The OTC derivatives market has been hit by a massive wave of regulatory change. Capital and margin requirements have increased, trade reporting has been mandated, and execution mechanisms are evolving. Most of all, central clearing is being imposed for many transactions.
"OTC Derivatives: Bilateral Trading and Central Clearing" explains the new rules and the new models. It discusses the traditional bilateral market, then sets out how this will change due to mandatory central clearing and the new ways in which OTC derivatives will have to be traded, reported, and processed. The risks of OTC derivatives clearing houses are discussed in detail, as are the protections that CCPs have against these risks. The book also looks at alternatives to some of the policy decisions that have been made, showing the balance between costs and benefits of various different approaches to derivatives market stability. The book is both a detailed primer on OTC derivatives clearing and a powerful insight into post-crisis financial regulation.
Key features of the book include:
- A discussion of the capital rules for OTC derivatives counterparty credit risk in Basel III;
- An account of OTC derivatives trade processing in both bilateral and cleared markets;
- A detailed account of the risk profile of OTC derivatives CCPs;
- An explanation of the risks run in various collateral segregation models; and
- A comparison of various macro-prudential tools for enhancing the financial stability of OTC derivatives markets.

In a world where trust in politicians, corporations and the processes that determine our lives continues to dwindle, this innovative book brings together research, case studies and stories that begin to answer a central question for society: How we can create organisations, institutions, groups and societies that can nurture trusting relationships with one another and among individuals?Something to Believe In provides a fresh take on the corporate responsibility debate, based as it is on the work of key global thinkers on corporate social responsibility, along with a raft of work developed from collaborations between the New Academy of Business and the United Nations Volunteers, UK Department for International Development and TERI-Europe in countries such as Brazil, Nicaragua, Ghana, India, Sri Lanka, Bangladesh, Lebanon, Nigeria, the Philippines and South Africa. The focus is on business, and particularly how deeper, more systemic changes to current ways of understanding and undertaking business can and have been enacted in both developed countries and in nations where the Western concept of CSR means nothing. The market-based model of economic thinking-the increasingly distrusted globalisation project-which threatens to sweep all before it is challenged by many of the contributions to this book.The book tells stories such as the mobilization of civil society in Ghana to bring business to account; the reorientation of a business school to focus on values; the life-cycle of ethical chocolate; the accountability of the diamond business in a war zone; the need to reinvent codes of conduct for women workers in the plantations and factories of Nicaragua; a Philippine initiative to economically empower former Moslem liberation fighters; and the development of local governance practices in a South African eco-village.The book is split into four sections. "Through Some Looking Glasses" contains short, thought-provoking pieces about the issues of trust, belief and change from writers including Thabo Mbeki, Malcolm McIntosh and a reprinted piece from E.M. Forster. Section Two asks how it will be possible to believe in our corporations and provides new approaches from around the world on how space is being opened up to found businesses that are able to create trust. Section Three examines the role of auditing in fostering trust. Corporations continue to attempt to engender trust through their activities in philanthropy, reporting and voluntary programmes. But, post-Enron et al., even the most highly praised corporate mission statements are tarnished. Can social and environmental audits of corporate reports, codes and practices assuage our doubts about boardroom democracy? Section Four examines alternative forms of accountability, transparency and governance from around the world and offers some different ways of thinking about the practice of creating trust in society.Something to Believe In provides a host of fascinating suggestions about redefining and renewing the underlying deal between society and its organizations. It will become a key text for students, thinkers and practitioners in the field of corporate responsibility.

Undoubtedly one of Africa's most influential first generation of writers and filmmakers, Ousmane Sembene's creative works of fiction as well as his films have been the subject of a considerable number of scholarly articles. The schemas of reading applied to Sembene's oeuvre (novels, short stories and films) have, in the main, focused either on his militant posture against colonialism, his disenchantment with African leadership, or his infatuation with documenting the past in an attempt to present a balanced and nuanced view of African history. While these studies, unquestionably contribute to a better understanding of his works, they collectively ignore Sembene's relentless preoccupation with culture in his entire career as a writer and filmmaker. The collection of essays in Sembene and the Politics of Culture sets out to fill that gap as the contributors at once foreground Sembene's fixation on the centrality of culture in the articulation of the discourse of national consciousness and reevaluate his intellectual and artistic legacy within an overarching framework of African liberation. The contributors critically reassess the ideological underpinnings of Sembene's thoughts, his role as one of the foundational pillars of African cultural production, and his relevance in current discourses of nationhood. They do so through a wide variety of interdisciplinary approaches that draw on linguistics, feminist theory, film theory, historiography, Marxist criticism, psychoanalysis and a host of other approaches that give novel insights in the critical analysis of the works under study. In the part entitled "Testimonies," a collection of conversations with people who worked closely with Sembene, each of the interlocutors provide illuminating insights into the man's life and work. The variety of themes and critical approaches in this critical anthology will certainly be of interest not only to students and scholars of African literature and cinema at various levels of intellectual and cultural sophistication but also anyone interested in the analysis of the nexus between power, culture, and the discourse of liberation.

A complete introduction to the theory and practice of contemporary counselling psychology An excellent resource for students at undergraduate or graduate level, Counselling Psychology: A Textbook for Study and Practice provides valuable insights into the key issues associated with theory and practice in this field. The contributors represent a diverse array of approaches, reflecting the rich diversity within the area, and care is taken to avoid favouring any one approach. The book begins with an overview of the historical and philosophical foundations of counselling psychology, before taking a detailed look at major therapeutic approaches and exploring issues associated with specific client populations, ethics, research design, and more. In particular, the text seeks to explain how counselling psychology differs from and informs other areas of contemporary applied psychology. The result is an engaging balance of the personal and academically rigorous, presented in a highly accessible format. - An authoritative introduction to and key issues involved with the theory and practice of counselling psychology for students and practitioners at all levels - Considers all major approaches to psychotherapy including existential, person-centered experiential, psychodynamic, and cognitive-behavioural - Explores issues commonly encountered when working with specific client groups including children, people with intellectual disabilities, and emergency trauma victims

Undoubtedly one of Africa's most influential first generation of writers and filmmakers, Ousmane Sembene's creative works of fiction as well as his films have been the subject of a considerable number of scholarly articles. The schemas of reading applied to Sembene's oeuvre (novels, short stories and films) have, in the main, focused either on his militant posture against colonialism, his disenchantment with African leadership, or his infatuation with documenting the past in an attempt to present a balanced and nuanced view of African history. While these studies, unquestionably contribute to a better understanding of his works, they collectively ignore Sembene's relentless preoccupation with culture in his entire career as a writer and filmmaker. The collection of essays in Sembene and the Politics of Culture sets out to fill that gap as the contributors at once foreground Sembene's fixation on the centrality of culture in the articulation of the discourse of national consciousness and reevaluate his intellectual and artistic legacy within an overarching framework of African liberation. The contributors critically reassess the ideological underpinnings of Sembene's thoughts, his role as one of the foundational pillars of African cultural production, and his relevance in current discourses of nationhood. They do so through a wide variety of interdisciplinary approaches that draw on linguistics, feminist theory, film theory, historiography, Marxist criticism, psychoanalysis and a host of other approaches that give novel insights in the critical analysis of the works under study. In the part entitled "Testimonies," a collection of conversations with people who worked closely with Sembene, each of the interlocutors provide illuminating insights into the man's life and work. The variety of themes and critical approaches in this critical anthology will certainly be of interest not only to students and scholars of African literature and cinema at various levels of intellectual and cultural sophistication but also anyone interested in the analysis of the nexus between power, culture, and the discourse of liberation.

First published in 1991, The Stalker Affair and the Press documents the media treatment of police constable John Stalker's removal from his job and argues that this case presents a major difficulty for the standard academic analysis of the press in Britain: namely that it supports the status quo because it is part of the dominant class system. The author argues that the exclusion of non-official and dissident versions of the events can be explained by more direct causes: the ownership of the press and the routine nature of normal news production, which relies on official and established sources. Where such sources do not produce an account of events, as in the case of the Stalker affair, the overwhelming majority of press output questioned the legitimacy of state actions, even to the extent of entertaining the notion that its agents had conspired to commit murder and to pervert the course of justice. David Murphy's fascinating analysis picks apart the notion of a 'system' controlling production to demonstrate the complex interaction between methods of individual journalists, their sources and the ways news is produced. This book will be of great interest to students and teachers of media studies, cultural studies, journalism, and communication studies.

A survey of the role and the future prospects of the local press in the 1990s. The authors also take into account the radical changes the local press have been through with new technology and the proliferation of free newspapers.

In a world where trust in politicians, corporations and the processes that determine our lives continues to dwindle, this innovative book brings together research, case studies and stories that begin to answer a central question for society: How we can create organisations, institutions, groups and societies that can nurture trusting relationships with one another and among individuals?Something to Believe In provides a fresh take on the corporate responsibility debate, based as it is on the work of key global thinkers on corporate social responsibility, along with a raft of work developed from collaborations between the New Academy of Business and the United Nations Volunteers, UK Department for International Development and TERI-Europe in countries such as Brazil, Nicaragua, Ghana, India, Sri Lanka, Bangladesh, Lebanon, Nigeria, the Philippines and South Africa. The focus is on business, and particularly how deeper, more systemic changes to current ways of understanding and undertaking business can and have been enacted in both developed countries and in nations where the Western concept of CSR means nothing. The market-based model of economic thinking-the increasingly distrusted globalisation project-which threatens to sweep all before it is challenged by many of the contributions to this book.The book tells stories such as the mobilization of civil society in Ghana to bring business to account; the reorientation of a business school to focus on values; the life-cycle of ethical chocolate; the accountability of the diamond business in a war zone; the need to reinvent codes of conduct for women workers in the plantations and factories of Nicaragua; a Philippine initiative to economically empower former Moslem liberation fighters; and the development of local governance practices in a South African eco-village.The book is split into four sections. "Through Some Looking Glasses" contains short, thought-provoking pieces about the issues of trust, belief and change from writers including Thabo Mbeki, Malcolm McIntosh and a reprinted piece from E.M. Forster. Section Two asks how it will be possible to believe in our corporations and provides new approaches from around the world on how space is being opened up to found businesses that are able to create trust. Section Three examines the role of auditing in fostering trust. Corporations continue to attempt to engender trust through their activities in philanthropy, reporting and voluntary programmes. But, post-Enron et al., even the most highly praised corporate mission statements are tarnished. Can social and environmental audits of corporate reports, codes and practices assuage our doubts about boardroom democracy? Section Four examines alternative forms of accountability, transparency and governance from around the world and offers some different ways of thinking about the practice of creating trust in society.Something to Believe In provides a host of fascinating suggestions about redefining and renewing the underlying deal between society and its organizations. It will become a key text for students, thinkers and practitioners in the field of corporate responsibility.

In the 21st century technology has become an essential part of teaching and learning. This manual provides practical advice on teaching in a wide range of technologies, including the internet and multimedia packages. Using case studies to illustrate the key concepts, this book aims to promote student learning and understanding, and show educators how to use technology to motivate learners and encourage productive interaction.

In the 21st century technology has become an essential part of teaching and learning. This manual provides practical advice on teaching in a wide range of technologies, including the internet and multimedia packages. Using case studies to illustrate the key concepts, this book aims to promote student learning and understanding, and show educators how to use technology to motivate learners and encourage productive interaction.

In April 1966, thousands of artists, musicians, performers and writers from across Africa and its diaspora gathered in the Senegalese capital, Dakar, to take part in the First World Festival of Negro Arts (Premier Festival Mondial des arts negres). The international forum provided by the Dakar Festival showcased a wide array of arts and was attended by such celebrated luminaries as Duke Ellington, Josephine Baker, Aime Cesaire, Andre Malraux and Wole Soyinka. Described by Senegalese President Leopold Sedar Senghor, as 'the elaboration of a new humanism which this time will include all of humanity on the whole of our planet earth', the festival constituted a highly symbolic moment in the era of decolonization and the push for civil rights for black people in the United States. In essence, the festival sought to perform an emerging Pan-African culture, that is, to give concrete cultural expression to the ties that would bind the newly liberated African 'homeland' to black people in the diaspora. This volume is the first sustained attempt to provide not only an overview of the festival itself but also of its multiple legacies, which will help us better to understand the 'festivalization' of Africa that has occurred in recent decades with most African countries now hosting a number of festivals as part of a national tourism and cultural development strategy.

Distance education is arguably one of the major developments in education during the 20th Century. From schooling through to university education, distance education blossomed to facilitate frontier expansion in the New World, capacity-building in developing nations, access and equity provision in post-War societies and flexible professional development and workplace training for late-modernity. "The International Handbook of Distance Education" explores the array of distance education theories and practices as they have been shaped by the late-20th Century and then positions these in terms of the contemporary circumstances of the 21st Century. The "Handbook' is intended to be a comprehensive reference work for practitioners, researchers and administrators engaged in forms of distance education in private and public education, from schooling through undergraduate and postgraduate coursework to doctoral research programs. A critical thread runs throughout the "Handbook" to provide the reader with stimulation to critique policy and practice with a view to being creative and responsive in their own policy development and educational work. It discusses lifelong and flexible learning environments.

Fascinating Insight into How the Financial System Works and How the Credit Crisis AroseClearly supplies details vital to understanding the crisis Unravelling the Credit Crunch provides a clearly written, comprehensive account of the current credit crisis that is easily understandable to non-specialists. It explains how the financial system was drawn into the crunch and the issues that need to be addressed to prevent further disasters. To enable an understanding of the credit crunch, the author first examines the rules that constrain how financial institutions operate. He discusses how these institutions do business, what products were central to the development of the crunch, and how they behave. He thoroughly describes how financial institutions raise money and the legal and regulatory frameworks under which they operate. After exploring how the system works, the book illustrates how to change the rules to make financial disasters less likely. Focusing on the rules involved in the game of finance is essential if we want to figure out what happened that led to this financial debacle. This book shows us how the actions of many financial institutions, regulatory bodies, central banks, and investment managers adversely affected the entire financial system.

Sound risk management often involves a combination of both mathematical and practical aspects. Taking this into account, Understanding Risk: The Theory and Practice of Financial Risk Management explains how to understand financial risk and how the severity and frequency of losses can be controlled. It combines a quantitative approach with a more informal style, giving readers a blend of analysis and intuition. Divided into four parts, the book begins by introducing the basics of risk management and the behavior of financial instruments. The next section focuses on regulatory capital standards and models, addressing value-at-risk (VaR) models, portfolio credit risk, tranching, operational risk, and the Basel accords. The author then deals with asset/liability management (ALM) and liquidity management. The last part explores structured finance and a variety of new trading instruments, including inflation-linked products, sophisticated equity basket options, and convertible bonds. With numerous exercises, figures, and examples throughout, this book offers valuable insight on various aspects of financial risk management.

Popular perceptions of the local press in Britain centre around images of newspapers printed on old-fashioned machinery, filled with reports of courts, councils, fetes and jumble sales, and the births, marriages and deaths of local citizens. Bob Franklin and Dave Murphy argue that this perception is long out-of-date. With almost 1800 titles, including paid and free, morning, evening and weekly newspapers, the local press is a highly significant component both in local media networks and in the context of the British press as a whole. Many papers combine substantial circulation figures with high levels of advertising revenue and are likely to be the single most important source of news for many households in the area. And the local press can provide a relatively open and pluralistic forum for political debate. "What News?" examines recent developments which have radically altered many aspects of the organization, production and content of the local press, such as the rapid growth of free newspapers and the introduction and application of new printing technology. This book should be of interest to students and teachers of media and communication studies.

In April 1966, thousands of artists, musicians, performers and writers from across Africa and its diaspora gathered in the Senegalese capital, Dakar, to take part in the First World Festival of Negro Arts (Premier Festival Mondial des arts negres). The international forum provided by the Dakar Festival showcased a wide array of arts and was attended by such celebrated luminaries as Duke Ellington, Josephine Baker, Aime Cesaire, Andre Malraux and Wole Soyinka. Described by Senegalese President Leopold Sedar Senghor, as 'the elaboration of a new humanism which this time will include all of humanity on the whole of our planet earth', the festival constituted a highly symbolic moment in the era of decolonization and the push for civil rights for black people in the United States. In essence, the festival sought to perform an emerging Pan-African culture, that is, to give concrete cultural expression to the ties that would bind the newly liberated African 'homeland' to black people in the diaspora. This volume is the first sustained attempt to provide not only an overview of the festival itself but also of its multiple legacies, which will help us better to understand the 'festivalization' of Africa that has occurred in recent decades with most African countries now hosting a number of festivals as part of a national tourism and cultural development strategy.

The 2007 manifesto in favour of a "Litterature-monde en francais" has generated new debates in both "francophone" and "postcolonial" studies. Praised by some for breaking down the hierarchical division between "French" and "Francophone" literatures, the manifesto has been criticized by others for recreating that division through an exoticizing vision that continues to privilege the publishing industry of the former colonial metropole. Does the manifesto signal the advent of a new critical paradigm destined to render obsolescent those of "francophone" and/or "postcolonial" studies? Or is it simply a passing fad, a glitzy but ephemeral publicity stunt generated and promoted by writers and publishing executives vis-a-vis whom scholars and critics should maintain a skeptical distance? Does it offer an all-embracing transnational vista leading beyond the confines of postcolonialism or reintroduce an incipient form of neocolonialism even while proclaiming the end of the centre/periphery divide? In addressing these questions, leading scholars of "French", "Francophone" and "postcolonial" studies from around the globe help to assess the wider question of the evolving status of French Studies as a transnational field of study amid the challenges of globalization.

The 2007 manifesto in favour of a "Litterature-monde en francais" has generated new debates in both "francophone" and "postcolonial" studies. Praised by some for breaking down the hierarchical division between "French" and "Francophone" literatures, the manifesto has been criticized by others for recreating that division through an exoticizing vision that continues to privilege the publishing industry of the former colonial metropole. Does the manifesto signal the advent of a new critical paradigm destined to render obsolescent those of "francophone" and/or "postcolonial" studies? Or is it simply a passing fad, a glitzy but ephemeral publicity stunt generated and promoted by writers and publishing executives vis-a-vis whom scholars and critics should maintain a skeptical distance? Does it offer an all-embracing transnational vista leading beyond the confines of postcolonialism or reintroduce an incipient form of neocolonialism even while proclaiming the end of the centre/periphery divide? In addressing these questions, leading scholars of "French", "Francophone" and "postcolonial" studies from around the globe help to assess the wider question of the evolving status of French Studies as a transnational field of study amid the challenges of globalization.

This is the first introduction of its kind to an important cross-section of postcolonial African filmmakers from the 1950s to the present. Building on previous critical work in the field, this volume will bring together ideas from a range of disciplines - film studies, African cultural studies, and, in particular, postcolonial studies - in order to combine the in-depth analysis of individual films and bodies of work by individual directors with a sustained interrogation of these films in relation to important theoretical concepts. Structurally, the book is straightforward, though the aim is to incorporate diversity and complexity of approach within the overall simplicity of format. Chapters provide both an overview of the director's output to date, and the necessary background - personal or national, cultural or political - to enable readers to achieve a better understanding of the director's choice of subject matter, aesthetic or formal strategies, or ideological stance. They also offer a particular reading of one or more films, in which the authors aim to situate African cinema in relation to important critical and theoretical debates. This book thus constitutes a new departure in African film studies, recognising the maturity of the field, and the need for complex yet accessible approaches to it, which move beyond the purely descriptive while refusing to get bogged down in theoretical jargon. Consequently, the volume should be of interest not only to specialists but also to the general reader. -- .

This is the first introduction of its kind to an important cross-section of postcolonial African filmmakers from the 1950s to the present. Building on previous critical work in the field, this volume will bring together ideas from a range of disciplines - film studies, African cultural studies, and, in particular, postcolonial studies - in order to combine the in-depth analysis of individual films and bodies of work by individual directors with a sustained interrogation of these films in relation to important theoretical concepts. Structurally, the book is straightforward, though the aim is to incorporate diversity and complexity of approach within the overall simplicity of format. Chapters provide both an overview of the director's output to date, and the necessary background - personal or national, cultural or political - to enable readers to achieve a better understanding of the director's choice of subject matter, aesthetic or formal strategies, or ideological stance. They also offer a particular reading of one or more films, in which the authors aim to situate African cinema in relation to important critical and theoretical debates. This book thus constitutes a new departure in African film studies, recognising the maturity of the field, and the need for complex yet accessible approaches to it, which move beyond the purely descriptive while refusing to get bogged down in theoretical jargon. Consequently, the volume should be of interest not only to specialists but also to the general reader. -- .

Derivatives Regulation - Rules and Reasoning from Lehman to Covid provides an indepth examination of the changes made to the regulation of derivatives that were enacted following the global financial crisis of 2008, considering the motivations behind these changes and including insights from the Covid pandemic. Key areas of derivatives regulatory reform are examined, including bank capital and leverage rules, the clearing mandate, uncleared margin rules, and the principles for the regulation of central counterparties. After providing an overview of the global financial crisis, the motivations for these reforms in its immediate aftermath are considered, as well as the impact of these rules on the financial system, using insights from the market stress around the onset of the Covid pandemic in 2020. The book analyses the construction of financial regulation, as well as its nature and how this should be assessed, using tools from the law, economics, and regulatory theory. Global administrative law, cost benefit analysis, and the results of regulatory interventions in other areas throw light on the legitimacy, efficiency, and effectiveness of derivatives regulation. Insights from international political economy are also discussed, situating financial regulation within the regulatory state, while showing how its institutional arrangements shape regulatory outcomes. Suggestions for improving both rules and regulatory processes are considered in the conclusion of the book.

After the credit crisis, supervisors enacted a range of financial reforms. In particular, they radically changed the nature of the OTC derivatives market via a number of measures, notably mandatory central clearing. This book discusses the market before the crisis, explains what central clearing is, and outlines the consequences of the new rules.

Urban development cooperation needs innovative solutions. Despite many efforts, international assistance has failed to address the challenges faced by cities in developing countries. This book seeks to raise awareness about the value of corporate social responsibility as a tool in urban development assistance.