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On July 14, the European Commission (Commission) adopted several delegated regulations (Delegated Regulations) to supplement the amended and restated Markets in Financial Instruments Directive (MiFID II), and the Markets in Financial Instruments Regulation (MiFIR), respectively. Different theories try to answer why prices rise at different speeds over time, but there are two central explanations within economics. Consider the analogy of an auction room. If it is full of willing buyers with plenty of money then it is more likely that higher prices can be achieved for a particular lot being sold. In this case the amount of money available, known as the money supply”, will influence the likely level of prices. If there was less money available then the bidding could not go as high. This is the view of the monetarists who believe that inflation can be controlled by changing the level of money that circulates in the economy, for instance overcoming low inflation by adding more money via programmes such as quantitative easing (QE).
That’s because a foreign-stock investor’s return consists of two parts: any gain or loss in the security itself over their holding period, as well as any gain or loss in the currency in which it’s denominated over the same time frame. If a foreign stock gains 15% but the currency in which it is denominated loses 25%, the investor will have a 10% loss. That helps explain why many foreign-stock fund investors saw their holdings disappoint relative to U.S. stock holdings in the period from 2011-2016: Foreign stock markets performed reasonably well, but those gains lost some of their oomph when foreign currencies’ declines relative to the strong dollar were factored in. Not surprisingly, foreign-stock funds that hedge their currency exposure-that is, employ futures contracts to remove gains or losses in foreign currencies from their returns-performed much better than their nonhedged counterparts (spurring a boomlet in the launch of hedged ETF products) over that time frame.
Peter joined the company in August 2016 following 25 years at Thomson Reuters. During his time at Thomson Reuters he established the Thomson Reuters Enterprise business, lead the integration of the Thomson Financial and Reuters businesses, ran data and technology operations as CTO and most recently lead the Financial Division, a global $6bn revenue business.
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management. In Europe, Citi manages more than $1.1 billion in retail funds.
First, there is a cap on the funding obligations of companies in terms of transfer values for new employees. When an employee changes jobs, the transfer value of accrued pension rights in the previous employer’s scheme might cost more at the new company scheme (or the other way round), because of the calculation rules for the transfer. This can lead to additional payments for either the old or the new employer.
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