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Oonagh McDonald

differentials encouraged ‘carry trading’, where investments in high-interest currencies was financed by short positions in low-interest currencies, for example if a target currency like the Australian dollar tended to appreciate against a funding currency like the US dollar. These 148 A decade of change in the foreign exchange market strategies fed back into prices and supported the persistence of trends in exchange rates. In spite of the use of the Australian dollar, the US dollar continued to be the most traded currency, being on one side of 89% of all transactions

in Holding bankers to account
Oonagh McDonald

the contributory banks. The calculation was repeated for all borrowing periods and all currencies to which LIBOR relates. There were in fact 150 different LIBORs in total, calculated for 15 different maturities and 10 different currencies. Maturities ranged from one day (overnight) to 12 months (three months was standard) and currencies include sterling, US dollars, euros, yen and Swiss francs, as well as less important currencies such as the Australian dollar and New Zealand dollar. Contributory banks had to make daily submissions to Reuters between 11.00 and 11

in Holding bankers to account
Oonagh McDonald

euro–dollar and dollar–Swiss franc fixes.11 The fix discussion began at about 3.16 p.m. that day, with traders sharing position information and rumours about several currencies. Between 3.31 and 3.40, the chat room participants matched off their Australian dollar positions so they were ‘all good’. They then turned their attention to other currency pairs: Citibank Trader: 3:53:35 can anyone help in chf fix 3:53:38 i lose 130 total Bank Y Trader: 3:53:46 arb it for more ammo Citibank Trader: 3:53:55 [Bank Z trader] ur guy want it? Bank Z Trader: 3:54:09 nope he

in Holding bankers to account
Open Access (free)
Post-crisis Asia – economic recovery, September 11, 2001 and the challenges ahead
Shalendra D. Sharma

shift their economic strategies along the lines of his own “look East” policy – with Japan as the economic focal point. While the EAEG proposal received lukewarm support from Asian countries (including Japan), it was vigorously opposed by the United States, Australia and New Zealand, because they felt that the EAEG would undermine the incipient Asia–Pacific Economic Cooperation (APEC) forum.11 However, the organization that actually expanded (with strong American backing) was the broad-based APEC (Asia-Pacific Economic Co-operation). However, in the aftermath of the

in The Asian financial crisis
Abstract only
Frugality, de-growth and Voluntary Simplicity
Alison Hulme

-​consumption guides, and a modest selection of scholarly analyses instructed readers about the meaning and practice of varying degrees of voluntary simplicity’ (2010:249). In the United States anti-​ consumption activists held national conferences and formed networks of local consciousness-​ raising groups, called ‘simplicity circles’. Members in the United States were estimated to be in the millions, and the movement was also popular in other parts of the developed world, especially the UK and Australia (Witkowski, 2010:249). It is worth noting that the Voluntary Simplicity

in A brief history of thrift
Oonagh McDonald

long association with the government and the Bank of England, having supplied gold to the Duke of Wellington when it was desperately needed to pay the troops and pay for supplies during the Napoleonic wars, and having rescued the Bank of England in 1825 when it required large supplies of gold for coinage. The bullion brokers (and indeed the City of London as a whole) benefited from the gold rushes in California, Australia, South Africa and the Yukon between 1850 and 1890, followed by the Klondike gold rush in Canada between 1897 and 1899. These five companies, which

in Holding bankers to account
Oonagh McDonald

bc9691 (accessed 9 May 2018). 16 In April 2016, Thomson Reuters acquired the World Markets Company’s FX benchmark from the State Street Corporation. It is still known as WM/ Reuters Fix, run by Thomson Reuters. 17 Financial Stability Board, Foreign Exchange Benchmarks: Final Report (FSB, 30 September 2014), pp. 24–6, available at https://www.fsb.org/wp-content/ uploads/r_140930.pdf (accessed 9 May 2018). The report of a working group, chaired by Guy Debelle of the Reserve Bank of Australia and Paul Fisher of the Bank of England, was incorporated in this FSB

in Holding bankers to account
Abstract only
Oonagh McDonald

calendar days), government entities (including local/ quasi-governmental organisations, multilateral development banks, Who knew what when?139 and non-bank financial institutions, including money market managers and insurers), sovereign wealth funds and supranational corporations. An ‘Approved List of Funding Locations’ will be owned by the LIBOR Oversight Committee and will be based on major centres in Canada, the USA, the EU, the European Free Trade Association (EFTA), Hong Kong, Singapore, Japan and Australia. The IBA had to tackle two further issues: the length

in Holding bankers to account
John Wilson

systems); Avionics; Lasers; Gyro-stabilisation; Telecommunications Systems Mostly UK, with Canadian subsidiary and holdings in firms in Italy, Germany and Australia Mostly UK, but with subsidiaries and joint ventures in the USA, Brazil and Western Europe 20% Core technologies Geographical spread Gearing Return on capital employed; stock exchange reputation Workforce 215% 0.1%; only preference shares traded on the London Stock Exchange; equity regarded as highly risky 21.5%; equity traded extensively on the London Stock Exchange at healthy premiums; regarded as a

in Ferranti: A History
Joe Earle, Cahal Moran and Zach Ward-Perkins

/04/25/frustrations-of-the-heterodox (accessed 25 April 2016); Simon Wren-Lewis, ‘When economics students rebel’, 24 April 2014. Available at: http://mainlymacro.blogspot.co.uk/2014/04/wheneconomics-students-rebel.html (accessed 25 April 2016). For rebuttals see Alex Marsh, ’Economics budo’, 26 April 2014. Available at: http:// www.alexsarchives.org/2014/04/economics-budo/ (accessed 25 April 2016); Steve Keen, ‘Why Krugman needs a new school of thought’, The Australian, 28 April 2014. Available at: http://www.theaustralian.com. au

in The econocracy