O papel da custódia de títulos financeiros nos mercados financeiros internacionais: mercados auto compensados e não compensados

Este relatório de estágio tem como objetivo descrever e contextualizar aspetos práticos relativos ao funcionamento dos mercados financeiros que não são habitualmente abordados nos manuais sobre este tipo de mercados. O relatório tem por base o estágio profissional realizado no BNP Paribas Securities Services, que proporcionou contacto direto com várias práticas, principalmente no domínio da prestação de serviços de custódia de títulos financeiros. A custódia é um serviço de post-trading, com grande relevância para a gestão e manutenção dos títulos financeiros e abrange todos os procedimentos que decorrem da negociação, de entre os quais se destacam aqueles que dizem respeito à distribuição de rendimentos; The AUD’s (assets under custody) role in the international financial markets: auto compensated markets and non compensated markets Abstract: This report aims to describe and contextualize practical aspects related to the functioning of financial markets that are not usually addressed in handbooks on such markets. The report is based on a professional internship at BNP Paribas Securities Services, which provided direct contact with various practices, particularly in the provision of financial securities custody services. The custody is a post-trading service, with great relevance for the management and maintenance of financial securities and covers all the procedures resulting from the negotiations, of which are especially relevant those relating to the distribution of income earnings.

Trans-national cooperation: an asset in the Portuguese overseas trade. Foreigners operating in the Portuguese overseas trade, 1580-1590

This paper aims to discuss the role of foreign merchants, operating from Portugal, in the Portuguese overseas trade, during the first ten years of Iberian Union. The focus is not in products or routes, but in the mechanisms of association of such merchants. Iberian Union created a legal framework which prohibited the interference and trade of Portuguese agents in the Spanish Empire and vice-versa. Due to the imperialist wars of the Habsburgs, the Portuguese Empire also suffered from Dutch and English rivalry both in the Indic and in the Atlantic and also from the embargos of Dutch and English products and ships in Iberian ports. In such conjuncture, how did merchants related with each other? What was the impact of the political union of the Portuguese and Spanish crowns in trading associations? The used data sources are the notarial contracts of Lisbon for the same period. The paper highlights the role of Castilian merchants in the Portuguese trade, but it also stresses that Iberian partnerships have prevailed before 1580. The role of other merchants, such as Flemish/Dutch, Germans, Italians and French, is also considered. The paper discusses how and why did these merchants join in trans-national partnerships and what was their role in the Portuguese trade network at the time.