Ahora Opciones Binarias ambalema en español: Ar Trading System

Advanced Uninstaller PRO

Sistema de Trading AR 5.60

Cómo desinstalar AR Trading System 5.60 de su sistema

A continuación encontrará información detallada sobre cómo quitar AR Trading System 5.60 para Windows. Es fabricado por AR Trading System. Información adicional sobre AR Trading System se puede encontrar aquí. Por lo general, la aplicación AR Trading System 5.60 se puede encontrar en la carpeta C: \ Archivos de programa \ Amibroker, dependiendo de la opción del usuario durante la instalación. MsiExec. exe / I es la línea de comandos completa si desea desinstalar AR Trading System 5.60. El archivo principal de AR Trading System 5.60 toma aproximadamente 128.27 KB (131344 bytes) y su nombre es Quote. exe.

Los siguientes ejecutables están contenidos en AR Trading System 5.60. Toman 3.15 MB (3298905 bytes) en el disco.

AFLWiz. exe (152.27 KB)

Broker. exe (1.79 MB)

Emailer. exe (46.77 KB)

HtmlView. exe (23.27 KB)

HtmlView2.exe (23.27 KB)

O3G. exe (64.27 KB)

ReportEx. exe (48.32 KB)

Unins000.exe (698.35 KB)

Dl. exe (41.00 KB)

ARTS Cliente ID. exe (163,50 KB)

Quote. exe (128.27 KB)

. Haga clic para ver todo.

Esta información es acerca de AR Trading System 5.60 versión 1.1.0 solamente.

Una forma de eliminar AR Trading System 5.60 desde su computadora con Advanced Uninstaller PRO

AR Trading System 5.60 es un programa comercializado por la empresa de software AR Trading System. Algunos usuarios intentan eliminar este programa. Esto puede ser difícil porque desinstalar manualmente tiene algunos conocimientos sobre el funcionamiento interno de Windows. La mejor solución EASY para eliminar AR Trading System 5.60 es utilizar Advanced Uninstaller PRO. Aquí hay algunas instrucciones detalladas sobre cómo hacer esto:

1. Si no tiene Advanced Uninstaller PRO en su PC, instálelo. Este es un buen paso porque Advanced Uninstaller PRO es el mejor desinstalador y la utilidad general para cuidar de su PC.

Vaya a http://www. advanceduninstaller. com/download/

Descargue la configuración pulsando el botón DOWNLOAD

Configurar Advanced Uninstaller PRO

2. Ejecute Advanced Uninstaller PRO. Tómese su tiempo para familiarizarse con la interfaz de Advanced Uninstaller PRO y la abundancia de herramientas disponibles. Advanced Uninstaller PRO es un programa de gestión de PC potente.

5. Todas las aplicaciones instaladas en su computadora se mostrarán a usted

6. Desplácese por la lista de aplicaciones hasta encontrar AR Trading System 5.60 o simplemente haga clic en el campo de búsqueda y escriba "AR Trading System 5.60". Si existe en su sistema, la aplicación AR Trading System 5.60 se encontrará automáticamente. Observe que después de hacer clic en AR Trading System 5.60 en la lista. Los siguientes datos relacionados con la aplicación están disponibles para usted:

Grado de seguridad (en la esquina inferior izquierda). Esto le indica la opinión de otros usuarios sobre AR Trading System 5.60, de "Muy recomendable" a "Muy peligroso".

Opiniones de otros usuarios - Haga clic en el botón Leer revisiones.

Detalles sobre el programa que desea eliminar pulsando el botón Propiedades.

7. Haga clic en el botón Desinstalar. Aparecerá una página de confirmación. Acepte la desinstalación haciendo clic en el botón Desinstalar. Advanced Uninstaller PRO desinstalará AR Trading System 5.60.

8. Después de quitar AR Trading System 5.60, Advanced Uninstaller PRO ofrecerá ejecutar una limpieza. Pulse Siguiente para continuar con la limpieza. Todos los elementos de AR Trading System 5.60 que se hayan dejado atrás serán detectados y podrás borrarlos. Al desinstalar AR Trading System 5.60 utilizando Advanced Uninstaller PRO usted está seguro de que no hay elementos del Registro de Windows, archivos o carpetas se quedan atrás en su PC.

Su PC Windows permanecerá limpio, rápido y listo para servirle correctamente.

Renuncia

El texto anterior no es un consejo para desinstalar AR Trading System 5.60 de AR Trading System desde su computadora, no estamos diciendo que AR Trading System 5.60 por AR Trading System no es una buena aplicación para su PC. Este texto simplemente contiene instrucciones detalladas sobre cómo desinstalar AR Trading System 5.60 en caso de que desee. La información anterior contiene entradas de disco y registro que Advanced Uninstaller PRO tropezó y clasificó como "sobras" en las computadoras de otros usuarios.

Sistema de Trading AR

GfxRoundRect & # 40; X, y - 165. x2, y. 160. 90 & # 41; ;

GfxTextOut & # 40; & # 40; "AR TRADING SYSTEM *" & # 41 ;. 141, y - 160 & # 41; ;

GfxTextOut & # 40; & # 40; & Quot; & Quot; & # 41 ;. 130, y - 160 & # 41; ;

GfxTextOut & # 40; & # 40; \ Vskip1.000000 \ + Sig + La señal vino & quot; + & # 40; BarCount - bares - 1 & # 41; * Intervalo & # 40; & # 41; / 60 + & quot; Mins ago & quot; & # 41 ;. 148. y - 140 & # 41; ; // La ubicación del formato de texto

GfxTextOut & # 40; & # 40; & Quot; & gt; + WriteIf & # 40; Sig == & quot; COMPRAR & quot; , Sig + @ & Quot; , Sig + @ & Quot; & # 41; + ". & Quot; + Entrada & # 41 ;. 130. y - 120 & # 41; ;

GfxTextOut & # 40; & # 40; & Quot; PARAR PÉRDIDA. & Quot; + Sl + & quot; (+ + WriteVal & gt; IIf & lt; sig == & lt; SELL & gt ;, entrada - sl, sl - entrada & lt; 2.2 & # 41; + & quot; & # 41 ;. 130. y - 100 & # 41; ;

GfxTextOut & # 40; & # 40; TGT: 1. & Quot; + Tar1 & # 41 ;. 130. y - 80 & # 41; ;

GfxTextOut & # 40; & # 40; TGT: 2. & Quot; + Tar2 & # 41 ;. 130, y - 60 & # 41; ;

GfxTextOut & # 40; & # 40; TGT: 3. & Quot; + Tar3 & # 41 ;. 130, y - 40 & # 41; ;

GfxTextOut & # 40; & # 40; & Lt; P / L actual. & Quot; + WriteVal & # 40; IIf & # 40; Sig == & quot; COMPRAR & quot ;. & # 40; C - entrada & # 41 ;. & # 40; Entrada - C & # 41; & # 41 ;. 2.2 & # 41; & # 41 ;. 130. y - 22 & # 41; ;;

AR TRADING SYSTEM AFL GRATIS hago este AFL

Sk = ((C - MA (C, nol)) / MA (C, nol)) * 100; Graph0 = sk; Graph0BarColor = IIf (sk & gt; 0,5,4);

_SECTION_BEGIN (& quot; ema & quot;); Lk = EMA (Close, 22); Trama (lk, & quot; & gt ;, colorBrightGreen, styleDots);

GfxSelectFont ( "tohomabold", Status ( "pxheight") / 16); GfxSetTextAlign (6); GfxSetTextColor (ColorRGB (10.250.250)); GfxSetBkMode (0); GfxTextOut (Nombre (), Estado (& quot; pxwidth & quot;) / 2, Estado (& quot; pxheight & quot;) / 10);

Cx = Param ( "cxposn", 1085,0, 1200,1); Cy = Param ( "cyposn", 16,0,1000,1); GfxSetBkColor (ColorRGB (200, 50, 100)); GfxSelectFont ( "tohomabold", 20,98, False); GfxSetTextColor (colorYellow); GfxSetTextColor (ColorHSB (100, 10, 400)); GfxTextOut (LTP. + C +, cx, cy);

DDayO = TimeFrameGetPrice (& quot; O & quot ;, inDaily); DHiDay = TimeFrameGetPrice (& lt; H & quot ;, inDaily); DLoDay = TimeFrameGetPrice (& lt; L & quot ;, inDaily); Gfr = TimeFrameGetPrice (& lt; C & quot ;, inDaily, -1); // cerrar

Title = EncodeColor (colorWhite) + & quot; * AR TRADING SYSTEM * "+ EncodeColor (ColorRGB (220,10,150)) + + Intervalo (2) + & quot; & Quot; + Date () + EncodeColor (ColorRGB (200, 150, 120)) + & quot; \ N Abrir & quot; + O ^ {+}, Alto. & Quot; + H ^ {+}, Bajo. & Quot; + L + EncodeColor (colorGreen) + & quot; * Prevvious Día Cerrar. & Quot; + EncodeColor (colorGreen) + gfr + EncodeColor (colorYellow) + & quot; \ n ToDay Open. & Quot; + DDayO + & quot; Alto. & Quot; + DHiDay + & quot; Bajo. & Lt; + DLoDay; _SECTION_END ();

Col_cci = IIf (CCI (8) & gt; 5, colorBrightGreen, IIf (CCI (8) & lt; -5, colorRed, IIf (CCI (8) & gt; )); HaCl _ {2} = EMA ((O + H + L + L + C) / 5,3); HaOpen = AMA (Ref (HaCl _ {2}, -1), 0,5); HaHigh = Max (H, Max (HaCl _ {2}, HaOpen)); HaLow = Min (L, Min (HaClose, HaOpen)); PlotOHLC (HaOpen, HaHigh, HaLow, HaClose, "Col_cci, styleCandle | styleNoLabel);

BKswitch = ParamToggle ( "Color de fondo", "Encendido, Apagado");

OUTcolor = ParamColor ( "Color de panel exterior", color negro); INUPcolor = ParamColor (& quot; Interior Panel Superior & gt ;, colorGrey40); INDNcolor = ParamColor (& quot; Inner Panel Lower & quot;, colorBlack); TitleColor = ParamColor (& Color de título, ColorBlack);

If (NOT BKswitch) SetChartBkColor (OUTcolor); // color del borde exterior SetChartBkGradientFill (INUPcolor, INDNcolor, TitleCo lor); // color del panel interior> _SECTION_END (); _SECTION_BEGIN (& quot; & quot;);

SetBarsRequired (100000,0); GraphXSpace = 15;

Ea = EMA (C, 10); Eb = EMA (C, 20); SetBarFillColor (IIf (ea & gt; eb, colorGreen, colorRed));

Comprar = ea & gt; Eb AND TimeNum () & gt; 092000 y TimeNum () & lt; 150000; Venta = eb & gt; Ea OR TimeNum () & gt; 150000; Corto = 0; Cubierta = 0; Comprar = ExRem (Comprar, Vender); Vender = ExRem (vender, comprar); Corto = ExRem (Corto, Cubierta); Cubierta = ExRem (Cubierta, Corto);

Factor = Param ( "Factor", 4, 1, 10, 1); Pd = Param ( "Períodos ATR", 10,1,100,1); Up = (H + L) / 2 + (Factor * ATR (Pd)); Dn = (H + L) / 2- (Factor * ATR (Pd)); IATR = ATR (Pd); TrendUp = TrendDown = Nulo; Tendencia [0] = 1; ChangeOfTrend = 0; Flag = flagh = 0;

Para (i = 1; i & lt; BarCount; i ++) TrendUp [i] = Nulo; TrendDown [i] = Nulo;

If (Close [i] & gt; Up [i-1]) tendencia [i] = 1; If (tendencia [i-1] == -1) changeOfTrend = 1;

> Else if (Close [i] & lt; Dn [i-1]) tendencia [i] = - 1; If (tendencia [i-1] == 1) changeOfTrend = 1; > Else if (tendencia [i-1] == 1) tendencia [i] = 1; ChangeOfTrend = 0; > Else if (tendencia [i-1] == - 1) tendencia [i] = - 1; ChangeOfTrend = 0; >

Comprar = tendencia == 1; Venta = tendencia == - 1;

Comprar = ExRem (Comprar, Vender); Vender = ExRem (vender, comprar); Corto = Venta; Cubierta = Compra;

BuyPrice = ValueWhen (Comprar, C); SellPrice = ValueWhen (Sell, C); ShortPrice = ValueWhen (Corto, C); CoverPrice = ValueWhen (Cubierta, C);

Para (i = BarCount-1; i & gt; 1; i--) if (Buy [i] == 1) entrada = C [i]; Sig = "COMPRAR"; Sl = TrendSL [i]; Tar1 = entrada + (entrada * .0050); Tar2 = entrada + (entrada * .0092); Tar3 = entrada + (entrada * .0179);

Barras = i; I = 0; > If (Sell [i] == 1) sig = "SELL & quot ;; Entrada = C [i]; Sl = TrendSL [i]; Tar1 = entrada - (entrada * .0050); Tar2 = entrada - (entrada * .0112); Tar3 = entrada - (entrada * .0212);

Barras = i; I = 0; >> Offset = 20; Clr = IIf (sig == & gt; BUY & gt ;, colorLime, colorRed); Ssl = IIf (barras == BarCount-1, TrendSL [BarCount-1], Ref (TrendSL, -1)); Sl = ssl [BarCount-1];

Plot (LineArray (barras-Offset, tar1, BarCount, tar1,1), & quot ;, Clr, styleLine | styleDots, Null, Null, Offset); Plot (LineArray (barras-Offset, tar2, BarCount, tar2,1), & quot ;, Clr, styleLine | styleDots, Null, Null, Offset); Plot (LineArray (barras-Offset, tar3, BarCount, tar3,1), & quot ;, Clr, styleLine | styleDots, Null, Null, Offset);

Plot (LineArray (barras-Offset, sl, BarCount, sl, 1), & quot ;, colorDarkRed, styleLine | styleLine, Null, Null, Offset); // Plot (LineArray (barras-Offset, entrada, BarCount, entrada, 1), & quot; & gt ;, colorGreen, styleLine | styleLine, Null, Null, Offset);

Para (i = barras; i & lt; BarCount; i ++) PlotText (+ sig + + entrada, BarCount + 1, entrada, Nulo, colorBlue); PlotText (T1 + Tar1, BarCount + 3, tar1, Null, Clr), Plot Text (T2 + Tar2, BarCount + 3, tar2, Null, Clr) + Tar3, BarCount + 3, tar3, Null, Clr);

Messageboard = ParamToggle (& quot; Tablón de Mensajes & quot ;, Show & Hide & quot ;, 1); If (tabla de mensajes == 1) GfxSelectFont (& gt; Tahoma & quot ;, 13, 100); GfxSetBkMode (1); GfxSetTextColor (colorWhite);

Si (sig == & gt; COMPRAR & quot;) GfxSelectSolidBrush (colorGreen); // este es el color de fondo de la casilla> else GfxSelectSolidBrush (colorRed); // este es el color de fondo del cuadro> pxHeight = Estado (& quot; pxchartheight & quot;); Xx = Estado (& quot; pxchartwidth & quot;); Izquierda = 1100; Ancho = 310; X = 5; X _ {2} = 290;

GfxSelectPen (colorWhite, 4); // color más amplio GfxRoundRect (x, y - 165, x2, y. 160, 90); GfxTextOut (( "AR TRADING SYSTEM *"), 141, y - 160); GfxTextOut ((& quot; & gt;), 130, y - 160); GfxTextOut ((Last & quot; + sig +) Signal vino + (BarCount-bars-1) * Intervalo () / 60 + mins ago), 148, y-140); // La ubicación de formato de texto GfxTextOut (+), + WriteIf (sig == & lt; BUY & quot ;, sig + & quot; @ sig + +) 130, y - 120); GfxTextOut (( "STOP LOSS. + Sl +" (+ + WriteVal (IIf (sig == "SELL", entry-sl, sl-entry), 2.2) +) 130, y - 100); GfxTextOut (( "TGT: 1. + Tar1), 130, y -80); GfxTextOut (( "TGT: 2. + Tar2), 130, y - 60); GfxTextOut (( "TGT: 3" + tar3), 130, y - 40); GfxTextOut ((Current P / L *. + WriteVal (IIf (sig == "COMPRAR", (entrada C), (entrada-C)), 130, y-22); ;

Comprar = ExRem (Comprar, Vender); Vender = ExRem (vender, comprar);

Shape = Buy * shapeUpArrow + Sell * shapeDownArrow;

PlotShapes (IIf (Buy, shapeSquare, shapeNone), colorGreen, 0, L, Offset = -40); PlotShapes (IIf (Buy, shapeSquare, shapeNone), colorLime, 0, L, Offset = -50); PlotShapes (IIf (Buy, shapeUpArrow, shapeNone), colorWhite, 0, L, Offset = -45); PlotShapes (IIf (Sell, shapeSquare, shapeNone), colorRed, 0, H, Offset = 40); PlotShapes (IIf (Sell, shapeSquare, shapeNone), colorOrange, 0, H, Offset = 50); PlotShapes (IIf (Sell, shapeDownArrow, shapeNone), colorWhite, 0, H, Offset = -45); // PlotShapes (forma, IIf (compra, colorGreen, colorRed), 0, IIf (compra, bajo, alto)); Dist = 2,5 * ATR (5); (I = 0; i & lt; BarCount; i ++) if (Buy [i]) PlotText (& quot; Comprar \ n @ ; If (Sell [i]) PlotText (& quot; vender \ n @ + Close [i], i, Low [i] + dist [i], colorWhite); >

_SECTION_BEGIN (& quot; ema & quot;); P = ParamField ( "Field"); Tipo = ParamList (& quot; Tipo & quot;, Ponderado, Simple, Exponencial, Exponencial doble, Exponencial Tripple, Wilders & gt;);

Periodos89 = Param ( "Períodos180", 180, 2, 300); Displacement2 = Param ( "Displacement2", 2, -50, 50); Trazado (EMA (P, Periods89), _DEFAULT_NAME (), colorWhite, styleDots, 0, 0, Displacement2);

_SECTION_END (); Rjl = Cross (Lk, tar1); Gol = Cross (tar1, Lk);

PlotShapes (shapeHollowStar * rjl, colorAqua, 0, H, -20); PlotShapes (shapeHollowStar * gol, colorViolet, 0, L, 20); _SECTION_END ();

Para (i = 0; i & lt; BarCount; i ++)

If (bve [i]) PlotText (AB \ n "i, L [i] - dist [i], colorWhite, colorDarkBlue); If (rfw [i]) PlotText (AS \ n "i, H [i] + dist [i], colorWhite, colorRed); >

_SECTION_BEGIN (& quot; día & quot;); TimeFrameSet (inDaily); // Cambiar ahora a dayily

TimeFrameRestore (); // restaura el marco de tiempo a original

Plot (TimeFrameExpand (Oo, inDaily), & quot; & lt ;, colorYellow, 10 + 30 + 4 | styleNoLabel);

Cx = Param ( "cxposn", 476,0, 1200,1); Cy = Param ( "cyposn", 500,0,1000,10);

GfxSelectFont (& lt; Arial & quot ;, 14, 98, Falso); GfxSetTextColor (ColorRGB (10.250.250));

GfxTextOut ( "Volume." + Volume + ", cx + 20, cy +50);

_SECTION_BEGIN ( "tom"); Function GetSecondNum () Time = Ahora (4); Segundos = int (Tiempo% 100); Minutos = int (Tiempo / 100% 100); Horas = int (Tiempo / 10000% 100); SecondNum = int (Horas * 60 * 60 + Minutos * 60 + Segundos); Return SecondNum; > RequestTimedRefresh (1); TimeFrame = Interval (); SecNumber = GetSecondNum (); Newperiod = SecNumber% TimeFrame == 0; SecsLeft = SecNumber - int (SecNumber / TimeFrame) * TimeFrame; SecsToGo = TimeFrame - SecsLeft;

X = Param ( "xposn", 99,0,1000,1); Y = Param ( "yposn", 40,0,1000,1); // GfxRoundRect (x + 615, y + 530, x + 738, y + 499, 0,0); // GfxSelectSolidBrush (ColorRGB (230, 230, 230)); // GfxSelectPen (ColorRGB (203, 25, 23), 3); If (NewPeriod) // GfxSelectSolidBrush (colorYellow); // GfxSelectPen (colorYellow, 2); // Say (& quot; Nuevo período & quot;); >

GfxSetBkMode (1); GfxSelectFont (& lt; Arial & quot ;, 13, 800, False); GfxSetTextColor (ColorRGB (220,10,150)); GfxTextOut (Timeleft + +) + NumToStr (SecsToGo, 1,0), x + 674, y + 507);

GfxSetTextColor (ColorRGB (10.250.250)); GfxTextOut (( "Develop By"), 1150, y - 45); GfxSetTextColor (ColorRGB (10.250.250)); GfxTextOut (( "Fu2 Trading SYSTEM *"), 1150, y - 25);

Éste funciona 100% si no entonces rueda para arriba y clcik en botón de la transferencia directa

Última edición por SuperSaiyan; 2 de marzo de 2014 a las 20:46.

Re: AR TRADING SYSTEM AFL GRATIS hago este AFL

SuperSaiyan SuperSaiyan está desconectado Miembro

Fecha de Ingreso: mar 2006 Mensajes: 115 Gracias: 6 Agradecido 101 veces en 53 mensajes SuperSaiyan se convertirá en famoso muy prontoSuperSaiyan se convertirá en famoso muy pronto Predeterminado Re: AR TRADING SYSTEM AFL GRATIS i make this AFL Cita: el código ? Versión de trabajo de AFL

Descargar LINK AR_Trading. afl - 11 KB

Clck el botón de arriba para descargar juntos nos mantenemos fuertes

Sk = ((C - MA (C, nol)) / MA (C, nol)) * 100; Graph0 = sk; Graph0BarColor = IIf (sk & gt; 0,5,4);

_SECTION_BEGIN (& quot; ema & quot;); Lk = EMA (Close, 22); Trama (lk, & quot; & gt ;, colorBrightGreen, styleDots);

BKswitch = ParamToggle ( "Color de fondo", "Encendido, Apagado");

OUTcolor = ParamColor ( "Color de panel exterior", color negro); INUPcolor = ParamColor (& quot; Interior Panel Superior & gt;, colorGrey40); INDNcolor = ParamColor (& quot; Inner Panel Lower & quot;, colorBlack); TitleColor = ParamColor (& Color de título, ColorBlack);

SetBarsRequired (100000,0); GraphXSpace = 15;

Ea = EMA (C, 10); Eb = EMA (C, 20); SetBarFillColor (IIf (ea & gt; eb, colorGreen, colorRed));

Para (i = 1; i & lt; BarCount; i ++) TrendUp [i] = Nulo; TrendDown [i] = Nulo;

If (Close [i] & gt; Up [i-1]) tendencia [i] = 1; If (tendencia [i-1] == -1) changeOfTrend = 1;

Comprar = tendencia == 1; Venta = tendencia == - 1;

Comprar = ExRem (Comprar, Vender); Vender = ExRem (vender, comprar); Corto = Venta; Cubierta = Compra;

BuyPrice = ValueWhen (Comprar, C); SellPrice = ValueWhen (Sell, C); ShortPrice = ValueWhen (Corto, C); CoverPrice = ValueWhen (Cubierta, C);

PlotShapes (IIf (Comprar, shapeSquare, shapeNone), colorGreen, 0, L, Offset = -40); PlotShapes (IIf (Buy, shapeSquare, shapeNone), colorLime, 0, L, Offset = -50); PlotShapes (IIf (Buy, shapeUpArrow, shapeNone), colorWhite, 0, L, Offset = -45); PlotShapes (IIf (Corto, shapeSquare, shapeNone), colorRed, 0, H, Offset = 40); PlotShapes (IIf (Corto, shapeSquare, shapeNone), colorOrange, 0, H, Offset = 50); PlotShapes (IIf (Corto, shapeDownArrow, shapeNone), colorWhite, 0, H, Offset = -45);

Barras = i; I = 0; >> Offset = 20; Clr = IIf (sig == & gt; BUY & gt ;, colorLime, colorRed); Ssl = IIf (barras == BarCount-1, TrendSL [BarCount-1], Ref (TrendSL, -1)); Sl = ssl [BarCount-1];

Comprar = ExRem (Comprar, Vender); Vender = ExRem (vender, comprar);

Shape = Buy * shapeUpArrow + Sell * shapeDownArrow;

_SECTION_BEGIN (& quot; ema & quot;); P = ParamField ( "Field"); Tipo = ParamList (& quot; Tipo & quot;, Ponderado, Simple, Exponencial, Exponencial doble, Exponencial Tripple, Wilders & gt;);

Periodos89 = Param ( "Períodos180", 180, 2, 300); Displacement2 = Param ( "Displacement2", 2, -50, 50); Trazado (EMA (P, Periods89), _DEFAULT_NAME (), colorWhite, styleDots, 0, 0, Displacement2);

_SECTION_END (); Rjl = Cruz (Lk, tar1); Gol = Cross (tar1, Lk);

PlotShapes (shapeHollowStar * rjl, colorAqua, 0, H, -20); PlotShapes (shapeHollowStar * gol, colorViolet, 0, L, 20); _SECTION_END ();

Para (i = 0; i & lt; BarCount; i ++)

If (bve [i]) PlotText (AB \ n "i, L [i] - dist [i], colorWhite, colorDarkBlue); If (rfw [i]) PlotText (AS \ n "i, H [i] + dist [i], colorWhite, colorRed); >

_SECTION_BEGIN (& quot; día & quot;); TimeFrameSet (inDaily); // Cambiar ahora a dayily

TimeFrameRestore (); // restaura el marco de tiempo a original

Plot (TimeFrameExpand (Oo, inDaily), & quot; & lt ;, colorYellow, 10 + 30 + 4 | styleNoLabel);

Cx = Param ( "cxposn", 476,0, 1200,1); Cy = Param ( "cyposn", 500,0,1000,10);

GfxSelectFont (& lt; Arial & quot ;, 14, 98, Falso); GfxSetTextColor (ColorRGB (10.250.250));

GfxTextOut ( "Volume." + Volume + ", cx + 20, cy +50);

GfxSetBkMode (1); GfxSelectFont (& lt; Arial & quot ;, 13, 800, False); GfxSetTextColor (ColorRGB (220,10,150)); GfxTextOut (Timeleft + +) + NumToStr (SecsToGo, 1,0), x + 674, y + 507);

GfxSetTextColor (ColorRGB (10.250.250)); GfxTextOut (( "Develop By"), 1150, y - 45); GfxSetTextColor (ColorRGB (10.250.250)); GfxTextOut (( "Fu2 Trading SYSTEM *"), 1150, y - 25);

_SECTION_BEGIN (& quot; Cinta & quot;); Uptrend = PDI () & gt; MDI () Y Señal () & lt; MACD (); Downtrend = MDI () & gt; PDI () Y Señal () & gt; MACD (); Plot (1, / * define la altura de la cinta en porcentaje de ancho de panel * / ribbon, IIf (tendencia alcista, colorLime, IIf (tendencia descendente, colorRed, IIf (Signal) MACD (), colorLightGrey, colorLightGrey ))), / * Elegir color * / styleOwnScale | styleArea | styleNoLabel, -.05,50); _SECTION_END (); Éste funciona 100% si no entonces rueda para arriba y clcik en botón de la transferencia directa __________________ Corte sus pérdidas rápidamente, sin la vacilación. Jesse Livermore Cuando produce 30% al día Sólo hay un lado en el mercado y eso Es el lado derecho Última edición Por SuperSaiyan; 2 de marzo de 2014 a las 20:46.

Señor puede explicar por favor cómo utilizar este Ar Trading System para la entrada & amp; Salida de un comercio. Gracias

AR TRADING SYSTEM AFL GRATIS hago este AFL

// LIBRE LIBRE LIBRE LIBRE LIBRE LIBRE LIBRE LIBRE LIBRE

// LIBRE LIBRE LIBRE LIBRE LIBRE PRIVADO LIBRE LIBRE LIBRE LIBRE LIBRE LIBRE LIBRE LIBRE LIBRE LIBRE LIBRE LIBRE LIBRE LIBRE LIBRE LIBRE LIBRE LIBRE LIBRE LIBRE LIBRE LIBRE LIBRE LIBRE LIBRE LIBRE DE VIRILLA LIBRE

// LIBRE LIBRE LIBRE LIBRE LIBRE LIBRE LIBRE LIBRE LIBRE

Sk = ((C - MA (C, nol)) / MA (C, nol)) * 100; Graph0 = sk; Graph0BarColor = IIf (sk & gt; 0,5,4);

_SECTION_BEGIN (& quot; ema & quot;); Lk = EMA (Close, 22); Trama (lk, & quot; & gt ;, colorBrightGreen, styleDots);

BKswitch = ParamToggle ( "Color de fondo", "Encendido, Apagado");

SetBarsRequired (100000,0); GraphXSpace = 15;

Ea = EMA (C, 10); Eb = EMA (C, 20); SetBarFillColor (IIf (ea & gt; eb, colorGreen, colorRed));

Para (i = 1; i & lt; BarCount; i ++) TrendUp [i] = Nulo; TrendDown [i] = Nulo;

If (Close [i] & gt; Up [i-1]) tendencia [i] = 1; If (tendencia [i-1] == -1) changeOfTrend = 1;

Comprar = tendencia == 1; Venta = tendencia == - 1;

Buy=ExRem(Buy, Sell); Sell=ExRem(Sell, Buy); Short=Sell; Cover=Buy;

BuyPrice=ValueWhen(Buy, C); SellPrice=ValueWhen(Sell, C); ShortPrice=ValueWhen(Short, C); CoverPrice=ValueWhen(Cover, C);

for(i=BarCount-1;i>1;i--) if(Buy[i] == 1) entry = C[i]; sig = "BUY"; sl = TrendSL[i]; tar1 = entry + (entry * .0050); tar2 = entry + (entry * .0092); tar3 = entry + (entry * .0179);

bars = i; i = 0; > if(Sell[i] == 1) sig = "SELL"; entry = C[i]; sl = TrendSL[i]; tar1 = entry - (entry * .0050); tar2 = entry - (entry * .0112); tar3 = entry - (entry * .0212);

bars = i; i = 0; > > Offset = 20; Clr = IIf(sig == "BUY", colorLime, colorRed); ssl = IIf(bars == BarCount-1, TrendSL[BarCount-1], Ref(TrendSL, -1)); sl = ssl[BarCount-1];

Plot(LineArray(bars-Offset, tar1, BarCount, tar1,1), "", Clr, styleLine|styleDots, Null, Null, Offset); Plot(LineArray(bars-Offset, tar2, BarCount, tar2,1), "", Clr, styleLine|styleDots, Null, Null, Offset); Plot(LineArray(bars-Offset, tar3, BarCount, tar3,1), "", Clr, styleLine|styleDots, Null, Null, Offset);

Plot(LineArray(bars-Offset, sl, BarCount, sl,1), "", colorDarkRed, styleLine|styleLine, Null, Null, Offset); //Plot(LineArray(bars-Offset, entry, BarCount, entry,1), "", colorGreen, styleLine|styleLine, Null, Null, Offset);

for (i=bars; i <BarCount;i++) //PlotText(""+sig+"@"+entry, BarCount+1,entry, Null, colorBlue); PlotText("T1@"+tar1,BarCount+3,tar1,Null, Clr);Plot Text("T2@"+tar2,BarCount+3,tar2,Null, Clr);PlotText ("T3@"+tar3,BarCount+3,tar3,Null, Clr);

messageboard = ParamToggle("Message Board","Show|Hide",1); if (messageboard == 1 ) GfxSelectFont( "Tahoma", 13, 100 ); GfxSetBkMode( 1 ); GfxSetTextColor( colorWhite );

if ( sig =="BUY") GfxSelectSolidBrush( colorGreen ); // this is the box background color > else GfxSelectSolidBrush( colorRed ); // this is the box background color > pxHeight = Status( "pxchartheight" ) ; xx = Status( "pxchartwidth"); Left = 1100; width = 310; x = 5; x2 = 290;

GfxSelectPen( colorWhite, 4); // broader color GfxRoundRect( x, y - 165, x2, y. 160, 90 ) ; GfxTextOut( ( "* AR TRADING SYSTEM * "),141,y-160); GfxTextOut( (" "),130,y-160); GfxTextOut( ("Last " + sig + " Signal came " + (BarCount-bars-1) * Interval()/60 + " mins ago"), 148, y-140) ; // The text format location GfxTextOut( ("" + WriteIf(sig =="BUY",sig + " @ ",sig + " @") + ". " + entry), 130, y-120); GfxTextOut( ("STOP LOSS. " + sl + " (" + WriteVal(IIf(sig == "SELL",entry-sl, sl-entry), 2.2) + ")"), 130, y-100); GfxTextOut( ("TGT:1. " + tar1), 130, y -80); GfxTextOut( ("TGT:2. " + tar2), 130,y-60); GfxTextOut( ("TGT:3. " + tar3), 130,y-40); GfxTextOut( ("Current P/L *. " + WriteVal(IIf(sig == "BUY",(C-entry),(entry-C)),2.2)), 130, y-22);;

Buy = ExRem(Buy, Sell); Sell = ExRem(Sell, Buy);

shape = Buy * shapeUpArrow + Sell * shapeDownArrow ;

PlotShapes(IIf(Buy, shapeSquare, shapeNone),colorGreen, 0, L, Offset=-40); PlotShapes(IIf(Buy, shapeSquare, shapeNone),colorLime, 0,L, Offset=-50); PlotShapes(IIf(Buy, shapeUpArrow, shapeNone),colorWhite, 0,L, Offset=-45); PlotShapes(IIf(Sell, shapeSquare, shapeNone),colorRed, 0, H, Offset=40); PlotShapes(IIf(Sell, shapeSquare, shapeNone),colorOrange, 0,H, Offset=50); PlotShapes(IIf(Sell, shapeDownArrow, shapeNone),colorWhite, 0,H, Offset=-45); //PlotShapes( shape, IIf( Buy, colorGreen, colorRed ),0, IIf( Buy, Low, High ) ); dist = 2.5*ATR(5); for( i = 0; i < BarCount; i++ ) if( Buy[i] ) PlotText( "Buy\n@" + Close[i], i, Low[i] - dist[i], colorWhite ); if( Sell[i] ) PlotText( "sell\n@" + Close[i], i, Low[i] + dist[i], colorWhite ); >

_SECTION_BEGIN("ema"); P = ParamField("Field"); Type = ParamList("Type", "Weighted, Simple, Exponential, Double Exponential, Tripple Exponential, Wilders");

Periods89 = Param("Periods180", 180, 2, 300 ); Displacement2 = Param("Displacement2", 2, -50, 50 ); Plot( EMA( P, Periods89 ), _DEFAULT_NAME(), colorWhite, styleDots, 0, 0, Displacement2 );

_SECTION_END(); rjl=Cross(Lk, tar1); gol=Cross(tar1,Lk );

PlotShapes(shapeHollowStar*rjl, colorAqua,0,H,-20); PlotShapes(shapeHollowStar*gol, colorViolet,0,L,20) ; _SECTION_END();

for( i = 0; i < BarCount; i++ )

if( bve[i] ) PlotText( "AB\n". i, L[ i ]-dist[i], colorWhite, colorDarkBlue ); if( rfw[i] ) PlotText( "AS\n". i, H[ i ]+dist[i], colorWhite, colorRed ); >

_SECTION_BEGIN("day"); TimeFrameSet( inDaily ); // switch now to dayily

TimeFrameRestore(); // restore time frame to original

Plot( TimeFrameExpand( Oo, inDaily),"", colorYellow,10+30+4| styleNoLabel);

cx = Param("cxposn",476,0,1200,1); cy = Param("cyposn", 500,0,1000,10 );

GfxSelectFont( " Arial ", 14, 98, False ); GfxSetTextColor(ColorRGB(10,250,250));

GfxTextOut("Volume. " +Volume+ "", cx +20,cy +50);

_SECTION_BEGIN("tom"); function GetSecondNum() Time = Now( 4); Seconds = int( Time % 100 ); Minutes = int( Time / 100 % 100 ); Hours = int( Time / 10000 % 100 ); SecondNum = int( Hours * 60 * 60 + Minutes * 60 + Seconds ); return SecondNum; > RequestTimedRefresh( 1 ); TimeFrame = Interval(); SecNumber = GetSecondNum(); Newperiod = SecNumber % TimeFrame == 0; SecsLeft = SecNumber - int( SecNumber / TimeFrame ) * TimeFrame; SecsToGo = TimeFrame - SecsLeft;

x=Param("xposn",99,0,1000,1); y=Param("yposn",40,0,1000,1); //GfxRoundRect( x+615, y+530, x+738, y+499, 0,0 ); //GfxSelectSolidBrush( ColorRGB( 230, 230, 230 ) ); //GfxSelectPen( ColorRGB( 203, 25, 23 ), 3 ); if ( NewPeriod ) //GfxSelectSolidBrush( colorYellow ); //GfxSelectPen( colorYellow, 2 ); //Say( "New period" ); >

GfxSetBkMode(1); GfxSelectFont( "Arial", 13, 800, False ); GfxSetTextColor(ColorRGB(220,10,150) ); GfxTextOut( "Timeleft"+". "+NumToStr( SecsToGo, 1.0 ), x+674, y+507 );

GfxSetTextColor(ColorRGB(10,250,250)); GfxTextOut( ( " Develop By "),1150,y-45); GfxSetTextColor(ColorRGB(10,250,250)); GfxTextOut( ( "*AR Trading SYSTEM * "),1150,y-25);

_SECTION_BEGIN("Ribbon"); uptrend=PDI()>MDI()AND Signal()<MACD(); downtrend=MDI()>PDI()AND Signal()>MACD(); Plot( 1, /*efines the height of the ribbon in percent of pane width */"ribbon", IIf( uptrend, colorLime, IIf( downtrend, colorRed, IIf(Signal()<MACD(), colorLightGrey, colorLightGrey ))), /* choose color */ styleOwnScale|styleArea|styleNoLabel, -.05,50 ); _SECTION_END();

Last edited by skumar4545; 3rd January 2014 at 10:22 AM. Reason: add img

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Domain Name: ARTRADINGSYSTEM. COM Registrar URL: http://www. godaddy. com Registrant Name: ruhul lari Registrant Organization: artradingsystem Name Server: NS1.ARROWWINCLOUD. COM Name Server: NS2.ARROWWINCLOUD. COM DNSSEC: unsigned

For complete domain details go to: http://who. godaddy. com/whoischeck. aspx? domain=ARTRADINGSYSTEM. COM

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Artradingsystem. com's Indexed Pages Chart

Ar trading system amibroker in Title/Summary

This system is the preliminary development or a beta test of our flagship trading system Trend Blaster and is developed by us on Amibroker TM platform using some simple yet powerful trend following indicators. We have named it as Trend Blaster Beta Version. Though the fully developed version if much more robust and mechanical the beta test is equally good for newbies.

Publisher: StockManiacs Equity Research & Systems Consultancy (P) Ltd

Home page: www. stockmaniacs. net

Last updated. August 16th, 2012

Smart Intraday Trading System(SITS) is the latest Innovative Product targeted for Technical & Non-Technical Traders as well. SITS is the next generation & State-of-the-Art software for all traders. Get Sure Shot BUY/SELL signals with Stop Loss & Targets. A must have software for day Traders. Just select any Stock, Futures or MCX and get the signals for Trading.

Publisher: Kaizen Infotech

Home page: sites. google. com

Last updated. December 9th, 2009

The Zen Trading System is a high performance Xetra Dax Index trading system concerning daily price data. Technically it is a compact Windows software product, which has apart from the generation of signals also a system tester functionality. Optionally the product contains a Windows standard DLL, which makes possible program integration in existing solutions (e. g. for automated trading).

Publisher: Dipl.-Ing. Volker Butzlaff

Home page: www. zentrader. de

Last updated. November 14th, 2011

Ar trading system amibroker in Description

InferenceTrade is a stock market charting, analysis, and trading system development program. It is a complete package, integrating many features, with an emphasis on writing, testing, and implementing custom program-trading systems.

The MetaTrader application is a well-known trading platform. It is designed to arrange brokerage services in Forex, CFD, Futures, as well as equity markets. You will be able to make trades and stock exchanges in several financial markets using one account.

Publisher: MetaQuotes Software Corp.

Home page: www. metaquotes. net

Last updated. December 2nd, 2015

Market System Analyzer (MSA) is a money management Windows application for stock and futures traders, that can help you improve your trading by showing you how to trade your current trading system or discretionary trading method more effectively, profitably, and with greater control.

Publisher: Adaptrade Software

Last updated. September 3rd, 2014

SSI SMART TRADING: This is online trading service. Based on Thailand's top technical solutions, combined with customized security device (token), SSI Smart Trading provides our valued clients with diversified services guaranteeing security, confidentiality and convenience.

The goal of this application is to give you the ability to find the right options trading system that works for you. Perhaps you have spent thousands of dollars on seminars, and then spent hundreds of hours going through spreadsheet after spreadsheet playing what if games.

Additional Ar trading system amibroker selection

The fully customizable GTS Pro platform fits your individual trading style and needs. Flexible features such as layouts, color schemes, and fonts allow full modification of the look of the GTS Pro platform. The ability to adjust leverage, lot size, and unit size gives you the flexibility necessary to match your trading style to our GTS Pro platform. charts

Solution for Super stores, Retailers, Wholesalers. Covers Sales, Purchase, Inventory, Accounts, Barcodes / Product pictures. These application is useful to automate small and medium size organizations that do not afford a full scale ERP solution. Constant customization is also attended within the frame work of particular module.

When specific market forces (Price Action, Trend, Momentum and Market Strength) are working in unison, the combined effect can produce higher probability trades. The Sync trading method depicts in real-time the interaction of these market forces providing traders the means to make trading decisions with greater confidence and less emotional hassle.

Publisher: Trading System Design

Home page: www. forexsync. com

Last updated. July 14th, 2010

For making a decision to trade, reliable on-line information is necessary. For that, quotes and news are delivered at the terminal in the real-time mode. On basis of on-line delivered quotes, it is possible to analyze markets using technical indicators and line studies. Expert advisors allow to work off routine of observing markets and the own positions. Very Usefull business program.

Publisher: MetaQuotes Software Corp.

Home page: www. falconbrokers. com

Last updated. August 28th, 2015

Tropico 4 expands on the gameplay of the previous game with new political additions – including more superpowers to negotiate with, along with the ability to elect ministers into power to help get your more controversial policies passed. But remember to keep your friends close and your enemies closer as everyone has an agenda! Your political mettle will be thoroughly tested.

FairBot is a trading application for Betfair betting exchange. This program has a fast, continuous screen updating, up to five times per second, to keep up with the speed of Betfair, which faster than the stock market. You can make use of advanced technical charting such as candlestick, bar and line charts.

Publisher: Binteko Software

Home page: www. binteko. com

Last updated. July 18th, 2015

The HY Trader 4 Client Terminal is a part of the online trading system provided by Henyep Investment. HY Trader 4 delivers reliable on-line information direct to the Client Terminal. Such information as quotes and news are delivered to the terminal when the Client Terminal is connected to the Internet. The Client Terminal has many functions to enable users to make advanced trading decisions.

Publisher: Henyep Investment (UK) Ltd

Home page: www. hyinvestment. com

Last updated. July 25th, 2008

The software is written for small business of trading. User can track records of physical stock at multiple locations along with integrated accounting options. Accounting module in this software is integrated deeply with all other modules and affects all reports automatically up to Net Profit & Loss & Balance Sheet.

Publisher: Cleantouch Software Corp.

Home page: www. cleantouch. com. pk

Last updated. March 21st, 2010

Client Terminal is a part of the online trading system. It is installed on the trader's computer and intended for: - receiving quotes and news in the online mode; - performing of trade operations; - controlling and managing of open positions and pending orders; - conducting of technical analysis;

Publisher: MetaQuotes Software Corp.

Last updated. December 15th, 2015

Last Moon is an online animal role playing game in which you can choose between various animal characters such as wolf, lion, bear, bunny. The game includes a medal trading system that allows you to visit the Bazaar and trade them in for items, pets or skills. You can explore a vast map, defeat your enemies and make friends in the animal kingdom.

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History

Established in 1986 as a trading and general construction outfit. The company focused on being a trading company specifically in marine and navigational equipment. After numerous succesful transactions CATZAR TRADING was granted exclusive distribution rights in the Philippines in September 2011 byTideland Signal Corporation of Houston Texas and Singapore.

Philosophy

Our service and products are guided by our work philosophy of вЂњQUALITY FIRSTвЂќ. This has strengthened and tested various transactions and honored us to be partners to various companies. As CATZAR TRADING grows and expands, we assure our clients consistent top quality service, committed to deliver excellence.

Motivation

To be a trusted global provider, partner and supplier of top-of-the-line and reliable navigational and marine equipment, spare parts, and services.

Founded in 1986

29 years in service

Quality First

We provide a wide range of products for your solutions in offshore systems, offshore wind farms, power systems, service, installation & maintenance, electronic navigations, ports & harbour, and bridge navigation. Below is a complete list of our products and services that we are capable of delivering for your companyвЂ™s success.

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Intelligent Trading Systems

Acerca de

Intelligent Trading Systems is located at the address 3 Cambeltown Ln in Bella Vista, Arkansas 72715. Intelligent Trading Systems specializes in Strategic Planning, Communications Equipment, Process Improvement.

For more information contact Robert Santos, Principal

Intelligent Trading Systems provides Maintenance, Network Support, Rental & Leasing to it's customers. For maps and directions to Intelligent Trading Systems view the map to the right. For reviews of Intelligent Trading Systems see below.

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International Trading System: Challenges

It has been said that one of the greatest challenges that the international trading system is facing is its increasing complexity which has significantly affected the effort to building a wider and deeper support for the international trading system. Before, the trade policy of the United States has only two missions which are to reduce foreign barriers to American goods and to make sure that foreign exporters played more or less fair in transacting business. The main focus before was on tariffs, mainly tariff reductions. However, as time went by, issues on trade negotiations have increasingly become more complicated than ever. In addition, there is also a diverse conformity assessment practices and approaches among different countries and contexts which have greatly added to the increasing complexities of the international trading system.

Another challenge for the international system in their efforts of building wider support for further trade liberalization is the failure of policy makers to come to grips with the basic reality that there will always be losers and winners in international trade. It must be noted that even though there are several economic advantages, there will also be some job loss and dislocation.

Thus, international trade will only be an opportunity for workers if the rights of the workers and their benefits are taken into account and well established in the international trading policies. While it is inevitable that countries engage in international trade because of globalization, in response to the challenges of globalization, President of the United States. signed a Trade Assistance Adjustment Program which provided training and cash benefits for workers dislocated by increased imports or a shift of production to certain foreign countries. This will significantly be able to help the workers.

Another challenge that confronts the international trading system is that the United States has far less to offer, in addition to the remaining political choices that have increasingly become more and more difficult. This, in turn, actually means that there will be less capability to find creative trade-offs, as well as less time to set aside the difficult issues for another day.

Lastly, the protest from workers who have been suffering because of employment or rising wage, inequality, outsourcing threats and alleged currency imbalance have also been challenges or obstacle that the international trading system has been currently confronted which has created the lobbying for trade restrictions.

In conclusion, to sum up, the major challenges that is facing the international trading system are (1) increasing complexities; (2) the failure of policy makers to come to grips with the basic reality that there will always be losers and winners in international trade; (3) the United States has far less to offer and the increasing difficulty of the political choices; and (4) the protest from workers due to unemployment or increasing wage, inequality, outsourcing threats and alleged currency imbalance which has generated the lobbying for trade restrictions.

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NYSE resumes trading after unprecedented shutdown

U. S. markets had dipped slightly before the outage amid worries that falling Chinese stocks would ripple throughout the global economy.

They ended the trading day in negative territory. The Standard & Poor’s 500-stock index fell about 1.7 percent, and the Dow Jones industrial average closed down about 1.5 percent.

Wednesday was a day for technical problems. The outage at the NYSE came just hours after United Airlines temporarily grounded its flights due to what the company said was a “network connectivity issue.” NBC News quoted two unnamed U. S. officials as saying that there was no indication that the market shutdown was related to the grounded airplanes.

And at about the same time as the NYSE freeze, the Web site of the Wall Street Journal went down. The site was back up by 1:30 p. m.

“Well, I’d like to know some more information,” Sen. Charles E. Schumer (D-N. Y.) told reporters at the Capitol. “To have three outages in three important places in the same day raises a lot of questions. I haven’t gotten answers yet.”

Asked about the “coincidence” of three major technical failures in a single day, FBI Director James Comey told the Senate Judiciary Committee that the incidents had “obviously that caught my attention.”

“We’re not big believers in coincidence either. We’ve been in contact with all three companies to see what’s going on,” Comey said. “We do not see any connection to a cyber breach or a cbyer attack…It does appear that it’s not a cyber intrusion.”

The NYSE problems came at a time when regulators have struggled to cope with the technological revolution that has transformed trading from a human-centric endeavor to one driven by computers.

One of the most high-profile events came in May 2010 “flash crash,” when the stock market plunged nearly 1,000 points in minutes, then jumped back up. Other glitches followed, including the runaway trades linked to faulty computers at Knight Capital in 2012. Technical problems halted trading in Nasdaq-listed stocks for more than three hours in 2013. Facebook’s debut on the Nasdaq exchange was delayed considerably in May 2012 when technical issues marred the company’s initial public offering.

This appeared to be the first time the NYSE had come to a standstill since June 1, 2005, when trading was stopped four minutes before closing “due to a systems communications problem,” according to the NYSE .

Ted Weisberg, who has traded on the exchange floor for nearly five decades, said his brokerage firm, New York-based Seaport Securities, was able to keep trading on other exchanges, which were not affected by the glitch.

“It’s not the first time, and it won’t be the last time,” Weisberg said. “You rely on computers, and computers break.”

At the White House daily briefing, press secretary Josh Earnest said homeland security adviser Lisa Monaco and White House Chief of Staff Denis McDonough briefed President Obama on the technical problems at the stock exchange.

He said Monaco told Obama during the stoppage that “at this point there is no indication that malicious actors are involved in these technical issues.” Earnest said NYSE officials have been in close touch with the Department of Homeland Security, the Securities and Exchange Commission and the Treasury Department and that the NYSE was “working feverishly to resolve the situation.” Obama asked his aides to keep him updated through the day.

More broadly, Earnest said: “The administration is keenly aware of the risk that exists in cyberspace right now. There are a number of steps this administration has taken to improve communication between the private sector and the federal government in terms of safeguarding cyberspace.”

“At this point it’s unclear what kind of impact this glitch will have” on investors, Earnest said. After the problem is resolved, the administration will “take a closer look” at the impact. “At this point, it’s too early to offer an assessment about that.”

Earnest said Obama was also briefed on United Airlines’ technical problems, but he said he did not know whether Obama was told of the Wall Street Journal’s Web site crash.

The SEC, whose job it is to police the markets, issued a brief statement from its chairwoman, Mary Jo White. She stressed that while the NYSE was in limbo, stocks continued to “trade normally through other trading venues.”

David Nakamura and Ellen Nakashima contributed to this report.

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McCain Trading

McCain Trading is a storage company located in North Little Rock, AR at 3600 Highway 161. If you are looking for a quote from North Little Rock storage companies . then you have come to the right place. We want to help you pick the perfect North Little Rock storage facility for your needs. You can find reviews for both McCain Trading and other North Little Rock storage companies on our site.

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Trading platforms MetaTrader4 and MetaTrader 5

Several years ago, an online trader did not have a lot of trading tools to choose from. However, with the development of technologies, a number of such tools rose to several hundreds. Nevertheless, trading platforms are still popular among traders. Trading platform is a new generation system containing a set of technical and software tools. They provide access to financial information and allow market participants to perform trading deals on the forex market. Besides, they record all transactions between clients and a broker. There are several types of trading platforms, which differ in their interface and software. MetaTrader is the most popular among modern trading platforms.

The main functions of these platforms enable traders to make various calculations and perform financial operations as well as buy and sell assets and currencies in a real time mode. Using MT4 and MT5, traders can monitor their account balance and get notifications about new positions as well as profits and losses.

Advantages of MT4 and MT5:

1. round-the-clock support;

2. high speed of orders execution;

3. compatible with most OS;

4. mobile version;

5. vast array of trading instruments;

6. online store of expert advisors, indicators, and scripts;

7. trading reports.

The MT4 trading platform

MT4 is an effective and safe trading platform which gained popularity among most traders. The platform was created with the use of latest technologies; it has a large number of functions and let traders enjoy user-friendly interface. This trading platform is very convenient due to the following factors:

1. 8 time frames;

2. large number of technical analysis tools and user-friendly interface;

3. mobile trading and locked positions;

4. automated trading and trailing stop;

5. online news feed of economic and financial events;

6. 128 bit SSL security;

7. MQL4 enables traders to write their own expert advisors and indicators;

8. good choice of free indicators and expert advisors;

9. access to interbank liquidity via MT4 Bridge;

10. social trading service Trading Signals.

The MT5 trading platform

MetaTrader5 is gaining popularity among traders due to the All in One system, which considerably improves the process of online trading. MetaTrader5 contains technical analysis tools, automated trading systems and other functions of its predecessor MT4. MT5 is a trading platform of the 5th generation with a wide range of new useful technologies for both brokers and traders. It has a lot of trading opportunities such as:

1. 21 time frames;

2. access to Level II Pricing, the Fill Policy field in the Order window, and contract specification;

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Arkansas Trading & Loan Inc

The financial system at a crossroads

Abstract

The financial sector has gained some strength since the crisis. Banks have rebuilt capital (mainly through retained earnings) and many have shifted their business models towards traditional banking. However, despite an improvement in aggregate profitability, many banks face lingering balance sheet weaknesses from direct exposure to overindebted borrowers, the drag of debt overhang on economic recovery and the risk of a slowdown in those countries that are at late stages of financial booms. In the current financial landscape, market-based financial intermediation has expanded, notably because banks face a higher cost of funding than some of their corporate clients. In particular, asset management companies have grown rapidly over the past few years and are now a major source of credit. Their larger role, together with high size concentration in the sector, may influence market dynamics and hence the cost and availability of funding for firms and households.

Full text

Nearly six years after the apex of the financial crisis, the financial sector is still coping with its aftermath. Financial firms find themselves at a crossroads. Shifting attitudes towards risk in the choice of business models will influence the sector's future profile. The speed of adjustment will be key to the financial sector again becoming a facilitator of economic growth.

The banking sector has made progress in healing its wounds, but balance sheet repair is incomplete. Even though the sector has strengthened its aggregate capital position with retained earnings, progress has not been uniform. Sustainable profitability will thus be critical to completing the job. Accordingly, many banks have adopted more conservative business models promising greater earnings stability and have partly withdrawn from capital market activities.

Looking forward, high indebtedness is the main source of banks' vulnerability. Banks that have failed to adjust post-crisis face lingering balance sheet weaknesses from direct exposure to overindebted borrowers and the drag of debt overhang on economic recovery (Chapters III and IV ). The situation is most acute in Europe, but banks there have stepped up efforts in the past year. Banks in economies less affected by the crisis but at a late financial boom phase must prepare for a slowdown and for dealing with higher non-performing assets.

The role of non-bank financial firms has grown as market-based intermediation has gained in importance following banks' retrenchment. Low policy rates and a continuing search for yield have encouraged private bond issuance, while banks have faced a persistent cost disadvantage relative to their corporate clients. The portfolios of asset management companies (AMCs) have soared over the past few years, and AMCs are now a major source of credit. This, together with high size concentration in the sector, may influence bond market dynamics, with implications for the cost and availability of funding for businesses and households.

The chapter is organised in three sections. The first section discusses financial sector performance over the past year. The second focuses on structural changes that have been shaping business models. The third explores the near-term challenges institutions face, some in dealing with legacy losses, others in strengthening their defences in view of a possible turn in the financial cycle.

Overview of trends

On aggregate, the financial sector has made progress in overcoming the crisis and adjusting to the new economic and regulatory environment. Banks are building capital faster than planned, and their profitability is improving. In some countries, however, problems with asset quality and earnings persist. The picture in the insurance sector is similar, with generally robust premium growth but an uneven return on equity across jurisdictions.

Banks

Key trends for banks include stronger capital positions and a reduction in risk-weighted assets (RWA). The sector has made progress in rebuilding its capital base primarily through retained earnings, supported by a recovery in profitability. This progress has not been uniform, however, as some banks (especially in Europe) remain under strain. The reduction in RWA reflected in some cases outright balance sheet shrinkage but in many others a decline in the average risk weight of assets. Given banks' track record of overly optimistic risk reporting, the latter driver raises concerns about hidden vulnerabilities.

Capital ratios

Banks worldwide have continued to boost their capital ratios. Thus far, progress for the sector as a whole has exceeded the minimum pace implied in the Basel III phase-in arrangements (Box VI. A ). In the year to mid-2013, large internationally active banks, as a group, increased their average Common Equity Tier 1 (CET1) capital from 8.5% of risk-weighted assets to 9.5% (Table VI.1 ). This average ratio comfortably exceeded the 2019 benchmark of 7% (CET1 plus conservation buffer) six years ahead of schedule. Smaller, more regionally oriented banks reached the same average capital ratio, albeit starting from a higher base of 8.8%. Importantly, these ratios reflect the more stringent new definitions of eligible capital that are being phased in and will come fully into force only in 2022.

Progress is also evident in the shrinking capital shortfall of those banks that are lagging. At mid-2013, this shortfall was €85.2 billion, or €59.6 billion lower than at the beginning of that year. This reduction was primarily due to gains made by large internationally active banks, which almost halved their shortfall. By contrast, the shortfall of smaller banks edged slightly higher, but was still less than half the amount for their larger peers. For comparison, in 2013, the two groups of banks recorded combined annual profits (after tax and before distributions) of €482 billion, more than four times the capital shortfall.

Increases in bank capital have provided the main boost to regulatory ratios. Graph VI.1 (left-hand panel), using data from public financial statements, decomposes changes in the ratios of common equity to risk-weighted assets. Increases in eligible capital (left-hand panel, yellow bar segments) made the largest contribution overall, and especially for banks in emerging market economies (EMEs) and for systemically important institutions (not shown).

Retained earnings played a key role in supplying fresh capital (Graph VI.1. right-hand panel). In aggregate, they account for 2.8 points out of the 4.1 percentage point increase in banks' capital-to-RWA ratio between 2009 and 2013. Correspondingly, the ratio of earnings paid out as dividends declined by almost 13 percentage points to 33%. Banks from advanced economies reduced this ratio by more than 12 percentage points. In the United States, the decline in banks' dividend payout ratio contrasted with the behaviour of government-sponsored enterprises, the main underwriters of mortgage loans. Under government control, these institutions disbursed their profits to the US Treasury, keeping their equity cushions slim.

Regulatory reform - new elements and implementation

To minimise transition costs, implementation of the new capital standards is phased over several years (Table VI. A ). The 8% minimum ratio of total capital to risk-weighted assets (RWA) is already in full effect, but the ratios that involve higher-quality capital - Common Equity Tier 1 (CET1) and overall Tier 1 - will reach their new, higher levels in 2015. The new capital conservation buffer and the surcharge for global systemically important banks (G-SIBs), both defined in terms of CET1/RWA, will be fully binding in 2019.

In the past year, the Basel Committee on Banking Supervision (BCBS) made progress on two key elements of the post-crisis regulatory reform agenda. The first comprises the minimum liquidity standards. The liquidity coverage ratio (LCR) was published in January 2013, and the definition of high-quality liquid assets (HQLA) was finalised one year later. The new definition makes greater room for central bank committed liquidity facilities (CLFs). Their use has been allowed for all jurisdictions, subject to a range of conditions and limitations. The restrictions are intended to limit the use of CLFs in normal times and to encourage banks to self-insure against liquidity shocks, but they may be relaxed during times of stress, when HQLA might otherwise be in short supply. The Committee also sought comments on the net stable funding ratio (NSFR), the second liquidity standard.

Another important element finalised in January 2014 was the definition of the denominator of the Basel III leverage ratio, a simple ratio of capital to total bank exposure that complements the risk-based capital requirements. The exposure measure represents progress in two respects. First, it is universal, as it overcomes discrepancies in the way different accounting standards capture off-balance sheet exposures, including derivatives. Its definition adopts an established regulatory practice that is highly comparable across jurisdictions. Second, the measure is comprehensive, as it ensures adequate capture of both on - and off-balance sheet sources of leverage. The result is stricter capital requirements per unit of exposure than those implied by leverage ratios that had already been in place in some jurisdictions. Early observations suggest that, on average, the exposure measure is about 15-20% higher than the corresponding total assets metric. Starting in 2015, banks are required to disclose the ratio, with a view to migrating it to a Pillar 1 requirement by 2018 after a final calibration.

Given their contribution to higher bank capital so far, stable profits will be key to the sector's resilience in the near future. On average, profits rebounded further from the crisis lows, but recovery remained uneven across countries (Table VI.2 ).

Outside the euro area, banks' pre-tax profits improved last year but remained generally below pre-crisis averages. Interest rate margins did not contribute as much as in previous years. They remained mostly flat globally, and in some cases even declined (eg in the United States). Instead, lower credit-related costs were the main factor at work. Loan loss provisions have been declining in most countries, reflecting the economic recovery and progress in loss recognition.

In the euro area, the picture was quite different. Profits remained lacklustre. Sovereign debt strains continued to affect asset quality, and a stagnating economy compressed revenues. Banks are stepping up their effort to deal with impaired balance sheets ahead of the ECB's asset quality review later this year, as witnessed by the recent spike in the write-off rate.

Recent developments in the Chinese banking sector illustrate the benefits of retaining earnings as a buffer against losses. As economic growth in China weakened, borrowers in the country came under financial strain and the volume of impaired loans ballooned. By drawing on their reserves, however, the five largest Chinese banks were able in 2013 to absorb credit losses twice as large as a year earlier, post strong profits and maintain high capital ratios.

Investment banking activity produced mixed results. Revenues from merger and acquisition advisory business and securities underwriting strengthened, aided by very robust corporate debt issuance. By contrast, secondary market trading of fixed income products and commodities weakened, dragging down related revenues and, alongside a tougher supervisory stance, leading several large capital market players to trim their trading activity. Legal risk also played a role. Intensifying official probes into market benchmark manipulation have resulted in very large fines in recent years.

Risk-weighted assets

The second driver of the improvement in banks' capital ratios was the reduction in the denominator: risk-weighted assets (Graph VI.1. left-hand panel). This may reflect shrinkage in total assets (magenta segments) or a decline in RWA relative to total assets (blue segments). Most banks grew in size but lowered the average risk weight of their asset portfolio. In advanced economies, the decline in RWA relative to total assets contributed 0.7 points to the 3 percentage point average increase in banks' capital ratios. Euro area banks are an exception to this pattern, as shrinking balance sheets also contributed to the increase in their capital ratios.

In fact, the average risk weight in bank portfolios has been falling since 2007. Despite the Great Recession and the sluggish recovery, ratios of RWA to total assets were about 20% lower in 2013 than six years earlier. Market commentary indicates that more than a genuine reduction in assets' riskiness has been at play and suggests that banks redesigned risk models in order to lower capital requirements by underestimating risk and providing optimistic asset valuations. This may explain in part the persistent discount at which bank shares trade on the book value of equity (Graph VI.8. left-hand panel). This concern has been intensified by the observation that risk weights for similar assets vary substantially across banks.

Market observers and supervisory studies point to a dispersion of reported RWA that is hard to justify given the underlying risk exposures. The dispersion is generally higher for more complex positions. Focused analysis of banks' loan and trading portfolios finds that both supervisory practices and individual bank choices are at work. 1 These practices reflect a combination of discretion permitted under the Basel framework and, occasionally, deviations from the framework. Examples include the implementation of capital floors and the partial use of the standardised (non-model-based) approach - for instance, for credit exposures to sovereigns (Box VI. B ). Internal model risk estimates based on short data samples, and wide variation in the valuation of trading positions, contribute to the dispersion of RWA. The combined effect of these varying practices suggests that there is scope for inconsistency in risk assessments and hence in regulatory ratios.

Regulatory treatment of banks' sovereign exposures

Risk sensitivity is at the core of the capital framework. Basel II and III prescribe minimum capital requirements commensurate with the credit risk of all exposures. This risk sensitivity also applies to sovereign exposures.

The most relevant standard for internationally active banks is the internal ratings-based (IRB) approach. It requires a meaningful differentiation of risk and asks banks to assess the credit risk of individual sovereigns using a granular rating scale. The Basel framework is based on the premise that banks use the IRB approach across the entire banking group and across all asset classes. But it allows national supervisors to permit banks to gradually phase in the approach across the banking group and, only if the exposures are non-material in terms of both size and risk, to keep certain exposures in the external ratings-based, standardised approach (SA) indefinitely.

The SA, as a rule, prescribes positive risk weights to all but the highest-quality credits (AAA to AA). For instance, it assigns a 20% weight to A-rated borrowers and a 100% weight to B-rated ones. National supervisors, however, are allowed to exercise discretion and set lower risk weights to sovereign exposures that are denominated and funded in the corresponding national currency. As a result, the risk weights on such exposures have varied considerably across large international banks, including global systemically important ones. In fact, the variability in sovereign risk weights across banks is an important driver of the variability of overall risk-weighted assets.

Data on individual bank risk assessments are generally not available outside the supervisory community. A notable exception is the European Banking Authority's welcome initiative to disclose the risk weights and total exposures of large European banks for different asset classes. The information reveals a wide range of practices and a general tendency to assign a lower weight to exposures to the home sovereign.

In aggregate, banks assign a zero risk weight to more than half of their sovereign debt holdings. This is particularly true for portfolios under the SA, which cover the majority of banks' sovereign exposures, but also for some IRB portfolios. Interestingly, the tendency to use the potentially more permissive SA is not related to the capitalisation of the bank but increases with the perceived riskiness of the borrower. In particular, exposures to sovereigns in the euro area periphery tend to be overwhelmingly under the SA, thus obtaining zero risk weights. This applies especially to banks with sovereign exposures exceeding 10% of their capital.

Banks assign to their own sovereign a considerably lower risk weight than do banks from other countries. The "home bias" is particularly pronounced for Portuguese, Spanish and Irish banks and somewhat less so for French, UK and Austrian banks.

For further discussion, see "Treatment of sovereign risk in the Basel capital framework", BIS Quarterly Review . December 2013, pp 10-11.

What is the appropriate policy response to the need to improve the reliability and comparability of RWA (Chapter V of last year's Annual Report)? The internal ratings-based (IRB) approach should remain a pillar of the regulatory framework. It provides an essential link to banks' own decision-making and it permits a natural and welcome diversity of risk assessments among banks. What is needed is to tighten the link to an objective measurement of the underlying risks and to improve supervisory safeguards. On the one hand, the introduction of the leverage ratio provides both a backstop to overly optimistic risk assessments and a useful alternative perspective on a bank's solvency. On the other hand, work under way to understand the drivers of unwanted variation in RWA points to the need to ensure rigorous supervisory validation of banks' models and to improve its cross-jurisdictional consistency. In addition, other policies, such as imposing tighter constraints on modelling assumptions and introducing greater disclosure about these assumptions, can also improve the comparability of RWA. These options would be superior to requiring a single regulatory model, such as a unique set of risk weights, which might encourage herding and risk concentration.

Insurance sector

Insurance companies, like banks, are recovering post-crisis. The crisis hit the core parts of the insurance companies, causing a sharp fall in the value of their investments and a slowdown in premium growth. Underwriters of credit derivatives also suffered losses. The recovery in premium growth and capital differs somewhat in the life and non-life segments and reflects firms' original asset composition.

Property and casualty insurance firms absorbed the crisis-driven drop in asset values thanks to their ample capital buffers. At present, these buffers are being replenished via growing insurance premiums, which rebounded in most markets during the past couple of years (Table VI.3 ). Underwriting profitability, as measured by the combined ratio - the sum of underwriting losses, expenses and policyholders' dividends divided by premium income - is also improving, despite spikes in policy payouts due to natural disasters. The reinsurance sector has also strengthened its capitalisation and tapped alternative sources of capital. The market for catastrophe bonds, hard hit in the immediate crisis aftermath, recovered after 2010 and issuance is on the rise. Insurance premiums in EMEs continued to grow strongly, supported in many countries by an expanding economy, and are narrowing the sizeable gap in insurance product penetration with mature markets.

The recovery in the life insurance segment has been less strong than in the property and casualty segment. Life insurers suffered an additional blow during the crisis because of the combination of losses from embedded product guarantees and an increase in the valuation of liabilities driven by a decline in interest rates. While premium income is recovering from its sharp drop during the crisis, it is still growing less than benefit payments and surrenders.

Premium growth counteracted weak returns on investment portfolios. The low yields of high-quality bonds, a key asset class for insurers, remain a drag on investment revenue. Return on equity has recovered from its crisis trough, but remains below its historical average. A subdued growth outlook and low returns on other asset classes have triggered a search for yield by insurance companies, fuelling demand for riskier securities (Chapter II ).

Changes in the regulatory framework tighten insurers' capital requirements and impose stricter constraints on the valuation of long-term assets and liabilities. This should increase the resilience of the sector. It might also whet insurers' appetite for fixed income securities with regular cash flow streams, including corporate debt.

Looking forward, insurers, and life insurers in particular, are exposed to interest rate risk. The limited supply of long-term investable assets amplifies this risk by exacerbating the duration mismatch of assets and liabilities. In this case, derivatives can provide a good hedge and insurers will benefit from reforms in over-the-counter market infrastructure that should reduce counterparty risk. But interest rate risk arises also from guarantees and other option-like elements of life insurance products with investment features. This risk is complex, more difficult to predict and harder to hedge. In this case, capital buffers are a better line of defence.

Bank versus market-based credit

The crisis and its aftermath halted the trend growth in bank-intermediated finance. In the advanced economies most affected by the crisis, bank credit to corporates has ceded ground to market-based financing. In EMEs, both sources have grown, with market-based financing registering the faster pace.

In the immediate crisis aftermath, banks in the hardest-hit economies pulled back from credit extension in order to nurse their balance sheets back to strength (Graph VI.2. left-hand and centre panels). Subsequently, these banks' lending to households remained flat, while that to the corporate sector declined, especially in Europe. Anaemic demand from overly indebted households and a weak economic recovery partly explain the stagnation of credit growth. But supply side factors also played a role. Banks with weak balance sheets were more reluctant to expand their activities (Graph VI.3. left-hand panel).

By contrast, bank credit has been buoyant in emerging market economies (Graph VI.2. right-hand panel). Credit to households has grown especially strongly, reflecting low interest rates and capital flows from crisis-hit economies.

In both advanced and emerging market economies, corporate borrowers have increasingly tapped bond markets. They have found eager investors, as in their search for yield asset managers have supplied financing at very attractive rates, which banks have been unable to match. In fact, banks are facing higher funding costs than corporate borrowers themselves (Graph VI.3. right-hand panel). This cost disadvantage is likely to persist as long as concerns about banks' health linger (see discussion below).

Investors' search for yield has also dented credit standards. The issuance of low-credit-quality instruments has surged (Chapter II ). Sovereign bonds from the euro area periphery and hybrid bank debt instruments are cases in point.

Structural adjustments in the financial sector

The crisis has had a lasting impact on financial intermediaries worldwide. Compelled by the need to secure profitability, nudged by changes in the regulatory environment (Box VI. A ) and motivated by market signals, many banks have been streamlining their business mix. In parallel, the asset management sector has grown to become an established player in the funding of investment. All this has reshaped the domestic and the international financial landscape.

Changes in business models

Analysis of bank-level balance sheets suggests that three business models provide a useful characterisation of a worldwide sample of large banks. 2 Two of the models differ mainly in terms of the sources of banks' funding. Banks with a "retail" model obtain the bulk of their funding from retail depositors and engage mostly in plain vanilla intermediation, namely extending loans. "Wholesale-funded" banks also hold a large share of their assets in the form of loans, but rely strongly on the wholesale funding market. Finally, "trading" banks are particularly active on capital markets. Loans are a small share of their assets, they engage heavily in trading and investment banking, and they fund themselves predominantly with debt securities and interbank borrowing.

Performance and efficiency have varied markedly across business models over the past seven years (Graph VI.4 ). The onset of the crisis sent return-on-equity (RoE) plummeting for all bank business models in advanced economies (red lines). But while RoE stabilised for retail banks after 2009, it underwent drastic swings for trading and wholesale-funded banks. The story is qualitatively similar in terms of return-on-assets, an alternative metric that is largely insensitive to leverage. Despite trading banks' sub-par performance, high staff remuneration consistently inflated their cost-to-income ratios above those in the rest of the sector (blue lines). For their part, banks domiciled in EMEs, which had mainly adopted a retail model and were largely unscathed by the crisis, achieved stable performance on the back of greater cost efficiency than their advanced economy peers.

Many banks have adjusted their strategies post-crisis, in line with the business models' relative performance (Table VI.4 ). In the sample under study, one third of the institutions that entered the crisis in 2007 as wholesale-funded or trading banks (19 out of 54 institutions) ended up with a retail model in 2012. Meanwhile, few banks switched from retail to another business model post-crisis (three out of 38), confirming the relative appeal of stable income and funding sources. This recent trend stands in contrast to developments in the banking sector pre-crisis. From 2005 to 2007, only four of 45 banks switched to a retail model. In parallel, easy funding and high trading profits led a quarter of the banks with a retail model in 2005 (13 out of 47 institutions) to adopt another model by 2007.

Shifting patterns in international banking

A key aspect of internationally active banks' business model relates to the geographical location of their funding compared with that of their assets (Graph VI.5. left-hand panel). At one end of the spectrum are German and Japanese banks, whose international positions are mostly cross-border, largely funded in the home country. At the other end of the spectrum, Spanish, Canadian and Australian banks use foreign offices both to obtain funding and to extend credit within the same host country. Between these two extremes, Belgian and Swiss banks tap geographically diverse sources of funding and have large cross-border positions mostly booked in international financial centres, such as London, New York, Paris or the Caribbean.

International banking conducted through local offices in foreign countries has proved to be more resilient than cross-border banking over the past five years. This is evident in the positive relationship between the share of locally conducted intermediation in a banking system's foreign claims and the overall growth in these claims (Graph VI.5. right-hand panel). As a case in point, the foreign claims of Australian banks have increased markedly on the back of growing activity by offices in New Zealand and emerging Asia. Similarly, robust conditions in Latin America have allowed Spanish banks to increase their foreign claims, despite general pressure on European banks to reduce foreign lending in order to preserve capital for their home markets.

By contrast, cross-border activities came under strain when liquidity evaporated during the crisis, subjecting global financial markets to stress. Since then, cross-border bank lending has retreated, driving much of the decline in the foreign claims of Swiss and German banks over the past five years. In this context, the sizeable increase in Japanese banks' cross-border claims, mainly to US and emerging Asia residents, is a notable exception.

The ascent of the asset management sector

As banks reorganise their business lines and retreat from some capital market activities, market-based financial intermediaries have been gaining ground. The growth in the asset management sector is a case in point. Because asset managers are responsible for the investment of large securities portfolios, they can have a substantial impact on market functioning, on asset price dynamics and, ultimately, on the funding costs of governments, businesses and households.

AMCs manage securities portfolios on behalf of ultimate investors. They cater to both retail and wholesale customers. They manage the savings of households and handle the surplus cash balances of small businesses, but also manage large sums for institutional investors, such as corporate and public pension funds, insurance companies, corporate treasuries and sovereign wealth funds.

Arrangements vary widely in terms of product design and characteristics, in line with client funds' investment objectives. For example, open - and closed-end mutual funds pool individual investors' funds in larger portfolios that are managed collectively. By contrast, corporate and public sector pension funds can place money with AMCs in segregated accounts managed on the basis of mandates tailored to client needs. In most arrangements, AMCs do not put their balance sheets at risk in managing those funds. Rather, in exchange for a fee, they offer economies of scale and scope in the form of expertise in securities selection, transaction execution and timing, and portfolio administration. There are exceptions, though. For example, hedge funds actively manage portfolios following investment strategies that embody a high appetite for risk-taking and involve substantial leverage. The hedge fund manager has own funds at risk and is rewarded on the basis of performance. Similarly, a hidden form of leverage relates to the implicit reassurances of capital preservation made by money market funds. The AMC responsible for those funds might feel compelled to cover shortfalls due to bad portfolio performance. Explicit or implicit backing of a segregated fund's borrowing by the umbrella organisation managing the fund may also put the AMC balance sheet at risk.

The asset management sector has grown substantially over the past several years. While the diversity in the profiles of AMCs and products complicates statistical measurement, estimates put the total assets under management at dozens of trillions of US dollars (Graph VI.6 ). Despite a brief decline in the size of the aggregate portfolio during the crisis, reflecting mainly a drop in valuations rather than client withdrawals, AMCs managed roughly twice as much money in 2012 as they did 10 years before.

The sector's growth has coincided with an increase in the market share of the largest players. That of the top tier of AMCs accounts for more than one quarter of the total assets under management (Graph VI.6. red line). Concentration is greatest at the very top, where a handful of firms dominate the rankings. Many of these top AMCs are affiliated with and/or operate under the same corporate umbrella as large, systemically important financial institutions.

The ascent of the asset management sector presents both opportunities and challenges for financial stability. On the one hand, strengthening market-based financial intermediation can provide a complementary channel to bank-based funding for businesses and households (see Box VI. C for an example). In fact, the growth in AMCs' portfolios mirrors the rebalancing of funding of the real economy away from banks and towards markets. Greater diversity in funding channels can be a strength, to the extent that one might compensate for supply problems in the other. That said, the nexus of incentives and objectives influencing the behaviour of AMCs can adversely affect market dynamics and funding costs for the real economy. Portfolio managers are evaluated on the basis of short-term performance, and revenues are linked to fluctuations in customer fund flows. These arrangements can exacerbate the procyclicality of asset prices, feeding the market's momentum in booms and leading to abrupt withdrawals from asset classes in times of stress.

Financing infrastructure investment

Investment in infrastructure, if properly targeted and designed, can boost potential growth. Both emerging and advanced economies need to create, or upgrade, crucial transport and energy-related infrastructure. Overstretched fiscal positions set clear limits to the availability of public sector funding in many countries and put a premium on promoting private sector funding for such projects. Unlocking this potential requires a degree of certainty about project design and operation as well as diversity in financing instruments.

A key impediment to greater private sector funding is uncertainty about the pipeline of projects. The suitability of a project for private investors often hinges on the design of legal contracts that govern the distribution of risks and cash flows. Ill-structured contracts can lead to cost overruns and even failure. Political risks also loom large. For instance, a history of politically motivated changes to the prices that infrastructure operators can charge greatly increases the perception of such risks. Private financiers will bear the fixed costs of building up expertise if they can invest in well planned projects that are not subject to cancellation, or major revisions, during the long period of gestation and construction. Otherwise, less complex asset classes will be preferred.

Another factor that can attract long-term portfolio investors is greater diversity in financing instruments. Infrastructure bonds, for instance, are potentially attractive to pension funds and insurance companies. Over the long life cycle of infrastructure projects, these bonds' credit risk tends to subside more rapidly than that of comparable corporate bonds (Graph VI. C. left-hand panel). The bonds also tend to exhibit greater ratings stability and higher recoveries in the event of default. Specialised investment vehicles, such as infrastructure funds, can also attract new investors by offering diversification possibilities across projects in different sectors and countries. Nevertheless, bank loans remain the main form of debt financing for infrastructure (Graph VI. C. right-hand panel). While loans have some advantages in the construction and early operational phases, bonds could be used more widely for seasoned projects or the privatisation of existing infrastructure. In EMEs, their issuance is tied to the development of onshore local currency markets.

Hence, longer-term infrastructure debt is not necessarily riskier than its shorter-term counterpart. See M Sorge, "The nature of credit risk in project finance ", BIS Quarterly Review . December 2004, pp 91-101. For more detail, see T Ehlers, F Packer and E Remolona, "Infrastructure and corporate bond markets in Asia", in A Heath and M Read (eds), Financial Flows and Infrastructure Financing . proceedings of the Reserve Bank of Australia annual conference, March 2014.

Greater concentration in the sector can strengthen this effect. Single firms in charge of large asset portfolios may at times exert disproportionate influence on market dynamics. This is especially true when different managers within the same organisation share research and investment ideas, and are subject to top-down risk assessments. Reduced diversity in the marketplace weakens the system's ability to deal with stress. Another concern arising from concentration is that operational or legal problems at a large AMC may have disproportionate systemic effects.

How strong are banks, really?

Banks still need to take important steps to buttress their resilience and ensure the long-term sustainability of their business models. In order to regain markets' confidence, institutions from a number of crisis-hit countries must further repair their balance sheets by recognising losses and recapitalising. This would reduce their funding costs and strengthen their intermediation capacity. At the same time, banks operating in, or exposed to, countries with recent financial booms should avoid excessive expansion and ensure that they have enough loss-absorbing capacity to face a turning financial cycle (Chapter IV ).

Banks in post-crisis recovery

Banks directly affected by the financial crisis have not yet fully recovered. Even though their capital positions have improved (see above), analysts and markets remain sceptical. Downbeat perceptions drive banks' stand-alone ratings, which capture inherent financial strength and factor out explicit and implicit guarantees from an institution's parent or sovereign, as well as all-in ratings, which gauge overall creditworthiness. Scepticism is also evident in the valuation of certain banks' equity and in the spreads markets charge for bank debt.

In April 2014, the stand-alone ratings of banks on both sides of the Atlantic stood several notches below their pre-crisis levels (Graph VI.7. left-hand and centre panels, green bar segments). The crisis exposed these banks' 2007 ratings as overly optimistic, triggering a wave of large downgrades. The major rating agencies' assessments of banks' inherent health continued to deteriorate even past 2010, showing only marginal signs of improvement more recently.

Low and deteriorating stand-alone ratings can undermine confidence in the banking sector. For one, they cast doubt on banks' own assessments that their financial strength has been improving. They also imply that banks need to rely more than in the past on external support to improve their creditworthiness. But, facing financial problems of their own or trying to reduce taxpayers' exposure to financial sector risks, sovereigns have had less capacity and have expressed a reduced willingness to provide such support. As a result, banks' all-in ratings have deteriorated in step with, or by more than, stand-alone ratings (Graph VI.7. left-hand and centre panels, combined height of green and red bar segments).

Price-based indicators from credit and equity markets also reveal scepticism, especially about euro area and UK banks. Given credit ratings in the non-financial corporate sector (Graph VI.7. right-hand panel), this scepticism has resulted in a positive wedge between the banks' funding costs and what their potential customers can obtain on the market (Graph VI.3. right-hand panel). Coupled with a slow recovery of the interbank and repo markets, this has weakened banks' cost advantage, thus causing them to lose ground to market-based intermediation. Likewise, euro area and UK banks' price-to-book ratios have remained persistently below one, in contrast to those of US banks, which seem to have regained market confidence (Graph VI.8. left-hand panel).

Despite post-crisis capital-raising efforts, doubts remain about the quality of certain banks' balance sheets. More fresh capital has supported an upward trend in banks' market capitalisation, both in absolute terms and relative to the book value of liabilities (Graph VI.8. right-hand panel, red lines). However, the capacity of capital to absorb future losses is severely undermined by unrecognised losses on legacy assets. Unrecognised losses distort banks' incentives, diverting resources towards keeping troubled borrowers afloat and away from new projects. And as these losses gradually come to the surface, they raise banks' non-performing loan (NPL) ratios. In the euro area periphery countries, NPL ratios have continued to rise, almost six years after the apex of the crisis (Graph VI.9. left-hand panel), while new lending has remained subdued. Similarly, banks in central Europe have reported stubbornly high and, in some cases, rapidly increasing NPL ratios since 2008 (Graph VI.9. right-hand panel).

In the United States, non-performing loans tell a different story. After 2009, the country's banking sector posted steady declines in the aggregate NPL ratio, which fell below 4% at end-2013. Coupled with robust asset growth, this suggests that the sector has made substantial progress in putting the crisis behind it. Persistent strains on mortgage borrowers, however, kept the NPL ratios of the two largest government-sponsored enterprises above 7% in 2013.

Enforcing balance sheet repair is an important policy challenge in the euro area. The challenge has been complicated by a prolonged period of ultra-low interest rates. To the extent that low rates support wide interest margins, they provide useful respite for poorly performing banks. However, low rates also reduce the cost of - and thus encourage - forbearance, ie keeping effectively insolvent borrowers afloat in order to postpone the recognition of losses. The experience of Japan in the 1990s showed that protracted forbearance not only destabilises the banking sector directly but also acts as a drag on the supply of credit and leads to its misallocation (Chapter III ). This underscores the value of the ECB's asset quality review, which aims to expedite balance sheet repair, thus forming the basis of credible stress tests.

The goal of stress tests is to restore and buttress market confidence in the banking sector. Ultimately, though, it is banks' capacity to assess their own risks that would support this confidence on a continuous basis. Hence the importance of policy initiatives to promote transparent, reliable and internationally harmonised risk measurement systems and enhanced disclosure.

Banks in a late financial boom phase

In countries with recent financial booms, banks may be weaker than they appear. This concern applies mainly to institutions exposed to those emerging market economies where perceptions of a benign credit outlook and strong earnings potential have ridden on an unstable leverage-based expansion. A similar concern applies to bank operations in certain advanced economies, such as Switzerland and the Nordic countries, where strong valuations (Graph VI.8. left-hand panel) may be reflecting fast credit growth and frothy property prices (Chapter IV ).

Several indicators deliver an upbeat message about EME banks. For one, the NPL ratios of banks domiciled in parts of emerging Asia and Latin America have been low and declining, standing at around 3% or lower at end-2013 (Graph VI.9. second and third panels). In this context, Indian banks' rising NPL ratios are an exception. In addition, the credit ratings that both Fitch and Moody's assign to large EME banks have remained stable and even improved slightly on aggregate since 2007 (Graph VI.7 ). And the corresponding price-to-book ratios have been high, hovering around 2 over the past five years (Graph VI.8. left-hand panel).

That said, such indicators failed to signal vulnerabilities in the past. Because of their backward-looking nature, NPL ratios did not pick up in advanced economies until 2008, when the crisis was already under way (Graph VI.9. left-hand panel). Similarly, pre-crisis credit ratings and market valuations did not warn about the imminent financial distress.

In contrast, measures of credit expansion and the speed of property price inflation, which have been reliable early warning indicators, are flashing red lights about a number of emerging market economies at the current juncture (Chapter IV ). These warnings are echoed by capitalisation ratios, which equal the market value of equity divided by the book value of liabilities (Graph VI.8. right-hand panel, blue lines). On the back of leverage-based balance sheet growth, these ratios have declined steadily on aggregate for both banks and non-financial corporates (NFCs) in EMEs. Thus, any event that triggers investor scepticism would depress capitalisation ratios from a low starting point, potentially endangering financial stability. The EME NFC sector is an important part of the picture not only because it is the main source of credit risk to domestic banks but also because it has recently entered the intermediation chain (Chapter IV ).

In a sign of growing investor scepticism, Chinese banks' price-to-book ratios have diverged from those of EME peers and have been declining over the past five years. Explicit and implicit links between regulated and shadow banks have contributed to this scepticism. National data indicate that non-bank credit to private NFCs grew sevenfold between mid-2008 and end-2013, thus increasing its share in the country's total credit from 10% to 25%. The fragilities accompanying this rapid rise surfaced in a number of near and outright defaults among China's shadow banks and contributed to a drastic reduction in the country's credit supply in the first quarter of 2014. Industry analysts expect such strains to have repercussions on banks, not least because they have acted as issuers and distributors of shadow banking products.

Authorities in EMEs need to alert banks to the scale of current risks, enforce sound risk management and strengthen macroprudential measures. For one, the deteriorating growth outlook in these economies calls for a downward revision of earnings forecasts. In addition, EME authorities will need to cope with the fallout from the phasing-out of monetary accommodation in advanced economies. The resulting market tensions (Chapters II and IV ) have highlighted the importance of proper management of interest and exchange rate risk. More generally, the build-up of financial vulnerabilities underscores the importance of not being lulled into a false sense of security and of reassessing previously used macroprudential tools (Box VI. D ). Emerging market economies have been early adopters of such tools and have gained extensive experience regarding their operation and effectiveness. This experience can be the basis for further refinements and improvements to the macroprudential policy framework.

The effectiveness of countercyclical policy instruments

Policies that address macro-financial vulnerabilities require effective instruments that take a system-wide perspective. In recent years, several jurisdictions have strengthened the systemic orientation of their prudential framework by redesigning existing, and introducing new, macroprudential policy tools to mitigate the risks arising from the financial cycle. Similar tools have been incorporated in international standards. Even though it is premature to seek firm conclusions about the effectiveness of newly introduced tools, such as countercyclical capital buffers, the historical experience of some jurisdictions with similar tools provides a useful context.

The yardstick for the assessment of instrument effectiveness is tied to the objective of the policy. In the case of countercyclical tools, there are two complementary objectives. The first, narrower, one is to protect financial institutions from the effects of the cycle. The second, broader, objective is to tame the financial cycle. Success in the narrow objective does not guarantee success in the broader one, as policymakers' experience so far with the most prominent countercyclical instruments confirms.

Capital buffers and dynamic provisions

A number of jurisdictions have introduced a countercyclical capital requirement in order to increase banks' resilience in the face of risk built up during credit booms. Switzerland activated the tool in 2013 with a focus on the domestic mortgage market. The early signs are that the tool is more effective in strengthening banks' balance sheets than in slowing down mortgage credit growth or affecting its cost. This mirrors Spain's experience with dynamic provisioning. More ample provisions helped Spanish banks to partially buffer the impact of the bust in the property market, but did not prevent the bubble from inflating in the first place.

Loan-to-value (LTV) and debt service-to-income (DSTI) ratios

These tools have a longer track record in a number of jurisdictions. The evidence indicates that they help to improve banks' resilience by increasing that of borrowers. A number of studies find that tighter LTV caps reduce the sensitivity of households to income and property price shocks. The impact on the credit cycle is less well documented, but experience suggests that tightening LTV and DSTI caps during booms slows real credit growth and house price appreciation to some extent. In particular, a typical tightening of the maximum DSTI ratio generates a 4-7 percentage point deceleration in credit growth over the following year. But relaxing the constraint has a more ambiguous effect.

Time-varying liquidity requirements / reserve requirements

Similarly to capital, the impact of higher liquidity buffers on the resilience of banks is self-evident. There is also evidence that liquidity-based macroprudential tools can effectively enhance the system's resilience. The evidence on the impact of liquidity-based tools in curbing the credit cycle is not as strong. Studies assessing the impact of higher reserve requirements find that lending spreads increase and lending shrinks, but that the effects do not last.

See S Claessens, S Ghosh and R Mihet, "Macro-prudential policies to mitigate financial system vulnerabilities", Journal of International Money and Finance . vol 39, December 2013, pp 153-85; and K Kuttner and I Shim, "Can non-interest rate policies stabilise housing markets? Evidence from a panel of 57 economies ", BIS Working Papers . no 433, November 2013. For a study of the net stable funding ratio, see BCBS, An assessment of the long-term economic impact of stronger capital and liquidity requirements . August 2010.

2 For a description of a method that identifies the number of business models and assigns each bank in the sample to a model, see R Ayadi, E Arbak and W de Groen, Regulation of European banks and business models: towards a new paradigm. Centre for European Policy Studies, 2012.

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Capital Disadvantage: America’s Failing Capital Investment System

To compete effectively in international markets, a nation’s businesses must continuously innovate and upgrade their competitive advantages. Innovation and upgrading come from sustained investment in physical as well as intangible assets—things like employee skills and supplier relationships. Today the changing nature of competition and the increasing pressure of globalization make investment the most critical determinant of competitive advantage.

Yet the U. S. system of allocating investment capital both within and across companies is failing. This puts American companies in a range of industries at a serious disadvantage in global competition and ultimately threatens the long-term growth of the U. S. economy.

These are the principal findings of a two-year research project sponsored by the Harvard Business School and the Council on Competitiveness, a project that included 18 research papers by 25 academic experts. This article draws on those papers and my research to offer a comprehensive analysis of the causes and recommended cures for the U. S. investment problem.

Critics of U. S. business frequently blame recent competitive shortcomings on various issues: a short time horizon, ineffective corporate governance, or a high cost of capital. In fact, these issues are symptoms of a larger problem: the operation of the entire capital investment system. The system includes shareholders, lenders, investment managers, corporate directors, managers, and employees, all of whom make investment choices in a context determined by government regulations and prevailing management practices. The American system creates a divergence of interests among shareholders, corporations, and their managers that impedes the flow of capital to those corporate investments that offer the greatest payoffs. Just as significant, it fails to align the interests of individual investors and corporations with those of the economy and the nation as a whole.

Corporate Investment and the Time Horizons of American Industry

For much of the past decade, there has been substantial debate over the performance of U. S. industry in international competition. In particular, business leaders, policymakers, and academics have wrestled with the concerns that a short time horizon afflicts U. S. industry and that the U. S. system of corporate governance is failing. While the debate has been vigorous, there has been little careful research to answer the questions.

To respond to this need, the Council on Competitiveness and the Harvard Business School cosponsored a research project on U. S. corporate investment and the time horizons of American industry. The project led to 18 research papers by scholars from a wide range of disciplines, each probing into a different dimension of the issue. The collection of papers will be published as a book by the Harvard Business School Press in 1993. The individual papers and their authors are as follows:

“Time Horizons of American Firms: New Evidence from a Survey of CEOs” by James M. Poterba and Lawrence Summers

“An International Comparison of Investment Behavior as a Key to the Time Horizons of American Industry” by Warren E. Farb

“Competitive Performance of U. S. Industrial Enterprise: A Historical Perspective” by Alfred D. Chandler, Jr.

“Hitting the Skids: Tires and Time Horizons” by Richard S. Tedlow

“Time Horizons of American Management: The Role of Macroeconomic Factors” by Robert Z. Lawrence

“Cross-Country Differences in the Cost of Capital: A Survey and Evaluation of Recent Empirical Studies” by W. Carl Kester and Timothy A. Luehrman

“Shareholder Trading Practices and Corporate Investment Horizons” by Kenneth A. Froot, Andre F. Perold, and Jeremy C. Stein

“Financial Institutions and Corporate Investment Horizons: An International Perspective” by Franklin R. Edwards and Robert A. Eisenbeis

“The Influence of Conditions in Financial Markets on the Time Horizon of Business Managers: An International Comparison” by Burton G. Malkiel

“Corporate Restructuring and Investment Horizons” by Bronwyn H. Hall

“Corporate Governance and Investment Time Horizons” by Jay W. Lorsch and Elizabeth A. MacIver

“Governance, Contracting, and Investment Time Horizons” by W. Carl Kester

“Does Executive Compensation Affect Investment?” by Robert Gibbons and Kevin J. Murphy

“Capabilities and Capital Investment: New Perspectives on Capital Budgeting” by Carliss Y. Baldwin and Kim B. Clark

“Human Resource Development and Utilization: Is There Too Little in the United States?” by Thomas A. Kochan and Paul Osterman

“International Differences in Labor Turnover: A Comparative Study with Emphasis on the United States and Japan” by Alan S. Blinder and Alan B. Krueger

“Insights from the American Venture Capital Organization” by William A. Sahlman

“Investment Behavior and Time Horizons in American Industry” by Michael E. Porter

The U. S. system for allocating investment capital has many strengths: efficiency, flexibility, responsiveness, and high rates of corporate profitability. It does not, however, direct capital effectively within the economy to those companies that can deploy it most productively and within companies to the most productive investment projects. As a result, many American companies invest too little, particularly in those intangible assets and capabilities required for competitiveness—R&D, employee training and skills development, information systems, organizational development, and supplier relations. At the same time, many other companies waste capital on investments that have limited financial or social rewards—for example unrelated acquisitions.

The problems in the U. S. system are largely self-created. Through a long series of regulatory and other choices with unintended consequences, changes have occurred in areas such as the pattern of corporate ownership, the way investment choices are made, and the nature of internal capital allocation processes within companies. At the same time, the nature of competition has changed, placing a premium on investment in increasingly complex and intangible forms—the kinds of investment most penalized by the U. S. system.

Finally, the American economy has become far more exposed to global competition, making investment even more important and bringing a cross-section of U. S. companies into contact with companies based in nations with significantly different capital allocation systems. It is this comparison between the U. S. system and other nations’ systems that points up the real danger of continuing current practices.

The U. S. system first and foremost advances the goals of shareholders interested in near-term appreciation of their shares—even at the expense of the long-term performance of American companies. It is flexible, capable of rapidly shifting resources among sectors—even if this is not the path to innovation, dynamism, and improved productivity. It helps the United States prosper in some industries because of the high rewards it offers—even as it pressures others toward under - or overinvestment in differing ways.

The systemic nature of the problem also suggests the need to question much of what constitutes the American system of management: its emphasis on autonomy and decentralization, its process of financial control and investment decision making, its heavy use of incentive compensation systems. Failure to change the system will simply ensure the continued competitive decline of key sectors in the U. S. economy.

Yet our analysis of the U. S. investment capital allocation system also reveals how much potential for competitive strength exists in the United States. The United States possesses an enormous pool of investment capital. The problem lies in how this capital is allocated—at what rates and into what kinds of investments. One consideration is whether there is over - or underinvestment. A second is whether an investment is complemented by associated investments—that is, whether there are linkages among different forms of investments. For example, a physical asset such as a new factory may not reach its potential level of productivity unless the company makes parallel investments in intangible assets such as employee training and product redesign. A third consideration is whether private investments also create benefits for society through spillovers or externalities. For example, a company that invests in upgrading its employees and suppliers not only enhances its own competitiveness but also creates better trained workers and stronger suppliers that may allow it to pursue entirely new strategies in the future. Nations that encourage appropriate investment across a wide variety of forms and create these social benefits can leverage their pool of capital to build a strong and competitive national economy.

Meaningful change will be difficult because the American investment problem is far more complex than the conventional wisdom suggests. Many proposals to solve America’s investment problem focus on only one aspect of the system, and they ignore the critical connections that tie the system together. To work, reform must address all aspects of the American system, and address them all at once. Policymakers, institutional investors, and corporate managers must all play a role in creating systemwide change.

Evidence of an American Investment Problem

For more than a decade, anecdotal evidence from managers and academics has suggested that American companies have invested at a lower rate and with a shorter time horizon than German or Japanese competitors. There are a variety of measures of the comparative rates, patterns, and outcomes of U. S. investments and the behavior of U. S. investors that support and expand that earlier view. Among them are the following:

The competitive position of important U. S. industries has declined relative to those of other nations, notably Japan and Germany.

Aggregate investment in property, plant and equipment, and intangible assets, such as civilian R&D and corporate training, is lower in the United States than in Japan and Germany.

Leading American companies in many manufacturing industries such as construction equipment, computers, and tires are outinvested by their Japanese counterparts.

American companies appear to invest at a lower rate than both Japanese and German companies in nontraditional forms such as human resource development, relationships with suppliers, and start-up losses to enter foreign markets.

R&D portfolios of American companies include a smaller share of long-term projects than those of European and Japanese companies.

Hurdle rates used by U. S. companies to evaluate investment projects appear to be higher than estimates of the cost of capital.

U. S. CEOs believe their companies have shorter investment horizons than their international competitors and that market pressures have reduced long-term investment. Foreign CEOs agree.

The average holding period of stocks has declined from more than seven years in 1960 to about two years today.

Long-term growth has declined as an influence on U. S. stock prices.

Many recent U. S. policy proposals such as government funding of specific industries, R&D consortia, and joint production ventures implicitly reflect a private investment problem.

These findings present a broadly consistent picture of lagging American investment. But interestingly, the research has turned up some important complexities that derail simplistic explanations of America’s reduced investment levels and shorter time horizon. For example:

The American investment problem varies by industry and even by company. A convincing explanation—and worthwhile remedies—must address these differences.

The United States does well in funding emerging industries and high-risk startup companies that require investments of five years or more. How does a low-investing, short-horizon nation achieve such a performance?

The average profitability of U. S. industry is higher than that in Japan and Germany, yet American shareholders have consistently achieved no better or lower returns than Japanese (and recently German) shareholders. There is thus no simple connection between average corporate returns on investment and long-term shareholder returns, as much conventional wisdom about shareholder value seems to suggest.

U. S. industry has overinvested in some forms, such as acquisitions. How does this overinvestment square with lower average rates of investment and underinvestment in crucial forms such as intangible assets?

There is persuasive evidence that some American companies systematically overinvest—this is documented by studies of the gains achieved from takeovers. Why is it that some companies underinvest while other companies apparently invest too much?

The United States has the most efficient capital markets of any nation and highly sophisticated investors. How can such efficient capital markets be guilty of producing apparently suboptimal investment behavior?

The investment problem seems to be more significant today than it was several decades ago. What accounts for this worsening situation?

Explaining these paradoxes and the differences in investment behavior across industries, companies, and forms of investment is essential to gaining a complete understanding of the American investment problem.

The Determinants of Investment

The determinants of investment can be grouped into three broad categories: the macroeconomic environment; the allocation mechanisms by which capital moves from its holders to investment projects; and the conditions surrounding specific investment projects themselves (see the chart, “Determinants of Investment”).

Determinants of Investment

The macroeconomic environment establishes the context in which investment by all companies in a nation takes place. A stable and growing economy tends to encourage investment, reassuring investors that returns will persist over the long term. In the United States, high federal budget deficits, low national savings rates, sporadic and unpredictable changes in tax policy, and a consumption-oriented tax code have dampened public and private investment over the past two decades.

Capital allocation mechanisms determine how the available pool of capital in a nation is distributed among industries, companies, and forms of investment. They operate through two distinct but related markets: the external capital market through which holders of equity and debt provide capital to particular companies; and the internal capital market in which companies allocate the internally and externally generated funds at their disposal to particular investment programs. The Harvard Business School Council on Competitiveness research has focused on the operation and linkages between these dual markets and their effects on investment behavior.

Finally, some projects will yield greater payoffs than others, depending on the nature of the industry, the competitive position of the company, and the nation or region in which the investment is made. As my previous research in The Competitive Advantage of Nations has indicated, the capacity to invest and innovate depends on the presence of specialized skills, technology, and infrastructure; sophisticated and demanding local customers; capable local suppliers; competitive local companies in closely related industries; and a local environment that encourages vigorous competition.

The External Capital Market

Investment behavior in the external capital market is shaped by four attributes (see the chart, “Determinants of Investment Behavior”). First is the pattern of share ownership and agency relationships—the identity of the owners, the extent of their representation by agents such as pension funds and money managers, and the size of the stakes they hold in companies. Second are owners’ and agents’ goals, which define the outcomes they seek to achieve through their investment choices. Goals are affected by a number of factors, including whether owners can hold debt and equity jointly and whether there is a principal-agent relationship. Third are the approaches and types of information used by owners and agents to measure and value companies. Fourth are the ways in which owners and agents can influence management behavior in the companies whose shares they own. These four attributes of the external capital market are all interrelated, and over time they will become mutually consistent.

Determinants of Investment Behavior

Although exceptions may exist, each nation is characterized by a consistent system of influences that affect the majority of investors and corporations. The predominant configuration of the external capital market in the United States is strikingly different from that in Japan and Germany.

In the case of the United States, the attributes combine to create a system distinguished by fluid capital: funds supplied by external capital providers move rapidly from company to company, usually based on perceptions of opportunities for near-term appreciation. In the United States, publicly traded companies increasingly rely on a transient ownership base comprised of institutional investors, such as pension funds, mutual funds, or other money managers, who act as agents for individual investors. In 1950, such owners accounted for 8 % of total equity; by 1990, the figure had reached 60 % .

These institutional agents hold highly diversified portfolios with small stakes in many—perhaps hundreds—of companies. For example, in 1990 the California Public Employees Retirement System (CalPERS) reportedly held stock in more than 2,000 U. S. companies; its single largest holding was 0.71 % of a company’s equity. This fragmented pattern of share ownership is due in part to legal constraints on concentrated ownership, fiduciary requirements that encourage extensive diversification, and investors’ strong desire for liquidity.

The goals of American institutional investors are purely financial and are focused on quarterly or annual appreciation of their investment portfolio compared with stock indices. Because managers are measured on their short-term performance, their investment goals understandably focus on the near-term appreciation of shares. Mutual funds and actively managed pension funds—which represent 80 % of pension assets—hold their shares, on average, for only 1.9 years.

Because of their fragmented stakes in so many companies, short holding periods, and lack of access to proprietary information through disclosure or board membership, institutional investors tend to base their investment choices on limited information that is oriented toward predicting near-term stock price movements. The system drives them to focus on easily measurable company attributes, such as current earnings or patent approvals, as proxies of a company’s value on which to base market timing choices. The value proxies used vary among different classes of companies and can lead to underinvestment in some industries or forms of investment while allowing overinvestment in others. Given the difficulty of outperforming the market with this approach, some institutions have moved to invest as much as 70 % to 80 % of their equity holdings in index funds. This method of investing capital involves no company-specific information at all.

Finally, in the American system, institutional agents do not sit on corporate boards, despite their large aggregate holdings. As a consequence, they have virtually no direct influence on management behavior. Indeed, with small stakes in the company and an average holding period of two years or less, institutional agents are not viewed by management as having a legitimate right to serious attention.

The Japanese and German systems are markedly different. Overall, Japan and Germany have systems defined by dedicated capital. The dominant owners are principals rather than agents; they hold significant stakes, rather than small, fragmented positions. These owners are virtually permanent; they seek long-term appreciation of their shares, which they hold in perpetuity. Unlike the U. S. system, in which the goals are driven solely by the financial transaction, the goals in these systems are driven by relationships. Suppliers and customers own stakes in each other, not to profit from the share ownership itself but to cement their business relationship.

External Market Overview

Internal Market Overview

The pattern of ownership and the goals of owners directly affect monitoring and valuation approaches. Since owners hold significant shares for long periods of time, they have both the incentive and the ability to engage in extensive and ongoing information gathering about the companies they own. And unlike the American system, principal Japanese and German owners are driven not by the need to make quick decisions on buying or selling stock for profit-taking but by the desire to assess the ongoing prospects of the company. They therefore command the respect of management, have access to inside information concerning the company, and, particularly in Germany, can exert considerable influence on management behavior.

Interestingly, while the permanent Japanese and German owners hold their company shares for long periods of time, the nonpermanent owners in these countries are prone to high-velocity stock churning, turning their shares over more frequently than owners do in the United States, and basing their investment decisions on even less information. While roughly 70 % of Japanese stock is held for the long term, the remaining 30 % is traded at such a rapid frequency that the average rate of trading in Japan is similar to the rate of trading in the United States. Yet in both Japan and Germany, share prices and pressure from nonpermanent owners and agents have virtually no direct or indirect influence on management decisions.

The Internal Capital Market

The internal capital market, the system by which corporations allocate available capital from both internal and external sources to investment projects within and across business units, mirrors the external capital market. The four attributes that shape investment behavior in the internal capital market parallel those that shape the external market (see the chart, “Internal Market Overview”). These four attributes are the particular goals that corporations set; the organizational principles that govern the relationship between senior management and units; the information and methods used to value and monitor internal investment options; and the nature of interventions by senior managers into investment projects.

An important aspect is highly imperfect information about future prospects and information asymmetries between capital holders—top managers—and those overseeing specific investment opportunities—business unit or functional managers. How a company organizes and manages its operations will affect the information that is available and the investments made by the company.

The U. S. internal market system is structured to maximize measurable investment returns. It is organized to stress financial returns, to motivate managers to achieve financial targets, to raise accountability for unit financial, and to base decision making and investment allocation heavily on financial criteria.

In the U. S. system, corporate goals center on earning high returns on investment and maximizing current stock prices. Management exercises the dominant influence on corporate goals, interpreting signals about desired behavior from the external capital market, influenced by compensation based on current accounting profits or unrestricted stock options that heighten stock price sensitivity.

Boards, which have come to be dominated by outside directors with no other links to the company, exert only limited influence on corporate goals. The presence of knowledgeable major owners, bankers, customers, and suppliers on corporate boards has diminished. An estimated 74 % of the directors of the largest U. S. corporations are now outsiders, and 80 % are CEOs of other companies. The move to outside directors arose out of calls for greater board objectivity. But the cost of objectivity has been directors who lack ties to the company and whose own companies are in unrelated businesses. As a consequence, they often lack the time or ability to absorb the vast amounts of information required to understand a company’s internal operations. Moreover, most directors have limited stakes in the companies they oversee. While the median aggregate holdings of the board account for an estimated 3.6 % of equity, many directors have no shares at all or only nominal holdings.

In terms of the organizational principles, the structure of American companies has undergone a significant change over the past two decades, with a profound impact on the internal capital market. Many American companies have embraced a form of decentralization that involves highly autonomous business units and limited information flows both vertically and horizontally. As a consequence, top management has become more distanced from the details of the business. Senior managers have little knowledge or experience in many of the company’s businesses and often lack the technical background and experience to understand the substance of products or processes—partly because such knowledge is unnecessary in the typical decision-making process. Understandably, decision making in this system involves comparatively limited dialogue among functions or business units. Extensive diversification by American companies into unrelated areas has accentuated these tendencies and has further impeded the flow of information throughout the organization.

Both as a cause and an effect, capital budgeting in the U. S. system takes place largely through “by the numbers” exercises that require unit or functional managers to justify investment projects quantitatively. The system rarely treats investments such as R&D, advertising, or market entry as investments; rather they are negotiated as part of the annual budgeting process, which is primarily driven by a concern for current profitability. Intangible investments such as cross-functional training for workers may not even be tracked in the financial system—and thus may be sacrificed in the name of profitability.

Senior managers intervene infrequently, exerting central control through strict financial budgeting and control systems that focus on the unit’s performance. Investment projects are placed on accelerated schedules under tight budgets, and senior managers step in only when financial measures indicate that a project is failing.

Both the Japanese and German systems are profoundly different from the American system. For both, the predominant aim is to secure the position of the corporation and ensure the company’s continuity. Information flow is far more extensive, and financial criteria play less of a determining role in investment decisions than in the United States.

In both systems, the perpetuation of the enterprise is the dominant goal. In Japan, this goal is reinforced by the fact that most directors are members of management; moreover, lifetime or permanent employment is the norm in significant-sized companies. In Germany, the supervisory board consists of representatives of banks and other significant owners, and in large companies, 50 % of the board comprises representatives of employees. All major constituencies thus influence corporate goals. As far as top managers’ performance incentives are concerned, in both Germany and Japan, current earnings or share prices play only a modest role in promotion or compensation.

Companies practice a form of decentralization that involves much greater information flow among multiple units in the company as well as with suppliers and customers. Japanese and German managers tend to have engineering or technical backgrounds, spend their careers with one company, advance through tenure in one or a few units, and possess a deep knowledge of the company’s important businesses. Top managers get involved in all important decisions, which are usually made after extensive face-to-face consultation and discussions aimed at building consensus. This is both an effect and a cause of the fact that companies in Japan and Germany tend to be less diversified than U. S. companies; where diversification occurs, it tends to be into closely related businesses.

Financial control and capital budgeting are part of the management process—but technical considerations and a company’s desire to ensure its long-term position in the industry drive investments. German companies are particularly oriented to attaining technical leadership; Japanese companies especially value market share, new product development, technological position, and participation in businesses and technologies that will be critical in the next decade.

In comparing the U. S. Japanese, and German systems, important differences in management practices emerge. For example, American managerial innovations have resulted in less face-to-face consultation, information flow, and direct management involvement in investment choices—all in the name of responsiveness and efficiency. Many of these innovations were the American solution to the problems of size and diversity that arose in the diversification boom of the 1960s and preceded the major changes that have occurred in the external capital market.

In contrast, Japanese innovations in management, such as just-in-time manufacturing, total quality management, and greater cross-functional coordination, have resulted in more vertical and horizontal information flow and involvement by management in decisions. This comes at the expense of efficiency in the short run—but often results in greater effectiveness and efficiency over time, as knowledge and capabilities accumulate.

The extensive flow of information is perhaps the most potent strength of the Japanese and German systems. Ironically, the U. S. system, designed to boost management responsiveness to the marketplace, actually limits and constrains managers in responding effectively by limiting the information used in decisions, working against crucial forms of investment, and all but blocking the achievement of cross-unit synergies.

Comparative Systems of Capital Allocation

The external and internal capital allocation markets are linked; together they combine to form a self-reinforcing national system for allocating investment capital. The way companies allocate capital internally is influenced by their perceptions of how equity holders and lenders value companies. Conversely, the perceptions of owners and agents about how companies are managed and how they allocate their funds internally will influence the way in which investors value companies and the way in which they attempt to affect management behavior. The use of stock options in management compensation creates a direct link between stock market valuation and management behavior.

Overall, the nature of the American system of capital allocation creates tendencies and biases in investment behavior that differ greatly from those in Japan and Germany. The American system:

Comparative National Investment Systems

Is less supportive of investment overall because of its sensitivity to current returns for many established companies combined with corporate goals that stress current stock price over long-term corporate value. This explains why the average level of investment in American industry lags that in both Japan and Germany.

Favors those forms of investment for which returns are most readily measurable—reflecting the importance of financial returns and the valuation methods used by investors and managers. This explains why the United States underinvests, on average, in intangible assets, where returns are more difficult to measure.

Is prone to underinvest in some forms and, simultaneously, to over-invest in others. The U. S. system favors acquisitions, which involve assets that can be easily valued, over internal development projects that are more difficult to value and constitute a drag on current earnings. The greater overall rate of acquisitions in the United States is consistent with these differences.

Encourages investment in some sectors while limiting it in others. It is at its best with companies in obviously high-technology or emerging industries, especially those with rapid growth and high perceived upside potential. The American system also supports investment in turnarounds or other situations of clear discontinuity. In these cases, investors recognize that current earnings are irrelevant and seek other value proxies such as patents, new product announcements, research pipelines, and growth of new service locations that are more supportive of investment. This explains why the United States invests more than its competitors in some industries but less in others, why it performs well in funding emerging companies, and why it often awards high stock prices to turnarounds with current losses.

Allows some types of companies to overinvest. For example, case studies of takeovers demonstrate a tendency by managers to continue investing (and to continue accumulating cash) as long as current earnings are satisfactory or until the company’s situation so clearly deteriorates that it changes hands. This explains why some companies waste resources while American industry as a whole lags in investment.

It is important to note that there are companies and owners in the United States who operate differently from the predominant national system—who have overcome the disadvantages of the American system and achieve superior results. Examples of these are companies that have permanent and active family ownership, such as Cargill, Hallmark, Hewlett-Packard, Motorola, and others, which seem to enjoy competitive advantages in investing.

For example, two of Motorola’s most important businesses, semiconductors and cellular telephones, were almost canceled in their early stages because they did not generate clearly measurable financial returns. Robert Galvin, a member of the founding family of Motorola and the company’s chief executive officer, intervened in both cases and continued the investments. In the semiconductor situation, Galvin overrode the decision of his board of directors. Today semiconductors and cellular telephones form the foundation for a large part of Motorola’s business, generating substantial financial returns for its shareholders.

Investors such as Warren Buffett’s Berkshire Hathaway have succeeded by, in effect, becoming permanent owners of acquired companies, supporting capable managements and concentrating on building the company. Overall, however, the U. S. system as it applies to the great majority of American owners, investors, managers, directors, and employees works at cross-purposes to investment decisions that will produce competitive companies and a strong national economy.

The Case of Cummins Engine: Increasing Private Ownership in a Publicly Traded Company by: Rebecca Wayland

Cummins Engine Company, a $ 3.4 billion industrial corporation illustrates how a creative management team can structure a “privately owned, publicly traded” American company, approximating some of the advantages in the Japanese and German systems. In 1990, Cummins chairman and chief executive officer, Henry Schacht, concluded a deal that resulted in 40 % of the company’s stock being in the hands of patient investors, including three of its important business partners, company employees, and the founding Miller family. While it is still too early to evaluate the arrangement definitively, recent results indicate that Cummins’ strategy may be paying off.

The Cummins story begins in 1919, when the company was founded in Columbus, Indiana. After World War II, Cummins enjoyed rapid growth into the 1970s. By 1979, Cummins Engine was the world leader in large, heavy diesel engines, with a 46 % share of the market for over-the-road trucks. Following a succession of financing, the family stake in the company diminished; by 1980, 75 % of the company’s shares on the New York Stock Exchange were held by fragmented public investors.

In the 1980s, three factors combined to change the diesel engine market. First, the market’s overall growth slowed significantly. Second, the emergence of energy efficiency and clean air as important policy issues put increased pressure on Cummins to invest in R&D—an expenditure that had already mushroomed from $ 22 million in 1971 to $ 68 million in 1980. Third, foreign competition intensified as Japanese producers prepared to enter the U. S. market armed with an estimated 30 % cost advantage.

To respond to these challenges, Cummins embarked on a three-part strategy supported by an ambitious investment program. Cummins broadened its traditional product line within the heavy-duty markets and expanded into smaller diesel engines; entered the non-truck engine markets and developed its international operations; and initiated a full-scale restructuring program designed to reduce its costs by 30 %. with prices scheduled to come down with costs. Cummins estimated the three measures would cost $ 1 billion; the company’s total market value was $ 250 million.

By 1985, Cummins’ strategy had yielded a new product line and a 5 % reduction in costs. That year, however, Japanese producers entered the U. S. diesel market with products priced 30 % below Cummins’. Faced with this challenge, Cummins chose to cut its prices to match the Japanese competitors, even though its costs had not yet fallen to that level—thereby sacrificing profits rather than market share. As a consequence, Cummins suffered losses for the next three years, while reaching cost parity with the Japanese by the late 1980s.

In 1989, Cummins faced a different kind of challenge. After Hanson PLC, known for buying companies and dramatically cutting costs and investment, acquired a 9.8 % stake in the company, Cummins’ customers became alarmed at the threat of future cuts in Cummins’ investment program. In July 1989, the Miller family took the unprecedented step of buying back the Hanson shares, ending the uncertainty. However, almost immediately, Hong Kong investor Industrial Equity Pacific began acquiring a large position in Cummins and demanded a seat on the board. Cummins initiated a lawsuit against IEP, which ultimately sold its stake at a loss in 1991.

These two threats convinced Schacht and other top Cummins managers that the interests of the current shareholders and the interests of customers, employees, the community, and managers were in danger of diverging—and that Cummins’ strategy was potentially in jeopardy. To address this issue, Schacht sought to revise Cummins’ ownership structure.

In 1990, Schact concluded a deal with three important business partners. Ford, which bought a 10 % stake, Tenneco-J. I. Case, a 10 % stake, and Kubota, a 5 % stake. In addition, Ford took an option for an additional 10 % of Cummins’ shares. Each owner paid a 25 % premium above Cummins’ then-current stock price of $ 52 per share and agreed not to sell the stock for six years. The two largest shareholders, Ford and Tenneco, each received a seat on the Cummins board of directors. Financially, the deal targeted a 15 % return on equity over a seven-year business cycle.

The Miller family retained a 4 % stake in the company; employees held 10 %. Together, these stable, long-term shareholders held 40 % of the company’s equity. Interestingly, other Cummins’ customers applauded the move, even though it involved their competitors, citing the advantages of stable ownership and better products for all customers.

Under the new ownership structure, representatives of Ford and Tenneco participated on the board and actively supported the investment program. Senior managers worked without employment contracts, preventing management entrenchment and allowing strong board intervention. Accompanying the shift in ownership at Cummins were several reorganizations designed to streamline operations.

In 1990, Cummins continued to suffer reversals, this time a result of the recession and the onset of competition from a revitalized Detroit Diesel Corporation. In January 1991, Cummins stock hit a low of $ 32.50 per share.

Recent indications, however, suggest that Cummins’ nine-year effort is beginning to pay off. New product introductions have been successful; in the traditional heavy duty truck market, Cummins’ market share appears to have stabilized and begun a recovery. The company’s international off-highway business has continued to grow. The Japanese challengers have exited the major U. S. markets. During 1991, Cummins reached breakeven and showed a profit for the first quarter of 1992. Finally, Cummins’ stock rose to $ 76 per share in June 1992, a 100 % increase over its $ 32.50 price of January 1991.

Trade-Offs Among Systems

While the U. S. system has significant disadvantages, it would be incorrect to conclude that it lacks any advantages or that the systems of Japan and Germany are ideal. Each national system necessarily involves trade-offs; thus while the U. S. system needs reform, it also embodies important strengths that should be preserved.

The U. S. system, for example, is good at reallocating capital among sectors, funding emerging fields, and achieving high private returns each period. These benefits, of course, come at a price. The responsiveness and flexibility of the system are achieved at the expense of failing to invest enough to secure competitive positions in existing businesses, investing in the wrong forms, and overinvesting in some circumstances.

The Japanese and German systems also have strengths and weaknesses. These systems encourage continued, aggressive investment to upgrade capabilities and increase productivity in existing businesses. They also encourage internal diversification into related fields, building upon and extending corporate capabilities. These qualities, however, also exact a cost in Japan and Germany. For example, these systems create their own tendency to overinvest in capacity, to proliferate products, and to maintain unprofitable businesses indefinitely in the name of corporate perpetuity. They also exhibit a slower tendency to redeploy capital out of genuinely weak businesses and an inability to enter emerging fields rapidly, particularly through start-ups. Managers generally have fewer performance incentives, and companies have a harder time dismissing poor performers.

In general, the U. S. system is geared to optimize short-term private returns; the Japanese and German systems optimize long-term private and social returns. By focusing on long-term corporate position and creating an ownership structure and governance process that incorporate the interests of employees, suppliers, customers, and the local community, the Japanese and German systems better capture the social benefits that private investment can create.

There is some evidence that the national systems are converging—that Japan and Germany are moving toward a more American-like system. Japanese banks may be forced to liquidate some of their equity holdings to maintain adequate cash balances; in Germany, there are proposals to limit bank ownership of equity. Yet these changes are modest—if Japanese or German owners are forced to sell some of their equity holdings, they will first sell their nonpermanent shares that are actively traded and have little influence on corporate behavior. Any major change in Japan and Germany would represent a substantial threat to those nations’ economies due to their relatively uninformed traded capital markets.

Changes are also occurring in the United States, as institutional investors have discussions with management and some boards take a more active role in corporations. As in Japan and Germany, these changes appear isolated and sporadic, and the underlying causes of the U. S. investment problem remain the same. Neither small improvements in the United States nor hopes that Japan and Germany will change are substitutes for meaningful reform of the U. S. system.

Proposals for Reform

Overall, the American system for capital allocation is not serving the American economy well. None of the participants in the system is satisfied, and each one blames the other for the problem. American managers complain that owners and agents do not have the company’s long-term interests at heart and are seeking only high, short-term profits. Institutional investors see managers as self-serving, overpaid, and underperforming when it comes to shareholder value. Owners are dismayed that many institutional investors underperform market averages. Small shareholders feel vulnerable and powerless. Employees fear a system that may cost them their jobs. Communities and their elected representatives worry about takeovers that threaten people’s jobs, income, and the stability of the whole community.

Each group is behaving rationally—given the current circumstances. All are trapped in a system that ultimately serves the interests of no one. Each is pursuing its own narrow goals within the system—but the goals operate at cross-purposes.

Not surprisingly, there are calls for reform and regulation from all sides. Also, not surprisingly, many of the current proposals for reform would actually prove counterproductive, treating either symptoms or only a fragment of the problem and, in the process, further skewing the operation of the larger system.

One set of proposals, for example, seeks to slow down securities trading by taxing securities transactions or increasing margin requirements. These proposals, however, merely increase the inefficiency of the equity markets without addressing the underlying problem—the lack of alignment between investors’ and managers’ goals. Another set of proposals seeks to reduce the rate of trading by limiting corporate disclosures—for example, doing away with quarterly financial reports. The most likely result of this reform, however, would probably be to make investors even less informed.

A third group of proposals seeks to rebalance the relative power of owners and managers, for instance, by strengthening the proxy system or increasing the number of outside directors. These proposals also fail to address the systemic nature of the problem. “Objective” outside directors, for example, are closely aligned with management, they are not as expert in the business, and they lack the detailed knowledge of the company needed for a truly objective evaluation of a business’s prospects. Moreover, if the goals of owners, managers, and shareholders remain unaligned, strengthening one player at the expense of another will only tip the system in one particular direction.

A fourth set of proposals would increase the use of stock options in management compensation. Yet unless restrictions were placed on managers’ ability to exercise those options, this step would only heighten current pressures toward maximizing current stock price.

Finally, there are proposals that address the investment problem indirectly while seeking to improve overall U. S. competitiveness; for example, calls for providing government subsidies to particular sectors, creating joint production ventures, and relaxing U. S. antitrust laws. These measures may allow companies to economize on investment—but they run the risk of blunting innovation and undermining competitiveness. They do not address the reasons why companies seem unable to make the investments needed for competitiveness. The only real solution to the failure of the U. S. capital allocation system is to address the system as a “system.”

Directions for Systemic Reform

The aim of reform should be to create a system in which managers will make investments that maximize the long-term value of their companies. The interests of capital providers must be aligned with those of the corporation so that investors seek out high-quality information that fosters more appropriate investment choices. CEOs and top managers must organize and manage their companies in ways that encourage investment in the forms that build competitiveness. And public policymakers must craft laws and regulations designed to align private returns and the public good. Policymakers should not create protective measures to shield companies from these pressures but can exert constructive pressures on companies and managers, provided they have appropriate goals and information.

In all of this, it is essential to remember that the United States is an internally consistent system with many component parts. Reform should therefore come through a series of changes, ideally all at once. In addition, appropriate reform will require that each important constituency in the system give up some of its perceived benefits. For example, institutions should not expect to gain greater influence over management without giving up some of their current trading flexibility; management should not expect informed and committed owners without giving them a real voice in decisions.

Reform is needed in five broad areas:

1. Improve the macroeconomic environment; enlarging the pool of capital and increasing the stability of the environment will reduce risk premiums and lower the cost of capital. Public and private sector saving should be increased and a more stable macroeconomic environment created to encourage a stronger foundation for investment.

2. Expand true ownership throughout the system; the current concept of ownership in the U. S. system is too limited, involving just capital, and ownership is largely restricted to outside shareholders. Outside owners should be encouraged to hold larger stakes and to take a more active and constructive role in companies. Directors, managers, employees, and even customers and suppliers should all hold positions as important corporate owners.

3. Align the goals of capital providers, corporations, directors, managers, employees, customers, suppliers, and society. It is possible to create a system of incentives and to alter the rules in a way that helps align the goals of all these constituencies, which share an inherent long-term commonality of interest.

4. Improve the information used in decision making; even if goals are better aligned, the quality of information used to allocate capital throughout the system will affect investment choices. This means greater access to information that better reflects true corporate performance and more use of qualitative assessments of a company’s performance and capabilities.

5. Foster more productive modes of interaction and influence among capital providers, corporations, and business units.

Accomplishing these reforms will require changes on the part of government, institutional investors, directors, and managers.

Implications for Public Policy

Government, through policies, laws, and regulations, plays a decisive role in creating a nation’s system for allocating investment capital. The current U. S. system reflects explicit regulatory choices, most of which emerged in the 1930s to deal with abuses in the financial markets at that time. Yet the cumulative effects of regulation have had unintended consequences for U. S. corporations; these consequences have never been carefully examined.

The following reforms rest on principles that differ markedly from those that have defined the regulatory framework of the traditional U. S. system. It is possible to modify incentives and eliminate unneeded regulatory guidelines to encourage more competitive investment behavior and, at the same time, avoid abuses. For example, current regulations limit the size of ownership stakes to prevent abuses by large owners. A better approach would be to broaden corporate ownership and align the goals of capital providers, corporations, managers, employees, and society. Through this approach, capital providers would become knowledgeable and constructive participants rather than adversaries.

Remove restrictions on investor share ownership; encourage long-term employee ownership; lower tax barriers to holding significant private ownership stakes. It is essential to modify the structure of corporate ownership. The regulations and tax policies that artificially restrict the ability of investors to hold significant corporate stakes should be reexamined. Ownership by employees is desirable, provided that employee owners are long term rather than transient. Under this provision, the market would continue to have the strength of a wide investor base, while gaining the benefit of owners with larger stakes in particular companies. The large number of substantial U. S. institutional investors will prevent any undue concentration of economic power.

Create a long-term equity investment incentive. The single most powerful tool for modifying the goals of owners and agents is a significant incentive for making long-term investments in corporate equity. This proposal aims to change the concept of ownership and the approach to valuing companies and, at the same time, to encourage the broad form of investment where the social benefits are the greatest.

Such an incentive would be carefully designed and narrowly drawn. It would apply only to investments in corporate equity of operating companies, and it would not apply to capital gains from investments in nonoperating companies holding real estate or other financial assets. Capital gains from bond appreciation, real estate appreciation, collectibles, and other sources would also be excluded. The incentive would require a minimum five-year holding period, with greater incentives provided for even longer holdings. It would be applied prospectively, limited to new investments and new gains.

The Case of Thermo Electron Corporation by: Rebecca Wayland

Thermo Electron Corporation, a $ 676 million company with products in a variety of high-technology fields, illustrates how a large company can structure itself within the U. S. capital allocation system to overcome the market’s pressure toward underinvestment and to create opportunities for smaller, riskier, high-growth divisions.

Since its founding by George Hatsopoulos in 1959, Thermo Electron has grown from a startup focusing on high-technology capital equipment to a Fortune “500” company with products and research operations in the environmental, energy, metals processing, and biomedical fields. As Thermo Electron increased its portfolio of high-technology activities, its image in the capital markets became that of a large, mature company rather than an entrepreneurial venture. The startup losses required to develop and commercialize new technologies drained corporate earnings while the growth of emerging divisions was often lost in the company’s consolidated financial results. Hatsopoulos, deeply concerned about the high effective cost of equity capital in the United States, set out to devise a way to finance the expansion of Thermo Electron that minimized the cost of funds and motivated employees. In 1983, he began the practice of issuing minority stakes in promising high-technology divisions to the public.

One example of how the practice works—and why it is important—is the spin-off Thermo Cardiosystems, Inc. (TCI), which is currently commercializing its research on HeartMate, implantable cardiac-assist devices (called “ventricular assist devices” or VADs) that could ultimately offer an alternative to heart transplants. The initial research on HeartMate lasted 22 years and cost a total of $ 50 million, with grants from the National Institutes of Health providing the funding. The research was conducted at Thermo Electron and later at Thermedics, a division that was one of Hatsopoulos’s early partial spin-offs. When the product reached the commercialization stage in 1988, the grant began to diminish substantially. Initial product tests for HeartMate had been promising. However, it would take at least another seven years of investment to complete the regulatory process, build manufacturing facilities, and develop the market. This need for continued investment threatened to drag down the earnings of the parent.

In 1988, the company created Thermo Cardiosystems, Inc. and sold a 40 % stake on the American Stock Exchange. The partial spin-off shifted TCI’s ownership structure from a fragmented group of Thermo Electron and Thermedics investors to a structure in which Thermedics-Thermo Electron owned 60 %. and a number of other investors, who were specifically interested in the long-term development of the heart technology, owned the balance. The partial spinoff also allowed TCI to raise $ 14.5 million in new equity at a far lower cost than its parent. TCI managers and employees received options in TCI stock, undiluted by the performance of the larger corporation.

As the controlling investor in TCI, Thermo Electron remained actively involved in its operations. Thermo Electron top managers were active members of TCI’s board of directors (7 of whom were insiders), reviewed its five-year plan and quarterly financial results (often benchmarking them against other divisions), met with managers each month, and engaged in frequent brainstorming sessions to resolve divisional problems. Employees from the parent corporation’s research department and from other divisions shared specialized expertise in medical-related areas, and in the process of making the transition from research to manufacturing and sales. Top managers’ compensation plans included options in the stock of other Thermo Electron companies to encourage this cooperation. The parent also provided cost-effective and sophisticated administrative services that TCI could not support independently.

Since 1989, TCI has continued its investment in HeartMate, receiving Food and Drug Administration approval for clinical trials, implanting the VAD in over 80 patients worldwide, and establishing 16 FDA-approved test centers in the United States and four sites overseas. In the marketplace, TCI has benefited from the credibility with hospitals and customers in the medical field established by other Thermo Electron products. Although the commercialization process is still underway, TCI managers believe that the partial sale strategy created by George Hatsopoulos has already been instrumental in supporting the investment and other activities needed to bring HeartMate to the medical market.

The enactment of such an incentive would lead to changes throughout the entire system by changing the goals of owners and agents. Owners would begin to favor agents who deliver a greater proportion of income in the form of long-term equity gains and to penalize those who realize only short-term gains from rapid trading. Institutional investors, in turn, would modify their monitoring and valuation approaches, seeking out companies with attractive prospects five or more years in the future. A further consequence would be the development and distribution of better information, detailing the investment programs of companies and their long-term prospects, including physical and intangible assets.

If the long-term equity incentive is to have its full impact, it should be extended to currently untaxed investors, such as pension funds that account for a substantial fraction of equity capital and trading. The most practical way to do this is to pass through an equity investment incentive to pension or annuity beneficiaries. Beneficiaries would pay a rate of tax that varied depending on the source of their pension income. The effect of instituting such an incentive would be to create pressures from pension beneficiaries and trustees on their investment managers to deliver a higher and higher proportion of income from long-term equity gains. It should also be noted that extending the long-term equity incentive to pension beneficiaries extends the tax benefit to the U. S. work force, not just to Americans with high incomes.

Eliminate restrictions on joint ownership of debt and equity. Financial institutions should be allowed to hold equity for investment purposes in companies to which they have provided debt financing. Debt holders who also hold equity have greater incentive to invest in information and monitoring and to provide new debt financing for worthy projects.

Reduce the extent of subsidies for investment in real estate. U. S. tax policy has led to a disproportionate investment in real estate compared with other forms of investment that create greater social returns. Future investment incentives should redress this imbalance, favoring R&D, corporate equity, and training, rather than real estate.

Modify accounting rules so that earnings better reflect corporate performance. Because many of the most important forms of investment must be expensed under current accounting standards, accounting earnings are a flawed measure of true earnings. The accounting profession should create new standards for accounting for intangible assets such as R&D.

Expand public disclosure to reduce the cost of assessing true corporate value. Disclosure should be extended to include areas such as a company’s expenditures on training, its stock of patents, or the share of sales contributed by new products, information that provides important measures of long-term corporate value.

Allow disclosure of “insider” information to significant long-term owners, under rules that bar trading on it. A small group of institutions and other owners who have held a significant ownership stake for a qualifying period—1 % or more for one year or more—should have access to more complete information about company prospects than is required to be disclosed publicly, provided they do not disclose the information to third parties. Greater disclosure would open up an avenue for significant long-term owners to have a more informed dialogue with management, and it would support more informed valuation based on long-term prospects.

Loosen restrictions on institutional board membership. A direct role for significant owners on boards of directors will make boards more representative of long-term owner interest—provided, that is, that the goals of owners and managers have been realigned.

Encourage board representation by significant customers, suppliers, financial advisers, employees, and community representatives. The current trend in board membership has created boards populated by busy, underinformed CEOs. A far better approach would be to create a role on boards of directors for significant customers, suppliers, investment bankers, employees, and others linked closely to the company and with a direct interest in its long-term prosperity.

Codify long-term shareholder value rather than current stock price as the appropriate corporate goal. Existing corporate law identifies long-term shareholder value as the appropriate corporate goal. In practice, however, short-term stock price may take precedence as managers or directors who clearly compromise short-term shareholder returns are often subject to lawsuits. To remedy this situation, long-term shareholder value should be identified as the explicit corporate goal. The burden of proof should shift so that managers must explain any decision that is not consistent with long-term shareholder value.

Extend tax preferences only to those stock options and stock purchase plans with restrictions on selling. The use of unrestricted stock options and employee stock purchase plans fails to make managers and employees true owners because managers are prone to sell shares based on short-term stock price movements. To qualify for tax benefits, such plans should be restricted in terms of holding period and percentage of shares sold at any one time.

Provide investment incentives for R&D and training. Making the existing R&D tax credit permanent and creating a parallel tax credit for training investments would help stimulate private investments that become valuable national assets.

Implications for Institutional Investors

The American system of capital allocation creates perverse outcomes for institutional investors, especially for pension funds. These institutions should be the ideal long-term investors. Instead, the American system produces the paradoxical situation in which many institutions are entrusted with funds for extremely long periods, yet they trade actively. Transaction costs mean that many institutions underperform the market. Institutions are at odds with management, whom they see as misapplying corporate resources, yet they feel powerless to do anything about it. And worst of all, institutions are trapped as crucial actors in a system that undermines the long-term earning power of the American companies on which they have ultimately to depend.

Even without public policy changes, action by institutions can change this system. First and foremost, institutions must understand why managements view them as adversaries. They must understand the subtle consequences of their monitoring and valuation practices on corporate investment behavior. And they must recognize that greater influence over management will require less flexibility, slower trading, and greater knowledge of and concern for company fundamentals. Here are some specific changes institutional investors can pursue.

Increase the size of stakes. Increasing the size of stakes will help align the goals of investors and companies, improve the ability of investors to conduct in-depth research on the companies whose shares they hold, and send signals that institutions are serious owners who are interested in the long-term performance of the company.

Reduce turnover and transaction costs. Institutional investors underperform the market largely because of the transaction costs associated with the high turnover of investments. Reducing stock turnover will improve the return that institutions provide to their clients.

Select companies more carefully based on fundamental earning power. Companies with sustained growth potential and earning power will ultimately be rewarded with higher stock prices, even in the current system. The focus of valuation models should shift in this direction. To address information costs, institutions might also form syndicates in which one institution acts as the lead owner in the relationship.

Encourage changes in agent measurement and evaluation systems to reflect long-term investment performance. A new bargain between owners and institutional agents should shift the measurement and reward system toward fees tied to annual or multiyear results and ongoing reporting of fully loaded transaction costs from trading.

Transform interactions with management to productive, advisory discussions. Current interactions between institutional investors and managements are too often cat-and-mouse games played around guessing next period’s earnings. What is needed instead are substantive discussions about the long-run competitive position of the company.

Create special funds to test these new approaches. Institutions should create special funds earmarked for long-term investing in significant corporate stakes in exchange for greater influence over management. If necessary, new agreements with owners would be drafted, modifying the funds’ fiduciary responsibilities.

Support systemic public policy changes. By supporting the public policy reforms outlined above, institutional investors can help balance and integrate the American system.

Some institutions will resist these changes; they involve new skills, a new definition of investment success, and reductions in liquidity and flexibility. But institutional investors will realize big direct benefits—and benefit further by the creation of stronger, more competitive U. S. companies, on which their portfolios ultimately depend.

Implications for Corporations

Managers are not simply victims of the American system; they have helped create it. Managers have not only shaped the internal market through organizational and managerial practices, but they have also defined their relationship with the external market through such things as board composition, disclosure practices, and the nature of discussions with investors. American managers can play the leadership role in redefining the U. S. capital allocation system; they are the group best positioned to make changes in the current system and to benefit most from reform.

They also may have the most to change. Stated boldly, our research suggests the need to reexamine much of what constitutes the U. S. system of management, with its extreme approach to managing decentralization, its limited flow of information, its heavy use of certain types of incentive compensation systems, and its reliance on financial control and quantitative capital budgeting processes. This system, a post-World War II innovation, carries subtle costs for investment behavior, particularly investments in intangible and nontraditional forms. Some of the most significant changes that management can initiate are the following:

Seek long-term owners and give them a direct voice in governance. The most basic weakness in the American system is transient ownership. However, managers seem to underestimate their ability to do anything about this fundamental problem. As a remedy, managers should seek to have a smaller number of long-term or nearly permanent owners, thus creating a hybrid structure of a “privately held” and publicly traded company. Having fewer long-term owners would alter virtually every facet of the owner-management relationship—including governance, information sharing, measurement, and valuation.

Refrain from erecting artificial antitakeover defenses that insulate management. In the absence of pressure from owners and directors on managers for long-term performance, takeovers are a necessary form of oversight. There have been, however, some inappropriate takeovers, and most takeovers occur only after a prolonged period of corporate decline. The solution is not to erect antitakeover provisions. Rather, it is to reshape the American system so that takeovers are limited to those situations where they are an appropriate response to management’s failure to build a long-term competitive position for the company.

See management buyouts as a second-best solution. Management buyouts are only a second-best solution to the problems of the American system. Invariably, the controlling owner in management buyouts is a transaction-driven, financial owner who seeks to realize returns on the investment over a short period of time in order to distribute them to investors.

Nominate significant owners, customers, suppliers, employees, and community representatives to the board of directors. Directors from these categories are likely to have the company’s long-term interests at heart and to encourage management to make investments that will improve long-term competitive position.

Link incentive compensation to competitive position. The incentive compensation systems now used in much of American business are counterproductive. The incentives are simply based on the wrong things. Bonuses based on current profits obviously undermine investment, and stock options increase managers’ attention to short-term share prices, particularly if there are no restrictions on selling shares. Compensation systems need to move in the direction of linking pay more closely to long-term company prosperity and to actions that improve the company’s competitive position.

Move away from unrelated diversification. Unrelated or loosely related diversification only wastes capital and exacerbates the current management biases against long-term investment. The only way to build competitive companies is to concentrate on a few core fields and invest heavily in them to achieve a unique position.

Shift from fragmented to integrated organizational structures. The decentralized, profit center-based management structure in many American companies must be overhauled. What is needed is a system that recognizes strategically distinct businesses as the proper unit of management but manages them differently. Senior managers at the corporate level must have a substantive understanding of the core technology and the industry. Top management must be involved directly and personally in all significant decisions, particularly investment decisions. There must be extensive consultation and coordination among related business units, with opportunities for the units to share functions and expertise. Such a system would shift measurement and control away from solely financial results, raise senior management confidence in understanding complex investment choices, and better capture complementarities among discrete investment options.

Transform financial control systems into position-based control systems. A new philosophy of management control must be instituted, based as much on the company’s extended balance sheet as on its income statement. A company’s extended balance sheet measures the assets that constitute its competitive position. Included in such a measurement would be: a broader definition of assets, such as market share, customer satisfaction, and technological capabilities; a measurement of asset quality and productivity in addition to asset quantity; and relative instead of absolute measures, tracking the company performance against significant competitors.

Move to universal investment budgeting. Conventional approaches to capital budgeting were never ideal for evaluating investment choices; they fail to deal with the changing nature of investment. A new system is needed to evaluate investment programs instead of just discrete projects; to treat all forms of investment in a unified manner; and to evaluate investments in two stages—first, determining the asset positions needed for competitiveness and second, evaluating exactly how to achieve those positions.

Toward a Superior American System

The recommendations outlined above are designed to attack the weaknesses of the American system systematically, while preserving the system’s considerable strengths. These changes will align the goals of American shareholders, their agents, and American corporations; improve the information used in investment decisions; better capture the externalities in investment choices; evaluate management decisions on criteria more suitable for competitive performance; and make internal management processes more consistent with the true sources of competitive advantage.

If America can make progress on these fronts, it will not only reduce the disadvantages of the U. S. system but also produce a system that is superior to Japan’s or Germany’s. A reformed U. S. system would be characterized by long-term rather than permanent owners, well-informed rather than speculative traders, and flexible rather than life-time employees. A reformed U. S. system would produce more careful monitoring of management and more pressure on poor performers than what exists in Japan or Germany. The result would be less wasted investment and less internal inefficiency. Finally, a reformed U. S. system, with its higher levels of disclosure and transparency, promises to be fairer to all shareholders than the Japanese or German systems.

But altering the American system will not be easy. There is a natural tendency to limit change to tinkering at the margins, yet systemic change will be necessary to make a real difference. All of the major constituencies will have to sacrifice some of their narrow self-interests in pursuit of a system that is better overall.

Nevertheless, today there is widespread dissatisfaction with the system as it exists and concern over the direction and performance of American companies in global competition. This suggests that systemic change may be possible. If real change were to occur, the benefits would certainly accrue to investors and companies. But what is more important, the benefits would yield improved long-term productivity growth in the United States, and thus greater prosperity for the entire American economy.

A version of this article appeared in the September–October 1992 issue of Harvard Business Review .

Global AutoTrading specializes in autotrading equities and options, including fast moving instruments like spreads and other combinations. US & International traders are welcome. Global AutoTrading uses Interactive Brokers. thus commissions start from $1 per equity trade and $0.70 per option contract. If you have an existing account with IB, no need to open a new account! Please visit the Global AutoTrading web site for general information about the autotrading services offered, and visit the page for Slingshot Options subscribers for more information about autotrading Slingshot Options.

We have now structured SlingShot so it’s is more easily doable. You can see the portfolio break down below. Start with Portfolio A which is now much easier to manage. You can focus better on performing well. But then again, these are all auto traded as well so it’s pretty simple.

Winning: Expect and average 65% to 75% winning percent. You’ll get streaks of 95% winning at times. But you need to managed your expectations so you don’t get emotional and do something dumb (as we all are susceptible). You need to avoid the highs and the lows emotionally and just stay the course. The system has the ability to net out over time as it has in the past although ‘past results are not necessarily indicative of future results.’

That said we can’t ‘advise’ you on your decision making or position sizing, but we personally wouldn’t dare to take over 5% of our portfolio value for any one position

This isn’t a ‘pie in the sky’ solution although it can be… What do we mean by that? If you enter into the markets, even with our trades, and the markets slow down and or get choppy you could stop out several times with small losses. But remember small losses in options are not that small, although we reduce our risk dramatically by using contingent stop orders. And at times the SlingShot Options system has been able to capture large and steady amounts of profits. For a best probability picture of potential (but not guaranteed whatsoever) future results see the performance behavior of the system below.

You must be prepared, especially if you start auto trading right after big moves, big gains in the market to withstand stop loss stop out losses. Please see the track record for historical performance tendencies.

If you are undercapitalized and are taking bigger than 5% options position sizes relative to your trading account you will likely find your self in trouble when the market gets choppy. This is trading, options trading, you could lose all of your money that you invest or you could also possibly make a lot of money as well. Don’t invest with money you can’t afford to risk.

Understand this, big moves will often come as a ‘surprise’. They are not a surprise to us because we know what we are doing. But the big moves will come as an ’emotional surprise’ and 99% of traders are locked into the markets emotionally (which is why 99% of traders lose). So the point is – get in the game and STAY in the game. Stay committed to the plan and I am confident to say that you stand a very good probability of enjoying tremendous potential success over time with SlingShot Options.

Now, because it’s important I want to reiterate ONE MORE TIME. This is a long term solution not a quick fix. If you are excited now about joining because we, or the markets just scored some big moves and you missed out you are likely entering into a slow period and you will be emotionally disappointed at first. We are warning you now not to succumb to those weak, loser emotions. Trading is not about winning and losing, it’s about MAKING MONEY. All we care about here is making money. The only way to do this is to stick to the BUSINESS PLAN – the SlingShot Options trading system.

Our Auto Trading Program

Here is a chart of approximate options values for amounts needed to cover the bare minimum to participate in all trades with Autotrading. These are estimated option price values at the time of this typing which will change over time so the amount required to trade the entire portfolio will vary according to distance of stock from the strike price, larger stock prices and bigger volatility in the above mentioned stocks.

Auto Trading SlingShot Options Available On the Following Brokers (if you don’t see your broker here join one below or contact your broker and tell them to contact us to add us to their autotrading list:

To get started: First subscribe to SlingShot Options. Then open an account with an auto trading broker. Tell them to add SlingShot options to your account for auto trading with 5% max risk per position of your trading account value. That’s it!

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Youngs trading center hot springs ar

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Persons Created oracle. apps. ar. hz. personBO. create

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The Art of Contrarian Trading

At the top of this post you will see the September 23 cover of Time Magazine. Right below it is an image of today's New York Times front page. And below that is an image of the May 17 Economist cover.

I learned from Paul Montgomery, the inventor of the magazine cover indicator, that the image of a bull on the cover of Time Magazine has bearish implications for the next 12 months (although the market may well rally for 4-8 weeks after the appearance of the cover). In this regard it is also interesting to recall the May 17 cover of The Economist which also depicted a bull, just a week before the May 22 top in the S&P at a level almost equal to last Friday's close.

I think today's New York Times headline reinforces this bearish warning. Por qué? It tells us that the economist and Obama associate Larry Summers has withdrawn his name as a possible nominee for Fed chairman. Summers has been an enemy of the Fed's quantitative easing program and has no special expertise in monetary economics. Last night when Summers' withdrawal was announced the S&P jumped more than 1% showing how much the market likes the Fed's QE program. But the headline makes me think that the beneficial effects of the Fed's QE program are now pretty much priced into the market. This doesn't mean that the S&P won't go higher - the economy is improving after all. But it does mean than one prop under the market has now been kicked away.

When the S&P reached the 1540 level I took a guess that the market would have a hard time moving above its 2007 top and on this basis suggested that conservative contrarians cut back on their stock market exposure. Such a cut-back normally would require a 2% drop in the 200 day moving average (the red line on the bottom chart). This moving average is currently at 1575. However I think that while this cut-back was early these magazine covers and headlines suggest that it will turn out to be as good an exit point as any subsequent moving average signal.

The bottom line is that the odds now favor a lower S&P 500 index 12 months from now.

As you may know the Japanese stock market has more than doubled in the last seven months. Last week The Economist featured the Japanese prime minister on its cover as superman. A couple of days later the New York times published a front page, above-the-fold story on the Japanese economic recovery. During the following two days Nikkei average of Japanese stocks dropped 13%.

A bullish magazine cover story right at the top of a big run-up in stock prices makes one reasonably wonder whether or not the Japanese equity party is over. My answer? Not by a long shot.

From the point of view of contrarian theory the cover of The Economist is not as significant a long-term contrarian indicator as it may appear to be at first glance. Tale a look at the top chart which shows the Nikkei stock average on a monthly basis going back to its all time high (red line) in December 1989. As you can see, despite rhe recent run-up, this average is still trading 60% lower than it was at its 1989 high. As I explained in my book it is very unlikely that a bullish investment crowd will grow to bubble-popping size until the market is at all time highs. So I conclude that the bullish cover actually marks the birth of a bullish investment crowd in the Japanese stock market, not the end of the growth of such a crowd.

I have another reason for doubting that this cover marks any sort of important top in the Nikkei or low in the yen. The Bank of Japan has embarked on a massive quantitative easing program which is scheduled to run for two years. I for one think the BOJ now means business and I expect its purchases of Japanese bonds to continue. But given the BOJ's track record many investors doubt that it will continue its QE program. So I think there is a lot of room on the upside in the Nikkei and on the downside in the yen which will be occupied by the charts as skeptical investors start believing in the BOJ's announced intentions.

It is worth mentioning that QE in Japan is bullish for the US stock market too as it is for the rest of the world's markets. The same can be said for the Fed's QE program. So short term fluctuations aside world stock markets are almost certainly headed higher from current levels.

Here is the latest cover of The Economist. It shows an imagage of a bull breaking through a wall, presumably the wall represented by the previous all time high points the Dow and the S&P had reached in 2007. The top chart is a daily chart of the S&P 500 and the horizontal green line is the 2007 top at 1576.

According to Paul Montgomery's magazine cover theory this bullish cover is a definite negative for the stock market going forward. However, such covers on average preceded bull market tops by 4 months or so. This means that prices are likely to move still higher before anything resembling a bear market begins.

I would add that this cover is less representative of the investing public's mood than a similar cover on a general circulation magazine. I don't think there is anything like a bullish investment crowd operating in the US stock market right now. If fact I would characterize investors' attitudes towards the stock market as skeptical. The low levels of trading volume and volatility also testify in support of my conclusion.

However the rally of nearly 10% during the past month has caught investor's attention. Measured by the five day moving average of the CBOE equity put-call ratio there is more bullishness in the market than has been seen in more than a year.

The coupling of the fast, one month rally, a bullish magazine cover, and a relatively low put-call ratio suggests that a temporary interruption of this bull market is imminent. But I don't think it will be a very big interruption. The most likely development would be a drop to the vicinity of the S&P's 50 day moving average (green wavy line) and possibly to the level of the 2007 top at 1576.

The bull market which followed the bursting of the dot. com bubble lasted five full years. By that clock the current bull market could easily last until March of 2014 although I think a top sooner than that, perhaps in the fall of 2013, is more likely.

The bottom two images are today's front pages from the Chicago Tribune and the New York Times. Both note that yesterday the Dow closed at historical highs. I think the Tribune headline captures the spirit of this market pretty well. I think investors are happy to see the Dow at new highs but that skepticism about economic conditions and US economic prospects remains strong.

The top image appears on page 1 of the Tribune's business section today. It suggests a little more optimism but in my judgement "Dow 20,000" projections are not very common right now.

I don't think we are seeing a bullish information cascade here, at least not yet. Yet the Dow is at historical highs and the S&P is not far behind. In fact the S&P is just below the levels it reached at the 2000 and 2007 bull market tops. And this bull market has already lasted 4 years.

There certainly has not yet been a 200 day moving average sell signal for conservative contrarians. Nonetheless I think it makes sense for conservative contrarians to cut back stock market exposure to below normal levels now. There was no bullish information cascade visible at the 2007 top either, but we still saw a more than 50% drop from that top.

I don't like to deviate from standard operating procedure like I am doing now. But I think it makes sense to substantially lighten long positions at the top of a 13 year trading range after a bull market has lasted four years and newspaper headlines are starting to suggest increasingly bull sentiment.

Friday, February 22, 2013

In this post I explained why I thought that fears of imminent high inflation resulting from the Fed's quantitative easing policy were misplaced.

Here is a post by Mark Perry which reports the latest estimate by the Federal Reserve Bank of Cleveland of expected inflation. Their number is an average of 1.53% annual inflation over the next 10 years. This is what they come up with after examining both bond market data as well as survey data from investors and consumers.

Of course expectations can always change. But this survey tells us that that there is no reason to think inflation will increase in any significant way base on the evidence at hand which includes the Fed's current QE policy.

Monday, February 18, 2013

Thanks to Paul Montgomery and Elliott Wave International for bringing my attention to the latest cover of a special, February 18 issue, of Maclean's magazine. Maclean's is the Canadian equivalent of Time magazine here in the US. But the cover story is all about the US stock market.

The cover story quotes Ralph Acampora, a noted US market technician, as asserting that the current bull market is climbing a classic wall of worry. He further more observes that since the public has yet to return to stocks in any significant way (as measured, say, by mutual fund money net inflows) there is a lot of upside potential even from current levels. To be fair, he also says that a "correction" now would be healthy and help to repair any cracks which have developed in the worry wall.

Frankly I am in more or less agreement with Acampora as far as the long term prospects for the US stock market go. However shorter term cracks (like this cover story) have started to appear. This is another piece of evidence which suggests that the US stock market is vulnerable to a correction which easily could take it below its November 2012 and even below its June 2012 low point.

At this juncture I think it makes sense for aggressive contrarian traders to move their stock market exposure down to below average levels . The plan would be to restore average or above average levels of stock market exposure after a drop of 5-10% (or more) in the averages, a drop which I think is coming sooner rather than later.

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If you haven't already read my book, The Art of Contrarian Trading. you can buy it from your favorite book store by following this link.

YES, I WANT TO BE A CONTRARIAN TRADER

This is a great bargain for the definitive book on the contrarian approach to the stock market investment. It is a book packed with information about crowd behavior, with ideas about how to turn the crowd's mistakes into your own profits, with my personal experiences as a contrarian trader, and with lots of specific, concrete suggestions to help you make contrarian trading part of your investment technique.

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Carl Futia I write three financial blogs. The first is Carl Futia. On this blog I post daily "guestimates" of the current trends and trend potential in important markets. Once a week I post an explanation of my views on one of these markets with illustrative charts. My second blog, Carl Futia Real Time, is subscription based. It is a real time trading seminar in which members receive my real time analysis of the E-mini S&P futures and can watch me trade them. In this seminar I explain how I calculate support and resistance levels and how I recognize market "rejections" of support or resistance which then determine the current trend directions. My third blog is called The Art of Contrarian Trading and is based on my book of the same title. On that blog I focus less on day-to-day market details and more on swings in investor sentiment, the "information cascades" which I talk about in my book. View my complete profile

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Sprinkler System

There is a rise in the importance of fire protection facilities for detecting, extinguishing and evacuating at the early stage of fire. Due to the industrialization policy in accordance with the economic development plan in the 1960s, industrial development and economic growth has caused the concentration of population in the cities and this has resulted in magnified, high-rise and congested buildings.

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ADMIRAL: A Data Mining Based Financial Trading System

This paper presents a novel framework for predicting stock trends and making financial trading decisions based on a combination of data and text mining techniques. The prediction models of the proposed system are based on the textual content of time-stamped Web documents in addition to traditional numerical time series data, which is also available from the Web. The financial trading system based on the model predictions (ADMIRAL) is using three different trading strategies. In this paper, the ADMIRAL system is simulated and evaluated on real-world series of news stories and stocks data using the C4.5 decision tree induction algorithm. The main performance measures are the predictive accuracy of the induced models and, more importantly, the profitability of each trading strategy using these predictions

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March 1 2007-April 5 2007

Page(s): 720 - 725 Print ISBN: 1-4244-0705-2 INSPEC Accession Number: 9507172 Conference Location. Honolulu, HI DOI: 10.1109/CIDM.2007.368947 Publisher: IEEE

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Accenture Completes Acquisition of Formicary, Strengthening Systems Integration and Technology Consulting Capabilities in Trading Systems Transformation

02/03/2016 3:58 AM

LONDON --(BUSINESS WIRE)

Accenture (NYSE:ACN) has completed its acquisition of Formicary, a leading provider of systems integration and technology consulting services for trading platforms in the UK and North America.

With the completion of the acquisition, Accenture further strengthens its capabilities in helping banks, asset managers, hedge funds and clearing organisations transform their trading technology platforms, enabling them to quickly and cost-efficiently adapt to market and regulatory change. Formicary also brings its deep knowledge of trading technologies provided by Murex, Calypso and Misys Summit, reinforcing Accentureâ€™s position as a leading global provider of systems integration and technology consulting services for these industry-leading platforms.

â€œThe addition of Formicary to our trading platform services team brings complementary industry depth and expertise, â€ said Owen Jelf, global managing director of Accentureâ€™s Capital Markets practice. â€œWe welcome the extremely talented Formicary specialists to Accenture, where together we are even better positioned to deliver large-scale digital transformations that can help capital markets firms reduce costs while increasing the scale and profitability of their trading operations. â€

Formicary was founded in 2000 and has offices in London, Toronto and New York. Its clients include tier-one investment banks, hedge funds, clearing houses and fund administrators. Through its full range of services â€“ which include trading and risk platforms integration and migration, OTC clearing technology, custom development, managed services and bespoke software â€“ Formicary helps clients maximize the potential and cost-effectiveness of proprietary and packaged software platforms to enhance their competitive advantage and streamline business operations.

Accenture is a leading global professional services company, providing a broad range of services and solutions in strategy, consulting, digital, technology and operations. Combining unmatched experience and specialized skills across more than 40 industries and all business functions â€“ underpinned by the worldâ€™s largest delivery network â€“ Accenture works at the intersection of business and technology to help clients improve their performance and create sustainable value for their stakeholders. With approximately 373,000 people serving clients in more than 120 countries, Accenture drives innovation to improve the way the world works and lives. Visit us atÂ www. accenture. com.

Allowances and caps

The overall volume of greenhouse gases that can be emitted by the power plants, factories and other fixed installations covered by the EU emissions trading system (EU ETS) is limited by a 'cap' on the number of emission allowances. A separate cap applies to the aviation sector. Both caps are set at EU level. Within these Europe-wide caps, companies receive or buy emission allowances which they can trade as needed.

Each allowance gives the holder the right to emit one tonne of carbon dioxide (CO 2 ), the main greenhouse gas, or the equivalent amount of two more powerful greenhouse gases, nitrous oxide NO 2 ) and perfluorocarbons (PFCs).

Power stations and other fixed installations have a separate emissions cap from aviation because different types of allowances are issued for the two parts of the EU ETS. Allowances issued for fixed installations are general allowances, while the aviation sector has aviation allowances. Airlines can use both types of allowances for compliance purposes, but fixed installations cannot use aviation allowances.

Cap for fixed installations decreases each year

The 2013 cap for emissions from power stations and other fixed installations in the 28 EU Member States and the three EEA-EFTA states was set at 2,084,301,856 allowances.

During phase 3 of the EU ETS (2013-2020), this cap decreases each year by 1.74% of the average total quantity of allowances issued annually in 2008-2012. In absolute terms this means the number of general allowances will be reduced annually by 38,264,246.

Thanks to the decreasing cap, in 2020 emissions from fixed installations will be 21% lower than in 2005.

The annual reduction in the cap will continue beyond 2020. To achieve the target of a 40% reduction in EU greenhouse gas emissions below 1990 leveIs by 2030, set out in the 2030 framework for climate and energy policy. the cap will need to be lowered by 2.2% per year from 2021, compared with 1.74% currently. This would reduce emissions from fixed installations to around 43% below 2005 levels by 2030.

It is estimated that during phase 3 around at least 48% of allowances will be auctioned. This estimate takes into account all allowances handed out for free. including those for the modernisation of the electricity sector in eight Member States, and is based on the existing 'carbon leakage ' list. Changes to the carbon leakage list resulting from the ongoing review, or the non-implementation of modernisation investments in the electricity industry, may further increase the share of allowances auctioned.

Aviation cap set at 210 million allowances for 2013-2020

Unlike the cap for fixed installations, the aviation sector cap remains the same in each year of the 2013-2020 trading period.

The cap has been provisionally set at 210,349,264 aviation allowances per year, which is 5% below the average annual level of aviation emissions in the 2004-2006 base period. The cap will be adjusted to include additional aviation activities arising from Croatia's full integration into the aviation part of the EU ETS on 1 January 2014

Algorithmic Trading Systems: A Multifaceted View of Adoption

Algorithmic trading has been blamed for an increasing level of volatility in a number of financial markets. Adoption and deployment of algorithmic trading systems has increased and this is likely to continue, as regulation, competition and innovation drive the development of advanced technological tools. Expert and intelligent systems provide the mechanics for both reacting to and affecting a financial market that is now significantly faster and operating across multiple time zones and markets. Surprisingly, much of this innovation has escaped discussion within the Information Systems research community. This paper explores this growing arena by engaging with senior practitioners in the industry and using interviews and grounded theory (GT) analysis to uncover their adoption concerns. The paper generalises these issues within a framework and guidelines aimed at supporting algorithmic trading system adoption, deployment and development.

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A system model of online trading system for Nepal Stock Exchange

Nepal Stock Exchange is the only Stock Exchange in Nepal. It has already introduced ATS. Central Depository System has also been implemented in the investment of Nepal stock Exchange. With physical share certificates trading, it takes at least 15 days to transfer securities from the seller to the buyer and about a week for the seller to receive funds. Even with the introduction of Central Depository System, the settlement cycle of trades done in NEPSE is T+3. T+3 means that when a security is purchased, payment and the securities certificate must change hands no later than three business days after the trade is executed. In the current scenario, the market is changing continuously but investors are unable to sell or buy their securities at their preferred time. So, there is a need of online trading system that helps investors to buy or sell their securities and settle their trade in less time. At the moment, securities market is broker dependent so this research proposes a system model to increase the dependency of the investors directly in the secondary market. For this purpose, this work investigates the current IT systems implemented in securities market and proposes a model of online trading system for Nepal Stock Exchange. This research has used qualitative and quantitative methodologies to collect the data from the stakeholders.

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Page(s): 367 - 372 Print ISBN: 978-93-80544-10-6 INSPEC Accession Number: 14382780 Conference Location. New Delhi DOI: 10.1109/IndiaCom.2014.6828161 Publisher: IEEE

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B. Dhakal Dept. of Comput. Sci. & Eng. Kathmandu Univ. Kavrepalanchowk, India M. K. Gupta

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MISO operates the transmission system and a centrally dispatched market in portions of 15 states in the Midwest and the South, extending from Michigan and Indiana to Montana and from the Canadian border to the southern extremes of Louisiana and Mississippi. The system is operated from three control centers: Carmel, Indiana; Eagan, Minnesota; and Little Rock, Arkansas. MISO also serves as the reliability coordinator for additional systems outside of its market area, primarily to the north and northwest of the market footprint.

MISO was not a power pool before organizing as an ISO in December 2001. It began market operations in April 2005. In January 2009, MISO started operating an ancillary services market and combined its 24 separate balancing areas into a single balancing area. In 2013, the RTO began operations in the MISO South region, including the utility footprints of Entergy, Cleco, and South Mississippi Electric Power Association, among others, in parts of Arkansas, Mississippi, Louisiana, and Texas.

Updated: March 10, 2016

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Congress added Title IV 's ETS to the CAA because they felt that ET would be a low cost way for utilities to cut emissions. Because it is presumed that utilities will choose the most cost-effective way to reduce pollution, the AR-ETS was made flexible.[EN19 ] The utilities were not forced to trade allowances, but could do anything to perform at the level available to them by the number of allowances they were issued. As long as utilities saw that it would be cheaper to have an ETS than CAC, an ETS would be easier to implement because compliance would be higher. The utilities could choose any one or combination of techniques, including but not limited to, trading allowances, switching to low-sulfur coal or natural gas, installing scrubbers, lowering production, and encouraging more efficient use of electricity by their consumers.

Each allowance was worth one ton of SO 2 emission a year. Once the utilities get their allowances they can decide to pollute up to that level, pollute a lot and buy more allowances, or pollute less and sell or "bank" (keep the allowances for the future) extra allowances. However, a utility cannot use so many of their bought or banked allowances in one year that they would violate the national or state health-protection standards.[EN20 ]

As depicted by the chart above, very little trading took place.[EN21 ] Only 12 of the possibly 269 utilities that could have traded did. These utilities bought more than 5,000 allowances, but two utilities bought 61 percent (approximately 3,050) of these allowances.[EN22 ] The proponents of ETS want a more "liquid market" (one with many transactions) because more cost savings will be realized in that type of market.

The Air Pollution Report ("the report") was then commissioned to evaluate how much pollution was expected to be reduced by ET, why there is less trading than expected, and how to design a ETS for Carbon Dioxide (CO 2 ). I will now focus on the second and third directives of the report, what was precluding more trade and how to resolve those issues.

The report came up with a nice list of things to do in order to improve trade. The list included regulating all sources at once. including emission caps. developing an effective monitoring system. penalizing non-compliance and securing a price for allowances.

Phasing of Emissions

Title IV set up the ETS in two phases of implementation. In Phase I. about 14 percent of all, the older and dirtier, plants are required to reduce their emissions by 3.5 million tons.[EN23 ] Phase I begian on Jan. 1, 1995, while Phase II. when the newer cleaner electric companies are asked to cut back emissions, start on Jan. 1, 2000. At this time, all plants are required to decrease emissions by yet another 5 million tons of SO 2 .[EN24 ]

Even though this strategy will reduce emissions to the level wanted, it is not seen as the most efficient means of getting the desired result. The utilities under Phase I are low cost abaters, making them sellers and Phase II utilities are high cost abaters because they are already more efficient, making them buyers. It will most likely be more cost effective for many Phase II utilities to purchase allowances.[EN25 ] This separation of buyers and sellers will impact the choices of the Phase I abaters. By not being able to receive the revenue of selling their extra emissions, they might not choose the same types of abatement.

The AR-ETS puts a cap on SO 2 of 8.95 million tons in the year 2010. Each allowance certificate is worth one ton of SO 2 . so in order to reduce emissions to this level one has to do is issue that amount of credits for the year.[EN26 ] The beauty about the way the emissions caps are used in the AR-ETS is that they must be met even if trading does not go as planned.[EN27 ] As mentioned earlier, the utilities can choose how they want to meet the limits set.

The CAA itself is also a cap to the level of emissions that can be produced. No matter how many credits a utility has, it cannot violate other provisions of the CAA.[EN28 ]

It is all well and good that there are emission caps, but how does one know that they are being met? AR-ETS stipulated that each utility must install Environmental Protection Agency ("EPA ")-certified continuous emissions monitoring ("CEM") equipment and report the emissions to the EPA. This is to ensure that companies are not emitting more than they are allowed. At the end of the year, the utilities have 30 days to acquire any additional credits that they may need. At the end of the grace period, the EPA deducts all of the allowances needed to cover the level of emissions for that utility.

The issuance, transfer, deduction, and tracking of the allowances are done through the EPA 's automated allowance tracking system.[EN29 ] Unfortunately, the allowance tracking system was deployed behind schedule because the programs were not finished in time. This subsequently, slowed the prospects of trading because the tracking system was needed to establish who owned the allowances, how many they owned, to track the trades, and convey the trading information to the market.

So what happens to a utility if they have not acquired enough emissions credits to cover their generation of SO 2 for that year? The EPA fines the utility $2,000 for each ton of SO 2 .[EN30 ] That is a price way above the estimate cost of an allowance credit. Allowances auctioned off start at $0, because the EPA has no minimum asking price.[EN31 ] They also lose one allowance for each extra ton of SO 2 produced in the following years issuance.[EN32 ]

Setting a Price

Utilities will be skeptical about investing in allowances as long as they bare the brunt of the risks, while ratepayers reap the benefits. One solution would be to set a bottom line price allowances to be traded. If one receives less than this bottom line they will get the difference up to that amount.[EN33 ] This price could also be incorporated into the EPA's auction as the selling price of an allowance. The desired bottom line price would be the market-clearing price [EN34 ], the price at which the demand curve and supply curve for allowances intersect.[EN35 ]

Because the utilities are expected to choose how to abate based on cost, it is important to know how much it will cost to buy an allowance. The report identified some factors that could or did influence the decision of whether to reduce emissions through trading or other means by changing the values of the tradable allowances. These factors were: the EPA 's auctioning practice, the uncertainty of future and state regulations. and the fluctuations of other abatement costs.

Auctioning of Extra Allowances

Under the AR-ETS, the EPA was given 3.5 million extra allowances to sell at auction. These allowances can be sold to utilities, brokers, private citizens, and environmental groups. Because the EPA does not set a minimum bid, the allowances sold by them at the auctions generally go for a lower price than those traded between the utilities.[EN36 ] The uncertainty of how much an allowance was worth was affected by the varying prices that could be obtained at these auctions.

Due to uncertainty of what substances will be regulated in the future, utilities will try to choose an emission reduction scheme that they feel will best match future environmental regulations. In some cases, one type of abatement will cause an increase in another type of emission.

Of course, as with most types of federal regulation, the states tried to protect their interests by passing new laws. Many states passed laws that protected there coal mining operations by giving incentives to utilities that used coal. This might encourage utilities to forego trading allowances, even though, that might be the most cost-effective manner of getting reductions. Fortunately, the federal courts have ruled that these types of laws interfere with interstate commerce.[EN37 ]

Fluctuating Abatement costs

The cost of coal was expected to be $40 a ton a year in 1995, but it was at around $25 a ton in Dec. of '94. This is due in part because the demand for low-sulfur coal has increased to meet the emissions limits. Because of a larger market more low-sulfur coal is being extracted and the western coal is now competing with eastern coal.[EN38 ]

The switch to low-sulfur coal has also affected the scrubber market. Scrubbers work by spraying calcium sorbents which reacts with and captures SO 2 before it is emitted into the air. Because of less demand for their product, scrubber manufacturers have to make their products more appealing. They have made cost reducing innovations, used anticorrosive materials, and found ways to recycle the wastes into marketable products. They have also made the scrubbers more efficient, which increases compliance, reduces costs, and allows for trading of more allowances. One company has made a kind of leasing agreement, in which they operate and maintain the scrubbers at a price per ton of SO 2 removed.[EN39 ] I guess that goes to show that necessity truly is the mother of invention.

Preparing for the Collapse of the Petrodollar System

Preparing for the Collapse of the Petrodollar System, Part 1

Recently, there have been many news headlines containing the words “Iran”, “nuclear capability”, “ Syria “, and “ Islamic State “. If you listen closely, you can almost hear the drumbeats of a fresh war in the Middle East.

As an economist, I have been trained to view the world through the lens of incentives. (I am a "bottom line" kind of guy.) And just as every action is motivated by an underlying incentive, every decision has a related consequence.

This brief article details the actions, incentives, and related consequences that the United States has created through its attempts to maintain global hegemony through something known as the petrodollar system .

This article will begin with a look back at the important events of the 1944 Bretton Woods Conference . which firmly established the U. S. Dollar as the global reserve currency. Then we will examine the events that led up to the 1971 Nixon Shock when the United States abandoned the international gold standard . We will then consider what may be the most brilliant economic and geopolitical strategy devised in recent memory, the petrodollar system. Finally, we conclude by examining the latest challenges facing U. S. economic policy around the globe and how the petrodollar system influences our foreign policy efforts in oil-rich nations. The collapse of the petrodollar system, which I believe will occur sometime within this decade, will make the 1971 Nixon Shock look like a dress rehearsal.

If you have never heard of the petrodollar system . it will not surprise me. It is certainly not a topic that makes it's way out of Washington and Wall Street circles too often. The mainstream media rarely, if ever, discusses the inner workings of the petrodollar system and how it has motivated, and even guided, America's foreign policy in the Middle East for the last several decades.

Personal Note . What I am going to explain in this article is something that I believe is vitally important for every American to understand. Since 2006, I have written dozens of articles on the petrodollar system . I have appeared on many major news media outlets talking about the petrodollar system. I even wrote a best-selling book entitled Bankruptcy of our Nation that spent an entire chapter exposing the petrodollar system. I have spoken about this topic all over the world. Suffice it to say, I believe that understanding the petrodollar system is very important to your financial well being. I encourage you to print this article out and read it carefully. When you are finished with it, I encourage you to share it with your friends and neighbors. Share it on Facebook and Twitter. Help us get the word out so that the American public can stir from its slumber and begin preparing for what lies ahead.

A Brief Overview of this Article Series on the Petrodollar System

In the final days of World War II, 44 leaders from all of the Allied nations met in Bretton Woods, New Hampshire in an effort to create a new global economic order. With much of the global economy decimated by the war, the United States emerged as the world's new economic leader. The relatively young and economically nimble U. S. served as a refreshing replacement to the globe's former hegemon: a debt-ridden and war-torn Great Britain.

In addition to introducing a number of global financial agencies, the historic meeting also created an international gold-backed monetary standard which relied heavily upon the U. S. Dollar.

Initially, this dollar system worked well. However, by the 1960's, the weight of the system upon the United States became unbearable. On August 15, 1971 . President Richard M. Nixon shocked the global economy when he officially ended the international convertibility from U. S. dollars into gold, thereby bringing an official end to the Bretton Woods arrangement.

Two years later, in an effort to maintain global demand for U. S. dollars, another system was created called the petrodollar system. In 1973 . a deal was struck between Saudi Arabia and the United States in which every barrel of oil purchased from the Saudis would be denominated in U. S. dollars. Under this new arrangement, any country that sought to purchase oil from Saudi Arabia would be required to first exchange their own national currency for U. S. dollars. In exchange for Saudi Arabia's willingness to denominate their oil sales exclusively in U. S. dollars, the United States offered weapons and protection of their oil fields from neighboring nations, including Israel.

By 1975 . all of the OPEC nations had agreed to price their own oil supplies exclusively in U. S. dollars in exchange for weapons and military protection.

This petrodollar system, or more simply known as an "oil for dollars" system, created an immediate artificial demand for U. S. dollars around the globe. And of course, as global oil demand increased, so did the demand for U. S. dollars.

As the U. S. dollar continued to lose purchasing power, several oil-producing countries began to question the wisdom of accepting increasingly worthless paper currency for their oil supplies. Today, several countries have attempted to move away, or already have moved away, from the petrodollar system. Examples include Iran . Syria . Venezuela . and North Korea … or the “axis of evil,” if you prefer. ( What is happening in our world today makes a whole lot of sense if you simply read between the lines and ignore the “official” reasons that are given in the mainstream media .) Additionally, other nations are choosing to use their own currencies for oil like China, Russia, and India, among others.

As more countries continue to move away from the petrodollar system which uses the U. S. dollar as payment for oil, we expect massive inflationary pressures to strike the U. S. economy. In this article, we will explain how this could be possible.

The Coming Collapse of the Petrodollar System

When historians write about the year 1944, it is often dominated with references to the tragedies and triumphs of World War II. And while 1944 was truly a pivotal year in one of history's most devastating conflicts of all time, it was also a significant year for the international economic system. In July of that same year, the United Nations Monetary and Financial Conference ( more commonly known as the Bretton Woods conference ) was held in the Mount Washington hotel in Bretton Woods, New Hampshire. The historic gathering included 730 delegates from 44 Allied nations. The aim of the meeting was to regulate the war-torn international economic system.

During the three-week conference, two new international bodies were established.

In addition, the delegates introduced the General Agreement on Tariffs and Trade (GATT, later known as the World Trade Organization, or WTO.)

More importantly, for our purposes here, another development that emerged from the conference was a new fixed exchange rate regime with the U. S. Dollar playing a central role. In essence, all global currencies were pegged to the U. S. Dollar.

At this point, an appropriate question to be asking yourself is: '' Why would all of the nations be willing to allow the value of their currencies to be dependent upon the U. S. Dollar? "

The answer is quite simple.

The U. S. Dollar would be pegged at a fixed rate to gold. This made the U. S. dollar completely convertible into gold at a fixed rate of $35 per ounce within the global economic community. This international convertibility into gold allayed concerns about the fixed rate regime and created a sense of financial security among nations in pegging their currency's value to the dollar. After all, the Bretton Woods arrangement provided an escape hatch: if a particular nation no longer felt comfortable with the dollar, they could easily convert their dollars holdings into gold. This arrangement helped restore a much-needed stability in the financial system. But it also accomplished one other very important thing. The Bretton Woods agreement instantly created a strong global demand for U. S. dollars as the preferred medium of exchange.

And along with this growing demand for U. S. Dollars came the need for… a larger supply of dollars.

Now, before we continue this discussion, stop for a moment and ask yourself this question: Are there any obvious benefits from creating more dollars? And if so, who benefits?

First, the creation of more dollars allows for the inflation of asset prices. In other words, more dollars in existence allows for a rise in overall prices.

For example, imagine for a moment if the U. S. economy had a total money supply of only $1 million dollars. What if, in this imaginary economy, I attempted to sell you my home for $2 million dollars? While you may like my home, and may even want to buy it, it would be physically impossible for you to do so. And it would be completely absurd for me to ask for $2 million because, in our imaginary economy, there is only $1 million in existence.

So an increase in the overall money supply allows asset prices to rise.

But that’s not all.

The United States government benefits from a global demand for U. S. dollars. How? It’s because a global demand for dollars gives the Federal government a “permission slip” to print more. After all, we can’t let our global friends down, can we? If they "need" dollars, then let's print some more dollars for them.

Is it a coincidence that printing dollars is the U. S. government's preferred method of dealing with our nation's economic problems?

Remember, Washington only has four basic ways to solve its economic problems :

1. Increase income by raising taxes on the citizens

2. Cut spending by reducing benefits

3. Borrow money through the issuance of government bonds

Raising taxes and making meaningful spending cuts can be political suicide. Borrowing money is a politically convenient option, but you can only borrow so much. That leaves the final option of printing money. Printing money requires no immediate sacrifice and no spending cuts. It's a perfect solution for a growing country that wants to avoid making any sacrifices. However, printing more money than is needed can lead to inflation. Therefore, if a country can somehow generate a global demand for its currency, it has a "permission slip" to print more money. Understanding this "permission slip" concept will be important as we continue.

Finally, the primary beneficiary of an increased global demand for the U. S. Dollar is America's central bank, the Federal Reserve . If this does not make immediate sense, then pull out a dollar bill from your wallet or purse and notice whose name is plastered right on the top of it.

Have you ever asked yourself why the U. S. Dollar is called a Federal Reserve Note?

Once again, the answer is simple.

The U. S. Dollar is issued and loaned to the United States government by the Federal Reserve.

Because our dollars are loaned to our government by the Federal Reserve, which is a private central banking cartel, the dollars must be paid back. And not only must the dollars be paid back to the Federal Reserve. They must be paid back with interest!

And who sets the interest rate targets on the loaned dollars? It’s the Federal Reserve, of course.

To put it simply, the Federal Reserve has a clear vested interest in maintaining a stable and growing global demand for U. S. Dollars because they create them and then earn profit from them with interest rates which they set themselves. What a great system the Federal Reserve has for itself. No wonder it hates oversight and intervention. No wonder the private banking cartel that runs the Federal Reserve despises all attempts to actually audit its books.

In summary, the American consumer, the Federal government, and Federal Reserve all benefit to varying degrees from a global demand for U. S. Dollars.

The Bretton Woods Breakdown: Vietnam, The Great Society, and Deficit Spending

There is an old saying that goes, "He who holds the gold makes the rules." This statement has never been truer than in the case of America in the post–World War II era. By the end of the war, nearly 80 percent of the world’s gold was sitting in U. S. vaults, and the U. S. Dollar had officially become the world’s undisputed reserve currency.

As a result of the Bretton Woods arrangement, the dollar was considered to be “as safe as gold.”

A study of the United States economy in the post-World War II era demonstrates that this was a time of dramatic economic growth and expansion. This era gave rise to the baby boomer generation. By the late 1960's, however, the American economy was under major pressure. Deficit spending in Washington was uncontrollable as President Lyndon B. Johnson began to realize his dream of a "Great Society." With the creation of Medicare and Medicaid, American citizens could now, for the first time, earn a living from their government .

Meanwhile, an expensive and unpopular war in Vietnam funded by record deficit spending led some nations to question the economic underpinnings of America.

After all, the entire global economic order had become dependent upon a sound U. S. economy. Countries like Japan, Germany, and France, while fully on the mend from the devastation of World War II, were still largely dependent upon a financially stable American economy to maintain their economic growth.

By 1971, as America's trade deficits increased and its domestic spending soared, the perceived economic stability of Washington was being publicly challenged by many nations around the globe. Foreign nations could sense the severe economic difficulties mounting in Washington as the United States was under financial pressure at home and abroad. According to most estimates, the Vietnam War had a price tag in excess of $200 billion. This mounting debt, plus other debts incurred through a series of poor fiscal and monetary policies, was highly problematic given America's global monetary role.

But it was not America’s financial issues that most concerned the international economic community. Instead, it was the growing imbalance of U. S. gold reserves to debt levels that was most alarming.

The United States had accumulated large amounts of new debt but did not have the money to pay for them. Making matters worse, U. S. gold reserves were at all-time lows as nation after nation began requesting gold in exchange for their dollar holdings. It was almost as if foreign nations could see the writing on the wall for the end of the Bretton Woods arrangement.

As 1971 progressed, so did foreign demand for U. S. gold. Foreign central banks began cashing in their excess dollars in exchange for the safety of gold. As nations lined up to exchange their dollar holdings for Washington's gold, the United States realized that the game was over. Clearly, America had never intended to be the globe's gold warehouse. Instead, the convertibility of the dollar into gold was meant to generate a global trust in U. S. paper money . Simply knowing that the U. S. dollar could be converted into gold if necessary was good enough for some — but not for everyone. The nations which began to doubt America’s ability to manage their own finances decided to opt for the recognized safety of gold. ( Historically, gold has been, and will likely remain, the beneficiary of poor fiscal and monetary policies, and 1971 was no different .)

One would have expected that the large and growing demand by foreign nations for gold instead of dollars would have been a strong indicator to the United States to get its fiscal house in order. Instead, America did exactly the opposite. As Washington continued racking up enormous debts to fund its imperial pursuits and its over-consumption, foreign nations sped up their demand for more U. S. gold and fewer U. S. dollars. Washington was caught in its own trap and was required to supply real money (gold) in return for the inflows of their fake paper money (U. S. dollars) .

They had been hamstrung by their own imperialistic policies .

Soon the United States was bleeding gold. Washington knew that the system was no longer viable, and certainly not sustainable. But what could they do to stem the crisis? There were only two options.

The first option would require that Washington immediately reduce its massive spending and dramatically reduce its existing debts. This option could possibly restore confidence in the long-term viability of the U. S. economy. The second option would be to increase the dollar price of gold to accurately reflect the new economic realities. There was an inherent flaw in both of these options that made them unacceptable to the United States at the time… they both required fiscal restraint and economic responsibility. Then, as now, there was very little appetite for reducing consumption in the beleaguered name of “sacrifice” or “responsibility.”

Goodbye, Yellow Brick Road

The Bretton Woods system created an international gold standard with the U. S. dollar as the ultimate beneficiary. But in an ironic twist of fate, the system that was designed to bring stability to a war-torn global economy was threatening to plunge the world back into financial chaos. The gold standard created by Bretton Woods simply could not bear the financial excesses, coupled with the imperialistic pursuits, of the American economic empire.

On August 15, 1971 . under the leadership of President Richard M. Nixon, Washington chose to maintain its reckless consumption and debt patterns by detaching the U. S. Dollar from its convertibility into gold. By "closing the gold window," Nixon destroyed the final vestiges of the international gold standard. Nixon’s decision effectively ended the practice of exchanging dollars for gold, as directed under the Bretton Woods agreement. It was in this year, 1971, that the U. S. dollar officially abandoned the gold standard and was declared a purely " fiat " currency. ( A "fiat" currency is one that derives it value from its sponsoring government. It is a currency issued and accepted by decree .)

Here's a brief 2-minute excerpt of the actual televised speech delivered by President Nixon on August 15, 1971 in which he ended the U. S. Dollar's convertibility into gold.

As all other fiat empires before it, Washington had come to view gold as a constraint to their colossal spending urges. A gold standard, as provided by the Bretton Woods system, meant that America had to attempt to publicly demonstrate fiscal restraint by maintaining holistic economic balance.

By “closing the gold window,” Washington had affected not only American economic policy — it also affected global economic policy. Under the international gold standard of Bretton Woods, all currencies derived their value from the value of the dollar . And the dollar derived its value from the fixed price of its gold reserves . But when the dollar’s value was detached from gold, it became what economists call a “floating” currency. ( By “floating,” it is meant that the currency is not attached, nor does it derive its value, from anything externally .) Put simply, a “floating” currency is a currency that is not fixed in value.

Like any commodity, the dollar could be affected by the market forces of supply and demand. When the dollar became a “floating” currency, the rest of the world’s currencies, which had been previously fixed to the dollar, suddenly became “floating” currencies as well . ( Note . It did not take long for this new system of floating currencies with floating exchange rates to attract manipulation by speculators and hedge funds. Currency speculation is and remains, a threat to floating currencies. Proponents of a single global currency use the current manipulation of currency speculators to promote their agenda .)

In this new era of floating currencies, the U. S. Federal Reserve . America’s central bank, had finally freed itself from the constraint of a gold standard. Now, the U. S. dollar could be printed at will — without the fear of not having enough gold reserves to back up new currency production. And while this new-found monetary freedom would alleviate pressure on America’s gold reserves, there were other concerns.

One major concern that Washington had was regarding the potential shift in global demand for the U. S. dollar . With the dollar no longer convertible into gold, would demand for the dollar by foreign nations remain the same, or would it fall?

The second concern had to do with America’s extravagant spending habits. Under the international gold standard of Bretton Woods, foreign nations gladly held U. S. debt securities, as they were denominated in gold-backed U. S. dollars. Would foreign nations still be eager to hold America’s debts despite the fact that these debts were denominated in a fiat debt-based currency that was backed by nothing?

Like the Article Series? Get the Book!

This petrodollar article series is an excerpt from Jerry Robinson’s groundbreaking book, Bankruptcy of our Nation: Your Financial Survival Guide. Get it in paperback or on Kindle today here!

Ready to Read Part Two?

In part two of this four-part series, you will get an in-depth look at the solution that President Nixon and his Secretary of State, Henry Kissinger, developed to prevent a continual decrease in global dollar demand. The ingenuity of this plan is breathtaking in scope. It is known as the Petrodollar system. Once you understand this “dollars for oil” arrangement, I believe that it will provide you with a more accurate understanding of what motivates America’s foreign policy.

TAGS . the petrodollar system, petrodollars, bretton woods, nixon shock, dollar collapse

Is it purely a 'gotta-have-them-all' mindset, or do they actually serve some purpose?

I notice that you are able to sell them on a community market. For a test I listed one, and someone bought it for 50p. Not exactly a huge amount, but I don't understand why someone would spend real money on them.

Am I missing something?

Are they redeemable for games or money off vouchers or something 'tangible' that I'm missing?

asked Jul 15 '13 at 9:08

I attempted to give a high level 3-question quiz about why you would care about Steam Trading Cards in this article :

Are you excited about cosmetic customization elements in games? For instance, do you spend a long time getting your character’s face just right in Skyrim, or do you like picking out and wearing hats in Team Fortress 2?

Do you find yourself comparing your Steam account to other people’s? For instance, do you look at their achievements or their profile and say “I am SO much better than them!”

Do you think a few dollars is worth a minimal effort? If I told you that you could potentially make

$5 today in Steam Store credit through Steam Trading Cards, would you be excited?

These correspond to the basic benefits of the cards:

Cosmetic elements like badges, emoticons, and profile backgrounds

Steam profile prestige, a few minor ancillary benefits (ie, friends list expansion)

Perhaps a small chance of making a few easy bucks.

If those things are important, then you're likely to want to learn more about the trading cards, but if they aren't, you're probably safe ignoring them.

Accelerated Reader programs in Tangipahoa Parish Schools are experiencing exciting possibilities. Librarians and AR coordinators can download TechTips for AR, by right clicking on one of the links below, left click on "save target as", then save the download to your computer before you open it.

Accelerated Reader Universal Version 6.3 is in all schools with grades 1-8 and some High Schools. These schools also received the StoryTown Reading Series quizzes for the basal and trade books that go along with the series. Click the link below to assign StoryTown AR Quizzes to your students.

If you need to install AR on your school computer within the TPSS network, click this link then click the AR installation link at the top of the page and your AR installation will begin.

To map a drive from your classroom computer to the AR database at your school follow these directions:

Right click on "My Network Places" or "Network Neighborhood"

Left click on "Map Network Drive"

Click the down-pointing arrow in the Drive Field and choose Drive P:

In the "Folder" field type \\servername\accreadr$ (If you don't know your server name for your school contact vickib@tangischools. org )

Make sure there is a checkmark in the "Reconnect at Login" box, and click "Finish."

To set the Data Location on your computer for AR in the TPSS network, follow these steps:

Click "Select an Existing Location"

Click the "Select Location" botón

Click the + sign in front of "accreadr$ on servername - dc": P. (the AR data is always on the P: mapped drive of a computer)

Click the + sign in front of BaseData

Click "your servername - ar" to select it. for example "dcr-ar" is for D. C. Reeves or "aes-ar" is for Amite Elementary School.

In the HEU library during the 2002-2003 school year, Ms. Basford has created an Accelerated Reader mountain for the students to "climb." Each student has set a goal for themselves to read books, take the accompanying AR quiz and pass that comprehension test to be able to earn a certain number of points this school year. As students reach a certain percentage of their AR goal, their name is moved towards the mountaintop and they receive special awards like those you see above. Congratulations to Ms. Basford and all the HEU students for climbing that AR mountain and achieving success.

During the 2003-2004 school year, Mrs. Lian Basford, Hammond Eastside Upper's Librarian kicks off the Accelerated Reader program by riding into the school's assembly on a Harley Davidson. Students receive a key chain on which they collect dogtag awards for reaching certain levels of their AR goal. A racetrack encircles the library and students' racecars move around the track as they make progress in Accelerated Reader. There are pitstops along the racetrack, in which students can get special treats and rewards on their way to the winner's circle. Ms. Basford reports that as of December 15, 2003, one HEU student has circled the racetrack three times.

Renaissance Learning which produces Accelerated Reader has "helped teachers motivate students to dramatically increase literature-based reading practice. What's more, the software provides teachers with detailed and objective instructional data to take the guesswork and paperwork out of assuring success for every student."

This page will host a variety of ideas that will help you to make your Accelerated Reading Program an exciting event for the students of Tangipahoa Parish School System. Please e-mail me with your own ideas to share with your fellow educators.

Schoolwide AR Themes

"We're a BUZZ about Reading" - principal gets his head buzzed. "Dive into Reading" - See a group of teachers dive into a baby pool. " Racing to the Top with AR" - A huge mountain is displayed in the cafeteria and students raced their bicycles around the hallways on tracks. As they reached their yearly goal, their bike was moved to the cafeteria and they began again with a "special" bike ride. A schoolwide theme of Elvis can be used. As students reach their yearly grade level goals, a record is made for them and placed on an honor wall in the cafeteria. If the entire school reaches its goal the principal dresses up like Elvis and performs. "N'Sync with Reading" - see a group of teachers dress up and performing. AR Photo Gallery - Take digital pictures of students who have reached predetermined goals of either AR Points or Certification Levels. Display these Photos in the AR Photo Gallery.

Grow a BookStalk - create a stalk using green butcher paper or white paper that has been colored or painted green. Put this in the corner of your space, possibly even next to your reading area or bookshelves. Create “leaves” that are large enough for a child to write the title and author of a book on it. For each book they read, or have read to them, they will be able to add one leaf to the stalk. Or let them put up one leaf for every AR point they earn. Watch as your “bookstalk” grows up and up and out with leaves! Accelerated Reading time is called "WAR" (We All Read) . So the theme for kickoff day for the school year was army because the students are declaring WAR on reading! Everybody wears army stuff to school. Have "K" rations for lunch. All students and teachers line up outside on the playground spelling WAR with their bodies and have local news stations cover the event. The newstation helicopter take pictures from the air. The local news personality gives a motivational talk and all the students do all day is READ. Each teacher selects a picture book to read aloud and prepares props or costumes to go with it. The students then rotate from classroom to classroom to have other teachers "perform" for them.

AR Rewards and Incentives

Order "fun junk" from Oriental Trading Company for prizes or Barnes and Nobles gift certificates for top readers in each grade level. Parent volunteers set up the AR store where students can redeem their accumulated points for different prizes. Students earn an AR buck for every 5 points. Then use their AR bucks to "buy" things at the store. Bounties on Books - When you have a challenge getting your students to read the more difficult books like the classics put special bounties on these books. Post a list in your classroom and any child who reads two or more of the books on this list during a designated time will receive a special prize that cannot be earned in any other way. Schoolwide Goals - A yearly goal for the entire school should be set. Each increment towards meeting that goal should be a milestone. Plan special events such as: declare baseball cap day; college dress-up day, a school-wide movie; a 50's or 60's day; a dance; an hour of free time for socializing or recess. These major accomplishments should be celebrated with special incentives. The Accelerated Reader T-shirt Gang - Students who reach 100 points per year (for elementary students) or possibly 250 points per year (for older students) receives an Accelerated Reading T-shirt. Everyone likes to be identified with a group of some kind and this is a positive "gang" for kids to belong to. Once a large number of students have earned theT-shirt, an "AR T-shirt Day" should be announced each six weeks period. This will allow all students who have them to wear them proudly as the "AR gang."

Principal Incentives - Principal sits in a bathtub filled with whipped cream or Jell-O if the school reaches its goal. Principal kisses a pig, or wears roller blades all day, or lets every child in the school throw a water balloon at their teacher. List of Possible Incentives AR Bumper Stickers for parents proudly display; Point club buttons; End-of-year reading carnival where students can spend their points; free passes to high school athletic events; tanks of gas; movies passes; bookmarks; announcements; books; rides in a limo; pizza parties; names in the paper; special privileges like principal for a day; introduced at half time of a sporting event; personalized letter to Parents on School Letterhead from the Principal; Celebrate 100 Points - As students really get into the AR program, increments of 100 points seem to be very important to them. Teachers and administrators should share this enthusiasm and make these milestones special for their students. Pass the Trophy - Purchase a great big Reading Trophy for your school. The team that accumulates the most AR points during a designated period or shows the greatest improvement gets to keep the trophy. Then issue a challenge over the intercom each week for another team to try to seize the trophy from the class that has it. Standard of Excellence - Your school should consider establishing a standard of excellence that all students should shoot for before leaving the campus. This might be an accumulation of 350 points over the four years that they are at your school; Make the standard a gal that all students can meet - even if a few need extra tutoring or reading practice time to achievce it.

AR Language Arts Activities

Use plastic frames (like the ones used at diners to promote daily lunch specials, etc.) and enclose student written "Book Promotions" and put these out on the lunch tables in the cafeteria. These should rotate weekly.

Book Discussions and Displays of "Featured AR Books of the Week or Month will help to motivate your students to read. Read the First Few Chapters Aloud - One of the most effective ways to motivate students to read a book is to read the first few chapters to them.

To implement Integrated Freight Management System (IFMS) to better manage RSAвЂ™s Shipping & Transportation operations

Supported by the Singapore Economic Development Board, Ramco and AIR FRANCE KLM to develop advanced engineering solutions

Listen to Michael Barnes, Forrester Analyst, to know why Outside-In approach is critical for survival

Ramco ERP for Logistics takes off; Focus on Innovation and Culture pays off

Strength in addressing BFSI sector and ability to offer Cloud & Mobility helped seal the win

To integrate HR & Payroll operations of 3500+ employees across Malaysia, Singapore, Indonesia, Thailand, Australia, Philippines, Hong Kong & Macau

As a Representative Vendor in its Competitive Landscape report on ERP for Services-Centric Industries

To streamline its domestic and international freight forwarding operations with RamcoвЂ™s unified solution

To implement Ramco Aviation Suite V5.7 for streamlining Maintenance and Engineering operations

Ramco Aviation on Cloud

Ramco ERP on Cloud

Ramco HCM on Cloud

Software to manage financial accounting, including general ledger (GL), accounts payable (AP), accounts receivable (AR), and workflow

Quorum Financial Accounting/ ERP (GL, AP, AR) is comprehensive enterprise ERP / accounting software incorporating General Ledger (GL). Accounts Payable (AP). and Accounts Receivable (AR)

Provides clients with a complete picture of their internal accounting processes generation of financial reports

Applicable to all energy companies spanning the value chain from wellhead to burner tip

Benefits

Efficient/ Intuitive – quick to deploy, easy to learn, and simple to use

Configurable – user configurable attributes throughout the system; integration into other relevant systems

Compliant – support for regulatory reporting requirements; financial reporting standards (SOX, etc.); audit

Scalable – used by majors & smaller regionals; proven capability with large transaction volumes

Cost Effective – affordable total cost of ownership

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HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all of your initial investment; do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions. Any data and information is provided 'as is' solely for informational purposes, and is not intended for trading purposes or advice.

Server Error in '/' Application.

A potentially dangerous Request. Path value was detected from the client (?).

Description: An unhandled exception occurred during the execution of the current web request. Please review the stack trace for more information about the error and where it originated in the code.

Exception Details: System. Web. HttpException: A potentially dangerous Request. Path value was detected from the client (?).

Leaving ArkansasBlueCross. com

You are now leaving the ArkansasBlueCross. com website and entering the eBill Manager website operated by Benefitfocus. com. eBill Manager is an online invoice management tool administered by Benefitfocus. com on behalf of Arkansas Blue Cross and Blue Shield. Benefitfocus. com is solely responsible for the content and operation of its website, including the privacy laws that govern the site.

By selecting "Continue," you will be exiting the Arkansas Blue Cross and Blue Shield (ABCBS) website. If you choose to access other websites from this website, you agree, as a condition of choosing any such link or access, that ABCBS is not and shall not be responsible or liable to you or to others in any way for your decision to link to such other websites. You further agree that ABCBS and its affiliates, its directors, officers, employees and agents ("the ABCBS Parties") are not responsible for the content of any other website to which you may link, nor are ABCBS or the ABCBS Parties liable or responsible under any circumstances for the activities, omissions or conduct of any owner or operator of any other website. Once you choose to link to another website, you understand and agree that you have exited this website and are no longer accessing or using any ABCBS Data. You understand and agree that by making any third-party website link available as an option to you, ABCBS does not in any way endorse any such website, nor state or imply that you should access such website or any services, products or information which may be offered to you through such other websites or by the owner or operator of such other websites. The owners or operators of any other websites (not ABCBS) are solely responsible for the content and operation of all such websites. ABCBS makes no warranties or representations of any kind, express or implied, nor of merchantability or fitness for a particular purpose, nor of non-infringement, with regard to the content or operation of any other website to which you may link from this website.

Leaving ArkansasBlueCross. com

Providers

Advanced Health Information Network

Empowering Health-Care Professionals with Information at the Point of Service

Several years ago, representatives from a number of Arkansas health care systems and Arkansas Blue Cross and Blue Shield envisioned a statewide, seamlessly integrated health care delivery and claims processing and communication transaction system. This would enable the hospitals of the state to be connected to physicians practicing in their facilities, and the various facilities and individual physicians would be connected to each other, to major employers in their regions and to payers by way of a health-data network. Advanced Health Information Network (AHIN) is the communications tool created to implement this vision.

What Is AHIN?

AHIN is a secure web-based portal that provides real-time functionality, delivering current patient information, while helping physicians improve business functions more efficiently. It was one of the first health information networks in the United States to offer advanced functionality and continues to offer capabilities that are unique within the industry. This functionality is the primary reason hospitals and Health Networks magazine identified Arkansas Blue Cross and Blue Shield as one of the "10 Most Wired Health Plans" in the country.

How AHIN Works

Links to Arkansas Blue Cross and Blue Shield information systems provide access to eligibility, claims, claim status, remittance advices, fee schedules and detailed reporting. Links to other Blue Cross and Blue Shield plans provide similar access to this information nationwide. Inherent functionality includes electronic claim submission and real-time correction of erred claims, regardless of how they were submitted. Since users access AHIN through a secure portal using all popular Internet browsers, there is no software to purchase and install. By utilizing internet technology, everything necessary to access AHIN is already present on most personal computers.

View a Screen Shot

Security

Security of data is always a major concern, and AHIN's developers went to great lengths to limit access to patient or other data to a need-to-know basis, with full HIPAA compliance. The system operates as an extranet and uses both hardware and software controls to limit data access to users with the proper authorization. Access to data stored on the network is through a security system, which is addressable down to the object level, and individuals who have security clearance to view patient or other data are limited to viewing information specific to their organization.

Data

AHIN functions as a repository for demographic, insurance eligibility, claims and related information. In addition, AHIN serves as a conduit through which information — such as referral/pre-certification processing, claims submission, claim status, remittance advice and claims error notification/correction/re-submission — may be sent from one point to another.

The primary functions provided by AHIN include:

Demographics: Available for more than a million Arkansas Blue Cross and Blue Shield, Health Advantage, Medi-Pak, Medi-Pak Advantage, BlueAdvantage and USAble Administrators members and former members; updated nightly.

View a Screen Shot

Eligibility: Available for Arkansas Blue Cross and Blue Shield and out-of-state Blue Cross and Blue Shield (Blue Card) plans, Health Advantage, BlueAdvantage Administrators, USAble Administrators and Arkansas Medicaid. Eligibility information for the Arkansas Blue Cross and Blue Shield family of companies is updated nightly. All other eligibility uses real-time interfaces to the host system.

View a Screen Shot

Fee Schedules: The Arkansas Blue Cross and Blue Shield Fee Schedule is available in AHIN with two ways to access: 1) A Search and Display method from the” Home Page” and 2) A full listing of all codes.

View a Screen Shot

Claims: Received and processed for all payers, including those who do not accept electronic claims. Claims processing includes electronic error notification to submitters with the ability to perform online error correction and claims re-submission. Information related to claims processed through AHIN is on a real-time basis.

View a Screen Shot

Claims Status: Available for all Arkansas Blue Cross and Blue Shield and out-of-state Blue Cross and Blue Shield plans, Health Advantage and USAble Administrators. Arkansas Blue Cross and Blue Shield claim status is updated nightly. Information from out-of-state Blue Cross and Blue Shield plans is via real-time interfaces to the host system.

View a Screen Shot

Claim Search: Provides access to Claims Status, Claim Disposition, Paper RA, Medical Records, Refund Letters, and Overpayments all from one screen.

View a Screen Shot

File Overview: A new feature that displays a summary of claims submitted in the file as well as the date the file was submitted to AHIN and provider contact information. The Claims Tab provides a list of all claims in the file or only the claims in error. The Reports Tab provides a list of all reports associated with the file.

View a Screen Shot

Medical Edit Research: The Edit/Coverage function provides users with procedure-code-specific member coverage and licensed pre-payment edit information.

View a Screen Shot

Tutorial: The Computer Based Training (CBT) module has an easy-to-use main menu that allows the user to choose to complete each section or only those sections that pertain to their specific job duties. The lessons will allow the user to practice what is learned in each section in a realistic simulation of AHIN.

View a Screen Shot

How Do I Enroll in AHIN?

AHIN Online Enrollment should only be completed for providers requesting to have access to AHIN in their offices. If you want to be added as a user to an existing AHIN provider, please contact the AHIN User Administrator (AUA) in your office; otherwise, please follow the instructions below to begin the process of enrolling in AHIN.

Trading Partner Agreement (TPA)

Please note: Providers must have an electronic submitter number before enrolling in AHIN. If you do not have an electronic submitter number, select the link below.

Trading Partner Agreement (TPA)

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Here are just a few retailers that sell Nintendo products:

Authentic Nintendo Refurbished Products are available for purchase on store. nintendo. com – with the same one-year warranty as our new systems!

New Systems & Games

Many retail stores that sell home electronics also sell video game systems, games, and accessories. These can include large national chains and smaller local retailers. Click here for a list of some of the major retailers that carry our newest products, or use the links below for specific help.

What Can I Buy on Nintendo. com?

As a consumer support site, we offer direct sales for certain replacement parts, accessories, and a selection of Authentic Nintendo Refurbished Products through store. nintendo. com. We do not sell new systems or games.

For your convenience:

Refurbished, Older, & Used Products

We have collected a list of sources you can use to help locate refurbished, older, and used Nintendo products.

store. nintendo. com We sell accessories, replacement parts, and a selection of Authentic Nintendo Refurbished Products on store. nintendo. com (U. S. and Canadian residents only). Although many parts and accessories for our older systems are no longer available, you may find what you need in our online store.

Online Retailers Many online retailers specialize in stocking older and used products. Click here for a list of some known sites that carry Nintendo products.

Pawn Shops Believe it or not, pawn shops are an excellent place to find older products.

Garage Sales, Flea Markets, or Classified Ads You can often find great deals and games that can be difficult to find. Remember, cleaning before use is highly recommended.

Online Auction Sites Online auction sites are often a good source of hard-to-find or discontinued products. Please click here for suggestions on selecting reputable auction sites.

You may also want to try searching the Internet for companies that may have the product you are looking for. Good search words to use are: "nes hardware," "SNES hardware," "super nintendo," or "video game systems," along with the words "sale" or "sell." We suggest you research the company to ensure they are reputable before making a purchase.

Was this information helpful?

Replacement Parts (AC Adapters, etc.)

Important Note: Before replacing any component, we recommend trying our troubleshooting information. Select a system from our customer service main page and you will be able to find troubleshooting tips to assist you.

There are several ways to get replacement components for your Nintendo system, including AC Adapters, controllers, and installation cables:

store. nintendo. com store. nintendo. com is an excellent place to buy replacement parts for your systems. The store currently accepts Visa and MasterCard, has a convenient real-time checkout basket, and offers secure online ordering. To find out more, please visit our store at store. nintendo. com .

Purchase From a Retailer Many retail stores that carry Nintendo products also carry replacement components, Player's Guides, and more. You may want to call first to be sure they carry the item you are looking for. To ensure compatibility, make sure that the item you are purchasing is licensed by Nintendo. For a list of some online retailers that carry Nintendo products, visit our online retailers page .

Purchase Over the Phone Nintendo of America Inc. offers convenient phone orders using a Visa or MasterCard. For assistance, please call Nintendo's Customer Service Hotline at 1-800-255-3700 between the hours of 6 a. m. and 7 p. m. Pacific Time, 7 days a week.

Other Countries: If you live outside the U. S. and Canada and wish to order a replacement part, please visit one of our global regional websites listed here .

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Nintendo Power Magazine

Nintendo has partnered with Future US Inc. to provide Nintendo Power magazine. This monthly magazine is typically over 120 pages full of news, reviews, and other info. To set up a subscription or order back issues, please visit www. nintendopower. com.

Was this information helpful?

Nintendo partnered with Prima Games in 2007 to create player's guides for many of our popular Wii and Nintendo DS titles. Please visit www. primagames. com to see their available list of player's guides.

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Cards (Playing, Trading, e-Reader Cards, AR Cards)

Nintendo has made a wide variety of cards. Please see the information below for more assistance:

Pokémon Trading Card Game: For Pokémon Trading Card Game cards, you can typically find these at most retail stores that sell Nintendo products or other types of trading cards (such as comic book stores and baseball card shops).

To find out more about Pokémon Trading Cards, please visit www. pokemon. com for more information.

AR Cards (Nintendo 3DS): AR Card replacements can be downloaded from our support site (how to ) and then printed out. These print outs provide the same functionality as the original AR cards and can be used as replacements.

For all other cards: We recommend trying retail stores that carry Nintendo products, as well as specialty card shops.

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Ahmed Ar Bin Afif Trading Co. Ltd.

64. 500 Mt Canadian Whole Red Lentils, Crop 2009 3 X 20 Ft Containers Stc Arba01/749 And Proforma Invoice No. 9966. As Per Purchased Order No. ; Total 1422 X 100 Lbs P. P. Bags Dthc Collect Apl Ss Co Ltd, Agent St Box 122174 Markaz Al Jol Tahila Jeddah 21332 Kingdom Of Saudi Arabia Ext 33, 14 \N64. 500 Mt Canadian Whole 3 X 20 Ft Containers Stc Red Lentils, Crop 2009 As Per Purchased Order No.

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Details

The Lancer Systems L5AWM Magazine is a polymer and steel hybrid that combines the best features of each material. The one-piece steel feed lip unit is permanently fixed to the polymer body. The steel is hardened so the dimensions will not change in long term storage or rough use. The PTFE coating ensures the steel will not rust. The polymer body is designed with an internal dimension that is a constant curve, combined with a no-tilt follower for maximum reliability in feeding 5.56x45mm NATO ammunition. The exterior texture of the polymer body is aggressive for improved grip when changing magazines. The steel feed lip assembly and the polymer body are corrosion and chemical resistant. The translucent smoke body allows you to see how many rounds are remaining in the magazine. The Floor plate slides off similar to a USGI magazine for cleaning and maintenance.

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Nuestro precio es menor que el precio mínimo anunciado por el fabricante. & Quot; As a result, we cannot show you the price in catalog or the product page.

No tiene obligación de comprar el producto una vez que conoce el precio. Usted puede simplemente quitar el artículo de su carro.

Nuestro precio es menor que el precio mínimo anunciado por el fabricante. & Quot; As a result, we cannot show you the price in catalog or the product page.

No tiene obligación de comprar el producto una vez que conoce el precio. Usted puede simplemente quitar el artículo de su carro.

Who We Are

Here at The Trading Place Pawn we have a state of the art indoor gun range! We carry high end firearms and a full line of optics. Our specialties include custom AR15's and Cerakote.

Other Stores

Check our listings on eBay and GunBroker. com.

Contáctenos

1412 S. Broad Street | Monroe | GA 30655

Store Hours

Monday - Friday 9:00am to 9:00pm Saturday - 9:00am to 9:00pm Sunday - CLOSED

Indoor Firing Range Hours

Monday - Saturday - 9:00am to 9:00pm Sunday - CLOSED

History

How to plan a vacation around the cool history of Hot Springs.

The Spa City – America’s First Resort

Hot Springs, Arkansas, gets its name from the naturally thermal spring waters found here. Flowing out of the ground at an average temperature of 143 °F, the hot springs produce almost one million gallons of water each day.

It’s hard to tell exactly how long people have been visiting the springs. Native Americans called this area “the Valley of the Vapors,” and it was said to have been a neutral territory where all tribes could enjoy its healing waters in peace. Spanish and French settlers claimed the area in the mid-1500s. In fact, famous explorer Hernando de Soto was the first European to visit Hot Springs in 1541.

The hot springs were such a coveted natural wonder that in 1832, President Andrew Jackson designed Hot Springs as the first federal reservation. Hot Springs Reservation was essentially America’s first national park, predating Yellowstone National Park by 40 years.

In just a decade, the area changed from a rough frontier town to an elegant spa city centered on a row of attractive Victorian-style bathhouses, the last ones completed in 1888. When Congress established the National Park Service, Hot Springs Reservation became Hot Springs National Park in 1921.

Today, you can still soak in the thermal waters on historic Bathhouse Row. The hot springs are also pumped into several downtown hotels and spas. The water is even available at public fountains. The beautifully restored Fordyce Bathhouse now serves as a visitor center.

The Site of Infamy – A Haven in the Gangster Era

Visiting Hot Springs, Arkansas, today, it’s hard to imagine the city as a hotbed for organized crime, such as gambling, prostitution and bootlegging. But from the late-1800s through the mid-1900s, especially in the 1930s, Hot Springs was a popular hangout for Al Capone, Frank Costello, Bugs Moran, Lucky Luciano, and other infamous mobsters. The safe, secluded scenic location of Hot Springs made it the ideal hideout. In order to understand how and why they chose this site, it’s necessary to reflect on the corruption that had been going on here for decades.

As early as the mid - to late-1800s, Hot Springs had been involved in illegal gambling. At that time, two families controlled these activities: the Flynns and the Dorans. The two families constantly fought over the city’s gaming rights – a competition that eventually led to the famous Hot Springs Gunfight in 1899.

During this realm of local rule, hotel rooms, saloons, and back alleys were the hotspots for cards and craps and casino-type gaming of all kinds. Hot Springs offered Las Vegas-style amenities before there was a Las Vegas.

Though illegal, and a felony under Arkansas law, the betting was no secret to the majority of local authorities. Police officers, judges, and even the mayor turned a blind eye to the industry either because they were being paid off by one of the families or were participating in the gaming themselves.

It’s easy to see how Hot Springs became a haven for criminals. One of the most notorious was Owney “The Killer” Madden, referred to as “The English Godfather.” Madden arrived in Hot Springs in 1935, seeking a slower lifestyle than the one he was accustomed to in New York City. Originally from England, Madden grew up in the rough neighborhoods of Manhattan’s “Hell’s Kitchen” and is credited with putting the “organized” into organized crime.

Well respected and well liked, Madden settled into Hot Springs very easily. Eventually, more and more gangsters arrived. The word spread that Hot Springs was the perfect hideout for criminals running from police investigations. It is said that Al Capone and his bodyguards would rent out entire floors of hotels.

Gangster activity in Hot Springs came to an end in the 1960s, due to a federal crackdown on what the government called “the site of the largest illegal gambling operation in the U. S.”

Remnants of the city’s notorious past can still be found inside The Gangster Museum of America, located in downtown Hot Springs. The museum features classic relics, including old roulette tables, vintage slot machines, Madden and Capone exhibits, weapons, and a documentary in the museum’s theater.

A Winning Location – Baseball Legends’ Favorite Place to Play

In 1886, Cap Anson brought his Chicago White Stockings (now the Cubs) to Hot Springs, Arkansas. Famous for its hot mineral waters and Ouachita Mountain scenery as well as its hotels and nightlife, this bustling turn-of-the-century resort town was the perfect place for something no one had ever heard of: annual spring training for professional baseball. In time, five fields were built. Each spring, as many as 250 players came here to train, including the legends of the game.

The Hot Springs Baseball Trail preserves the places where legends stood, where records were set, and where baseball itself was shaped. At each site on the trail, you’ll find square, digital “codes,” that, when scanned by your smartphone, link to historic photos, audio clips and more. You can use your cell phone to access stories of the golden age of baseball in Hot Springs. You can visit www. hotspringsbaseballtrail. com or a brochure with more information on the Hot Springs Baseball Trail is available at the Hot Springs Visitor Center.

1 comment:

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Tuesday, November 22, 2016

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