Управляя рисками. Клиринг с участием центральных контрагентов на глобальных финансовых рынках. Питер Норман

Управляя рисками. Клиринг с участием центральных контрагентов на глобальных финансовых рынках - Питер Норман


Скачать книгу
покупателя и обеспечивает завершение сделок в случае дефолта любого из участников сделки.

      4

      «Шкура в игре» (англ. skin in the game). Термин придуман знаменитым американским инвестором Уорреном Баффетом и обозначает ситуацию, когда высокопоставленные инсайдеры на собственные средства покупают акции компании, в которой они работают. Прим. ред.

      5

      Международный центральный депозитарий ценных бумаг, находящийся в Брюсселе, или ICSD, который занимается международными ценными бумагами. Прим. ред.

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
Скачать книгу