99.9% of mortgage borrowers raise the money they need to buy their home in pounds sterling and pay the prevailing UK based interest rate. But it does not have to be that way……..
Whilst by its' own historical standards, the UK's domestic interest rates are low, they are still significantly higher than in the Eurozone, America, Switzerland and indeed, Japan. Therefore, you can currently borrow the money you need in Euros, $ dollars, Swiss Francs or Yen, secure the debt against your house in the UK and pay a much lower rate of interest.
The following 3 month money market interest rates illustrate the extent to which UK interest rates are ahead of other parts of the world:
Sterling £ 4.64%
US $ 4.48%
Japanese Yen 0.12%
(Source: 3 month Money Market Rates, Financial Times, 9/12/05)
But don't expect to borrow money for your mortgage at these 3 month Money market rates. You will have to pay a premium for borrowing in an overseas currency. Nevertheless, if interest rates remained as they are now, there will still be significant interest rate savings to be made.
So why are less than 1% of UK domestic mortgages taken out in overseas currencies? The answer: there are extra risks.
Interest rates could buck historical trends and narrow the gap between sterling based rates and the rates for the currency in which the mortgage has been borrowed. This would reduce the interest rate saving and indeed, at some stage, could make the interest rate more expensive than for a standard £sterling mortgage.
But by far the biggest risk lies' in changes in exchange rates. If you have borrowed in say, Yen, you eventually have to repay the loan in Yen. That would be fine if the Yen/Sterling exchange rates were frozen together – but they aren't.
If sterling strengthened against the Yen, then you would have to convert less sterling back into yen to repay the loan than the sterling value of the money you initially borrowed. That would be great, an interest rate saving and pay back less than you borrowed. But if sterling fell against the Yen the reverse happens – you end up paying back more capital than you borrowed. So in this context, an overseas mortgage becomes a currency bet that sterling will not fall against the currency you borrowed. In other words you have converted your mortgage and what is probably your biggest personal liability, into a currency speculation. And secured your home against it! You could win but it's not for the faint at heart!
Another point to be aware of is that you'll need a deposit of at least 20% for your house purchase in order to qualify for a foreign currency mortgage.
Incidentally, there is now a second option. You can take out a mortgage in £sterling and have the interest rate you pay linked to a foreign interest rate. Whilst you avoid the currency exposure risk, you are still taking gamble that the overseas interest rate plus the interest rate premium you'll have to pay, will remain lower than the UK's domestic interest rates. These types of mortgage typically have a 5 year tie in clause. Therefore, you'll have a hefty penalty to pay if you want to pay it off early, although the mortgage can usually be moved to another property. For some that represents an acceptable risk, especially if the mortgage is linked to the Swiss Franc interest rate which has been astonishingly low and stable over past years. For example, the interest rates in Switzerland have not moved above 1% in the last 4 years and the Eurozone interest rate has not changed in 5 years.
Nevertheless, part of the wording for a regulated investment warning comes to mind ….. past performance should not be construed as a guarantee of future performance ……
You pays your money and you takes your chance.
What is FOREIGN CURRENCY MORTGAGE? What does FOREIGN CURRENCY MORTGAGE mean?
What is FOREIGN CURRENCY MORTGAGE? What does FOREIGN CURRENCY MORTGAGE mean? FOREIGN CURRENCY MORTGAGE meaning - FOREIGN CURRENCY MORTGAGE definition - FOREIGN CURRENCY MORTGAGE explanation.
Source: Wikipedia.org article, adapted under license.
A foreign currency mortgage is a mortgage which is repayable in a currency other than the currency of the country in which the borrower is a resident. Foreign currency mortgages can be used to finance both personal mortgages and corporate mortgages.
The interest rate charged on a Foreign currency mortgage is based on the interest rates applicable to the currency in which the mortgage is denominated and not the interest rates applicable to the borrower's own domestic currency. Therefore, a Foreign currency mortgage should only be considered when the interest rate on the foreign currency is significantly lower than the borrower can obtain on a mortgage taken out in his or her domestic currency.
Borrowers should bear in mind that ultimately they have a liability to repay the mortgage in another currency and currency exchange rates constantly change. This means that if the borrower's domestic currency was to strengthen against the currency in which the mortgage is denominated, then it would cost the borrower less in domestic currency to fully repay the mortgage. Therefore, in effect, the borrower makes a capital saving.
Conversely, if the exchange rate of borrowers domestic currency were to weaken against the currency in which the mortgage is denominated, then it would cost the borrower more in their domestic currency to repay the mortgage. Therefore, the borrower makes a capital loss.
When the value of the mortgage is large, it may be possible to reduce or limit the risk in the exchange exposure by hedging (see below).
Managed currency mortgages can help to reduce risk exposure. A borrower can allow a specialist currency manager to manage their loan on their behalf (through a limited power of attorney), where the currency manager will switch the borrower's debt in and out of foreign currencies as they change in value against the base currency. A successful currency manager will move the borrower's debt into a currency which subsequently falls in value against the base currency. The manager can then switch the loan back into the base currency (or another weakening currency) at a better exchange rate, thereby reducing the value of the loan. A further benefit of this product is that the currency manager will try to select currencies with a lower interest rate than the base currency, and the borrower therefore can make substantial interest savings.
There are risks associated with these types of mortgages and the borrower must be prepared to accept an (often limited) increase in the value of their debt if there are adverse movements in the currency markets.
A successful currency manager may be able to use the currency markets to pay off a borrower's loan (through a combination of debt reduction and interest rate savings) within the normal lifetime of the loan, while the borrower pays on an interest only basis.
A borrower can also choose from various products available at specialist money transfer providers e.g.; Forward Contracts and Currency options, where you can choose a future date for the transaction to take place. Both these products also allow a borrower to fix an exchange rate, which safeguards his money from the fluctuations in the currency market. Products facilitating ‘Regular Payment’ ensures that your mortgage payment is paid on the stipulated date as indicated by you thus preventing any default in payments.
(31) FOREIGN EXCHANGE MORTGAGES
Hidden risk of mortgages in non-home currencies.
Foreign Currency Rate Loans and its Dangers
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Economic indicators and their impact on currencies | tradimo
This video will introduce you to two of the most important economic indicators that drive the value of a currency: interest rates and inflation. Interest rates are one of the most important drivers of the forex markets.Inflation measures how quickly the prices of goods and services rise in a given period of time.
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You fix your residential mortgage payments for a 'term', why not do the same with your foreign currency mortgage.
When rental income varies with the seasons, Prime Cap can help you to fix your costs.
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Theory and practice - foreign currency loan - Strike Week 22
Dear International Financial Regulators,
Some years ago, Poland has allowed its citizens to take out Swiss franc mortgages in order to reduce their monthly costs associated with the purchase of a house or an apartment at the time when the local property market was booming.
I don’t know how it was possible that no one, neither the financial regulator, nor the minister of finance or the head of the national bank, would pay attention to the fact that borrowing in a foreign currency is one of the most likely recipes for a financial disaster. Especially, that all the basic textbooks about money, investing and risk management are screaming about it!
We also know, and we must not forget, that most economic and financial crises in developing countries in the past were linked to their inability to service and repay loans previously obtained from foreign creditors. Do you remember the Mexican crisis? Or the Russian crisis? Or the Asian crisis?
It's, in practice, the easiest way to get any country on its knees, in a halo of national bankruptcy. And our financial history is full of evidence of short-sightedness and irrational borrowing in foreign currencies, especially those inherently stronger than our own. So, why do you still allow it?
If you have to intervene so often to help so many developing patients heal their bleeding currency wounds, shouldn’t you just forbid this unfair practice?
Why can't you force all these convenient and greedy lenders to have at least half of the money they lend to developing economies, countries or businesses, priced in their local currencies?
Why do you allow strong and rich capital, often politically ambiguous, to use - without any limitations! - the naivety and desperation of the leaders of these countries, where there is a lack of local resources to finance more accelerated economic development?
All you have to do is look at the current conflict between the Chinese dragon and many developing countries on different continents, which are slowly losing their strategic infrastructure financed in the recent past by the Chinese capital. Or Turkey, borrowing foreign currency again as its Lira tumbles. Or yet another default by Argentina, unable to reach any pragmatic agreement with its foreign creditors.
Yes, some emerging countries are economically irresponsible, but not all of them and not all the time. In most cases, they simply try to catch up with their richer cousins.
So, maybe, in a post pandemic act of solidarity, responsibility and respect for human dignity, you should finally end this universally acceptable form of monetary colonialism?
It’s time to share risk on money invested in someone else's national economic yard!
It’s time to put a human face on capital that cannot find more profitable opportunities in its own country!
Poorer economies borrow billions from the richer ones in their own (foreign) currencies. Year after year, crisis after crisis. And every time, when economic shit hits the global fan, they get stuck with exploding costs of servicing a growing pile of unpayable debt.
Please, tell me why!?
You know, even more then I do, that emerging countries that cannot borrow in their own currencies will very often default. They simply cannot afford the risk they take.
So, please, don’t allow them to do it again!
#foreign currency loan, #monetary policy, #mortgage
Tackling The Global Debt Crisis | Money Mind | Full Episode
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Regulation of Foreign Currency Mortgage Loans
Regulation of Currency Mortgage Loans current financial Regulation of Foreigner discuss Case of the Governments usually regulate mortgage. This video will help to know you more necessary information about and its huge description. Thanks for watching my video, like, comment, share please and don’t forget subscribe my channel for getting more latest videos.
Tesco checks out of its mortgage business
After what the supermarket giant called a ‘challenging’ period, Tesco has stopped taking any more mortgage business. Where it goes with its £3.7 billion mortgage book remains to be seen, but the company has said that it is looking for an opportunity to sell the business.
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Established in 1974 as the world’s first financial spread betting firm, we’re now the world’s No.1 provider of CFDs and spread betting* and a global leader in forex. We also offer an execution-only share dealing service in the UK, Ireland, Germany, Austria and the Netherlands. Our range of affordable, fully managed investment portfolios rounds out our comprehensive offering to investors and active traders.
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Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading spread bets and CFDs with this provider†. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money. Professional clients can lose more than they deposit.
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Sources of Risk
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Foreign Exchange Risk (FRM Part 1 – Book 3 – Chapter 19)
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The written summary can be found here:
After completing this reading, you should be able to:
- Calculate a financial institution’s overall foreign exchange exposure.
- Explain how a financial institution could alter its net position exposure to reduce foreign exchange risk.
- Calculate a financial institution’s potential dollar gain or loss exposure to a particular currency.
- Identify and describe the different types of foreign exchange trading activities.
- Identify the sources of foreign exchange trading gains and losses.
- Calculate the potential gain or loss from a foreign currency denominated investment.
- Explain balance-sheet hedging with forwards.
- Describe how a non-arbitrage assumption in the foreign exchange markets leads to the interest rate parity theorem, and use this theorem to calculate forward foreign exchange rates.
- Explain why diversification in multicurrency asset-liability positions could reduce portfolio risk.
- Describe the relationship between nominal and real interest rates.
Who Is Buying Up the Toxic Mortgage Backed Securities (MBS) That The Fed Is Selling?
The Fed is still doing QT and just dumped a record amount of mortgaged backed securities (MBS) of $30 billion dollars in a single month. But who's buying the toxic MBS?
Recent Wolf Richter article about the Fed dumping record amounts of MBS: Forget Rates, The Fed Is Still Quantitative-Tightening At A Record Pace
Articles about Private Equity firms like Blackstone and large banks buying up foreclosures post 2009 (with artifically cheap capital and credit) and now building and managing single family rentals (SFRs):
1) How to Buy a House the Wall Street Way
2) A brand new single-family neighborhood, where every unit is a rental
3) Wall Street’s new housing frontier: Single-family rental homes
4) Your New Landlord Works on Wall Street
5) Blackstone to buy $1 billion worth of Tampa Bay homes for rentals
6) Blackstone Buys Atlanta Homes in Largest Rental Trade
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Will The U.S. Default On Its Debt?
In this video, I discuss the 3 options that the U.S. has when it comes to its massive and growing debt load:
1) Hard default
3) Soft default
Since a hard default would cause a global economic collapse, and austerity measures would not be tolerated by the U.S population, the only policy route that is open to the U.S. is a soft default.
Under this scenario, the U.S. will continue to devalue the USD and thus pay back its debt with depreciated dollars.
This is bullish for stocks, real estate, gold, and Bitcoin, but bearish for those who hold a lot of cash or fixed income products in their portfolios.
Not investment advice! Consult a financial advisor.
Total public debt:
Total public debt as % of GDP:
Annual growth rates of public debt:
GDP annual growth rates:
Fed approves shift in inflation goal:
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The Effects Of Currency Fluctuations On The Economy 2
Currency fluctuations are a natural outcome of the floating exchange rate system that is the norm for most major economies. The exchange rate of one currency versus the other is influenced by numerous fundamental and technical factors. These include relative supply and demand of the two currencies, economic performance, outlook for inflation, interest rate differentials, capital flows, technical support and resistance levels, and so on. As these factors are generally in a state of perpetual flux, currency values fluctuate from one moment to the next. But although a currency's level is largely supposed to be determined by the underlying economy, the tables are often turned, as huge movements in a currency can dictate the economy's fortunes. In this situation, a currency becomes the tail that wags the dog, in a manner of speaking.
Currency Effects are Far-Reaching
While the impact of a currency's gyrations on an economy is far-reaching, most people do not pay particularly close attention to exchange rates because most of their business and transactions are conducted in their domestic currency. For the typical consumer, exchange rates only come into focus for occasional activities or transactions such as foreign travel, import payments or overseas remittances.
A common fallacy that most people harbor is that a strong domestic currency is a good thing, because it makes it cheaper to travel to Europe, for example, or to pay for an imported product. In reality, though, an unduly strong currency can exert a significant drag on the underlying economy over the long term, as entire industries are rendered uncompetitive and thousands of jobs are lost. And while consumers may disdain a weaker domestic currency because it makes cross-border shopping and overseas travel more expensive, a weak currency can actually result in more economic benefits.
The value of the domestic currency in the foreign exchange market is an important instrument in a central bank's toolkit, as well as a key consideration when it sets monetary policy. Directly or indirectly, therefore, currency levels affect a number of key economic variables. They may play a role in the interest rate you pay on your mortgage, the returns on your investment portfolio, the price of groceries in your local supermarket, and even your job prospects.
Currency Impact on the Economy
A currency's level has a direct impact on the following aspects of the economy:
Merchandise trade: This refers to a nation's international trade, or its exports and imports. In general terms, a weaker currency will stimulate exports and make imports more expensive, thereby decreasing a nation's trade deficit (or increasing surplus) over time.
A simple example will illustrate this concept. Assume you are a U.S. exporter who sold a million widgets at $10 each to a buyer in Europe two years ago, when the exchange rate was EUR 1=1.25 USD. The cost to your European buyer was therefore EUR 8 per widget. Your buyer is now negotiating a better price for a large order, and because the dollar has declined to 1.35 per euro, you can afford to give the buyer a price break while still clearing at least $10 per widget. Even if your new price is EUR 7.50, which amounts to a 6.25% discount from the previous price, your price in USD would be $10.13 at the current exchange rate. The depreciation in your domestic currency is the primary reason why your export business has remained competitive in international markets.
Conversely, a significantly stronger currency can reduce export competitiveness and make imports cheaper, which can cause the trade deficit to widen further, eventually weakening the currency in a self-adjusting mechanism. But before this happens, industry sectors that are highly export-oriented can be decimated by an unduly strong currency.
???? Kyle Bass Explains The Chinese Currency Crisis As An Investment Opportunity
Kyle Bass, CIO of Hayman Capital, sits back down with Raoul Pal in order to finally reveal the opportunity that he called “the most asymmetric trade ever seen in my entire life.” Bass follows up on his earlier thoughts on China, and lays out the logic behind his thesis. He also delves into the relevant historical context, and discusses the risks to the financial system posed by an overvalued property market. Filmed on April 24, 2019 in New York.
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The Asymmetric Opportunity Revealed (w/ Kyle Bass & Raoul Pal)
For the full transcript visit:
KYLE BASS: And so, right now, we face Brexit and I don't know what's going to happen next, but I think
that back then, they engaged in a peg to try to bring some sort of stability to calm the nerves and the
psyches of investors in Southeast Asia and primarily Hong Kong, because as you know, investors were
thinking with Great Britain, there's a legislative democracy, there's basically financial stability, there's rule
of law. They're all the things that capital needs to invest and make real investments in the sovereign of the
territory. And with the idea that China might take back over sooner rather than later, the money left. And
that's why they had to institute the peg.
So, the UK-Chinese agreement, this British agreement 1984 stipulated or set forth the rules by which Great
Britain would engage with Hong Kong in the future. And the handoff would be July 1
, 1997. Fast forward
from '84 to '92 when the US entered its Hong Kong-US Policy Act, both Great Britain and the US treat
Hong Kong as its own sovereign, as long as it maintains autonomy. Autonomy in its economic affairs, and
its legislative affairs and its rule of law.
RAOUL PAL: What does autonomy mean?
KYLE BASS: That no one else is running the show. This agreement stipulates that it is a special
administrative region of China, but it'll be treated as Hong Kong as long as those things are maintained.
Like, I'd love to cover that secondarily in our conversationRAOUL PAL: That's my question, what's autonomy, but yeahKYLE BASS: Yeah. The word's very important. So, when you look at today, if you just look at Hong Kong
from a macro perspective, it's really important to think about what happens when you peg your currency
to another. There's the pegged currency, then there's the anchor currency. The anchor currency, in this case,
is the dollar. What you're doing is you're basically saying I will adopt their monetary policy. I'll adopt their
yield curve. I will basically let Jesus take the wheel and let the US run my economy.
Now, that works actually fairly well as long as there's a synchronicity in economic outputs, right, i.e. if the
economies are working together, if one grows, the other grows, if one goes into decline, the other goes into
decline. That kind of relationship actually works. If one economy is growing, while the other one is declining,
and you have to import monetary policy and i.e. the same rates curve, it's a disaster for the one that's
Transaction Risk Versus Translation risk
This brief video looks at the difference between transaction risk and translation risk when discussing foreign exchange.
Take a look at swapskills.teachable.com for an insider's training on spot and forward FX. It shows how to read FX quotes, looks at the numbers behind forward FX and talks about the importance of knowing your value dates.
Perfect for finance major, bankers , accountants, treasurers and anyone who wants to enhance their career opportunities in the financial markets.
Dangers of the Rising Stock Market
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In my opinion, the final melt-up phase has begun. But before you go rushing into the most nominally expensive stock markets in history, look at the facts. As central banks create new debt money;
1. Purchasing power value is destroyed
2. Public confidence in the ruling class and fiat money is lost
3. $1,000,000,000 x 0 = 0
We’ve been trained to think there is no other place to hold wealth but fiat markets. Holding that wealth in an account with a statement is certainly more convenient than holding physical gold and silver that must be stored.
But intangible contract wealth can easily be taken away in a market lock-up and crash. And governments can lop off zero’s and/or demonetize currencies. In fact, history shows us that this happens every time.
What else happens every time? Physical gold and silver holds purchasing power value.
You have a choice. What do you want to hold into this next crisis and subsequent financial system reset?
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Relationship between bond prices and interest rates | Finance & Capital Markets | Khan Academy
Why bond prices move inversely to changes in interest rate. Created by Sal Khan.
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Finance and capital markets on Khan Academy: Both corporations and governments can borrow money by selling bonds. This tutorial explains how this works and how bond prices relate to interest rates. In general, understanding this not only helps you with your own investing, but gives you a lens on the entire global economy.
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The 2021 Financial Crisis Preview: All The Details
The financial collapse is already happening but the wealthy mainstream media don't want you to know about it. Here's how it's unfolding.
???? Get a 6% Interest Savings Account and Free Money for Opening an Outlet Account ➜
DISCLAIMER: I am not a financial adviser. I only express my opinion based on my experience. Your experience may be different. These videos are for educational and inspirational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. There is no guarantee of gains or losses on investments.
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Should You Currency Hedge Your Portfolio? | Common Sense Investment with Ben Felix
This video is in response to a question from abe on LinkedIN. Abe wanted to know if he should hedge the foreign currency exposure of his equities when the Canadian dollar is weak.
There is no question that investing globally is beneficial. Diversification is the best way to increase your expected returns while decreasing your expected volatility. Diversification is, after all, known as the only free lunch in investing. When you decide to own assets all over the world, you are not just getting exposure to foreign companies, but also to foreign currencies.
I’m Ben Felix, Associate Portfolio Manager at PWL Capital. In this episode of Common Sense Investing, I’m going to help you decide if you should currency hedge your portfolio.
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Why Goldman Sachs Went From Investing For The Rich To Targeting Everyone
Goldman Sachs, the Wall Street investment bank, has a storied history. Founded by Marcus Goldman 150 years ago, his son Henry revolutionized the industry with company valuations and IPOs. It was the gold standard in investment banking for decades and partners got rich when the company went public. But the firm's reputation took a beating during the financial crisis, eventually leading to one of the most interesting pivots in Wall Street history.
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How Goldman Sachs Became Wall Street's Most Powerful Investment Bank
Currency Exchange Introduction
Introduction to how exchange rates can fluctuate
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Types of risks in banking | Risk Management in Banking sector | Types of risks in banking sector
In this video we have discussed Types of risks in banking sector and Risk Management in Banking sector which is very important for
IBPS PO,IBPS Clerk,SBI Clerk,SBI PO,Syndicate Bank PO,Canara Bank PO and various other banking examinations.
In this video we have categorically described risks in banking sector such as credit risk, market risk, operational risk etc.
The major risks in banking business or ‘banking risks’, explained in this video with proper time stamp are :
1. Credit or Default Risk 03:50
2. Market Risk 11:50
3. Operational Risk 15:04
4. Liquidity Risk 18:37
5. Business Risk 20:23
6. Reputational Risk 21:51
7. Systemic Risk 23:41
8. Moral Hazard 24:51
9. Final discussion 27:02
The Case For Renting A Home Part 1 | Common Sense Investing
Canadians really like real estate. It’s hard not to be excited when prices in hot markets like Toronto and Vancouver have been making global headlines. Around two-thirds of Canadians own their home, and the perception is generally held that owning your home is a smart investment.
In this episode of Common Sense Investing, I’m going to tell you why renting a place to live is not a waste of money. I’ll be talking about a lot more common sense investing topics in this series, so subscribe, and click the bell for updates.
This is part one of the series on renting a home. Watch the second episode here: .
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Risk Management: A Helicopter View (FRM Part 1 – Book 1 – Chapter 1)
AnalystPrep's FRM Part 1 Video Series
For FRM Part 1 Study Notes, Practice Questions, and Mock Exams Register an Account at
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The written summary can be found here:
After completing this reading you should be able to:
- Explain the concept of risk and compare risk management with risk taking.
- Describe the risk management process and identify problems and challenges that can arise in the risk management process.
- Evaluate and apply tools and procedures used to measure and manage risk, including quantitative measures, qualitative assessment, and enterprise risk management.
- Distinguish between expected loss and unexpected loss, and provide examples of each.
- Interpret the relationship between risk and reward and explain how conflicts of interest can impact risk management.
- Describe and differentiate between the key classes of risks, explain how each type of risk can arise, and assess the potential impact of each type of risk on an organization.
Bitcoin - The End of Money As We Know It | Award-Winning
Whatever Bitcoin may be; most people do not yet understand what this controversial and influential innovation is about and how it works. This award-winning documentary answers these questions.
Bitcoin: The End Of Money As We Know It traces the history of money from the bartering societies of the ancient world to the trading floors of Wall St. The documentary exposes the practices of central banks and the dubious financial actors who brought the world to its knees in the last crisis. It highlights the Government influence on the money creation process and how it causes inflation. Moreover, this film explains how most money we use today is created out of thin air by banks when they create debt. Epic in scope, this film examines the patterns of technological innovation and questions everything you thought you knew about money. Is Bitcoin an alternative to national currencies backed by debt? Will Bitcoin and cryptocurrency spark a revolution in how we use money peer to peer? Is it a gift to criminals? Or is it the next bubble waiting to burst? If you trust in your money just as it is - this film has news for you.
Why should investors consider US Agency MBS in the current market environment?
Discover from Katie Herr, Investment specialist, FFTW at BNP Paribas Investment Partners, how US Agency Mortgage-Backed Securities could generate positive returns in rising and falling interest rate environments.