Fully Understanding Market Demand And Supply Conditions Finance Essay - Free Essay Example

On 1st December 2008, Bursa Malaysia had replaced its existing trading system with a new trading system. The new trading system was known as Bursa Trade Securities (BTS) system. This new system has many advantages compare to the existing system. For investor, the Bursa Trade Securities system helps them fully understand the market demand and supply conditions. Investors can have strategic planning for their investment if they know the market demand and supply conditions very well. The calculated of Theoretical Opening Price was necessary for investors to be more understanding about the market demand and supply conditions. As we know, there is two trading session per day at Bursa Malaysia. The two trading session are morning trading session and afternoon trading session. Each session consist of few periods. There are pre-opening phase, opening phase, continuous trading phase, pre closing phase, closing phase and trading at last phase. The Theoretical Opening Price was the price calculated at the pre-opening phase which will be used as the price of share that trade at the opening phase. It is calculated based on the buy and sell order which was keyed into the system during the pre-opening phase. Normally, investors are not allowed to view the Theoretical Opening Price via Bursa Trade Securities. Most of them have their own representatives called remisier or dealer. Remisier are those representatives who can help others to buy and sell stock in Bursa Malaysia. As a result, they can get commission from any transactions that have been making by them. Besides that, Remisier are also allowed to buy and sell stock on their own. Dealers also act as the representative of investors to buy and sell stock in Bursa Malaysia. The different between dealer and remisier are dealer cannot buy and sell stock for their own. They only can do the transactions for others under the stockbroking company. The commission they get from any transactions that have been making by them was shared by them and their stockbroking company. After the Bursa Malaysia establishes the new Bursa Trade Securities system, the price of share traded in opening phase was calculated during the pre-opening period. During the pre-opening period, the Bursa Trade Securities system will try to find the best opening price based on a set of algorithm. Once the Bursa Trade Securities system had decided the opening price, the price will automatically become the price of share traded in opening phase. Before the Bursa Trade Securities system was established, the opening price can be manipulated using the existing trading system. As a result, investors were difficult to predict or know the exactly share price that to be traded in opening phase based on the old trading system. This weaknesses make investors cannot fully understand the market demand and supply conditions and thus cannot have better strategic planning for their investment. 6.1.1.2 To gauge the price to be traded A new trading system known as Bursa Trade Securities system was established by Bursa Malaysia to replace its existing trading system on 1st December 2008. As we know, there are two trading session per day at Bursa Malaysia. The first session is morning trading session and the second session is afternoon trading session. Each session consist of 5 periods. The tables below are the example of morning trading session and afternoon trading session followed by its phases. Morning trading session Pre-Opening 8.30am to 9.00am Opening 9.00am Continuous Trading 9.00am to 12.15pm Pre Closing 12.15pm to 12.20pm Closing 12.20pm Trading at Last 12.20pm to 12.30pm Afternoon trading session Pre-Opening 2.00pm to 2.30pm Opening 2.30pm Continuous Trading 2.30pm to 4.45pm Pre Closing 4.45pm to 4.50pm Closing 4.50pm Trading at Last 4.50pm to 5.00pm From the above table, we can see that there are two pre-opening and pre-closing phase. The Bursa Trade Securities system will decide the best opening and closing price based on a set of algorithm during the two pre-opening and pre-closing phase. The matching order cannot be done during that two pre-opening and pre-closing phase. Every morning, before the opening phase started, the Bursa Malaysia will start to collect the buy and sell order which was keyed into the new Bursa Trading Securities system by the dealeracirc;s representative or remisier of investors to find the best opening price for the share to be traded at opening phase. This period is so called pre-opening phase which was start at 8.30am and end at 9.00am every morning. Another pre-opening phase will start at 2.00pm and end at 2.30pm every afternoon. The price that decided by the new Bursa Trade Securities system at this two pre-opening phase was known as Theoretical Opening Price (TOP). In conclusion, Bursa Trade Securities system helps investors to gauge the price to be traded at opening phase. As a result, they can have better strategic planning for their investment. 6.1.1.3 Improves order execution After the last familiarity testing for new trading system on 15 November 2008, Bursa Malaysia finally established its new trading system on 1st December 2008. The new trading system was known as Bursa Trade Securities system which was established to replace the existing trading system at Bursa Malaysia. The objective of establishment of new Bursa Trade Securities system was to improve Bursa Malaysiaacirc;s existing trading and matching system. To be more understand about the changes that Bursa Malaysia have been made towards its trading and matching system, we need to look at some of the function that operate by Bursa Malaysia exiting system and Bursa Trade Securities system. The difference between the existing trading system and Bursa Trade Securities system in terms of their functions were as follow: For existing system Order Matching The matching time for existing system was 10 second interval. Pre-opening Price Due to the lack of formula for calculate the pre-opening price in exiting system, the price of share to be traded at opening phase will be unpredictable or not transparent. Closing Price The closing price can be manipulated by the trader. Order Type There are two types of order under the existing trading system. One of the orders is market order. Market order is referring as the selling and buying of stock using the current market price. Another type of order is limit order. Limit order is refer as buying and selling of shares at specified price. Best Price The existing system will only show three best prices for buying and selling of orders. For Bursa Trading Securities system Order Matching The matching of orders for Bursa Trade Securities system was done in real time. Pre-opening Price Due to the available of formula for calculate the pre-opening price in Bursa Trade Securities system, the price of share to be traded at opening phase will be predictable or transparent. Closing Price The closing price under the Bursa Trade Securities system was predictable. It will be fixed at closing phase and used as the price of shares during the trading at last phase. Order Type Under the Bursa Trade Securities system, there are more types of order compare with the existing system which only has market order and limit order. Best Price The Bursa Trade Securities collect the buy and sell orders to find five best order prices. In conclusion, Bursa Trade Securities allow investors to match their order immediately as long as there is seller or buyer who meet the investorsacirc; required price. 6.1.1.4 More options to strategies The Bursa Trade Securities system also known as BTS was started to use by Bursa Malaysia as its new trading system on 1st December 2008. The objective of this Bursa Trade Securities system was to replace the existing system which has many weaknesses compare with BTS. Since the new Bursa Trade Securities system has more features than the existing trading system, investors can have more options to strategies. The following are a few features of Bursa Trade Securities: Theoretical Closing Price Generally, the Theoretical Closing Price was referring as the price of a share to be traded during the trading at last. It is calculated during the pre-closing or closing phase. Previously, when Bursa Malaysia was using the existing trading system, the closing price can be change whether high or low. For example, the investors can manipulate the price of share by keyed into the existing trading system the orders of buying and selling at the time just before the trading was closed by 5pm. This issue was known as window-dressing. After the established of Bursa Trade Securities system, the closing price was fixed during the closing phase. There will not be any changes to the price of share during this trading at last phase. This is due to the fixing of Theoretical Closing Price which is calculated during the pre-closing phase. As a result, investors will get the same price of shares as the closing price during the trading at last phase. Trading At Last As we can see, there is two trading session per day at Bursa Malaysia, each session has one trading at last phase. Therefore, there will be two trading at last phase at Bursa Malaysia. The trading at last in morning session is start from 12.20pm and end at 12.30pm whereas the trading at last in afternoon session was between 4.50pm to 5.00pm. During this 10 minutes trading at last phase in each session, investors are allow to close their positions. The matching of order will be done at a fixed price of shares which incurred during pre-closing phase. Continuous Trading As we know, the matching of order under Bursa Trade Securities system is in real time basis. Continuous trading under Bursa Trade Securities system allow trader to trade and match their orders faster. Five Best Price Limits Compare to the existing trading system which provides only three best prices, Bursa Trade Securities system provided five best prices for investors. Due to this five best price limits features, the picture of market depth will be more obvious thus easy for investors to manage their trading decision. Odd Lots Settlement The Bursa Trade Securities system allows investors to do partial matching for odd lots based on price time priority. In conclusion, Bursa Trade Securities consist of more features which enhance the efficiency of trading process compare to the existing trading system. Thus, investors can have more options to strategies based on the information provided by the system. 6.1.1.5 Avails investors to the prospect of better price options Due to the inefficient of existing trading system in control the process of trading, Bursa Malaysia was decided to replace it with a new trading system called Bursa Trade Securities system. The implementation of this Bursa Trade Securities system will enhance the efficiency of the trading process and also benefits the investors. One of the advantages of Bursa Trade Securities system to investors is avails investors to the prospect of better price options. The below table shows the difference regarding price of shares between the existing trading system and the Bursa Trade Securities system: Existing Trading System Bursa Trade Securities System Three best price. Five best price. Unpredictable of opening price. Theoretical Opening Price. Closing price can be manipulated. Theoretical Closing Price fixed at pre-closing phase. As we can see from the above table, the existing trading system only has three best prices ranking. Investors have fewer options about the prices of shares under the existing trading system. This makes them difficult to manage their trading decisions. However, the implementation of Bursa Trade Securities system has eliminated the problem of the exiting trading system. Bursa Trade Securities system has five best prices ranking, compare with existing trading system, it has two best price ranking. This allows the investors to be easier to manage their trading decisions. Besides that, the opening price under existing trading system cannot be predicted or not transparent before the opening phase. Investors can only know the opening price when the market was open for the orders to trade in the two opening phase of each trading session which is 9.00am in morning session and 2.30pm in afternoon session. As a result, trader cannot plan for their investment earlier. In contrast, Bursa Trade Securities system allows the investors to view the opening price before the market was open for the orders to trade. The opening price was known as Theoretical Opening Price. It can be view during the two pre-opening phase of each session which is 8.30am to 9.00am in morning session and 2.00pm to 2.30pm in afternoon session. Therefore, investors can have strategic planning for their investment before the market was open for trade. In addition, the closing price under existing trading system can be manipulated. For example, the price for millions of shares traded during the continuous trading was at RM2.60, but it may be force by some investors to increase it to RM2.90 before the closing time. This action was known as window dressing. In consequences of this window dressing activity, the final price for the day was set at RM2.90 which is higher than the price for traded before closing phase. The Bursa Trade Securities system was used to eliminate the problem occur by the existing trading system. The closing price of shares which was called as Theoretical Closing Price under the Bursa Trade Securities system cannot be manipulated. It is fixed during the pre-closing phase and used as the price of shares to be traded during the trading at last phase. In conclusion, the Bursa Trade Securities system benefits the investors with the prospect of better price options because it provides five best prices for investors, the opening price can be view by the investors before opening phase so that they can plan their investment well and has fixed Theoretical Closing Price which eliminate the window dressing activity. 6.1.1.6 Improvement from the fresh introduce BTS Bursa Malaysia had implemented a new trading system called Bursa Trade Securities system to replace its existing trading system on 1st December 2008. Before the implementation of the new system, Bursa Malaysia had tried to use the Bursa Trade Securities system in the market to test the efficiency of the system. The last familiarity testing of Bursa Trade Securities was held on 15 November 2008. Under the Bursa Trade Securities system, there are two trading session per day at Bursa Malaysia. There are morning trading session and afternoon trading session. Each of the session consist of six phase. The six phases are: Pre-opening The Theoretical Opening Price was calculated in this phase. Investors are allowed to view the opening price during pre-opening phase between 8.30am to 9.00am in the morning trading session and 2.00pm to 2.30pm in the afternoon trading session. Opening The market start to trade based on the Theoretical Opening Price during the opening phase which start at 9.00am in the morning trading session and 2.30pm in the afternoon trading session. Continuous Trading The orders which are keyed in by the investors into the system will be match at the basis of real time in continuous trading phase between 9.00am to 12.15pmin the morning trading session and 2.30pm to 4.45pm in the afternoon trading session. Pre-closing The Theoretical Closing Price was calculated during pre-closing phase which start from 12.15pm to 12.20pm in the morning trading session and 4.45pm to 4.50pm in the afternoon trading session. Closing The Theoretical Closing Price was fixed and to be used as the price of shares during the trading at last phase. Trading at Last The price of shares used during trading at last was same as the closing price which was calculated during the pre-closing phase. The matching of orders was done during this 10 minutes trading at last phase. However, on 26 October, Bursa Malaysia has decided to remove two phases in the morning session. The two phases are pre-closing phase and trading at last phase. In the afternoon trading session, the two phases will still remain. The consequence of this changes is the continuous trading phase will lengthen with 15 minutes more. The motive of Bursa Malaysia to make the changes is to improve the Bursa Trade Securities system. Bursa Malaysia had consulted its market participants before they make this decision. After the improvement of Bursa Trade Securities system was make, the investors can have more opportunities to make trading experience while the price of the share still remain transparency and predictable. 6.1.2 To Markets and Bursa Malaysia 6.1.2.1 Boost in liquidity The Bursa Trade Securities system that has been implementing by Bursa Malaysia on 1st December 2008 has many advantages. The new system not only benefits the investors who trade shares at Bursa Malaysia but also the Bursa Malaysia itself. As we know, one of the functions of this Bursa Trade Securities is to shorter the time for orders to be match. Previously, the existing system takes about 10 seconds to process and match the orders that keyed in by the investors. However, the new Bursa Trade Securities system allowed the investors to match the orders in real time basis. Therefore, investors can save time when trade shares at Bursa Malaysia. For example, the Bursa Trade Securities system now can receive 13,000 orders per second compare with the existing system which can only receive 200 orders per second. Besides that, the Bursa Trade Securities system increases the opportunities for the market users to make trading experience. This is due to some of the new functions of Bursa Trade Securities system which are: Theoretical Closing Price Normally, the Theoretical Closing Price was referring as the share price which will trade during the trading at last. It is calculated during the pre-closing or closing phase. Previously, when Bursa Malaysia was using the existing trading system, the investors can manipulate the share price whether high or low by keyed into the system the buy and sell orders at the time just before the trading was closed by 5pm. This activity called window-dressing. The closing price also called as Theoretical Closing Price was calculated during the pre-closing phase will be fixed during the closing phase under the Bursa Trade Securities system. As a result, market users will get the same price of shares as the closing price during the trading at last phase. Trading At Last There is two trading session per day at Bursa Malaysia, each session has one trading at last phase. Therefore, there will be two trading at last phase at Bursa Malaysia. The trading at last in morning session is start from 12.20pm and end at 12.30pm whereas the trading at last in afternoon session was between 4.50pm to 5.00pm. During this 10 minutes trading at last phase in each session, market users are allow to close their positions. The matching of order will be done at a fixed price of shares which was fixed during the closing phase. Continuous Trading As we know, the matching of order under Bursa Trade Securities system is in real time basis. Continuous trading under Bursa Trade Securities system allow trader to trade and match their orders faster. Five Best Price Limits Compare to the existing trading system which provides only three best prices, Bursa Trade Securities system provided five best prices in ranking. Due to this five best price limits features, the picture of market depth will be more obvious. Odd Lots Settlement The Bursa Trade Securities system allows market users to do partial matching for orders based on price time priority. As a result, the odd lots will become more popular. The new functions of Bursa Trade Securities system have boost the liquidity of markets as market users can trade share more easily and faster. This improvement in the new system has enhanced the popularity of Bursa Malaysia. 6.1.2.2 Aligns with the practice of other major markets On 1st December 2008, Bursa Malaysia was implementing the new trading system to replace its existing trading system. The new trading system was known as Bursa Trade Securities system. Before the implementation of Bursa Trade Securities system, Bursa Malaysia had go through a lot of test to make sure the new system is better than the existing trading system. The last familiarity testing for new trading system was on 15 November 2008. Before the Bursa Malaysia implements the Bursa Trade Securities system, the operation of existing trading system was not as standard as the trading system in other countries such as Singapore, Thailand and Hong Kong. The existing trading system has many weaknesses compare with the Bursa Trade Securities system. One of the problem that exist when using existing trading system was that the price of shares can be manipulate by the investors who purposely keyed into the system the buy and sell orders at the time just before the trading was closed by 5pm. As a result, the price was automatically become the closing price for that day. The present of Bursa Trade Securities system has eliminated the problems which incurred using existing trading system. Another example is the matching time of orders. As we know, under the exiting trading system, the matching time of orders is about 10 seconds. It is because the system can only receive 200 orders per second. In contrast, the Bursa Trade Securities system can receive 13,000 orders per seconds. Therefore, the orders which keyed in by investors can be match at the real time basis. The Bursa Trade Securities system had improve our trading process as it has more functions compare with existing trading system. All those functions have benefits investors, market and also Bursa Malaysia itself. Now, our trading process becomes more standard just like what other market practice. 6.1.2.3 Enhance derivatives trading mechanism After the last familiarity test on 15 November 2008, Bursa Trade Securities system was implemented by Bursa Malaysia on 1st December 2008. Bursa Trade Securities system has many new functions compare with the existing trading system. Therefore, it is used to replace the current system as the new trading system in Bursa Malaysia. in share market, but enhances the derivatives trading mechanism. The way to calculate the Final Settlement Price (FSP) will be change after the introduction of Bursa Trade Securities system. The derivative products which will be affected by the changes in way to calculate the Final Settlement Price (FSP) are KLCI futures and KLCI options. The example of KLCI futures is FKLI whereas the example of KLCI options is OKLI. The new way to calculate the Final Settlement Price (FSP) makes it less sensitive to market operation and softens the price which is not stable. Previously, under the existing trading system, the Final Settlement Price (FSP) was calculated by the mean of the sum of all the index value (exclude the highest and lowest value of the index value) of the underlying KLCI in the last 30 minutes. Nowadays, under the Bursa Trade Securities system, the Final Settlement Price (FSP) was calculated by the mean of the sum of all index value (exclude the three highest and three lowest values) of the underlying KLCI in the last 60 minutes plus the last closing auction value of the underlying KLCI. The table below has list down some of the example of derivatives and its underlying securities. Underlying Securities Derivatives Shares Options/Futures Bonds Futures/Warrants Index Options/Futures Interest rate Futures Exchange rate Futures Commodity Futures In conclusion, the Bursa Trade Securities system has calculate the Final Settlement Price (FSP) more accurately and thus enhance the derivatives trading mechanism.

A Plan For Reducing Poverty Through Debt Forgiveness

In 1995 James Wolfensohn was appointed president of the World Bank. With this new opportunity he designed a plan in hopes of reducing poverty through debt forgiveness. The plan was called the highly indebted poor countries (HIPC) initiative Countries would be eligible for this plan if they had unsustainable debt, debt ranging from 200-250% of their export earnings. The first stage of HIPC involved a structural adjustment for 3 years until the Decision Point was reached, if the debt was still unsustainable there would be a 67% cancellation. The country would then enter stage two which included another 3 years of adjustment until the completion point, 80% debt reduction and debt owed to the IMF would be cancelled by taking out of the HIPC†¦show more content†¦In 2001 Ghana began the process in hopes of qualifying for the highly indebted poor countries (HIPC) relief initiative in hopes of gaining financial commitment to the Ghana Poverty reduction Strategy (GPRS). The goal of t he GPRS and HIPC was to increase food security and income as well as welfare needs such as health, education, and water. Ghana’s economy at the time was dealing with high inflation, and declining exchange rate. â€Å"The HIPC initiative aims to reduce the NPV or net present value of external debt to a maximum 150% exports or, for small open economies, to 250% of government revenue at the time of HIPC completion point†(Afoom, N 2011). The main problem most countries seem to face with regards to HIPC is whether or not debt sustainability is achievable when it comes to low-income countries. While the original HIPC initiative was quite successful in relieving debt and reaching Ghana’s completion point, the enhanced HIPC is believed to be what will keep them from falling back into where they started. The enhanced HIPC initiative was born during the G summit in Cologne, Germany in 1999. The initiative not only helps develop the country but also puts into place strategies that can be clearly used to reduce poverty. Funding for the initiative comes from two types of creditors; bilateral and commercial, and multilateral creditors. With the new enhanced HIPC initiative came new components and policies. The enhanced HIPC

Importance Of Adolf Hitler - 1270 Words

Having the skills to be a leader probably is one of the hardest of skills that people have to learn to run a country. But this is not the same for Adolf Hitler because he had the skills of giving excellent speeches as well as having the right evidence to back up his statements. All of these events happened after World War One so Germany was in a total economic collapse because of the Treaty of Versailles and the people were desperate to be saved from the rules they had to follow. Hitler was a Corporal during World War One, after being promoted because his entire team died because of an explosion, he started telling other people during and after the war that there were no people of the Jewish religion on the battlefront therefore turning†¦show more content†¦The government couldnt stop someone from rising through the ranks until it could effectively freeze them in their place as long as they liked. The people were already against the republic so a man named Hitler took advan tage of this and led the charge against the government but after Hitlers control things took a terrible change. After using events to declare martial law and turn Germany into a dictatorship Hitler started taking nearby countries under the guise of reuniting Germany and while it was condemned they did nothing to actually stop it but that changed when the Germans threatened Poland as Poland was a nation guaranteed under Versailles and taking that would be crossing a line that would lead war. Hitler thought that he didnt want to be at war with Russia, and so they agreed to split Poland and to not go to war but Germany didnt even think that Britain and France would be true to their promise he believed that they would merely yell and offer empty threats so when they declared war it took Hitler a little off guard. 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Development of Accounting System-Free-Samples-Myassignmenthelp

Question: How are Accounting System Developed in Practice today. Answer: Today, accounting systems are developed using the ABC methodology. Businesses meet some of their specific needs by buying an accounting system, a starting point system that is specifically tailored for them which gives them exactly what they need. There are various things involved in developing an accounting system. The list is so long that it becomes confusing; as a result, IT specialties have developed three keys that help them to stay organized which is essential in creating a successful accounting system. These are people, processes, and technology which are used together with project management. These three keys were created based on the main functions of an accounting system, store data, analyze and use data, and safeguard the accounting data. The people are basically about the teams involved in developing the accounting systems and their various roles; processes involves the steps that will be taken in developing the accounting system and IT specialists use the system development life cycle (SDLC) as well as the system development methodology (SDM) to define and organize these steps; technology is about the technology that will be used in the accounting system such as the accounting software, the database and DBSM and network and protocols. The system development life cycle (SDLC) is an important component in creating a successful accounting system as it provides the various people involved in the process such as programmers, IT specialists and system analysts with a common language that will be used to communicate and minimize misunderstandings. SDLC is a series of phases to developing a system including plan, analyze, design, build or buy, install and deploy. The plan is why the system is being created and analyze looks at the user requirements including the current system. Design involves developing the new system models based on the findings of the analysis. Install is about installing the new system including hardware and software as well as training users and converting data so that it can be usable in the new system. Finally, deploying operating the new system as users utilize the system as well as maintaining and supporting the system. Another important component in the development of a successful accounting system is a system development methodology (SDM) which determines regulates the order and movement of how and when the different phases of the SDLC are executed. There are various systems development methodologies such as the waterfall methodology, the prototyping methodology and the ABC methodology. All of these methodologies are used in designing and building cars such as the handmade Italian sports cars with the ABC methodology being the most widely used. In theory, the ABC methodology appears to be a good way of developing accounting systems, but there have been some doubts. However, it seems to be a good fit for creating accounting systems because it is very popular among enterprises. They are using in-house programmers to customize their specific baseline system that addresses their needs, and that is the equation of an accounting system. Baseline and customization are two important stages involved in the ABC methodology. The baseline accounting system usually comprises of workflow and business processes enterprises used on a daily basis that is why it contains these phases of the SDLC, plan, analyze, design and build or buy. The customization of the baseline accounting system, on the other hand, involves taking steps that will ensure that the needs and requirements of a specific enterprise are met, and baseline modules for its vendors, customers, staff, reports, banking, and financials are developed. In the customized system stage , all of the phases of the SDLC must be performed. All of this is illustrated in the example involving Espressocoffee Company. There are various advantages to using the baseline model in creating accounting systems. The baseline model is time efficient as the teams involved in the processes will not have to reinvent the wheel, they will have a base model that will enable them to tailor the accounting system to the specific needs and requirements of the enterprise. The baseline model improves the efficiency of the accounting system which reduces the probability of design errors occurring. Baseline plus customization are widely used in enterprises because they have realized that no other approach is more suited to the distinct needs of accounting system design. Although most enterprises have accounting systems that are similar when it comes to business processes and activities, there are specific features explicitly tailored or customized for each enterprise. Enterprises have shifted away from methods that used to be used in the creation of accounting systems to the ABC methodology because it is portable, flexible and cost-effective.