The indirect holding system (also multi-tiered holding system) is a system of securities clearance, settlement and ownership system most widely used in the world today. It consists of one or more tiers of intermediaries between issuer and investor. It is an evolution from the “direct holding system” in which owners of securities had a direct relationship with the issuer.
The system is made up of various tiers, often with an increasing number of entries involved in each of the tiers. The top tier comprises “national” and “international central securities depositories” (CSDs), where large pools of securities of different issuers are immobolised or otherwise concentrated.
The next tier consists of a limited number of financial institutions, brokers, depositories and other professional investors who have direct contractual relationships with the CSDs and who hold their interests in securities in book-entry accounts with a CSD. These intermediaries (sometimes called participants of the CSD) in turn, hold in their accounts interests in or in respect of securities either for themselves or for their customers, such as institutional or retail investors or further intermediaries, and so forth until accounts are held for the investors.
For reasons of efficiency, depositories that hold securities for investors generally do so through commingled omnibus customers accounts.
This structure allows the issuer to deal with a single entity, the CSD. The investors do not appear on any register of ownership maintained by or on behalf of the issuer, nor do they have actual possession of certificates. It is the “account” rather than the “certificates” that is the source of the investor’s entitlement.
The system reduces the processing and settlement costs and risks of loss, theft and counterfeiting associated with the direct holding system. The transfer of securities by mere accounting entries allows for a rapid and efficient disposition of those interests. The velocity of transactions has grown and continues to grow.
In most jurisdictions around the world, neither the substantive laws governing securities transactions nor the conflict of laws rules determining the law applicable to cross-border transactions have been updated adequately to deal with the indirect holding system. The concept of direct property right, the basic legal model of ownership of the direct holding of securities, is difficult to apply in the indirect system. Under traditional legal principles commingling fungible property terminates direct property rights of owners of the individual commingled items.
Saturday, January 19th, 2008
In economics, a consumer’s indirect utility function
<math>v(p, w)</math> gives the consumer’s maximal utility when faced with a price level <math>p</math> and an amount of income <math>w</math>. It represents the consumer’s preferences over market conditions.
This function is called indirect because consumers usually think about their preferences in terms of what they consume rather than prices. A consumer’s indirect utility <math>v(p, w)</math> can be computed from its utility function <math>u(x)</math> by first computing the most preferred bundle <math>x(p, w)</math> by solving the utility maximization problem; and second, computing the utility <math>u(x(p, w))</math> the consumer derives from that bundle. The indirect utility function for consumers is analogous to the profit function for firms.
Formally, the indirect utility function is:
- Non-increasing in prices, because an increase in prices cannot open up an available bundle that would provide more utility;
- Non-decreasing in income, because when income rises, at worst you could consume the same bundle;
- Homogenous with degree zero in prices and income; if prices and income are all multiplied by a given constant the same bundle of consumption represents a maximum, so optimal utility does not change.
- Indirect utility function - Wikipedia, the free encyclopedia In economics, a consumer's indirect utility function v(p,w) gives the consumer's maximal utility when faced with a price level p and an amount of income w.
- Answer keys for problem set 5 File Format: PDF/Adobe Acrobat - View as HTMLWith the utility function min(x, y), Ellsworth will consume the same quanti-. m. ties of the two goods. His indirect utility is v(1,p
- Health and Quality of Life Outcomes | Articles which cite: Are Are indirect utility measures reliable and responsive in rheumatoid arthritis patients? Marra CA, Rashidi AA, Guh D, Kopec JA, Abrahamowicz M, Esdaile JM,
- Utility and Indirect Utility Mathematical Proof Consider the problems of maximizing u(x) subject to px = y and maximizing v(u(x)) subject to px = y, where v(u) is strictly increasing over the range of u.
- The Production of Health and the Valuation of Medical Amenities in File Format: PDF/Adobe Acrobat - View as HTMLis the indirect utility function which is decreasing in the land rent or housing price (r),. increasing in household income (w), and a vector of unpriced
- 1.2 Utility Maximization Problem (UMP) 1.3 The Indirect Utility File Format: PDF/Adobe Acrobat - View as HTML1.3 The Indirect Utility Function. Assume that u(
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Sunday, January 6th, 2008
In economics, a consumer’s indirect utility function
<math>v(p, w)</math> gives the consumer’s maximal utility when faced with a price level <math>p</math> and an amount of income <math>w</math>. It represents the consumer’s preferences over market conditions.
This function is called indirect because consumers usually think about their preferences in terms of what they consume rather than prices. A consumer’s indirect utility <math>v(p, w)</math> can be computed from its utility function <math>u(x)</math> by first computing the most preferred bundle <math>x(p, w)</math> by solving the utility maximization problem; and second, computing the utility <math>u(x(p, w))</math> the consumer derives from that bundle. The indirect utility function for consumers is analogous to the profit function for firms.
Formally, the indirect utility function is:
- Non-increasing in prices, because an increase in prices cannot open up an available bundle that would provide more utility;
- Non-decreasing in income, because when income rises, at worst you could consume the same bundle;
- Homogenous with degree zero in prices and income; if prices and income are all multiplied by a given constant the same bundle of consumption represents a maximum, so optimal utility does not change.
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Friday, December 21st, 2007
Indirect election is a process in which voters in an election do not actually choose between candidates for an office but rather elect persons who will then make the choice. This process is used in many union elections and sometimes in professional, civic, and fraternal organizations, as well as in the election for President of the United States.
In the United States, the President is elected indirectly. Voters elect a slate of candidates for the Electoral College, which in turn elects the President. A similar process has been used in the past in emerging democracies, i.e., South Korea and the Republic of the Philippines, but it was soon dismantled in favor of direct election. Only in the United States has a process of indirect presidential election persisted for over two centuries. The Senate was elected by the legislatures of the states until 1913, when the Seventeenth Amendment instituted direct elections.
In France, election to the upper house of Parliament, the Sénat, is indirect, the electors (called “grand électeurs”) being local elected representatives.
Prime Ministers are elected indirectly in parliamentary systems. While members of the parliamentary body are elected directly, it is their votes, usually cast for their party leader, which determine who becomes Prime Minister. However, a Prime Minister is more a representative of the parliament, a primus inter pares (first among equals), who has just one vote, just like any other member of parliament, and therefore does not have the power that presidents have. Such a system tends to make all elections more about national issues than is generally the case in the U.S., where it is very commonplace for some districts routinely to vote, often by a large majority, for a Presidential candidate from one party and a member of Congress from the other. Then again, a parliamentary system usually also has separate elections for lower governments (such as city or province). So the same system may be used at different independent levels, possibly even with different parties.
See also
- List of democracy and elections-related topics
External links
- A handbook of electoral system Design from International IDEA
- Electoral Design Reference from the ACE Project
- “Electoral College” by William C. Kimberling, Deputy Director of the FEC Office of Election Administration
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Tuesday, December 4th, 2007
An indirect ophthalmoscope is an instrument designed to view the retina of the eye.
It consists of a head-mounted lightsource, and a powerful lens (+20 Dioptres usually) held in the hand.
The patient is positioned so that the patient’s eye, the lens and the observer’s eye are in a straight line.
The instrument is used to diagnose various retinal pathologies like retinal detachment etc, and also to treat them.
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Thursday, November 29th, 2007
In economics, a consumer’s indirect utility function
<math>v(p, w)</math> gives the consumer’s maximal utility when faced with a price level <math>p</math> and an amount of income <math>w</math>. It represents the consumer’s preferences over market conditions.
This function is called indirect because consumers usually think about their preferences in terms of what they consume rather than prices. A consumer’s indirect utility <math>v(p, w)</math> can be computed from its utility function <math>u(x)</math> by first computing the most preferred bundle <math>x(p, w)</math> by solving the utility maximization problem; and second, computing the utility <math>u(x(p, w))</math> the consumer derives from that bundle. The indirect utility function for consumers is analogous to the profit function for firms.
Formally, the indirect utility function is:
- Non-increasing in prices, because an increase in prices cannot open up an available bundle that would provide more utility;
- Non-decreasing in income, because when income rises, at worst you could consume the same bundle;
- Homogenous with degree zero in prices and income; if prices and income are all multiplied by a given constant the same bundle of consumption represents a maximum, so optimal utility does not change.
- Unbound MEDLINE | A comparison of generic, indirect utility Unbound MEDLINE | A comparison of generic, indirect utility measures (the HUI2, HUI3, SF-6D, and the EQ-5D) and disease-specific instruments (the RAQoL and
- SSRN-Indirect Addilog Translation of Indirect Utility Functions by SSRN-Indirect Addilog Translation of Indirect Utility Functions by Denis Conniffe.
- Optimal Asset Allocation and Risk Shifting in Money Management denotes the investor's indirect utility under delegation absent implicit incentives. The gain due to implicit incentives, Table 2 , solves Table 2
- The Harberger-Laursen-Metzler Effect Revisited: An Indirect File Format: PDF/Adobe Acrobatintertemporal maximization of his expected indirect utility: . be achieved by applying Roy’s identity to the indirect utility function and using the
- British Library Direct: SUMS AND PRODUCTS OF INDIRECT UTILITY Order from the British Library: SUMS AND PRODUCTS OF INDIRECT UTILITY FUNCTIONS.
- DSpace at VU: An Indirect Utility Model of Multiple Car Ownership Title:, An Indirect Utility Model of Multiple Car Ownership and Use. Authors:, Rouwendal, Jan Pommer, John. Keywords:, automobile demand
- COPYRIGHT NOTICE: University Press. All rights reserved. No part File Format: PDF/Adobe AcrobatTaking the utility function to be of the form described in (1),. derive the consumer’s indirect utility function. For the case
- Health and Quality of Life Outcomes | Articles which cite: Are Are indirect utility measures reliable and responsive in rheumatoid arthritis patients? Marra CA, Rashidi AA, Guh D, Kopec JA, Abrahamowicz M, Esdaile JM,
- British Library Direct: Indirect addilog translation of indirect The approach of this paper is to start from indirect utility functions producing globally regular, if inflexible, systems and to improve flexibility by
- Indirect utility cost | | Dictionary & Translation by Babylon Indirect utility cost. Dictionary terms for Indirect utility cost, definition for Indirect utility cost, Thesaurus and Translations of Indirect utility cost
- Optimal Asset Allocation and Risk Shifting in Money Management denotes the investor's indirect utility under delegation absent implicit incentives. The gain due to implicit incentives, Table 1 , solves Table 1
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