How to Write a Research Paper

How to Write a Research PaperDo you believe that all research paper writings are so easy? I sure don't. Because, the fact is that the level of difficulty depends upon the type of paper that you have written. Here are some things that you should know.First, if you are writing an academic paper, then your writing needs to be extremely rich and highly meaningful. Of course, it is just about knowing what to write. So, you need to know how to write a research paper.Second, your standard research paper can be very technical. Yes, it does not mean that you should write technical things in your papers. However, this does not mean that your research paper is somehow easier to write than others. What it means is that your paper will be more rewarding if you do it right.Third, if you are writing a research paper for school, then you should take special care in the way you write. The reason why is because a poorly written research paper can turn out to be the end of your school career. You might have to rewrite many times before it becomes well-received by the school. There is no point in writing the same thing over again.Fourth, if you want to improve your chances of winning your university or school writing competition, then you should remember that you should do a lot of reading on your topic before you write your research paper. This way, you will know all the background about your topic.Fifth, the most important thing that you need to do is to really do a lot of thinking. It is one thing to write and another thing to write a research paper properly. Therefore, you should be able to know the overall structure of your paper before you actually start writing it.Sixth, the only way you will be able to achieve this kind of writing is to write from the heart. You should write as if you were speaking to someone. So, write from the heart.A good research paper is hard to write. However, it is worth it.

Who Is Misleading Us About Headings for Research Papers

Who Is Misleading Us About Headings for Research Papers? Key Pieces of Headings for Research Papers No inward heading level ought to have only one case. State additionally how you need to move toward your subject. Right now, the entirety of the school students have a decent opportunity to structure their composing assignments without the commitment to track with the rules. Clarify quickly the critical focuses you need to cover in your paper and why perusers should be keen on your subject. In case you're keen on this issue, keep perusing the guide and making the notes. You would have done an excellent activity in the occasion the peruser makes an appropriate showing. Since you will gain from glancing through any generally excellent research paper model, composing a stunning paper includes so unmistakably more than essentially tossing a ton of content and references into a word processor and seeking after the absolute best. The significant thing to recall at any examination paper is th at it depends on an hourglass structure. For some, understudies, composing the presentation is the underlying part of the methodology, setting down the heading of the paper and spreading out correctly what the examination paper is endeavoring to achieve. Given that you have arranged an incredible structure for those bits of an examination paper, the two strategies are similarly pleasant and it's a matter of inclination. You may have completed the absolute best research venture on earth, yet on the off chance that you don't make a fascinating and very much spread out paper, at that point no one will pay attention to your discoveries. Despite the character of your exploration, in case you're composing a paper a diagram can push you to arrange your contemplations, however likewise work as the layout for your entire paper. While dealing with the association of an exploration paper, remember that you may utilize the key segments and one of a kind subheadings to set up a predominant arrangement for this particular school task. Then again, try to be sure that another analyst should be in a situation to imitate the analysis precisely, while keeping the area succinct. Then again, the part to remember is that each part fills a specific need and the manner in which you mastermind data in your diagram will drive the manner in which your paper peruses upon consummation. Know that the absolute first sentence of the passage inside this segment starts on the specific line. Another idea which ought to be examined is a caption that may likewise be viewed as a subheading. Brief archives by and large don't require utilizing heading s. Research projects with headings are in like manner an awesome way to introduce data since they show up in a sorted out configuration. The Importance of Headings for Research Papers Two distinctive subheading levels probably won't be stressed indistinguishably. Subheadings must be used in the specific request, levels can't be skipped (for example, a first-level subheading probably won't be followed quickly by a third-level subheading), and must be utilized reliably all through the original copy. Indeed, clearly, you may utilize subheadings in your exploration work. To put it in an unexpected way, you should have in any event two subheadings for each and every significant heading. Ensure everything in each area is identified with each heading. In the first place, you must peruse the gave directions cautiously. Sort out YOUR NOTES Organize the entirety of the data that you have accumulated as per your diagram. Fundamental headings of in any event two lines are quite often twofold di spersed. Headings for Research Papers - Is it a Scam? For example, on the off chance that you have one level 1 heading, you must have another level 1 heading. The paper or part title is the absolute first measure of heading, and it must be completely the most noticeable. Attempt to recall that the absolute first line of a theoretical isn't indented. Try not to underline the title, or spot a period at the end of the title. BODY This is where you present your contentions to back up your proposition proclamation. The end normally doesn't offer you new data, yet rather sums up the chief focuses tended to in the paper. It's obligatory to moreover emphasize the theory proclamation and notice any up and coming examination. 1 propensity that is getting increasingly normal, especially with online papers, is to consolidate a reference to your paper on the last page. Regardless of whichever one which you choose to utilize, you must be predictable all through your exposition. The absolute most importantly thing that should be referenced is the manner by which MLA style doesn't require the specific area titles inside various areas of an exploration paper. A great framework has become the most pivotal advance recorded as a hard copy a magnificent paper. To empower an essayist to uncover their ability aptitudes recorded as a hard copy. Evidently, the exact philosophy shifts subordinate upon the particular territory and sort of trial. Another specialist may have revealed some captivating patterns, however didn't make sense of how to get to the criticalness level, because of exploratory blunder or little example sizes. The key issue to be referenced is that all of both paper groups has certain rules that should be followed.

Secret Solutions to Research Proposal Disclosed

<h1> Secret Solutions to Research Proposal Disclosed </h1> <p>It's frequently helpful to propose your starter thoughts to the RAC before you endeavor to secure award reserves. Proposition should fuse all the fundamental data things given underneath, in enough detail that an informed non-master will see exactly what you mean to do. The assortment of papers per establishment can be promptly found. In many occasions, the understudies will fit the bill for a Master's certificate. </p> <p>As you are adapting to the best of the composition, it is fundamental you should endeavor to write in consistence with the inquiry that the idea of research addressing may prompt the opportunity of another exploration. While you can appreciate the idea of research addresses it's likewise central it's additionally fundamental that you have to give your level best to work a shot it whether you like its noteworthiness or not. Your proposition ought to exhibit all the significan t components associated with the method and present the suitable data that will help your crowd survey the work you propose. You might want your concentrating to yield results, to find something which has never been found. </p> <p>Your look into method is a kind of movement which you think can best deliver a reaction to your examination question. One path is to analyze the amount of research papers distributed by scientists in the region. Apparently, you will require data on how best to create the presentation when you're setting up your exploration proposition. To make an examination question is the real strategies or theory can assist you with plunking down to most significant bit of management in the exploration. </p> <p>Developing a brief however fascinating exploration proposition is very multifaceted, so it's suggested that you decide on a master custom composing organization to control you through the strategy. On the off chance that you haven't ever composed an exploration proposition previously, you may be contemplating why it is a huge and essential segment of the thesis approach. To think about an intelligible end, you can come back to your work and select the key focuses that y ou've examined up until now so you can convey a last result with discerning variables. Line that up with what you are giving in your theory application which will assist it with getting unique in relation to various contentions. </p> <p>The association has moved its concentration to business applications. You should consider how soon you will present the exact subject of your exploration zone, or your client's name. A compelling examination title should be effortlessly comprehended by someone who's not an authority in the zone. Realizing Vs Hunting For Targets You may know a lot of things, yet you truly can't build up a way for revelation in case you're going in with inadequate subtleties. </p> <h2>What to Expect From Research Proposal? </h2> <p>Explains regardless of how the examination would enlarge or deliver the present writing inside the present field. For example, in case you're endeavoring to make sense of whether Drug An or Drug B is increasingly successful in cutting Disease X in Population Y, you need to make that understood. Express the specific issue which you would need to focus your examination on. </p> <p>Both applications will get a suggestion for dissatisfaction. Writing Review The examination gives a brisk diagram of the writing on the overall assortment of data inside the territory of study that they need to explore to continue with their exploration. PhD explore recommendations use a configuration that is genuinely all around acknowledged in most of orders. Composing a PhD examine proposition is a huge part the complete PhD inquire about strategy. </p>

Good Research Paper Topics For English Composition Class

<h1>Good Research Paper Topics For English Composition Class</h1><p>It is anything but difficult to do inquire about papers in your English piece class when you know about the potential Othello look into paper themes. Before we investigate this subject further, let us take a gander at some other comparative themes that understudies are examining. There are a few other exemplary writing, history, and basic perusing subjects, for example, American Literature, American Fiction, Drama and Theater, Philosophy, English Literature, History of Science, and Philosophy of Science that have likewise an extremely enormous number of hypothetical papers that understudies can submit for their courses. While the facts demonstrate this may not be your essential decision, it helps in making more associations between different subjects in the course.</p><p></p><p>As with the majority of the other article themes, you should ensure that you explore cautiously abo ut the point before settling on a subject for your paper. Also, you should ensure that you pick the best theme that coordinates your composing style. On the off chance that you are a diagnostic author, you might need to pick the subject of History of Consciousness, Philosophy of Consciousness, or Cultural Studies for your paper. In the event that you need to compose a logical paper, think about Physics, Biology, or Psychology for your theme. It is likewise imperative to ensure that you remember suitable sources and realities for your paper so you can get a passing mark in your assignments.</p><p></p><p>The look into themes that you should read for expositions in English sythesis course are equivalent to those utilized in different classes, for example, English, History, and History of Science. Be that as it may, in the event that you are wanting to compose a diary exposition, you may think that its accommodating to pick a theme like History of Literature in R esearch Papers, History of the Humanities, History of Literature, and so on and utilize this as a base for your article. Moreover, you can likewise consider points like Othello Research Paper Topics in the event that you need to compose an article or to introduce in a presentation.</p><p></p><p>Once you have settled on a subject, you should pick a theme that coordinates the prerequisites of your group. For instance, on the off chance that you are taking English writing, it is basic that you pick one subject to examine the life of William Shakespeare's work. Similarly, on the off chance that you are taking History of Literature, it is significant that you pick one theme that associates your talk subject with an artistic work or chronicled truth. For instance, in the event that you are examining a point, for example, 'The Making of Modern Mass Media', you should pick a subject like 'Broad communications in Advertising and Public Relations'. In the event that yo u need more subtleties, you would then be able to counsel an expert composing master who can manage you in this respect.</p><p></p><p>When picking paper themes, you should remember that the more you find out about a point, the better you can compose a paper on it. A genuine case of this would be the idea of 'seriality' that is a piece of the field of Artificial Intelligence. You can study this idea by getting familiar with the field of Artificial Intelligence. This idea is exceptionally basic when you are composing an article on this topic.</p><p></p><p>The field of semantics likewise gives great research paper subject to an exposition or proposition in English structure. For this situation, you should get familiar with a portion of the various hypotheses that are utilized so as to comprehend the social foundation of a specific language. For instance, you should get familiar with the idea of the 'conspicuous signifying' or the contrast s among 'possessive and target usage'.</p><p></p><p>As you can see, you have a few choices to look over when picking research paper themes. Exploit this and make an intriguing paper dependent on the theme that you feel is significant and commonsense for your subject of study.</p>

Easy Essay Topics - What is Easy

Simple Essay Topics - What is Easy?For the individual that has never composed an exposition or other kind of paper, they regularly wonder if simple article points are simpler to compose than paper subjects that are more diligently. The truth of the matter is that the two sorts of articles can be composed, however the harder the point, the more extended and progressively nitty gritty it should be.One fundamental motivation behind why individuals compose paper themes for simpler and snappier composed assignments is that they are attempting to move beyond whatever number standards as would be prudent before composing the exposition. They might be attempting to make due with a short cutoff time. Most understudies compose their expositions for a more elevated level of difficulty.Another motivation behind why individuals pick simple paper points is on the grounds that the essayist can truly deal with their composing ability and style. Simple points are not equivalent to simple since they d on't simply require the understudy to move beyond all the normal standards that numerous papers do. The most straightforward approaches to article subjects is to keep in touch with them dependent on some kind of structure.The rules for how to compose a paper that isn't so difficult to compose can be founded on current issues and circumstances. With regards to exposition subjects, they might be founded on recent developments or something that is near the present circumstance. This should be possible in an exceptionally intriguing way.Easy paper points can likewise be made from simple topic. Some branches of knowledge that are simpler to expound on incorporate legislative issues, religion, sports, mainstream society, and different other distinctive topics.There are some various reasons why simple paper points are simpler to compose. They depend on things that the vast majority can identify with. A few scholars cause simple subjects since they to feel that they comprehend the point tha t they are composing about.With article themes that are not all that simple to compose, they are progressively hard to identify with the crowd of the exposition. Since individuals don't comprehend the reasons that it is so hard to compose an exposition for something simple, they will most likely be unable to identify with the subject that it depends on. They may get all irritated when they discover what the points are about.Finally, simple paper subjects are simpler to compose in light of the fact that it doesn't need to be confused. It tends to be tied in with everything without exception that you need.

Equity Derivatives Market Of Japan Finance Essay - Free Essay Example

Sample details Pages: 21 Words: 6357 Downloads: 2 Date added: 2017/06/26 Category Finance Essay Type Argumentative essay Did you like this example? What are Derivatives? Derivatives are financial instruments, in fact an agreement between two parties. This has a value determined by something called as underlying. It is a financial contract with a value linked to the expected future price movements of the asset it is linked to such as a share or a currency. There are several kinds of derivatives, with most commonly used ones being Futures, Options and Swaps. But since a derivative can be placed on any kind of security, hence there can be endless scope of these derivatives. Don’t waste time! Our writers will create an original "Equity Derivatives Market Of Japan Finance Essay" essay for you Create order The derivative market equity includes the financial instruments such as futures, options and swaps. The equity derivatives are stocks or stock indices whose prices depend on the prices of the underlying equity instrument. The equity derivatives are traded in the futures and options exchanges or in the over the counter markets. Equity Futures, Options and Swaps A Futures contract is a standardized contract between two parties to buy or sell a specified asset of standardized quantity and quality at a specified future date at a price agreed today (the futures price). The contracts are traded on a futures exchange. Futures contracts are not direct securities like stocks, bonds, rights or warrants. They are still securities, however, though they are a type of derivative contract. The party agreeing to buy the underlying asset in the future assumes a long position, and the party agreeing to sell the asset in the future assumes a short position. The price is determined by the instantaneous equilibrium between the forces of supply and demand among competing buy and sell orders on the exchange at the time of the purchase or sale of the contract. In many cases, the underlying asset to a futures contract may not be traditional commodities at all that is, for financial futures, the underlying asset or item can be currencies, securities or financial i nstruments and intangible assets or referenced items such as stock indexes and interest rates. On the other hand, Options are contracts that give the buyer or seller the right and not the obligation to buy or sell the underlying asset at a fixed price at a future date. The call option gives the right to buy while the put option gives the right to sell. The buyer of the call option can gain by an increase in the price of the underlying asset without buying the underlying asset. Conversely the put option holder benefits from the fall in the price level of the underlying asset. A Swap is a derivative in which counterparties exchange certain benefits of one partys financial instrument for those of the other partys financial instrument. The benefits in question depend on the type of financial instruments involved. For example, in the case of a swap involving two bonds, the benefits in question can be the periodic interest (or coupon) payments associated with the bonds. Specifically, the two counterparties agree to exchange one stream of cash flows against another stream. These streams are called the legs of the swap. The swap agreement defines the dates when the cash flows are to be paid and the way they are calculated.[1] Usually at the time when the contract is initiated at least one of these series of cash flows is determined by a random or uncertain variable such as an interest rate, foreign exchange rate, equity price or commodity price. The cash flows are calculated over a notional principal amount, which is usually not exchanged between counterparties. Consequently, swaps can be in cash or collateral. Swaps can be used to hedge certain risks such as interest rate risk, or to speculate on changes in the expected direction of underlying prices. An equity swap is a special type of total return swap, where the underlying asset is a stock, a basket of stocks, or a stock index. Compared to actually owning the stock, in this case you do not have to pay anything up front, but you do not have any voting or other rights that stock holders do have. An Interest Rate Swap is another type of swap where 2 companies take out loan and swap their interest payments. This type of swap is usually done so that the comparative advantage of one company helps the other and vice versa. Few other type of swaps are Currency Swaps (exchanging the payments of in one currency for payments in others), Commodity Swaps (One party makes a periodic f ixed payment; the other makes a payment that is pegged to the current price of some commodity), Credit Default Swap (Swap of a fixed payment in exchange for compensation for a loss in a loan). This is one of the most traded derivatives in Japan. The Japanese Derivative market In spite of the markets recovery lagging behind the other Asian markets, the Japanese Derivatives Market has a lot of potential and traders may want to consider learning to trade the Japanese derivatives market for the reasons set out below: Japan has vast potential as its problems are cultural customs and domestic policies and not expertise and structural, so immediate improvements and progress can be made once the internal domestic issues are resolved. It is still the largest derivative market in the Asia and South-East Asian region with eight exchanges and more than 2,300 listed companies, a diverse range of products that include bonds, ETF, Reits, interest rates, currencies, and a wide range of derivative instruments. There is good liquidity in many of the derivative products as mutual and hedge funds based in the US, Euro and UK and the Asia Pacific region are still interested in investing and trading these products in the Japanese markets. There is transparency in the markets which is essential for investing and trading by foreign investment firms and individual investors and traders. Information is also easily available from the stock companies and the major exchanges and is provided in English. The market is quite mature and the volatility is generally tolerable and within most retail traders risk management as the highs/lows of the stocks and stock indices is within acceptable levels. Most of the volatility can be attributed to fluctuation of the yen which is a favourite currency with hedge funds who would borrow it because of the low interest rate and reinvest it in other currencies and even equities for higher returns; in addition it is very sensitive to the US dollar which itself is quite volatile. Although the market is vulnerable to the occasional earthquake tremors but to date it has only felt the tremors and have not seen anything of the magnitude that it did in the 1995 Kobe earthquake that shook the country and the markets. Stable political environment the political climate is quite stable internally and externally, and this is very crucial for investments and trading especially when derivatives are actively traded. Japan is recently showing signs of economic recovery and has good potential for economic growth as the DJP intends to increase trade agreements with the Asian and Asia Pacific countries which it is neglected for many years. Futures and Options markets of Japan In the late 1970s and early 1980s, radical changes in the international currency system and in the way the Federal Reserve managed the U.S. money supply produced unprecedented volatility in interest rates and currency exchange rates. As market forces shook the foundations of global financial stability, businesses wrestled with heretofore unimagined challenges. Between 1980 and 1985, Caterpillar, the Peoria-based maker of heavy equipment, saw exchange-rate shifts give its main Japanese competitor a 40 percent price advantage. Meanwhile, even the soundest business borrowers faced soaring double-digit interest rates. Investors clamored for dollars as commodity prices collapsed, taking whole nations down into insolvency and ushering in the Third World debt crisis. Futures are standardized contracts that commit parties to buy or sell goods of a specific quality at a specific price, for delivery at a specific point in the future. The concept of buying and selling for future delivery is not in itself new. In thirteenth-and fourteenth-century Europe, buyers contracted for wool purchases one to several years forward. Cistercian monasteries that produced the wool sold forward more than their own production, expecting to buy the remainder on the market (presumably at a lower price) to satisfy their obligation. Because futures contracts offer assurance of future prices and availability of goods, they provide stability in an unstable business environment. Futures have long been associated with agricultural commodities, especially grain and pork bellies, but they are now more likely to be used by bankers, airlines, and computer makers than by farmers-at least in North America and Europe. In Japan, by contrast, commodity futures trading dwarfed financial futures. This does not mean that commodities were more important than finance in the Japanese economy, of course. Financial futures got a slow start in Japan because Japanese regulations discouraged them. Traders who wanted to trade such futures had to-and did-trade them elsewhere. Thus, the first futures on Japans Nikkei stock index traded in Singapore, and the first yen futures traded in Chicago. Over-The-Counter markets of Japan Over-the-counter equity derivatives (OTCEDs) profoundly impact a wide array of investors from small retail investors in Europe who are looking for yield, to the largest corporations, investment banks, asset managers, and hedge funds that are looking for diversification of portfolios, protection from volatility, and specific strategies to gain exposure to equity markets. OTCED is a highly client-driven market segment. By and large, most of the trading occurs between dealing banks and investment managers, corporations, hedge funds, and high-net worth individuals. OTCEDs are truly a global phenomenon; they are actively traded in Europe, the Americas (Canada, Latin and South America, the United States) and Asia. Many of the issues that arise with OTCEDs stem from the global nature of the business, the very wide-ranging nature of participants, and the myriad of products that exist. According to the Bank for International Settlements (BIS), Europe leads the trading in equity derivatives with 55% of the global market. The United States represents 27%, Japan follows with 7%. Other parts of the Americas have approximately 5% and Asia ex Japan about 3%. In Japan, the largest market in the region, the interest rate swap market grew by 47% between June 2007 and June 2009. Embedded is the Credit Default Swaps data for Bank of Japan. You can notice that there have been significant jump from December, 2004 till June, 2010. Derivative instruments traded in various Japanese markets Listed below are the various instruments that are traded in various markets of Japan. OSAKA SECURITIES EXCHANGE(1): Futures: Nikkei 225 Futures CONTRACT SPECIFICATIONS Underlying index Nikkei Stock Average (Nikkei 225) Contract months 5 months in the March quarterly cycle: Mar, Jun, Sep, Dec (Maximum trading period: 1 year 3 months) Contract unit Nikkei 225 x  ¥1,000 Minimum fluctuation  ¥10 (value per tick:  ¥10,000 per contract) Daily price limits Standard price Daily limit up/down less than  ¥7,500  ¥1,000  ¥7,500 less than  ¥10,000  ¥1,500  ¥10,000 less than  ¥12,500  ¥2,000  ¥12,500 less than  ¥17,500  ¥3,000  ¥17,500 less than  ¥22,500  ¥4,000  ¥22,500 less than  ¥27,500  ¥5,000  ¥27,500 less than  ¥32,500  ¥6,000  ¥32,500 less than  ¥37,500  ¥7,000  ¥37,500 less than  ¥42,500  ¥8,000   Ãƒâ€šÃ‚ ¥42,500 or more  ¥9,000 About 16% of the standard price (previous days settlement price) Last trading day The business day preceding the second Friday of each contract month (When the second Friday is a non-business day, it shall be the preceding business day.) Trading in a new contract month begins on the business day following the last trading day. Settlement Cash Settlement Final settlement price Special Quotation (SQ calculation is based on the total opening prices of each component stock of Nikkei 225 on the business day following the last trading day) Trading hours 9:00 11:00, 12:30 15:10, 16:30 23:30 JST Trading system ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ Auction Trading: Fully Automated Computer System (individual auction) ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ J-NET Derivatives Trading: Inter-month Spread Trading Available Available for trade in the U.S. Yes Margin    Give-up Available Position-Transfer Available Nikkei 225 mini (Trading in Nikkei 225 mini started on July 18, 2006) CONTRACT SPECIFICATIONS Underlying index Nikkei Stock Average (Nikkei 225) Contract months 2 months in the March quarterly cycle: Mar, Jun, Sep, Dec (Maximum trading period: 6 months) Contract unit Nikkei 225 ÃÆ'Æ’-  ¥100 Minimum fluctuation  ¥5 (value per tick:  ¥500 per contract) Daily price limits Same as daily price limits of Nikkei 225 Futures which have the same last trading day Last trading day The business day preceding the second Friday of each contract month (When the second Friday is a non-business day, it shall be the preceding business day.) Trading in a new contract month begins on the business day following the last trading day. Settlement Cash Settlement Final settlement price Special Quotation (SQ calculation is based on the total opening prices of each component stock of Nikkei 225 on the business day following the last trading day.) Trading hours 9:00 11:00, 12:30 15:10, 16:30 23:30 JST Trading system Fully Automated Computer System Inter-month spread trading Available J-NET Derivatives Trading Available Available for trading in the U.S. Yes Margin Calculated based on SPAN ® Risk is netted out between Nikkei 225 mini and Nikkei 225 Futures. Give-up Available Position-Transfer Available Nikkei 300 Futures CONTRACT SPECIFICATIONS Underlying index Nikkei Stock Index 300 (Nikkei 300) Contract months 5 months in the March quarterly cycle: Mar, Jun, Sep, Dec (Maximum trading period: 1 year 3 months) Contract unit Nikkei 300 x  ¥10,000 Minimum fluctuation 0.1 point (value per tick:  ¥1,000 per contract) Daily price limits Standard price (points) Daily limit up/down(points) less than 150 20 150 less than 175 25 175 less than 200 30 200 less than 250 40 250 less than 300 50 300 less than 350 60 350 less than 400 70 400 less than 450 80 450 less than 500 90 500 or more 100 About 16% of the standard price (previous days settlement price) Last trading day The business day preceding the second Friday of each contract month (When the second Friday is a non-business day, it shall be the preceding business day.) Trading in a new contract month begins on the business day following the last trading day. Settlement Cash Settlement Final settlement price Special Quotation (SQ calculation is based on the total opening prices of each component stock of Nikkei 300 on the business day following the last trading day.) Trading hours 9:00 11:00, 12:30 15:15, 16:30 23:30 JST Trading system ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ Auction Trading: Fully Automated Computer System (individual auction) ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ J-NET Derivatives Trading: Inter-month Spread Trading Available Available for trade in the U.S. Yes Margin    Give-up Available Position-Transfer Available RN Prime Index Futures Overview of RN Prime Index: Russell Investments and Nomura Securities Co., Ltd have developed a new index- The Russell/Nomura Prime Index (RN Prime Index) RN Prime has the following characteristics: 1,000 stocks selected from equity markets across Japan. Market capitalization-weighted with free-float adjustments Data history backdated to December 30, 1996. The RN Prime Index consists of the 1,000 largest stocks in terms of free-float adjusted market capitalization, selected from among all listed stocks on all markets in Japan. Therefore, The RN Prime Index is highly representative of what is really happening in the Japanese stock market. Free-float adjusted market capitalization is calculated based on free float shares, which are available for trading in the market at any time. Stocks which are not available for trading in the market, such as cross-holdings between companies and stocks held by major shareholders, stocks not realistically available for purchase, are excluded from consideration. Since the price movement of shares with low free-float positions will have a lesser effect on index pricing, RN Prime is a benchmark index suited for passive investment strategies. Specification of RN Prime Index Number of component issues 1,000 Exchanges Tokyo, Osaka, Nagoya, Fukuoka, Sapporo Free float adjustment Yes Scheduled Reconfigurations Annually (The first trading day in December) Inclusion of Newly listed stocks Quarterly Share price used for index calculation The price in the most actively traded market Starting date of the index calculation December 30, 1996 CONTRACT SPECIFICATIONS Underlying index Russell/Nomura Prime Index (RN Prime Index) Contract months 5 months in the March quarterly cycle: Mar, Jun, Sep, Dec (Max, 1 year and 3 months) Contract unit RN Prime Index ÃÆ'Æ’-  ¥10,000 Minimum fluctuation 0.5 points Daily price limits Standard price (points) Daily limit up/down(points) Less than 500  ± 80 500 less than 750  ± 120 750 less than 1,000  ± 160 1,000 less than 1,500  ± 240 1,500 less than 2,000  ± 320 2,000 less than 2,500  ± 400 2,500 less than 3,000  ± 480 3,000 less than 3,500  ± 560 3,500 or more  ± 640 Circuit Breaker Yes Settlement 1.  Ãƒâ€šÃ‚  Settlement by closing sales or purchases 2.  Ãƒâ€šÃ‚  Settlement by final settlement index (Special Opening Quotation) Trading hours 9:00 11:00, 12:30 15:10, 16:30 23:30 JST Trading system ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ Auction Trading: Fully Automated Computer System (individual auction) ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ J-NET Derivatives Trading: Inter-month Spread Trading Available J-NET Derivatives Trading Available (Minimum Fluctuation:0.1point, Minimum Contract Units:100 units) Margin Calculated by using SPAN ® (developed by Chicago Mercantile Exchange) In addition, Inter-Month spread trading on the above futures is also available to be traded. Options: Nikkei 225 Options CONTRACT SPECIFICATIONS Contract Put and call options based on Nikkei Stock Average (Nikkei 225) Expiration months 12 consecutive months from the March quarterly cycle plus 3 near-term months which do not overlap the March cycle Contract unit Nikkei 225 x  ¥1,000 Strike prices  ¥500 intervals in integer multiples of  ¥500 based on Nikkei 225 (For the nearest 3 months,  ¥250 intervals in integer multiples of  ¥250) Minimum fluctuation  ¥20 or less:  ¥1 Over  ¥20 up to  ¥1,000:  ¥5 Over  ¥1,000:  ¥10 Daily price limits Previous days last Daily limit Nikkei 225 up/down less than  ¥7,500  ¥1,000  ¥7,500 less than  ¥10,000  ¥1,500  ¥10,000 less than  ¥12,500  ¥2,000  ¥12,500 less than  ¥17,500  ¥3,000  ¥17,500 less than  ¥22,500  ¥4,000  ¥22,500 less than  ¥27,500  ¥5,000  ¥27,500 less than  ¥32,500  ¥6,000  ¥32,500 less than  ¥37,500  ¥7,000  ¥37,500 less than  ¥42,500  ¥8,000   Ãƒâ€šÃ‚  Ãƒâ€šÃ‚ ¥42,500 or more  ¥9,000 About 16% of the previous days last Nikkei 225 Exercise type European. The option may be exercised only at its expiration (the second Friday of each expiration month). Last trading day The business day preceding the second Friday of each expiration month (When the second Friday is a non-business day, it shall be the preceding business day.). Settlement Cash settlement of the difference between the strike price and the Special Quotation on the expiration date Final settlement price Special Quotation (SQ calculation is based on the total opening prices of each component stock of Nikkei 225 on the business day following the last trading day.) Trading hours 9:00 11:00, 12:30 15:10, 16:30 23:30 JST Trading system ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ Auction Trading: Fully Automated Computer System (individual auction) ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ J-NET Derivatives Trading: Available for trade in the U.S. Yes Margin    Give-up Available Position-Transfer Available Nikkei 300 Options CONTRACT SPECIFICATIONS Contract Put and call options based on Nikkei Stock Index 300 (Nikkei 300) Expiration months 6 months from the March quarterly cycle plus 2 near-term months which do not overlap the March cycle Contract unit Nikkei 300 x  ¥10,000 Strike prices 25-point intervals in integer multiples of 25 points based on Nikkei 300 for expiration months in the March quarterly cycle (5-point intervals when the remaining trading period becomes four months) 5-point intervals in integer multiples of 5 points for other expiration months Minimum fluctuation 0.1 point (value per tick:  ¥1,000 per contract) Daily price limits Previous days last Daily limit Nikkei 300 (points) up/down (points) less than 150 20 150 less than 175 25 175 less than 200 30 200 less than 250 40 250 less than 300 50 300 less than 350 60 350 less than 400 70 400 less than 450 80 450 less than 500 90   Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  500 or more 100 About 16% of the previous days last Nikkei 300 Exercise type European. The option may be exercised only at its expiration (the second Friday of each expiration month). Last trading day The business day preceding the second Friday of each expiration month (When the second Friday is a non-business day, it shall be the preceding business day.). Trading in a new expiration month begins on the business day following the last trading day. Settlement Cash settlement of the difference between the strike price and the Special Quotation on the expiration date Final settlement price Special Quotation (SQ calculation is based on the total opening prices of each component stock of Nikkei 300 on the business day following the last trading day.) Trading hours 9:00 11:00, 12:30 15:15, 16:30 23:30 JST Trading system ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ Auction Trading: Fully Automated Computer System (individual auction) ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ J-NET Derivatives Trading: Available for trade in the U.S. Yes Margin    Give-up Available Position-Transfer Available TOKYO COMMODITY EXCHANGE INC(2) : Futures: Nikkei-TOCOM Commodity Index (Futures) Gold Standard (1kg) Gold Mini (100g) Silver Platinum Standard (500g) Platinum Mini (100g) Palladium Aluminium Gasoline Kerosene Gas Oil Crude Oil Rubber Options: Gold Options (Call) Gold Options (Put) TOKYO FINANCIAL EXCHANGE INC(3) : Futures: Three-month Euroyen futures CONTRACT SPECIFICATIONS Trading unit  ¥100,000,000 (Notional principal amount) Price Quotation 100 minus rate of interest Tick size value 0.005 ( ¥1,250) Contract months 20 quarterly months and 2 serial months Note1: Serial months are the months other than March, June, September and December. For example, as of April 1 , the serial months to be listed are Aplil and May, as of May 1, May and July, as of June 1, July and August. Last trading day Two business days prior to the third Wednesday of the contract month Final settlement date The first business day following the last trading day Final settlement Cash settlement Note1: The final settlement price is calculated to the third decimal place. To calculate, round up the figure on the fourth decimal place if it is five or over and round-off if it is less than five. For example, if TIBOR is 0.12786%, the final settlement price is 99.872(100 minus 0.128). Over-Night Call Rate futures CONTRACT SPECIFICATIONS Listing date 12.3.2007 Underlying asset Average Uncollateralized Overnight Call Rate (Final results) released by the Bank Of Japan (BOJ) over the interval between the BOJ Monetary Policy Meetings (MPMs) which TFX designates(*) Trading unit  ¿Ãƒâ€šÃ‚ ¥300,000,000 (Notional principal amount) Price quotation 100 minus rate of interest Tick size Value 0.005  ¿Ãƒâ€šÃ‚ ¥ 1,250( ¿Ãƒâ€šÃ‚ ¥300,000,000 ÃÆ'Æ’- 0.005% ÃÆ'Æ’- 30/360= ¿Ãƒâ€šÃ‚ ¥1,250) Contract Month First 6 calendar months Last trading day The last day of the BOJ MPM which TFX designates Final settlement day The second business day following the last trading day Final Settlement Cash Settlement Final settlement price 100 minus the average Uncollateralized Over-Night Call Rate (final results) in the contract month released by BoJ over the interval between the BOJ MPMs which TFX designates, rounded to the nearest 3rd decimal place Spot-Next Repo Rate futures CONTRACT SPECIFICATIONS Listing date 12.3.2007 Underlying asset Average GC Spot-Next Repo Rate (Tokyo Repo Rate) released by the Bank Of Japan (BOJ) over the interval between the BOJ Monetary Policy Meetings (MPMs) which TFX designates(*) Trading unit  ¿Ãƒâ€šÃ‚ ¥300,000,000 (Notional principal amount) Price quotation 100 minus rate of interest Tick size Value 0.005  ¿Ãƒâ€šÃ‚ ¥ 1,250( ¿Ãƒâ€šÃ‚ ¥300,000,000 ÃÆ'Æ’- 0.005% ÃÆ'Æ’- 30/360= ¿Ãƒâ€šÃ‚ ¥1,250) Contract Month First 6 calendar months Last trading day Two business days prior to the last day of the BOJ MPM which TFX designates Final settlement day The first business day following the last trading day Final Settlement Cash Settlement Final settlement price 100 minus the average GC Spot-Next Repo Rate in the contract month released by BOJ over the interval between the BOJ MPMs which TFX designates, rounded to the nearest 3rd decimal place Options: Options on Three-month Euroyen futures CONTRACT SPECIFICATIONS Underlying asset Three-month Euroyen futures Trading unit One unit of Three-month Euroyen futures (Euroyen futures)  ¥100,000,000 (Notional principal amount) Price quotation Quoted in Euroyen futures points (0.005) Strike price interval 0.125 Tick size Value 0.005 ( ¥1,250) Contract Month 5 contract quarterly monthsÃÆ' £Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬(March, June, September, December) Exercise style American Type Last trading day Two business days prior to the third Wednesday of the contract month Final settlement day The first business day following the last trading day TOKYO GRAIN EXCHANGE INC(4) : Listed commodities: Corn Futures Non-GMO Soybeans Futures Azuki (Red Beans) Futures Arabica Coffee Futures Raw Sugar Futures TOKYO STOCK EXCHANGE INC(5) : Futures: CONTRACT SPECIFICATIONS Product Parameter TOPIX Futures Mini TOPIX Futures TOPIX Core30 Futures TSE REIT Index Futures Target Index TOPIX TOPIX TOPIX Core30 TSE REIT Index Date of Listing 03-09-1988 16-06-2008 Contract Months March, June, September, December cycle (five contract months traded at all times) March, June, September, December cycle (three contract months traded at all times) First Trading Day The business day following the last trading day of the option contract month. Last trading Day The business day prior to the second Friday (or the preceding Thursday if the second Friday is a holiday) Trading Units 10,000 yen ÃÆ'Æ’- TOPIX 1,000 yen ÃÆ'Æ’- TOPIX 1,000 yen ÃÆ'Æ’- TOPIX Core30 1,000 yen ÃÆ'Æ’- TSE REIT Index Minimum Fluctuation 0.5 points 0.25 points 0.5 points 0.5 points Quote Parameters (*T1) Daily Price Limit (*T2) Circuit Brake In case when any of the futures contract month increases (or decreases) over a certain range,ÃÆ' £Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬all of the contract month trading will be halted for 15 minutes. (*T2) When the brake on TOPIX Futures is executed, also did. (*T2) (*T2) Payments and Receipts Settlement of open position by offset transaction On the next business day following the day of offset transaction Settlement of open position by final cash delivery On the 2nd business day following the last day of trading Final Settlement Cash settlement based on Special Quotation (S.Q.) on the 2nd business day following last trading day S.Q.Calculation Calculated based on the opening price for each TOPIX index component stock on the business day following the last trading day ToSTNeT Trading (Off-Auction Trading) Available Inter-month spread trading Available Give Up Available Regulations of the market Reduce the daily price limit Change the price range for temporary trading halt Advance the date and time by which a margin must be deposited Increase clearing and/or brokerage margin Reduce assessment rates of securities used for margin deposits in lieu of cash Restrict or suspend trading (including trading by Trading Participants for their own account); and/or Limit the amount of open long and/or short positions. (*T1) Quote Parameters Special Quote Price Quote Parameters under 750  ± 4 points 750 or more under 1,250  ±6 points 1,250 or more under 1,750  ±8 points 1,750 or more under 2,250  ±10 points 2,250 or more under 2,750  ±12 points 2,750 or more under 3,250  ±14 points 3,250 or more under 3,750  ±16 points 3,750 or more  ±18 points (*T2) Daily price limit and Circuit brake Previous days closing price Daily price limit Circuit brake Level 1 Circuit brake Level 2 under 750  ± 100 points 50 points. 75 points 750 or more under 1,000  ± 150 points 75 points 110 points 1,000 or more under 1,250  ± 200 points 100 points 150 points 1,250 or more under 1,750  ± 300 points 150 points 225 points 1,750 or more under 2,250  ± 400 points 200 points 300 points 2,250 or more under 2,750  ± 500 points 250 points 375 points 2,750 or more under 3,250  ± 600 points 300 points 450 points 3,250 or more under 3,750  ± 700 points 350 points 525 points 3,750 or more  ± 800 points 400 points 600 points REGULATORY BODIES GOVERNING FINANCIAL MARKETS OF JAPAN Financial institutions in Japan are regulated mainly for the purpose of protecting banks investors and depositors. Regulators monitor financial institutions through regulatory reports and periodic direct inspections. Japans financial sector is supervised by three main bodies: 1. Financial Services Agency (FSA) 2. Securities and Exchange Surveillance Commission (SESC) 3. Bank of Japan (BOJ) Certain reports are also required by other organisations for public disclosure. Tokyo Stock Exchange (TSE) Osaka Securities Exchange (OSE) Financial Services Agency (FSA) (6) The Financial Services Agency (FSA) is part of the Japanese government. It is controlled by the Minister of Finance and the FSA is the main regulator for banks in Japan. The role of the FSA is to maintain a stable financial system and to build a strong financial system in Japan. The FSA maintains a smooth flow of investment funds to support the economic development of the market and it protects investors deposits, securities and insurances. Its main responsibilities are: inspection and supervision of financial institutions private financial system planning monitoring and supervision of securities trading. The FSA is also responsible for ensuring the solvency of individual financial institutions. The FSA has legal authority over all financial institutions, including foreign banks operating in Japan. The FSAs inspection is designed to ensure sound and appropriate management of the bank (from Article 24 to 27 of the Banking Law, Article 25). If banks do not comply with documentation submission deadlines it may result in legal penalties. Banking Law prohibits false notification (No. 13 of Article 3, Chapter 1) resultin gin Suspension of operations (Article 26) Revocation of license (Article 27) in worst case scenarios. Securities and Exchange Surveillance Commission (SESC) (7) Securities and Exchange Surveillance Commission (SESC) was established to monitor fair trading for the Securities and Exchange Commission (Japanese Version SEC) under the FSA, as part of the FSA body. The SESC is the main regulator for securities in Japan. It conducts daily market surveillance and inspections of financial instruments and firms. Additionally the SESC investigates administrative monetary errors and inspects disclosure documents to avoid securities fraud. In cases where misconduct impairs the fairness of trading are found, legal penalties would be given. Functions of the SESC: Market surveillance Inspections of financial instruments business operators Administrative monetary penalties investigation Disclosure documents inspection Enforcement investigation and filing criminal charges Cooperation with overseas regulators Policy proposals Efforts to reach out to market participants and investors Bank of Japan (BOJ) (8) The Bank of Japan (BOJ) is the central bank of Japan, and is responsible for setting the bank rate. The BOJs contribution is stated under Bank Law Article 37 to 39 (temporary lending to financial institutions, controlling financial industry credit, managing the smooth settlement system of funds) for the sound development of the national economy in Japan. Unlike the FSA, the BOJ has no legal position of enforcement to financial institutions. The BOJs appraisal of financial institutions is the financial agreement (Appraisal contract) between the BOJ and the bank. Therefore there are no legal penalties from the BOJ. However, the BOJ can publicise factual based content from the appraisal to put pressure on the financial institutions. Thus to avoid the risk of ill reputation banks are likely to comply. Other regulators Other regulators to which financial institutions submit reports are: The Financial Futures Association of Japan (FFAJ) Japan Securities Dealers Association (JSDA) Japanese Bankers Association (JBA) Submission of reports to these organisations is mostly for statistical purposes than regulatory requirements. Data from regulatory reports is consolidated by type, such as banks, local banks, securities etc and disclosed publicly. The Regulations Major Japanese laws, regulations and rules for banking businesses are: Banking Law Financial Instruments and Exchange Law (FIEL) Foreign Exchange and Foreign Trade Act The Japan Finance Corporation Law Foreign Exchange Order INTERNATIONAL SWAPS AND DERIVATIVES ASSOCIATION (ISDA) At the Global level, there is another trade organization of the participants for the over-the-counter derivatives. This is ISDA (International Swaps and Derivatives Association). With its Head Quarters in New York, ISDA has created standardized contracts to enter into derivatives market. ISDA, which represents participants in the privately negotiated derivatives industry, is among the worlds largest global financial trade associations as measured by number of member firms. ISDA was chartered in 1985, and today has over 830 member institutions from 57 countries on six continents. These members include most of the worlds major institutions that deal in privately negotiated derivatives, as well as many of the businesses, governmental entities and other end users that rely on over-the-counter derivatives to manage efficiently the financial market risks inherent in their core economic activities. Since its inception, ISDA has pioneered efforts to identify and reduce the sources of risk in the derivatives and risk management business. Among its most notable accomplishments are: developing the ISDA Master Agreement; publishing a wide range of related documentation materials and instruments covering a variety of transaction types; producing legal opinions on the enforceability of netting and collateral arrangements (available only to ISDA members); securing recognition of the risk-reducing effects of netting in determining capital requirements; promoting sound risk management practices, and advancing the understanding and treatment of derivatives and risk management from public policy and regulatory capital perspectives. Recent Developments of the Overnight-Index-Swap market and Future As short-term interest rates have become higher and more volatile since the end of the quantitative easing policy in March 2006, an interest rate swap, referred to as an OIS (Overnight Index Swap), which exchanges the uncollateralized overnight call rate over a specified period and a certain fixed interest rate, has begun to be traded actively. The use of the OIS enables financial institutions to conduct more finely tuned risk management than other conventional hedging tools. The OIS also provides an effective way to monitor market perceptions about the Bank of Japans monetary policy. For the time being, participants in the Japanese OIS market are almost entirely limited to overseas financial institutions. With growth in needs to hedge interest rate risks and to conduct arbitrage transactions, an increasing number of financial institutions are likely to enter the market, thus making the market more liquid. Transaction volume has remained low since the establishment of the market in mid-1997. In Japan, the OIS market was launched in mid-1997, but it was not until quite recently that it started to grow. The main reasons for this delayed growth are as follows: 1) Overnight interest rates remained at effectively zero percent during the period from the introduction of the zero interest rate policy (February 1999) through the end of the QEP (March 2006), except for certain periods. 2) Under these circumstances, short-term interest rates also remained at extremely low levels. These market conditions discouraged financial institutions from entering the market. It is because they did not need to hedge against short-term interest rate risks, nor did they find profitable arbitrage opportunities. Transaction volume began to grow as market participants began to anticipate the end of the QEP. The OIS transaction volume began to grow as market participants began to anticipate the end of the QEP. Active OIS transactions reflect market participants expectations of the timing and pace of the future rises in the policy target rate following the end of the QEP. Factoring in these expectations, the level and volatility of the OIS interest rates rose gradually (Graph1). Graph 6.1 Recent Developments of the Credit Default Swap market and Future Sovereign Credit Default Swaps (CDS) transactions have expanded rapidly, as seen in the increase of more than 30 percent in the amount outstanding of CDSs over the past year (Graph7.1). This expansion can be attributed to the following factors. First- Transactions with more attention to public-sector risks than private-sector ones increased toward the spring of 2009 post implementation of large-scale fiscal stimulus measures to stabilize the financial sector and economic stimulus packages after the failure of Lehman Brothers. And second Activity in the sovereign CDS market increased again, as concerns over sovereign risk in some European countries intensified from the autumn of 2009. Meanwhile, a rapid recovery in stock prices and a marked narrowing in corporate bond spreads have been observed in financial markets around the world, and firms demand for hedging credit risk has not appeared to increase significantly. Therefore, the amount outstanding of CDSs to hedge the firms credit risk has changed little. Graph 7.1 In other words, the rapid expansion in the sovereign CDS market over the past year generally has not spread to the credit-related transactions of the corporate sector. It should be noted that even after the rapid expansion, the amount outstanding of sovereign CDSs still amounts to less than 20 percent of that of corporate CDSs. The growth rate of the amount outstanding of sovereign CDSs by country has risen markedly in Japan, the United States, and the United Kingdom (Graph 7.2). Graph 7.2 Market participants can benefit from utilizing the OIS in the following ways. First, market participants who rely on overnight funding can more directly manage the risk of a rise in overnight rates by utilizing the OIS than the alternative derivatives for 3-6 month floating rates. In this respect, the OTC scheme may be more desirable since it would match the start date and trading terms to their hedging targets. The OIS is also attractive as a tool for arbitrage transactions that do not expand balance sheets. As mentioned above, arbitrage transactions between the OIS and short-term bonds, such as FBs, have already been conducted actively. In addition, some market participants may prefer the OIS to short-term cash bonds for constructing short-term positions since they do not need to expand their balance sheets, and hence can avoid risks from fluctuations of repo-funding costs. In these ways, growth of the OIS market is likely to provide hedging tools against overnight interest rate risks and expand arbitrage opportunities. Thus, it is likely to make the money markets more liquid, and thus to contribute to forming a smoother yield curve over the short-term maturity zone. Market expectations about future overnight rates implied in interest rate derivatives As mentioned above, the OIS and other similar derivatives, whose underlying assets are overnight rates, provide an effective way to extract market perceptions about monetary policy stance since these derivatives involve direct trading in market expectations about future overnight rates. In the euro area and the United States, central banks and market analysts often estimate the probabilities of monetary policy changes implied in these instruments and make use of them as one of their monitoring tools. In practice, the probabilities of a change in the policy target rate up to a few months ahead are usually estimated under the assumptions that risk premiums due to future uncertainties are negligible and that the forward rate in each month depends solely on expectations about possible changes in the policy target rate during the same month. As the Japanese money markets will become more active and short-term interest rates will become more volatile, demands for hedging and arbitrage transactions are expected to grow further. Japanese banks have large amounts of short-term yen positions, including overnight positions, demand or short-term time deposits, and short-term loans. Their profits may become unstable if short-term interest rates become volatile due to possible mismatch of terms among these positions. In such instances, the OIS could be useful as an ALM17 tool. Also, market participants whose yen funding availabilities are limited by credit lines18 can make shortterm positions using the OIS without incurring risks from funding costs, as well as without expanding balance sheets. Furthermore, given the trend toward increased issuance of government bonds including FBs, the repo market, and overnight repo market in particular, has been expanding as a funding market for those bonds. These developments suggest that dema nds for the OIS transactions will increase in the near future. Some issues toward further development Some Japanese financial institutions are now considering starting the OIS transactions. The issues to be examined upon starting OIS transactions include: 1) They need to clarify their actual ALM needs for finely-tuned risk management based on overnight interest rates, 2) They need to weigh the potential merits and the costs of the OIS transactions including operational costs and system installation costs, and 3) They need to examine concrete methods for evaluating their positions on a mark-to-market basis. Regarding the third issue, a number of market participants in the euro area are using the EONIA Swap Index19 for mark-to-market evaluation of their positions, which has been released as the benchmark interest rate on a daily basis for the EONIA swap since June 2005. The high reliability of the EONIA Swap Index is regarded to have contributed to higher liquidity in the EONIA swap market. The introduction of such an index for the Japanese OIS market or the provision of continuous and reliable indications by market brokers may encourage Japanese financial institutions to enter the OIS market.

Topics For Africa Research Paper

<h1>Topics For Africa Research Paper</h1><p>When you're composing an Africa examine paper, the best point for Africa is one that sparkles thought and conversation among your cohorts. When in doubt, the points for Africa will incorporate the landmass in general just as a couple of chosen nations or districts in Africa. The alternatives are interminable with regards to choosing the points for Africa explore papers.</p><p></p><p>The primary zone of enthusiasm for Africa look into papers is most likely the nation itself. You can have a whole paper on this point alone. You could likewise decide to concentrate on a couple of chosen parts of Africa, for example, legislative issues, society, economy, religion, etc. At the point when you pick a theme for Africa investigate paper, the choices are nearly limitless.</p><p></p><p>One of the greatest regions of center in Africa is its history. You can take a gander at history from d ifferent points, for example, analyzing how the nation created and in the end turned into the force that it is today. You can likewise examine a portion of the significant occasions in the advancement of that country, for example, a significant starvation, political distress or common war.</p><p></p><p>Another incredible point for Africa look into papers is social viewpoints. It doesn't make a difference if the subject includes music, motion pictures, writing, theater, move or craftsmanship. Your Africa inquire about paper can be as light as talking about how one specific melodic classification came to be well known in Africa, or as overwhelming as digging into why a specific film set in Africa turned into a colossal hit.</p><p></p><p>A point for Africa explore paper ought to be intriguing, connecting with and energizing to peruse. The subjects for Africa can continue, covering each aspect of Africa. The conceivable outcomes are endles s.</p><p></p><p>So, which themes for Africa look into paper are the best? There are a wide range of sorts of points for Africa look into papers, contingent upon what your inclinations are. The absolute most mainstream subjects for Africa incorporate culture, legislative issues, history, science, religion, wrongdoing, life and education.</p><p></p><p>You can likewise go into the universe of arithmetic, history, writing and that's only the tip of the iceberg. There are even a few subjects for Africa look into papers that attention on history, geology, nature and other characteristic areas.</p><p></p><p>When you pick points for Africa examine papers, the potential outcomes are practically unfathomable. The thoughts for subjects for Africa examine papers are perpetual, yet interestingly, you discover a point that interests you.</p>

IELTS Essay Samples - How to Use IELTS Essay Examples to Learn Reading, Writing, Speaking

<h1>IELTS Essay Samples - How to Use IELTS Essay Examples to Learn Reading, Writing, Speaking</h1><p>The IELTS article models that you can discover online are an intriguing method to get practice with this language. In spite of the fact that you will discover distinctive composing styles with regards to IELTS, numerous understudies need work on writing in an assortment of subjects and styles. The standard example expositions normally give the understudy just a couple of thoughts regarding how to structure and organization of the paper. There are a few understudies who wish they could discover test expositions to assist them with composing their own paper also, yet most understudies don't have the opportunity to plunk down and go through hours examining IELTS article examples.</p><p></p><p>The IELTS test is like the TOEIC test, the TOEFL, the IELTS Academic English Test, and the ACT English Language Arts Tests. The three unique sorts of tests are intended to gauge the degree of an understudy's perusing, composing, and talking aptitudes. Each test depends on the diverse kind of tuning in, talking, perusing, and composing abilities.</p><p></p><p>The target of the various tests is to quantify the capacity of the understudy to appreciate and comprehend composed English. The three distinct sorts of tests are: oral, composed, and English language expressions. The government sanctioned test is given to all understudies to perceive how they act in all aspects of perusing, composing, and speaking.</p><p></p><p>You can discover IELTS article tests that will show you how to get ready for your test. To get ready for the test, you should concentrate on your shortcomings just as your qualities. At that point you will look into what themes you ought to stress in your essay.</p><p></p><p>This should be possible by getting familiar with the essential ideas of the lan guage. You will likewise need to find out about the distinctive jargon words that you will utilize when composing an exposition about these topics.</p><p></p><p>A incredible IELTS article test will ensure that the subject of the paper is a solid match for English. The points that will best suit you will be from a wide range of parts of the world. These points may incorporate things like African American culture, world history, and sports.</p><p></p><p>The articles that spread these subjects will fluctuate in style. You may have one that centers around a specific nation, others may utilize a blend of one and the other. When contemplating the examples, you will need to ensure that the subjects are talked about in an intense manner.</p><p></p><p>You will find that the normal IELTS paper tests are short, to the point, and graphic of the current theme. Understudies who don't set themselves up will find that they have almost no opportunity to plan for the test. You will locate that an absence of readiness can without much of a stretch be seen by the general trouble of the inquiries that are given on the exam.</p>

How to Write a Great Academic Paper - Know the Best Writing Styles

<h1>How to Write a Great Academic Paper - Know the Best Writing Styles</h1><p>After composing your proposition or exposition just because, you may have an inclination that how to article understudy tests are insufficient to give you the edge. If so, at that point you should keep perusing to discover how to compose an incredible scholarly paper.</p><p></p><p>Students frequently begin searching for test expositions without ensuring that the models are proper. This can be a simple slip-up to make. Try not to pass by the assessment of the educator or tutor of the establishment where you will utilize the examples.</p><p></p><p>The just individual who can let you know whether the models are directly for you is yourself. You have to do some perusing to discover how to paper understudy tests are organized and what their structure is. The most widely recognized structures here are as per the following: scientific, individual, p owerful, and first person.</p><p></p><p>To get the favorable position over different understudies, you have to fuse the primary individual article models in your own course. You can likewise utilize these models as a reason for building up your own thoughts. Thusly, you can draw the equivalent conclusions.</p><p></p><p>In composing a proposition or paper just because, there are a couple of slip-ups that you have to stay away from when seeing how to exposition understudy tests. You can without much of a stretch commit errors like this in the event that you don't put enough fixation on the subtleties. Another issue with test articles is that they are very short.</p><p></p><p>On the other hand, in the event that you attempt to pack an excessive amount of data in the example expositions, it can cause various issues for you. Notwithstanding, you can't hope to prevail with your proposition or exposition except if you take as much time as necessary and do your research.</p><p></p><p>Always pick a theme that you definitely know and comprehend the information type and organization. In the event that you need to find out about how to compose a proposition or article just because, you can generally take an online course recorded as a hard copy just because. Some online courses offer you a free duplicate of the talk books so you can contemplate these points without spending any money.</p><p></p><p>It is significant that you figure out how to compose a proposition or article just because. In spite of the fact that there are many individuals who can compose great proposition or expositions, however just the fruitful ones get perceived for it. On the off chance that you need to realize how to compose a decent proposition or exposition just because, at that point you should ensure that you read the data from this article.</p>

Tips on How to Write a Tent Essay Topic

<h1>Tips on How to Write a Tent Essay Topic</h1><p>A tent article is an approach to compose a proposition that has a few points of interest, one of which is that it permits you to investigate and take a gander at various branches of knowledge for an examination paper. Obviously, this sort of exposition is more testing than others, just as requiring all the more arranging. On the off chance that you are attempting to choose the best tent paper points, here are a few hints to help.</p><p></p><p>The first and most significant thing you ought to do is to make a rundown of subjects you need to cover in your exposition. At that point, set aside the effort to discover look into papers that spread those themes. Recall that a portion of these papers are composed by experts, so you will need to concentrate on perusing articles that are very good.</p><p></p><p>Once you've settled on tent exposition points, you have to plunk down and make sense of what you need to expound on. There are numerous approaches to doing this, yet one alternative is to make a diagram of the considerable number of themes you've picked, including the central matter of the paper. Along these lines, you'll have the option to know where you are going with your paper before you start writing.</p><p></p><p>Another approach to do this is to list every theme on a different page, and afterward consider how the data will fit into the paper. You can likewise do this after you've wrapped up the paper and have considered the central matters of the article. It's in every case better to include new thoughts as you go along.</p><p></p><p>Remember that when you're attempting to compose a paper on various subjects, you'll presumably need to compose a great deal of notes and research yourself. It's a smart thought to set up a composing diary where you can write down what you've peruse and examine it late r. Likewise, attempt to record how the material thinks about to different thoughts that you have, with the goal that you can make a comparison.</p><p></p><p>Another thing to remember when you're seeing tent article themes is that the length will shift contingent upon the topic. For instance, in the event that you are composing a proposition, you'll need to downplay the point and expound on something that you comprehend and know about. All things considered, in the event that you don't comprehend the topic, you won't have the option to make a decent argument.</p><p></p><p>You likewise need to utilize explicit words in your point. Similarly as a note can help you when composing, it can likewise help you when you're discussing the point. Recall that your tent paper ought to be intriguing and fascinating, and that you should utilize regular words while talking about the topic.</p><p></p><p>Following these tips shoul d assist you with beginning destined for success when seeing tent exposition themes. Recall that you are not restricted to expounding on specific subjects or looking into just a single theme. For whatever length of time that you pick the correct points, you ought to have the option to compose an intriguing and elegantly composed paper that will dazzle your professor.</p>

College Application Essay Examples About Yourself

College Application Essay Examples About YourselfWriting an essay for your college application is a daunting task that many students find to be very difficult. There are college essay examples about yourself available online which will give you a good idea of what to expect when writing an essay on your own. Take a look at some of these samples and you'll be able to write an effective essay that will really stand out.What types of essays should you write? One of the most important parts of writing an essay for your college application is to write one that focuses on a specific topic. It's not enough to simply write about yourself or your experience. The subject of your essay is the key to making it interesting, memorable, and informative.You need to be sure that the subject of your college application essay is directly related to the qualities you are trying to demonstrate to admissions officers. Essays on how much effort you've put into your studies should discuss how well you've do ne in recent tests and exams. If you've been involved in student clubs, then talk about how many times you've volunteered for them in the past. If you have experiences that you feel relate to the College of Engineering or other major programs, then show it in your essay.Some of the most common examples for essays about yourself are information about your personal life and the accomplishments you've had in that area. For example, if you've written numerous books or studied various areas of study, talk about it in your essay. If you've designed or helped design a product or devised a new invention, mention it.When you take a look at some of the college application essay samples about yourself, you'll be surprised by how personal they can be. There are many examples where people talk about their likes and dislikes or say how they are genuinely interested in a certain topic. Personal essays are usually the best type of essays to write.One of the most compelling aspects of essays about y ourself are those that deal with issues that are personal to you. You can include opinions about a particular idea, a celebrity, or an event that occurred in your life that you would like to share with the admissions officer. If you're aware of an event that took place in your life that you would like to share with the admissions officer, then write it down in your essay.Writing essays for your college application requires a lot of writing experience, but that doesn't mean that you need to do it all yourself. An experienced writer can create essay samples about yourself that make writing easy for you. An expert writer can show you how to structure your essay so that it flows smoothly and makes sense to the reader.Writing essays for your college application should be as simple as writing one for a friend. You want to learn from college application essay samples about yourself so that you can communicate your thoughts clearly and easily. Be sure to choose an experienced writer who has a lot of experience in this area, and ask for samples of their work.

Pros and Cons of Team Building - 1750 Words

Opening: This presentation is to demonstrate the effectiveness of Team Dynamics and Conflict Resolutions. This presentation will show the following: ïÆ'Ëœ What makes a team effective ïÆ'Ëœ Pros and Cons of teaming ïÆ'Ëœ How different personalities can come together for a common goal ïÆ'Ëœ How the team builds mutual trust ïÆ'Ëœ How a team accomplishes their goals. ïÆ'Ëœ Finally, how different ideas can become a group idea. What makes a Team Effective? Team Organization Team organization is the first key to an effective team A successful team is achieved when the team is organized. An organized team will have team meeting agendas, assigned roles and be considerate of team members other responsibilities. A team meeting needs structure and†¦show more content†¦Even though, not all of one’s ideas are focused on, everyone walks away with having part of their thoughts used. Jealousy is another problem why conflicts happen when too many people want to lead the team. People don’t want to credit others who have better ideas that may work better than their own. They get jealous when they see the focus is taken off of them. Jealousy can be resolved by collaborating everyone’s ideas in the project and knowing every team member brings something into the team. Competition is another conflict issue when more than one person wants to run things. Some people like the idea of trying to out do one another with their experiences. Ways to solve this is by learning everyone’s ideas then picking out the best ones and choosing the best person with the best experience to avoid competition. Disagreeing, jealousy, and competition are some conflicts that can occur when putting a team together. Understanding, listening and becoming open-minded will help resolve most these problems. Not everyone can lead, but every member contributes. 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How to bake a cake and make frosting free essay sample

There are many ways to bake a cake, also there are many steps following it. When I first baked a cake I thought it was going to be a difficult process. When I was younger, I first made a cake with my mother and after the first time I was able to make one all on my own. After, reading these steps you will be able to as well. Carefully read through the directions on the back of the cake box to be sure you have everything you need that is necessary for the type of cake you are baking. Then, gather all of the equipment and food items to be used in the process and place them into your work area, organize them according to the order they will be used to make your cake. Be sure to preheat your oven to the appropriate temperature before you begin. You will need one box of Betty Crocker’s food cake mix, shortening, three eggs, vegetable oil, and flour. We will write a custom essay sample on How to bake a cake and make frosting or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page You will also need to gather a few pieces of equipment such as a large mixing bowl, a thirteen by nine inch glass cake pan, an electric mixer, a large mixing spoon, a rubber spatula, measuring cups and measuring spoons. You may actually use many different types of pans such as round pans, Bundt pans, or you could even make the cake into cupcakes. This recipe is specifically for a thirteen by nine inch rectangular pan. First, you will need to wash your hands with warm water and soap in the sink. Also, make sure your work area such as, the countertops, stove, and sink is clean. Gather all of your equipment and food items and place them in your work area. After you have done that, preheat your oven to three hundred and fifty degrees. Then, be sure you have everything you need before you start. Next, you are going to open the dry mix and pour it into your large mixing bowl. Then, you are going to add one cup of water, followed by three eggs. Make sure no shells make it into the batter otherwise that will make a very crunchy cake. Then, you will take a stick of butter, unwrap it, put it on a glass plate, and soften it in the microwave for about ten seconds that will be added to your cake mix. After all of those ingredients are added you are going to with an electric mixer or mixing spoon, mix the butter until it is smooth and free of clumps. Next, you are going to grease the inside of the cake pan with the shortening. Next, open the bag of dry cake mix and pour the mixture from the bag into the large mixing bowl. Crack the eggs, one at a time, on the lip of the bowl and open it over the bowl so that the yolk falls onto the mix. Pour the amount of oil specified on the box into the measuring cup, make sure it is at the proper amount, and pour it into the bowl with the egg yolks and mix. Repeat this step for the water. Then, with the electric mixer or mixing spoon, mix the ingredients until it is smooth and free of clumps like batter should be. Make sure to scrape the sides of the bowl with the spatula to ensure all of the mix gets used. Be sure to rinse the spatula off to remove the batter left on there as you will be using it again.