Démarrage d’ESES en France lundi 26/11
Suite au besoin exprimé par Euronext d’offrir à ses utilisateurs un carnet d’ordre unique, la création d’une plate-forme commune de règlement/livraison (ESES - Euroclear Settlement of Euronext zone Securities) pour les marchés Euronext devenait incontournable.
ESES est un système de livraison contre paiement irrévocable en temps réel ce qui offre une plus grande rapidité et une meilleure sécurité pour le dénouement des instructions des clients. ESES est une étape intermédiaire vers la création à terme de SP (Single Platform), plate-forme de règlement/livraison commune à l’ensemble des dépositaires centraux domestiques et internationaux couverts par ESES, plus CREST pour l’Irlande, la Grande-Bretagne et Euroclear Bank.
L’harmonisation des pratiques à travers les marchés Euronext conduit à l’instauration d’une record date explicite en France.
Cette mise en place n’aura pas d’impact sur le traitement des opérations de distributions de titres mais modifie l’ordre des dates sur les paiements de dividendes.
Avant ESES : la date de détachement (ex date) et la date de paiement (payment date) correspondent, la date d’arrêté (record date) implicite se situe donc à ex date -1.
Avec ESES : afin de limiter le nombre d’opérations sur titres sur flux, le marché français introduit la notion de record date (correspondant à ex date +2 jours ouvrés). Les règles de droit à l’OST ne sont pas modifiées, à savoir toute transaction dont la date de négociation se situe strictement avant l’ex date a le droit au coupon ; en revanche, les positions arrêtées se rapportent à celles dénouées au soir de la record date et la date de paiement se trouve donc décalée à ex date + 3 jours ouvrés. Euroclear France continuera d’appliquer en automatique les OST sur flux espèces pour les transactions ayant un cycle de règlement livraison atypique, c’est-à-dire différent de J+3.
2007年11月5日星期一
Mark to market
Source: http://en.wikipedia.org
In finance and accounting, mark to market is the act of assigning a value to a position held in a financial instrument based on the current market price for that instrument or similar instruments. For example, the final value of a futures contract that expires in 9 months will not be known until it expires. If it is marked to market, for accounting purposes it is assigned the value that it would fetch in the open market currently.
History and development
The practice of mark to market as an accounting device first developed among traders on futures exchanges in the 19th century. It wasn't until the 1980s that the practice spread to big banks and corporations far from the traditional exchange trading pits, and beginning in the 1990s, mark-to-market accounting began to give rise to scandals.
To understand the original practice, consider that a futures trader, when taking a position, deposits money with the exchange, called a "margin". This is intended to protect the exchange against loss. At the end of every trading day, the contract is marked to its present market value. If the trader is on the winning side of a deal, his contract has increased in value that day, and the exchange pays this profit into his account. On the other hand, if he is on the losing side, the exchange will debit his account. If he cannot pay, then the margin is used as the collateral from which the loss is paid. As an example, the Chicago Mercantile Exchange, taking the process one step further, marks positions to market twice a day, at 10:00 am and 2:00 pm.
Over-the-counter (OTC) derivatives on the other hand are not traded on exchanges, so their market prices are not as readily available. During their early development, OTC derivatives such as interest rate swaps were not marked to market frequently. Deals were monitored on a quarterly or annual basis, when gains or losses would be acknowledged or payments exchanged.
As the practice of marking to market caught on in corporations and banks, some of them seem to have discovered that this was a tempting way to dress up the books, especially when the market price could not be objectively determined (because there was no real day-to-day market available), so assets were being 'marked to model' using estimated valuations derived from financial modeling, and sometimes marked to fantasies
Internal Revenue Code Section 475 contains the mark to market accounting method rule. Section 475 provides that dealers that elect mark to market treatment shall recognize gain or loss as if the property were sold for its fair market value on the last business day of the year, and any gain or loss shall be taken into account in that year. The section also provides that dealers in commodities can elect mark to market treatment for any commodity (or their derivatives) which is actively traded (i.e., for which there is an established financial market that provides a reasonable basis to determine fair market value by disseminating price quotes from broker/dealers or actual prices from recent transactions)
Simple example
As an example, if an investor owns 100 shares of a particular stock purchased originally for $40 per share, and that stock is currently trading at $60 per share, then the "mark to market" value of the investor's shares is equal to (100 shares × $60), or $6000, whereas the Book value might (depending on the accounting principles used) only equal $4000.
Similarly, if the stock falls to $30 dollars, the mark-to-market value is $3000, and the investor has lost $1000 of the original investment. If the stock was purchased on margin, this might trigger a margin call and the investor would have to come up with an amount sufficient to meet the margin requirements for his account.
In finance and accounting, mark to market is the act of assigning a value to a position held in a financial instrument based on the current market price for that instrument or similar instruments. For example, the final value of a futures contract that expires in 9 months will not be known until it expires. If it is marked to market, for accounting purposes it is assigned the value that it would fetch in the open market currently.
History and development
The practice of mark to market as an accounting device first developed among traders on futures exchanges in the 19th century. It wasn't until the 1980s that the practice spread to big banks and corporations far from the traditional exchange trading pits, and beginning in the 1990s, mark-to-market accounting began to give rise to scandals.
To understand the original practice, consider that a futures trader, when taking a position, deposits money with the exchange, called a "margin". This is intended to protect the exchange against loss. At the end of every trading day, the contract is marked to its present market value. If the trader is on the winning side of a deal, his contract has increased in value that day, and the exchange pays this profit into his account. On the other hand, if he is on the losing side, the exchange will debit his account. If he cannot pay, then the margin is used as the collateral from which the loss is paid. As an example, the Chicago Mercantile Exchange, taking the process one step further, marks positions to market twice a day, at 10:00 am and 2:00 pm.
Over-the-counter (OTC) derivatives on the other hand are not traded on exchanges, so their market prices are not as readily available. During their early development, OTC derivatives such as interest rate swaps were not marked to market frequently. Deals were monitored on a quarterly or annual basis, when gains or losses would be acknowledged or payments exchanged.
As the practice of marking to market caught on in corporations and banks, some of them seem to have discovered that this was a tempting way to dress up the books, especially when the market price could not be objectively determined (because there was no real day-to-day market available), so assets were being 'marked to model' using estimated valuations derived from financial modeling, and sometimes marked to fantasies
Internal Revenue Code Section 475 contains the mark to market accounting method rule. Section 475 provides that dealers that elect mark to market treatment shall recognize gain or loss as if the property were sold for its fair market value on the last business day of the year, and any gain or loss shall be taken into account in that year. The section also provides that dealers in commodities can elect mark to market treatment for any commodity (or their derivatives) which is actively traded (i.e., for which there is an established financial market that provides a reasonable basis to determine fair market value by disseminating price quotes from broker/dealers or actual prices from recent transactions)
Simple example
As an example, if an investor owns 100 shares of a particular stock purchased originally for $40 per share, and that stock is currently trading at $60 per share, then the "mark to market" value of the investor's shares is equal to (100 shares × $60), or $6000, whereas the Book value might (depending on the accounting principles used) only equal $4000.
Similarly, if the stock falls to $30 dollars, the mark-to-market value is $3000, and the investor has lost $1000 of the original investment. If the stock was purchased on margin, this might trigger a margin call and the investor would have to come up with an amount sufficient to meet the margin requirements for his account.
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