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).

Towards a Strategic Sales Channel Partnership: A Case Study from the IT Services Industry

Strategic partnerships have become a key to competitive advantage and success in a dynamic, global business environment. Partnering provides a strategic response to complex offerings that need multiple sources of technology and knowledge, allowing companies to offer a wider range of services and solutions to meet their customers’ needs. Companies that collaborate with strategic partners in sales channels may significantly grow their business and improve their prospects of winning major contracts. As a consequence, companies are increasingly transforming their go-to-market strategies and sales channel structures to align with the need to create added value to customers together with a business partner. The research objective of this case study is to review and assess the success of an established sales channel partnership in IT services industry and to find ways how to develop it towards a strategic collaboration. The research consists of two main parts. The first part reviews the literature, concluding with the identification of the critical success factors for partnering. The second part sets out for the case findings, focusing on how the success of the established sales channel partnership is perceived by key executives within the partner organizations, and further what actions are required to make the sales channel partnership and joint go-to-market more strategic.

Media Library Online (MLOL). Business Models for E-Book Lending in Libraries

Esitys Kirjastoverkkopäivillä 23.10.2012 Helsingissä

Benefits and challenges of supply chain finance business process automation : A case study in ING Bank

Supply chain finance, a financial product provided by the bank, has gained increasing attention and popularity over the last few years. Supply chain finance helps the corporate clients to optimize their financial flows along the supply chain. One characteristic of supply chain finance is that it aims to provide automated solutions. Therefore, the business process automation of supply chain finance is a very interesting and important topic for study. In this study, the business process automation of supply chain finance within the case organization, ING, is analysed. The purpose is to: (1) Identify the benefits to understand the importance to automate supply chain finance business process; (2) Find out the existing automation degree in the supply chain finance business process within the case bank to see what’s the situation now and how to improve in the future; (3) Discover the challenges in the further automation of supply chain finance business process. Firstly, the study finds out that supply chain finance business process automation can bring many benefits to the bank. Automation can improve productivity by using less time and human labour in the business process, and by providing scalable solutions. Automation can also improve quality of the service by reducing the human errors. Last but not least, automation can improve internal governance by providing enhanced visibility of the business process. Because of these potential benefits, many banks are actively seeking solutions to automate their supply chain finance business process. Then, the current automation situation with the case bank is analysed with the help of business process modelling. The supply chain finance business process within the case bank can be further divided into several sub processes: daily transaction, buyer sales and setup, supplier onboarding, contract management, customer services and supports, and contract termination. The study finds out that the daily transaction process is already a highly automated, which is carried out through the web-based trading platform. However, for other business the automation degree is relatively low. Among these business processes, supplier onboarding is most needed for further automation. Then, some solutions are also suggested to automate the supplier onboarding business process. In the end, the study also foresees some challenges during the further automation of supply chain finance business process in the case bank. Some suggestions are also given to deal with these challenges.

Henkilöstön ydinkompetenssien määrittäminen ja mittaaminen uudessa liiketoimintamallissa. Case: Danske Bank

Tämän tutkimuksen tavoitteena on kuvata prosessia, jonka tuloksena henkilöstölle määriteltiin kahdeksan ydinkompetenssia palvelemaan uuden liiketoiminnan arvolupausta. Lisäksi tavoitteena on mitata määriteltyjen ydinkompetenssien nykytaso. Tunnistetusta kompetenssikuilusta johdetaan kehitystoimenpiteitä, joiden avulla henkilöstön osaaminen saatetaan halutulle tasolle. Tutkielman teoreettinen viitekehys kiteytyy liiketoimintamallin arvolupauksen sekä yksilön ydinkompetenssien rajapintaan, jonka taustalla vaikuttavat resurssiperustainen ja tietoperustainen näkemys yrityksestä. Tutkimus toteutettiin kvalitatiivisella tutkimusmenetelmällä. Tutkimus on luonteeltaan tapaustutkimus, jonka aineisto kerättiin haastattelemalla kuutta uuden liiketoimintamallin tiimin jäsentä. Tulosten perusteella yksi olennainen ydinkompetenssi ei tuo kestävää kilpailukykyä imitoitavuutensa vuoksi. Muutoin määritellyt ydinkompetenssit vastasivat pääasiassa liiketoimintamallin arvolupausta ja kolmesta ydinkompetenssista voitiin johtaa kehitystoimenpiteet organisaation käyttöön.

Role of the canonical transient receptor potential channel 2 (TRPC2) in thyroid cell function

Kalciumjonen reglerar flera processer i celler såsom transkribering av gener, celldelning, cellernas rörlighet och celldöd. Därför har cellerna utvecklat många mekanismer för att reglera den intracellulära kalciumkoncentrationen. Kalciumkanaler spelar en viktig roll i denna regleringsprocess. TRPC-kanalerna (eng. canonical transient receptor potential) är en familj av jonkanaler med sju medlemmar (TRPC1-7) vars regleringsmekanismer och fysiologiska roller är varierande. TRPC2-kanalens fysiologiska signifikans, samt hur kanalen regleras, är dåligt karakteriserad. För första gången, rapporterar vi närvaron av TRPC2 kanalen i råttans sköldkörtelceller samt primära sköldkörtelceller från råtta. Hos gnagare har TRPC2 antagits vara exklusivt uttryckt i det vomeronasala organet. För att undersöka den fysiologiska betydelsen av kanalen, har vi utvecklat stabila celler med nedreglerat TRPC2 (shTRPC2) m.h.a. shRNA-teknik. Nedreglering av TRPC2 resulterade i stora skillnader i flera viktiga cellulära funktioner och i regleringen av sköldkörtelcellernas cellsignalering. Nedreglering av TRPC2 orsakade minskad agonist-beroende frigivning av kalcium från det endoplasmatiska nätverket, samt minskat agonist-beroende inflöde av extracellulärt kalcium, men ökade det basala kalciuminflödet. Uttrycket av PKCβ1 och PKCδ, SERCA-aktiviteten och kalciumhalten i det endoplasmatiska nätverket minskade i shTRPC2 celler. Kommunikation mellan kalcium- och cAMP-signalering påvisades vara TRPC2-beroende, vilket visades reglera uttrycket av TSH-receptorn. Vi undersökte också betydelsen av TRPC2 kanalen i reglering av sköldkörtelcellers proliferation, migration, vidhäftning och invasion; processer som alla var dämpade i shTRPC2 celler. Samamnfattningsvis påvisade dessa resultat en ny och viktig fysiologisk betydelse för TRPC2 kanalerna.

Análise interactômica da VDAC (voltage-dependent anion selective channel) nos cérebros aviar, bovino e murino

A VDAC é a proteína mais abundante na membrana mitocondrial externa. Exerce o controle da atividade desta organela através da regulação da troca de metabólitos e tem função crucial no mecanismo de apoptose. Em nosso caso, os estudos dos complexos protéicos, das interações entre a VDAC e outras proteínas presentes no interior do neurônio que auxiliam na manutenção das funções das organelas e da célula, fazem parte da chamada interactômica. O presente estudo determinou o interactoma do complexo protéico Hexoquinase-VDAC-ANT presente em cérebros murino, bovino e aviar. Nosso objetivo foi identificar se as expressões diferenciadas da VDAC1 e VDAC2 verificadas nos cérebros murino, aviar e bovino, estão associadas a diferenças nos interactomas dessas proteínas. Este estudo revelou que as espécies aviar e bovina apresentaram o maior número de complexos protéicos contendo VDACs (5) quando comparadas com os neurônios de rato (1), o que é indicativo de uma cinética diferencial de montagem ou desmontagem do complexo. Além disso, a VDAC mitocondrial neuronal aviar também interage com mais proteínas em relação à VDAC mitocondrial neuronal bovina, o que é resultado de uma composição de subunidades diferenciada. Tais resultados indicam diferenças significativas quanto ao metabolismo energético e apoptótico no cérebro aviar, bovino e murino, existindo interações diferenciais da VDAC no cérebro aviar.

Maintenance of Brazilian Biodiversity by germplasm bank

Abstract: Currently the importance of using alternative strategies for biodiversity conservation is emphasized and since the establishment of germplasm bank is an alternative to the conservation of endangered species. This is a technique of great importance for the maintenance of Brazilian fauna. Since the early70'sthere was a growing concern about the need to preserve essential genetic resources for food and agriculture, mainly for conservation of genetic material from farm animals. Thus was created the Brasilia Zoo, in July 2010, the first Germplasm Bank of Wild Animals in Latin America, as an alternative strategy for the conservation of threatened or endangered species, using both gametes and somatic cells and stem cells. Then we argue to create new banks or research networks among different regions with aimed to tissue preservation.

Potential for seed bank formation of two weed species from Brazilian Amazonia

The potential for seed bank formation of two perennial weed species, Ipomoea asarifolia (Desr.) Roem. & Schult. (Convolvulaceae) and Stachytarpheta cayennensis (Rich.) M. Vahl (Verbenaceae), both common in Amazonia , was evaluated in a degraded pasture area in eastern Brazilian Amazonia . Seeds were enclosed in nylon mesh packets and placed at the soil surface or buried at 5 or 10 cm deep. The number of viable seeds was recorded at 6, 10, 14 and 18 months after burial. Results showed that S. cayennensis has the ability to form persistent soil seed bank, while I. asarifolia seeds do not build up in the soil seed bank. For S. cayennensis and, to some extent, for I. asarifolia, seed survival was highest at greater burial depths.

Seed bank from soil of coffee plantations associated with grevillea trees

This study aimed to study the composition and dynamics of seed bank from soil of coffee plantations associated with grevilea trees in the experimental fields of the Southwest Bahia State University, on Vitória da Conquista campus. The experiments were carried out from September 2006 to May 2007. The coffee trees (Coffea arabica) were sown at three x one m spacing, associated with grevillea trees (Grevillea robusta) and maintained at densities of 277, 139, 123, 69, 62 and 31 plants ha-1, under direct sunlight. One hundred grams of soil were taken from each treatment with four repetitions and later identified and counted with a 10x magnifying glass. To determine seedling emergence, four soil samples of 1000 g were collected from each experimental field and transported to the greenhouse. Seedling emergence was observed by counts after 15, 30 and 45 days. The experimental design was randomized blocks of seven treatments (soil from different tree densities) and four replicates; the experimental unit consisted of a plastic tray (0, 30 x 0.22 x 0.06 m) containing 1.000 g of soil. The variables utilized to characterize the bank and its dynamics were: relative frequency, relative density, relative abundance, importance index and species diversity (Shannon-Weaver index).Increased number of monocotyledon seeds and sprouts were verified in the treatments maintained under full sunlight.

Soil seed bank of plant species as a function of long-term soil management and sampled depth

This study aimed at assessing the level of weed infestation indifferent areas that were submitted to different soil management for 16 years. Four management systems were studied: (1) agriculture only under conventional tillage system; (2) agriculture only under no-till system; (3) crop-livestock integrationcrop-livestock integration; (4) livestock only. These areas were sampled at three soil depths (0-5, 5-10 and 10-15 cm), and soil was stored in plastic pots and taken to a greenhouse, where soil moisture and weight were standardized. Soil was kept near 70% moisture field capacity, being revolved every 20 days when all seedling emerged from soil were counted, identified and collected for dry mass assessment. The soil coverage by weeds, number of weed seedlings and dry mass of the weedy community were assessed. A phytoecological analysis was conducted. Weed composition is differentdifferent among management systems after 16 years. Areas with livestock showed much smaller number of weed species in comparison to systems where only grain crops are grown. The presence of livestock affects the potential of germination of soil seed bank. Agriculture systems are similar in terms of weed composition along soil profile, while systems involving livestock show little relation in what regards such sampled depths. Conservationist models of land exploration contribute to reduce severity of weed species occurrence in the long term.