TAILIEUCHUNG - Financial Services Authority: FINAL NOTICE

However, indirect effects on the emerging economy could be even more signifi- cant. In the case of Serbia, government bonds were a great chance to introduce rules of financial markets to the wider public, and an opportunity for common citizens to realize the possibility of gaining profits through securities trading. Throughout our work, we shall explain the conditions under which government bonds were intro- duced to the Serbian financial market, as well as the missed opportunities and prob- lems of bond trading, both on the stock exchange and over-the-counter-market (OTC) | Financial Services Authority FINAL NOTICE To Barclays Bank Plc Of 1 Churchill Place London E14 5HP FSA Reference Number 122702 Date 27 June 2012 ACTION 1. For the reasons given in this notice the FSA hereby imposes on Barclays Bank Plc Barclays a financial penalty of million in accordance with section 206 of the Financial Services and Markets Act 2000 the Act . 2. Barclays agreed to settle at an early stage of the FSA s investigation. Barclays therefore qualified for a 30 stage 1 discount under the FSA s executive settlement procedures. Were it not for this discount the FSA would have imposed a financial penalty of 85 million on Barclays. SUMMARY OF REASONS 3. The London Interbank Offered Rate LIBOR and the Euro Interbank Offered Rate EURIBOR are benchmark reference rates fundamental to the operation of both UK and international financial markets including markets in interest rate derivatives contracts. 4. LIBOR and EURIBOR are by far the most prevalent benchmark reference rates used in euro US dollar and sterling over the counter OTC interest rate derivatives 1 contracts and exchange traded interest rate contracts. The notional amount outstanding of OTC interest rate derivatives contracts in the first half of 2011 has been estimated at 554 trillion US The total value of volume of short term interest rate contracts traded on LIFFE in London in 2011 was 477 trillion euro2 including over 241 trillion euro relating to the three month EURIBOR futures contract the fourth largest interest rate futures contract by volume in the world .3 5. LIBOR and EURIBOR are used to determine payments made under both OTC interest rate derivatives contracts and exchange traded interest rate contracts by a wide range of counterparties including small businesses large financial institutions and public authorities. Benchmark reference rates such as LIBOR and EURIBOR also affect payments made under a wide range of other contracts including loans and mortgages. 6. The .

• Ngân hàng - Tín dụng
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• Constitutional
• fibrosis and calcification
• Pleural effusion
• empyema thoracis
• extrapulmonary despite
• enhanced computerized
• tomographic (CECT)
• dysphagia showing