Banking Structures and Regulation in the UK

Banking Structures and Regulation in the UK Part 1 Bank Structure and Regulation in the UK The uks banking system falls into the â€Å"restricted universal† category because banks are discouraged from owning commercial concerns. It is made up of: commercial banks consisting of the â€Å"big bang† uk banks, HSBC (Hong Kong Shanghai Banking Corporation), the Royal Bank of Scotland group, HBOS (Halifax Bank of Scotland) and Barclays, with tier 1 capital in 2005 ranging from $35 billion (HSBC) to $19 billion (Barclays) and the group together with about a dozen or so other major banks including Lloyds-TSB ($ 2.5 billion), abbey national, standard chartered and Alliance and Leicester ($ 2.5 billion). The big four, and some of the other banks, engage in retail, wholesale and investment banking, and some have insurance subsidiaries. By the turn of the century, many of the traditional English merchant had been bought by foreign concerns, beginning with Deutsches purchase of Morgan Grenfell bank in 1988. Kleinwort Benson was bought by Dresdner, and the Warburgs by the union bank of Switzerland. Barings having collapsed in 1995 was bought by ING, but Later closed. Some building societies converted to banks following the building societies Act,  1986. Effective January 1987, the Act allowed building societies to convert to bank plc status, to be supervised by bank of England and protected from hostile takeover for five years. Most of the top ten (by the size) building societies in 1986 had, by the new century, given up their mutual status. The early conversions were Abbey National (1989), Bristol and west, Cheltenham and Gloucester (1992; a subsidiary of Lloyds TSB). Building societies that converted between 1995-7 were the Halifax (after a merger with Leeds BS), Alliance Leicester, Northern Rock and Woolwich (taken over by Barclays in 2000). Birmingham Midshires was purchased by the Halifax in 1999; Bradford Bingly converted in 2000. Building societies have a long history in British retail finance. Member of the a society paid subscriptions, and once there was enough funding, a selection procedure determined the member who would receive funds for house purchase or building. In 1945 permanent societies began to form, members kept a share a (deposit) account at a society and could, after period of time, expect to be granted a mortgage. Over time, depositor and mortgages were not necessarily from the same group. As mutual organisation, every customer (depositor or borrower) has a share in the society, with the right to vote on key managerial change. Each vote carries  the same weight, independent of the size of deposit mortgage or loan. In 1984, an informal but effective cartel linking the building societies dissolved after Abbey National broke ranks,(2008 Abbey bank merger with European bank Santander) by the time, many of the large societies viewed the â€Å"big four† and other banks as their main competitor. The Building Societies Act (1986) took effect in January 1987, and allowed building societies to offer a full range of retail banking services typical of a bank. The Act specified the financial activities a building society could undertake, namely: Offering a money transmission service through cheque books and credit cards. Personal loans, unsecured. Foreign currency exchange. Investment management and advice. Stock broking. Provision and underwriting of insurance, Expansion into other Eu states. Real estate services. However, there important restrictions: 90% of the building societys asset had to be resident mortgage, and wholesale money plus deposit could not exceed 20% of liabilities, subsequently raised to 40% then 50%. In 1986 act also gave these organisations the option of converting to bank status and as a results, the number of building societies fell dramatically as table1.1 shows The investment banking industry is dominated by major us and European banks including Goldman sachs, Morgen Stenly, Lehman Brothers, Merrill Lynch, uBS, Deutsche bank and credit Suisse. In additions the main uk banks also have investment banking subsidiaries (e.g. Barclays Capital). There are few independent uk merchant banks as most have been acquired by overseas investment and commercial banks. Recent Changes in Retail banking structure To operate in the retail markets, bank have traditionally required an extensive branch network. However, technological developments in particular the growth in automated teller machine (ATM) networks, telephone/internet banking, mobile phones and interactive digital television have enabled a new type of bank to emerge that does not need branches to conduct business. In uk the pioneer was First Direct, which began as a telephone bank in 1989 and is an operation of HSBC, one of the large clearing banks. By 2002 First Direct had around 1 million customer and offered a full range of retail bank services, from cheque accounts to personal loans. Over half of the customers First Direct regularly use internet to access their account. Most of the other established banks in the uk have followed the lead of HSBC and started up a remote banking service that allows customers to access their account using the telephone, internet or mobile phone. The british Bankers association (2002) reported that , in 2001, one third of all bank accounts were accessed through the telephone or internet. Of these remote transactions, it is the internet that now dominates, accounting for 167 million transaction in 2001 compared with 127 million telephone transactions. In late 1980s numbers of branch declined because of technology innovation. the introduction of ATMs (at the branch and remote location grew significantly. there was also a substantial growth in electronic funds transfer at point of sale (EFTPOS) terminals from 4,640 in 1993 to 8,984 in 1997 further reflecting the trend to supplement tradition with new distribution channels. These terminals are placed in retail stores, shopping centres , petrol stations and so on. That process credit and debit cards payments. The number of such terminals is believed to have exceed 11000 by 2004. Some of the banks proved pay-in machines out side the banks branches for 24/7. The reason for shifts from branches to other means of financial service firms desire to improve operating efficiency as well as customers increasing demands to access banking services outside traditional hours. As the banks and building societies branches fall rapidly the unemployment increased. The fall in staff employed is particularly noticeable for retail banks (it fell by round 75,000 between 1990 and 1996), although retail bank employment increased from then onwards by over 45,000 to reach just over 346000 by the of 2004. But from early 2008 to 2009 many branches closed because of recession (banking crisis), and by 2010 RBS plc will closed 300 more branches, in results 3,500 bank staff will become jobless. The increased in employment after 1996 is imputable to building societies conversion to bank plc. In addition there has been a substantial increase in employment by foreign banks since 1996 up to 2001 reflecting the booming capital markets activity of foreign owned investment banks in London. The graph shows that all the main banks have maintained relatively stable staff levels in recent years. It should noted that RBS acquired NatWest in 2000, large decline in NatWest is mirror by the increased at Royal Bank of Scotland. In 2004 330,700 staff were employed by Major Bank British Groups. Interesting to note that 63 per cent were female, of whom 76,300 were employed as part time worker. Throughout the 1995 there has been a gradual increase in the number of part time employed in the banking sector mainly in retail banking sector. Again the general decline in total employment in the banking sector and the increase in part time employment, are indicators of the banks desire to improve their operating efficiently. Recent development in the uk financial system. There has been a tremendous change in the uk financial system since the early 1980s. The change that have been taken place can be analysed in a systematic way. This analyse adapted from Llewellyn (19985, 1991), provides a framework for assessing and interpreting the more specific discussion of event in financial market. Some of the main force leading to the modification of any financial system are. Change in the market environment. Change in the portfolio preferences of user of financial intermediation services. Change in the preference of and constraints on the providers of financial intermediation services. The interaction of these forces produces financial innovation, which is essentially the development of new financial instruments and techniques of financial intermediation, and structural change in the financial system with appearance of new financial markets and change in the organisation and behaviour of institutions. Over the postwar period up to the end of the 1960s the uk financial system was characterised by strict demarcation between the various types of financial insititusions. So banks provides banking services and building societies provides housing finance services. As a consequence there was also little competition between the different types of institution. There was also little competition within a particular financial markets as, for example, banks and building societies operated cartels which set interest rates. Similarly within stock markets, restrictive practise, in particular the existence of minimum non negotiable commission, had the effect of reducing competition. In 1971 reform of the banking system, through a package of measure know as competition and credit control, led to the removal of the banking system cartel and greater competition within the industry. However, most of the deregulation of the financial system occurred after 1980, with the aim of introducing greater compe tition, alongside this deregulation there was a parallel trend to tighten up the prudential intermediation services. In 1980 controls on banking lending were abandoned, leaving banks free to expand into new areas and one areas which was targeted was housing finance. Banks therefore entered into competition with building societies. Which led to building societies abandoning their cartel arrangement, and in 1986 to the building societies act, which relaxed to some extent, the constraints imposed on building societies. Competition in uk banking the Cruickshank report The terms of reference for the enquiry were to examine innovation, competition and efficient in the retail banking industry in the uk, to see how these compared with international standards and to consider options for change. The enquiry team reported in March 2000(Cruickshank 2000). The report identifies that banks are treated differently from other industries in many respects, including high regulatory barriers to entry and diluted exposure to competition law. This special treatment is likely to be the result of an informal contract between government and banks, designed to deliver confident in the banking system. However the report argues that this special treatment of the industry has allowed banks to escape the rigours of effective competition. This conclusion is supported by reference to the fact that the return on equity for uk banks is well in excess of their cost of capital. The three areas of retail banking investigated in depth were, the payment system; services to personal customers (current accounts, saving products, personal loans, mortgages and credit cards); and services to small and medium-sized businesses (current accounts and external finance). Competition problems were found in each area. However, the report noted that, as a result of new entrants into the market for the supply of services to personal customers, competition is increasing and prices should fall in the future. The most severe competition problems were found in the payments services and as the current account is one of the main products provided to retail and small business customers, restrictions in payments services have an impact on other retail banking markets. The uk payments system consists of a series of unregulated networks (such as the bankers automated clearing services and ATM networks) mostly controlled by the main banks. Access to the system is restricted to banks or similar institutions. This clearing creates barriers to entry and therefore stifles innovation and competition. The Cruickshank committee recommended the establishment of a payments system regulator with power to deliver competitive outcomes. The government has instead proposed that the office of fair trading (OFT) be given new power to promote competition in payment system. The Cruickshank reviews also concluded that the supply of banking services to small and medium sized business was less competitive than the supply to personal customers. The market is more concentrated and has higher barriers to entry. As a consequence the government referred the problem to the competition commission. The competition commission confirmed that a complex monopoly exists in the supply of banking services to small and medium- sized business(competition commission 2002). It recommended a number of measures to reduce restrictive practices, including allowing small business customer to switch account to other banks quickly and with minimum cost. VSA Banking Structure and Regulation The central bank and bank supervisory function in the VSA have evolved to create a VS banking and financial structure which, by the late 20th century, was notably different from those in other western countries. Several factors explain its unique structure. First VS regulators have been far more inclined to seek statutory remedies in the event of a new problem, resulting in a plethora of legislation. Second the protection of small depositors has been considered an important objective since the 1930s. Third, concern about potential collusion among banks and between banks and regulators has received as much weight in the VSA as measures were put in place to preserve the stability of the banking system. However, two important financial reforms could result in gradual but major change in the structure of VS banking over the first decade of the new century. The most PART 2 1: CALL OPTION A OPTION that give the HOLDER the right but not the obligation to Buy a stated quantity of the underlying instrument at a specified price on or with in a predetermined period of time. 1.1: PuT OPTION A OPTION that give the HOLDER the right but not the obligation to Sell a stated quantity of the underlying instrument at a specified price on or within a predetermined period of time. CALL OPTION So=  £3.00 X =  £3.25 Period until maturity = 1 year Upwards price at 1 year =  £6.00 Downwards price at year =  £1.50 Risk free interest = 5% T= 0 T=1 Uso = 6.00 So = 3 Dso = 1.50 Max (uso X, 0) (6-3.25,0) = 2.75 Co = Max (Dso X, 0) (1.50- 3.25 , 0)= 0 6xY + (1+rf)Z P.Fo = 1x Y+Z 1.5x Y+(1+rf)Z Create a portfolio today by Y(number of shares) in BRIGHT Ventures plc and deposit  £Z at risk free interest rate for 1 year. Today P.F = 1xY+Z After One year If the shares price increase  £ 6xY+ (1+rf)Z = 2.75 If the shares price decrease  £ 1.5xY+(1+rf)Z=0 6.0xY+1.05Z=2.75 1.5xY+1.05Z=0 4.5Y= 2.75 Y= 2.75/4.5 Y= 0.61111 1.50.61111+1.05Z=0 0.9167+1.05Z=0 1.05Z= 0.9167 Z= -0.9167/1.05 Z= 0.873 P.F = 1xY+Z P.F = 30.61111+ 0.873 P.F= 0.96033 PuT OPTION So=  £3.00 X =  £3.25 Period until maturity = 1 year Upwards price at 1 year =  £6.00 Downwards price at year =  £1.50 Risk free interest = 5% Uso= 6.00 So = 3 Dso= 1.50 Max (X uso , 0) (3.25- 6, 0)= 0 Po= Max (X- dso, 0) (3.25-1.50, 0)= 1.75 6.0xY+(1+rf)Z P.Fo= 1xY+Z 1.5xY+(1+rf)Z Create a portfolio today by Y(number of shares) in BRIGHT Ventures plc and deposit  £Z at risk free interest rate for 1 year. Today P.F = 1xY+Z After One year If the shares price increase  £ 6xY+ (1+rf)Z = 0 If the shares price decrease  £ 1.5xY+(1+rf)Z= 1.75 6.0xY+1.05Z=0 1.5xY+1.05Z=1.75 4.5Y= 1.75 Y= -1.75/4.5 Y= 0.3889 6x 0.3889 + 1.05Z = 0 -2.3334 + 1.05Z = 0 1.05Z= 2.3334 Z= 2.3334/ 1.05 Z= 2.2223 P.F= 1xY+Z P.F = 3x 0.3889 + 2.2223 P.F= 1.0556 Put-Call-Parity The Put + underlying Security price = call + P.V[ X] P.V[X]= exercise price / 1 + rf P.V[X]= 3.095 Put + 3.00 = 0.96033 + 3.095 Put + 3.00= 4.05533 Put = 4.05533 3.00 Put = 1.05533 Black scholes Model Co = SxN (d1) Xe⠁ »rt N (d2) d1= ln (S/X)+ (r + v ²/2)t V √ t d2= d1 -V √ t d1 = ln (3/3.25) + (0.05 + 0.40 ²/2)1 0.40√ 1 d1= 0.0800+ ( 0.05 + .16/2)1 0.4 d1= 0.0800 + 0.13 .04 d1= 0.125 d2= 0.125 0.4 √ 1 d2= 0.275 d1= 0.125 d2= 0.275 N(d1)= Pr [Z ≠¤ 0.125] = 0.8944 N(d2)= Pr [Z ≠¤- 0.275] = 0.3936 Co = SN (d1) Xe⠁ »rt N(d2) Co = 3x 0.8944 3.25e⠁ »0.05 (0.3936) C0 = 2.6832 3.25 x 0.9512 x 0.3936 C0 = 2.6832 1.2168 Co= 1.4664

Blue Ocean Strategy Paper Essay

The blue ocean strategy in marketing is a distinctive method when it comes to building a customer base very different when it comes to competing within a certain type of industry. Instead of trying to compete in a crowded market place with existing companies, a blue ocean strategy will drive to create a complete new market segment that has no completion or other firms to compete against. In this day in age of technology and the emergence of it and globalization the importance of a blue ocean strategy has grown in recent years and in my essay I will explain the approach and how it is employed in the modern business environment, Blue ocean marketing strategy in marketing In today cluttered industries companies have to consider the four p’s of marketing when developing new offerings which include product, placement, price and promotion. In order to complete within their industries they must give consumers a certain value proposition for example a firm can offer a products at a very cost effective rate or at a higher quality than what is presently offered by other firms. In a blue ocean marketing strategy it would create an entirely new market causing a firm not having to worry about dealing with competition altogether. The blue ocean strategy, aims to create a new market place that will cause only one player in that industry eliminating any competition marketers build an entirely new product and service that is currently unknown to customers. In a case like this, it is vital to find effective ways to introduce and inform the public about the new product and service to develop awareness, interested and confidence. When product and service awareness has set in the new product will be positioned in point that provides no alternatives and allows much more effective branding tactics to be utilized. Modern examples of blue oceans moves There have been several notable blue oceans moves in modern business recently particularly in the technology realm the Nintendo Wii product shook up the gaming world when it was released 10yrs ago rather than compete with the ps3Â  and Xbox Nintendo decided to create a whole new gaming concept that used motion detectors instead of button controls the gaming system was received very well by gamers and built a new market with no direct competition I would require years of tech development for the company’s main rivals to offer similar products another notable blue market strategy occurred with the launch of toms shoes instead of just selling shoes toms created a unique business model that is essentially a hybrid of a charity and a shoe manufacturer it became the only company were a consumer could buy a pair of shoes and have a comparable pair donated to a third world country this strategy gives consumers an additional level of value that no other shoe manufacturer such as Nike jimmy Choo could match. Alternative red oceans move Red ocean strategy is the exact opposite move which positions a product in an already crowded market place while it does sound attractive there are many benefits to competing in a mature market there is already a strong customer education about the types of p/s being sold there dore companies do not need to spend a large budget on educating the consumer the main con of a red ocean move is that it can be hard to find a lucrative niche in well established markets just imagine trying to create a new soda brand that directly competes with coca cola it would be very unlikely that this new soda brand could upset the world’s largest soft drink supplier. Conclusion Many technology firms are now trying to implement blue ocean strategies to gain a competitive advantage in the market while there are many risks associated with their move it can be very lucrative if it successful ultimately marketers will need to weigh the potential benefits and risks that can emerge from taking the plunge into the blue ocean of business.

McCarthyism and Documents of History - 1422 Words

During the times of McCarthyism the House Committee on Un-American Activities employed barbaric and â€Å"Un-American† techniques that would characterize the American law system as an extinguisher of American civil liberties; during this exploration we will be examining a brief history of McCarthyism and a few documents from this time period. Initially, we will be traversing the history from pre-McCarthyism on into the times of McCarthyism. Following, we will be evaluating three documents from the times of McCarthyism: a letter to the House Committee on Un-American Activities, a reflection on the times of McCarthyism, and a political cartoon. The breeding grounds for McCarthyism developed in a time when the worlds two friendly alphas found it in their best interests to compete for the love and resolve of mother Earth. Initially, during World War Two the United States and the Soviet Union put their philosophies aside and formed a crucial alliance to asphyxiate Nazi inhumane hostility and expansion (Hewitt Lawson, 745). In contrast, Post World War Two, September 1945, the United States and the Soviet Union had emerged as the worlds superpowers but the previous alliance hastily deteriorated resulting in a â€Å"peace time† war that came to be know as the Cold War; the Cold War predominately didnt take position on the battle field; instead the Cold War was a conflict over philosophies of how society should be conducted and was a war of military buildup, and establishing economicShow MoreRelatedThe Cold War and Its Effect on The History of America Essay1706 Words   |  7 Pagesprevent Communism. Then in 1949 the Nort h Atlantic Treaty Organization (NATO) is created, while the Soviet Union explodes its first atomic bomb, and China adopts Communism. In February of 1950, Joe McCarthy begins communist witch hunt known as â€Å"McCarthyism† in the United States, meanwhile the Korean War begins. (3) In 1953, the Korean War ends, splitting Korea into Communist North, and Democratic South Korea at the thirty eighth parallel. The following year Vietnam is split at the seventeenth parallelRead MoreThe Salem Witch Trials, Mccarthyism, And Today s Events With Isis860 Words   |  4 Pages Bannon 1 English 2 P.6 Ms. Ryan 4 December 2015 History Repeats Itself The myth about history repeating itself is true. History repeats itself because in most past and present events, nobody wants to be associated with the persecuted group. Society always has a group that people oppress. The reason that there is always a group being persecuted is because nobody wants to be a part of the victimized group. The Salem Witch Trials, McCarthyism, and today’s events with ISIS are all similar becauseRead MoreEssay on Joseph McCarthy and the Red Scare1134 Words   |  5 Pagescommunists. The cold war had a large affect on this, because it is when America became afraid of communists or Russians. McCarthyism affected everyone in America Most citizens were afraid of the reds, some were former or current reds, some were accused and persecuted for being an assumed red. It’s clear that McCarthyism played a big role in the development of America. McCarthyism became a household term, not only associated with the red scare. It is now a term used for any accusation without any evidenceRead MoreAkshat Katoch. Mrs. Hollstein. Ap Lang. 16 March 2017.1643 Words   |  7 PagesThe history of the Soviet Union greatly contributed to this unjustified fear. During the nineteenth century, Karl Marx, a revolutionary socialist, wrote the â€Å"Communist Manifesto† which presented the idea of Communism. 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Although the war had ended, Americans were still in fear of the spreading of communism that may affect their society as a whole. Americans also feared the Soviet Union’s new technological advances such as the launch ofRead MoreEssay on The Witch Hearings in The Crucible by Arthur Miller1058 Words   |  5 Pagesare strong parallels between Arthur Millers The Crucible and the history it depicts and the reign of terror that the 1950s era of McCarthyism repeated. These two historical events are linked by several commonalities: a lack of intelligent discussion, public hysteria, threats, fear and finally, the presumption of guilt rather than innocence. Miller convincingly uses fiction and dialogue to recreate a very real moment in history, which due to t he timing of the plays release may also have beenRead MoreMccarthyism : Mccarthyism And Mccarthyism1647 Words   |  7 PagesMcCarthyism There were lights beaming so bright that you can barely see. All of the sudden the judge enters the courtroom before you. After the judge and this man named Joseph McCarthy asks you questions regarding the Communist Party. You stutter through the microphone and you are hesitant on what to say. This will go down in history as an era with intimidation and very aggressive forms of bullying called McCarthyism. McCarthyism was a campaign or practice that endorses the use of unfair allegationsRead MoreMccarthyism : America s History1678 Words   |  7 PagesMcCarthyism has a lot to do with America s history, even still today examples of McCarthyism are seen in america . Most victims of mccarthyism are hollywood actors and famous people because they impact american society more than regular people. Famous people such as Helen Keller, Leonard Bernstein , Burl Ives, Pete Seeger, Artie Shaw, Zero Mostel, Charlie Chaplin, Langston Hughes, Orson Welles, and Dolores del Rio were blamed for supp osedly being part of the communist party. But that was not all

What Are We Supposed To Know The Depiction of a...

â€Å"The farther backward you can look, the farther forward you are likely to see.† Winston Churchill seems to be saying, that if you don’t understand what happened in the past, you cannot help yourself in the future. William Shakespeare’s depiction of Julius Caesar is very controversial. It seems as if he gives the readers the chance to figure out if they like or dislike him. In the form of historical accuracy, Shakespeare is accurate with what he believes to be true. For Shakespeare, what he has written is accurate for his location and time. Shakespeare is very confusing with his depiction of Caesar, the way Cassius spoke of Caesar was of pure jealousy. He never seemed to have a reason to murder Caesar other than wanting to for his sake, and†¦show more content†¦No one was around except for himself. He had no reason to hide his true feelings toward the plan and Caesar. Cassius was quite jealous of Caesar, and used his intelligence to have everything g o as planned. Shakespeare exaggerated the play a bit for the audience to stay interested. When Shakespeare was writing the play, he tried to stay as historically accurate as possible, but he also needed to keep the play at an interesting level. Joseph S. M. J. Chang stated, â€Å"Julius Caesar exploits for dramatic purposes the growing awareness among Renaissance historians and others that the past is difficult to retrieve, and that the ends of history are best served by scrupulous objectivity† (Chang 63). If Shakespeare wrote his play with utter accuracy, the play would’ve most likely been dull and not graspable for the audience. Even now, as students study Julius Caesar, they don’t just study the history, but also the way it is written, and the characters within the play. The play was written for the audience’s engagement rather than history lesson which Chang states here, â€Å"What begins in the period with the attempt to define the ends and means of history culminates in Julius Caesar as the dramatic representation of the ironic discrepancy between man’s desired and created realities† (Chang 63). The audience wouldn’t have been as engaged, or even the play may not have been as memorable as it is today. Shakespeare represents what everyone would enjoy. WhenShow MoreRelatedRacism in Disney Movies Essay5488 Words   |  22 Pagesbit odd that a children’s film could start such a heated social debate; however, after taking into account Disney’s history with racism and racial insensitivity, it is not surprising at all that the first black Disney princess would be such a controversial figure. 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