in line with the JSE Occupational Health and Safety requirements has also been carried out. This assessment highlighted improvement areas in the JSE structure and approach as well as specific pin-point improvements based on site inspections. Many of the specific physical improvements have been effected since the review. The remaining areas are being addressed through a renewed focus on certain risk elements and changes in responsibly areas.
The JSE commits itself to creating and maintaining an environment free from all forms of unfair discrimination, including discrimination against people living with HIV/Aids and other life-threatening illnesses. The JSE acknowledges that the HIV/Aids epidemic will affect its workplace. It has a policy in place to provide guidelines for handling this pandemic.
The JSE has a wellness programme, which includes an Employee Assistance Programme (EAP) that provides support to employee and their immediate families. The EAP is operated by an independent external organisation called ICAS and is available on a range of issues 24 hours a day, 365 days a year. The programme helps employees and their families to deal with everyday situations and more serious concerns anonymously and confidentially.
A committee – The JSE Voice – has been established to implement the necessary improvements to address the specific needs of the employees and the organisation. The goals of the employee wellness programme are to improve general health and well-being, productivity, collaboration, morale and attitude.
5. Potential employees.
The JSE aims to be an employer of choice, engaging with prospective employees in a number of ways. Indirectly, it does so through its annual report, the JSE website, SENS statements, articles in the media and the JSE magazine. Directly, it engages through interviews, employee referrals, employment agencies and e-recruitment.
The JSE engages with potential employees about the Exchange itself and its activities, as well as policies related to JSE employees, including remuneration, people development and career options.
The following successes were achieved during 2013:
Improved internal communication. Leadership conversations introduced to improve communication channels between senior management and the executive. Improved performance management. Improved employees' ability to manage and adapt to change. Interventions addressing change management commenced and will continue in 2014.
6. Suppliers
Suppliers are selected by applying the appropriate JSEs supplier selection process as defined in the JSE selection process. This best practice aligned process aims to ensure that the appropriate service or product is obtained at the right price. This process is then supported by formal contracting, ensuring that appropriate terms and service levels are in place. The supplier financial approval and payment process to suppliers is tightly controlled and overseen by the procurement department. A procurement policy guides appropriate procurement practice for the JSE. Suppliers are managed against contractually defined service levels appropriate to the type of product or service provided and performance is measured through formal service level meetings and periodic forums. Key suppliers are especially closely managed not only on a service level basis but also on a strategic level to ensure appropriate continuity for the JSE. The JSE has a number of partners that are strategic to the business and we acknowledge the importance of their services to the effective and efficient running of the JSE.
7. National and local government
The JSE's engagement with government authorities occurs mainly at an executive level. Regulatory responses in the JSE's major global competitor marketplaces, including in relation to increased transparency and the regulation for alternative execution venues and over-the-counter (OTC) products, have direct implications for South Africa and the JSE. This also applies to the final policy direction from National Treasury in relation to the implementation of the move to prudential regulation and in relation to the development of the spot and derivative interest rate markets. The JSE not only participates in the debates, but also takes the necessary steps to implement strategies to best position the JSE once the policy directions are clear.
8. JSE regulator.
The JSE is regulated under the Financial Markets Act (FMA), No. 19 of 2012, by the Financial Services Board (FSB). The FSB is the regulatory authority tasked with ensuring that the JSE operates its securities markets in the public interest and in accordance with the legislation governing the operation of an exchange in South Africa. The FSB is invited to attend all Board and Board committee meetings.
The Issuer Regulation division interacts with the FSB in the following ways:
The FSB has a permanent seat on the JSE's Issuer Regulation Advisory Committee and the Bonds and Interest Rate Derivatives Committee. Through these committees, the FSB participates actively in the consultation process when changes are being proposed to the Listings Requirements; The JSE regularly meets with the FSB to advise it of new developments and projects that the teams are developing. This includes proposed rule changes and also the listing of new products; The FSB is invited to the Self-Regulatory Organisation (SRO) Oversight Committee meetings, where the JSE's SRO activities are discussed and assessed; and The JSE regularly meets with the FSB to discuss matters pertaining to section 81 of the FMA. This provision deals with false and misleading statements.
To date, the FSB has been accorded the highest standing by the International Organisation of Securities Commissions (IOSCO). South Africa is one of only 36 countries that have been able to secure a multilateral memorandum of understanding (MOU) with other developed markets. This allows the FSB the option of cross-border cooperation and information exchange with other securities markets.
9. External panels and associations.
There are many other industry players, both domestic and international, with whom the JSE interacts regularly: the Financial Markets Advisory Board (FMAB), the Securities Regulation Panel, the King Committee, Business Unity South Africa (BUSA), Business Leadership South Africa (BLSA), the World Federation of Exchanges (WFE), the Committee of SADC Stock Exchanges (COSSE), and various industry committees/lobby groups.
TransFarm Africa projects; water projects (done in conjunction with the World Economic Forum); and leadership development; agricultural programmes taking small scale farmers to market in Malawi, Mozambique and Zambia; water projects (done in conjunction with the World Economic Forum and the SA Department of Water Affairs); and Infrastructure Project Development.
Stakeholder engagement through JSE advisory committees.
Through the JSE's advisory committees, stakeholders are able to discuss and influence JSE activity, including trading on all markets, clearing and settlement, indices and Listings Requirements. The committees consider and advise on principle and operational matters and, where appropriate, propose amendments to the JSE Rules, directives and Listings Requirements.
The appointment of all advisory committee members is approved by the JSE Board to ensure the correct combination of stakeholders from the industry and JSE representation. Mandates are also approved by the Board.
Safcom Advisory Committee.
The primary purpose of the committee is to advise the JSE on all elements of the operations of Safcom and provide guidance to the Safcom board on how these changes should be implemented and the impact thereof. The committee also reviews any proposed amendments to the JSE Rules and directives relating to the clearing and settlement of derivatives.
The committee typically meets at least once a quarter, but more regular meetings can be requested as matters arise. The JSE representative responsible for the overall management of Safcom (the Responsible Officer) chairs the session and is responsible for establishing the agenda for each meeting. Matters of interest are presented to the Board for debate, and any discussions and decisions are duly noted and recorded. Where necessary, formal recommendations are put forward, either to the Safcom Risk Committee or directly to the Board.
Four Safcom Advisory Committee meetings were held in 2013.
Material developments/highlights for the Safcom Advisory Committee in 2013.
Safcom model validation and back-testing: An independent back-testing and validation exercise was completed in January of 2013, focusing on Safcom's margin and stress testing models, as well as its default fund quantification methodology. The results of this process were submitted to the FSB, which stated its satisfaction with the process and outcomes. Back-testing has been operationalised internally by the JSE's Risk Management team. Safcom default procedure management: As part of ongoing activities to maintain its IOSCO compliance, Safcom introduced a formal procedural framework for the management of defaults in the local derivatives market. These procedures were tested during the course of the year (first internally and later in conjunction with the market), before being formalised in the third quarter of 2013. Safcom liquidity lines: As part of its assessment of Safcom's IOSCO compliance, the FSB highlighted the need for Safcom to secure external liquidity support to be used in times of market distress. Much of 2013 was spent putting these lines of liquidity in place, starting with a quantitative analysis of Safcom's liquidity exposure, the negotiation of the required liquidity lines with local commercial banks, and finally the implementation of changes to the JSE's rulebook to facilitate the use of the new liquidity lines. The lines were expected to be in place by late December 2013/early January 2014. Safcom margin methodology: In 2012, Safcom undertook a review of its margin methodology that culminated in a proposal involving portfolio margin offset. System constraints led to this not being implemented in 2013. Rather, a plan to review the inputs to the current J-SPAN methodology was accepted. The first phase of this review was approved in the fourth quarter of 2013 and is due to be implemented in the first quarter of 2014. The remaining phases are expected to be completed by the end of the third quarter of 2014. Safcom default fund: In an effort to strengthen the management of risk in the derivatives space, Safcom undertook the establishment of a new default fund (independent of any previously established guarantee funds). The committee was intimately involved in discussions regarding the sizing and operationalisation of the fund. This ushered in a number of enhancements, implemented in 2013. Safcom ESMA recognition: In 2013, Safcom was required to seek recognition from the European Securities and Markets Authority (ESMA), to enable it to continue to provide services to local clearing members that were either branches or subsidiaries of European-registered holding companies. In September, a formal application was submitted to the European regulator, the outcome of which should be concluded in the new year.
The committee is currently chaired by Leila Fourie, Director: Post-Trade Services.
The Africa Advisory Committee.
During the course of 2013, the JSE has worked on establishing its presence in targeted countries on the continent. The Africa Advisory Committee has been closely involved with this process.
To facilitate JSE access to other African market stakeholders. To advise the JSE on new listing opportunities for the Main Board, AltX and the Interest Rate Market.
Regular teleconferences with committee members to keep abreast of developments in other African markets. Assistance and advice on country events and meetings.
The main focus for the JSE this year has been on getting established and known in the Nigerian market. Numerous trips have been undertaken. Engagement during these trips has been with the Nigerian Stock Exchange, with stakeholders in the market and with issuers. The JSE has presented to a number of forums, addressing issues such as corporate governance and the regulation of stock markets.
Recently, the JSE team visited Kenya and engaged with the Nairobi Securities Exchange as well as various other stakeholders in the Kenyan market.
The JSE team has engaged in quarterly conference calls with the Africa Advisory Committee. These discussions have encompassed the macroeconomies of the target countries, regulation and legislation, and other matters of interest.
The advice and active participation of the committee has been of great value during 2013. The committee members all have deep knowledge of their markets and the stakeholders active in those markets. Business Development will continue to solicit advice from the Africa Advisory Committee and the Business Development team continues to liaise regularly with the committee's chairman, Mr Nathan Mintah.
Agricultural Derivatives Advisory Committee.
Discuss and advise on issues pertinent to the agricultural products traded on the commodity derivatives market. In many instances, this involves issues that extend to the physical grain market, such as storage and grading.
Endeavour to ensure extensive consultation on relevant topics with the market participants; agricultural industry representatives and registered members, who provide feedback on behalf of their customers. The JSE executive management remains the ultimate decision-maker, should the committee not be able to reach agreement on any item discussed.
Meetings are scheduled every second month, but the committee meets only as and when required. The committee met five times in 2013.
Material developments/highlights for the Agricultural Derivatives Advisory Committee in 2013:
Discussed a Grain South Africa proposal to amend the wheat contract specifications, in essence removing the Western Cape delivery points from the Randfontein contract and creating a separate contract for the Cape with no differentials. After extensive consultation and careful consideration, the JSE decided to maintain the status quo. Discussed a number of technology related items, including the increase in high-frequency trading. Discussed and agreed to amend the futures mark-to-market process to include calendar spread relationships. Supported the introduction of commodity can-do contracts as well as quanto futures. The possibility of a soya meal and oil contract was also discussed. In addition to discussing these new products, the committee also supports short-dated new crop options, a 10-ton mini-contract to enable smaller producers to access the instruments available and Zambian grain contracts. Moving the market to anonymous quoting was also debated at length. In essence, this would mean member codes would no longer be visible in the depth windows. After extensive consultation with members, the JSE decided not to change the model as limited benefits to making the change to anonymous trading were highlighted. Sunflower seed grading regulations were discussed and support was granted to move to a clean basis as from the new marketing season. A commitment of traders report, similar to that in the US, was discussed at length. Finally, minimum criteria specific to the number of participants in each category and the size of positions were agreed to. Once these minimum criteria are met, the JSE will commence publishing such a report. A methodology to guide resolving error trades reported to the JSE was discussed. The committee provided input into the thresholds and criteria for trades that would qualify as error trades, with the intention that this would be implemented across all derivative markets.
In 2013, the committee was chaired by Chris Sturgess, Director: Commodity Derivatives.
Currency Derivatives Advisory Committee.
Structure and enhance the JSE's currency derivatives market for the benefit of the greater financial markets.
The committee confirms/agrees on an approach, which is presented to JSE executive management for discussion. If need be, any unresolved issues are taken to JSE executive management for further comment and, where necessary, discussed with the FSB.
Meetings are arranged quarterly and ad hoc as and when required. The committee met twice in 2013.
Material developments/highlights for the Currency Derivatives Advisory Committee in 2013:
The Super Derivatives contract to provide option skews and valuations was reviewed. The Exchange investigated and researched alternative vendors and concluded that Super Derivatives was the most appropriate source. After receiving numerous requests from the Currency Derivatives Market participants it was agreed that the Exchange would disseminate currency rand spot fixing prices at 11:00 South African time and 10:00 New York time (16:00 or 17:00 SA time). After a request from the Collective Investment Schemes (CIS) unit trusts to become more involved in the Currency Derivatives Market, a requirement for an early future price fixing was raised. It was agreed that the Exchange will disseminate a second currency rand future fixing price at 15:00 South African time. Bloomberg and Thomson Reuters are in the process of making system changes to allow the early valuations above to be displayed on their respective currency derivatives pages. The currency derivatives billing model was reviewed and changes were implemented in July 2013. The sliding scales for futures and options were amended. The on-screen market maker rebate incentive, off-screen and broker fee rebate incentives remained the same. Numerous requests were received to invert the Japanese yen, as it is normally traded in the inverse, namely ZAR/JPY, but the derivative markets work opposite and this is confusing for the general market. The JPY/ZAR was approved by the SARB and subsequently listed on the Currency Market. The composite currency futures page was created on Bloomberg and Reuters. Clients now have access to live currency future prices for the listed currency pairs in a central, easy-to-use location. The non-deliverable Chinese yuan contract was delisted and replaced with the deliverable Chinese renminbi contract in May 2013. The RAIN Index was reviewed by the committee and the re-weighting has been placed on hold pending further research. When the monthly rebates are calculated, trades that are included in statistics but not charged for are taken into account when calculating the value for monthly rebates. All members were informed and the impact to each member's rebates was analysed and provided to them. As from 1 December 2013, the trades are no longer included in the calculation. The quanto euro/US dollar contract was approved by the SARB and listed on 25 November 2013. Following on from the advisory meetings in 2012, the Exchange has proposed that the rule relating to the US dollar/rand trading in a minimum size of 201 contracts off screen be lowered to 100 contracts. This is currently with the committee for comment.
The committee is chaired by Graham Smale, Director: Bond and Financial Derivatives.
The Equity Derivatives Advisory Committee.
Ensure strategic communication and agreement between the JSE and Equity Derivative (ED) Market participants to ensure an efficient, transparent Equity Derivative Market with true price discovery and best execution. Create a forum where relationships are built between the JSE and market participants to grow the ED Market together in the interests of the South African derivatives market as a whole.
Four meetings were held in 2013.
Material developments/highlights for Equity Derivatives Advisory Committee in 2013:
The stability and technical issues experienced on the Equity Derivative Market were a consistent topic during most of the Equity Derivatives Advisory Committee meetings. The JSE used the meetings to provide feedback on system incidents and gather input on suggestions for stabilising the trading system. The committee approved of the proposal for replacing the Nutron Trading System with a solution from Millennium IT (the trading system provider currently used by the JSE's Equity Market). This project was later expanded, not only to upgrade the trading system, but also to upgrade the post-trading and clearing system. In order to get specialists involved in detailed product strategic discussions and decisions, two sub-committees to the Equity Derivatives Advisory Committee were created. Feedback from the sub-committees was provided and discussed during the Equity Derivatives Advisory Committee meetings: Options Advisory Sub-Committee – traders in this specialised product are not well represented on the main Equity Derivatives Advisory Committee. The sub-committee was used to agree product structural changes with the market to improve the liquidity of JSE listed options. Major decisions included: increasing the transparency of the traded volatilities, changing option exercise random allocations to pro-rata allocations and enhancing the daily options mark-to-market process. A committed market-maker for on-screen option trading was also introduced. CFD Advisory Sub-Committee – This new product was launched by the JSE during 2013. It saw the JSE using a more collaborative approach to design and implement the product, which required input from market participants. The sub-committee meetings were used to co-produce all aspects of this new product. A proposal for the introduction of a trade cancellation rule and directive for error trades was presented to the committee for input. The final rule and directive changes will be implemented during 2014. Feedback about the following products and initiatives to improve these products were also provided at the Equity Derivatives Advisory Committee meetings: Can-do product suite, international derivatives (IDX), dividend-neutral single-stock futures and MSCI products. This year saw much more collaboration between the JSE's Equity Derivative and Equity Markets. Feedback about initiatives in the various markets was provided at the advisory committee meetings. Feedback from the Equity Market at the Equity Derivatives Advisory Committee included: information about the new Equity Market billing model, co-location and high-frequency trading initiatives. It is anticipated that the 2014 Equity Derivatives Advisory Committee meetings will focus on market quality and billing model improvements.
The committee is chaired by Graham Smale, Director: Bond and Financial Derivatives.
Equities Trading Advisory Committee.
Consider and advise on principle and operational matters relating to equity trading. Propose amendments to the JSE Rules and directives governing equity trading.
The committee makes recommendations to the JSE executive on the basis of reasonable consensus. Where reasonable consensus on any issue considered by the committee cannot be reached, the conflicting views on the issue in question are referred to the JSE executive or, where appropriate, to the JSE Board for determination.
Meetings are held quarterly. The committee met four times in 2013.
Material developments/highlights for the Equities Trading Advisory Committee in 2013:
Billing model review. Trading transaction fees are now charged at 0.0053% of value traded and not per trade leg. This new methodology was implemented on 30 September 2013. Equity Market systems upgrade. This was implemented on 11 November 2013. Two new trading sessions were introduced: Closing price publication (CPP) session. This session facilitates the publication of the official closing price. Closing price cross (CPX) session. This session facilitates on-book continuous trading, after the closing auction, at the published closing price, for five minutes. This functionality is enabled for ZA01 only as a pilot phase. Colocation services. The JSE will be launching this offering with an initial build of 35 client racks, but can only accommodate 20 racks on go-live. There will be a two-month grace period before the next batch of clients can go live, with monthly take-on thereafter. The proposed go-live for co-location is the second quarter of 2014 and clients can commence installation of their infrastructure from end-February 2014. Review of the block trade (BT) rules. The JSE recognises that the block trade size requirements have not been revised since 2002. As trade sizes have decreased globally and value traded has increased substantially, it was agreed that the minimum size requirements for a block trade should be based on the average daily volume of a security. This revised rule should become effective in the first quarter of 2014.
For more information, visit the Equity Market bulletin board on the JSE extranet: jse. co. za/Extranet/Equity-Bulletin-Board. aspx.
The committee is chaired by Leanne Parsons, Director: Equity Market.
FTSE/JSE Advisory Committee.
Consider and advise on principles and operational matters relating to and proposed amendments to the ground rules governing the management of the FTSE/JSE Africa Index Series and the FTSE/JSE All Africa Index Series. Ensure that best practice is used in the construction and management of the index series. Review the selection methodology for constituent companies and the treatment of securities within the FTSE/JSE Africa Index Series and may make recommendations arising from this review to FTSE and the JSE.
The committee was set up by FTSE and the JSE. The committee operates independently of FTSE and the JSE, subject to the committee acting within its constitution and terms of reference. FTSE and the JSE will use their reasonable endeavours to implement the decisions of the committee regarding the operation of the FTSE/JSE Africa Index Series.
The committee met four times in 2013.
Material developments/highlights for the FTSE/JSE Advisory Committee in 2013:
All corporate actions with major impact on the index series were discussed in the context of their conformance to the ground rules. All technical outages impacting the index series were discussed in terms of their impact on the index series. Amendments and improvements were made to the FTSE/JSE ground rules document. Some end-of-day product modifications were made. A change in the index free float methodology was smoothly implemented in March 2013, whereby constituent free float changed from a banded to an actual basis. A change to the methodology used for the shareholder weighted indices (SWIX) was smoothly implemented in March 2013, whereby the free float calculation changed from nationality to a register location basis.
The membership of the committee, which operates differently from the other advisory committees as it is created under the JSE's joint venture with FTSE, is intended to be representative of the users of the FTSE/JSE Africa Index Series and should consist of representatives from domestic and international investors and investment banks as well as domestic and international actuaries.
The committee is chaired by Francois Oosthuizen, Sanlam.
Bond and Interest Rate Derivatives Committee.
The separate Bond and Interest Rate Derivatives (IR) committees were merged into a single committee in 2012. This was done because of the commonality of market participants and linkages between the product sets.
Create and be responsible for the secondary market trading of a diverse set of products, across the cash, repo/carry and derivatives markets.
The committee is to be able to canvass and converse with the members of the market about: amendments to trading and settlement rules. the development of new products. fees and changes to the billing model. subjects appropriate to the general evolution of the market, for example: pre - and post-trade transparency. electronic vs. reported trading. clearing (this is more specifically covered in the Safcom Risk Committee meetings, but aspects of clearing may have a direct relationship to trading). Endeavour to achieve reasonable consensus on topics of discussion. Where this is not possible, depending on the nature of the lack of consensus, it may be necessary to poll a wider set of opinions across the market or to refer the matter to the JSE executive management or the JSE Board for further consideration. Deliberations and decisions by the committee are not binding on the JSE, which retains full discretion as to whether to implement or go against a decision of the committee. In doing so, the JSE will take into account its regulatory duty to include the interests of the market as a whole and not only the interests as represented at the committees.
The committee met only once in 2013. This is less regular than normal because the discussion surrounding the electronic trading platform, which had previously been held through the Bond Advisory Committee, was externalised to a committee formed by National Treasury to address this issue. All follow-up meetings regarding this issue have now taken place at National Treasury.
Material developments and highlights of the Bond and Interest Rate Derivatives Committee in 2013:
An amendment to the mark-to-market (MTM) valuation rules was requested. The most recent set of MTM rules was put in place in 2005 and has not since been updated. The new MTM valuation strategy will target increasing the amount of data used in determining MTM valuations. Currently, MTMs are revalued very rarely (especially for corporate debt). By increasing the data set, the hope is to improve the stale MTM pricing. Since the advisory committee meeting, the MTM rules have been amended and agreed upon. It was raised that, with the daily turnover reports distributed to the market, it is possible (in certain scenarios) to identify who actioned certain trades. It was agreed that transparency is key in the market, but this is about "what" traded and not "who" negociado. Following this, the JSE has implemented new turnover reports, whereby members can no longer identify who actioned trades. It was queried whether or not inter-dealer brokers (IDBs) can trade bond futures, given that there is currently an unwritten rule that IDBs should not deal directly with any buy-side clients (with regard to spot bond trading). Given that bond futures are a separate product, it was agreed that IBDs are allowed to trade bond futures.
The committee is chaired by Graham Smale, Director: Bond and Financial Derivatives.
Issuer Regulation Advisory Committee.
To consider and advise on proposed amendments to the JSE Listings Requirements. To consider objections and appeals in relation to the Listings Requirements.
Make recommendations to the JSE on the basis of reasonable consensus. Where reasonable consensus cannot be reached on any issue considered by the committee, the conflicting views on the issue in question shall be referred to the Issuer Regulation executive management or, where appropriate, to the Board for determination. Individual members of the committee may be requested to: assist the Issuer Regulation division in an advisory capacity; assist the Issuer Regulation division with objections from relevant parties; or serve on the Issuer Regulation Appeal Committee.
Meetings are arranged as and when required. The committee met formally during the year on 18 October 2013 about proposed changes to the Listings Requirements. Members are consulted on an ad hoc basis on many matters. In view of the Issuer Regulation division's regulatory responsibility for the debt market, it also has a separate Debt Issuer Advisory Committee with a similar mandate.
Both committees are chaired by John Burke, Director: Issuer Regulation.
JSE SRI Index Advisory Committee.
Consider and advise on principle and operational matters relating to and proposed amendments to the ground rules. Ensure that best practice is used in the construction and management of the JSE SRI Index. Review the selection methodology for constituent companies and the treatment of securities in the JSE SRI Index, and may make recommendations arising from this review to the JSE. Consider and advise on introducing new indices to the series. Oversee the annual reviews.
Make recommendations to the JSE on the basis of reasonable consensus. The JSE will use its reasonable endeavours to implement the recommendations of the advisory committee regarding the operation of the JSE SRI Index. Where reasonable consensus cannot be reached on any issue considered by the committee, the conflicting views on the issue in question shall be referred to the JSE executive management or, where appropriate, to the Board for determination. The JSE is responsible for the appointment of the members of the JSE SRI Index Advisory Committee. The committee operates independently of the JSE, subject to the committee acting within its terms of reference.
Meetings are arranged as and when required. The committee met three times in 2013.
Material developments/highlights for the JSE SRI Advisory Committee in 2013:
At the first meeting of the year, the JSE presented the findings from the strategic review conducted during 2012. The committee expressed its support for the proposed strategy and approved the changes for the 2013 annual index review. In September, the committee met with a delegation from the mining sector and the Chamber of Mines in a follow-up discussion to the 2012 decision to preclude the sector from the best performer category for the 2012 SRI Index. The meeting was aimed at discussing the developments in the sector and in individual companies with regard to labour issues following the incidents of 2012. During November, the annual assessment results were presented to the committee for confirmation and then announced publicly.
The membership of the committee is intended to be representative of the users of the SRI Index and of the sustainability industry.
The committee's membership therefore includes experts from the sustainability arena, investment professionals, academics and listed companies. The committee also invites the JSE SRI Index data provider to attend.
There was one change to the committee membership in January 2013, when the representative from the Government Employees Pension Fund was replaced by a colleague.
The committee is chaired by Raymond Ndlovu, Black Elephant Investment Holdings.
10. Community.
The JSE is committed to making a difference in the lives of South Africans by investing time, effort and money in various initiatives. The JSE also believes that this difference should be sustainable and should ensure that individuals benefit directly through positive and meaningful contributions.
In 2013, the JSE began the process of re-assessing its activities in this regard. This culminated in the executive approving a more focused strategy related to our corporate social investment (CSI). The strategy will focus our activities into areas that we believe are relevant to the country in which we operate as well as the business activities of the JSE. These activities may be of broader benefit to society in the manner in which we believe we are best able to make a meaningful contribution.
The areas that constitute the JSE's main focus in this regard are as follows:
National priority issues, such as poverty alleviation, job creation, youth and community development etc. as indicated by the National Development Plan and the Financial Sector Codes, among other key policy and development papers/legislation. Strategically aligned causes (areas that relate to the JSE's business) where the JSE is hence better suited to make meaningful contributions (such as enterprise development and financial literacy).
We will also be growing our emphasis on staff participation in CSI initiatives, thereby encouraging active citizenship.
The process of re-aligning our CSI spend to mirror the identified priority areas is an ongoing effort and is evolutionary in nature. We continue to priortise our activities, which are focused on education (see the following sections). This is reflected by the significant amount spent on related activities.
A summary of these initiatives is shown below:
*Does not affect JSE cash flow.
The JSE's educational initiatives are aimed at increasing understanding about the financial markets (particularly among high school learners and university students), encouraging investment among South Africans and growing the pool of potential employees in the financial markets. The JSE believes that this assists in growing the number of people who might become investors or businesses that might list.
JSE/Liberty Investment Challenge – Community Investment
Now in its 40th year, the challenge is a focused and far-reaching educational youth programme aimed at introducing South African high school learners and university students to the world of finance. The challenge coaches learners in the fundamentals of investment strategy and encourages them to research and strategise around the trading of JSE-listed shares by managing a virtual portfolio of R1 million.
Financial literacy activities.
We have not as yet conducted a formal social impact assessment or endeavoured to measure social return on investment, but we believe that the actions we have taken and programmes we have put in place not only demonstrate the JSE's continued commitment to contributing to a positive impact on communities, but will also enable the achievement or promotion of a number of positive outcomes, including the following:
Enhancing the financial literacy of the South African youth; Enhancing the South African youth's understanding of the securities market and its role in wealth generation; Equipping the South African youth with some of the financial skills that will assist them in realising employment opportunities and/or contributing to and participating in the country's economy in the future; Driving financial literacy in the youth market by educating them about the value of investing and exposing the learners/students to the investment fundamentals through the simulated trading of shares on the JSE; and Students will eventually be feeders into the financial sector.
Investment education through the curriculum at schools.
During 2013, the JSE partnered with the South African Reserve Bank (SARB), the Financial Planning Institute, the National Credit Regulator and the KZN Financial Literacy Association to promote the financial literacy of South Africa's youth.
Power Hour sessions and regional public seminars.
The Retail Development team continues to conduct Power Hour sessions in Durban, Cape Town and Sandton. In these sessions, the audience is provided with knowledge and skills related to investing and with product information. These sessions are also enhanced through webinars, which increase their reach to areas not visited. The regional public seminars are conducted in partnership with JSE divisions and retail broking firms in targeted areas.
In 2013, a new focus area was initiated, aimed at growing the investor market. As a result of this, a public game (virtual trading game) was introduced to offer a learning opportunity for aspiring investors.
The aim of the virtual trading game is:
to increase retail investors at the JSE by giving them an opportunity to try their investment skills in a risk-free environment. to influence people to educate themselves by playing this game before they try out investing their hard-earned cash.
The virtual trading game gives the participants an opportunity to experience the real market, develop their knowledge of the stock market, test their investment strategies, learn how to keep track of a share portfolio and practice trading in a risk-free environment. The virtual trading game will help participants to acquire investment skills and enable them to trade with real money in the stock market.
During 2013, plans were also made to develop learning modules for the public in an effort to enhance learning about the market. These modules will be self-paced and interactive and will enable participants to learn progressively, from basic to intermediate and advanced levels. They will cover all the JSE markets.
Another exciting initiative that began in 2013 was the development of a platform to enable stokvels and investment clubs to participate in educational forums aimed at growing their knowledge of investments on the JSE. This important component of the public currently has custody of community savings and presents an opportunity to grow investors on the market.
JSE Empowerment Fund (JEF) Trust.
The JEF Trust provides promising black students with the finance and support to acquire the appropriate qualifications and the opportunity to enter the financial services sector on completion of their university training.
Through the dividends received as a result of its shareholding, the JEF Trust is able to provide the financial assistance reflected in the table below and this financial assistance does not affect the JSE's cash flow.
In 2013, progress was as follows:
Community development and healthcare.
The JSE supports a number of worthy charities over and above our community efforts in education and financial literacy.
Each of these address important social and environmental issues. Here we comment on just a few of those:
Noah (nurturing Orphans of Aids for Humanity)
Noah was a non-profit organisation committed to building the capacity of South African communities to care for their own children made vulnerable by HIV/Aids as well as social and economic challenges. Approximately 5 500 children were registered with Noah and received support that ranged from feeding programmes to homework assistance, life skills training, daycare, aftercare and psychosocial services. Unfortunately, owing to a lack of funding, Noah was no longer able to continue operating and ceased its operations during 2013.The JSE continued to support Noah through it's wind-down process. We are saddened at the closure of Noah but are pleased to have been a part of their tremendous achievements.
During the past two years, the JSE and its employees have supported the operations of Noah through generous donations (both in kind and monetary) and sponsorships, such as CEO breakfasts, an annual gala dinner and book breakfasts. JSE employees have also supported the Freedom Park Ark (both while it was under Noah and after it became independent following the closure of Noah) through volunteer work and donations of cash and in kind.
In 2013, the JSE began contributing to Afrika Tikkun, which addresses the educational, health and social needs of underprivileged children as they are growing and developing, giving them the opportunity to grow into well rounded adults who are equipped to positively contribute to society. The majority of Afrika Tikkun's programmes are run though their Centres of Excellence. These facilities act as the hubs that positively affect the lives of underprivileged children and their families through schooling, healthcare, enterprise and skills development, and so on. There are currently six centres spread across the poorest areas of Gauteng and the Western Cape. In Gauteng, there are centres in Diepsloot, Alexandra, Orange Farm and Braampark, and in the Western Cape there are centres in Mfuleni and Delft. Further details on the work done by Afrika Tikkun can be found at afrikatikkun. org/what-we-do/#.UvDTcPmSxh4.
Constituted in 2001 by Sidney Frankel, one of the JSE's long-term stakeholders, to uplift the Manyeleti villages, the Buffelshoek Trust focuses on two needs of this poverty-stricken, rural community – education and healthcare. Located in Mpumalanga, adjacent to the Kruger National Park, this community has been identified as one of twenty-three rural and urban nodes by the South African government. These nodes represent the largest concentrations of poverty in the country. This municipal area has the smallest economy; a limited resource base; and contributes the least to the district and the provincial GDP. Growth of the agricultural and tourism sectors can make a meaningful contribution to the local economy. The area has great potential in creating economic growth and reducing unemployment. However, resources to initiate such growth are not easily accessible. The trust has contributed significantly toward improving healthcare and education in the community, details of which can be found at buffelshoektrust. co. za/att. asp.
Recent policy changes have introduced more generous levels of assistance.
Other sponsorships, donations and contributions.
The JSE sponsors and donates money to initiatives that it believes directly and indirectly improve the lives of ordinary South Africans and that contribute to constructively advancing the general business environment both in South Africa and on the African continent.
In 2013, the JSE invested (R1 million) (2012: R1.3 million) in the following initiatives, among others:
The Benevolent Fund, managed by the JSE, was set up by JSE stockbrokers and member firms to assist unemployed persons employed by the broking community and the JSE before November 1995 and who find themselves in dire financial circumstances because of their inability to find new employment.
At present, an aggregate of R442 600 (2012: R390 100) is distributed among about 156 beneficiaries per month. Beneficiaries are also offered non-financial assistance. The financial assistance described above does not affect the JSE's cash flow.
Recent policy changes have introduced more generous levels of assistance.
Community investment and relations as well as all sponsorships and contributions are the responsibility of Siobhan Cleary, Director: Strategy and Public Policy, JSE.
O novo sistema comercial da JSE & # 8217; s live live.
A JSE lançou um novo sistema de comércio de derivativos de capital que foi projetado especificamente para o mercado sul-africano, trazendo com ele uma nova funcionalidade e maior flexibilidade para corretores locais, gestores de fundos, criadores de mercado e outros investidores institucionais.
& # 8220; Levou o JSE mais do que o previsto para obter o novo sistema implementado, & # 8221; O diretor de comércio da JSE, Allan Thomson, disse em um comunicado nesta semana.
& # 8220; No entanto, uma vez que esta foi uma substituição total do sistema de 15 anos que herdamos quando o JSE comprou a Safex e não apenas uma atualização, tivemos que estar absolutamente certos de que nós atendemos às necessidades do mercado de derivativos de ações, que são bastante diferentes hoje do que eram há 15 anos. & # 8221;
Líder mundial.
O novo sistema foi projetado especificamente para o mercado de derivados da África do Sul que, em vários casos, é líder mundial em relação a esses mercados.
O JSE é atualmente o maior mercado de futuros de ações (SSF) no mundo em termos de número de contratos negociados, enquanto também recebeu recentemente o reconhecimento da fraternidade internacional de derivativos para desenvolver a Opção Can Do, escolhida como o produto mais inovador da ano.
& # 8220; A flexibilidade do novo sistema nos permite introduzir ainda mais inovação de produtos e, portanto, deve trazer liquidez aumentada para o mercado, algo que qualquer troca de classe mundial se esforça para alcançar, & # 8221; acrescentou Thomson.
O novo sistema traz maior visibilidade ao mercado com preços ao vivo na tela para SSFs e opções de estoque único disponíveis para o mercado pela primeira vez. Os comerciantes também verão o estreitamento dos spreads como resultado do aumento da funcionalidade da nova tecnologia.
Como o 11º maior intercâmbio de derivativos do mundo por volume, nós sempre reconhecemos que uma das maneiras de permanecer uma das principais trocas mundiais é garantir que usemos a tecnologia em nossa vantagem & # 8221; Thomson disse. & # 8220; Esta substituição do sistema é um exemplo. & # 8221;
Concebido localmente.
A Thomson apontou que o novo sistema foi totalmente projetado pela empresa local STT e que o sistema não era apenas econômico, mas tinha aplicações que já chamavam a atenção de outras trocas preeminentes ao redor do mundo.
STT foram os desenvolvedores do software original de negociação e compensação que está em vigor desde o início do comércio eletrônico em 1994, mas chegou o momento de substituir o sistema original.
A diretora-gerente da STT, Michelle Janke, disse que os sistemas tiveram que ser aprimorados para atender às mudanças das necessidades da bolsa, principalmente o aumento dos volumes de negociação de derivativos. A mudança também eliminaria uma grande quantidade de processos manuais e proporcionaria a troca com a flexibilidade necessária, disse ela.
& # 8220; Os volumes de troca de opções usando produtos complexos delta neutro também foram aprimorados, & # 8221; Janke disse. Para atrair mais liquidez, o sistema está focado em maximizar o número de preços exibidos, usando algoritmos complexos. & # 8221;
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JSE trading platform a headache for brokers.
A unified trading platform deployed by stock exchanges across Jamaica, Trinidad and Barbados is under fire by brokers in their messaging forums, at least one of whom got frustrated enough to put the concerns in writing to the Jamaica Stock Exchange.
Marlene Street Forrest, managing director of Jamaica Stock Exchange Limited, JSE Group, says the technical difficulties are being addressed.
“The trading platform is not without a few problems,” said Street Forrest. “We are making efforts to resolve this.”
The new platform was launched in February and is managed by the offshore vendor who built it on behalf of the three exchanges. But since the migration to the current system, brokers have experience delayed trading reports, slow interface, and at times a non-functioning circuit breaker.
The latter problem is said to have resulted in the unwinding of several trades.
Typically, the circuit breaker is triggered if a stock price moves more than 30 per cent up or down on the previous day’s closing price. It’s triggered in movements of 15 per cent, the first of which pauses trading for an hour, and the second would end trading for the day.
Brokers have reportedly been putting through trades that would normally have triggered the breaker. The Financial Gleaner was advised that the JSE is actively policing the system for such transactions and cancelling them as they are detected, but the exchange is yet to say how many trades have been reversed over the four to five months in which the new platform has been in operation.
Stocks valued at tens of millions trade daily on the Jamaican exchange, while overall stock market wealth is around $1 trillion.
The letter by the trader detailing the problems that have cropped up was written in June.
Street Forrest, who acknowledged receiving the letter, said it is not uncommon to encounter “teething pains” when migrating between platforms.
The trader who wrote the letter acted alone but his comments were putatively endorsed by other brokers.
“While it was not a letter written or signed by all of us, we are a tight community and the views discussed in the letter pretty much reflect the difficulty we're having with the platform," said a trader who spoke on condition of anonymity. He described the platform as "clumsy and slow".
Street Forrest says the JSE has been working with the South African vendor, Securities Trading Technology, to resolve the issues as they arise, in consultation with the brokerage community.
The Financial Gleaner understands from sources close to the JSE that issues prioritised for resolution include the circuit breaker, and the identification of brokers who execute block trades for clients.
Up to press time, the Financial Gleaner was unable to verify whether brokers in Barbados and Trinidad & Tobago were experiencing similar problems.
It's understood that the Jamaica Securities Dealership Association, whose membership includes the stockbrokerages licensed by the JSE, has discussed the failings of the platform with the JSE.
However, JSDA president Steven Gooden declined to speak on the issue due to his board position on the JSE Group. He referred comments back to the JSE executive management.
Representatives of the stockbrokerages have nine seats on the 16-member JSE Group board.
The new platform underwent trials in its test phase, a key source said, but the timeline and parameters for testing were unknown up to press.
In February, JSE, Barbados Stock Exchange and Trinidad & Tobago Stock Exchange migrated to the new web trading platform, which brought the exchanges closer together, with the option of further integration in the future.
It was a concrete step toward the eventual implementation of the Caribbean Sock Exchange - dubbed CXN - the idea for which has been in gestation since 1989.
The new platform allows for the trading of multiple asset classes from a single interface and also allows the exchanges to more rapidly add new products for trading.
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