management and valuation of interest-rate-dependent cash flows. These developments extend the concepts of immunization and matching to a stochastic interest rate environment. Such cash flows include the cash flows on assets such as bonds and mortgage-backed securities as well as those for annuity products, life insurance products with interest-rate-sensitive withdrawals, accrued liabilities for definedbenefit pension funds, and property and casualty liability cash flows. 1. INTRODUCTION The aim of this paper
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Air Canada is Canada’s largest domestic and international full-service airline and the largest provider of scheduled passenger services in the domestic market, the transborder market and each of the Canada-Europe, Canada-Pacific, Canada-Caribbean/Central America and Canada-South America markets. Passenger transportation is the principal business of the Corporation and, in 2009, represented 87% of its total operating revenues. During 2009, Air Canada, together with Jazz, operated, on average
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One: The Investment Environment ....................................................................... 2 Chapter Two: Financial Instruments................................................................................... 4 Chapter Three: How Securities Are Traded........................................................................ 8 Chapter Six: Risk and risk aversion.................................................................................. 12 Chapter Seven: Capital Allocation between
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Chapter 10 Accounting for Derivatives and Hedge Accounting IFRS 9 defines a derivative as a financial instrument or other contract within the scope of IFRS 9 that meets three criteria: 1. Its value changes in response to a change in an "underlying". The underlying can be the price of a commodity, such as soybeans, or a financial instrument, such as a fixed rate bond. It can also be a rate such as a foreign exchange rate or a specified interest rate, for example, the London Interbank Offer Rate; It
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A N N U A L REPORT 2015 Financial Highlights As of or for the year ended December 31, (in millions, except per share, ratio data and headcount) Reported basis1 Total net revenue Total noninterest expense Pre-provision profit Provision for credit losses Net income Per common share data Net income per share: Basic Diluted Cash dividends declared Book value Tangible book value2 2015 $ $ $ Selected ratios Return on common equity Return on tangible common equity2 Common equity Tier 1 (“CET1”) capital
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foreign exchange derivative contracts that were supposedly hedges against currency risks. Details Analysis Timeline On the 20th October 2008, CP announced suddenly that it would lose as much as US$2 billion. Within a day, its share price plunged 55.1% to HK$6.52, and the loss is likely to mount up. Then, two leaders resigned and a new Finance Director was appointed immediately. After that, within two days of the announcement of the potential losses, the Securities and Futures Commission
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CEO’s Message Executive Committee Our Strategic Footprint Reasons to Invest in BMO Corporate Governance Board of Directors CFO’s Foreword to the Financial Review Financial Performance and Condition at a Glance Management’s Discussion and Analysis Supplemental Information Statement of Management’s Responsibility for Financial Information 133 Independent Auditors’ Report of Registered Public Accounting Firm 134 Report of Independent Registered Public Accounting Firm 135 Consolidated
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e Finance Notes: Week 1 (Chapter 1) The Financial System Chapter Aims • Outline the functions of the Australian financial system • Identify the elements of the Australian financial system Overview of Financial Systems • A financial system facilitates financial transactions through the creation and transfer of financial assets • The key elements of the Australian financial system are □ Financial instruments □ Financial markets □ Financial institutions
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[pic] CHAPTER – I GRAND PROJECT ON CURRENCY DERIVATIVES NANCY SHAH – PROJECT TRAINEE CHAPTER 2 INTRODUCTION TO CURRENCY MARKETS 2.1 BASIC FOREIGN EXCHANGE DEFINITIONS Spot: Foreign exchange spot trading is buying one currency with a different currency for immediate delivery. The standard settlement convention for Foreign Exchange Spot trades is T+2 days, i.e., two business days from the date of trade. Forward Outright: A foreign exchange forward is a contract
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POST GRADUATE PROGRAMME IN MANAGEMENT AY 2015-16 TERM: III TITLE OF THE COURSE: FINANCE II CREDITS: 4 Name of the Faculty Arnab Bhattacharya Gaurav Singh Chauhan Kousik Guhathakurta Radha M. Ladkani Faculty Block/ Room No. J BLOCK C-102 A-106 J BLOCK Email Telephone Number arnabb@iimidr.ac.in gauravs@iimidr.ac.in kousikg@iimidr.ac.in; radhal@iimidr.ac.in; 0731-2439589 0731-2439592 0731-2439518 0731-2439698 COURSE DESCRIPTION The second core course in Finance
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