The Evolution of Securities Lending and Risk Mitigation: A Finnish Market Case Study

Although securities lending is an important function of the financial markets, it has not received that much academic attention. This study examines the evolution of European securities lending and risk management with an emphasis on the development of collateral management, the function responsible for reducing credit risk. The effects of the recent financial instabilities are also considered. The evolution of the Finnish securities lending market is examined in more detail through a case-study. This study can be classified as a constructive qualitative case study. The initial practical knowledge comes from the author's own experience and additional insight and theoretical background is acquired through a literature review. The case study is based on research, semi-structured interviews and a brief analysis of numerical data. The main observation of this study was that securities lending is now recognized as more of an investment management discipline than an operational support function. The recent financial instabilities have resulted in an increased focus on risk and transparency. In securities lending this is directly reflected in collateral management guidelines and procedures. Collateral management has become increasingly technologically developed and automated. Collateral optimization initiatives have been started to make the process more efficient, liquid, and cost effective. Although securities lending is generally an OTC-market with no standard market place, centralized exchange-like models have been introduced. Finnish securities lending has now shifted towards the more common global OTC model. Although the Finnish securities lending industry has developed, and the main laws governing it (tax legislation) have changed, there is still need for development. There are still not many Finnish participants involved and due to legal issues most securities loans are collateralized with cash and not securities (e.g. government bonds).

Defining the art of grammar: Ancient perceptions of γραμματική and grammatical

The subject of this dissertation, which belongs to the field of Classical Philology, are the definitions of the art of grammar found in Greek and Latin sources from the Classical era to the second century CE. Definitions survive from grammarians, philosophers, and general scholars. I have examined these definitions from two main points of view: how they are formed, and how they reflect the development of the art itself. Defining formed part of dialectic, in practice also of rhetoric, and was perceived as important from the Classical era onwards. Definitions of grammar seem to have become established as part of preliminary discussions, located at the beginning of grammatical manuals (tékhnai, artes). These discussions included certain principal notions of the art; in addition to the definition, a list of the parts of the art was also typically included. These lists were formed by two different methods: division (diaíresis, divisio) and partition (merismós, partitio). Many of the grammarians may actually have been unfamiliar with these methods, unlike the two most important scholars of the Late Republic, Varro and Cicero. Significant attention was devoted to the question whether the art of grammar is based on lógos or empeiría. This epistemological question had its roots in medical theories, which were prominent in Alexandria. In the history of the concept of grammatiké or grammatica, three stages become evident. In the Classical era, the Greek term is used to refer to a very concrete art of letters (grámmata); from the Hellenistic era onwards it refers to the art developed by the Alexandrian scholars, a matter of textual and literary criticism. Towards the end of the Hellenistic era, the grammarian also becomes involved with the question of correct language, which gradually begins to appear in the definitions as well.

Evolver: The Evolution of The Extended EPrints Ecosystem

Presentation at Open Repositories 2014, Helsinki, Finland, June 9-13, 2014