Evaluating Organisation Values and Structure

Evaluating Organisation Values and Structure Organization culture can be defined as a functional element of a business that comprise of organizational values, experiences and beliefs and the cultural norms of the organization. The specific collection of these values and attributes are shared by the employees within an organization and are controlled according to the level of interaction between them. The main protectors of organizational cultures are the employees within the organization and the stakeholders outside the organization. Thus this report discusses the key aspects of organizational culture and behaviour and also covers basic theories related to organizational management. Organizational values can be attributed to the beliefs and ideas of the individuals within the organizations regarding the strategic goals. The organizational values are conveyed right from the top of the organizational pyramid to the bottom. As far as organizational culture is concerned, there are various factors comprising of the organizational culture. These factors include employees, creation of values, growth, commitment, motivation and future emphasis. Organizational values and culture influences the kind of behaviour individuals carry within a work place. Thus these are the basic concept regarding organizational culture and values. It is a well known fact that an organization cannot succeed without a sound organizational culture and positive behaviour of the individuals comprising the organization. There are various factors that influence the behaviour of individuals and are an important part of the organizational culture. All these phenomenons and other activities such as coordination, task allocations which are collectively directed towards achieving the organizational objectives consist of the organizational structure. Most of the organizations have organization structures comprising of the clustered entities. The structure of an organization depends of its objectives and the strategies which are formulated to achieve these objectives. Organizational structure enables giving responsibilities for different business operations to various business entities such as department, workgroup or team, individuals and many more. If an organization doesnt have a sound structure, there are chances that it might face difficulties in achieving its objectives. We shall now discuss organizational structure and culture in more detail. Organizations witness different cultures because they consist of different types of individuals. The culture within an organization has direct implications on its performance and also reflects its values and beliefs. If there is no alignment between the organizational culture and the companys business strategies, the company will struggle to work with full potential and satisfy the objectives of its stakeholders. There are many types of organizational cultures as suggested by various academic scholars. First of all, there can be Collaborate organizational culture which is found where the workplace is open and friendly and employees share lot of things among themselves. Next is the Create culture wherein the workplace is dynamic, entrepreneurial and innovative and experimentation is considered to be the driving factor for development. Then we have the Control culture wherein the organization is very structured and formal and employee behaviour is governed by the set rules and procedur es. Finally, we have Competitive culture which is observed in the results seeking organizations with employees being highly competitive, goal-oriented and productive. Thus these are different types of organizational cultures which have direct or indirect effects of business performance. The main factor of organizational structure and culture that drives the performance is leadership. Leadership is characterized by the focus on internal business environment, organizational effectiveness and business results. Thus all the organizations thrive to create a sustainable and robust culture that ensures future viability of the business and enhanced performance. Figure 1 explains the main factors of organizational culture and its impact on performance. Figure1: Organizational Culture and Performance Factors influencing Individual behaviour Individual behaviour within a workplace is influenced by various factors such as emotions, culture, persuasion, values, norms, ethics and personal attitudes. The main factor influencing human behaviour is the work environment and organizational culture. For example, if an employee is highly motivates within a workplace, he/she would develop a positive approach towards work and the productivity will increase along with the profits. On the other hand, if an individual faces issues such as ignorance, demoralization, corruption and unethical behaviour, this will have a negative impact of the individuals behaviour. Moreover the individuals abilities and skills, perception and personality also help in determining his/her behaviour within an organization. Thus there are the main factors that affect an individuals behaviour within an organization. Organizational Theories There are various organizational theories in academic literature using which the organizations survive in the competitive market. The foremost organizational theory is the contingency theory which suggests that whenever the company management takes important decision, they should consider all the aspects of the companys current performance and act accordingly. Next is the systems theory which considers the organizations in a broader perspective and helps in interpreting the market and anticipating the needs of customers. Then we have the scientific management theory which helps in accurate measurement and monitoring of organizational tasks and also the strategies developed in order to achieve these goals. Finally there is the human relations theory which supports the idea of trade unions and government regulations. According to this theory, more emphasis is given to employees and their potential in the organization. The main culture and subculture within an organization plays an important role in the company and is also vital for its success or failure. Thus these are the basic organizational theories that play a significant role in organizational management. These theories help in every aspect of organizational management as they help is management operations such as sales forecast, performance monitoring, decision making, enhancing the business networks and so on. Thus we shall now discuss about management theories and organizational culture of two organizations namely Google and Microsoft. Google have very different and unique approaches towards management. The main management approach of Google is effective employee handling and motivation by providing a wonderful experience at work. All Google employees are called as Googlers and the whole organizational culture of Google is very unique. For example, employees have the liberty to comment on the companys strategies or give suggestions to the top management personals. The company management principles consider all its employees equally important for the success of the company. Googlers were allowed to carry their pets at workplace, were given free lunch and snacks and other amenities. Thus one can clearly suggest that Googles zero percent employee turnover rate is an excellent testament to its respectable organizational culture. Moving onto Microsoft, managers here are described as Mentors and employees as Pupils. Mentors in Microsoft carry high profile with a wealth of knowledge and experience whereas pupils are encouraged to be hard-working and enthusiastic to take risks. Microsoft has been successful over the years by using a sound organizational structure. The company is managed by 10 Board of Directors who are elected every year. The company is sub-categorized into various teams that handle critical aspects of business. All the employees of Microsoft share the same values and beliefs and the expectations they have from the company. These shared views affect the companys performance, decision making and also team performance. Employees are allowed to grow within the company as a part of the strong organizational culture Microsoft has. Thus over the years, Microsoft has successfully used its organizational culture and resources in order to achieve its business objectives. Thus these are the different approaches towards management of two organizations namely Google and Microsoft. There is one thing common between the two companies as far as the role of technology in organizational culture is concerned. Both the companies are equipped with latest technological gadgets that make it easy for them to give good performance, analyze markets, anticipate future forecasts and many more. One can clearly comment that indeed the organizational culture and sound approaches towards organizational management are the basic elements needed by the organization to have an edge over its rivals. Thus we shall now discuss about various leadership styles and their effectiveness in leadership approaches. Importance of different leadership styles Leadership style can be defined as the effective behaviour of leaders towards achieving team objectives and management of the team. It can also be considered as the way of giving direction to others, implementing strategies and motivating individuals. There are numerous leadership styles discussed in the academic history. We shall now discuss about different leadership styles and their importance in organizational performance. The first is autocratic style where all the decision making authority lies with the leader. Here the leader doesnt pay much attention to the suggestions given to him/her and all the initiatives taken are the leaders responsibility. The only advantage here is that the leader possesses extreme wealth of knowledge and experience which is used to achieve organizational goals. Next is the Participative style wherein the leader consults his/her group of team before making decisions. This is very advantageous as far as team performance is concerned. This style also he lps members of the team to self motivate by taking active part in team discussions. Democratic leadership style ensures that the leader takes the final decision but consults a couple of individuals regarding the decision making process. This leadership style is a sign of strength as it helps in earning the respect from employees. Finally we have the free reign leadership style, wherein employees are allowed to take their own decisions. However the responsibility of the decision lies on the leaders shoulder but this helps the employees to analyze situations and determine the strategies. Here the tasks are generally completed based on the priority factor of an individual task. Thus these are some of the leadership styles that the leaders in real world carry with themselves in order to complete tasks or achieve organizational goals. There are various factors that influence the different leadership styles within the organization. These include available time, responsibility, and possession of information, knowledge of employees, internal conflicts, and stress levels, type of objectives and finally the rules and regulations of the organization. All these factors highly influence the leadership styles in a way that there is lot of uncertainty that same style would be used for the whole process of achieving organizational objectives. Thus these are the main issues regarding different leadership styles and their effectiveness. Motivation Theories In order to discuss the application of motivational theories within a workplace, we shall first discuss about different types motivational theories. The first is the incentive theory wherein a tangible or an intangible reward or benefit is given to the employee after completion of a particular task or exceptional services. According to this theory, the reward given to the employee will motivate him/her to continue giving exceptional service to the organization and develop positive attitude towards work. Next is the need motivational theory suggesting that the needs and wants of a human being reflect the type of performance given by them. The fulfilment of one need motivates individuals to work harder in order to fulfil the next need or a want. Over the years, there has been very strong relationship between the motivation theories and management practices in organizations. Motivation theories are the driving factors that positively influence the performance of individuals and hence the company. On the other hand, management theories cover effective administration as well as the business. Both these theories are interrelated and work together. For example, a manager motivates an employee by giving certain benefits or rewards for hard work and as a result the productivity of the employee goes up and so does the profits of the company. In this case, the manager applied motivation theory and the whole process comes under the management theory which includes using relevant resources in order to meet the objectives or get the work done. Moreover, if a sound motivation theory is not applied then the overall process of management has chances of not meeting the expected outcomes. Thus one can clearly suggest that indeed, the motivat ion theories have sound influence on the management theories within any given organization. Thus we shall now try to evaluate the nature and work behaviour of groups or teams and also discuss the factors that lead to their failure or effectiveness. Team effectiveness and failure A very common practice observed within many organizations is the formation and working in teams. Working in team enables completion of goals with team efforts and condensing bigger objectives into smaller individual tasks. Teams can be formed within an organization with different departments, rank of employees, based on projects and also based on abilities of individuals. In the case of team efforts, the whole team is responsible for completion of the given task and if one member underperforms then it can affect the performance of the whole team. Thus specific groups are formed in order to complete the given task in a specific manner which a single individual cannot perform. Groups or teams have different natures or behaviours which influence their performance. The team or group can be ambitious, enthusiastic, hard-working, motivated, inexperienced, disorganized and many more. All these factors directly or indirectly lead to the team effectiveness or failure. The factors or behaviour of the team that leads to its effectiveness are high morale, motivation, energetic, high experience, well coordinated and hard working. For example, if a team has these factors then it can easily coordinate and work hard collectively in order to achieve team goals. On the other hand, factors such as individual concerns, lack of coordination, dissatisfaction among members, over ambitious leader, low morale and lack of experience can lead to the team failure within an organization. For example, if a team has less experience and coordination among team members, then it is obvious that the performance cannot be enhanced and thus leading to the team failure. Thus these are the main factors that affect the whole performance of the team and which lead to the team effectiveness or failure. We shall now analyze the role of technology on team functioning within an organization. Impact of Technology on Team Functioning In todays world, almost all the businesses are loaded with technology and make the full use of technological equipments in order to run their administration tasks. Technologies such as e-mails, mobile phones, Blackberry, groupware, computers and laptops have played significant role in improving team performance. For example, if team members are not at a same place, they can still have a communication via the e-mail. Mobile phones have brought a big revolution in the world of technology which helps team members when they are out of the office, on the road or otherwise unavailable. Groupware helps the team members to plan important meetings and collaborate in a virtual environment which can be accessed from all parts of the world. Finally computers and laptops allow team members to use internet and perform various business tasks very easily. Thus these are the main factors that have a deep impact on the team functioning. There are so many other technological factors that influence the team performance. For example, there has been extensive advancement in the technological gadgets such as video conferencing, web cam, fax, printers, scanners and many more have direct or indirect influence on team functioning. As far as information technology is concerned, it helps the team to perform back-end operations such as monitoring sales forecast, managing customer database, conducting business through websites, using various software and many more. Information technology plays a vital role in todays organizations and is the determining factor for the success or failure of the organization. The development of information technology over the years is showing no signs of slowing down. A region-wide Wi-Fi and nanotechnology are the latest inventions that boost all the aspects of business functionalities. Thus these are the main impacts of technology on the team as wells as business functioning. Conclusion Thus one can clearly suggest from all the above discussions that indeed a sound organizational culture and organizational structure plays the determining factor for the success or failure of the organization. In this competitive business environment, all the companies are constantly trying to improve their organizational culture so that they can have an edge over their competitors. Employees are a very important aspect of organizational culture and thus there are various factors that influence individual behaviour at the workplace. Thus these organizational theories underpin all the basic principles of management. The example of Google and Microsoft explained that how a sound organizational culture helped the companies to progress toward their desired goals. An organization consists of various individuals and these individuals can work together forming various teams among themselves. As we have seen, there are many factors that affect the team performance and thus a positive organizational culture will always have a positive impact on the team performance. Finally, the use of technology in recent years has been the driving factor in the effective working of a team or an individual or a company.

Howard Zinn Chapter One

Columbus has always been portrayed as an enlightened, peaceful explorer who â€Å"discovered† a new world, and became friends with the native people. Howard Zinn’s view on Columbus’s encounter with the natives is an entirely different perspective. Zinn describes Columbus as a man who is willing to torture and kill others to be able to accomplish what he wants; in this case he wanted to obtain gold and other resources to take back with him to Spain.When Columbus and his men arrived to the islands, he noticed that the natives were generous, and accommodating because they willingly traded everything they owned and brought them such things like: food, water, and gifts. Since the beginning the natives offered all of their hospitality to Columbus and his men. Columbus believed that the natives were ignorant because they had no weapons for self defense; when he showed them a sword, they had no idea how to use it and ended up cutting themselves.Columbus was more than cer tain, that he could take control over the natives, and captivate them as slaves. In his writing he wrote, â€Å"They would make fine servants†¦. With fifty men we could subjugate them all and make them do whatever we want. † (Zinn, 3) This attitude leaded to enslavement, feeling superior, and genocide by Columbus and his men towards the natives. Columbus had persuaded the king and queen of Spain to finance an expedition to the lands, and the wealth; he expected to be at the Indies and Asia.Columbus would receive ten percent of all the goods collected, governorship over new-found lands, and the fame that would go with a new title: Admiral of the Ocean Sea. Columbus believed the natives could lead him and his men to where the gold was, to be able to take it back to the King and Queen so he took many of them as prisoners on his ship. He also wanted to take them back to Spain as slaves and be able to make them do whatever they wanted them to do. Columbus took advantage of th e ignorance of the natives, and made them do hard labor for him and his men.Columbus believed that there were huge fields of gold, in the province of Cicao on Haiti. He became desperate to pay the dues back to the king and queen, so he order every native older than fourteen to collect a certain quantity of gold by three months. Once they had collected the amount, they would receive a copper to put around their neck, those without it had their hands cut off and bled to death. Many felt it was impossible to do this, and tried escaping but were always found and killed.When it was finally clear that there was no gold left, they took them all as slave labor to huge estates which are called encomiendas. Columbus’s big plan for Hispaniola since the beginning was to take advantage of the natives and take their land, and the gold he believed was located there. He built the first fort in the Western Hemisphere, and left some of his men to find and store gold there. Columbus had to ask for a little more help from their majesties, he convinced them by saying he would take them â€Å"as much gold as they need †¦ nd as many slaves as they ask† (Zinn,6 ) Columbus’s plans affected the natives, in many ways; first of all they were going to lose their land, and also they were going to be taken captive for slave labor. Howard Zinn not only introduced a new perspective on Christopher Columbus, but he changed the way I viewed things. I never knew how much killings, and torture was put upon the natives in the searching of the â€Å"New World†. I learned how the hero I thought Columbus was, in reality was more like a villain. He didn’t care what he had to do as long as he got what he wanted, even if it dealt with murders and torturing the natives.

Banking System Of Greece Example For Free - Free Essay Example

Sample details Pages: 12 Words: 3522 Downloads: 5 Date added: 2017/06/26 Category Finance Essay Type Analytical essay Tags: Banking Essay Did you like this example? The Central Bank of Greece is called the Bank of Greece. Its head quarter is in Athens. It is established in 1927. Don’t waste time! Our writers will create an original "Banking System Of Greece Example For Free" essay for you Create order It is preceded by National Bank of Greece (1928) and succeeded by European Central Bank (2001). The Bank of Greece is still exists but most of the functions are performed by the ECB.The bank has 18 branches, 38 agencies and 8 outlets. The responsibilities of this bank are to implement the Euro systems monitory policy and also safe its own country financial system. In other primary objectives the stability of general price level. It also supports the general policy of the government. It has institutional, personal and operational independency. It is under the super vision of Greece Parliament. The Bank of Greece has more than 3000 employees. It also supervises the other all private banks in all over the country. The other function of it is to act as the treasurer and fiscal agent for the Greek  government. Its Euro Banknote code is Y. Bank of Greece also sells  Gold sovereigns. Bank of Greece Division of tasks is as follows: Euro system-Related Tasks Monetary policy Foreign exchange and reserve assets Payment and settlement systems Financial stability Statistics Banknotes and coins Other Tasks of the Bank of Greece Supervision Payment and securities settlement system Reserve assets Treasurer and fiscal agent of the government Statistics Research and publications Administration and Management There are governor and deputy governors who manage all the functions of the bank. Governor Georgios A. Provopoulos is the governor of the bank with effect from June 20, 2008 who manages the bank operation with the following deputy governors. The Governor is the chief officer of the bank and is appointed by the government. He supervises monitory policy. Deputy Governors Panagiotis Aristidis Thomopoulos and Nikolaos D. Paleocrassas are the deputy governor of the Central Bank of Greece. The deputy governor is the second in line officer of the bank. Main role of the deputy governor is administration. Eleni Dendrinou-Louri: June 15, 2008 present. Ioannis M. Papadakis: March 3, 2009 present. 160px-2003_Greece_200_Euro_75_anniversary_of_Bank_of_Greece_back Organization Chart Organisation Chart for Bank of Greece Commercial Banks These are the second type of financial institutions in the Greece Economy. Likes the commercial banks they are the deposit institutions in both commercial and industrial sector. They perform lending operations. They recently expand their working area to provide banking services at a wide range of whole sellers and retailers. They give loans in different types like: Commercial Industrial Consumers Mortgage credit The different functions which are performed by these banks: Issuance of credit cards Travelers checks Buy and sell foreign exchange Issuance of letter of credit They directly engage in securities underwriting. They also give foreign securities, own mutual funds and brokerage services through their subsidiaries. The commercial banks which are operating in Greek, they include both domestic and foreign institutions. The institutions of such type are increasing constantly in the Greek. The strength of these banks In Greece in1992 was twenty t wo Greek banks and eighteen foreign banks in operation. The foreign banks control 10 percent of the assets and deposits in the Greek banking market. All these operations are done by the foreign banks locally established branches. In all the Greek banks the Central Bank of Greece is the largest institution. In 1991it was controlling 29 percent of banking assets and 37 percent of deposits. The largest foreign bank in all other foreign banks is the Citibank. It is New York based. This bank in 1991 controlled the one fourth of the assets and one third one the deposits held by the foreign banks in Greece. The major assets of the commercial banks include the credits and loans to the private sector. In the end of 1980s the portfolio of the banks has been changed due to the heavy borrowing requirement of the state. The assets proportion of the banks is as follows in which one third are made up of government securities. It is equal to the share devoted to the loans and securities. Due to private deposits the liability of the commercial banks continued. Since 1987 the Greek Banking has completely adopt the liberalization. Interest rates are set now according to the market conditions. There no restriction on entry into banking. Foreign exchange transactions along with capital movement have been deregulated. Quality control on credit has been long abolished. During the implementation stage in 1995 the EU (European Union) directives on the freedom of bank establishment among the members country. It is all about providing the free financial services across the borders and standards of capital adequacy should be common. Now the banking in Greece is becoming most modern and very competitive business. Major Commercial Banks The major Commercial Banks in the Greece are as follows: Proton Bank T Bank Alpha Bank ATE bank Attica Bank Bank of Cyprus Citibank EFG Euro bank Ergasias Emporiki Bank First Business Bank Geniki Bank Hellenic Bank HSBC HypoVereinsbank Marfin Egnatia Bank Millennium Bank National Bank of Greece Piraeus Bank Probank TT Hellenic Postbank Specialized Credit Institutions Specialized credit institutions are the third type of institutions in the Greece Banking system. The examples of such institutions are as follows: Investment Banks Agriculture Bank of Greece Mortgage Banks Postal Saving Banks The functions of these banks to provide and offer credit in their particular areas. This is their traditional role. But now banking liberalization and enforcement of European policies that banking market should be unfiled and the specialized institutions should vast their operations rather than in designated areas. To determine the specialization in 1990s in a specific area it is determined by the market condition not by the legislative constraint. Agriculture Bank is the major example of this change. This Bank was strictly legally restricted to granting agriculture loan. As a result its distribution is turned into monopolized. After a year in1991 the Agriculture Bank is converted into a full-fledged commercial bank and when this process i s taken placed at the same time other commercial banks also have a permission to grant agriculture loans. The same conversion occurred with mortgage and investment banks. Most of the credit institutions in Greece are directly or indirectly controlled by the government. The example of this is the Industrial Development Bank of the Greece. It is 100 percent owned by the government. The two largest main commercial banks, one of which is the National Bank and other is the Commercial Bank of Greece, these are held by the employees pension fund and have been managed by the state. The legislation changes have been made by the state recently seeks to moderate by giving a degree of self-management to employee pension fund. The shares are now traded on the stock exchange. National Bank of Greek and Commercial Bank of Greek owned the medium-size lonian Bank of Greek. This is a small subsidiary bank. The Greek Financial Intermediaries (a) Credit institutions Commercial banks Specialized credit institution Corporative banks (b) Credit companies (c) Financial institutions Factoring companies Leasing companies Credit card issuers Exchange bureaus Money transfer mediation companies (d) Market intermediaries providing investment services On a collective basis (mutual fund management companies and investment fund management companies). On an individual basis (investment firms) Financial Markets The financial sectors importance in Greece surpasses its proportional contribution to the countrys GDP, which in 1990 stood at about 3 percent. Besides its traditional functions in collecting savings and reallocating them by lending, the financial system in Greece, as in many advanced countries, has begun to perform a variety of other services such as underwriting new security issues, corporate services for acquisitions and restructuring, wealth and portfolio management, and leasing. In the early 1990s, the capital market for securities also has grown quickly, and the volume and frequency of transactions on the Athens Stock Exchange have multiplied. The following financial markets are present in the Greece. Athens Stock Exchange The Athens Stock Exchange is named as ASE or ATHEX it is located in Athens Greek. Its start its function from 1876. It is the subsidiary of the Hellenic exchange. Another market in1999 starts its trading which is called Athens Derivative exchange. In 2002 both the companies were merged to form Athens Stock Exchange. At 2007 it was located in Psiris on Sofocleous Street. Now a days its new headquarter is in Kavalas Street. The Athens Stock Exchange (ASE) work under the supervision of Capital Market Commission (CMC). It is primarily responsible for the protection of investors. The Athens Stock Exchange (ASE) has also adopted important changes about modernization and revitalization since 1987. The main institutional changes of the present time are Establishment of a Central Securities Depository Introduction of an automated trading system In 1993 market capitalization of the shares listed was US$13.5 billion, and the total value of market transactions was US$2.8 billion. B etween 1990 and 1993, fifty-seven listings were added, bringing the total number of companies with listed stocks to 150. New capital raised in 1993 through stock issues amounted to US$436 million. Plans call for enhancement of stock-exchange operations by linking of the Athens exchange with peripheral terminals such as Thessaloniki and by encouraging foreign companiesmost notably those in the Balkansto list their shares on the exchange. To make more strengthen the role of the stock exchange and to maintain the banking competition in the mid 1990s government made the policies in the financial area especially for these institutions. The new competition in the banking sector leads to appearance of new products and services. In banking products most dominant is the automatic teller machine (ATM). Due to a safe and easy ay most of the market leaders forced banks to adopt it. For this purpose an initiative has been taken to make an automated interbank clearing and payment system in Gre ek. The large banks of Greek which involve in movement restrictions and clear protection of the currency deflected risky transactions on the drachma that could result in sudden devaluation. Before come into the European Union the currency of the Greece was drachma. Since 1987 the exchange rate of the drachma faces gradual devaluation due to elimination of Greek short term capital. Athens Derivatives the Exchange S.A. (ADEX) The main purpose of the ADEX is the organization and support of trading in the derivatives market, the organization of the trading system as well as any other similar activities. The Athens Derivatives Exchange S.A. (ADEX) and the Athens Derivatives Exchange Clearing House S.A (ADECH) have been established for the organization, operation, and development of the market. The main purpose of ADEX was the organization and support of trading in the derivatives market, the organization of the trading system as well as any similar activity. At the same time, ADECH is to organize the clearing and settlement of transactions concluded on derivative products, and supports such procedures in general. The Capital Market Commission, exercises control and supervision on ADEXs and ADECHs operation, in respect to the adherence to the rules and regulations of the capital market. ADEX, with an initial series of products such as Futures on the FTSE/ASE-20 and FTSE/ASE Mid 40 indices, Futures on the 10-year Hellenic Republic Bond, Options based on the FTSE/ASE-20 and FTSE/ASE Mid 40 indices, Stock Options, Stock Lending, covered an investment need that existed, and became imperative during latest years. The General Assemblies of the Athens Stock Exchange S.A. and the Athens Derivatives Exchange S.A. that were held on July 17th 2002 approved the Draft Merger Agreement of the two companies and the modifications in the Articles of Association of A.E. S.A. The corporate name of the new company is Athens Exchange S.A. The merger of the two companies was approved by the respective General Assemblies within the framework of further rationalization of the parent company Hellenic Exchanges S.A. (HELEX) that owns directly and indirectly 100% of the stocks in both companies. In addition, the merger of ASE and ADEX is in line with the global trend for mergers between stock and derivatives exchanges and is aiming to achieve synergies in the activities of the two, to lower the oper ating costs and to improve the overall coordination of the two markets. The purpose of the new company will be the organization, support and monitoring of transactions related to stocks, derivatives and other financial products, the smooth operation of the market, the protection of investors and other related activities. The qualified personnel of the new company will continue to offer the same high level of services regarding market support as in the past. In general, investors through the use of derivatives can : https://www.adex.ase.gr/AdexImages/blank.gif https://www.adex.ase.gr/AdexImages/blank.gif Quickly materialize their investment policies with only one decision, the trading of futures derivatives on the index. This is very important to a global market which exhibits high volatility. https://www.adex.ase.gr/AdexImages/blank.gif https://www.adex.ase.gr/AdexImages/blank.gif Participate in bullish markets through the use of margins, where the investor n eeds to have only a fraction of the initial capital and consequently achieve a higher percentage return. https://www.adex.ase.gr/AdexImages/blank.gif https://www.adex.ase.gr/AdexImages/blank.gif Protect their underlying investment in stocks of A.E. S.A., without having to liquidate their position, through the use of static or dynamic hedging strategies. Operational Structure Following are the participant which include in the operation. ADECH:  carries out the clearing by acting as counterparty in all trades that get registered in the derivatives market. ADECH also: (i) calculates all investors obligations that arise from their participation in this market and (ii) defines the margins to be deposited by the participants. Members of ADECH:  represent the end-client on the daily settlement process. They manage the margin accounts of their clients, which are kept in the Margin Bank of their choice. For the purposes of daily settlement members are maintaining settlement accounts in the settlement bank. Custodian banks:  which are approved by ADECH are maintaining all the margin accounts of the clients, where margins have to be deposited. Settlement bank:  chosen by ADECH maintains all the necessary accounts for the daily settlement. CSD:  (Central Securities Depository) maintains all the securities acco unts of the clients and ADECH which are necessary for the daily settlement and margining (when stocks will be accepted for margin purposes). Clients:  must cover all margin requirements and obligations arising from the daily settlement. Clients are considered to be physical and legal entities that can execute trades in the derivatives market. Members of ADECH which are at the same time members of Derivatives Market as market makers are considered to be clients. The Market for Government Securities: The Bank of Greece has developed an electronic secondary securities market (HDAT) and a settlement system (BOGS) for trading and settling Greek government securities in book-entry form. The government security market come into existence as a result of the of the government debt and liberalization of financial sector in the mid 90s. Its was established (OTC) basis. In the market there are two type of participant one are primary dealers and other are the secondary dealers. The task of the primary dealers is to fulfill the requirement of the market with their market making activities. HDATs trading system is electronic. HDAT soon became a successful trading venue. In HDAT Role of the Bank of Greece is important. It acts as a operator and host. As an operator the Governor of the Bank appoints the supervisory committee, this committee has 7 members. IN which 2 from the Bank of Greece, 3 representatives of primary dealers and 2 from secondary dealers. The other role of the committe e is relation with the Hellenic Republics securities. Eight members from the Ministry of finance present in this. Fake government debt is traded on HADT. Government debt securities in all local institutional portfolios are required by law to be marked to market on a daily basis using market prices, as the latter appear in HDATs daily price bulletin. This considerably increases the significance of price formation in HDAT. HDAT is linked electronically and in real-time with information systems such as Telerate, Reuters and Bloomberg. This way, trading information is widely diffused, promoting transparency. HDAT was designed, from the outset, to be a wholesale market reserved for institutional investors. Being a quote-driven market, firm two ways anonymous quotes are always available from the market makers. Market participants can see the best quotes at any time but anonymity remains until a trade is crossed. At that stage, the identity of the counterparties (the buyer and the selle r) is, albeit, only between them. A minimum number of five quotes per issue are set by regulation, and members can see all active quotes posted in the system. Participants enter buy or sell orders when they see a price at which they wish to trade. By specifying the quantity for which they intend to transact, they are also allowed to indicate a price limit up to which they commit themselves if the desired quantity is higher than the one available at the best price. Orders are matched automatically by the system and the transactions are finalized by DVP (Delivery versus Payment). Simultaneous accounting entries (credit/debit) take place as regards the securities-leg the cash-leg of any transaction, a procedure that substantially reduces systemic risk in clearing and settlement. All transactions are settled with a value date of T+3. The price of a security published in the HDAT Bulletin is the best bid price drawn for this security at a random moment during the day, usually towar ds the end of the trading session. HDATs operating hours are from 10 a.m. to 5 p.m., the first 15 minutes being a preparatory period during which market makers prepare their quotes. During this preparatory period, each market maker has access only to his own quotes which are not revealed to the rest of market. Quotation of prices and quantities in HDAT are subject to two main regulatory restrictions: A maximum bid-ask price spread and a minimum quote size. The maximum bid-ask spread was initially set at 50 bps, a level which, at the time, was considered satisfactorily low compared to the levels prevailing in the OTC market (especially when taking into account the fact that the spread widened to 555 bps during the 1997 South-East Asia financial crisis). The achievement of a relatively low spread was sufficiently tested during the next period of turmoil which took place while HDAT was in operation, the 1998 Russian crisis, when the bid-ask spread inevitably widened but only to a maximum of 90 basis points. Since May 2001, the maximum bid-ask spread varies in accordance with the Residual maturity of the security and reaches 15 bps for maturities exceeding 11 years. The maximum bid-ask spread for maturities up to 5 years is 7 bps while for the Maturities from 5 to 11 years are 10 bps. The uniform, i.e. regardless of residual Maturity, maximum spread imposed initially was gradually brought down considerably. It was reduced to 25 bps in December 1999 and subsequently to 20 bps in June 2000, to 15 bps in October 2000 and to 10 bps in January 2001, when the Country joined EMU. Currently, the minimum quote size represents an offer for 10 lots, while any order above the minimum should be a multiple of 1 lot (1 lot = 500,000 Euros). When 13HDAT started its operations, 1 lot was equivalent to one hundred million Greek Drachmas (about 293,000 Euros) and the minimum quote size was 5 lots. Subsequently, the minimum quote size was first doubled to 10 lots and from 1 December 1999 was increased to 20 lots (or a total face value of approximately 5,869,406 Euros). From 2 January 2001, the value was adjusted to the current minimum of 5 million Euros. An order to buy or sell a security includes the price, the size and the time stamp. Price is the first parameter used to determine the best offer. Subsequently, when there are multiple offers at the same price, priority is given to the largest size. Among offers of the same price and size, the best is considered to be the one that has been first posted in the system. HDAT started to operate with 13 primary dealers and 23 secondary dealers, thus a total of 36 market participants, among which 21 were Greek credit and financial institutions and 15 were local branches of foreign banks. The total number of market participants has remained roughly constant over the years. Its composition, nevertheless, has been considerably modified. The number of HDAT members and their classification into primary and secondary dealers is set at the beginning of each year jointly by the Finance Minister and the Governor of the Bank of Greece. During 2004, 20 financial institutions were acting as primary dealers among which, 5 were Greek credit institutions and the remaining 15 are foreign institutions, few of which have branches in Greece. The securities that each primary dealer is obliged to quote for are also determined at the beginning of each year and include all the benchmark issues as well as a number of additional securities attributed to each dealer. Those market participants who are not located in Greece are granted remote access to trading and for this purpose have at their disposal HDAT screens in their location. Remote access was not an option when the market was launched and it was only introduced in mid-2000. Undoubtedly, this development had a significant.

Interview Technical And Non Technical Staff - 1268 Words

During the data gathering phase it is crucial to interview technical and non-technical staff to determine if the security policies are being followed. Any staff who have access to the computers or systems in the organization should be interviewed in the security audit. System users, managers, and even cleaning staff should be considered. During the interview it will need to be determined what access the staff have to the systems and what their usage patterns are. If they have administrator access or root access is important to understand. The respondents should rate the controls used to secure the IT assets, these controls include: management controls, authentication/access controls, physical security, outsider access to systems, system administration controls and procedures, connections to external networks, remote access, incident response, and contingency planning. Technical staff should also be interviewed to a much higher degree, here are some common questions asked during these interviews: The next step in the audit will be a technical investigation of the systems being audited. System logs will need to be reviewed for all systems under the audit. System code levels and verification that the latest patches and updates have been applied needs to be confirmed. The latest known vulnerabilities list will also need to be checked for the specific devices and code in question. A review previous security incidents at the organization to gain an idea of historicalShow MoreRelatedRecruitment Of Electrical Engineers For Various Core Engineering Companies On Behalf Of B31227 Words   |  5 PagesCE 3.1 Introduction 1. Name of the Organization : B3 Brain Behind Brand, Kolkata, W.B, India 2. Title of the Position : Non-IT technical Recruiter 3. 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