Opciones Binarias acevedo: Neo F & O Sistema De Comercio

Tecnología NSE Trading

National Stock Exchange of India es uno de los principales mercados en el mundo en varios parámetros clave. El número de contratos negociados se relaciona directamente con la tecnología y la liquidez del intercambio. NSE se sitúa * en el top 3 globalmente para futuros de acciones y futuros y opciones de índices. La tecnología en el intercambio permanece entre bastidores para satisfacer la demanda de capacidad, confiabilidad y desempeño asegurando la ventaja competitiva de NSE como la plataforma de intercambio número uno de India.

Sistema Core Trading

El sistema comercial de NSEвЂ ™ s, llamado intercambio nacional para el comercio automatizado (NEAT), es una aplicación basada en servidor del estado de la técnica del cliente. Tiene récord de uptime de más del 99% con latencia está en el nivel de milisegundos de un dígito para todos los pedidos ingresados en el sistema NEAT. NSE ha estado realizando continuamente medidas de aumento de capacidad para satisfacer efectivamente los requisitos de un mayor número de usuarios y cargas comerciales asociadas.

Las principales aplicaciones comerciales de NSE se ejecutan en servidores tolerantes a fallos procedentes de Stratus Technologies. La generación anterior del sistema de comercio era altamente dependiente en el crecimiento de la industria del microprocesador para la escalabilidad mejorada. Esto estaba creando interruptores de la velocidad en el crecimiento demandado por los participantes indios del mercado. Hace algún tiempo NSE re-arquitectó el sistema de comercio para lograr escalabilidad ilimitada. El sistema ahora tiene una arquitectura de capas múltiples está diseñado para una escalabilidad ilimitada en cada capa. Cada capa del sistema de Trading puede ampliarse añadiendo más hardware a la capa. La reorganización del sistema ha aliviado la satisfacción de las crecientes necesidades de capacidad de Trading. Esta aplicación utiliza extensivamente tecnología de base de datos en memoria para proporcionar las necesidades de rendimiento esperadas de un sistema Matching. El tiempo de respuesta del motor coincidente se puede medir en milisegundos de un dígito para las miles de transacciones procesadas por el sistema cada segundo. Para complementar la velocidad del motor correspondiente, los datos de mercado se generan y distribuyen a una frecuencia de actualización muy alta. Usando el Multicasting el acceso a datos de mercado es accesible a todos los miembros comerciales casi simultáneamente.

NSE ofrece a sus clientes una característica Packer Work Station (TWS) con dos Front-ends, NEAT & NEAT PLUS para todos los segmentos del mercado. NEATPLUS TWS es una interfaz unificada para múltiples segmentos de mercado. Aparte de distribuir su propio front end NSE también publica el protocolo que puede ser utilizado por los proveedores independientes de software, así como las empresas de lado de la venta para desarrollar sus propios sistemas internos.

DMA, Algorithmic trading y facilidad de Co-location

El acceso directo al mercado y el comercio algorítmico se permitió en la India en abril de 2008. DMA abrió un acceso más rápido a los mercados indios para las instituciones financieras en todo el mundo. Ahora se está produciendo un movimiento significativo en todo el mundo, para consumir mejor la liquidez y aumentar las capacidades en todos los mercados. Mejores algoritmos con estrategias matemáticamente probadas que consumen liquidez, y sistemas más rápidos con latencia muy baja son la necesidad del día. Dado que las leyes de la física tienen que ser obedecidas, los sistemas de los miembros tienen que acercarse a los sistemas de intercambio para satisfacer los requisitos de latencias más bajas y una ejecución más rápida. La co-localización en locales de intercambio es el mecanismo utilizado por los intercambios para alcanzar estos objetivos.

NSE es también el intercambio que ha estado a la vanguardia de la implementación de servicios de co-localización y de los datos de mercado Tick-by-Tick entre varios otros primeros. La alta frecuencia y el comercio automatizado habían despegado en la India con el lanzamiento de NSEвЂ ™ s Co-localización servicios en enero de 2010. El servicio permite el alquiler de espacio de rack con conectividad de baja latencia para el intercambio con la obligatoria de suministro de energía, industria. Las características de la instalación incluyen fuente de alimentación UPS dual y capacidad 100% DG, múltiples unidades de aire acondicionado de precisión con redundancia N + 1, bastidor estándar de 42 U con alimentación de 6KVA y un puerto de red de 1 Gbps que proporcionará conectividad de datos de mercado. También se proporcionan los servicios básicos de TI, tales como Help Desk (24X7), Comprobaciones de Hardware, Gestión de Incidentes (Nivel 1), Coordinación en el lugar, Informes diarios, Recurso Nombrado (SPOC) para la cuenta y Encendido / Apagado / Encendido a petición.

Un flujo significativo de pedidos del intercambio está pasando ahora a través de la facilidad de Co-location, especialmente para Algorithmic Trading y Direct Market Access (DMA). Para complementar el comercio de alta frecuencia, Tick By Tick Market El feed de datos que genera transmisión para cada transacción es proporcionado por el intercambio. Más recientemente, la solución de datos Elektron de Thomson Reuters fue habilitada en el centro de co-localización para ofrecer conectividad de alta velocidad para los datos de NSE.

Compatible con el Intercambio de Información Financiera (Protocolo FIX), el Protocolo de Mensajería de la Industria-Estándar, para el mercado Equity, Derivatives y Currency se logra a través del software de conectividad de NSEвЂ ™ s propio denominado TAP (Trading Access Point).

Provisión de servicios de aplicaciones de NOW

NSE on Web (AHORA) - Una nueva iniciativa para los miembros fue tomada por ofrecer una opción de despliegue de bajo costo y bajo tiempo para el mercado para nuestros miembros. AHORA es un paradigma de nube de costos casi cero basado en la opción comercial. NOW cloud proporciona conectividad a los derivados de NSE, Derivados, Derivados de divisas y Segmentos de fondos mutuos y también con otros centros de negociación. Los principales beneficios del uso de NOW son casi cero tiempo de comercialización, costo de infraestructura, costo de mantenimiento, auditoría del sistema, requisito de conectividad, actualizaciones y control de versiones. La comunidad entera del miembro sea el miembro más nuevo o un veterano ha estado utilizando AHORA con éxito para las varias necesidades del comercio básico a la negociación de la continuidad del negocio.

Las medidas de contención de riesgo en NSE incluyen los requisitos de adecuación de capital de los miembros, el monitoreo del desempeño de los miembros y el historial, los rigurosos requisitos de margen, los límites de posición basados en capital, el monitoreo en línea de las posiciones de los miembros y la inhabilitación automática de la negociación. Los márgenes para el miembro se calculan primero para sus clientes y luego se recaudan entre los clientes para llegar al margen del miembro. La metodología aplicada se basa en la metodología Value-at-Risk (VaR). El segmento de capital lo utiliza para su gestión de riesgo, mientras que para los productos derivados se utiliza el Análisis de Cartera Estándar de Riesgo (SPAN) ®. SPAN es una metodología altamente sofisticada de valor en riesgo que calcula los requisitos de rendimiento / margen de rendimiento analizando el "qué-si" de prácticamente cualquier escenario de mercado.

El sistema de gestión de riesgos calcula las posiciones y los márgenes en tiempo real. El proceso de cálculo del riesgo consta de varias etapas que comienzan con el proceso de inicialización en términos de recepción de información maestros, depósitos de miembros y recepción de cargas de datos en línea del sistema comercial, cálculo de las posiciones abiertas y supervisión de las infracciones en tiempo real. Los parámetros de riesgo se calculan 5 veces al día en base a la volatilidad intra-día. Los márgenes finales se calculan utilizando los parámetros de riesgo de fin de día calculados sobre la volatilidad al final del día.

NSE introdujo Cross Margining en 2008 para mejorar la liquidez. Cross margining está disponible en todo el efectivo y F & O segmento. Las posiciones de los clientes en los segmentos de efectivo y F & O en la medida en que se compensan entre sí. El beneficio de margen cruzado se calcula en tiempo real teniendo en cuenta los clientes posiciones en ambos segmentos. El beneficio se recauda entonces en todos los clientes y se transmite al miembro.

El ranking global de NSEвЂ ™ s para algunos parámetros *

Productos & amp; Servicios

NSE optó por aprovechar la tecnología para crear un nuevo diseño de mercado. Considera que la tecnología proporciona el impulso necesario para que la organización mantenga su ventaja competitiva y garantice la puntualidad y satisfacción en el servicio al cliente.

Los diversos sistemas de aplicación que NSE utiliza para su comercio, así como compensación y liquidación y otras operaciones forman la columna vertebral de la Bolsa. Los sistemas de aplicación utilizados para el funcionamiento cotidiano de la Bolsa pueden dividirse en (a) Aplicaciones de Negociación y (b) Otras Aplicaciones.

NSE ofrece tecnología superior y eficiencia comercial para todos los participantes del mercado. El piso de comercio electrónico completo de NSE aumenta la velocidad de ejecución y proporciona una capacidad insuperable que garantiza que los pedidos se procesen en sub milisegundos. La plataforma de comercio proporciona

En un entorno de negociación de alta frecuencia (HFT) donde la importancia de milisegundos y la mejor ejecución es primordial, NSE proporciona el lugar de negociación más utilizado y confiable en el país.

La plataforma de negociación de NSE es conocida por su tecnología de alto rendimiento y confiabilidad probada con un 99.999% de tiempo de actividad. El extremo del anfitrión utiliza un acercamiento acodado y tiene varios sub-sistemas funcionales que pueden escalar independientemente basados en las necesidades del negocio. La base de datos en memoria se utiliza dentro de las distintas capas para garantizar el menor tiempo posible para el procesamiento de transacciones, garantizando así una baja latencia.

Mediante la utilización de la tecnología de satélite moderno, terrestre red de línea arrendada y de Internet, los usuarios de todo el mundo están conectados a la plataforma de comercio. Los usuarios pueden utilizar NSE desde una pantalla completamente automatizada conocida como NEAT (Negociación Automática) / NEATPLUS para el comercio o, alternativamente, pueden utilizar sus propios front-ends, servidores de gestión de pedidos (OMS) o proveedores independientes de software (ISV) Conectarse a la plataforma de negociación.

El sistema NEAT-CM se ocupa de la negociación de valores en el segmento de Mercado de Capitales que incluye acciones, bonos / obligaciones así como ventas minoristas. La aplicación se ejecuta en tres sistemas Stratus con comunicación a través del protocolo TCP IP. Esta es una interfaz directa con los miembros comerciales del segmento CM de Exchange para introducir los pedidos en el sistema principal.

El sistema NEAT-F & O se encarga de la negociación de valores en el segmento de Futuros y Opciones (F & O) que incluye Futuros sobre el Índice así como acciones individuales y Opciones sobre el Índice, así como acciones individuales. Se trata de una interfaz directa con los miembros comerciales del segmento F & O de la Bolsa para introducir los pedidos en el sistema principal.

El sistema NEAT-WDM se encarga de la negociación de valores en el segmento de Mercado de Deuda Mayorista (WDM) que incluye Gilts, Bonos Corporativos, CPs, T-Bills, etc. Esta es una interfaz directa con los miembros comerciales del segmento WDM de Exchange Para introducir las órdenes / operaciones en el sistema principal.

El sistema Neo-IPO es una interfaz para ayudar a la oferta pública inicial de las empresas que están emitiendo las acciones para recaudar capital del mercado. Se trata de una interfaz directa con los miembros comerciales del segmento CM que están registrados para realizar la entrada de pedidos en nombre de sus clientes para IPOs. NSE utiliza el sistema IPO de NEAT que permite licitar en varios temas simultáneamente.

El sistema NEAT-MF es una interfaz con los miembros comerciales del segmento CM para la recogida de órdenes de las Unidades de Fondos Mutuos designados.

El sistema NEAT-CD proporciona una interfaz para la negociación de derivados de divisas y Futuros de Tasa de Interés.

NEATPLUS es una aplicación front-end multimercado NEATPlus para sus miembros. Esta aplicación proporciona una plataforma de negociación común a los miembros de NSE para operar en el Mercado de Capitales así como en los segmentos de Futuros y Opciones en NSE. Los miembros pueden tener acceso a los segmentos CM y F & O en un único terminal con capacidad para supervisar y negociar valores de renta variable así como derivados de renta variable de una sola pantalla.

El intercambio también proporciona una facilidad a sus miembros para usar su propio software front-end a través de la CTCL (computadora a enlace de computadora). El miembro puede desarrollar su propio software o utilizar productos desarrollados por los proveedores de CTCL.

AHORA NSE también ofrece servicios comerciales basados en Internet a los miembros de NSE. Esta facilidad se marca como AHORA "aseado en Web" AHORA proporciona un portal del Internet para los miembros de NSE y sus clientes autorizados para negociar órdenes y comercios al mercado diverso de NSE a saber. CM, F & O y Moneda. Los miembros también pueden acceder AHORA a través de su VSAT / línea arrendada existente, además de enlaces a Internet. Las diversas características proporcionadas por NOW son (a) funciones completas de administración, sistema flexible de administración de riesgos, terminales de distribuidor de alta velocidad y facilidad de comercio en línea para inversionistas.

El Sistema Nacional de Liquidación y Liquidación (NCSS) es el sistema de compensación y liquidación del NSCCL para las operaciones realizadas en el segmento CM de la Bolsa. El sistema tiene 3 interfaces importantes - OLTL (carga de comercio en línea) que toma cada comercio ejecutado en tiempo real y asigna lo mismo a los miembros de compensación, interfaz de depósito que conecta a los depositarios para la liquidación de valores y Clearing Bank Interface que conecta el 13 bancos de compensación para la liquidación de fondos. También interactúa con los miembros compensadores para todos los informes requeridos. A través de un sistema de gestión de garantías mantiene una cuenta de todas las garantías disponibles en nombre de todos los miembros de la negociación / compensación e integra lo mismo con la supervisión de la posición de los miembros de negociación / compensación. El sistema también genera informes de adecuación de capital base.

El Sistema de Compensación y Liquidación de Opciones Futuras y de Opciones (FOCASS) es el sistema de compensación y liquidación del NSCCL para las operaciones realizadas en el segmento F & O de la Bolsa. Interfiere con los miembros de compensación para todos los informes requeridos. A través de un sistema de gestión de garantías mantiene una cuenta de todas las garantías disponibles en nombre de todos los miembros de la negociación / compensación e integra lo mismo con la supervisión de la posición de los miembros de negociación / compensación. El sistema también genera informes de adecuación de capital base.

El Sistema de Compensación y Liquidación de Derivados de Divisas (CDCSS) es el sistema de compensación y liquidación de operaciones realizadas en el segmento de derivados de divisas. A través del sistema de gestión de garantías, mantiene una cuenta de todas las garantías disponibles en nombre de todos los miembros de negociación / compensación e integra lo mismo con el monitoreo de posición de los miembros de negociación / compensación. El Sistema también genera informe de adecuación de capital base.

Sistema de vigilancia ofrece a los usuarios una facilidad para supervisar exhaustivamente la actividad comercial y analizar los datos comerciales en línea y fuera de línea.

El Sistema de monitoreo de posición en línea (OPMS) es el sistema de monitoreo de posición en línea que realiza un seguimiento de todas las transacciones realizadas para un miembro comercial con respecto a su adecuación de capital.

El Sistema de Monitoreo de Riesgos Paralelos (PRISM) es el sistema paralelo de administración de riesgos para operaciones F & O usando el Análisis de Cartera Estándar (SPAN). Es un sistema de supervisión integral y equilibrio de carga de una serie de procesadores paralelos que proporciona tolerancia a fallos completa. Proporciona información en tiempo real sobre el valor inicial del margen, la ganancia o pérdida de marca a mercado, los montos de garantías, los últimos precios por contrato, los intereses y límites abiertos por contrato. El sistema también realiza un seguimiento en tiempo real de la cartera de clientes en tiempo real de base de la base de margen inicial y la supervisión.

Sistema de Monitoreo de Riesgos Paralelos - Derivados de Moneda (PRISM-CD) es el sistema de gestión de riesgos del segmento de derivados de divisas. Es similar en características al PRISM del Segmento F & O.

El sistema de cobro captura los datos de las empresas que cotizan en el Intercambio para el gobierno corporativo y los integra al sistema comercial para las emisiones necesarias para el proceso de difusión de datos.

El sistema de membresía realiza un seguimiento de todos los detalles requeridos de los miembros negociadores de la Bolsa.

La red nacional de NSE

El intercambio opera y gestiona una red nacional. Esta red incluye 9 POP (puntos de presencia) de configuración en todo el país y el abastecimiento de 3070 + líneas arrendadas. Todos los POP están conectados a DC y DR a través de enlaces de alta velocidad (principalmente STM). Todos los miembros reciben una conexión punto a punto de 2mb con el POP más cercano. Todos los miembros tienen la opción de seleccionar los POP en función de su ubicación en la oficina. También hay planes para configurar POP adicionales basados en los requisitos de los miembros. La antigua red VSAT X.25 y la red de líneas arrendadas ha sido desactivada por completo.

Los POP existentes de NSE se basan en una infraestructura altamente redundante que se conecta a la configuración de Core y DR mediante enlaces redundantes de alta velocidad de backbone de múltiples proveedores de servicios. Mini POP con bajo requisito de conectividad es totalmente propiedad y operado por NSE se propone que se construirá con infraestructura redundante en Rajkot. Los enlaces de miembros terminarán en Mini POP y el tráfico se encaminará a través de un canal doble backbone a Mini POP cercano.

De acuerdo con las tendencias mundiales, el Exchange ha proporcionado a los miembros una facilidad de co-localización para el comercio de alta frecuencia de baja latencia. El centro de datos de co-localización es un centro de datos de infraestructura internacional, estándar, robusto, altamente redundante y seguro, construido en las instalaciones de BKC. Este centro de datos tiene una capacidad de 100+ bastidores completos y 28 bastidores de media.

enlaces relacionados

¡Mira el mercado en vivo!

¡Obtenga análisis de mercado en tiempo real!

Nueva versión de NEAT F & amp; O (8.0.1) y NEAT Plus Versión 3.0.7

El intercambio está planeando mejorar el funcionamiento del sistema que negocia con la introducción de la estructura partida en un futuro próximo. La liberación de la arquitectura de división es para hacer que el software escalable con el fin de mejorar la capacidad del sistema y la capacidad en términos de manejo creciente número de usuarios, valores y actividades en el mercado.

La Bolsa ya ha realizado las primeras sesiones simuladas de negociación para las mismas el 09 de diciembre de 2006 y el 10 de diciembre de 2006 vide circular no. NSE / F y O / 0082/2006 de fecha 07 de diciembre de 2006. Con el fin de probar aún más el rendimiento del sistema de arquitectura dividida. El Intercambio ha planeado una sesión de comercio más falsa el 23 de diciembre de 2006 con una nueva versión de NEAT-F & amp; O Versión 8.0.1 y NEATPlus Versión 3.0.7.

Después de una negociación simulada exitosa, la versión 8.0.1 de NEAT F & amp; O y la versión 3.0.7 de NEATPlus se implementarán en ambiente en vivo a partir del martes 26 de diciembre de 2006.

Se recomienda a los miembros que recojan la versión 8.0.1 de NEAT F & amp; O de NSE EXTRANET, directorio: / faoftp / faocommon / ver801 (detalles según el anexo 4) y NEATPlus versión 3.0.7 del directorio: /faoftp/faocommon/NEATPlusTWS3.0.7 (Detallado según el Anexo 5) después de las 16:00 horas del 21 de diciembre de 2006. Los miembros que accedan al EXTRANET a través de Internet (ftp://203.199.75.110) podrán recoger el software el 21 de diciembre de 2006 a partir de las 16:00 Horas en adelante.

Anexo - 1: El calendario para las sesiones de comercio simuladas.

Anexo - 2: Nuevas características.

Anexo 3: Instrucción para todos los usuarios de NEAT.

Anexo 4: Procedimiento de instalación de NEAT F & O (Versión 8.0.1).

Anexo - 5: Procedimiento de instalación para NEAT Plus (Versión 3.0.7).

Se aconseja a los miembros que tomen nota de lo siguiente:

Los usuarios de CTCL también necesitan participar activamente en las simulaciones de sesiones usando el software CTCL.

Los informes interactivos de la estación de trabajo del comerciante (TWS) para las operaciones realizadas el viernes 22 de diciembre de 2006 estarán disponibles hasta las 23:00 horas del viernes, 22 de diciembre de 2006 Se aconseja a los miembros que tomen la descarga de los informes dentro del plazo prescrito.

Instale la nueva versión sólo después del cierre de las horas de mercado el viernes, 22 de diciembre de 2006 después de tomar la copia de seguridad en línea, los informes interactivos y al finalizar todas las actividades de fin de día.

Importante para la acción inmediata de los miembros:

Se aconseja a los miembros que conserven el sistema NEAT F & amp; O versión 8.0.0 (spreltdr.8.0.0 y opneattdr. bat) en sus PCs cambiando el nombre del opneattdr. bat existente como opneattdr.8.0.0.bat antes de tomar la nueva versión según el procedimiento mencionado en el anexo 3 y 4. También se recomienda a los miembros que conserven la versión 3.0.4 de NEATPlus existente en sus ordenadores personales renombrando el NEATPlusTWSSetup. exe existente como NEATPlusTWSSetup3.0.4.exe.

Tras el éxito de la negociación simulada, los miembros deben advertir que, sin la instalación de la versión 8.0.1 de NEAT F o O o la versión 3.0.7 de NEATPlus. No podrán operar el martes 26 de diciembre de 2006.

Se aconseja a los miembros que se refieran también al sitio web de NSE en www. nseindia. com para cualquier información que pueda ser actualizada por el Intercambio en la sesión simulada.

Se recomienda a los miembros que se conecten el sábado 23 de diciembre de 2006 entre las 16:30 hrs y las 17:00 hrs para comprobar la conectividad con el entorno vivo para evitar problemas de registro el martes, 26 de diciembre de 2006.

Todas las operaciones resultantes de la sesión de comercio simulado no atraerán ninguna obligación en términos de fondos y / o pagos y pagos de valores. También se pide a los miembros que no transfieran ningún archivo de datos para esta sesión de comercio simulado.

Para cualquier aclaración, se recomienda a los miembros que se pongan en contacto con los siguientes funcionarios:

Sr. Arvind Goyal / Sr. Janardhan Gujaran / Sra. Shalini Rebeiro al 26598151 y 26598152.

En nombre y representación de

Bolsa Nacional de la India Limitada

Vicepresidente Adjunto (F & O Trade)

Nueva función - Restablecer ID de usuario

Se ha observado que debido al cierre abrupto de las terminales comerciales o debido a cualquier otro problema de conectividad asociado con los terminales comerciales en la oficina de los miembros muchas veces los miembros enfrentan problemas en volver a conectarse a la estación de trabajo comerciante. Al intentar volver a iniciar la sesión, se mostrará un mensaje emergente en la estación de trabajo del comerciante como "El usuario ya ha iniciado sesión". En esta situación, en la actualidad, los miembros comerciales llaman a la Bolsa para resolver el asunto.

Con el fin de permitir a los miembros hacer frente a esta situación de una manera más eficiente, se está proporcionando una nueva funcionalidad en los terminales NEAT-F & O y NEATPlus, es decir, 'Restablecer ID de usuario' que facilitará a los miembros la terminación de la sesión activa para los usuarios bajo el miembro comercial.

La facilidad se ha proporcionado a todos los Gerentes Corporativos y Gerentes de Sucursal y facilita lo siguiente:

La pantalla Restablecer ID de usuario permite al Administrador corporativo o al Gerente de sucursal terminar la sesión activa para los usuarios del miembro comercial.

El gerente corporativo o el gerente de sucursal no puede terminar su propia sesión activa.

Un administrador de sucursal puede finalizar la sesión activa para todos los usuarios de esa sucursal excepto para self. La sesión activa del administrador de la sucursal puede ser terminada por el administrador corporativo.

La sesión del Administrador Corporativo sólo puede ser terminada por el Intercambio.

Un tipo de usuario inferior en la jerarquía no puede finalizar la sesión activa del usuario que es más alto en la jerarquía. Es decir, un Gerente de Sucursal no puede terminar la sesión activa de su Gerente Corporativo.

Un tipo de usuario no puede finalizar la sesión activa del tipo de usuario similar en jerarquía, es decir, un administrador de sucursal no puede finalizar la sesión activa de otro administrador de sucursal.

Del mismo modo, un administrador de sucursal no puede finalizar la sesión activa de un distribuidor perteneciente a otra sucursal.

La sesión del usuario Admin puede ser terminada sólo por el Gerente Corporativo.

Para finalizar la sesión activa de un ID de usuario, el usuario debe realizar los siguientes pasos en los terminales comerciales NEAT-F & O:

1. En el menú suplementario, seleccione el comando de menú "Reset User ID". Se mostrará la ventana Restablecer ID de usuario.

2. Introduzca el ID de usuario del usuario cuya sesión activa debe finalizarse en el cuadro de edición con la etiqueta 'ID de usuario:' en la ventana Restablecer ID de usuario.

3. Haga clic en el botón 'Enviar'. Aparecerá un mensaje confirmando la finalización exitosa del ID de usuario introducido. Si la terminación de la sesión activa no tiene éxito, se mostrará un mensaje de error correspondiente.

4. Haga clic en el botón Exit o presione la tecla Escape para salir de la ventana Reset User ID.

5. Si un miembro comercial intenta finalizar la sesión de un usuario que no pertenece al miembro comercial, los mensajes apropiados se muestran en la parte frontal ( "No autorizado para restablecer el usuario Número de usuario: & lt; Número de usuario & gt;")

Para la aplicación NEATPlus, la ventana "Reset User Id" está disponible en la opción "Dialogs".

Comercio de Derivados en las Bolsas de Valores Nacionales Sistema de Negociación y Procedimientos [Origen: Sitio Web de NSE]

Los derivados se negocian en el segmento F & O de la Bolsa Nacional de Valores. NSE introdujo por primera vez en la India, totalmente automatizado basado en la pantalla de comercio. Utiliza un sistema de comercio moderno y totalmente informatizado diseñado para ofrecer a los inversores a lo largo y ancho del país una forma segura y fácil de invertir.

Hasta el advenimiento de NSE, un inversionista que deseaba transaccionar en una seguridad no negociada en el intercambio más cercano tenía que dirigir órdenes a través de una serie de corredores correspondientes al intercambio apropiado. Esto resultó en una gran incertidumbre y altos costos de transacción. Uno de los objetivos de NSE era proporcionar una facilidad de comercio a nivel nacional y permitir que los inversionistas se extendieran por todo el país para tener un acceso igual a NSE.

NSE ha hecho posible que un inversor acceda al mismo mercado y libro de pedidos, independientemente de su ubicación, al mismo precio y al mismo costo. NSE utiliza sofisticada tecnología de telecomunicaciones a través de la cual los miembros pueden operar remotamente desde sus oficinas ubicadas en cualquier parte del país. Las terminales comerciales de NSE (segmento F & O) están presentes en alrededor de 320 ciudades y pueblos de toda la India.

El sistema de comercio de NSE llamado "Intercambio Nacional para el Negocio Automatizado" (NEAT) es un sistema de comercio totalmente basado en la pantalla automatizado, que adopta el principio de un mercado impulsado por el pedido.

La negociación en el segmento de derivados tiene lugar todos los días de la semana (excepto sábados y domingos y festivos declarados por la Bolsa con antelación). Los tiempos de mercado del segmento de derivados son:

Mercado Normal / Mercado de Ejercicios Tiempo abierto. 09:55 horas Cierre normal del mercado. 15:30 horas Configurar el corte de tiempo para el límite de posición / valor de garantía. Hasta las 15:30 hrs Modificación del comercio hora final / Mercado del Ejercicio. 16:15 horas

El Sistema de Negociación de Futuros y Opciones ofrece un entorno de negociación totalmente automatizado para el comercio basado en pantallas, sin suelo a nivel nacional y un mecanismo de monitoreo y vigilancia en línea. El sistema soporta un mercado impulsado por órdenes y proporciona una completa transparencia de las operaciones comerciales

Las órdenes, como y cuando se reciben, se sellan por primera vez y luego se procesan inmediatamente para coincidencia potencial. Si no se encuentra una coincidencia, las órdenes se almacenan en diferentes "libros". Las órdenes se almacenan en la prioridad de precio-tiempo en varios libros en la siguiente secuencia:

Dentro de precio, por prioridad de tiempo

Reglas de concordancia de pedidos

La mejor orden de compra coincidirá con la mejor orden de venta. Una orden puede coincidir parcialmente con otra orden que resulta en múltiples operaciones. Para la orden que empareja, la mejor orden de la compra es la que tiene el precio más alto y la mejor orden de la venta es la que tiene el precio bajo. Esto se debe a que el equipo ve todas las órdenes de compra disponibles desde el punto de vista de un vendedor y todas las órdenes de venta desde el punto de vista de los compradores en el mercado. Por lo tanto, de todas las órdenes de compra disponibles en el mercado en cualquier punto del tiempo, un vendedor, obviamente, como para vender al precio de compra más alto posible que se ofrece. Por lo tanto, la mejor orden de compra es la orden con el precio más alto y viceversa.

Los miembros pueden activar activamente las órdenes en el sistema que se mostrarán en el sistema hasta que la cantidad total sea igualada por uno o más de los contra-pedidos y resulte en el comercio. Alternativamente, los miembros pueden ser reactivos y poner en órdenes que coincidan con los pedidos existentes en el sistema. Las órdenes que no coinciden en el sistema son órdenes "pasivas" y los pedidos que vienen para coincidir con los pedidos existentes se llaman órdenes "activas". Las órdenes se emparejan siempre en el precio pasivo de la orden. Esto asegura que las órdenes anteriores tengan prioridad sobre las órdenes que vienen después.

Un Miembro Negociador puede ingresar varios tipos de órdenes dependiendo de sus requerimientos. Estas condiciones se clasifican en general en 2 categorías: condiciones relacionadas con el tiempo y condiciones relacionadas con los precios.

DIA - Una orden de Día, como su nombre indica, es una orden que es válida para el día en que se introduce. Si la orden no coincide durante el día, la orden se cancela automáticamente al final del día de negociación.

GTC - Una orden Good Till Cancelada (GTC) es una orden que permanece en el sistema hasta que es cancelada por el Miembro Negociador. Por lo tanto, será capaz de extender los días de negociación si no se iguala. El número máximo de días en que una orden GTC puede permanecer en el sistema es notificado periódicamente por el Intercambio

GTD - Una orden de días / fecha de Good Till (GTD) permite al miembro comercial especificar los días / fecha hasta el cual el pedido debe permanecer en el sistema. Al final de este período, la orden se eliminará del sistema. Cada día / fecha contados es un día calendario e incluye días festivos. Los días / fecha contados incluyen el día / fecha en que se coloca la orden. El número máximo de días que un pedido GTD puede permanecer en el sistema es notificado por el intercambio de vez en cuando.

IOC - Una Orden Inmediata o de Cancelación (IOC) permite a un Miembro Negociador comprar o vender un valor tan pronto como la orden es lanzada al mercado, de lo contrario la orden será retirada del mercado. La coincidencia parcial es posible para el pedido, y la parte sin igual del pedido se cancela inmediatamente

Limit Price / Order - Una orden que permite especificar el precio al introducir el pedido en el sistema.

Precio de Mercado / Pedido - Una orden para comprar o vender valores al mejor precio que se pueda obtener al momento de ingresar el pedido.

Stop Loss (SL) Precio / Pedido - El que permite al Miembro Negociador realizar un pedido que se activa sólo cuando el precio de mercado de la garantía relevante alcanza o cruza un precio umbral. Hasta entonces la orden no entra en el mercado.

Una orden de venta en el libro Stop Loss se activa cuando el último precio negociado en el mercado normal alcanza o cae por debajo del precio de activación del pedido. Una orden de compra en el libro Stop Loss se activa cuando el último precio negociado en el mercado normal alcanza o excede el precio de activación del pedido.

P. ej. Si para la orden de compra de stop loss, el gatillo es 93.00, el precio límite es 95.00 y el precio de mercado (último negociado) es 90.00, entonces esta orden es liberada en el sistema una vez que el precio de mercado alcance o exceda 93.00. Esta orden se agrega al libro de lotes regulares con el tiempo de activación como la marca de tiempo, como una orden limitada de 95.00

Computer-to-Computer Link (CTCL)

NSE ofrece una facilidad a sus miembros comerciales por los cuales los miembros pueden utilizar su propio software front-end comercial para poder operar en el sistema comercial de NSE. Esta facilidad llamada Computer-to-Computer Link (CTCL) está disponible sólo para los miembros comerciales de NSE.

Acerca de la instalación CTCL

Los Socios Comerciales pueden usar su propio software ejecutándose en cualquier plataforma de hardware / software adecuada de su elección. Este software sería un reemplazo del software front-end de NEAT que los miembros utilizan actualmente para operar en el sistema comercial de NSE. Los miembros pueden utilizar software personalizado para satisfacer sus necesidades especializadas como la provisión de análisis de comercio en línea, herramientas de gestión de riesgos, integración de operaciones de back-office, etc. Los distribuidores del miembro pueden operar utilizando el software remotamente a través de la red privada del miembro, A las aprobaciones del Departamento de Telecomunicaciones, etc. que puedan ser necesarias a este respecto.

Comercio basado en Internet

La Junta de Valores y Bolsa de la India (SEBI) aprobó el informe sobre comercio de Internet presentado por el Comité SEBI sobre comercio y servicios basados en Internet. Internet trading can take place through order routing systems, which will route client orders to exchange trading systems for execution. Thus a client sitting in any part of the country would now be able to trade using the Internet as a medium through brokers' Internet trading systems.

SEBI-registered brokers can introduce Internet based trading after obtaining permission from respective Stock Exchanges. SEBI has stipulated the minimum conditions to be fulfilled by trading members to start Internet based trading and services, vide their circular no. SMDRP/POLICY/CIR-06/2000 dated January 31, 2000.

Internet trading at NSE

NSE became the first exchange to grant approval to its members for providing Internet based trading services. In line with SEBI directives, NSE has issued circulars detailing the requirements and procedures to be complied with by members desirous of providing Internet based trading and services.

Members can procure the Internet trading software from software vendors who are empanelled with NSE or they may develop the software through their own in-house development team or may procure the software from other non-empanelled vendors.

Members can also avail of services provided by Application Service Providers (which may inter-alia include providing / maintaining software / hardware / other infrastructure etc.) for providing Internet based trading services subject to the Application Service Provider (ASP) being empanelled with the Exchange for providing such services.

Corporate Actions Adjustment

The basis for any adjustment for corporate actions shall be such that the value of the position of the market participants, on the cum and ex-dates for the corporate action, shall continue to remain the same as far as possible. This will facilitate in retaining the relative status of positions viz. in-the-money, at-the-money and out-of-money. This will also address issues related to exercise and assignments.

Corporate Actions to be adjusted

The corporate actions may be broadly classified under stock benefits and cash benefits.

The various stock benefits declared by the issuer of capital are:

NSE Trading System - 'National Exchange for Automated Trading' (NEAT)

NSE introduced for the first time in India, fully automated screen based trading. It uses a modern, fully computerised trading system designed to offer investors across the length and breadth of the country a safe and easy way to invest. The NSE trading system called 'National Exchange for Automated Trading' (NEAT) is a fully automated screen based trading system, which adopts the principle of an order driven market. NEAT is a fully automated screen based trading system, which adopts the principle of an order driven market. NSE consciously opted in favour of an order driven system as opposed to a quote driven system. This has helped reduce jobbing spreads not only on NSE but in other exchanges as well, thus reducing transaction costs.

Till the advent of NSE, an investor wanting to transact in a security not traded on the nearest exchange had to route orders through a series of correspondent brokers to the appropriate exchange. This resulted in a great deal of uncertainty and high transaction costs. One of the objectives of NSE was to provide a nationwide trading facility and to enable investors spread all over the country to have an equal access to NSE.

NSE has made it possible for an investor to access the same market and order book, irrespective of location, at the same price and at the same cost. NSE uses sophisticated telecommunication technology through which members can trade remotely from their offices located in any part of the country. NSE trading terminals are present in 366 cities and towns all over India.

Trading on the equities segment takes place on all days of the week (except Saturdays and Sundays and holidays declared by the Exchange in advance). The market timings of the equities segment are:

Normal Market Open. 09:55 hours

Normal Market Close. 15:30 hours

The Closing Session is held between 15.50 hours and 16.00 hours

Limited Physical Market Open. 09:55 hours

Limited Physical Market Close. 15:30 hours

The Exchange operates the following sub-segments in the Equities segment

Rolling Settlement In a rolling settlement, each trading day is considered as a trading period and trades executed during the day are settled based on the net obligations for the day. Presently (since 01.04.2003) trades in rolling settlement are settled on a T+2 basis i. e. on the 2nd working day. For arriving at the settlement day all intervening holidays, which include bank holidays, NSE holidays, Saturdays and Sundays are excluded. Typically trades taking place on Monday are settled on Wednesday, Tuesday's trades settled on Thursday and so on.

Limited Physical Marke Pursuant to the directive of SEBI to provide an exit route for small investors holding physical shares in securities mandated for compulsory dematerialised settlement, the Exchange has provided a facility for such trading in physical shares not exceeding 500 shares. This market segment is referred to as 'Limited Physical Market' (small window). The Limited Physical Market was introduced on June 7, 1999.

Institutional Segment The Reserve Bank of India had vide a press release on October 21, 1999, clarified that inter-foreign-institutional-investor (inter-FII) transactions do not require prior approval or post-facto confirmation of the Reserve Bank of India, since such transactions do not affect the percentage of overall FII holdings in Indian companies. (Inter FII transactions are however not permitted in securities where the FII holdings have already crossed the overall limit due to any reason). To facilitate execution of such Inter-Institutional deals in companies where the cut-off limit of FII investment has been reached, the Exchange introduced a new market segment on December 27, 1999. The securities where FII investors and FII holding has reached the cut-off limit as specified by RBI (2% lower than the ceiling specified by RBI) from time to time would be available for trading in this market type for exclusive selling by FII clients. The cut off limits for companies with 24% ceiling is 22%, for companies with 30% ceiling, is 28% and for companies with 40% ceiling is 38%. Similarly, the cut off limit for public sector banks (including State Bank of India) is 18% whose ceiling is 20%. The list of securities eligible / become ineligible for trading in this market type would be notified to members from time to time.

Trade for Trade Segment Trading in this segment is available only for the securities

Which have not established connectivity with both the depositories as per SEBI directive. The list of these securities is notified by SEBI from time to time.

On account of surveillance action

Securities Available for Trading

The Capital Market (Equities) segment of NSE facilitates trading in the following instruments:

Partly Convertible Debentures

Fully Convertible Debentures

Non Convertible Debentures

Warrants / Coupons / Secured Premium Notes/ other Hybrids

Units of Mutual Funds

The Exchange has implemented index-based market-wide circuit breakers in compulsory rolling settlement with effect from July 02, 2001. In addition to the circuit breakers, price bands are also applicable on individual securities.

Trading System - Market Types

The NEAT system has four types of market. Son:

Normal Market All orders which are of regular lot size or multiples thereof are traded in the Normal Market. For shares that are traded in the compulsory dematerialised mode the market lot of these shares is one. Normal market consists of various book types wherein orders are segregated as Regular lot orders, Special Term orders, Negotiated Trade Orders and Stop Loss orders depending on their order attributes.

Odd Lot Market All orders whose order size is less than the regular lot size are traded in the odd-lot market. An order is called an odd lot order if the order size is less than regular lot size. These orders do not have any special terms attributes attached to them. In an odd-lot market, both the price and quantity of both the orders (buy and sell) should exactly match for the trade to take place. Currently the odd lot market facility is used for the Limited Physical Market as per the SEBI directives.

Auction Market In the Auction Market, auctions are initiated by the Exchange on behalf of trading members for settlement related reasons. There are 3 participants in this market.

Initiator - the party who initiates the auction process is called an initiator

Competitor - the party who enters orders on the same side as of the initiator

Solicitor - the party who enters orders on the opposite side as of the initiator

Spot Market Spot orders are similar to the normal market orders except that spot orders have different settlement periods vis-а-vis normal market. These orders do not have any special terms attributes attached to them. Currently the Spot Market is not in use.

Trading System - Order Books

The NSE trading system provides complete flexibility to members in the kinds of orders that can be placed by them. Orders are first numbered and time-stamped on receipt and then immediately processed for potential match. Every order has a distinctive order number and a unique time stamp on it. If a match is not found, then the orders are stored in different 'books'. Orders are stored in price-time priority in various books in the following sequence:

Best Price Within Price, by time priority.

Price priority means that if two orders are entered into the system, the order having the best price gets the higher priority. Time priority means if two orders having the same price are entered, the order that is entered first gets the higher priority.

The Equities segment has following types of books:

Regular Lot Book The Regular Lot Book contains all regular lot orders that have none of the following attributes attached to them.

All or None (AON)

Minimum Fill (MF)

Special Terms Book The Special Terms book contains all orders that have either of the following terms attached:

All or None (AON)

Minimum Fill (MF) Note: Currently, special term orders i. e. AON and MF are not available on the system as per the SEBI directives

Negotiated Trade Book The Negotiated Trade book contains all negotiated order entries captured by the system before they have been matched against their counterparty trade entries. These entries are matched with identical counterparty entries only. It is to be noted that these entries contain a counterparty code in addition to other order details.

Stop-Loss Book Stop Loss orders are stored in this book till the trigger price specified in the order is reached or surpassed. When the trigger price is reached or surpassed, the order is released in the Regular lot book

The stop loss condition is met under the following circumstances:

Sell order A sell order in the Stop Loss book gets triggered when the last traded price in the normal market reaches or falls below the trigger price of the order.

Buy order - A buy order in the Stop Loss book gets triggered when the last traded price in the normal market reaches or exceeds the trigger price of the order.

Odd Lot Book The Odd lot book contains all odd lot orders (orders with quantity less than marketable lot) in the system. The system attempts to match an active odd lot order against passive orders in the book. Currently, pursuant to a SEBI directive, the Odd Lot Market is being used for orders that have quantity less than or equal to 500 viz. the Limited Physical Market

Spot Book The Spot lot book contains all spot orders (orders having only the settlement period different) in the system. The system attempts to match an active spot lot order against the passive orders in the book. Currently the Spot Market book type is not in use.

Auction Book This book contains orders that are entered for all auctions. The matching process for auction orders in this book is initiated only at the end of the solicitor period.

Trading System - Order Matching Rule

The best buy order is matched with the best sell order. An order may match partially with another order resulting in multiple trades. For order matching, the best buy order is the one with the highest price and the best sell order is the one with the lowest price. This is because the system views all buy orders available from the point of view of a seller and all sell orders from the point of view of the buyers in the market. So, of all buy orders available in the market at any point of time, a seller would obviously like to sell at the highest possible buy price that is offered. Hence, the best buy order is the order with the highest price and the best sell order is the order with the lowest price.

Members can proactively enter orders in the system, which will be displayed in the system till the full quantity is matched by one or more of counter-orders and result into trade(s) or is cancelled by the member. Alternatively, members may be reactive and put in orders that match with existing orders in the system. Orders lying unmatched in the system are 'passive' orders and orders that come in to match the existing orders are called 'active' orders. Orders are always matched at the passive order price. This ensures that the earlier orders get priority over the orders that come in later.

[ last updated on 15.10.2003 ]<>[ chkd-apvd-ef ]

How to connect to NSE

Through your Member (CTCL)

NSE provides a fully automated screen based trading system, called the вЂ˜National Exchange for Automated TradingвЂ™ (NEAT) system. NSE offers a facility to its trading members by which members can use their own trading front-end software in order to trade on the NSE trading system. This facility called Computer-to-Computer Link (CTCL) facility is available only to trading members of NSE.

Through DMA вЂ“ Member

Direct Market Access (DMA) facility through Computer to Computer Link (CTCL) allows members to provide direct trading terminals to Institutional clients through available modes of connectivity, thereby providing Institutional clients faster access to markets. To facilitate faster access, trading members providing DMA facilities opt for Co-Location facilities provided by the exchange, to facilitate low latency and fast execution.

About NSE Co-Location

NSE provides state - of-the-art facilities which is ISO 20000 certified. It provides Dual UPS power source and 100% DG Capacity which ensures uninterrupted power, multiple precision air-conditioning units, with N+1 redundancy ensuring optimal temperature at all times and seamless connectivity to order and market data.

Currency Derivatives & NSE Bond Futures

FPIs can participate as a client only.

Trading through single or multiple TMs.

KYC formalities to be done with the TM.

Trading and Exchange risk management procedures are similar to Equity F&O segment.

Colocation and DMA facilities available to FPIs.

They can have a single clearing member.

CMвЂ“CP Agreement executed with the CM to get CP Code.

New FPIs will need to register as a client with their Trading Member(s) of choice and request for a CP code through their Custodian.

Simplified Registration process for FPIвЂ™s

Submit Annexure 4 document and mention their custodian

An email ID and password will be generated

They can login and report deals

Auto trade confirmation facility

Facility to buyer reporting, if seller is FPIвЂ™s

Option to brokers for seamless transfer of trades to CBRICS

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The higher the Percent of Deliverable Quantity to Traded Quantity the better - it indicates that most buyers are expecting the price of the share to go up.

“This is not your father’s SEC – or your mother’s or even your older brother or sister’s.”

Securities and Exchange Commission Chair Mary Jo White is proud of two new technology tools the Commission is rolling out. She spoke about the new tools at the 41st Annual Securities Regulation Institute .

The first is NEAT, the National Exam Analytics Tool. This new tool is designed to analyze trading data, looking for potential insider trading by comparing trades against significant corporate events. That will be fun. But then the SEC needs to find the connection between the suspicious activity and now connection with an obligation to hold material non-public information confidential. That’s the hard part.

NEAT will also be able to find signs of front running, improper allocations, and other misdeeds by investment advisers. Chair White told the tale of running NEAT against an adviser’s 17 million transactions. Sounds scary. Mostly because of the headache it will be trying to match a trade blotter against the format required by NEAT to input the data.

MIDAS. the Market Information Data Analytics System, collects one billion records of trading data, time-stamped to the microsecond, every day. MIDAS is focused on market stability. It should help the SEC monitor and understand mini-flash crashes, reconstruct market events, and to develop a better understanding of long-term trends.

Both of these tools will create a tremendous amount of data. But that’s just the first step. It’s about understanding the data and finding the signal through the noise .

Mensaje de navegación

Screen based trading, NEAT of NSE, and various Market Types

In this article, we cover what a screen based trading system is?

Then we discuss the basics of trading in stock market, followed by an introduction to NEAT (National Exchange for Automated Trading) which is an electronic trading platform by NSE (National Stock Exchange of India)

To keep getting updates from the world of financial markets, sign up for our email updates by entering your email id and subscribing to us and we will deliver our next article right in your mailbox !

finmarketguru

FinMarketGuru. com brings you the latest updates in Financial Markets. It is an ideal platform to learn complex financial terms in simple way.

Further readings:

Books:

One Up On Wall Street by Peter Lynch

Come Into My Trading Room by Alexander Elder

Trade Your Way to Financial Freedom by Van K. Tharp

Enhancing Trader Performance by Brett Steenbarger

Account Creation

Having your own free STOCKscreener. i n f o account allows you to create lists of stocks to see several stock charts together, group companies together that you want to follow news on, store some basic trading strategies, or to store notes and ideas on companies next to the fullquote information of a stock.

To get your own account, click on the top right corner of any STOCKscreener. i n f o page, e. g. like here:

Then, as can be seen below, just type in your user name, password, and retype the password to make sure you made no typo. White space, commata, or other special characters are not allowed. Only exceptions are the characters .@-_. So if you want, you can also use your email address as your user name. So now if you need it, back to login.

*nix Console Text Decorator - Utilities/Other Utilities . A small program that allows you to add colour to your *nix Console apps, without much overhead, and adds almost no extra clutter in your code. It has a neat syntax. Written in C++. Works in the Linux console (terminal, xterm) Adds colour to lines of text (individually) Adds Font styles in console (bold, underline, blink) Uses C++ neat Syntax.

MCTA RentalMate Property Management - Business & Productivity Tools/Accounting & Finance . Managing Rental has never been as easy! MCTA RentalMate lets you take full control of your rental and receipt . Save time, manage tenants with this rental management software. Create receipt in a snap. MCTA RentalMate gives you quick access to your received rental and tenant details. Without the need for an expensive Property Management program, MCTA RentalMate turns your tenant database into a manageable tool. It's easy to create tenant receipt and detail, and print it out to your tenant. Nunca.

Additional Calculator Lite - Mobile/Productivity . Caution. This app can't multiplication and division. Because specializing in receipt total. Operation method is slightly different from a normal calculator. Ex. 5-2+4=7 [Normal calculator] [5] [-] [2] [+] [4] [=] 7 [This calculator] [5] [+] [2] [-] [4] [+] [=] 7 Enter a number in the beginning. After that, enter the plus or minus. Caution. [Feature]?Specializing in receipt total. With a virtual printer. You can view the history of calculation. Editar.

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101. Neat Agfa camera

Ed van Mil

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You can pick up this lot from the seller: Hedel, Netherlands.

If you win more than one lot from this seller, you only have to pay shipping costs once (for whichever lot has the highest shipping costs). Please note: this seller will only charge for shipping once, even if you live in another country.

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You can combine cotton and rayon clothing & accessories to get the greatest discounts. Your discount is figured on the total number of cotton and rayon items we ship, not how many of each type, style or size. Mix and match them to get the best discount.

Ejemplo; adding 1 each of 12 different T-shirts in size Large should give you the 12+ price on all 12 shirts.

Ejemplo; adding 12 pieces of 4 different sizes of a garment should give you the 36+ price on all 4 sizes.

Some products may be excluded from discounts, and / or may discount only with themselves. If you have any questions at all please contact us toll free at 800-542-5227 (no buttons, just humans).

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“Founded in 1997, Level Ground Trading of Victoria, BC is dedicated to trading fairly and directly with small-scale producers in developing countries, and to market their products in North America, offering their customers ethical choices. Level Ground selected Subplot Design to examine their brand and packaging system and help the company connect with a broader consumer audience.

The packaging platform takes the thought further: the producer is the real hero. Celebrated with intimate, inviting photography “in situ”, the farmers grace innovative zip-locking, authentic kraft bags, with a label that declares Level Ground’s expertise and deep knowledge of the origins and taste profiles of each of their coffees. From the most prevalent 300g bags, to 2lb club-store bags, 5lb coffee store “eco-cubes”, and 6 and 12-pack shipper displays, the brand comes alive consistently but with rich variation to tell the whole story of Level Ground.”

Comentarios

7 Responses to “Level Ground Trading”

¡Asombroso! Really loves this! Clean, professional and good work with the material

Very impressive. I love how the labels pop with their color.

Lovely! Really like the organic and warm feeling that makes it feel honest and approachable..

Lisa Stepp September 20th, 2017 @ 7:27 am

The words “ground” and “whole beans” need to made larger on the packaging. My husband came home with beans and we have no way of grinding them. You should also remind your stores to teach their employees to accept the packages for upcycling. Love your coffee!

Absolutely amazing packaging design. Clear message and perfectly designed. Felicitaciones!

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SAMRIDHI STOCKS PRIVATE LIMITED INTERNAL CONTROL, POLICY & PROCEDIMIENTOS

Samridhi Stocks Private Limited (hereinafter referred to as the ‘COMPANY’) company. registered under the Companies Act 1956, is a SEBI registered broker of the National Stock Exchange of India Ltd. (NSE). Bombay Stock Exchange Limited (BSE) and MCX Stock Exchange Ltd (MCX-SX)

The company has adopted various policies & procedures for internal control measures & tools for compliance of various Acts, rules & regulations of the Exchanges.

A. CLIENT REGISTRATION POLICY

The agreement along with the Know Your Client (KYC) and Risk disclosure document (RDD) should be signed by the client. The required documents should be collected from the clients strictly as per the documents mentioned in the checklist of the agreement book.

- Thorough checking by back office in charge including in-person verification, tallying the supporting documents with the original and interview of client.

- After Signature of the Director on behalf of SSPL the new Client Code is alloted - Uploading the client details to the NSE - On receipt of Valid Report, Confirming the codes allocated to clients the same is intimated over telephone and Welcome Letter alongwith zerox copy of KYC along with documents received from the client is send to the client - The KYC Filing of Client Registration Kit & updation of Index - Periodical Review of financial data - Deactivation of Client Code on receipt of written documents from Client. - Intimation in writing to Client regarding deactivation of client code & reason thereof Walk in Clients: The company has decided not entertain Walk In Clients. All clients / would be Clients are required to submit proper references or introducers

Financial Documentation: All clients are required to submit updated financial data, namely, their Balance Sheet, Salary Income Certificate. Incase of re-activation of UCC, the clients are also required to submit written request. Clients, specially operating in F&O Segment are compulsorily required to submit their latest financial position every year without fail.

Maker & Checker Concept: The company appoints different person for checking CRF/data submitted by client and data entered in computer for uploading to master file & the Exchanges. Even after uploading of data, the compliance officer checks the data entered from the CRF. All blank spaces in the CRF is crossed by the compliance officer, if found not crossed by the client.

Marketing Division: The company does not have any marketing Division

Closure of Client Accounts/ Dormant Accounts: Clients accounts are closed either by client himself or action initiated by the company. On receipt of written request from the client, the deactivates the client code in its front & back office. CRF form is marked closed only after proper verification of client’s ledger account & clearance received from accounts department regarding dues & margin. Moreover written communication is also sent to client confirming closure of his account. Client’s accounts are also closed on action initiated by the company in the following cases: a. If client fails to meet his obligation within stipulated time or time provided by the company b. If clients fails to provide proper documents as required under SEBI rules & regulations even after repeated request by the company. do. If client is declared fugitive under any law in India or abroad. re. If client is declared insolvent under any law in India or any criminal cases are filed or pending and such information is not disclosed at the time of registration with the company

Transfer of Client from one branch to another: The company may on written request received from a client, may allow the client to place his orders through another branch with a written notice to both the branches and/or office memo through email. However, if the client has also signed tripartite agreement, the client will be asked to provide ‘no objection’ from the sub broker and ‘sub brokers’ confirmation in writing to such request.

In case closure of any branch, the written notice with one month period is required to be given to all client of the branch giving them option to place their order in future from any other branch or corporate/head office or closure of their account with the company.

The company also mark all inoperative client account as ‘dormant’ till the same is closed or reactivated after written request is received from the client. UCC allotted to closed account is not used for next five years for any other new client.

B. TRADING POLICY:

Active Client master list should be uploaded in the NEAT/BOLT trading terminal and all the orders from the clients should be checked for the client codes in the list. This will ensure minimal wrong code punching by the dealers. Dealers should be vigilant in executing the orders of the client. They should check & report to senior authorities if any client is giving order of abnormal quantity or rates. Every client should be contacted after the market hours for trade confirmation. The clients should be asked for the settlement of their obligation before settlement date of the exchange. Every client must be attended by the staff allocated for the purpose and in his absence, compliance officer must ensure that client is attended by another dealer. Staff/ dealer should check the margin availability/credit limit of the client before executing any trade on his behalf. No trades will be transferred to code other than entered in trading terminal after trading hours unless there is genuine mistake on part of the dealer of client mentioning the UCC at the time of placing the order. Transfer of code can be done only by the ‘compliance office’ during the allowable time frame by the exchange on system provided by it. This step will help us to trace any discrepancies in the trade as well as timely receipt of cheques and securities from the clients and provide better service.

Contract Note: Contract note generation at Back office We are sending physical contract notes to the clients on daily basis. All the courier list is preserved properly for verification and resolving any non-delivery issue with the client. [we are sending the physical copy of contract note for returned/ or failure list on daily basis under Certificate of Posting through Post Office] Daily reconciliation is prepared for contract Note generated / /sent/returned/physically sent for better control & conformidad.

1. Payments to clients shall be made on Pay out basis i. e within 24 hours of pay out ( T+2 day). Payment for outstation clients will be made on Pay-out basis on those branches where CMS facilities are available through HDFC/ AXIS bank. For other branches where CMS facilities are not available cheques would couriered to them from HO. 2. For clients who are desirous of keeping the pay out money with us as margin money can do so by submitting a letter to that effect mentioning therein not to issue cheques until a written request is made. However, such request at a time will be valid for one financial year only. 3. For clients who are desirous of keeping the pay out money with us for future transactions can do so by submitting a letter to that effect mentioning therein to keep their account as ‘running account’ and periodical cheques may be paid or received. However, the clients are required to neutralize their account once in ever three months of first transaction. 4. Clients, who have debit balance in one segment and credit balance in other segment will be paid only if their net balance is credit. 5. Margin Money to the clients will be returned only after adjusting debit balance, if any, in their account and/or if they have not defaulted in their obligation to deliver shares/securities. 6. Payments to the clients will be directly deposited in their account if mandate is given by them to this effect and they have account in the same bank, where the company has its account.

1. Cheques from clients would be accepted only of those banks whose details have been provided during client registration. 2. No third party cheques would be accepted. 3. NO CASH PAYMENT IS ACCEPTED. 4. The branches should mail the details of the cheques deposited directly to the bank at shares@odysseygroup. co. in. The branches/clients should ensure that the mails should be received by HO by 6 pm so that the benefit of the payment made by the clients can be posted to the ledger on the same day. 5. Clients are advised not deposit any cash/cheque directly to company’s account. If cheque is deposited then intimation should be given in writing along with pay in slips otherwise credit will not given to client till proper documents are received from client. 6. For outstation branches. payments made by the clients would be not posted to the account of the clients unless HO receives credit for the same by the bank since outstation clearing cheque takes a period of 15-20 days to get cleared. 7. Local Cheques received within 2 PM will be posted to the ledger on the same day. The effect of the cheques received beyond 2 PM would be given on the next day. 8. High Value cheque received from clients must be deposited within stipulated time

Capital Market Segment

1. No Purchase order will be entertained unless 10% upfront margin or credit balance is lying in the client account. 2. If, margin is specifically exempted to any client by the management, the same should be in writing. 3. Incase, where margin is exempted to any client, the payment must be received within 48 hours of the execution of the order or within 24 hours of delivery of contract note, whichever is earlier. 4. No short sale will be allowed. 5. Sale order will be executed only on delivery of shares to ‘Ben’ account’ before orders are executed unless management allows the shares to be sold before receipt of shares. 6. On non delivery of shares in time due to fault of client, auction charges alongwith 10% extra fine will be payable by the client.

Future & Option Segment

1. No trading will be entertained unless up front margin is received in advance for value of trade to be executed on behalf of any client. 2. Margin will be accepted in ‘Cheque’ only unless management decides otherwise. 3. If margin is accepted in the form of shares, a hair cut on and above 40% will be computed on the price at the day end. All short fall will have to be met immediately by the client in cash or before opening of next trading session, which ever is earlier. No letter or written communication in this regard will be sent to any client for shortage of margin. The client will be responsible for any shortage of his margin with us for his outstanding trades. 4. No complain will be entertained for squaring off of outstanding trades or liquidating of margin by the management in absence of short fall of margin at any stage by the client. It will be sole discretion of the management to decide on ‘spot’ whether to square off outstanding trades of a client and margin be liquidated to meet the short fall. 5. Any amount payable on account of ‘Mart to market’ has to be paid in cash by the client before opening of next trading session. Amount paid must be in the form of clear bank balance or high value cheques given on the day of trade. If clear balance of margin/ MTM are not available, the management will at its sole discretion square off the trades of any client, which in its opinion can put the company or its other clients to unnecessary market risk. 6. The company reserves the right to liquidate a client’s position, if the client fails to maintain proper margin with the client. Further, company also reserves the right to liquidate/neutralize a clients position in extra ordinary fall or rise in market price sensitive index, which in the opinion of the company may have a bearing on the future survival of the company and its business. SECURITIES

Collection of securities 1. To ensure that clients are delivering the shares from their own account and all the deliveries to/from the clients correspond with the details provided by the client with their registration. 2. The statement should be checked with the securities obligation of the clients. Any third party delivery from the clients should not be delivered to Clearing house. 3. No credit to clients should be given even though shares received from third party has been delivered to clearing house due to any technical reasons beyond management’s control. If client provides sufficient written proof of ownership of such account/share, than after updating client database, client may be given effect of the same. 4. The reports provided by Exchange should be used to check whether there is any short pay-in/ out of securities to/from Clearing house

Delivery of Securities 1 The company will be making direct pay-out of shares to client account of which details are given in Client Registration Kits. 2. The direct pay-out file should be created by the backoffice software. 3. The instruction slip for shares delivery from the Pool account in case of client to client transaction or break delivery from the Clearing house should be signed by directors 4. Pay out shares shall be given to clients only when they have clear balance in their ledger account. (*the clear balance means that cheques issued by clients should have been cleared in bank.) 5. Shares of clients having debit balance will be kept with the company as hold back margin. 6. The hold back margin account will be reviewed twice in a week i. e on Wednesday & Saturday and shares will be credited to the accounts of the client if they have clear balance during the time of periodic review. 7. The value of shares to be kept in the holdback margin shall be to the extent the client is having debit balance calculated after taking hair cut into account i. e if the client is having a debit balance of Rs. 100000/- then the shares of worth Rs 140000/- (approx) will be retained in holdback margin and any excess shares shall be released to the account of the client. 8. In case shares are sold which are lying in our hold back margin a demat charges of Rs 14 per script will be debited to the client’s ledger account. Similarly in case of Inter-settlement demat charges of Rs 14/- per script would be debited.

INVESTOR REDRESSAL SYSTEM/ MECHANISM 1. The company has a separate manual register for recording all clients related complain either received personally or via post or via email. 2. The company has also designated email ID for sending complain by its investors or clients. The email Id has been disclosed in the Welcome letter sent to all clients at the time of registration as well as are mentioned on the contract note. 3. The company has also kept manual investors complain register at its all branches and the same are verified by the compliance officer or its team of official from time to time. 4. The branch manager is responsible for sending the copy of complain received or written in complain register within 24 hours of the complain to compliance officer at head office either personally or via email. 5. On receiving the complain, the Compliance officer is authorised to dispose off the complain on its merit and write personally to the client of all action taken by him for satisfaction of the client. 6. If the compliance deserves the attention of the higher management or if the compliance officer is unable to dispose off complain to the satisfaction of the client or the exchange or the SEBI, the designated directors are informed of the situation by the compliance officer and all documents are placed before them within seven days of the receipt of the complain. 7. The designated director’s review the pending complains every seven days along with matters needed their attention.

Branch Control Policy

1. A list of Branch will be displayed at Head Office with name of In-charge, Address, Contact Number & Email details. 2. Compliance Officer will be responsible for checking & controlling day to day affairs of the branches for any trading problems. 3. Branches will be opened for sole purpose of allowing clients to get their orders executed. Clients will be allowed to trade from only one specified branch for better control & Servicio. Branch manager will be responsible for all activities & trades executed from any branch and solving any client related problems in consultation with compliance officer. 4. All Client Registration Kits will be approved at the head office and will be required to be counter signed by the branch head from where client has shown his interest to trade. Branch head will be responsible for all trades executed from his branch and putting all surveillance system to keep tab on ‘unfair’ trade practices like ‘123’ etc. 5. All contract notes will be generated at head office and will be distributed from respective branches within 24 hours of the trade. All clients will be required to specify the place of delivery of contract note.

BACKUP POLICY All important data backup is taken on daily basis. Backup is taken to preventing loss of data in the event of equipment failure or destruction. Backup Storage There shall be a separate or set of storage for each backup day. The old data is kept for 7 days and after that the storage media is reused. Monthly Backups Every month a monthly backup shall be made using the latest backup on the USB hard disk and the same is taken to separate location by the directors

POLICY ON ANTI MONEY LAUNDERING MEASURES

PART - A: OVERVIEW

Samridhi Stocks Private Limited (hereinafter referred to as the ‘COMPANY’) a company. registered under the provisions of the companies Act 1956, is a SEBI registered broker of the National Stock Exchange of India Ltd. (NSE). Bombay Stock Exchange Limited (BSE) and MCX Stock Exchange Ltd (MCX-SX)

The Central Government passed The Prevention of Money Laundering Act, 2002 (hereinafter referred to as the ‘Act’) and was made public through Gazette of India published by the Department of Revenue under the Ministry of Finance w. e.f. 1st July, 2005.

The Central Government in consultation with the Reserve Bank of India has framed rules called the Prevention of Money-laundering (Maintenance of Records of the Nature and Value of Transactions, the Procedure and Manner of Maintaining and Time for Furnishing Information and Verification and Maintenance of Records of the Identity of the Clients of the Banking Companies, Financial Institutions and Intermediaries) Rules, 2005 (PMLA Rules).

SEBI has specified guidelines vide their circular ISD/CIR/RR/AML/1/06 dated January 18, 2006 for the intermediaries registered with SEBI u/s 12 of the SEBI Act. The guidelines have been framed under Rule 5 of PMLA Rules for maintenance of information in respect of transactions with its client referred to in rule 3 of PMLA Rules.

Since the company is an intermediary registered with SEBI u/s 12 of the SEBI Act, the Act is applicable to it and the Company and its representatives have to take steps as set out in guidelines issued by SEBI to discourage and identify any money laundering or terrorist financing activities.

While it is recognized that a “one - size - fits-all” approach may not be appropriate for the securities industry in India, each registered intermediary should consider the specific nature of its business, organizational structure, type of customers and transactions, etc. when implementing the suggested measures and procedures to ensure that they are effectively applied. The overriding principle is that they should be able to satisfy themselves that the measures taken by them are adequate, appropriate and follow the spirit of the measures and the requirements as enshrined in the Prevention of Money Laundering Act, 2002. (PMLA)

The company thereafter adopted principles in implementing the various provisions of the Act and the Rules framed there under so as to maintain compliance of the same. In order to compile the various activities of the company in line with the provisions of this Act, this policy has now been framed. The policy will be amended from time to time in line with the amendments made in the Act and the Rules framed there under and any other notifications and/or guidelines issued by SEBI.

As per provisions of Act, the Company has to maintain a record of all the transactions, which include:

1. All CASH transactions of the value of more than Rs 10 lakhs or its equivalent in foreign currency. 2. All series of cash transactions integrally connected to each other, which have been valued below Rs 10 lakhs or its equivalent in foreign currency where such series of transactions take place within one calendar month. 3. All suspicious transactions whether or not made in cash and including, inter-alia, credits, or debits into/from any non-monetary account such as DEMAT account, security account maintained by the registered intermediary.

It may, however, be clarified that for the purpose of suspicious transactions reporting, apart from ‘transactions integrally connected’, ‘transactions remotely connected or related’ should also be considered.

3. Obligation to establish policies and procedures

In light of the above, the company and its representatives have to adopt appropriate policies and procedures for the prevention of money laundering and terrorist financing and ensuring their effectiveness and compliance with all relevant legal and regulatory requirements. The Board of the company or any other person or a group of persons as may be asked by the Board will:

segundo. ensure that the content of these Guidelines are understood by all staff members; do. regularly review the policies and procedures on prevention of money laundering and terrorist financing to ensure their effectiveness. re. adopt customer acceptance policies and procedures which are sensitive to the risk of money laundering and terrorist financing; mi. undertake customer due diligence (“CDD”) measures to an extent that is sensitive to the risk of money laundering and terrorist financing depending on the type of customer, business relationship or transaction; and f. develop staff members’ awareness and vigilance to guard against money laundering and terrorist financing.

PART B: DETAILED POLICY

1. CUSTOMER DUE DILIGENCE PROCESS

B. Policy for acceptance of clients:

The company’s main business is Stock broking and governed by the byelaws, rules, and regulations of the SEBI and the recognized Stock Exchanges. The authorities have specified minimum documentation and verification required before opening an account of a client, which is quite extensive. Apart from that the authorities have made rules and regulations and issued circulars from time to time for proper governance of securities market. Compliance of these rules and regulations ensures that all the transactions have proper audit trail as well as client verification. However, all representatives of the company must ensure following while opening an account of a client and doing transaction with them:

a. Generally a client is introduced by another existing client. However, if a client approaches directly, a proper verification of address, occupation and credential must be carried out by the Compliance officer. segundo. Know your client (KYC) / Client Registration form must be duly filled up and the information regarding residence/correspondence address, bank details, depository details must be verified with the original documents and if required from any other authentic sources. do. The Client must provide a recent photograph and necessary identity proof as specified in the KYC form.

Non Individual Clients

a. The company will open a trading account for Non-individual entity, if the partner/ director/ karta of Partnership firm/ firm/ HUF of such entity is our client and he/she has been properly verified as mentioned for individual clients. segundo. Copies of PAN card, financials for last 2 years or from inception of such entity if such entity is not older than 2 years, must be obtained strictly. do. Shareholding pattern and list of controlling persons must be obtained d. Photograph of each partner/Whole time Director/Karta/controlling person and details must be obtained as specified by the SEBI and Stock Exchanges.

C. Risk-based Approach

Each Registration form and Agreement must be reviewed by a senior manager before allowing any client to transact with us and a client may be graded with High risk. All the clients of special category as mentioned below should be marked High risk: 1) Non resident clients

2) High networth clients

3) Trust, Charities, NGOs and organizations receiving donations

4) Companies having close family shareholdings or beneficial ownership

5) Politically exposed persons (PEP) of foreign origin

6) Current / Former Head of State, Current or Former Senior High profile politicians and connected persons (immediate family, Close advisors and companies in which such individuals have interest or significant influence)

7) Companies offering foreign exchange offerings

8) Clients in high risk countries (where existence / effectiveness of money laundering controls is suspect, where there is unusual banking secrecy, Countries active in narcotics production, Countries where corruption (as per Transparency International Corruption Perception Index) is highly prevalent, Countries against which government sanctions are applied, Countries reputed to be any of the following – Havens / sponsors of international terrorism, offshore financial centers, tax havens, countries where fraud is highly prevalent.

9) Non face to face clients

10) Clients with dubious reputation as per public information available etc.

The KYC forms of clients marked as High Risk must be verified with the present status of the clients and financial credentials must be monitored by a senior person of the organisation.

Any client who transacts only once or twice in a year, proper verification must be done before doing any transaction with the client.

2. RECORD KEEPING AND RETENTION

The company is maintaining records as per SEBI Act, 1992, Rules and Regulations made thereunder, PML Act, 2005 as well as other relevant legislation, Rules, regulations, Exchange, Bye laws and circulars. Record keeping as well as accounting system has to be improved as and when required. We ensure that sufficient information is available to reconstruct individual transactions.

Suspicious Transaction Monitoring & Informes

The company has taken appropriate steps to enable suspicious transactions to be recognised and has appropriate procedures for reporting suspicious transactions. The company has made a list of circumstances, which may be in the nature of suspicious transactions as given below. This list is only illustrative and whether a particular transaction is suspicious or not will depend upon the background, details of the transactions and other facts and circumstances:

a. Clients whose identity verification seems difficult or where client appears not to cooperate

segundo. Clients in high-risk jurisdictions or clients introduced by banks or affiliates or other clients based in high risk jurisdictions;

do. Substantial increases in business without apparent cause ;

re. Report generated on monthly basis of transactions valuing more than 10 lacs in individual cases are to be sent for Money Laundering Control Officer or any other designated officer within the company for his review & counter checking of client’s credentials.

The company has made a policy to notify any suspicion transaction to the Money Laundering Control Officer or any other designated officer within the company. The notification is done in the form of a detailed report with specific reference to the clients, transactions and the nature /reason of suspicion. It is ensured that there is continuity in dealing with the client in normal course until told otherwise and the client should not be told of the report/suspicion. In exceptional circumstances, consent may not be given to continue to operate the account, and transactions may be suspended, in one or more jurisdictions concerned in the transaction, or other action taken.

SIGNED BY: Jayant Maloo (PRINCIPAL OFFICER)

comerciante

a trader, especially wholesale, in goods of a particular kind. timber/tea/wine merchants. handelaar تاجِر، تُجّار търговец comerciante obchodník, - ice der Kaufmann handelsmand; grosserer έμπορος comerciante ; mayorista kaupmees بازرگان kauppias marchand/-ande סוחר व्यापारी trgovac kereskedő pedagang (stór)kaupmaður, heildsali commerciante 商人 상인 pirklys, prekybininkas []tirgotājs pedagang handelaar kjøpmann ; grosserer kupiec تجار comerciante negustor торговец obchodník, - čka trgovec trgovac köpman, grossist พ่อค้า tüccar (批發)商人 купець; торговець تاجر thương gia （批发）商人 comerciant, majorista

the ships of a country that are employed in trading, and their crews. His son has joined the merchant navy. handelsvloot أسْطول تِجاري търговски флот mercante obchodní loďstvo Handels-. handelsflåde εμπορικό ναυτικό marina mercante kaubalaevastik ناو گان بازرگانی kauppalaivasto marine marchande הַצִי הַסוֹחֵר वाणिज्य पोत trgovačka mornarica kereskedelmi flotta kapal dagang kaupskipafloti marina mercantile １国の全商船 (한 나라의) 전체 (보유) 상선 prekybos laivynas tirdzniecības flote marin dagang koopvaardij handelsflåte marynarka handlowa توكى تجارتى mercante marină comercială торговый флот obchodné loďstvo trgovska mornarica trgovačka mornarica handelsflotta เรือเดินสมุทรสำหรับค้าขาย deniz ticaret (filosu) 商船隊 торговельний флот قومی تجارتی بیڑا đội thương thuyền 商船，商船队 marina mercant

a ship involved in trade. handelskip سَفينَه تِجاريَّه търговски кораб cargueiro obchodní loď Handels-. handelsskib εμπορικό πλοίο barco mercante, buque mercante kaubalaev کشتی تجاری kauppalaiva navire marchand סְפִינַת סַחַר वाणिज्य जहाज trgovački brod kereskedelmi hajó kapal dagang kaupskip nave mercantile 商船 상선 prekinis laivas tirdzniecības kuģis kapal dagang koopvaardijschip handelsfartøy statek handlowy تجرتى بيړى cargueiro navă comercială торговое судно obchodná loď trgovska ladja trgovački brod handelsfartyg เรือสินค้า ticaret gemisi, şilep 商船 торговельне судно تجارتی جہاز tàu buôn 商船 vaixell mercant, buc mercant

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Hardy, the vehicle merchant of Winesburg, like thousands of other men of his times, was an enthu - siast on the subject of education.

He was a grain merchant and cattle-buyer, and was generally considered the most enterprising business man in our county.

In the way of movement and human life, there was the hasty rattle of a cab or coach, its driver protected by a waterproof cap over his head and shoulders; the forlorn figure of an old man, who seemed to have crept out of some subterranean sewer, and was stooping along the kennel, and poking the wet rubbish with a stick, in quest of rusty nails; a merchant or two, at the door of the post-office, together with an editor and a miscellaneous politician, awaiting a dilatory mail; a few visages of retired sea-captains at the window of an insurance office, looking out vacantly at the vacant street, blaspheming at the weather, and fretting at the dearth as well of public news as local gossip.

Here, likewise -- the germ of the wrinkle-browed, grizzly-bearded, careworn merchant -- we have the smart young clerk, who gets the taste of traffic as a wolf-cub does of blood, and already sends adventures in his master's ships, when he had better be sailing mimic boats upon a mill-pond.

But wherefore it was that after having repeatedly smelt the sea as a merchant sailor, I should now take it into my head to go on a whaling voyage; this the invisible police officer of the Fates, who has the constant surveillance of me, and secretly dogs me, and influences me in some unaccountable way --he can better answer than any one else.

But a day or two after, you look about you, and prick your ears in this self-same ship; and were it not for the tell-tale boats and try-works, you would all but swear you trod some silent merchant vessel, with a most scrupulously neat commander.

It must have been old Durham in the beginning; it was a heritage which the self-made merchant had left to his son, along with his millions.

1] The Merchant of Venice, Act 1, scene 2, lines 17-18.

Nothing easier: the old merchant dragged in the dummy, brushed him off with a broom, stripped him, and shipped the clothes to the hotel.

Now and then he got a job of surveying to do, and now and then a merchant got him to straighten out his books.

Miss Hawkins was the youngest of the two daughters of a Bristol merchant. of course, he must be called; but, as the whole of the profits of his mercantile life appeared so very moderate, it was not unfair to guess the dignity of his line of trade had been very moderate also.

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Fast Stochastic Force Index Forecast Oscillator Heikin-Ashi Ichimoku Kinko Hyo Inertia Insync Index Intraday Momentum Index Keltner Channels Keltner Channels (ATR) Klinger Oscillator Linear Regression Indicator MACD MACD — ChartAlert® Market Facilitation Index Mass Index McClellan Oscillator MESA Sine Wave Momentum Money Flow Index Moving Average Confluence Moving Average Ribbon Moving Average Ribbon (Displaced) Negative Volume Index Net Momentum Oscillator On Balance Volume Parabolic SAR Performance Polarized Fractal Efficiency Positive Volume Index Price Oscillator Price Volume Rank Price Volume Trend Put-Call Ratio (Equity Contracts) Put-Call Ratio (Index Contracts) Put-Call Ratio (OI Equity Contracts) Put-Call Ratio (OI Index Contracts) Put-Call Ratio (OI Total Contracts) Put-Call Ratio (Total Contracts) Qstick

Random Walk Index Range Indicator Rate of Change Relative Momentum Index Relative Performance Relative Strength Index Relative Volatility Index RSI — ChartAlert® r-squared RVI — ChartAlert® Slow Stochastic Standard Error Bands STIX Stochastic Momentum Index Stochastic Oscillator StochRSI SuperTrend Indicator Swing Index T3 TEMA Time Series Forecast Trader's Routine — Pivot Points Trend Score TRIX True Strength Index Twiggs Money Flow Ultimate Oscillator Upside/Downside Ratio Upside/Downside Volume Vertical Horizontal Filter VIDYA Volatility Ratio Volume Volume Oscillator Volume Price Confirmation Indicator Volume+DelyVolume/ Open Interest Wilder's Smoothing Williams' %R Williams' Acc./Dist. Zero Lag EMA Zig Zag — Standard Zig Zag — Swing Charting Zig Zag — Swing Charting (Custom) Zig Zag — Swing Charting (NT)

Advanced Scanner

 C hart A lert ® includes a powerful S cripting L anguage — ® Scripting Language"> CASL

 Write CASL-based Scanning algorithms — in plain and simple English — that scan for Bullish and Bearish signals

 Factory Scans / Algorithms are available for Candlesticks and Chart Patterns . Technical Indicators and Trading Systems

 The in-built TEP  helps you write/modify Scans, use numerous AND/OR conditions, use Filters, combine multiple Scans, etc

 Comes with tons of Factory Scans . the parameters of which can be copied, customized, saved and re-used by the end-user

Basic Scanner

 The Menu-driven Pattern Detection and Scanning Engine can scan for Patterns  and potential Bullish and Bearish signals 

 The Scan output is published in an extremely customizable and extensively manipulatable grid format report

 Comes with tons of Factory Scans . the parameters of which can be copied, customized, saved and re-used by the end-user

End-of-Day Data

 ChartAlert ® includes End-of-Day Data at no additional cost

 NSE — Stock Futures, Index Options, Currency Derivatives

 Global — Equity Indices, Commodities Futures, Forex, Baltic Freight Index

3rd Party Real-time Data

 ChartAlert ® can read MetaStock ® format Real-Time Data streaming in MetaRefresher ® mode from 3rd party data vendors

Coming Alerts a. k.a. Auto-Scanning — silently in the background — for Patterns  and potential Bullish and Bearish signals 

A ChartAlert ® Subscription does not include Real-Time Data MetaStock® / MetaRefresher® need not be installed on your computer to receive 3rd Party Real-Time Data

User-Friendly

ChartAlert ® is easy to download, install and setup. Once it has been activated, ChartAlert ® is easy to understand and use given it's friendly interface.

Detailed Documentation

ChartAlert ® ships with comprehensive Help files that help leverage available features. It also includes detailed documentation on ® Scripting Language">CASL functions.

Free Upgrades

All software upgrades are absolutely free during a subscription period. This includes access to future releases even during your 4-wk Evaluation Trial.

Fully Customizable

All ChartAlert ® features are fully customizable — It is as simple as a left/right mouse click, and the custom settings can be stored by the software forever.

Multi-threaded and Fast

ChartAlert ® is fully multi-threaded. This renders daily data updation and scanning processes lightning fast. MT will also help RT charting & scanning in the future.

Friendly Support

Write in if you ever hit a snag. We respond to emails in 24 hours. If your requirement is complex, we strive to seek and respond with a solution in 48 hours.

  Computer / System Requirements

  Computer Configuration

.NET Framework &  Windows ® Sistema operativo

 Apple ® Computers. Parallels Desktop, VirtualBox, etc.

 Apple ® Computers.  Windows ® OS via Boot Camp

  Minimum & Recommended Computer Configuration

Microsoft ® Windows ® 7 with SP1 Recommended OS — Microsoft ® Windows ® 7 Home Premium or Professional with SP1

Intel ® Core™ i3 2GHz+ CPU Recommended CPU — Intel ® Core™ i5 Quad-Core 3GHz+

4GB of RAM Recommended RAM — 8GB

500MB of free hard disk space (for stock market advisory archives and technical analysis charting data)

1024 x 768 screen resolution Recommended Screen Resolution — 1366 x 768 (or) 1920 x 1080

Mouse (or equivalent pointing device)

Internet connection for downloading data, upgrading software, etc.

. NET Framework & Windows ® Sistema operativo

NET Framework Ver4.5 — essential for ChartAlert ® & Mdash; is supported in the following operating systems only:

Windows ® 2000 and Windows ® Millennium

Windows ® XP

Windows ® Server™ 2003 and Windows ® Server™ 2008

Windows ® Vista

Windows ® 7, Windows ® 8.x and Windows ® 10

Microsoft ® has suspended support to all other operating systems. If your operating system is not in the list above, then. NET Framework Ver4.5 — essential for ChartAlert ® & Mdash; will not get installed on your computer.

The. NET Framework comes in-built with Windows ® Vista, Windows ® 7, Windows ® 8.x and Windows ® 10. Downloading and installing. NET Framework on these computers is not required.

 Intel ® based Apple ® Computers — Parallels Desktop, VirtualBox, etc.

This section is applicable to iMac / Mac Mini / MacBook Air / MacBook Pro / Mac Pro computer users.

ChartAlert ® has not been tested on Apple ® computers with Windows ® running natively on Parallels Desktop, VirtualBox, etc.

If you're an Apple ® computer user, then please be informed that ChartAlert ® may or may not run on your Apple ® computadora. We therefore request you not to opt for an Evaluation Trial or a Subscription Plan if you're planning to use ChartAlert ® on an Apple ® computadora. We also regret to inform you that we're presently unable to provide any kind of technological support to help setup ChartAlert ® successfully on an Apple ® computer running Parallels Desktop, VirtualBox, etc.

 Intel ® based Apple ® Computers —  Windows ® Operating System via Boot Camp

This section is applicable to iMac / Mac Mini / MacBook Air / MacBook Pro / Mac Pro computer users.

ChartAlert ® has been tested successfully on Intel ® based Apple ® computers with Windows ® OS running via Boot Camp.

Please ensure that Windows ® and. NET Framework 4.5 have been installed on the Windows ® side of your Apple ® computer via Boot Camp before you install ChartAlert ® along with its Historical DataSets.

We are also happy to inform you that we're presently able to provide technological support to help setup ChartAlert ® successfully on an Apple ® computer based on an Intel ® processor with Windows ® Operating System running via Boot Camp.

Here’s a new character and also a new art limited edition art print available only at conventions – the Dragon Master! Her name is Phaedra Nogard, and she is a Dragon Master! She commands and controls many dragon with her natural abilities and the aid of magic. She is from a far away land and

Sketch of the Librarian for a new print and card design! Part 1 of this trading card game project is coming to a close, and the Hero’s Dream perk is at a premium discount at $75, which will increase after the Indiegogo campaign. This game is becoming hugely popular, and Wizard World Comic Con is

WIZARD WORLD LOUISVILLE This weekend we are at Wizard World Louisville! Awesome city……awesome convention. This is the real start of our 2017 Convention season. Meaning a couple of things! We are now steadily doing a couple of conventions each month, without much down time between conventions. It’s the countdown to our first two Kore Decks

Want to be in our story? How about on a trading card for our new game? You will be designed by our team of creative artists as an original Steampunk Wonderland character of your choice by pledging to the Hero’s Dream, which is available here on this site. This project is being talked about by

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The New Yorker

Trading Stories

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The author, at around the age of three, with her parents, Amar and Tapati, in Cambridge, Massachusetts, circa 1970. Credit Photograph COURTESY JHUMPA LAHIRI

Books, and the stories they contained, were the only things I felt I was able to possess as a child. Even then, the possession was not literal; my father is a librarian, and perhaps because he believed in collective property, or perhaps because my parents considered buying books for me an extravagance, or perhaps because people generally acquired less then than they do now, I had almost no books to call my own. I remember coveting and eventually being permitted to own a book for the first time. I was five or six. The book was diminutive, about four inches square, and was called “You’ll Never Have to Look for Friends.” It lived among the penny candy and the Wacky Packs at the old-fashioned general store across the street from our first house in Rhode Island. The plot was trite, more an extended greeting card than a story. But I remember the excitement of watching my mother purchase it for me and of bringing it home. Inside the front cover, beneath the declaration “This book is especially for,” was a line on which to write my name. My mother did so, and also wrote the word “mother” to indicate that the book had been given to me by her, though I did not call her Mother but Ma. “Mother” was an alternate guardian. But she had given me a book that, nearly forty years later, still dwells on a bookcase in my childhood room.

Our house was not devoid of things to read, but the offerings felt scant, and were of little interest to me. There were books about China and Russia that my father read for his graduate studies in political science, and issues of Time that he read to relax. My mother owned novels and short stories and stacks of a literary magazine called Desh . but they were in Bengali, even the titles illegible to me. She kept her reading material on metal shelves in the basement, or off limits by her bedside. I remember a yellow volume of lyrics by the poet Kazi Nazrul Islam, which seemed to be a holy text to her, and a thick, fraying English dictionary with a maroon cover that was pulled out for Scrabble games. At one point, we bought the first few volumes of a set of encyclopedias that the supermarket where we shopped was promoting, but we never got them all. There was an arbitrary, haphazard quality to the books in our house, as there was to certain other aspects of our material lives. I craved the opposite: a house where books were a solid presence, piled on every surface and cheerfully lining the walls. At times, my family’s effort to fill our house with books seemed thwarted; this was the case when my father mounted rods and brackets to hold a set of olive-green shelves. Within a few days the shelves collapsed, the Sheetrocked walls of our seventies-era Colonial unable to support them.

What I really sought was a better-marked trail of my parents’ intellectual lives: bound and printed evidence of what they’d read, what had inspired and shaped their minds. A connection, via books, between them and me. But my parents did not read to me or tell me stories; my father did not read any fiction, and the stories my mother may have loved as a young girl in Calcutta were not passed down. My first experience of hearing stories aloud occurred the only time I met my maternal grandfather, when I was two, during my first visit to India. He would lie back on a bed and prop me up on his chest and invent things to tell me. I am told that the two of us stayed up long after everyone else had gone to sleep, and that my grandfather kept extending these stories, because I insisted that they not end.

Bengali was my first language, what I spoke and heard at home. But the books of my childhood were in English, and their subjects were, for the most part, either English or American lives. I was aware of a feeling of trespassing. I was aware that I did not belong to the worlds I was reading about: that my family’s life was different, that different food graced our table, that different holidays were celebrated, that my family cared and fretted about different things. And yet when a book was in my possession, and as I read it, this didn’t matter. I entered into a pure relationship with the story and its characters, encountering fictional worlds as if physically, inhabiting them fully, at once immersed and invisible.

In life, especially as a young girl, I was afraid to participate in social activities. I worried about what others might make of me, how they might judge. But when I read I was free of this worry. I learned what my fictional companions ate and wore, learned how they spoke, learned about the toys scattered in their rooms, how they sat by the fire on a cold day drinking hot chocolate. I learned about the vacations they took, the blueberries they picked, the jams their mothers stirred on the stove. For me, the act of reading was one of discovery in the most basic sense—the discovery of a culture that was foreign to my parents. I began to defy them in this way, and to understand, from books, certain things that they didn’t know. Whatever books came into the house on my account were part of my private domain. And so I felt not only that I was trespassing but also that I was, in some sense, betraying the people who were raising me.

When I began to make friends, writing was the vehicle. So that, in the beginning, writing, like reading, was less a solitary pursuit than an attempt to connect with others. I did not write alone but with another student in my class at school. We would sit together, this friend and I, dreaming up characters and plots, taking turns writing sections of the story, passing the pages back and forth. Our handwriting was the only thing that separated us, the only way to determine which section was whose. I always preferred rainy days to bright ones, so that we could stay indoors at recess, sit in the hallway, and concentrate. But even on nice days I found somewhere to sit, under a tree or on the ledge of the sandbox, with this friend, and sometimes one or two others, to continue the work on our tale. The stories were transparent riffs on what I was reading at the time: families living on prairies, orphaned girls sent off to boarding schools or educated by stern governesses, children with supernatural powers, or the ability to slip through closets into alternate worlds. My reading was my mirror, and my material; I saw no other part of myself.

My love of writing led me to theft at an early age. The diamonds in the museum, what I schemed and broke the rules to obtain, were the blank notebooks in my teacher’s supply cabinet, stacked in neat rows, distributed for us to write out sentences or practice math. The notebooks were slim, stapled together, featureless, either light blue or a brownish-yellow shade. The pages were lined, their dimensions neither too small nor too large. Wanting them for my stories, I worked up the nerve to request one or two from the teacher. Then, on learning that the cabinet was not always locked or monitored, I began helping myself to a furtive supply.

In the fifth grade, I won a small prize for a story called “The Adventures of a Weighing Scale,” in which the eponymous narrator describes an assortment of people and other creatures who visit it. Eventually the weight of the world is too much, the scale breaks, and it is abandoned at the dump. I illustrated the story—all my stories were illustrated back then—and bound it together with bits of orange yarn. The book was displayed briefly in the school library, fitted with an actual card and pocket. No one took it out, but that didn’t matter. The validation of the card and pocket was enough. The prize also came with a gift certificate for a local bookstore. As much as I wanted to own books, I was beset by indecision. For hours, it seemed, I wandered the shelves of the store. In the end, I chose a book I’d never heard of, Carl Sandburg’s “Rootabaga Stories.” I wanted to love those stories, but their old-fashioned wit eluded me. And yet I kept the book as a talisman, perhaps, of that first recognition. Like the labels on the cakes and bottles that Alice discovers underground, the essential gift of my award was that it spoke to me in the imperative; for the first time, a voice in my head said, “Do this.”

As I grew into adolescence and beyond, however, my writing shrank in what seemed to be an inverse proportion to my years. Though the compulsion to invent stories remained, self-doubt began to undermine it, so that I spent the second half of my childhood being gradually stripped of the one comfort I’d known, that formerly instinctive activity turning thorny to the touch. I convinced myself that creative writers were other people, not me, so that what I loved at seven became, by seventeen, the form of self-expression that most intimidated me. I preferred practicing music and performing in plays, learning the notes of a composition or memorizing the lines of a script. I continued working with words, but channelled my energy into essays and articles, wanting to be a journalist. In college, where I studied literature, I decided that I would become an English professor. At twenty-one, the writer in me was like a fly in the room—alive but insignificant, aimless, something that unsettled me whenever I grew aware of it, and which, for the most part, left me alone. I was not at a stage where I needed to worry about rejection from others. My insecurity was systemic, and preëmptive, insuring that, before anyone else had the opportunity, I had already rejected myself.

For much of my life, I wanted to be other people; here was the central dilemma, the reason, I believe, for my creative stasis. I was always falling short of people’s expectations: my immigrant parents’, my Indian relatives’, my American peers’, above all my own. The writer in me wanted to edit myself. If only there was a little more this, a little less that, depending on the circumstances: then the asterisk that accompanied me would be removed. My upbringing, an amalgam of two hemispheres, was heterodox and complicated; I wanted it to be conventional and contained. I wanted to be anonymous and ordinary, to look like other people, to behave as others did. To anticipate an alternate future, having sprung from a different past. This had been the lure of acting—the comfort of erasing my identity and adopting another. How could I want to be a writer, to articulate what was within me, when I did not wish to be myself?

It was not in my nature to be an assertive person. I was used to looking to others for guidance, for influence, sometimes for the most basic cues of life. And yet writing stories is one of the most assertive things a person can do. Fiction is an act of willfulness, a deliberate effort to reconceive, to rearrange, to reconstitute nothing short of reality itself. Even among the most reluctant and doubtful of writers, this willfulness must emerge. Being a writer means taking the leap from listening to saying, “Listen to me.”

This was where I faltered. I preferred to listen rather than speak, to see instead of be seen. I was afraid of listening to myself, and of looking at my life.

It was assumed by my family that I would get a Ph. D. But after I graduated from college, I was, for the first time, no longer a student, and the structure and system I’d known and in some senses depended on fell away. I moved to Boston, a city I knew only vaguely, and lived in a room in the home of people who were not related to me, whose only interest in me was my rent. I found work at a bookstore, opening shipments and running a cash register. I formed a close friendship with a young woman who worked there, whose father is a poet named Bill Corbett. I began to visit the Corbetts’ home, which was filled with books and art—a framed poem by Seamus Heaney, drawings by Philip Guston, a rubbing of Ezra Pound’s gravestone. I saw the desk where Bill wrote, obscured by manuscripts, letters, and proofs, in the middle of the living room. I saw that the work taking place on this desk was obliged to no one, connected to no institution; that this desk was an island, and that Bill worked on his own. I spent a summer living in that house, reading back issues of The Paris Review . and when I was alone, in a bright room on the top floor, pecking out sketches and fragments on a typewriter.

I began to want to be a writer. Secretly at first, exchanging pages with one other person, our prescheduled meetings forcing me to sit down and produce something. Stealing into the office where I had a job as a research assistant, on weekends and at night, to type stories onto a computer, a machine I did not own at the time. I bought a copy of “Writer’s Market,” and sent out stories to little magazines that sent them back to me. The following year, I entered graduate school, not as a writer but as a student of English literature. But beneath my declared scholarly objective there was now a wrinkle. I used to pass a bookshop every day on the way to the train, the storefront displaying dozens of titles that I always stopped to look at. Among them were books by Leslie Epstein, a writer whose work I had not yet read but whose name I knew, as the director of the writing program at Boston University. On a lark one day, I walked into the creative-writing department seeking permission to sit in on a class.

It was audacious of me. The equivalent, nearly two decades later, of stealing notebooks from a teacher’s cabinet; of crossing a line. The class was open only to writing students, so I did not expect Epstein to make an exception. After he did, I worked up the nerve to apply for a formal spot in the creative-writing program the following year. When I told my parents that I’d been accepted, with a fellowship, they neither encouraged nor discouraged me. Like so many aspects of my American life, the idea that one could get a degree in creative writing, that it could be a legitimate course of study, seemed perhaps frivolous to them. Still, a degree was a degree, and so their reaction to my decision was to remain neutral. Though I corrected her, my mother, at first, referred to it as a critical-writing program. My father, I am guessing, hoped it would have something to do with a Ph. D.

My mother wrote poems occasionally. They were in Bengali, and were published now and then in literary magazines in New England or Calcutta. She seemed proud of her efforts, but she did not call herself a poet. Both her father and her youngest brother, on the other hand, were visual artists. It was by their creative callings that they were known to the world, and had been described to me. My mother spoke of them reverently. She told me about the day that my grandfather had had to take his final exam at the Government College of Art, in Calcutta, and happened to have a high fever. He was able to complete only a portion of the portrait he had been asked to render, the subject’s mouth and chin, but it was done so skillfully that he graduated with honors. Watercolors by my grandfather were brought back from India, framed, and shown off to visitors, and to this day I keep one of his medals in my jewelry box, regarding it since childhood as a good-luck charm.

Before our visits to Calcutta, my mother would make special trips to an art store to buy the brushes and paper and pens and tubes of paint that my uncle had requested. Both my grandfather and my uncle earned their living as commercial artists. Their fine art brought in little money. My grandfather died when I was five, but I have vivid memories of my uncle, working at his table in the corner of the cramped rented apartment where my mother was brought up, preparing layouts for clients who came to the house to approve or disapprove of his ideas, my uncle staying up all night to get the job done. I gathered that my grandfather had never been financially secure, and that my uncle’s career was also precarious—that being an artist, though noble and romantic, was not a practical or responsible thing to do.

Abandoned weighing scales, witches, orphans: these, in childhood, had been my subjects. As a child, I had written to connect with my peers. But when I started writing stories again, in my twenties, my parents were the people I was struggling to reach. In 1992, just before starting the writing program at B. U. I went to Calcutta with my family. I remember coming back at the end of summer, getting into bed, and almost immediately writing the first of the stories I submitted that year in workshop. It was set in the building where my mother had grown up, and where I spent much of my time when I was in India. I see now that my impulse to write this story, and several like-minded stories that followed, was to prove something to my parents: that I understood, on my own terms, in my own words, in a limited but precise way, the world they came from. For though they had created me, and reared me, and lived with me day after day, I knew that I was a stranger to them, an American child. In spite of our closeness, I feared that I was alien. This was the predominant anxiety I had felt while growing up.

I was my parents’ firstborn child. When I was seven, my mother became pregnant again, and gave birth to my sister in November, 1974. A few months later, one of her closest friends in Rhode Island, another Bengali woman, also learned that she was expecting. The woman’s husband, like my father, worked at the university. Based on my mother’s recommendation, her friend saw the same doctor and planned to deliver at the same hospital where my sister was born. One rainy evening, my parents received a call from the hospital. The woman’s husband cried into the telephone as he told my parents that their child had been born dead. There was no reason for it. It had simply happened, as it sometimes does. I remember the weeks following, my mother cooking food and taking it over to the couple, the grief in place of the son who was supposed to have filled their home. If writing is a reaction to injustice, or a search for meaning when meaning is taken away, this was that initial experience for me. I remember thinking that it could have happened to my parents and not to their friends, and I remember, because the same thing had not happened to our family, as my sister was by then a year old already, also feeling ashamed. But, mainly, I felt the unfairness of it—the unfairness of the couple’s expectation, unfulfilled.

We moved to a new house, whose construction we had overseen, in a new neighborhood. Soon afterward, the childless couple had a house built in our neighborhood as well. They hired the same contractor, and used the same materials, the same floor plan, so that the houses were practically identical. Other children in the neighborhood, sailing past on bicycles and roller skates, took note of this similarity, finding it funny. I was asked if all Indians lived in matching houses. I resented these children, for not knowing what I knew of the couple’s misfortune, and at the same time I resented the couple a little, for having modelled their home on ours, for suggesting that our lives were the same when they were not. A few years later the house was sold, the couple moving away to another town, and an American family altered the façade so that it was no longer a carbon copy of ours. The comic parallel between two Bengali families in a Rhode Island neighborhood was forgotten by the neighborhood children. But our lives had not been parallel; I was unable to forget this.

When I was thirty years old, digging in the loose soil of a new story, I unearthed that time, that first tragic thing I could remember happening, and wrote a story called “A Temporary Matter.” It is not exactly the story of what had happened to that couple, nor is it a story of something that happened to me. Springing from my childhood, from the part of me that was slowly reverting to what I loved most when I was young, it was the first story that I wrote as an adult.

My father, who, at eighty, still works forty hours a week at the University of Rhode Island, has always sought security and stability in his job. His salary was never huge, but he supported a family that wanted for nothing. As a child, I did not know the exact meaning of “tenure,” but when my father obtained it I sensed what it meant to him. I set out to do as he had done, and to pursue a career that would provide me with a similar stability and security. But at the last minute I stepped away, because I wanted to be a writer instead. Stepping away was what was essential, and what was also fraught. Even after I received the Pulitzer Prize, my father reminded me that writing stories was not something to count on, and that I must always be prepared to earn my living in some other way. I listen to him, and at the same time I have learned not to listen, to wander to the edge of the precipice and to leap. And so, though a writer’s job is to look and listen, in order to become a writer I had to be deaf and blind.

I see now that my father, for all his practicality, gravitated toward a precipice of his own, leaving his country and his family, stripping himself of the reassurance of belonging. In reaction, for much of my life, I wanted to belong to a place, either the one my parents came from or to America, spread out before us. When I became a writer my desk became home; there was no need for another. Every story is a foreign territory, which, in the process of writing, is occupied and then abandoned. I belong to my work, to my characters, and in order to create new ones I leave the old ones behind. My parents’ refusal to let go or to belong fully to either place is at the heart of what I, in a less literal way, try to accomplish in writing. Born of my inability to belong, it is my refusal to let go. ♦

Bat Man

Origins: Not long after Fleer released its set of 1989 baseball trading cards, collectors noticed something unusual about the card featuring Bill Ripken (Baltimore Orioles infielder and brother of his much more famous Oriole teammate, Cal Ripken, Jr. ): letters printed in black marker on the knob of his bat. The letters were quite readable upon close examination, and they clearly spelled out the phrase "F**K FACE." This was no case of "well, it kind of looks like it might say that"; there was no doubting exactly which two words appeared on Ripken's bat. After the discovery became public, subsequent printings of the card were issued with the offending words obscured in various ways: first hidden under what looked like a blob of Wite-Out, then apparently scribbled over with a marking pen, and finally covered by a black square. (The original version is now referred to, in diplomatic collector's parlance, as an "error" card.)

How did the words "F**K FACE" end up on Ripken's card? Some observers offered the standard speculation that it was a prank pulled off by a Fleer employee who touched up the photograph and added the obscenity, while Ripken himself claimed that the furtive scrawling of an obscene phrase on the knob of his bat was an antic pulled off by some of his teammates that had passed unnoticed by him at the time. (In the event, many card collectors found it rather implausible that Ripken, the photographer, and the card company all failed to notice what was written on the bat and suggested that one or more of them knew about the obscenity but deliberately allowed it to slip through the production process.)

In December 2008, however, CNBC sports business reporter Darren Rovell wrote that Ripken had revealed to him that he (Ripken) had written the offending phrase on the bat himself:

I got a dozen bats in front of my locker during the 1988 season. I pulled the bats out, model R161, and noticed — because of the grain patterns — that they were too heavy. But I decided I'd use one of them, at the very least, for my batting practice bat."

Now I had to write something on the bat. At Memorial Stadium, the bat room was not too close to the clubhouse, so I wanted to write something that I could find

immediately if I looked up and it was 4:44 and I had to get out there on the field a minute later and not be late. There were five big grocery carts full of bats in there and if I wrote my number 3, it could be too confusing. So I wrote 'F--k' Face on it.

After the season was over, in early January, I got a call from our PR guy Rick Vaughn. He said, 'Billy, we have a problem.' And he told me what was written on the bat and I couldn't believe it. I went to a store and saw the card and it all came back to me. We were in Fenway Park and I had just taken my first round of BP. I threw my bat to the third base side and strolled around the bases. When I was coming back, right before I got up to hit again, I remember a guy tapping me on the shoulder asking if he could take my picture. Never once did I think about it. I posed for the shot and he took it.

I tried to deflect it as much as I could. It was fairly easy to say that somebody got me with a joke because people think you're the scum of the earth for doing something like this. The truth is that there's a lot of words like that that are thrown around in the clubhouse. They just don't get out there.

Just as others had speculated at the time of the card's release, Ripken suggested that Fleer had not missed the obscenity visible in the photograph used for his card, but rather had allowed it to pass through the production process in order to generate publicity:

I can't believe the people at Fleer couldn't catch that. I mean, they certainly have to have enough proofreaders to see it. I think not only did they see it, they enhanced it. That writing on that bat is way too clear. I don't write that neat. I think they knew that once they saw it, they could use the card to create an awful lot of stir.

Last updated: 29 December 2008

Sources:

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I’ll be posting the monthly results for the strategies in short order. Suffice to say they all did well – not exactly shocking in this rally – you really could have thrown a dart and be looking like a genius right now. In any case, we have 3 stocks for purchase tomorrow at the close being generated by MOMO1 – SLX, GDX and EWS. We also have the Skills Index about to go on Buy again.

April continued to be dominated by two themes:

None of the strategies I track did much – they’re all pretty much sideways in a market like this. They have a month up and then a month down. In terms of MOMO1, this is actually what I would expect – the system performs best in a bull market and despite the rally, we are not yet in a bull market in my view. It could also be that we are in a very different market – closer to 1930 or 1970 rather than 2000-2008 – so the systems may simply not come back to life for a while. As such I continue to monitor them and make changes as I see fit.

The little time I have these days is split between my family and my job.

Despite all of this, I’ve been impressed with the rally in the market over the past two months although I have not been as invested as I should have been.

Also exciting this month: Amibroker update that makes doing this reporting much, much easier. The other really nice feature about the new reporting is that it is customizable – so you can program new charts which is pretty darn neat and something that I used Tradersstudio for. The individual strategy pages have been changed to reflect the new reporting.

MR1 was the bigger winner in April. Stats are below. Disappointing is that all the strategies significantly underperformed the market – I’m not really shocked at this given the huge change in trend during the past month – but it is disappointing nevertheless.

As normal, you’ll find the individual strategies pages (MOMO1. TREND1. MR1 ) have updated equity curves, statistics and current holdings. As was true of my last update – all the trading systems below assume an Interactive Broker ‘s-like commission plan – for these, it is .01 cent per share with a $1 dollar minimum. None of these system count dividends.

Return for April-09: -0.3%

Return YTD: 3.1%

Current holdings: IGN, EWT, HHH

Return for April-09: -1.9%

Return YTD: -1.8% (includes some of May)

Current holdings: AGG, IWM

Return for April-09: 5.1%

2009: -3.9% (includes some of May)

Current holdings: See blog for updates.

Benchmarks (from March 31,2009 till April 30,2009) :

S&P500:

April-09: 9.39%

2009: 2.88% (through May 8th)

DOW:

April-09: 7.35%

2009: -2.30% (through May 8th)

Nasdaq:

April-09: 12.72%

2009: 15.06% (through May 8th)

IWM (proxy for the R2000):

March-09: 15.39%

2009: 3.59% (through May 8th)

EFA (proxy for developed foreign markets):

March-09: 11.52%

2009: 2.43% (through May 8th)

EEM (proxy for developing foreign markets):

March-09: 15.56%

2009: 26.51% (through May 8th) – ¡Guauu!

As always – thanks for reading and I hope you have a good May!

Bank Nifty

Note: Charts doesn’t supports Internet Explorer. Es mejor trabajar con Mozilla Firexfox, Google Chrome, Opera, Safari, Operamini, navegadores Android. Si sigue teniendo problemas con la carga de gráficos, intente borrar la caché y compruebe.

I would like each and everyone to go thro the nature of SuperTrend Optimized trading system

& # 8211; To be honest the trading system accuracy is currently at 42% means out of 100 trades only 42 trades are profitable.

Then how does your wealth is created? It created with discipline and proper money management to catch those 42% of Winning Trades and Exiting properly at Stop Loss Hits.

What do we show in the charts?

We show the Trading Signals(Buy and Sell Arrows), Trailing Stop loss lines and the Multitimeframe Signal Dashboard

What is the maximum continuous losses the trading system can yield? Since 2010 after backtesting with 5min data it is inferred that till to date 8 consecutive losses had occurred.

What is the Best Parameters to fine tune the system to eliminate more whipsaws? It is customer supertrend version and it is marketcalls proprietary. And code is not available for public download

For Which Instrument the Trading System is Optimized? The Trading system is optimized for 5min Nifty Futures charts

Is this trading system only for Nifty Futures? Can i trade with Any other stocks/indices?

Yes, Currently the trading system is optimized for only Nifty futures 5min charts. It may or maynot suits other instruments shown here. It is recommneded to trade only volatile and High Beta Stocks on 5min timeframe

How to Enter and Exit?

Entry should be based on the completion of the close of 5min Bar Candle. Trade should be executed with 5secs once the 5min candle complete. El comercio no se debe ejecutar antes de la terminación de barras de 5 minutos.

How many Nifty Future Lots is required to Trade the Trading system? 2 Lots (100 shares) of Nifty at any trades. Tamaño del comercio no debe variar en todo el sistema de comercio y se fija.

Can i trade using the live Buy or Sell indicator? Charts shown in marketcalls is to study the nature of the trading system to improve your knowledge on trading system. If you are trading based on these buy and sell signals then do it at your own risk. marketcalls wont be responsible for the losses incurred.

How to Trading using the Multitimeframe Dashboard? Multitimeframe dashboard is shown here to observe what is happening in the other timeframe. Sin embargo, Supertrend no es una estrategia multitemporada y los plazos más altos implican a menudo un mayor riesgo. Su mejor para pegar con 5min plazo para un mejor control de riesgos a largo plazo.

How to Trade the Green and Blue Ribbons shown below the charts?

Those Green and Red Ribbons are called as iTrend Ribbons. iTrend Ribbons are nothing but the additional filters to avoid whipsaws in our trades.

I Have Amibroker Software how can i get this indicator?

Things you need to Know about Supertrend

1)Supertrend is a carry forward strategy which involves overnight gapup/gapdown risk and also weekend carry forward risk. No es una estrategia intradía pura. 2)Supertrend normally makes more profit when the volatility increases and makes lesser losses when the market shows compressed volatility. 3)Most of the profits are made in gap up and gap down openings compared to the losses made in gapup/gapdown 4)Should works good with High Beta Stocks and BankNifty 5)Always start your trade when the past trades which you hadn’t participated shows the worst. Don’t start once you seen the best best part of profits in Supertrend indicator. As the winning ratio is 42% it is not advisable to start your trade once you see the best results of any indicator. Espere a que ocurran tres o más pérdidas consecutivas en las cartas para comenzar su comercio después de pérdidas consecutivas y no después de ganar consecutivas en las cartas. 6)Winning ratio is more or less between 42-45% across all the timeframes. (doesn’t includes brokerages and slippages). Sin embargo, la mayoría de las veces mayor marco de tiempo implica un alto riesgo en el comercio supertrend indicador.

Descargo de responsabilidad. Los gráficos mostrados aquí son puramente con fines educativos para estudiar el comportamiento del mercado con el indicador SuperTrend. Comprar y vender Las señales no se entienden aquí para tomar las operaciones reales. If you are trading based on these buy and sell signals then do it at your own risk. Marketcalls ni ser responsable de la exactitud de los datos ni las pérdidas sufridas.

Required US Government Disclaimer & CTFC Rule 4.41

Futures trading contains substantial risk and is not suitable for every investor. Un inversionista podría perder todo o más de la inversión inicial. Capital de riesgo es el dinero que se puede perder sin poner en peligro la seguridad financiera o el estilo de vida. Sólo considerar el capital de riesgo que debe ser utilizado para el comercio y sólo aquellos con suficiente capital de riesgo debe considerar la negociación. El rendimiento pasado no es necesariamente indicativa de resultados futuros. CTFC RULE 4.41 – HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. DESCONOCIDO UN REGISTRO DE RENDIMIENTO REAL, LOS RESULTADOS SIMULADOS NO REPRESENTAN COMERCIO REAL. TAMBIÉN, DADO QUE LOS COMERCIOS NO HAN SIDO EJECUTADOS, LOS RESULTADOS PUEDEN TENERSE COMPARTIDOS POR EL IMPACTO, SI CUALQUIERA, DE CIERTOS FACTORES DE MERCADO COMO LA LIQUIDEZ. LOS PROGRAMAS DE COMERCIO SIMULADOS EN GENERAL ESTÁN SUJETOS AL FACTOR DE QUE SEAN DISEÑADOS CON EL BENEFICIO DE HINDSIGHT. NO SE HACE NINGUNA REPRESENTACIÓN QUE CUALQUIER CUENTA TENDRÁ O ES POSIBLE PARA LOGRAR GANANCIAS O PÉRDIDAS SIMILARES A LOS MOSTRADOS. Todos los oficios, patrones, gráficos, sistemas, etc. discutidos en este sitio web o en el anuncio son sólo con fines ilustrativos y no se interpretan como recomendaciones específicas de asesoramiento. Todas las ideas y materiales presentados aquí son para propósitos informativos y educativos solamente. Nunca se ha desarrollado ningún sistema o metodología comercial que pueda garantizar beneficios o evitar pérdidas. Los testimonios y ejemplos utilizados en este documento son resultados excepcionales que no se aplican a personas promedio y no tienen la intención de representar o garantizar que cualquier persona obtendrá los mismos resultados o resultados similares. Las operaciones que se basan en la dependencia de los sistemas de Trend Methods se toman bajo su propio riesgo para su propia cuenta. No se trata de una oferta de compra o venta de futuros.

Los datos y la información se proporcionan para propósitos informativos solamente, y no se piensan para los propósitos de negociación. Neither marketcalls. in website nor any of its promoters shall be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Sam's Neat, Nifty, and Handy Bookmarks

Version 15.12a (24-Feb-16)

For contact info, please see the Sci. Electronics. Repair FAQ Email Links Page. Reproduction of this document in whole or in part is permitted if both of the following conditions are satisfied:

This notice is included in its entirety at the beginning.

There is no charge except to cover the costs of copying.

Introducción

This is a snapshot of the bulk of the primary bookmark file I use with Firefox. I strive to keep it up to date but regrettably, this is about as possible as keeping up to date with all the free magazines that come my way. With so many Web sites coming and going and changing it is inevitable that some, if not many of the URLs here will result in "404 missing" errors. I am resigned to this for individuals on mom-and-pop ISPs. However, there really is no excuse when large companies change their Web site organization and don't provide an easy way to locate the replacement page for those that have disappeared. Some do but many don't seem to care if you find them or not. What kind of good business practice is that? Suppose your favorite store moved in the middle of the night and didn't provide a forwarding address? Even the U. S. Postal Service will forward your mail for several months. Out of courtesy, Web sites should do this with Web site addresses as well. Many do, but certainly not the majority! Perhaps I should add a "404 Hall of Shame"!

But the best way for you to help is when you find dead links, use the Feedback Form on the main ToC page to tell me about it! Then, I'll either remove them or locate the replacement Web site(s). Simply whining about how your valuable time has been wasted due to dead links is not being constructive. )

The file currently used here is a copy of the raw Firefox bookmarks. html with embedded icons stripped out. It is simply inserted into the sambook. htm wrapper. So, the actual HTML is a bit uglier than desired and there is no table of contents but it's not much larger than necessary. Eventually I'll have a script that beautifies it but for now, this is a much easier to keep up to date as links come and go than what I used to do. Don't ask. )

The bookmarks, below, are divided into major categories and sometimes further sub-divided but not too deeply. I apologize for the organization (or relative lack thereof). Maybe someday I will reformat this stuff using fancy HTML tables and add meaningful descriptions of each entry. Then again, maybe pigs will fly. -) This version is pretty clean but I don't guarantee that for the subsequent ones - I 'processed' it mostly by hand (well, OK, I did use a computer!) with some help from GNU EMACS and a PERL script, courtesy of Filip G. ) The fancy formatting will have to wait until after the pigs start flying. )

Sam's Neat, Nifty, and Handy Bookmarks Links

Sci. Electronics FAQ Sites

It’s been a while, we hope you’re all well.

As you may note, since the launch of the game, our blog posting on yoworld. com has slowed down a fair bit. Rather than give players 3 or 4 different official places to check for information, we’re going to try to keep it to just the game itself and the forums for now.

The forums are great because we can respond to your feedback on our updates. If you haven’t checked them out, you’ll find them here: http://forums. yoworld. com. See the news section for information on the latest releases. We’re also close to releasing a new feature that will allow us to communicate more effectively in-game with you all as well.

This site itself will remain fairly quiet for the time being, and at a later date we hope to transform it into a fully functional YoPortal, full of all the cool stuff you’ve been asking for.

Thanks for playing YoWorld, you are the best! Play YoWorld now: http://apps. facebook. com/playyoworld/

Gary Stevenson YoWorld Team Big Viking Games

It’s been too long since our last blog post, so it’s time for an update!

The new forums are live and are working nicely! Check them out at http://forums. yoworld. com. They’re the best place to talk YoWorld, get the latest news and have fun with other players outside of the game.

We know many of you are very excited to see what new items we’ll be releasing. So far the pet store has been revamped, and there are also 6 new avenues to enjoy. Our current focus is getting new hair and clothing in the game, and we’re working hard on the technology that will allow us to do this. We don’t have an ETA just yet, but it will be soon!

We updated the chat filter recently to catch things that weren’t being caught before. There are a few lingering issues which we’re still working on, let us know about any problems here: http://forums. yoworld. com/viewtopic. php? f=6&t=1531

We also added filtering to apartment messages, as this was a big problem area for abusive messages.

We’re currently redoing the behind the scenes parts of the buddy list so that it works better, loads faster, and makes it so that cheaters cannot follow you around. We expect to ship this feature next week.

Our team is around 5 days behind on tickets right now, and is closing the gap rapidly. For any players awaiting a reply, thank you for your patience! If you sent in a ticket much more than 5 days ago, check your spam box. If nothing is there, check if you received an auto-reply when you first contacted us. If you don’t have one, try resubmitting your ticket using a different email address.

There’s a variety of other things we’re working on, but we’re not quite ready to announce them yet. If you have any suggestions on what you’d like to see, you can post them here http://forums. yoworld. com/viewforum. php? f=5 or use the help tab above the game.

Thanks, and have a great day!

Gary Stevenson YoWorld Team Big Viking Games

As you might remember, we spoke about an upcoming account review recently. Well, that is now completed. We looked at all accounts with potentially ambiguous bans, of which there were roughly 5,000.

99% of them were clearly legitimate bans. The remaining 1% we couldn’t be sure, so we removed the restrictions and added them to a watchlist.

If you are trying to log into your account and are finding you’re still banned, and you believe this is in error, you can still follow the instructions on-screen to get in touch and our team can look into it for you.

There has also been a lot of chatter lately about why we ban people, legitimate players getting caught up and worries about trading etc. While we cannot go into detail on how we catch rulebreakers for obvious reasons, we can say this:

Nobody is simply banned for trade disparity. You can give coins and items to friends, and they can give them to you. We’re very aware of how much things trade for and we do take this into account with everything we do.

Thanks, and have a great day.

Gary Stevenson YoWorld Team Big Viking Games

It’s been a few days since the last blog post, so we wanted to give you an update of the goings on in YoWorld and some other important info!

The cheating issues in YoWorld took a little longer to resolve than we would have liked, but the majority of them are now fixed and we’ll be cleaning up the remaining few minor ones soon. If you see anyone that looks like they’re cheating, send us a screenshot.

We’ve made some updates to events in the past few days. You’ll now be able to start an event in any of your homes, the event window will function properly, events now have the owners name attached and some other minor fixes.

Player Support Backlog

We’re still hard at work helping players as fast as we can, however we are currently several days behind. The demand has been much bigger than had ever anticipated, and we’ve been putting a lot of resources into resolving the root cause of tickets.

IMPORTANT: If you did not receive an auto-response to your email, make sure you’re using the correct email address. We can’t help if you can’t receive our emails.

The main source of tickets have been loading issues. We’ve fixed the houses that were causing the problem plus a few items which were known to be glitchy too. If you’re still having issues, first clear your browser cache (reload the game using CTRL + F5 (Command + F5 for macs)). make sure your flash player is up to date (check here: http://helpx. adobe. com/flash-player. html ), and try a different browser such as Google Chrome or Mozilla Firefox. If you’re still having trouble, reach out to [email protected] with your Facebook profile link.

Another big source of tickets are account bans from before Big Viking Games took control of YoWorld. As we’ve mentioned, we’re setting up a second chance account ban review session for anyone banned in the last few years, providing they weren’t clearly doing something wrong. We aim to have this done by June 1st. Players who are not unbanned on June 1st can contact as per the instructions they get when they log in.

Thanks for your patience while we get caught up!

The only way anyone can “hack” your YoWorld account is if you give them your Facebook details, either on purpose or by accident. Safeguard your Facebook details like it was your life savings. Never share your details with anyone. Make sure you’re logging into https://www. facebook. com to avoid getting hacked. How do you know if you are or not? Keep reading.

Facebook. com in black

Padlock symbol on the left

https:// in front

Facebook. com greyed out

No padlock symbol

No https://

Know the difference. Be safe! If in doubt, don’t log in. Always type facebook. com manually into your address bar and log in there. Don’t type your details after following links, especially ones from other players, emails or anywhere you don’t recognize.

VERY IMPORTANT: People cannot double your coins, or duplicate your items. At best you’ll get scammed and at worst you’ll get hacked. Report players who claim they can do this. We cannot reverse trades, so anything you trade is gone forever, whether or not you were in control of your account at the time. Don’t get lured in with false promises.

We know a few of you have been asking how our new forum is coming along. The answer is: great! We’re adding some more features to it before we can consider it ready for primetime. Our ultimate goal is to provide a safe and secure place where you can chat, discuss the game and have fun, so everything will be geared towards that.

Many of you are hungry for new items, and want information on where we’re at with this. Well, we’re primarily focusing on fixing the issues first before we jump on the content train, but rest assured your ideas are being considered and there will be lots of new items in the future!

That’s it for now, see you in YoWorld!

Gary Stevenson YoWorld Team Big Viking Games

A small portion of players have reported their items have gone missing.

There is unfortunately no recourse for recovering the lost data. We know many affected players have screenshots, videos or other proof of missing assets and would request for us to recreate them. After much deliberation, we’ve decided that the only course of action we take is to do what is fair for everyone affected. Due to our inability to verify anything, we cannot offer coin or item reimbursement at this time.

No amount of apologies or reassurances will make the upset of losing your homes or items disappear, but please know that you have our sincerest apologies for this and our assurance that we will absolutely never let this happen on our watch.

Since relaunching YoWorld on Tuesday, we’ve had over 3,000 people get in touch with us via email alone, and countless more via Facebook and other channels. It may take us a little while to get caught up, but please know that we’re working hard to make sure everyone gets a response.

As we gain experience and resolve issues, we expect response time to decrease considerably.

We know there are some bad apples causing trouble on the Community Group. Please report posts as you come across them so we can remove troublemakers. In future, we intend for forum and game accounts to be tied together, and abusing either one will result in a ban in both.

We still want to do our live chat, however timing issues have meant we’ve had to delay it for now. Rather than waiting to answer your questions, we’re going to answer as many as we can here, and then we will try to arrange another event at a later date which is more interactive.

Will I be banned for having free gift items?

Definitely not. Cheating is wrong and we will be putting an end to it, but while many people were very aware of the nature of the free gift items, quite a few were not, and it wouldn’t be fair to them.

Will there still be a kids/adult server split?

We found the system that was in place for this to create more problems than it solved, both for players and for us. However, we do recognize the desire for some to be able to get shield themselves from younger players, and we’ll be working on ways to do this.

If you were banned prior to our takeover of the game, it’s not something we were involved with or have details on. After the takeover, if you get banned, we will A) make sure it’s for a good reason, B) tell you what that reason is and C) give you a clear answer as to whether or not the ban can or will be lifted, and how.

Will you unban players who were previously banned?

A second chance will be given to those who were not obviously hacking. We’ve heard from so many players who were seemingly banned with little cause, we feel this is the right thing to do. However, we do intend to monitor abuse reports regarding those accounts more closely to make sure we haven’t made a mistake.

Can you recover my account from the Myspace migration several years ago?

Our agreement enabled us to obtain the last 2 years worth of player data. As the Myspace migration predates this timeframe, unfortunately we won’t be able to recover your old account.

My items went missing, can you get them back?

In order to replace any items, we need to verify what happened to them. We don’t have the ability to determine this prior to the migration, so unfortunately any items lost prior to May 13th would not be recoverable. However, going forward, YoWorld will have full item tracking any future issues like this can be looked into for you. Gracias por su comprensión.

Will you change the pricing of YoCash/YoCash items/give away more YoCash?

We will evaluate this as time goes on, and the new items we create will have a variety of pricing, some free, some high, some low. The game should feel rewarding, but also must be balanced with the need to keep the game running. We’ll do our very best to strike a good balance.

Will you be adding more levels?

We would very much like to give players more levels to achieve. This is likely to be something that would happen later as part of a bigger update.

Will the old YoVille. com be coming back?

We received a portion of the old YoVille. com code in the transfer to us. It needs to be evaluated by our team to see if we can fill in the gaps and get it back online. We’re not sure why it was taken offline, it may very well have been due to security flaws, which will pose an additional challenge. Rest assured though, we know you guys loved it so we’ll look into it and let you know.

Will you make a YoWorld app for smartphones?

We think this would be very cool. It’s unlikely we would be able to make a native app that has all of the same functions and features as YoWorld due the technical challenges involved with the Flash platform, but we remain open to the idea of a companion app later down the road if it makes sense to do it.

Will people still be able to cheat?

We want to make YoWorld a place with no cheating. This won’t happen overnight, and we’ll need your help to make it a reality. A variety of detections will be added on the servers, and giving players more ability to report cheating to us is on our list too.

Will you support linking accounts together?

Playing on multiple accounts is against Facebook’s terms of service, so we would not be adding any features like this. You should only play on one account, we can’t do anything about Facebook account bans!

Can you add a feature to remove unused houses?

We’d like to. This is on our list of things look at.

Will you reinstate VIP membership?

We’ll be looking into the particulars of this. It would likely be similar, but not exactly the same. It has to be valuable for players and sustainable for us. We don’t want to let you down!

What will you do about scamming?

We aim to put more steps in place to protect people from being misled by other players. There are many cases where a trade goes ahead and both players get what they asked for, but later regret can occur. For this reason we have a policy of not reversing trades.

Will there be a new trading system implemented to make transactions more secure?

There are plans for a new trade window which should lower the incidence of scamming. It is extremely difficult to protect people from doing things like giving their things away for free for the promise of coin or item doubling for example, without extremely limiting all players’ ability to trade freely. We believe that 2 step confirmation, warnings, player education and social shaming for untrustworthy players will go a long way to putting a stop to it.

Will you put YoWorld on back on other social media sites?

We only have plans for Facebook at the moment.

Will you let new players join again?

Absolutamente. Letting new players in again is already in place. A world isn’t any fun without people.

Later down the line, once we become well established with the game, we will consider offering players the ability to help us. We do believe that allowing player vikings could potentially hurt our ability to provide a consistent player experience, so we’d want to find a good solution for this first.

What made you want to buy YoVille?

There are a lot of reasons why we decided to do this.

• Your campaigning touched us. We, as gamers, have had our favorite games closed down over the years and we always wished someone would be able to save the day.

• We knew that we could do it, and do it well. We’ve successfully run several games over the years with many happy players, and to have the chance to do it again with such a well-established game was a hugely exciting idea.

• Our mission statement is to make fans, and there’s no better way to make fans than doing something awesome for someone. Or hundreds of thousands of someones.

What is your vision for YoWorld in a year?

This is a dangerous question! It’s early days yet and we don’t want to disappoint anyone. That being said, in a year’s time we’d LOVE to see YoWorld’s community thrive, with a healthy, happy community of excited players. We want the game itself to be as solid as a rock and free of bugs. Safe and secure from hackers and abusive players. Full of new ideas, iterated upon by our team and our community. We want YoWorld to be an awesome place to be, somewhere you’re proud to call home. We want you to be able to say “Big Viking Games is the best thing that ever happened to YoWorld.”

Does your team at BVG have the capabilities to provide new items and new features?

¡Usted apuesta! Putting lots of new items in the game, however, isn’t necessarily a good strategy. That itself needs to be finely balanced, in terms of what should be YoCash and what should be YoCoins. It’s not an easy task. Moreover, game content must also be finely balanced with the amount of new features that we create. Rest assured, we’re focused on giving you a good mix, and with your feedback, will work hard to get it right.

What are some ideas that you have regarding features?

The great thing about having a new team on YoWorld is that there are many pairs of fresh eyes, filled with the excitement and possibility that YoWorld can hold.

It’s early days to be providing a concise list, but in the immediate future they all center heavily around our YoValues:

Safe and Secure – fixing hacking, giving players tools to have a good game experience.

Community Engagement – making sure players can talk to us, and we can listen.

User Generated Experiences – doing things that let players make fun for each other, rather than us trying to do it directly.

Do you expect YoWorld to reach the popularity that YoVille did in 2009?

We’d love for that to happen, but it’s unlikely. There are a few reasons for this, namely:

• It’s exceedingly rare for a game to peak, decline and then exceed its initial peak again without spending a huge amount of money on advertising. Money that could be better spent on making the game awesome.

• Facebook is a very different platform than it was in 2009. The ways in which games can gain new players, communicate with existing ones, and do interesting things with walls, feeds etc have all been severely restricted.

• Our focus is on making fans and improving the game. We’d have to switch focuses to make that happen, and we don’t want to do that!

Previously I purchased YoCash with the previous owners game cards, how will this work once BVG takes over?

You can buy Facebook gift cards at many retailers which we accept in-game. You will soon be able to redeem gift cards and also find stores to buy them at by clicking a “Gift Card” tab on the Add YoCash screen. For right now you can redeem them at http://www. facebook/giftcard and use the balance to buy YoCash/coins on our screen. We don’t have the ability to accept the old game cards, unfortunately. We could if we would!

Will the themes and categories currently available in the stores continue to be available after the transfer or will they be discontinued?

We have no immediate plans to change the store line-up, but we may remove some of the unavailable items as we think it’s a pain to scroll through things you can’t buy.

Will you be adding a way to sort our inventory items?

This is a great feature suggestion and we’ve made a note of it for future improvements in this area! In short: probably!

Will we be able to buy/sell houses between YoVillians?

This is a neat concept, we’ll evaluate it and see if we can do that. We think it’d be cool, at least!

I play YoVille and my children/spouse cannot do certain things together because of our conflicting IP address. Will this change to make it so we can all play at once?

This limitation is no longer active. We understand why this would have been put in place (to prevent cheating), but it’s so easy to circumvent there’s really no reason to have it anymore.

In this post we’re going to talk about player support. Player support is a hugely important part of our plans for YoWorld. It ties directly into our YoValue of Community Engagement, and we’re investing heavily in a smart, capable team to make sure the community is taken care of. We strongly believe that high quality player support is beneficial for everyone.

We now have an openly accessible set of contact forms for players to use above the game. You can click the ‘Help’ tab to find them. Please make sure you read what each form is for before you fill one in. When you submit the form, a ticket sent to our team where it will be reviewed. If it requires a response or we need more information from you, we’ll follow up as soon as possible.

If a response is needed, the time frame for our reply will depend on how many other tickets we have to deal with, but rest assured we’ll get to you. It will be sent to the email address you provided when you filled out the contact form, so make sure it’s correct!

Our team will concentrate on providing one on one player support solely via this system for efficiency, privacy and oversight reasons. Live chat will not be continued. The forums will be recreated and our team will post on there, but it won’t be a place for one on one support. We have no current plans to provide support via twitter or similar channels, however this may change.

Now that we’ve outlined how player support will operate, it’s time to talk a little more about specific rules and policies we’ll be putting in place. There will be more than is listed here, but we wanted to make these particular ones known right away as we anticipate they will generate the most feedback.

Privacy and security – Our player support team can only deal with you, and the details of your account whenever you contact us. This means we cannot give you details about someone else’s account, any support interactions with them, nor can we give them items on your behalf, including your coins or yocash. We will absolutely never take away someone else’s items, coins or yocash without dealing with them directly. NOTE: This means we cannot reverse trades or auction transactions.

Lost Items – Losing items is seemingly something that does happen in the game currently, and we’ve added tracking to make sure we can find out where these items are going and fix any bugs that may be causing problems. We will need to verify an item did exist before we can replace it for you. Unfortunately we are unable to recover items lost prior to May 13th for technical reasons. We apologize for the inconvenience and appreciate your understanding on this.

Support limitations – Player support will be available to everyone, except in cases where a player abuses our systems or our staff members, in which case we reserve the right to end support for that particular player.

Suggestions and Feedback – We welcome your feedback and suggestions, and will pass them to the team for consideration. However, this doesn’t necessarily mean we can make what you want happen, so please keep this in mind. Additionally, if we are able to do so, it’s on the understanding that you provided us with your ideas of your own free will, and can expect no remuneration or credit for doing so.

Inappropriate Names – If you bypass the name filter and call yourself something rude or profane, we can and will permanently change your name to either whatever your Facebook name is, or something decidedly uncool like “Wadsworth Featherbottom”.

Player Reports – We will only take action against a player if we can substantiate rule breaking activity from our system logs. We cannot accept screenshots or chat logs as 100% proof. Please do still send them in though, as they will be useful in our investigations.

Inappropriate Behavior – If you behave inappropriately in-game, we reserve the right to take any action we feel is necessary to prevent you from doing so again. Please play nicely.

Account Bans – We will reverse bans on players who we cannot find an obvious reason for their ban, this will be done automatically within 14 days. If an account has many fraudulent items, YoCash that cannot be accounted for or other obvious signs of hacking, permanent bans will remain in place. Additionally, further bans will be handed out for obvious hackers who had escaped security measures previously.

Questions, comments or concerns? Contact us using the ‘Help’ tab in-game. ¡Gracias!

Gary Stevenson YoWorld Team Big Viking Games

As you may know, one of our YoValues is Community Engagement. This means we want to keep you informed about what we’re doing and why, as well as giving you the opportunity to send us your feedback and suggestions.

In this post we’ll be discussing the hottest topic of them all: Free Gift items.

We’ve had a lot of feedback on the Free Gift item problem from many different players, and we’ve been thinking long and hard about it in the run up to the transfer.

Originally, we had planned to simply remove all illegitimate Free Gift items if we could. We came to this decision due to a few reasons:

They were created by cheaters who had exploited the game.

Cheating is not acceptable. If gone unchecked, it would jeopardize the future of YoWorld.

Illegitimate Free Gift items ruin the game for honest players.

Having rare items makes the game exciting and gives players something to work towards.

We stand by these points and we think most players would agree with them. However, based on the feedback we’ve received as well as having more information available to us, it turns out not to be feasible to do so. The most important reasons for this are:

The game didn’t do enough to prevent people from unknowingly trading for Free Gift items in the first place.

We don’t have the ability to refund people after removing their items.

Removing only illegitimate items would be a more long term technical challenge than anticipated, and we wanted to deal with this issue swiftly.

The one thing that’s clear to us is that there’s no perfect solution to satisfy every player, so we’re going to do what we think is best given the exceptional circumstances. Our new and improved plan boils down to the following:

As of right now, all free gift items will be non-tradeable and unsellable. Later, we will attempt to separate the legitimate from the illegitimate so you can trade the real ones again. (let us know if you spot a glitch with this)

We will begin working on a feature that allows you to see what other players are wearing. Individuals will not be able to pretend that they have the real thing.

Players who have illegitimate free gift items equipped will be ineligible to participate in any future features where appearances are the core component, for example a halloween costume contest.

Any accounts with more than a reasonable amount of free gifts will be closely monitored for abuse.

This concludes our current plans for Free Gift items. We’ll let you know about any future changes with this topic as they come up.

Questions, comments or concerns? Contact us using the ‘Help’ tab in-game. ¡Gracias!

Gary Stevenson YoWorld Team Big Viking Games

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The Crisis in Retirement Planning

Resumen ejecutivo

Corporate America began to really take notice of the looming retirement crisis in the wake of the dot-com crash, when companies in major industries went bankrupt in large part because of their inability to meet their pension obligations. The result was an acceleration of America’s shift away from employer-sponsored pension plans toward defined-contribution plans—epitomized by the ubiquitous 401(k)—which transfer the investment risk from the company to the employee.

With that transfer has come a dangerous shift in investment focus, argues Nobel Laureate Robert C. Merton. Traditional pension plans were conceived and managed to provide members with a guaranteed income. And because that objective filtered right through the scheme, members thought of their benefits in those terms. Ask a member what her pension is worth and she’ll reply with an income figure: “two-thirds of my final salary,” por ejemplo. Most DC schemes, however, are designed and managed as investment accounts with the goal of accumulating the largest possible pot of savings. Communication with savers is framed entirely in terms of assets and returns. Ask a saver what his 401(k) is worth and you’ll hear a cash amount and perhaps a lament to the value lost in the financial crisis.

The trouble is that investment value and asset volatility are simply the wrong measures if your goal is to secure a particular future income. In this article, Merton explains a liability-driven investment strategy whose aim is to improve the probability of achieving a desired retirement income rather than to maximize the capital value of the savings.

Idea in Brief

The Risk Problem

The move to saver-managed defined-contribution pension plans—most notably 401(k)s—has increased the likelihood of a pension crisis down the line as the baby boomers retire.

Why It’s Happening

Pension savings are invested so as to maximize capital value at the time of retirement, an objective imposed by regulation. But the goal of most savers is to achieve a reasonable level of retirement income. This mismatch almost guarantees that savings are badly managed, because an investment that is risk-free from an asset value standpoint may be very risky in income terms. At the same time, the defined-contribution process requires savers who often have little or no financial expertise to make complicated decisions about risk.

The Solution

Investment practice and regulation need to be changed to prioritize income security over capital gain, and communication needs to focus on variables the saver understands and give a clearer idea of the likelihood of reaching a given income target rather than emphasize investment returns.

Corporate America really started to take notice of pensions in the wake of the dot-com crash, in 2000. Interest rates and stock prices both plummeted, which meant that the value of pension liabilities rose while the value of the assets held to meet them fell. A number of major firms in weak industries, notably steel and airlines, went bankrupt in large measure because of their inability to meet their obligations under defined-benefit pension plans.

The result was an acceleration of America’s shift away from defined-benefit (DB) pensions toward defined-contribution (DC) retirement plans, which transfer the investment risk from the company to the employee. Once an add-on to traditional retirement planning, DC plans—epitomized by the ubiquitous 401(k)—have now become the main vehicles for private retirement saving.

But although the move to defined-contribution plans arguably reduces the liabilities of business, it has, if anything, increased the likelihood of a major crisis down the line as the baby boomers retire. To begin with, putting relatively complex investment decisions in the hands of individuals with little or no financial expertise is problematic. Research demonstrates that decision making is pervaded with behavioral biases. (To some extent, biases can be compensated for by appropriately framing choices. For example, making enrollment in a 401(k) plan the default option—employees must opt out rather than opt in—has materially increased the rate of enrollment in the plans.)

More dangerous yet is the shift in focus away from retirement income to return on investment that has come with the introduction of saver-managed DC plans: Investment decisions are now focused on the value of the funds, the returns on investment they deliver, and how volatile those returns are. Yet the primary concern of the saver remains what it always has been: Will I have sufficient income in retirement to live comfortably? Clearly, the risk and return variables that now drive investment decisions are not being measured in units that correspond to savers’ retirement goals and their likelihood of meeting them. Thus, it cannot be said that savers’ funds are being well managed.

In the following pages I will explore the consequences of measuring and regulating pension fund performance like a conventional investment portfolio, explain how retirement plan sponsors (that is, employers) and investment managers can engage with savers to present them with meaningful choices, and discuss the implications for pension investments and regulation.

These recommendations apply most immediately to the United States and the United Kingdom, which have made the most dramatic shift among developed nations toward putting retirement risks and responsibilities in the hands of individuals. But the trend toward defined-contribution plans is ubiquitous in Asia, Europe, and Latin America. Thus the principles of providing for retirement income apply everywhere.

Assets Versus Income

Traditional defined-benefit pension plans were conceived and managed to provide members with a guaranteed income. And because this objective filtered right through the scheme, members thought of their benefits in those terms. Ask someone what her pension is worth and she will reply with an income figure: “two-thirds of my final salary,” for example. Similarly, we define Social Security benefits in terms of income.

The language of defined-contribution investment is very different. Most DC schemes are designed and operated as investment accounts, and communication with savers is framed entirely in terms of assets and returns. Asset value is the metric, growth is the priority, and risk is measured by the volatility of asset values. DC plans’ annual statements highlight investment returns and account value. Ask someone what his 401(k) is worth and you’ll hear a cash amount and perhaps a lament about the value lost in the financial crisis.

The trouble is that investment value and asset volatility are simply the wrong measures if your goal is to obtain a particular future income. Communicating with savers in those terms, therefore, is unhelpful—even misleading. To see why, imagine that you are a 45-year-old individual looking to ensure a specific level of retirement income to kick in at age 65. Let’s assume for simplicity’s sake that we know for certain you will live to age 85. The safe, risk-free asset today that guarantees your objective is an inflation-protected annuity that makes no payouts for 20 years and then pays the same amount (adjusted for inflation) each year for 20 years. If you had enough money in your retirement account and wanted to lock in that income, the obvious decision is to buy the annuity.

But under conventional investment metrics, your annuity would almost certainly look too risky. As interest rates move up and down, the market value of annuities, and other long-maturity fixed-income securities such as U. S. Treasury bonds, fluctuates enormously. In 2012, for instance, there was a 30% range between the highest and lowest market value of the annuity for the 45-year-old over the 12 months. However, the income that the annuity will provide in retirement does not change at all. Clearly, there is a big disconnect about what is and is not risky when it comes to the way we express the value of pension savings.

Unfortunately that disconnect is now being codified in DC plan regulation. Required disclosures emphasize net asset value and its changes. In the interest of consumer protection, regulators in the European Union have even considered requiring minimum rates of return on portfolios. But if the goal is income for life after age 65, the relevant risk is retirement income uncertainty, not portfolio value. To truly protect consumers, such regulatory “floors” would need to be specified in terms of the safety of the future income stream, not the market value of that stream.

Yet under regulations that set a minimum floor on portfolio value, retirement plan managers would not be allowed to invest savers’ funds in deferred annuities or long-maturity U. S. Treasury bonds—the very assets that are the safest from a retirement income perspective. That’s because, if interest rates were to rise, their price (that is, their market value) could easily fall below the minimum required asset value. Ironically, therefore, laws intended to protect consumers would have the unintended consequence of prohibiting savers from holding the risk-free income asset.

Laws intended to protect consumers would have the unintended consequence of prohibiting savers from holding the risk-free income asset.

At the same time, the law would encourage investments in assets that are actually highly risky from an income perspective. U. S. Treasury bills (T-bills) are commonly treated as the definitive risk-free asset. Over eight years, the dollar returns to T-bills have been stable, and principal has been fully protected. But as the exhibit “The Real Meaning of Risk in Retirement” illustrates, if we look at the unit of measure that matters to our consumer—how much the saver would receive if the investment were converted into an income stream—then T-bills are shown to be very risky, nearly as volatile as the stock market.

The Real Meaning of Risk in Retirement

The seeds of the coming pension crisis lie in the fact that investment decisions are being made with a misguided view of risk. Case in point: When wealth maximization is the goal of retirement saving, the T-bill is seen as a risk-free investment. But when volatility is measured in terms that matter to retirees (how much a saver would receive annually if the investment were converted into an income stream), we clearly see that the T-bill is actually quite risky.

Investing in T-bills will keep your principal safe…

Consider an individual who invests retirement savings of $1 million in T-bills. As the chart below shows, the change in asset value over time is close to zero, so the saver has minimal risk of losing any of the invested principal.

…but the income you can buy with the principal is highly volatile.

But consider the same individual who wants to convert the T-bills into an income stream to live off in retirement. The return (change in how much annual income the saver receives) depends enormously on exactly when he makes the conversion.

The graph shows the percent change in the amount of inflation-protected income that could be purchased with the T-bill portfolio at a given time (for example, by converting it into a deferred inflation-proof annuity).

This simulation is done by totaling the current market value of a portfolio of traded U. S. Treasury inflation-protected securities bought so as to provide adequate funds to purchase the income stream in 20 years. In the absence of an active market in deferred inflation-proof annuities, this provides an estimated value of the deferred income.

To understand what that means in commonsense terms, consider a person who plans to live off the income from $1 million invested in T-bills. Suppose he retires in a given year and converts his investments into an inflation-protected annuity with a return of 4% to 5%. He will receive an annual income of $40,000 to $50,000. But now suppose he retires a few years later, when the return on the annuity has dropped to 0.5%. His annual income will now be only $5,000. Yes, the $1 million principal amount was fully insured and protected, but you can see that he cannot possibly live on the amount he will now receive. T-bills preserve principal at all times, but the income received on them can vary enormously as return on the annuity goes up or down. Had the retiree bought instead a long-maturity U. S. Treasury bond with his $1 million, his spendable income would be secure for the life of the bond, even though the price of that bond would fluctuate substantially from day to day. The same holds true for annuities: Although their market value varies from day to day, the income from an annuity is secure throughout the retiree’s life.

The seeds of an investment crisis have been sown. The only way to avoid a catastrophe is for plan participants, professionals, and regulators to shift the mind-set and metrics from asset value to income.

An Income-Focused Investment Strategy

So what should retirement planners be investing in? The particulars are, of course, somewhat technical, but in general, they should continue to follow portfolio theory: The investment manager invests in a mixture of risky assets (mainly equity) and risk-free assets, with the balance of risky and risk-free shifting over time so as to optimize the likelihood of achieving the investment goal. The difference is that risk should be defined from an income perspective, and the risk-free assets should be deferred inflation-indexed annuities.

It’s important to note that the fund manager need not actually commit the employee to purchasing a deferred annuity but should manage the risk-free part of the portfolio in such a way that, on retirement, the employee would be able to purchase an annuity that would support the target standard of living regardless of what happens to interest rates and inflation in the meantime.

This kind of liability-driven investment strategy is called “immunization.” It’s equivalent to how an insurer hedges an annuity contract that it has entered into and how pension funds hedge their liabilities for future retirement payments to plan members. What investment managers often fail to realize is that the same strategy can be employed at the individual investor level. (For a more detailed discussion see the sidebar “Portfolio Management: When Income Is the Goal.”)

Portfolio Management: When Income Is the Goal

What does it mean, in practical terms, to shift the focus of retirement planning from amassing the biggest pot of money possible to guaranteeing a retirement income for life?

In my view, plan providers, employers, and savers must adopt a liability-driven strategy. As in a conventional plan, the accumulated savings are allocated between a well-diversified risky portfolio (made up of various low-cost mutual funds) and risk-free securities. The main difference lies in the definition of a “risk free” investment and the approach to taking on risk.

The risk-free portfolio.

Under the proposed scheme, the risk-free retirement asset is a bond-like security that makes no coupon payments until the date of retirement and then makes level payments, adjusted for inflation, each month for the rest of the retiree’s life. Because it is not feasible to purchase this security, called a deferred real annuity, until the employee is close to retirement, the fund manager creates a facsimile of the asset through a dynamic trading strategy that mixes U. S. Treasury Inflation-Protected Securities (TIPS) of various maturities to reflect the maturity structure of the employee’s target retirement income. This way of using financial technology to match the returns and cash flows of a reference security is called a replicating portfolio strategy and has been widely used for several decades, although only recently in this specific application. The idea is to ensure that the amount of money in the portfolio at retirement is sufficient to purchase the replicated deferred annuity, no matter what the interest rate may be at the time. The retiree is not committed to purchasing the annuity, however, and can use the funds any way he chooses.

Balancing the portfolios.

Unlike mechanical rule asset allocations, the approach advocated here takes on risk only when it improves the chance of achieving the desired income goal. And it takes as much risk out of the portfolio as possible once the goal is achieved, avoiding a scenario in which the saver achieves his goal only to fall below it if the markets subsequently go down.

It is important to note that the capital value of a pension pot managed in this way will most likely be very volatile, because risk is being hedged to eliminate income volatility, not price volatility. For this reason, good communication with savers is essential.

My point is that the financial technology already exists to invest individual pension contributions in this way. Employees still get a pot of money upon retirement and thus retain the same freedom of choice over their retirement savings that they have under current defined-contribution arrangements. The difference is that the value of the pot would be obtained through an investment strategy meant to maximize the likelihood of achieving the desired income stream at retirement. Of course, that value might be much more or much less than the value of the pot obtained through a wealth-maximizing investment strategy.

Moving to an income-focused pension strategy will require changes not only to the way retirement plan providers actually invest the money but also to how they engage and communicate with savers. Let’s look at what’s wrong with current practice in this regard.

Little Meaningful Dialogue

In the conventional DC model, the provider asks the employee at the beginning of the engagement how much risk he is willing to take on in investing the accumulated savings, which basically puts constraints on the proportions invested in bonds and equities. Very often the employee does not feel capable of specifying a level of risk or a retirement goal, so the plan provider makes representative assumptions and offers a default investment in a mutual fund that has a risk level deemed appropriate for the employee’s age group.

From that moment on, the dialogue between the provider and the saver consists of regular reports on the value of the pooled fund, the amounts contributed, the annual returns achieved, and the size of the employee’s share of the fund. The employee feels happy if the value and returns look positive, but he typically has little or no idea what the implications of this performance might be on the chances of maintaining his standard of living in retirement as measured by income—an outcome which, as I demonstrated earlier, may not at all be related to returns on investment.

When employees try to become engaged and make decisions about their retirement, they are often confronted with very technical decisions, such as “How much debt versus equity do you want?” or “How much exposure to large-cap European stocks do you want?” It’s a bit like having salespeople ask car buyers what engine compression ratio they want. Some buyers might know that a high ratio is good, but very few understand exactly what that means: how many more miles to the gallon they’ll get, how much faster they’ll go from zero to 60 miles per hour, or how much more reliable the car will be than one with a lower ratio. But fuel efficiency, speed, and reliability are the factors that car buyers care about.

Consumer education is often proposed as a remedy, but to my mind it’s a real stretch to ask people to acquire sufficient financial expertise to manage all the investment steps needed to get to their pension goals. That’s a challenge even for professionals. You’d no more require employees to make those kinds of decisions than an automaker would dump a pile of car parts and a technical manual in the buyer’s driveway with a note that says, “Here’s what you need to put the car together. If it doesn’t work, that’s your problem.”

Experience also suggests that customer engagement in investment management is not necessarily a good thing. People who are induced to open a brokerage account in their IRAs often become very active in investing for their pension, trading stocks around the world on their computers after work. This is far from a good idea; such short-term trading will not improve the savers’ chances of successfully achieving retirement goals—in fact, it will diminish them.

Choosing not to educate customers is not a radical idea. Many technologically sophisticated products are actually designed to minimize learning requirements on the part of the user. If you were to drive a car made in 1955, the accelerator would feel the same to your foot as one does in a new car today. Of course, in 1955, the accelerator was connected to pieces of metal that made the carburetor open. Today all the connections are electronic, and you could activate them with your finger. Car manufacturers keep the pedal to help us feel comfortable—we’ve always pushed the accelerator with our foot. How would you like it if you bought your next car and found a joystick instead of a steering wheel?

The bottom line is that we have to be realistic about what we can expect people to understand (or what they should have to understand). Rather than trying to make employees smarter about investments, we need to create a smarter dialogue about how the plan provider or its investment management agents can help them achieve their goals. Let’s look now at what that dialogue might be like.

Rather than trying to make employees smarter about investments, we need to create a smarter dialogue about how plan providers can help them achieve their income goals.

Redefining Customer Engagement

To create meaningful engagement in pension planning, a plan provider should begin by asking employees not about risk but about their expectations for income needs in retirement.

Clearly, employees in their twenties, thirties, or forties will not be able to be very specific about this, but they’re likely to agree that a reasonable goal would be to have a standard of living more or less the same as they’d be experiencing in the last five or so years before retirement. This would be, in effect, a plausible default option.

Once the working expectations have been agreed on, the provider can calculate the probabilities of achieving each employee’s target standard of living for given levels of contribution, expressed as a percentage of salary, and for a given working life. The provider will of course need more information, such as the employee’s current salary and the salary levels of retiring employees, estimates of interest and inflation rates, and Social Security and defined-benefit pension expectations. But all these data can be obtained from the employer or other sources, or assumed based on publicly available financial market indicators.

The customer need worry about three things only: her retirement income goals, how much she is prepared to contribute from her current income, and how long she plans to work. The only feedback she needs from her plan provider is her probability of achieving her income goals. She should not receive quarterly updates about the returns on her investment (historical, current, or projected) or about the current allocation of her assets. These are important factors in achieving success, but they are not meaningful input for the choices about income that the customer has to make.

Suppose the saver learns that she has a 54% chance of achieving her desired income in retirement. Like a high cholesterol number, that relatively low probability serves as a warning. What can she do to improve her outlook? There are only three things: Save more, work longer, or take more risk. These are, therefore, the only decisions a saver needs to think about in the context of retirement. And those choices have immediate impact because if you increase savings, your take-home paycheck is going to be smaller. If you decide to retire at a later age, you will have to explain that decision to your family and loved ones.

The income-focused dialogue between investment provider and saver should continue right up to and after retirement. Typically, employees start thinking more seriously about their detailed preferences closer to the actual date of retirement. By this time, they have a much better sense of their health status, their ability and willingness to continue working beyond retirement, what dependent responsibilities they have, whether they have other sources of income from, say, a working spouse, where and how they want to live, and the other things they’d like to do with their savings. They may no longer want to stick to the default of investing all their retirement pot into an annuity because they may wish to be able to realize a lump sum at some stage.

Close to retirement, the provider and the future pensioner need to refine the goals. A good framework in which to do this is to divide income needs into three categories:

Category 1: Minimum guaranteed income.

Income in this category must be inflation-protected and guaranteed for life, thus shielding the retiree from longevity risk, interest rate fluctuations, and inflation. Government benefits, such as Social Security, and any defined-benefit pensions would be included in this category. (DB plan payments with no inflation adjustment should be treated as if they were falling at the expected rate of inflation.) To increase the amount of guaranteed income above and beyond those benefits, the pensioner would have to buy an inflation-protected life annuity from a highly rated insurance company, the “safe” asset described above. A graded annuity whose income payments grow at the expected rate of inflation can also be used when inflation-protection is not available. The annuity could provide a joint survivorship feature for a spouse but would provide no other death benefits or payouts.

Opting for guaranteed income comes with downsides. Annuities are inflexible and allow for no liquidity to alter the income stream if circumstances change, if there is an unanticipated need for a lump sum of money, or if the retiree wishes to make bequests. With reason, therefore, some people are uncomfortable using all their assets to purchase a risk-free annuity, especially if they have no additional nonpension savings that can provide them with some flexibility. For this reason, they ought to consider trading off some—but not all—guaranteed future income for alternatives that offer more flexibility.

Category 2: Conservatively flexible income.

The more flexible but still relatively safe alternative to annuities is a portfolio of U. S. Treasury Inflation - Protected Securities (“TIPS”) that offer a periodic payout of inflation-protected income for a fixed time horizon, typically the life expectancy of the participant at retirement. Both the portfolio interest income and principal at each bond’s maturity are used for income payments, so there is no capital residual after the term.

There are two advantages to this type of conservative additional income relative to guaranteed income. Because the savings can be held in liquid UST assets, they are available in whole or in part to the participant at any time, for medical emergencies or other lump sum expenditures. And any assets remaining in the fund at the pensioner’s death would be available for bequests. The main disadvantage, of course, is that there is no income beyond the term. That is, the retiree takes the risk of outliving the pool of assets. (Savers can purchase deferred annuity contracts that do not pay anything until one reaches a later age—for instance, 85—to provide longevity “tail” insurance.)

Category 3: Desired additional income.

Many DC plan participants will find that their targeted mix of guaranteed and conservative incomes, along with nonpension plan personal assets (for instance, their house, bank accounts, and savings deposits), is sufficient to meet all their retirement goals. In this case, they may allocate 100% of their DC accumulation to investing in the relevant financial instruments (annuities and bond funds) for guaranteed and conservative additional incomes. But some participants may find that their anticipated total income and assets will not be enough to finance the level of retirement income they desire. In that case they may wish to accept lower income now (that is, increase savings) or invest a portion of their DC accumulations in risky assets that hold out the possibility of earning sufficient returns to permit achieving the desired higher retirement income.

Few employees will have the wherewithal to afford a full-time financial adviser. Thus, an effective retirement system must guide savers to good retirement outcomes through clear and meaningful communication and simplicity of choices, during both the accumulation phase and the postretirement payout phase.

Again, this approach can be implemented today using existing financial technology on a cost-effective basis and to scale. For example, I have developed, with Dimensional Fund Advisors, such a system for interacting with customers, and I successfully installed this kind of solution in a large Dutch company in 2006.

Implications for Investors and Regulators

An approach that uses smarter products rather than tries to make consumers smarter about finance calls for different kinds of investments and, in turn, changes to the way regulatory oversight is provided.

Under current regulation, accumulated DC investments are restricted largely to stocks, bonds, and money market instruments, or mutual funds made up of them. The problem, as we have seen, is that these kinds of investments cannot deliver security in terms of income. Switching to the kind of income-driven investment strategy proposed here will require an altogether more sophisticated investment technology, for which the existing education-and-disclosure approach to regulation is clearly unworkable.

The logical alternative is to place the burden of oversight on the company sponsoring the plan: the participant’s employer, who generally has the financial expertise (or access to it) to assess the competences and processes of the plan providers. In fact, this is already starting to happen: The Pension Protection Act of 2006, with its opt-out provision and the associated setting of a default investment strategy for those who do not make a selection, encouraged employers to take a much more assertive role in managing DC plans. More, however, will be needed.

Savers, on the whole, should welcome such changes to the status quo. Although I don’t do academic research on this particular issue, evidence suggests that people trust their employers—certainly more than they trust banks, insurance companies, or brokerage firms. Shifting the regulatory burden as gatekeeper of provider quality and of well-designed products (but not as guarantor of investment performance) onto plan sponsors, therefore, seems to me to be a reasonable policy, certainly more reasonable than expecting even well-educated people with very high IQs to read prospectuses, evaluate past performance, and generally make sense of complex financial strategies.

It is fair enough to expect people to provide for their retirement. But expecting them to acquire the expertise necessary to invest that provision wisely is not. We wouldn’t want them to. We don’t want a busy surgeon to spend time learning about dynamic immunization trading instead of figuring out how to save lives, any more than we would want skilled finance professionals to spend time learning how to do their own surgery. But unless we rethink the way we engage savers and invest their money, this is precisely where we’re headed. I realize that what I’m advocating may seem perverse at a time when trust in financial institutions, and indeed in financial innovation, has fallen to pretty low levels. Yet it seems just as perverse to deny savers the benefits of financial technology.

A version of this article appeared in the July–August 2017 issue of Harvard Business Review .

Robert C. Merton, a recipient of the 1997 Alfred Nobel Memorial Prize in Economic Sciences, is the School of Management Distinguished Professor of Finance at the MIT Sloan School of Management. He is also the resident scientist at Dimensional Fund Advisors, a Texas-based global asset management firm, and University Professor Emeritus at Harvard University.

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Neat Little Analogy, Huh? (The Last War in Albion Book Two Part Twenty-Five: Scenes from The Nativity)

Figure 923: The signatures upon the contract that led Dez Skinn to go to a seedy bar to pick up a couple thousand dollars in cash.

This installment of The Last War in Albion contains graphic images of childbirth below the cut .

Previously in The Last War in Albion : In a comedy of errors, Alan Moore's Marvelman series, originally published in Warrior . was republished under the title Miracleman by Eclipse Comics in the US. But with the reprints running out, Eclipse had to clear the way to commission new material from Moore, which required appeasing Dez Skinn.

Eclipse’s solution, ratified in a new contract dated February 1986 (the same month that Miracleman #6 is dated), was to buy the right to produce new Miracleman material from Skinn for a further $8000, payable in three installments, one of which Skinn recounts was given to him at a meeting “with Jan Mullaney - Dean’s brother - in New York, in some really seedy bar. He turned up looking like a real hippie with a couple thousand dollars in cash in a brown envelope. And I’m sitting there, this sort of funny Englishman in this really scary place and he comes in and this is like some dodgy transaction taking place as he slides the envelope over to me with a couple thousand dollars or more in cash and he says, ‘you will count it, won’t you?’” This contract also seemingly marks the point where Skinn abandoned his support for Alan Davis’s objections to having his work reprinted, noting simply that “Eclipse also assumes the sole responsibility of payment to and for the creative talent on all issues of Miracleman or any such other titles featuring “Miracleman” and the Characters, including payment of artistic royalties to Alan Moore and Gary Leach representing Alan Davis on the stories reprinted from Warrior Magazine,” and transferring all of the design copyrights Skinn had previously asserted that Davis held to Eclipse.

This is perhaps unsurprising - the fact that Skinn had chosen to direct his letter regarding Davis’s objections to Moore suggests that the position was more about trying to force Moore back into playing ball with Dez Skinn than about concern for Alan Davis. Whereas the entire point of this agreement was to clear the way for Eclipse to hire Moore directly (as opposed to the obviously unworkable plan of having Skinn/Quality employ him). For the purposes of filling out Miracleman #6 and publishing #7, Moore’s involvement was minimal - he’d been ahead in scripting for Warrior . and had three installments written but not drawn. But the problem of getting them drawn was more substantial, since it’s not as though Alan Davis was going to be returning to the gig. Unfortunately, Eclipse’s stable of available artists did not come close to matching that of the major companies. They presented Moore with a few options, and of them he picked an neophyte named Chuck Austen, though he was at the time still going by his birth name of Chuck Beckum on the grounds, as Austen put it, that he “didn’t draw everybody so that they looked like they were superheroes in street clothes.”

Figure 924: Chuck Austen's art failed to live up to the grand melodrama of Moore's script. (From "First Star I See Tonight," in Miracleman #7, 1986)

It’s an accurate enough description, but the truth is that Austen’s blocky art style and relatively static faces are a rough transition from the famous fluidity of Alan Davis’s work, especially coming as they do on a page turn from an exquisite splash page of Miracledog (although actually, Austen handles Miracledog pretty well). And the biggest sequence that Austen drew, Miracleman flying into space with Gargunza, kissing him, and then hurling him at the planet in issue #7, is a desperately unsatisfying one. Austen has talked about how he struggled to give the scene the correct emotional content as requested by Moore in his typically detailed script, saying how “you want Gargunza to look dazed and totally lost and realizing that it’s all over and there ain’t shit that he can do about it. And at the same time you want this almost tender, totally controlling happening in the panel where Miracleman looks like he’s absolutely in control and Gargunza is resigned to the fact. That’s the hardest part to me, and the part that’s also fun. That energizes me, working on that emotional level trying to get the character to express that inner thing that’s going on.” Which is all well and good, although Moore’s captions, which clarify that Gargunza, in the vacuum of space, is “barely conscious” rather cuts against them, but there’s simply no way to avoid the fact that Austen’s static and slightly cartoonish art ends up looking more like Miracleman is throwing a mannequin at the planet. Still, after eighteen months, the cliffhanger was resolved, and audiences at last found out how a depowered Mike Moran escaped the jaws of the mutant canine formerly known as Marveldog.

Figure 925: The Eclipse offices were ravaged by floods in early 1986. (Written by cat yronwode, art by Chuck Austen, from Miracleman #8, 1986)

At this point, however, things really started to go wrong. Some of this was entirely understandable; in February of 1986 heavy rainfall flooded the Russian River, resulting in a fifty foot flood through Guerneville California, where Eclipse was headquartered. Unsurprisingly, this resulted in delays, with Miracleman #8 being published as a set of Mick Anglo reprints with a Chuck Austen-illustrated framing sequence in which cat yronwode explained the situation while decrying the usual practices of desperate comics publishers where they try to shoehorn reprints into the ongoing narrative. The only direct effect of this was the month delay to Miracleman #9, but it did considerable damage to Eclipse’s finances, exacerbating almost all of the existing issues with the company.

This was also roughly the point where Eclipse lost the services of Chuck Austen after yronwode called Austen at home and screamed down the line at his grandmother because some pages were late, resulting in Austen refusing to work for Eclipse anymore. That meant finding a new artist. But Eclipse very nearly faced an even bigger problem when yronwode attempted the same basic approach with Moore himself, calling him to demand the scripts for forthcoming issues, which Moore had not yet started work on because he was waiting for the issue with Alan Davis’s rights to be settled. As Moore recounts it, “she was being very blustery, and trying to make out that I’d done something wrong, while not answering my questions about this paperwork. She said something else that sounded offensive and I said, ‘Well, perhaps we could just stop the entire project right here,’” resulting in Dean Mullaney, who had apparently been listening in on the call, cutting in to promise that the paperwork was forthcoming, but asking if Moore would start work while waiting for it, which Moore agreed to.

(Moore apparently forgot about the paperwork after this point, or at least did not pursue it further, since, as Davis points out, no such paperwork existed and Eclipse’s reprints of his material were entirely unauthorized. Davis, for his part, is absolutely withering about this anecdote, noting that he “felt really sad that Alan’s work had been so badly impaired by deep concern over the legality of Eclipse publishing MY art. He was so distraught in fact, that he must have forgotten he had my address and telephone number, or if he was too nervous to call, could have contacted me via a mutual acquaintance like Jaime Delano.”)

Figure 926: "Scenes From The Nativity featured graphic depictions fo childbirth. (Written by Alan Moore, art by Rick Veitch and Rick Bryant, from Miracleman #9, 1986)

With Moore mollified, work could begin on what would end up being one of the most famous issues of Miracleman . and indeed of Moore’s career - one that would, indirectly, lead to the fracturing of his relationship with his other major American publisher, DC Comics: “Scenes From the Nativity.” On art chores for it was Moore’s frequent Swamp Thing collaborator Rick Veitch (explaining, perhaps, why John Totleben stepped in to do the conclusion of the “Greening of Gotham” arc at around the same time). And what a job Moore gave him; the issue featured, as the warning label on the cover put it, “graphic scenes of childbirth,” which is to say five detailed panels over the course of the issue of Liz and Miracleman’s child emerging from the birth canal. The story had been one Moore had been planning for some time; Moore recalls a conversation with Dez Skinn in the latter days of Warrior where he noted that, with Liz pregnant, they were going to have to tackle the birth of her child at some point. “I suppose it depends what kind of angle you take upon it,” Skinn replied, to which Moore said, “well, how about from the front?”

Figure 927: John Totleben's cover to Miracleman #9, featuring an explicit content warning made to look like a Surgeon General's warning.

This is difficult to quite believe, at least as a sincere suggestion to Skinn who, by that point, had already had a small freakout over Moore’s use of the word “period” in an earlier installment, although given how fraught Moore and Skinn’s relationship was by the end of the comic’s Warrior run it’s certainly possible that Moore was simply seeking to wind him up as opposed to making a proposal he actually thought was likely to make it into the comic. But either way, now that he was free of Skinn and clearly at a publisher that needed him more than he needed them he decided to go with it. This was, by all appearances, the plan from the start of the Eclipse iteration of the story - Austen recalls talking to yronwode about the forthcoming issue, saying that she “was not really happy about the idea. ‘You’re taking a super-hero book and you’re putting a birth scene in the middle of it.’” yronwode, for her part, vigorously disagrees with this account, noting that Eclipse had previously published Sabre . which had a depiction of childbirth “although after the art was drawn, a word balloon was put over the woman’s vagina and it was covered up,” and that an earlier issue “was, as far as I know, the first American four-color comic that showed a girl getting her first menstrual period.” In her telling, she firmly “didn’t think there was going to be any problem,” and indeed claimed to have obtained the photo reference used by Veitch by photocopying pages of Lennart Nilsson’s A Child is Born . saying that “if you compare the book - which is available in almost every public library - with the pictures in Miracleman you’ll see that they are copies from that,” presumably assuming nobody would bother to do so, as it’s not even remotely true.

For Moore’s part, the point was straightforward. “I’ve seen some birth scenes in comics where it seems that the artist has probably taken the woman’s poses from a porn magazine. Just change the expression on the faces slightly and everything was posed so that you can’t actually see the genital area. And it struck me, having seen a couple of childbirths m’self - I mean, I find them quite magnificent. Stunning. Both occasions were stunning occasions; it was an incredible kinda powerful moment. I thought, well, this was something sacred I’m talking about. I really shouldn’t have to be bothered with the self-imposed problems and laws or whatever of the American comics industry.” And indeed, the issue fits smoothly into the larger pattern of Moore challenging the censorship of the American comics industry, first with getting DC to publish Swamp Thing without the approval of the Comics Code, then subsequently in his decision to do issues about menstruation and psychedelic vegetable sex. And, of course, it was Miracleman #9 that provoked Steve Geppi into launching a moral crusade to clean up comics, resulting in DC’s proposed ratings system and Moore’s schism with the company.

Figure 928: Miracleman reflects on Mike Moran's life and past as the birth of his daughter approaches. (Written by Alan Moore, art by Rick Veitch and Rick Bryant, from Miracleman #9, 1986)

While the five panels explicitly depicting Liz Moran’s vagina caused the lion’s share of reaction to Miracleman #9, they were far from the whole of the issue. Miracleman #9 marks the first time Moore wrote an installment of Miracleman as a single issue, although notably he still structures it as two short scenes (an eight-pager and a six-pager) separated by a two page interlude focusing on Johnny Bates. The first section deals fairly straightforwardly with Miracleman and Liz’s reunion and exit from the Zarathustra complex, depicting it straightforwardly and without captions. The second section, on the other hand - the one actually depicting the birth - runs alongside narration from Miracleman addressed at the late Emil Gargunza, with full color panels of Liz giving birth juxtaposed with sepia-toned flashbacks of major events in the character’s mythos. So, for instance, as Miracleman asks “is this what we lived for? You, me, Liz, our parents, their parents? Moran’s mother said ‘Michael?’ and squeezed his hand. He squeezed back, waiting for her to continue. Her hand grew gradually colder. Her body is shuddering. Her fingers clench tight around mine as if she’s frightened of falling off the world. The pain gets as bad as it possibly can and then gets worse,” the art first features a young Michael Moran crying by his mother’s deathbed, and then, with the switch to “her body is shuddering,” a close-up of Liz and Miracleman’s hands entwined.

Figure 929: The sepia-toned flashbacks recede as the sacred moment arrives. (Written by Alan Moore, art by Rick Veitch and Rick Bryant, from Miracleman #9, 1986)

As the sequence reaches its most famous page, it switches structure, the sepia-toned panels becoming insets on the full-color ones instead of the other way around as the baby’s head emerges. “Did it feel like this, when you took the first cell scrapings,” Miracleman asks the absent Gargunza. “Did it feel like this as you watched it divide and replicate; as you hauled me dripping from the tank? The head emerges; a face drawn on a fist. My eyes cannot grasp the fact of it: a head protruding from inside her. It looks so hideous, beautiful, absurd, awesome. But of course. Of course.” And finally, as Miracleman grasps his daughter’s head to finish delivering her, he asks, “was it worth it? Worth the risk of loosing gods and monsters on the world? Worth all the blood and violence? [continued]

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SLB--LEND YOUR IDLE STOCK & EARN MONEY ( HEMANT )

Do you know about SLB. i. e. Share Lending & Borrowing. Well, SLB developed and backed by NSE. Its a separate segment, you have to signed an agreemnet with your broker to start the SLB facility. for SLB there is a different watch list, in which you can lend your shares to the borrower for 1 month and 7 days. SLB expiry is first thurs day of every month. so, if you want to led your shares its now for July'12. The system works like this - if you have F n O scripts say e. g. Cairn, jubilliant foods in your DP and you never wanted to sell the shares what ever be the market price then this is the best option to earn money from your idle shares. say you have 100 jubillient food shares - for july'12 the borrower is ready to take you 100 shares for a premium/rent of Rs.21 per shares thus you will lend him for the month and a week. you will earn 2100/- and at the end of first thursday of july'12 you will get back your shares. dividend, stock split, bonus etc. all benefits shall be given to you. charges - brokerage on premium amount & fixed DP charges per script. which is quite nominal. so friends dont seat idle - open this account and start earning money without doing any thing.

In Reply to above Message (1 to 7 out of 7) - Latest Replies are put on Top

HEMANTBHAI LAST EVENING WE ALL MY FRIENDS WHR DISCUSSING THIS ONLY, ALL TRADERS BUT NOT AWARE. ONE SNR TOLD US HE HAS HEARD ABOUT IT 2/3 YEARS BACK IT WAS STARTED AND IT WAS A FLOP SHOW.

MY FRNDS GROUP HAS ABV CR PORTFOLIO ( IF U CAN SUGGEST A AGENT OR A BROKER WHO CAN HELP US OR GUIDE WE WD BE HAPPY AND OBLIGED.)

I JUST SURFED THE NET AND FOUND THIS ARTICLE.

Stock Lending and Borrowing Scheme (SLBS)

A little known fact in India is that stocks can be borrowed for shorting. The Stock Lending and Borrowing Scheme (SLBS) was started in April, 2008 on the NSE, but has met with near-zero response. In the 20 months since the launch, only 5.67 lakhs worth of shares have been borrowed. (Source: NSE site)

This comes as no surprise to most market players. First, SLBS is limited to F&O stocks only, which means there is an alternate way to short the stock (by selling futures).

Second, the regulations are impractical . Initially, The tenure suggested was too short (7 days), and you could borrow only between 10AM and 11AM. SEBI later changed the term, in October 2008, to 30 days to match the F&O cycle and extended SLBS to normal trading hours (currently 9 AM to 3:30 pm). A circular on 6th Jan 2010 extends the borrowing term to 12 months.

Third: The costs are too high . A borrower needs to pay the full amount upfront, plus additional margins. So borrowing 200 shares of Infosys at 1600 means a payment of Rs. 3.2 lakhs plus the cost of the borrowing itself – say Rs. 10 per share for 30 days, or Rs. 2,000. Add to that a daily mark-to-market margin (making good any gains in the stock on a daily basis), a Value-At-Risk margin (based on stock volatility) and an Extreme Loss Margin.

[Technical Note for the curious: You can find out what these margins are, per stock, on the NSE Web Site. Here’s a screen grab off HEROHONDA today. Figures are in percentages.]

SEBI also demands a cash margin of 25% of lending price from the lender – which is very strange, because a stock owner now has to pay money and lend his shares to get some interest. And then there’s the daily Mark-To-Market that borrowers have to pay.

What this means is that if an investor has paid Rs. 3.2 lakhs for Infosys shares and wants to lend them out, he has to shell out an additional Rs. 80,000 as margin. That’s Rs. 4 lakhs to get to the starting line. If Infosys drops to Rs. 1400, the investor needs to pay another Rs. 40,000 as mark-to-market losses. All he sees in return is the promise of Rs. 2,000 in interest, after 30 days for his trouble.

Compare that with the costs of shorting in F&O. An investor will pay about 40% margins (all inclusive) and the position is marked-to-market daily. So the same 200 Infosys shares at Rs. 1,600 can be shorted with Rs. 1.28 lakhs as margin. For a buyer of the future, the cost is the same – margins being equal on both sides – and therefore, substantially cheaper. Of course, the margin amounts to granted leverage but even if one considers someone keeping aside Rs. 3.2 lakhs to buy the future, that’s the maximum amount ever required, even if the stock goes to zero . On SLBS, the investor needs Rs. 4 lakhs to begin with, and then the spectre of mark-to-market looms above his head.

One might have justified higher costs for stocks that aren’t in the F&O segment, but SLBS is limited to F&O stocks only.

The last issue was that retailers couldn’t participate . While not specifically restricted by SEBI or the NSE, brokers simply did not integrate SLBS in their online offerings, trading terminals or indeed in any documentation they offered retail investors. [That applies, unfortunately, to currency futures and interest rate futures too, a lament worth of another post] The only way was to call a broker who had a NEAT Terminal (NEAT is only allowed at broker offices) to place an order – that is so 1995.

Read Devangshu Datta’s excellent article in 2008, on why SLBS was not likely to fly. And it didn’t.

In the latest circular. SEBI seems to be trying to regain interest. Son:

Extending the tenure to 1 year

Allowing both lenders and borrowers to pre-close the contract on demand, with pro-rated fee collected

Allowing clearing corporations to be intermediaries, who can borrow or lend from other parties in case one side decides to pre-close.

But the other limitations remain the same: Costs are high and only F&O stocks are allowed. Unless that is solved, tinkering with other regulations is unlikely to enthuse participants.

The Government of China has announced that in 2017 China will remove certain Currency Controls to permit Capital Convertibility and move to make the Yuan a global Reserve Currency!

Over the weekend, at the Chinese Development Conference, the Minister of Commerce, as reported on CCTV, the international TV Channel, that in 2017 they will internationalize the Chinese Yuan. They will permit Capital Convertibility a prerequisite for the Chinese Yuan [Renminbi] to become a global reserve currency. This will make it eligible to be a currency that makes up the I. M.F.’ Special Drawing Right, the IMF designed Currency in which they value gold, etc. The currencies that make up the S. D.R. currently are the nbso online casino reviews U. S. dollar, the Pound Sterling, the euro and the Yen.

We repeat that these plans are to be executed in 2017!

Many believed this would not come for several more years still, but 2017 is the year when this will happen.

[We will be publishing a full article on this, in coming issues of the Gold and Silver Forecasters.]

DOWNLOAD THIS MARKET ALERT

By Julian D. W. Phillips

By the beginning of the 1960s, the U. S.$ 35 = 1 oz. Gold price was becoming more and more difficult to sustain. Gold demand was rising and U. S. Gold reserves were falling, both as a result of the ever increasing trade deficits which the U. S. continued to run with the rest of the world.

Shortly after President Kennedy was Inaugurated in January 1961, and to combat this situation, newly-appointed Undersecretary of the Treasury Robert Roosa suggested that the U. S. and Europe should pool their Gold resources to prevent the private market price for Gold from exceeding the mandated rate of U. S.$ 35 per ounce. Acting on this suggestion, the Central Banks of the U. S. Britain, West Germany, France, Switzerland, Italy, Belgium, the Netherlands, and Luxembourg set up the “London Gold Pool” in early 1961. One wonders why they were so cooperative with the U. S. Granted the gold that left these nations ahead of the war was still in the U. S. and slowly but surely they felt it necessary to get it back. What happened in occupied Europe was that U. S. dollars became more abundant there and a market in ‘Eurodollars’ sprang up derived in part from U. S. soldiers still in Europe. But the volumes grew more and more as the U. S. established a perpetual Trade deficit feeding the rest of the world with them.

The ‘Pool’ came apart as Europe, under Charles de Gaulle, decided enough was enough and began to send the Dollars earned by Europe back to the U. S. back and exchanged these for their gold. Then they were unwilling to continue accepting U. S. Treasury Bills & Bonds in return. Under the terms of the ‘Bretton Woods Agreement’ signed in 1944, Europe was legally entitled to do this. It would appear that by the time the gold sent to the U. S. before the war had returned to Europe, the U. S. pulled the plug on exchanging gold for dollars letting the London Gold Pool fold in April 1968. But the demand for gold from Europe did not abate.

By the end of the 1960s, the U. S. once again, [see 1935 dollar devaluation against gold] faced the stark choice of eliminating their trade deficits or revaluing the Dollar downwards against Gold to reflect the actual situation.

President Nixon decided to do neither. Instead, he repudiated the international obligation of the U. S. to redeem its Dollar in Gold just as President Roosevelt had repudiated the domestic obligation in 1933. On August 15, 1971, President Nixon closed the “Gold Window”.

In other words the U. S. defaulted on its agreement with Europe and once again Europe tolerated it. We have to ask why? How could a currency with, what was to become perpetually undermined by being printed and exported, continue to stand and become the world’s sole reserve currency and not collapse?

Military might, might add some pressure, but not among the allies. No, the key lay in the then established fact that you could only buy oil with U. S. dollars. Nearly everything modern needed oil to work. Most nation’s import bills comprised 25% + of oil. The U. S. controlled O. P.E. C. and provided their political and military security. In turn the U. S. had a firm grip on all their allies and secured their financial ‘empire’.

The last link between Gold and the Dollar was gone. The result was inevitable. One of the prices paid by the U. S. was to permit the oil producers to ‘nationalize’ their oilfield, production and the U. S. and British companies that ran them, the ‘seven sisters’. The oil price began to run up from $8 a barrel to $35 a barrel vastly increasing the demand for dollars and U. S. dollar liquidity. The U. S. in turn permitted this provided the oil producers reinvested the capital they earned into the U. S. Treasury market and U. S. equities and U. S. products [including military hardware]. They were allowed to keep the interest income in their own hands under these conditions. This prevented the oil producers posing any financial challenge to the U. S.

The Persian Gulf was defined as part of the U. S.’ ‘vital interests’, as a result. So if the allies in Europe wanted their economies to function properly they had to accept this fact. Quietly they accepted more and more U. S. dollars into their foreign exchange reserves.

As the oil price rose the pressure on all currencies climbed too. In February 1973, the world’s currencies were “floated”. They were allowed to move to levels that reflected the state of their Balance of Payments. The U. S. was excused all such value measurements because it was so needed by all.

By the end of 1974, Gold had soared from $35 to $195 an ounce in an almost mathematically neat progression. This did not make the U. S. happy at all, as it highlighted the real weakening of the U. S. dollar and the sagacious investor was fully aware of this.

So a war on gold was begun. This was not just manipulation but a transparent bullying attack on real money. At first the tactics used underestimated the power of gold and the trust placed in it.

Nevertheless the common theme to this manipulation was to suppress the gold price.

For more information on how to safely [not simply overseas where it is still vulnerable] Enquire & Subscribe @ www. GoldForecaster. com or www. SilverForecaster. com

Legal Notice / Disclaimer

This document is not and should not be construed as an offer to sell or the solicitation of an offer to purchase or subscribe for any investment. Julian D. W. Phillips makes no guarantee, representation or warranty and accepts no responsibility or liability as to its accuracy or completeness. Expressions of opinion are those of Julian D. W. Phillips only and are subject to change without notice. Julian D. W. Phillips assumes no warranty, liability or guarantee for the current relevance, correctness or completeness of any information provided within this Report and will not be held liable for the consequence of reliance upon any opinion or statement contained herein or any omission. Furthermore, we assume no liability for any direct or indirect loss or damage which you may incur as a result of the use and existence of the information, provided within this Report.

Basics of Exporting - Export Intermediaries

The most common methods are direct marketing and indirect marketing through intermediaries. Direct marketing requires a total dedication of time and resources, and finances to identify opportunities in a foreign market. The company and its management team are responsible for market research, planning and distribution of the product in a manner, which will produce satisfactory sales results. This is a feasible option for larger companies that have time and resources to devote to exporting. Brand management is another key decision. If a firm wants to control its brand, that will drive options, but if a firm is willing to trust brand development to others, another array of options are opened. Another factor to consider is the importance of personal relationships in exporting. In the long run it may be more profitable for a company to build relationships themselves rather than do so through a third party.

For small and medium-sized companies, indirect marketing through intermediaries is more feasible and can be a good first step in exporting. For example, the use of Export Management Companies (EMCs) and Export Trading Companies (ETCs) can give a smaller firm representation in foreign markets without as significant a commitment of time and money as if it takes on all responsibilities itself. In indirect marketing, management maintains control over the export process while benefiting from the knowledge and expertise of an intermediary. Frequently, the exporting company has a reduced level of financial risk because the intermediary assumes the responsibility for finding overseas buyers, shipping products and collecting payment.

Export Merchants Export Agents Export Commission House Export Broker Buyer for Export Export Management Company (EMC) Piggyback Marketing Export Trading Company Freight Forwarder How to Locate an Importer, Agent or Distributor in a Foreign Country Evaluating your Distributor or Agent

The export merchant buys and sells on his own account. He purchases products directly from the U. S. manufacturer, marks and packages the goods using his own specifications and preferences. Then, under his own name, the export merchant sells these products overseas and assumes all risk. Because of the high level of personal risk, export merchants primarily deal in staple commodities. For the producers, selling to an export merchant involves the same process as other domestic sales.

An export agent operates as a manufacturer's representative. The agent promotes and markets the product and assumes the risk of loss remains with the manufacturer, not the agent. In transactions with export agents, a U. S. company relinquishes control over the marketing and promotion of its products. Relinquishing control can have adverse effects on future sales efforts if the product is under-priced, incorrectly positioned, or after-sales services are neglected.

Export Commission House

An export commission house is located in the U. S. and acts as a buying agent for foreign companies. Its primary concern is compliance with the instructions of its buyer (by whom it is paid) rather than the interests of the seller. However, there are advantages for the seller. Many times, the seller receives a cash payment in the U. S. and is relieved of the technicalities involving the export of his product.

An export broker brings buyers and sellers together. The broker is paid a commission by either the buyer or seller and assumes no financial responsibility for the transaction. Normally, a broker works in no more than two staples (i. e. cotton brokers and wheat brokers).

Buyer for Export

The buyer for export represents large consumers of industrial goods, such as foreign government purchasing missions.

Export Management Company (EMC)

The services of an EMC may include foreign market research, marketing strategies, foreign distribution, establishing a logistics system, managing and training a foreign sales force, shipping and export information and details, and arranging financial aid and foreign language translation services. Some EMCs work on a fee-basis, while others use a buy-and-sell arrangement or operate on commission. They are experts in foreign trade and recognize the strongest market for an individual product and the best sales strategy to utilize in that market.

While there are thousands of EMCs in the U. S. most are quite small. Most EMCs specialize by product, by foreign market, or both. Resulting from this specialization, the best EMCs are familiar with their products and the markets they serve, and they usually have well-established networks of foreign distributors already in place. This immediate access to foreign markets is an advantage of using an EMC.

On the other hand, a disadvantage of an EMC is that the manufacturer risks losing control over foreign sales. To avoid such a situation, carefully select an EMC that can meet the company's needs and maintain communication. A company may request regular reports on the efforts employed to sell its product and may set provisions which require approval before promotions may be carried out. Such issues should be negotiated before an agreement is contracted since some EMCs are not willing to comply with such limitations. Selling through an experienced EMC is an excellent way to enter the international arena with a minimum amount of effort.

Piggyback marketing occurs when a manufacturer distributes another firm's product(s). Piggyback marketing is common when a U. S. company has a contract with an overseas buyer to provide a wide range of products or services. Because the company is not able to produce all the contracted products, it turns to other U. S. firms to provide the remaining products. Other manufacturers "piggyback" their products without incurring the marketing and distribution costs associated with exporting. In most cases, the piggybacked product lines are complementary and appeal to the same customers.

Export Trading Company

An export trading company is an organization designed to facilitate the export of U. S. goods and services. It serves either as a trade intermediary, providing export related services to producers, or as an organization set up by the producers themselves. While providing similar services to those of an EMC, an Export Trading Company accepts the title of the exported goods, whereas an EMC does not.

A freight forwarder is a "travel agent for freight." An independent agent that aids and facilitates the shipments of exported goods, freight forwarders are familiar with the procedures and regulations for shipping products overseas. As an agent of the exporter, a forwarder becomes the port representative for the exporter. He oversees and coordinates the movement of the export shipment. The exporter pays for the freight forwarder, gaining both expertise and reduced prices from the aggregation of international shipments that a freight forwarder realizes.

A freight forwarder can be of tremendous assistance regarding the presentation of the sales proposal or quotation to a foreign customer. A freight forwarder can determine the proper terms of sale (i. e. F. O.B. warehouse or F. O.B. vessel), alert the exporter of required import/export license or particular consular documentation, and help select a term of payment such as cash-in-advance, open account, payment by sight draft, or by letter of credit. (These terms are defined in subsequent sections of this publication.)

The freight forwarder coordinates the movement of freight from its point of origin to the buyer's port, arranging for timely delivery and proper loading of the vessel. The freight forwarder prepares the export declaration required by the U. S. Department of Commerce, the ocean bills of lading required by the steamship company for carriage of the goods, insurance certificates and other documentary requirements specified by the letter of credit or shipping instructions.

How to Locate an Importer, Agent or Distributor in a Foreign Country

A common obstacle for exporters is attracting and securing a good importer, distributor or agent. If your company does not have the personnel or financial resources needed to establish a business presence in a foreign market, there are several resources:

U. S. Federal and State Government Offices Abroad — The USDA's Foreign Agricultural Service (FAS) and the U. S. Department of Commerce have trade contact services for American exporters. Additionally, many states have representative offices established in foreign countries, which help facilitate contacts between U. S. manufacturers, exporters and foreign buyers. Another excellent source of assistance is the Agricultural Trade Offices (ATOs) located throughout the world. These offices can give advice about the importers in their country. Contact information for all of the Agricultural Trade Offices (ATOs) is available from the FAS website, www. fas. usda. gov .

Direct Mail — Write a letter to a company requesting that it represent your product. Only a few positive replies are needed to continue your search and evaluation of prospective distributors.

Personal Visits — Once you receive a few prospective distributors, plan a trip to that country. While traveling, visit other potential markets to assess the situation and make contacts. Personal visits eventually pay for themselves in terms of the gained benefits. One order or sale of sample products could cover the cost of your round-trip airline ticket.

Trade Shows & Exhibitions — Trade shows and exhibitions are another excellent way of finding distributors. Distributors visit these events to learn about new products and to evaluate competition. Even if you are just getting started and not quite ready to export, you should at least visit the shows. Speak with non-competing manufacturers in your industry, and ask for names of distributors. Beware of professional "exclusive distributor hustlers" who work on behalf of domestic manufacturers to sign up foreign manufacturers for appointments to control and restrict competition. Always investigate and evaluate several distributors before making a definite decision.

Mail Lists — Domestic and international trade magazines often publish or sell lists of distributors and agents. Many publications compile "Annual Buyer's Guide" issues.

Foreign Consulates and Banks — Generally speaking, U. S.-based foreign consulates, trade promotion offices and banks are not good sources for potential distributor lists. Their mission is to encourage the entrance of imports from their home countries into the United States, rather than to increase the number of U. S. exports their country receives. However, Japan is an exception to this rule. The quasi-governmental JETRO/Japan Trade Center, established in Chicago and several other U. S. cities, actively promotes a "U. S. Exports to Japan" program.

Foreign Magazines and Newspapers — Placing "distributor wanted" or "representative wanted" advertisements in foreign publications can generate responses. However, investigate and qualify the respondents, although this is difficult to achieve without visiting the distributor's offices.

Private Marketing Consultants — Several nationwide companies offer services (for a fee) that bring together American exporters and foreign buyers. Typically, the primary "international marketing program" offered by these consultants includes market assessment and analysis, a distributor search and recommendations, and a marketing - sales promotion plan. As secondary services, these consultants also offer joint venture or licensing development, manufacturing assistance, and observation of your overseas operations. SUSTA's Generic Program provides similar primary services. Visit www. susta. org/services/gip. html to learn about SUSTA's trade missions and training workshops.

Evaluating Your Distributor or Agent

When searching for a potential overseas distributor or agent, obtain:

1. Basic Information

Name, address, location, telephone/fax numbers, email addresses and contact person

Annual sales, number of sales outlets, number of salespersons and support staff

Estructura organizativa

Years spent in international business

Experience in your product category

Personnel training

2. Sales Staff Information

Do they hire their own sales staff? How many are on the payroll?

What are their sales techniques and methods of conducting sales?

How many customers do they currently serve?

What is the status of their relationship with their current customers? If possible, assess this relationship by contacting customers directly.

Are they able to inventory and warehouse your goods? At what additional cost?

How are deliveries made? Do they have their own delivery fleet, or do they use common carriers?

3. Product Awareness Information

What related, but non-competitive products do they sell? Do they handle any competitive products?

Why do they think your product will be successful in the market?

What do they assess as your product's strengths and weaknesses?

What modifications do they recommend? Can they assist you in making the recommended modifications?

In addition to the previously mentioned methods, alternative contacts for locating a distributor or agent include:

U. S. Exporter Assistance: The Foreign Agricultural Service's website provides information on the following services:

Directory of U. S. food distribution companies

Lists of foreign buyers of food and agricultural products

Assistance in presenting your products at international trade shows

The U. S. Department of Commerce offers services, such as the International Partner Search, for small to mediumsized exporters. This service helps determine the best markets and ways to promote your products. After they receive a specific request, commercial specialists at U. S. embassies and consulates abroad then search the market for qualified agents, distributors, or representatives according to your specifications. Prospective agents or distributors are screened for capability and interest, and within 15 days you will receive complete contact information for up to five of the most qualified candidates, including information on their size, sales, years in business, and number of employees. You will also gain information about sales potential and marketability for your products and services. For more information, contact your nearest U. S. Export Assistance Center .

The Commercial News USA . a U. S. government catalog/magazine, provides the opportunity to advertise your product as well as attract potential distributors. The publication will promote your product in over 176 countries at a fraction of the cost of commercial advertising. It is distributed overseas bi-monthly at no charge to the recipient. For more information, contact a U. S. Export Assistance Center or ThinkGlobal Incorporated.

Once you have narrowed down the field to one potential distributor or agent, the Dept. of Commerce provides International Company Profiles (ICP) at a very reasonable cost. This profile serves as a thorough background check on your potential client, which will reduce your risk and allow you to enter into a new business relationship with confidence. Within 10 days of the request, you will receive a detailed credit report on a prospective overseas partner or sales representative. Commercial specialists abroad will also give their assessment of whether or not you should enter into this relationship. The profile includes bank and trade references, product lines of that distributor, number of employees, financial data, sales volume, reputation and market outlook. In addition, your ICP will qualify as one of the reports required for you to obtain foreign credit risk insurance coverage. To order an ICP, contact a U. S. Export Assistance Center.

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Bartertown. com

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compañero

1. a person who shares the ownership of a business etc with one or more others. She was made a partner in the firm. vennoot شَريك съдружник sócio společník, společnice der/die Partner(in) partner; medejer υνέταιρος socio osanik شریک kumppani associé/-ée שותף साझीदार poslovni drug partner mitra usaha félagi; meðeigandi socio ; associato 共同経営者 공동 사업(경영)자 partneris, dalininkas, kompanionas partneris, kompanjons, līdzdalībnieks pasangan vennoot kompanjong ; partner wspólnik ملګرى، مل، شريك sócio asociat компаньон ; партнер spoločník, - čka solastnik partner kompanjon, delägare, partner หุ้นส่วน ortak 合股人 компаньйон; партнер شريک cộng sự 合伙人 soci

2. one of two people who dance, play in a game etc together. a tennis/dancing partner. maat مُراقِص партнъор parceiro partner, - ka der/die Partner(in) partner; - partner συμπαίκτης ; καβαλιέρος ; ντάμα pareja kaaslane, partner یار pari partenaire ; cavalier/-ière בֶּן זוּג पार्टनर partner u plesu társ, partner partner - félagi partner ; compagno 相手 파트너 partneris partneris pasangan partner partner ; makker ; medspiller partner ملګرى parceiro partener партнёр partner, - ka partner partner medspelare, partner คู่เต้นรำ eş 舞伴，合作者 партнер جوڑي bạn nhảy/ cùng phe 舞伴，合作者 parella

to be a partner to (someone). He partnered his wife in the last dance. mee doen يُشارِكها في الرَّقْص сдружавам acompanhar být partnerem sich zusammentun være partner med συνοδεύω acompañar partneriks olema شریک یا همراه شدن olla jnk pari s'associer à (qqn) לִהיוֹת בֶּן זוּג साझीदार बनना dionik vkinek a partnere menjadi partner vera félagi (e-s) ballare con ～と組む 짝을 이루다 būti (ko) partneriu būt par partneri/kompanjonu/līdzdalībnieku menjadi pasangan de partner zijn van være partner for być partnerem مل acompanhar a fi partenerul (cuiva) быть партнёром byť partnerom biti partner biti partner nekome vara partner (kompanjon, medspelare) till เป็นหุ้นส่วน eş olmak 做. 的配手，組成一對 бути партнером جوڑي بنانا cùng nhảy/ cùng chơi 做. 的搭档，组成一对 acompanyar

1. the state of being or becoming partners. a business partnership; He entered into partnership with his brother. vennootskap شَراكَه съдружничество sociedade společenství die Teilhaberschaft partnerskab συνεταιρισμός sociedad partnerlus شراکت kumppanuus association שותפות साझा, साझेदारी kompanjon társas viszony persekutuan félag società 協同 협력, 제휴 bendrija, partnerystė, sąjunga partnerattiecības; kompanjonattiecības perkongsian vennootschap kompaniskap spółka ګډون، شراكت sociedade asociere партнёрство spoločenstvo družabništvo partnerstvo kompanjonskap การเป็นหุ้นส่วน ortaklık 合夥關係，合夥企業 співробітництво; товариство شراکت sự cộng tác 合伙关系，合伙企业 societat

2. people playing together in a game. The champions were defeated by the partnership of Jones and Smith in the men's doubles. saamspeel إشْتِراك، مُشارَكَه партньорство parceria dvojice, družstvo, tandem die Partner(-schaft) makkerskab συνεργασία tándem ; pareja ; asociación paar همکاری pari tandem בְנֵי זוּג साझेदारी suigrač kettős pasangan lið, par, tvíeyki squadra 組 팀 grupė, pora komanda; grupa; pāris perkongsian combinatie makkerskap ; lag ; par para مرسته parceria dublu партнёры dvojica, družstvo moštvo partnerstvo dubbelpar, lag คู่แข่งขันในเกม eş 全體合作者 компаньйони شريک کھلاڑي sự liên kết 全体合作者 tàndem, parella, associació

compañero

n ( professional ) socio - cia mf ; ( life partner ) pareja, compañero - ra or pareja sentimental

Name:____________________________________ This document is best printed in its. pdf format

Are Exotic Pets a Good Idea?

Have you ever thought it would be neat to have a pet like a tiger or monkey? These animals are often referred to as "exotic pets" and are growing in popularity all around the world. But before you consider obtaining one of these animals as a pet, there are some important things to consider? Before reading further, answer the following questions:

Where do you think exotic pets come from?

Do you think it is possible to tame a wild animal?

What steps would you need to take to ensure that your exotic pet was friendly? What kind of exotic pets do you think would be best for the average person to own?

What Are Exotic Pets?

There are no exact definitions for exotic pets, but usually the term refers to any animal that has not been domesticated. Domesticated animals are ones that have been bred over many generations to have qualities that make them valuable to humans. Domesticated animals can be animals kept as pets, like dogs and cats or animals that are used for other purposes, such as cows, pigs, and goats. These animals have lived with humans for many centuries. Dogs were originally bred from wolves where only the ones with the best temperament were allowed to produce offspring. Eventually, humans began breeding them for other characteristics, such as size (Chihuahua) and appearance (Dalmatian). Dogs have become so domesticated that it would be difficult for many of them to survive in the wild.

Exotic pets are often wild animals that are either captured from their native habitats or bred from captured wild animals. Most of these animals retain their "wild natures". Common exotic pets include: birds, turtles, lizards, snakes, rodents, and even tarantulas. Some people even acquire larger exotics, such as tigers, wolves, and monkeys.

How Many Exotic Animals Can You Find?

Q V M W X N B H F F V A J A Z H A M S T E R V Z O H N L L F E E Z N A P M I H C O L D Q N E A E U X L L H M G I K K D J W O L F D H U U Z R A W N P Z R W H E S P I T O A E V P O X S A N F A Z N G N B L K T A V C Z C R N Y I T C A E C A U I R Z R C A N A U G I R K S N D A O E G O P N R K O R A B K S T S G U V O O T W O I D T A N X Q I L I W N L G S U C N U S Q S T L Z Y L E P L Q N C X Z U Y W Y N C K T H R S J U Q I I L H U J N S V H Q U Q A F A

Hint: There are 13 in this puzzle

In your own words, define each of the following terms by using the context of the article above. Underline each word in the article.

Are Exotic Pets Dangerous?

Some exotic pets can be dangerous. Tarantulas are venomous, some rodents carry diseases and some large animals can become aggressive. Animals such as tigers and primates can be very cute and docile when they are young but become very aggressive and hard to manage as adults. Animals that have been raised with people usually cannot be returned to the wild, because they have not learned the skills to survive. Lion mothers, for instance, teach cubs how to hunt and survive. A lion in captivity has been fed by humans and does not know how to get its own food.

In 2009, a chimpanzee named Travis attacked and severely injured a person visiting his home. There are other cases of large snakes killing children. Unfortunately for these animals, many are euthanized because they cannot be returned to the wild and are too dangerous to keep. In the case of Travis, police shot and killed the chimpanzee when they tried to rescue the woman he was attacking.

Smaller pets, such as hamsters, turtles and snakes can often be kept safely as long as the owner knows how to properly care for the animal. Most wild animals have very specific nutritional needs, so owners must feed them the right diet or the animal can become sick. Space requirements can also be difficult; some turtles for instance, will need an area to swim and an area to get out onto dry land. A person who buys one of these animals should research the care and handling of these animals.

1. Name three animals kept as exotic pets that could be a danger to humans: _________________________________ _________________________________ _________________________________

2. Why can't exotic pets be returned to the wild when they become too big?

Where Do Exotic Pets Come From?

Quiet Thoughts by Beverly Armstrong

How would you like to live in a cage That was just about ten feet square. With no toys to play with and nothing to do -- Just you and a bed and a chair? Oh, sure you'd be fed (the same thing each day) You'd have water (unless they forgot) And since you would never be going outside You wouldn't get cold, or too hot. But oh, you'd be lonely just sitting alone With no one to talk to all day. You'd remember the trees, and the grass and the breeze, The places where you used to play. You'd remember your friends, you'd remember the sky, And games and strawberries and sun, And you know you could never go skating again Or go swimming, or ride bikes, or run. You'd get mad and scream and throw things around, You'd kick and you'd pound on the wall, And your owners would scold you, And say to themselves, "He isn't a nice pet at all!" The more you got mad, the less they would like you, The less they'd remember to care About if you had water or if you got fed Or if you were lonely in there. And then you would know what it's like to be kept As a pet when you're meant to be free, And you'd listen when wild things are trying to say "Please Don't Make A Pet Out Of Me!"

Some exotics are native animals, well-meaning people will adopt an orphaned raccoon or squirrel and raise it and keep it as a pet. Some of these can be successfully returned to the wild because they are already in their normal habitat.

Other exotics are part of an illegal trading industry. Primates such as orangutans and gorillas are poached from the wild, usually their mothers are killed and the poachers will sell the young. In most countries, this practice is illegal, but the demand is still there and worth the risk to some people.

Smaller exotics, such as iguanas are born and raised in captivity by licensed breeders. Rodents are not particularly hard to breed and most pet stores will have a variety for sale (hamsters, gerbils, guinea pigs) and most of the time they will be easy to care for and manage. Birds are also animals that are kept and bred in captivity, and in fact, for so many years that some consider animals like the parrot and lovebird to be domesticated.

When considering an exotic pet, you should carefully consider where the animal came from to ensure that you are not contributing to illegal activities. Consider whether the animal is an endangered species - these animals should never be taken from the wild and only specialized facilities, like zoos, should be caring for them. If they are endangered it means that there are very few of them in the wild.

Also, many wild animals (exotics) require special permits issued by the state in order to own them legally.

1. What type of animals sold in pet stores were originally captured from the wild but are now bred in captivity?

2. Read the poem "Quiet Thoughts" - what is the author's message?

3. On the back of this page, write a short paragraph that describes your thoughts on people owning exotic pets.

Color These Exotics ( http://www. coloring-pages-kids. com/ )

Extension:

I'm sure you've imagined having a neat exotic pet, like a tiger or a boa constrictor. Use the internet to research an animal you might be interested in. Write a report on your research that answers the following questions:

1. Where does the animal live normally? Describe its lifestyle as it would live in the wild. 2. What kind of housing or enclosure would you need to keep it? How big will it get? 3. What does it eat? Where will you obtain its food? 4. What are safety considerations? Is the animal potentially dangerous? How will you keep it from injuring a person? 5. What will you do if the animal gets sick or becomes too big or too aggressive to keep?

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SEMESTER FALL 2017 MICROECONOMICS (ECO402) ASSIGNMENT # 01 DUE DATE: 26 NOVEMBER, 2017 MARKS: 15 Assignment:01 The case: Rice is the second largest agriculture crop after wheat in Pakistan. Its annual production from last two years is around 6 million tons which not only fulfills the domestic demand of the country but also is a main source of exports earnings. Pakistani Basmati rice is famous all around the world because of its quality. In Year 2017, Pakistan experienced drastic decline in rice exports due to higher prices of Pakistani rice in international market as compared to its competitors which badly hit our country. Both massive production and decline in exports have created surplus of rice in domestic market which in turn lead to sharp decline in domestic rice prices. Due to decrease in domestic prices, producers are unable to cover its cost and they are not willing to supply rice at lower prices. You have given the task to assess the current situation of domestic rice industry of Pakistan by considering the given hypothetical monthly data on prices, quantity demanded and quantity supplied of rice in domestic market. Months Price per Kg of rice (Rs.) Quantity demanded of rice (tons) Quantity supplied of rice (tons) April,2017 140 80,000 97,000 May, 2017 115 88,000 95,000 June, 2017 110 90,000 90,000 July, 2017 100 92,000 86,000 August, 2017 95 98,000 80,000 A. Find equilibrium price and equilibrium quantity of rice in domestic rice market. Also show the market equilibrium graphically. B. Calculate price elasticity of supply when price of rice decreases from Rs.110 to Rs.100. C. What does the value of elasticity of supply calculated in part B represent? D. Suppose government has given support to rice producers and as a result, number of suppliers of rice in domestic market are increased. Graphically analyze the impact of this situation on equilibrium price and equilibrium quantity of rice. Marks: (5+4+3+3) IMPORTANT: 24 hours extra / grace period after the due date is usually available to overcome uploading difficulties. This extra time should only be used to meet the emergencies and above mentioned due dates should always be treated as final to avoid any inconvenience. IMPORTANT INSTRUCTIONS DEADLINE:  Make sure to upload the solution file before the due date on VULMS.  Any submission made via email after the due date will not be accepted. FORMATTING GUIDELINES:  Use the font style “Times New Roman” or “Arial” and font size “12”.  It is advised to compose your document in MS-Word format.  You may also compose your assignment in Open Office format.  Use black and blue font colors only. RULES FOR MARKING Please note that your assignment will not be marked, if:  It is submitted after the due date.  The file you uploaded does not open or is corrupt.  It is in any format other than MS-Word or Open Office; p. ej. Excel, PowerPoint, PDF etc.  It is cheated or copied from other students, internet, books, journals etc. Note related to load shedding: Please be proactive Dear students! As you know that Post Mid-Term semester activities have started and load shedding problem is also prevailing in our country. Keeping in view the fact, you all are advised to post your activities as early as possible without waiting for the due date. For your convenience; activity schedule has already been uploaded on VULMS for the current semester, therefore no excuse will be entertained after due date of assignments, quizzes or GDBs. Wishing you best of luck for the whole semester!