▷ 국내 증권사 빅5, 투자은행 선점 경쟁 후끈 (2016년 12월)
( ... ) 합병법인 미래에셋대우는 30일 공식 출범한다. 옛 현대증권과 케이비(KB)투자증권은 새해 2일 케이비증권이란 문패를 달고 새 출발한다. 지난 21일 삼성증권의 증자 발표로 대형 증권사들의 자본확충 계획도 마무리돼 자기자본 규모 4조원 이상의 증권사는 새해 5곳으로 늘어난다.
대형 증권사들이 앞다퉈 인수·합병과 증자를 통해 덩치 불리기에 나선 이유는 금융위원회가 지난 8월 초대형 투자은행 육성방안을 내놨기 때문이다. ( ... )
▷ "5대 국내 투자은행, IB 실적 일반 증권사에도 못미쳐" (2016년 9월)
※ 자기자본 3조 원 이상 5개 회사: NH, 대우, 삼성, 현대, 한국투자
5대 종합금융투자사업자(IB·투자은행)의 IB업무 수익실적이 국내 일반 증권사에도 미치지 못한 것으로 나타났다. ( ... ) 또 국내 M&A 시장 점유율 상위 5위에 드는 IB가 한 곳도 없었으며 대부분 일반 증권사 시절에 했던 위탁매매·자기매매를 통해 수익을 창출하고 있었다. 금융위원회는 지난 2013년 10월30일 대우증권(현 미래에셋대우)·우리투자증권(현 NH투자증권)·삼성증권·한국투자증권·현대증권 다섯 곳을 IB로 지정, 신생기업을 위한 투자·융자·M&A 등 종합적 기업금융 업무를 수행할 수 있도록 했다. ( ... )
▷ 외국계 추자은행(IB)에서의 하루 (아마도 2016년 언젠가)
▷ 한국의 투자은행, 어떻게 할 것인가? (유코리아 뉴스, 2015년 6월)
...
2017년 5월 30일 화요일
[기사 검색] 한국의 투자 금융, 투자 은행 등등
2017년 5월 28일 일요일
[발췌] 런던, 커네리워프 구역의 부동산 개발 및 금융가 형성
※ 발췌 (excerpts):
출처 1: https://en.wikipedia.org/wiki/Canary_Wharf
( ... ... ) After the docks closed in 1980, the British Government adopted policies to stimulate redevelopment of the area, including the creation of the London Docklands Development Corporation in 1981 and the granting of Urban Enterprise Zone status to the Isle of Dogs in 1982.[7]
The Canary Wharf of today began when Michael von Clemm, former chairman of Credit Suisse First Boston (CSFB), came up with the idea to convert Canary Wharf into a back office. Further discussions with G Ware Travelstead led to proposals for a new business district.
( ... ... )
In March 2004, Canary Wharf Group plc. was taken over by a consortium of investors, backed by its largest shareholder Glick Family Investments[11] and led by Morgan Stanley using a vehicle named Songbird Estates plc.
At the peak of property prices in 2007, the HSBC building sold for a record £1.1 billion.[12]
In March 2014 planning permission was granted for the second residential building on the Canary Wharf estate, a 58-storey tower including 566 apartments plus shops and a health club.[13]
In July 2014 Canary Wharf Group was granted planning permission for a major eastwards expansion of the Canary Wharf estate.[14][15] The plans include the construction of 30 buildings comprising a total of 4.9 million square feet, including shops, 1.9 million square feet of commercial offices and 3,100 homes.[14][15] Construction is planned to commence in autumn 2014 with the first buildings to be occupied at the end of 2018.[14] ( ... ... )
출처 2: http://www.eastlondonhistory.co.uk/london-docklands-canary-wharf/
( ... ... ) Real estate in London is always at a premium and the land formerly used by the East End’s docks were not ignored when their businesses closed down.
However, the land was owned by a variety of companies and nothing could be agreed on for many years.
In the early 1980s, the government set up the London Docklands Development Corporation to try and pull things together and make something happen. It also set out new business rules for the area.
These included tax exemptions and capital allowances – this made the land immediately more attractive to businesses and probably kick-started the whole redevelopment phase.
One of the greatest needs in the area was new housing. The LDDC wanted to sell some of the land for housing development, but this was not necessarily what the local East Enders had hoped for. The Docklands became home to luxury and expensive housing developments that offered predominantly private rather than social solutions.
The LDDC also wanted to bring business back into the area and took on a project to build what became known as the Canary Wharf development. This ultimately made the East End one of the financial hubs of the country and gave it the impressive Canary Wharf building at One Canada Square.
( ... ... )
출처 3: https://www.theguardian.com/business/2015/jan/28/canary-wharf-timeline-london-building-docklands-thatcher
( ... ... ) Canary Wharf takes its name from the quay where fruit and veg from the Mediterranean and Canary islands was once unloaded. The disused Docklands site, formed by a loop in the Thames, was turned into a second financial district to rival the City of London after 1987.
( ... ... )
1987
Canary Wharf is the creation of Canadian property tycoon Paul Reichmann, but the idea for an office complex in the Isle of Dogs came from American bankers Michael von Clemm and G Ware Travelstead. The Docklands Development Corporation was set up by Margaret Thatcher’s environment secretary Michael Heseltine in 1981 to breathe new life into London’s old port, and Travelstead got its backing. But he didn’t have the funding and eventually knocked on the door of Reichmann’s company, Olympia & York, in 1987. Reichmann did his own research among London’s financial community. He told the National Post newspaper: ( ... ... )
1988
Construction began.
( ... ... )
1991
The first tenants moved to Canary Wharf in 1991. The banks Morgan Stanley, Credit Suisse First Boston, HSBC and Citigroup, and the Financial Services Authority all moved to the Docklands in subsequent years. Barclays was the last clearing bank to leave Lombard Street in the City for Canary Wharf, in 2005. Much of Fleet Street also decamped east, including the Telegraph, the Mirror and the Independent, although only the Mirror remains.
( ... ... )
1999
As the property market recovered and more firms moved to the Docklands, the business floated on the London stock market.
2004
Reichmann finally lost control of Canary Wharf during a fierce 11-month takeover battle, ending his 20-year involvement with the project. Canary Wharf Group was acquired by Songbird Estates, a consortium led by US investment bank Morgan Stanley.
( ... ... )
2014
Canary Wharf is now spreading east, the first expansion of the estate since the 2008 financial crisis. There are plans for 30 buildings at Wood Wharf, including a 57-storey cylindrical residential skyscraper facing the waters of South Dock, designed by Herzog & de Meuron, the Swiss architects behind Tate Modern and the Bird’s Nest in Beijing.
The eastern extension is set to almost double the number of people working and living in the area within the next 10 years. It will get a big boost from Crossrail, the £16bn railway running east-west across London that is due to open in 2018.
출처 4: https://www.theguardian.com/business/2014/jul/22/canary-wharf-spreads-east-new-towers-wood-wharf-new-homes
More than 3,000 homes are to be built at the eastern edge of Canary Wharf after Tower Hamlets council approved the project, the first extension to the financial district since the 2008 banking crisis.
Canary Wharf Group, majority-owned by Songbird Estates, has been granted planning permission to construct 30 buildings, comprising 4.9m square feet of homes, offices and shops, at Wood Wharf, just a stone's throw from the headquarters of some of the world's largest banks. ( ... ... )
2017년 5월 26일 금요일
[발췌: Heilbronner's] Worldly Philosphers
출처: R. L. Heilbroner, ^Worldly Philosophers: ...^
Chapter 6, "The Inexorable System of Karl Marx"
※ 발췌 (excerpt):
( ... ... ) "The history of capitalism," we read in the Program of the Communist International adopted in 1929─a kind of latter-day restatement of ^The Communist Manifesto^─"has completely confirmed the Marxist theory of the laws of development of capitalist societ and of its contradictions, leading to the destruction of the entire capitalist system." What were those laws? What was Marx's prognosis for the system that he knew?
The answer lies in that enormous work ^Das Kapital^. With Marx's agonizing meticulousness, it is remarkable that the work was ever finished─in a sense it never was. It was 18 years in process; in 1851 it was to be done "in five weeks"; in 1859 "in six weeks"; in 1865 it was "done"─a huge bundle of virtually illegible manuscripts which took two years to edit into Volume I. When Marx died in 1883 three volumes remained: Engels put out Volume II in 1885 and the third in 1894. The final (fourth) volume did not emerge until 1910.
There are 25 hundred pages to read for anyone intrepid enough to make the effort. And what pages! Some deal with the tiniest of technical matters and labor them to a point of mathematical exhaustion; others swirl with passion and anger. This is an economist who has read ^every^ economist, a German pedant with a passion for dotting i's and crossing t's, and an emotional critics who can write that capital has a "vampire thirst for the living blood of labour," and who tells us that capital came into the world "dripping from head to foot, from every pore, with blood and dirt." ( ... ... )
2017년 5월 24일 수요일
[발췌] Why Did the Back-To-The-Earth Movement Fail & Why We Need to Bring It Back Now
출처: http://www.bemagazine.org/sustainability-series-back-earth-movement-fail-need-bring-back-now/
April 10, 2017.
※ 발췌 (excerpt):
Last year’s meteoric political rise of one of America’s most notable Back-To-The-Earth homesteaders, Bernie Sanders, reminds us the principles and idealism of the 1970s movement still offer vital lessons for how we can build a more sustainable and peaceable future.
It was the 1970s and a throng of young, mostly white, mostly college-educated American men and women packed up and headed “Back-To-The-Earth” in the midst of political tensions and impending environmental crisis, looking to leave the rat-race of capitalism behind and live more closely to the earth.
Propped up by essential how-to guides and go-to resources like “Whole Earth Catalog” and “Mother Earth News,” idealistic homesteaders, like the young Bernie Sanders, acquired parcels of land in rural Vermont or Maine and built their own cabins, planted their own gardens, raised crops and domestic animals, mastered domestic skills like making their own clothes and soaps, homeschooled their children, and cooked vegetarian meals.
For many, however, the realities of homesteading eventually began to crumble their idealism. Not everything could be created on the homestead without still relying on the outside “capitalistic” world for some products or services. And not everyone could create enough products or services on their homestead to pay their own way or remain sustainable. So in time, many homesteaders ultimately returned to their former lives and careers. ( ... ... )
[발췌] One Acre and Security: How to Live Off the Earth without Ruining It
출처: Bradford Angier, One Acre and Security: How to Live Off the Earth without Ruining It. 2000.
※ 발췌 (excerpt):
In 1972, Bradford Angier─the man called "Mr. Outdoors" by his generation─published ^One Acre & Security: How to Live Off the Earth Without Ruining It.^. Angier, who died in 1997, was a voice of the 1960s and 1970s' back-to-the-earth movement, a movement which has gained momentum over the past 30 years. In this book, he discusses organic gardening long before it became fashionable to look for organic produce in the grocery store, and he gives directin for making compost, raising farm animals, eating wild plants, and keeping honey bees. While some of the resources are dated and certain advancements have been made in disease management and in fertilizers, almost all of Angier's advice is still as solid today as it was 30 years ago. Therefore we feel it deserves to be brought back to print and offer this new edition.
[발췌] Thousands Of Americans Are Fleeing The Big Cities In Preparation ...
출처: http://theeconomiccollapseblog.com/archives/thousands-of-americans-are-fleeing-the-big-cities-in-preparation-for-the-coming-american-apocalypse
March 26, 2017.
※ 발췌 (excerpt):
Why are so many people suddenly moving away from major U.S. cities? Recently, I wrote about the mass exodus that is happening out of the state of California, but the truth is that what is happening there is just part of a national phenomenon. The populations of some of our largest cities are steadily shrinking, and many experts are completely mystified by the seismic demographic shifts that we are now witnessing. Of course there are a whole host of reasons why people would want to move away from huge cities such as Chicago, Detroit, Baltimore and Cleveland. For some families, it simply comes down to wanting a better life for their children. But as you will see below, there are others that believe that things in this country are about to take an apocalyptic turn, and the big cities will not be a place that you want to be when economic collapse, rioting, looting, civil unrest and crime are all spiraling out of control. ( ... ... )
[메모/자료] Whispering Pines Homestead
※ 발췌 (excerpt):
( ... ) It is a permaculture based project established 28 years ago as home and settlement of several families who created their own sustainable agroforestry-based food production systems. Here we see the results of the 'back to the earth movement' of the 1970s by people who stayed engaged with the mission to present day, offering an intergenerational message from Skeeter to us and our children.
2017년 5월 21일 일요일
[메모/자료] 농산물 선물/옵션 거래 개요
출처 1: 시카고상업거래소, 곡물 및 유지 작물 선물 및 옵션을 이용한 헤지 학습 가이드
※ 발췌 (excerpt):
시장 참여자
선물시장 참여자들은 일반적으로 두 가지 유형, 즉 헤지 거래자와 투기 거래자로 분류할 수 있습니다. 선물시자의 주된 목적은 상품 매매에 내재된 가격 변동 위험을 관리하려는 헤지에 있습니다.
헤지는 보호를 의미합니다. 사전에서는 헤지를 한다 함은 "상계 투자를 통해 손실을 피하거나 줄이기 위한 노력"이라고 정의합니다. 선물 거래의 관점에서 이는 아주 정확한 설명입니다. 헤지는 선물시장에서 자신의 현물시장 포지션을 상쇄하는 정반대의 포지션을 취함으로써 균형을 찾으려는 거래입니다. ( ... ... )
특정 시점에서 가격 하락으로부터 보호받고자 하는 개인이나 회사의 수가 가격 상승시 보호받고자 하는 수와 일치하지 않기 때문에 다른 시장 참가자들이 필요하게 됩니다. 이러한 참가자들을 가리켜 이른바 투기 거래자라고 합니다. ( ... ... )
시장의 재무 건전성
선물 거래에서 계약이행 보증금 또는 증거금은 선물계약의 매도자 또는 매수자가 의무적으로 증권사(선물회사)에 예탁해야 하며, 증권사가 이를 취합하여 청산기관에 재예탁하는 자금입니다. CME 그룹에서 이루어지는 모든 거래는 CME 청산소를 통하여 결제됩니다. 이러한 예탁금은 계약이행 보증금과 마찬가지로 계약의 이행을 보증하기 위한 것입니다. 이러한 점은 주식과 채건을 살 때 요구되는 계약금 성격인 위탁 증거금과는 다릅니다. ( ... ... )
고객이 증권사에 유지해야 하는 이행 보증금/증거금의 규모는 증권사가 자체적으로 설정하지만 해당 거래소가 설정한 최소한의 요건은 충족해야 합니다.
해당 선물의 가격 변동으로 일별로 미청산 선물 포지션에 손실이 발생하면 손실 금액만큼을 해당 고객의 증거금 계좌에서 인출하여 손실을 충당합니다. 고객은 이행 보증금/증거금 규정에 따라 추가로 자금을 증거금 계좌에 납입해야 하는데, 이를 추가 증거금 납부 요구(마진콜)라고 합니다.
반면에 가격 변동으로 미청산 선물 포지션에 이익금이 발생하면 고객의 증거금 계좌에 가산됩니다. 고객은 최소 증거금 요건을 충족하는 범위 안에서 언제든지 잉여 자금을 인출할 수 있습니다. 미청산 포지션이 상계 거래를 통해 청산된 후에는 잔여 미청산 포지션의 손실 보전 및 이행 보증에 요구되는 금액을 제외한 일체의 잔액을 계좌에서 인출할 수 있습니다.
( ... ... )
출처 2: Joe Parcell/Jason Franken, "Introduction to Hedging Agricultural Commodities With Options"
( ... ... )
Commodity trading: Operations of a commodity exchange
Arbitrage is the process whereby a commodigy is simultaneously bought and sold in two separate markets to take advantage of a price discrepancy between two markets. A commodity futures exchange acts as a marketplace for persons interested in trading. The factors driving arbitrage are the real or perceived differences in the equilibrium price determined by supply and demand at various locations. ( ... ... )
For the options market, the arbitrage activities are carried out through the exchange of paper promissory notes to sell or buy a commodity at an agreed-upon price at a later date. A promissory note gives an individual the right to either buy or sell at a later date; it carries no obligation to buy or sell as with futures hedging. As new information enters the market (exchange), perceptions change and the process of arbitraging begins again. Options premiums change in value as supply-and-demand perceptions change, indicating to traders where the market price will go in the future.
( ... ... )
출처 3: "Introduction to Hedging Agricultural Commodities With Futures"
※ 발췌 (excerpt):
For the futures market, the arbitrage activities are carried out through the exchange of paper promissory notes to sell or buy a commodity at an agreed-upon price at a future date. Through the interaction of people who have different perceptions of where supply and demand are at present and how supply and demand will change in the future, commodity prices are driven to equilibrium. As new information enters the market, perceptions change and the process of arbitraging begins again.
For example, let’s say Bill believes the domestic fall production of corn has been publicly underestimated in midsummer, and Tom believes the domestic fall production of corn has been publicly overestimated in midsummer. Bill believes corn prices will drop; Tom believes prices will rise. Using the commodity exchange as a marketplace, Bill sells a futures contract and Tom buys a futures contract. Assume that Bill and Tom sell and buy their contracts for the same price and hold them for three months, at which time Bill must buy back his contract and Tom must sell his contract. During those three months, the contract price is allowed to change in value freely with changes in expected supply and demand for the underlying commodity.
Depending on how prices change during the contract period, the contract’s value will either hold or it will appreciate or depreciate. If the value does not change, neither person benefits. If the value appreciates, Tom would earn a profit by selling back his contract at the new higher price (buy low and sell high), and Bill would lose money by buying back his contract back at the new higher price (sell low and buy high). Conversely, if the value depreciates, Tom would lose money by selling back his contract at the new lower price (buy high and sell low), while Bill would profit by buying back his contract at that price (sell high and buy low).
In some ways, arbitrage through a commodity exchange really is this simple. The rules of trading allow for the buying and selling of the contract at any time. There is no minimum time you must hold a contract. However, as you might suspect from the above scenario, arbitrage through futures is in some ways a gamble like buying insurance: Sometimes it pays for itself and sometimes it doesn’t.
The scenario described above between Bill and Tom is called speculating. In speculation, neither party has actual ownership of a commodity, but each believes he can outguess the market direction. Hedging, described in more detail below, is the process whereby a person owns the commodity and uses the commodity futures markets to transfer risk.
Hedging: Transferring risk through arbitrage
( ... ... )
2017년 5월 16일 화요일
[발췌] What is Debasing the Currency (Financial Terms Dictionary)
출처: https://www.financial-dictionary.info/terms/debasing-the-currency/
※ 발췌 (excerpt):
Debasing the currency refers to the all too common historical process of lowering a currency’s actual value. In the past, this phrase commonly came to be associated with commodity money made principally from either silver or gold. Should the sum total of silver, gold, nickel, or copper be reduced, then the physical money is called debased. Even venerable institutions like the Roman Empire, with a thousand year history of growth and stability, have stooped to such debasing of the currency.
Reasons that a government chooses to debase the currency in this way center around the financial benefits that the government is able to reap. These are done at the citizenry’s expense though. Governments that lowered the quantity of gold and silver in their coinage found that they could quietly mint more coins from a given fixed quantity of metal on hand.
The downside to this for the general population centers on the inflation that this in turn causes. Such inflation is yet another benefit for the currency debasing government that then finds that it can pay off government debt or repudiate government bonds easier. The populace’s purchasing power is significantly reduced as a result of this, along with their then lowered standard of living.
( ... ... )
In present day times, debasing the currency is accomplished in more
subtle means. Since currencies these days are made of only paper,
involving no metal, debasing the currency simply involves printing
additional paper dollars. With the advent of electronic banking, even
this printing press operation is no longer required. The government
simply creates money on a computer screen, literally conjuring it out of
thin air.
They are able to accomplish this in one of two ways. [:]
One way that they do this is via the Federal Reserve, which buys treasury securities by simply crediting the receivers’ bank accounts with electronically created money. The Federal Reserve then has tangible assets in Treasury bills that [it is] able to trade or sell when it wishes.
Another way that this creation of money that debases the currency is
able to be performed is through the Fractional Reserve Banking System. ( ... ... )
CF.출처: https://www.merriam-webster.com/dictionary/debase
Debase is often used to talk about someone's lowered status or character. People are constantly blustering about the debased tastes of the ordinary American, and especially the debased music of America's youth. A commentator might observe that both candidates had managed to debase themselves by the end of a political campaign. Debase has a special meaning in economics: From time to time, governments find that they need to quietly debase their countries' currency by reducing the percentage of valuable metal in its coins; if they don't, the metal may become more valuable than the coin and people will begin melting the coins down and reselling the metal.
2017년 5월 8일 월요일
Dic/ sub, delicatessen
※ 발췌:
▷ sub
a large sandwich made of a long crusty roll split lengthwise and filled with meats and cheese (and tomato and onion and lettuce and condiments); different names are used in different sections of the United States; bomber, grinder, hero, hero sandwich, hoagie, hoagy, Cuban sandwich, Italian sandwich, poor boy, submarine, submarine sandwich, torpedo, wedge, zep
▷ hero sandwich는 대형 샌드위치를, submarine sandwich는 기다한 샌드위치를 가리킵니다. submarine sandwich를 줄여서 sub sandwich라고도 합니다. 그럼 sub sandwich가 대형이면 뭐라고 할까요? 물론 hero sub sandwich라고 부르죠. ( ... )
▷ 1965년 “프레드 드루카”와 “피터 벅(핵 물리학자)”에 의해 자본금 천달러로 설립된 SUBWAY는 잠수함 모양의 빵에 각종 야채와 신선한 고기,치즈,소스를 듬뿍 넣어서 입을 가능한한 크게 벌려야만 먹을 수 있는 어마어마한 샌드위치를 만들었습니다. 그래서 초기 그들의 매장 이름도 “피터의 초대형 잠수함 샌드위치”였습니다. 잠수함 모양을 닮았다고 해서 붙여진 이름의 “SUBWAY”는 그 후 오랜 경험과 여러번의 시행착오 끝에 9년 후인 1974년부터 체인사업을 시작했습니다.
▷ delicatessen: A shop that sells cooked or prepared food ready for serving. Ready-to-serve food such as cheeses, cold cooked meats, and salads.
▷ 델리카트슨(delicatessen)은 줄여 보통 델리(deli)라고 부르는데요, 큰 슈퍼마켓이나 백화점 안에 있는 스낵코너를 말해요.
... ... delicatessen의 정확한 뜻은 무엇인가요? (스마트 윤선생)
2017년 5월 7일 일요일
[건축 용어] 사이딩 패널
출처: (주)건축설계정보
※ 발췌:
1. 사이딩 패널의 개념: 건축물의 외벽체, 처마, 또는 실내 벽체에 마감용으로 붙이는 얇게 가공한 판재를 말한다. 미국 목구조 건축물에서 목재 마감재로 사용했던 것이 시간이 지나면서 목재 사이딩 패너의 느낌을 살린 다양한 재질( ... )의 사이딩 패널 제품이 생산되고 있다. 목구조 또는 경향 철골조의 외장 마감재로 많이 사용되며, 기존 건축물의 외벽 개보수(remodeling)에도 간편하게 시공이 가능하다.
( ... ... )
4. 사이딩 패널의 형태별 유형: 사이딩 패널은 단면 형태에 따른 종류를 참고한다. (원출처: Buffalo Lumber www.buffalo-lumber.com ; 미국 서부 목재생산협회 www2.wwpa.org 참조)
1) 수평 경사형 외벽
(1) 미늘판 (clapboard)
(2) 경사널판 (bevel)
(3) 홈경사널판 (rabbeted bevel)
(4) 둥근 모서리 홈-경사널판 (rabbeted bevel - round edge)
(5) 경사 모서리 제혀쪽매이음 널판 (tongue & grove bevel edge)
2) 수평 널판형 외벽
(1) 반턱쪽매이음 널판 (shiplap)
(2) V자 줄눈 반턱쪽매이음 널판 (shiplap vee)
(3) 채널-러스틱 널판 (channel rustic lap)
(4) 네덜란드식 널판 (cove lap)
(5) 제혀쪽매이음 널판(tongue & groove)
(6) 평줄눈 제혀쪽매이음 널판 (tongue & groove round edge)
(7) ...
(8) ...
3) ...
4) ...
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