Sci 209 Week 4 Paper - 984 Words

Oceans, Hurricanes, and the Climate SCI 209 Your Name March 01, 2010 Introduction Natural disasters occurring from the climate change could be on the rise. Global warming has been rumored to be causing more hurricanes, typhoons, cyclones, heavier monsoonal rains that cause major flooding, mud slides, and other disasters worldwide. A tropical cyclone, also referred to as hurricanes, typhoons, or cyclones, depending on where in the world the cyclone is occurring, are one of the world’s grandest shows of energy provided by nature. Hurricanes are large, swirling, low pressure storms that have sustained winds of over 74 miles an hour and are formed over warm ocean waters (NASA, n.d.). The purpose of this paper is to discuss hurricanes†¦show more content†¦Beta drift is caused by the Coriolis Effect and tends to have more effect on the storm as it grows due to the increased effect at higher latitudes. Other factors such as high pressure ridges, wind shear, other hurricanes, land masses, and the jet stream also have a steering effect on hurricanes. With a ll the different factors of propagation, the path a hurricane will take is very difficult to calculate. Ocean Currents and Hurricanes Ocean currents effect hurricanes far more than hurricanes effect ocean currents. Surface ocean currents carry the warm waters to the hurricane breeding areas and fuel the storms with warm currents along their paths. Cold water currents also play a major role in robbing the storms of one of their sources of fuel when hurricanes pass over the colder currents, like the ones along the eastern U.S. border. Hurricanes with their strong winds cause huge waves, mix warm surface waters and their currents, with the deeper cooler water. Not much is known about what happens to that warmer water once it has been sunk into the depths of the ocean but some suggest that the heat is transported towards the poles via ocean currents (Bettex, n.d.). The Gulf of Mexico’s loop current creates large warm water eddies in the gulf and is likely intensifying hurricanes that pass over them. These eddies are blamed for fueling some of the worst storms ever, like Katrina and Rita (Ocean Motion and Surface Events, n.d.). Hurricanes, StormShow MoreRelatedSci 209 Complete Course Oceanography2175 Words   |  9 Pageshttp://homeworkfox.com/questions/general-questions/1166/sci-209-complete-course-oceanography/ SCI 209 Complete Course Oceanography SCI 209 Complete Course Oceanography SCI 209 Week 1 SCI 209 Week 1 Individual Assignment NOAA Activity Part One Ocean Exploration Navigate to the National Oceanic and Atmospheric Administration (NOAA) site at http://oceanservice.noaa.gov/ Select Explore from the menu, then select Ocean Exploration listed below Oceans. Choose an explorative mission that took placeRead MoreReview of Related Literature3694 Words   |  15 Pageseffects in addition to high operational cost. Insecticides of botanical origin have been reported as useful for control of mosquitoes. Azadirachta indica (Meliaceae) and its derived products have shown a variety of insecticidal properties. The present paper discusses the larvicidal activity of neem-based biopesticide for the control of mosquitoes.MethodsLarvicidal efficacy of an emulsified concentrate of neem oil formulation (neem oil with polyoxyethylene ether, sorbitan dioleate and epichlorohydrin)Read MoreOn the Interface between Operations and Human Resources Management16889 Words   |  68 PagesCommissioned Paper On the Interface Between Operations and Human Resources Management John Boudreau †¢ Wallace Hopp †¢ John O. McClain †¢ L. Joseph Thomas ILR Human Resource Studies, Cornell University, Ithaca, New York 14853 IEMS Department, Northwestern University, Evanston, Illinois 60208 Johnson School of Management, Cornell University, Ithaca, New York 14853 Johnson School of Management, Cornell University, Ithaca, New York 14853 jwb6@cornell.edu †¢ hopp@northwestern.edu †¢ jom1@cornell.eduRead MoreFruit Tree Diversity And Fruit Consumption9708 Words   |  39 PagesChapter 4: Fruit tree diversity and fruit consumption in the context of deforestation in Cameroon 1. INTRODUCTION The world has been confronted with serious difficulties in curbing down the rate of undernourishment especially in sub-Sahara Africa (Vinceti et al., 2013, Arnold et al., 2011, Goenster et al., 2011). In developing countries, the livelihood and food security of smallholder land users are often at risk from unpredictable harvests, land degradation and climate change (Paumgarten and ShackletonRead MoreHemp Cultivation in China42289 Words   |  170 PagesDiemenstraat 192 1013 CP Amsterdam The Netherlands Clarke, R.C. 1995. Hemp (Cannabis sativa L.) Cultivation in the Tai an District of Shandong Province, Peoples Republic of China. Journal of the International Hemp Association 2(2): 57, 60-65. This paper summarizes the history of hemp (Cannabis sativa L.) cultivation and traditional use in the Tai an District of Shandong Province in the People s Republic of China, and investigates the cultivation and processing techniques currently being employedRead MoreEssay on Teaching: Grammatical Number and Notes21041 Words   |  85 Pagesdiscussing activities in progress at this exact moment? Now, right now, at the moment, etc. Review the Meaning and Use notes on page 36. * Which time expressions are used when discussing activities in progress, but not at this exact moment? This week, these days, etc. Review the Meaning and Use notes on page 36. * Give three examples of stative verbs that have different meanings when used in present continuous rather than when used in simple present. Have, look, see, weigh, taste, think, etcRead MoreHsc General Math Textbook with Answers153542 Words   |  615 Pagesalgebraic terms Equations 84 Solving equations after substitution 91 Changing the subject of the formula 96 Scientific notation 101 Chapter summary 105 Multiple-choice questions 106 Short-answer questions 107 78 iii iv Contents Chapter 4 4.1 4.2 4.3 4.4 4.5 4.6 4.7 4.8 Interpreting sets of data 109 Mean 109 Median 116 Measures of spread 120 Investigating sets of data 126 Double stem-and-leaf plots 132 Double box-and-whisker plots 135 Radar charts and area charts 141 ComparisonRead MoreMedicare Policy Analysis447966 Words   |  1792 Pagesand for other purposes. 1 Be it enacted by the Senate and House of Representa- 2 tives of the United States of America in Congress assembled, 3 SECTION 1. SHORT TITLE; TABLE OF DIVISIONS, TITLES, rmajette on DSK29S0YB1PROD with BILLS 4 5 AND SUBTITLES. (a) SHORT TITLE.—This Act may be cited as the 6 ‘‘Affordable Health Care for America Act’’. VerDate Nov 24 2008 12:56 Oct 30, 2009 Jkt 089200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H3962.IH Read MoreManagement Control Systems Pdf115000 Words   |  460 PagesICFAI welcomes suggestions from students for improvement in future editions. rI B S U se O nl y C la s s of 20 09 Contents PART I: AN OVERVIEW OF MANAGEMENT CONTROL SYSTEMS Chapter 1 Chapter 2 Chapter 3 Chapter 4 Chapter 5 Chapter 6 Chapter 7 Introduction to Management Control Systems Approaches to Management Control Systems Designing Management Control Systems Key Success Variables as Control Indicators Organizing for Adaptive Control Autonomy and Responsibility

Short Story The Kidnapper - 1181 Words

No one else in the arcade noticed the kidnappers. The sound effects of the games the people played shot throughout the mind of one of the only people that had. The man could feel the pressure of the gun against his side, his eyes cringing from the pain, his body shaking from the tension of what pain his attacker had promised would come. But the man forced himself to appear steady. Maybe they’ll just let us go, he thought, we could just go back to playing the arcade games. Everyone could just be calm. Everyone could be okay, go back to playing the games. We may even be able to leave the arcade. I just have to be calm. We can all go back to playing the games. But by looking into the two of theirs’ eyes the man could tell that that wasn’t likely to happen. His best friend stood shielding the little girl that the man now stood at gunpoint trying to save. The child couldn’t even see him as shards of tears rolled over her eyes. Behind them were the two other assailants that had come with the attacker. Each of their bodies composed of more muscle than bone, and each of their pockets bulging with the impression of a gun. Right as the man sensed the kidnapper squeezing the trigger of his gun against his side, he heard the sound of a virtual machine gun slowly ripping through its target. Rather than rapid firing at everything in sight, as the man vaguely recalled it doing, the noise of the blast slowly ripped through one of its targets, as if enjoying the process ofShow MoreRelatedShort Story Irony913 Words   |  4 Pagesall these stories we are talking about. The Merriam-Webster definition of irony is â€Å"the use of words to express something other than, and especially the opposite, of the literal meaning.† These stories will keep you wondering what’s going to happen and when you least expect it, irony will come out of no where and surprise the reader. In the short stories, â€Å"The Veldt,† â€Å"Just Lather, That’s All,† and â€Å"The Ransom of Red Chief,† Irony is active throughout the whole story. In the short story â€Å"The VeldtRead MoreThe Ransom of Red Chief1721 Words   |  7 PagesLife had been well until O. Henry had been accused of the embezzlement of bank funds. O Henry denied the indictment but was still put in jail. In prison, he wrote and published hundreds of short stories in order to support his daughter. O. Henry was once asked why he wrote; he replied that every story conveys something about being a person. Having been wrongly accused may have led O. Henry to communicate his belief that criminals receive what they deserve in The Ransom of Red Chief. Read MoreAmusement in â€Å"The Ransom of Red Chief†.600 Words   |  3 Pages Amusement in â€Å"The Ransom of Red Chief†. Dictionary.com defines humor as a comic and absurd quality causing amusement. O.Henry adds amusement in the short historical fiction story, â€Å"The Ransom of Red Chief†. O.Henry adds humor to his story through the use of literary devices. O.Henry uses allusion, word play, and irony to create levity in his story. All of these create levity but one that especially creates levity is allusion. First, Allusion is good for creating humor because by using prior knowledgeRead MoreThe Ransom Of Red Chief Analysis1730 Words   |  7 Pagesliterature is The Ransom of Red Chief written by O. Henry. I enjoyed the plot twist in this story, as well as the symbolism and irony throughout. When the antagonists, Sam and Bill devise a plan to kidnap Johnny, the son of wealthy businessman Ebenezer Dorset, they anticipated a good sum of easy money. As the story unfolds, Johnny proves to be very troublesome and causes much stress to the extent when the kidnappers cannot tolerate Johnny any longer. They sent a ransom letter to Ebenezer to â€Å"demand fifteenRead MoreHome Alone, And Ransom Of Red Chief And Home Alone1696 Words   |  7 PagesNo matter what story there is always a theme and sometimes it can be very moving. The theme for Ransom of Red Chief and Home Alone is that appearances can be deceiving. It states on page 62, â€Å"Hey little boy! says Bill, would you like to have a ba g of candy and a nice ride? The boy hits Bill square in the eye with a piece of brick†(O’ Henry 62). This means that Bill thought Red Chief was stupid, small and he didn’t expect the little boy to hurt him. From a scene in Home Alone Harry and Marv knockedRead MoreComparing Two Newspaper Articles2069 Words   |  9 Pages Comparing two newspaper articles, one from a tabloid and one from a broadsheet will convey the different techniques that tabloids and broadsheets use to present stories. Media in general, aim to inform and interest the audience which consist of many different types. Diverse emotions and ideas are created by the media; foremost tabloids. Tabloids are papers like ‘The Sun’, ‘The Mirror’, ‘The Daily Mail’, ‘The Express’ and ‘The Star’. In contrast to these are broadsheets like ‘The Times’, ‘The Guardian’Read More Achilles in The Illiad is not a Hero Essay100 9 Words   |  5 Pagesleads through personal example and accomplishments requiring bravery, skill, determination, and other admirable qualities.† Achilles, in no manner, fits this definition. By contemporary standards, he is instead a pathetic villain. Aside from being a kidnapper, rapist and murderer, Achilles proves to be emotionally weak, selfish, and malicious. Many times throughout the Illiad, Achilles is also referred to as â€Å"godlike†. The gods of Greek mythology were subject to the same emotions and character flaws asRead MoreVictory Lap1369 Words   |  6 Pagesseen in â€Å"Victory Lap† by George Saunders, a short story written in such a way that the events that are enrolling throughout the story are being processed and told through the minds of three main characters. Having the perspective of each character allows us, the readers to get a much greater understanding about them and to make a better character analysis. Having said that, this story i s simply about a girl, Alison getting kidnapped by an unnamed kidnapper. What were really captivating were the changesRead MoreHumor of a Common Fear817 Words   |  3 Pagesâ€Å"Life doesnt make any sense, and we all pretend it does. Comedys job is to point out that it doesnt make sense, and that it doesnt make much difference anyway.† ~Eric Idle. In â€Å"The Ransom of Red Chief† by O. Henry this concept comes to life. The story is about two men kidnapping a young child and karma coming back to bite them in the butt. The two men are Sam and Bill, each is being abused by the child known as Johnny but goes by Red Chief. Sam and Bill ask for a ransom of $2,000, but they end upRead MoreFinding Nemo Film Analysis1117 Words   |  5 PagesAfter a confusing instructional speech on how to exit properly Squirt pushes them into the exit flume and back into the open water. After Kim gets snatched by the kidnapers Bryan hears heavy breathing on the phone. Bryan threatens the kidnapper and the kidnapper responds with a thick accent, Good Luck,. Bryan arrives to the apartment were everything occur and found Kims phone. He visualizes the abduction from the clues left behind at the scene and finds and recovers the memory card from Kims

Rogarian Arguments Free Essays

Quiz – Chapter 2 Name: U number: 1. The dramatic recovery of Russian Economy in recent days can be attributed to: a. record world prices for oil and gas b. We will write a custom essay sample on Rogarian Arguments or any similar topic only for you Order Now the succession of Vladimir Putin as president c. Putin slashed subsidies to state-owned enterprises d. the price increases for imports due to ruble’s devaluation e. all of the above can be attributed 2. According to author William Greider, executives and marketers must take into account the following new realities in the global economic situation: a. production has become â€Å"uncoupled† from employment b. he world economy dominates the scene c. the struggle between capitalism and socialism is over d. the growth of e-commerce diminishes the importance of national barriers e. all of the above 3. The rampant corruption and bribery witnessed in a nation’s economy is referred to as: a. re-nationalization b. managed democracy c. Kleptocracy d. autocracy e. None of the above 4. One of the distinguishing features of Centrally Planned Capitalism economic system is: a. all production resources are privately owned b. the state has broad powers to serve the public interes t as it sees fit c. ommand resource allocation is utilized extensively in private resource ownership environment d. market allocation policies are permitted within and environment of state ownership e. none of the above 5. The Swedish government has significant holdings in key business sectors and has hybrid economic system that incorporate: a. market capitalism and centrally planned socialism b. centrally planned socialism and market socialism c. centrally planned socialism and capitalism d. market socialism and market capitalism e. market capitalism and socialistic capitalism 6. Which type of economic system is characterized by command resource allocation and private resource ownership: a. market capitalism b. centrally-planned capitalism c. market socialism d. centrally-planned socialism e. None of the above 7. Which type of economic system is characterized by market resource allocation and state resource ownership: a. market capitalism b. centrally-planned capitalism c. market socialism d. centrally-planned socialism e. None of the above 8. China predominantly follows an economic system that can be classified under: a. centrally planned socialism b. market socialism . market capitalism d. centrally planned capitalism e. socialistic capitalism 9. Which of the following is true about economic output in China today: a. the state sector accounts for about 75 percent of output b. the state and private sectors each account for about 50 percent of output c. the private sector accounts for about 75 percent of output d. the private sector is virtually nonexistent i n China e. the state sector is virtually nonexistent in China 10. The Washington, DC-based Heritage Foundation compiles a survey of over 150 countries ranked by degree of economic freedom. Although there are a number of key economic variables which are considered in this ranking it does not include: a. monetary policy b. banking policy c. black market d. property rights e. none of the above 11. Singapore banned the import, manufacture, and sales of chewing gum in the country since wads of gum were making a mess on sidewalks, buses, and subway trains. Violators are subject to severe penalties and before buying a pack consumers must register their names and addresses. This according to author William Greider demonstrates that Singapore’s government: a. is harshly autocratic . administers a paranoid control over Singaporeans c. administers a paranoid control over press and politics d. runs an effective welfare state e. all of the above 12. The general characteristics shared by low-income countries does not include: a. high birth rates b. low literacy rates c. concentration in Africa south of the Sahara d. heavy reliance on foreign aid e. low tourist income 13. Whic h of the following BRIC nations fall in the lower-middle-income category? a. India and China b. China and Brazil c. Brazil and Russia d. Russia and India e. none of the above 14. Pursuing alternative sources of energy, such as wind and solar power is important due to the fact that: a. people in developing countries are more conscious about environment b. global marketers are more interested in publicizing environmental issues c. it is easy to develop solar power in many parts of the world d. heavy reliance on fossil fuels contributes to global warming e. people worldwide can afford to buy power generated from wind and solar 15. Product and market opportunities in a postindustrial society are more heavily dependent upon new products and innovations than in industrial societies. An example of this would be: . Nestle marketing Bono brand cookies in Brazil b. Coca-cola company developing a beverage Vintago in low-income countries c. New e-commerce markets for interactive forms of electronic communication d. Hermes creating handbags called Amazonia e. India’s Suzlon Energy using wind driven turbines 16. The Organization for Economic Cooperation and Developm ent (OECD) is comprised of: a. the 30 high-income countries b. countries that believe in market-allocation economic systems c. pluralistic democracies d. countries that demonstrate progress toward economic reform e. all of the above statements are applicable 7. The fastest-growing sector of world trade includes: a. travel and entertainment b. accounting and legal services c. royalties and license fees d. engineering services e. all of the above 18. Between the year 2001 and 2006, China bought more than $ 250 billion in U. S. Treasury bonds. Such purchases: a. ensures that China’s currency is relatively weak compared to the U. S. dollar b. indicate that China is not sure of its economic viability c. show that currency exchange rate is unpredictable d. predict that yuan will be devalued in the near future e. China’s currency is stronger than the U. S. dollar 9. To the extent that a country sells more goods and services abroad than it buys, there will be: a. a greater dem and for its currency b. a surplus production of goods and services c. a scarcity of goods and services within the country d. a need for revaluation of its currency e. time for fluctuating its currency 20. The Big Mac Index dated February 01, 2007 shows that the price of Big Mac in China was 11 yuan whereas its price in the United States was $ 3. 22. The index translated into yuan being undervalued by 56%. This shows that: a. Big Mac is more expensive in the United States than in China b. Big Mac is less expensive in the United States than in China c. Big Mac costs the same in the United States and China d. Big Mac is less popular in China than in the United States e. Big Mac is more popular in China than in the United States Essay Question The newly independent countries of the former Soviet Union present an interesting situation: on one hand the income is declining creating considerable economic hardship whereas there are attractive opportunities with good potential from moving out of the low-income category. What are some of the problems and opportunities for these countries? How to cite Rogarian Arguments, Papers

IT Network Designing A Case Study of Direct Engineering

Question: Discuss about theIT Network Designing for a Case Study of Direct Engineering. Answer: Introduction: Requirements Analysis Scope of the Project Direct Engineering and Logistic Solutions (DEALS) is a new business that will comprise of four businesses merged together in a centralized network infrastructure. The four buildings have been connected by underground fibre cable back to the communications room in the main office. The work that will be performed mainly in this project is merging of IT assets of the four businesses into a new network. This project will determine the client requirements for the new network as well as the server requirements along with required hardware for the new network. This includes the installation and setup of all the network devices, cabling and interfaces, which may include but may not be limited to workstations, multi-function devices, servers, switches, routers, racks, and all related server roles as mentioned in the section 2.1. Necessary Features The network will be designed to achieve several specific business and operational objectives: Secure Service: The main objective of this network will be to provide secure administrative computing service to DEALS. It will be designed to be functionally and physically isolated from access by people not employed by DEALS to minimize the risk of unauthorized use. Integration and Update: In this project, the installation of necessary network equipment will be in a new building with only exterior walls. The network and equipment being installed will be new state of the art equipment designed specifically for DEALS connecting with the other four branches as NELLS, HEFA, TANB and WIMPS. Versatile Information Processing: The network will enable users to retrieve, process, and store data regarding the operation of the DEALS, its clients, accounting, billing, tracking, and check in and check out of IT assets to be merged at the facility. Scalability: The network design will be scalable so that more network cable equipment can be added if required and as per availability of funds without having to redo the installed network. Desirable Features The examination of the case study reflected that the clients need a robust network infrastructure with following features: Scalability: The network design must be Scalable so that it can grow to include new user groups and remote sites andcan support new applications without affecting the level of service delivered to existing users (Channegowda, Nejabati and Simeonidou 2013). Availability: A network designed for availability is one that delivers consistent, reliable performance 24 hours a day for 7 days a week. In addition, the failure of a single link or piece of equipmentshould not significantly affect network performance. Security: Security is a feature that must be designed into the network, not added on after the networkis complete. Planning the location of security devices, filters, and firewall features is criticalto safeguarding network resources. Manageability: No matter how good the initial network design is, the available network staffmust be able to manage and support the network (Develderet al. 2014). A network that is too complex or difficult tomaintain cannot function effectively and efficiently. Project Constraints In this report, Project Constraints are defined as the project's parameters by setting limits on what can be done. For example, if the project has a fixed budget, planners may have to use the equipment they can afford rather than the equipment they consider ideal for the job. The three general categories of project constraints that have been identified for DEALS network infrastructure are as below: Time constraints: The time constraint for this project that has been estimated for finalization is Twelve Weeks. This estimated time is required for the project, as it will comprise of Four weeks for preparation, Six weeks for Installation and Testing along with additional Two weeks for Training and monitoring. Resource constraints: A project's budget is a common resource constraint. If the proposed budget cannot meet the projected personnel costs, equipment costs, and software costs, the project cannot continue or may need to be modified to address the restraints (Burakowski et al. 2012). The total budget that has been allowed for the IT section of DEALS Network Infrastructure setup project is $365,000. The support staff associated with this project will be allocated in between $30 to $50 per hour for technical personnels and will rise for management level staffs along with highly trained staffs. Additionally, in context to the DEALS network infrastructure setup project there is other resource constraints as: The appropriate personnel for the network infrastructure development i.e. Network Engineer may not be available or their training may not be sufficient to complete the project. Computer resources or hardware equipment may not be accessible. Schedule constraints: A project schedule also may restrict what the project can accomplish. For example, many organizations do not allow changes to the IT environment during specific times, such as during the end of the corporate fiscal year or peak business cycles (Vleugels and Peeters2012). If the DEALS network infrastructure project is due for completion during one of these periods, the project scope may require modification. The scheduling is considered as an essential aspect in any project however, it should done in such a way that the project does not interrupts the business processes. Hence, in this context to the DEALS Network Infrastructure Setup project, the average business time to cost ratio for possible interruptions was estimated and it has been found that Business is not to be disrupted during the project. Feature constraints: In context to this, particular DEALS Network Infrastructure setup project these type of constraints can affect a project's start or scope. For example, if DEALS is evaluating a new product based on a particular feature and that feature is not available or does not meet the company requirements, the organization may choose to cancel the project. If a particular feature is critical, the project scope may be modified to include the feature. The additional features in this project for the development of DEALS network Infrastructure can be imposed on the network as per choice only if it is within the allocated budget. The implementation of the additional features may require alternative actions or route provided it be within the scope of this project. The project team and business sponsors often negotiate project constraints, as well as business requirements. The budget may seem like a firm constraint, but if increasing the budget results in meeting an important business requirement, the budget may be adjusted to include the requirement (Lu et al. 2013). However, in this project, grouping of physical hardware and logical components will be done which are needed to provide a number of features for the network. Initial Server Requirements Proposal Required Server Roles It is relatively obvious that every server fulfills some kind of role. Some are Web servers. Some are file servers. Others are domain controllers (DCs) or infrastructure servers, such as Domain Name System (DNS) and the Dynamic Host Configuration Protocol (DHCP). Then, of course, there is the DC/File Server/Web Server/Application Server/Firewall/DHCP/ DNS server, also known as "the server" in DEALS business case. However, none of them is anything until they are deployed one or more roles to them (Zhang, Wang and Sun 2013).Because not every server is made equal, it makes sense that the same configuration is not optimal for every server. This seems rather obvious if one considers the fact that to meet the needs of each role the server must have certain software installed and settings made. A role is a collection of software that collectively enables the server to provide some service to the network. Generally, a role is for what the server has been procured. An example of a role is Domain Controller or Application Server (Shah2013). Often a role can be installed in one-step, but may require significant configuration to function the way it is desired. In this particular case study in context to the merging IT assets of NELLS, HEFA, WIMPS and TANB, the examination has been done on server roles that are required as below: Active Directory Domain Services (AD DS) Application Server DHCP Server DNS Server File Services Network Policy and Access Services Print Services Web Server (IIS) Windows Deployment Services (WDS) Explanation on the Requirement of Server Roles The requirement of each server role is explained as below: Active Directory Domain Services (AD DS): This role promotes the server to a DC. In addition to running dcpromo.exe manually, as in prior versions, this role have to be installed. The AD DS will store information about users, computers, and other devices on the DEALS network. ADDS in the DEALS network will help administrators to securely manage this information and facilitate resource sharing and collaboration between users. ADDS is also required to be installed on the DEALS network in order to install directory-enabled applications such as Microsoft Exchange Server and for applying other WindowsServer technologies such as Group Policy. Application Server: Provides access to programs written using an application framework. It is typically not used by itself but rather in conjunction with the Web Server role. DHCP Server: Provides DHCP (dynamic IP address assignment) to computers throughout anetwork. DNS Server: Provides host name-to-IP address name resolution services throughout a network. File Services:It adds additional file server services such as the Distributed File System (DFS), the shared folder management tools, and Network File System (NFS) for Unix-based clients (Lundqvist, Mattssonand Kim2012). Network Policy and Access Services: This role provides the collection of services related to remote network access. Print Services: Provides advanced printer management services. Web Server (IIS): By default, if no configuration options are made during installation of the role, IIS 7.0 provides only static HTML support (Mueller, Ledererand Timmerer2012). This role in DEALS network will allow sharing information with users on the Internet, an intranet, or an extranet. Windows Deployment Services (WDS): WDS is Microsofts latest technology to deploy the operating system remotely to computers over the network. Phase of Network Construction for Each Role The network construction for the server roles mentioned in the previous section have to undergo two phases to complete the merging of the four buildings IT assets. The new network will have a client/server configuration and a domain with active directory implemented, all primary server assets are to be located in the new main office. The new network will be implemented in two phases as below: Phase OneIt will involve the setup of the network infrastructure (cabling, switches, routers and printers) and two Domain controllers with all policy requirements implemented along with the required network folder structures and access controls implemented. In this phase there will also be a provision to provide an internal email system so all employees can have internal email. In this phase of the network infrastructure setup, there will be implementation of following features for the new client/server network with policies: All network nodes and devices must be named according to the network-naming scheme The network must use an IP addressing scheme that caters for all nodes on the network and allows for easy expansion of the network All servers, routers, switches and printers are to have static IP addresses, all other nodes are to use DHCP to gain an IP address The network speed required is Gigabit Only authenticated user are allowed to access the network When users logon they are presented with a message that contains the companies Acceptable Use Policy Company policy is to require all users to use complex password for logging on to the network Each user is to have a Home drive (H :) mapped on the file server All failed login attempts are to be auditable events Provide centralized storage of company data in an appropriate file and folder structure and provide backup and restoration capability using a suitable backup program, schedule and media Provide an environment where company resources can be shared and easily accessed by the users who require it by implementing access controls that restrict access to data and resources to only employees that require it to carry out their work. Auditing of users accessing the following network resources is required Staff records folder Financial records folder ResearchDevelopment data folder Customer records folder User are to be restricted to 4 consecutive login attempts before being locked out of the system The lockout period for failed login attempts is to be 15 minutes, after this time period has elapsed the users account is to be unlocked All User Accounts are to have the full details of the user included and recorded on a User Account Record sheet Details of all server settings, policies and network topology are to be fully documented As the management are expecting the company to grow over the next few years they require a network setup that is easy to expand when required Provide the capability to implement phase two of the network without major changes or disruption to the network structure Phase Two This phase will provide for the implementation of remote login capability, an SQL server, and cater for the future implementation of an in-house web server to host the companies proposed web site. Recommended Network Operating System A network operating system includes special functions for connecting computers and devices into a local-area network (LAN). Some operating systems, such as UNIX and the Mac OS, have networking functions built in (Dean2012). The term network operating system is generally reserved for software that enhances a basic operating system by adding networking features. The recommended Network Operating System for DEALS is Windows Server 2012 Datacenter edition as it is robust in nature and has added capabilities like Volume Licensing and OEM for maintenance of the IT assets. Alternate Network Operating System The alternative network operating system that can be used for merging the IT assets of the four buildings into DEALS is Windows Server 2012 R2 Standard edition. In this operating system, the Server Manager has been redesigned with an emphasis on easing management of multiple servers. It offers improved reliability for on-disk structures and compatibility with existing APIs as well as technologies. Features of Network Operating System The Windows Server 2012 Datacenter edition offers some essential features of Network operating system as presented below: Basic Operating Features: It supports the basic underlying operating features of networks such as support for processors and the various protocols that allow computers to share data (Mistry and Seenarine2012). Thus, it will also support the processing of other software applications that run on individual computers within the DEALS network. Security Features: It supports a number of security features that control access to the network. It will provide DEALS network with authorization and permission for access to the network, with specific control of features such as user management, log-on controls and passwords. Networking: It is the platform on which computer networking takes place. The DEALS network requires basic features to allow for file, print and Internet connections by using Windows Server 2012 Datacenter (Shimiet al. 2012). Data backup and replication functions are controlled through the network operating system. Administrative Interface: It has an administrative interface that allows a network administrator to monitor and maintain the system. This interface will have a menu that allows the administrator of DEALS network to perform functions such as formatting hard drives and setting up security protocols for both the system and individual users. Evidence of the Ability of the Network Operating System Windows Server 2012 Datacenter The PowerShell v3, Hyper-V 3.0 and System Center 2012 are some of the best features that can be found in this network operating system to install it for the DEALS network infrastructure. The following features make this Network Operating System to be suitable for DEALS. Hyper-V 3.0: It includes two new options for admins to use. The extensible switch extends a virtual network's functionality in ways that were not possible until now. PowerShell v3: It makes automation throughout the server while working with programs such as Active Directory to promote cloud-based servers without the need of a deployment wizard directly on the server (Wright et al. 2012). Microsoft System Center 2012: The suite of updated products help admins run enterprises smoothly with cloud computing. They include Virtual Machine Manager 2012 and Configuration Manager 2012 and make the management of cloud deployment easy. Windows Server 2012 R2 Standard It is ideal for Non-virtualized or lightly virtualized environments. Storage Pinning is one of the essential feature in this operating system as Pinning makes it possible to ensure that files you always want on the fastest storage, such as boot disks in a Virtual Desktop Infrastructure deployment, will never be moved to the slower storage tier. Otherwise, files that you always want to take advantage of SSDs might be moved to the HDD tier after some period of relative inactivity. Recommended Mail Server Application The most useful and recommended Mail server application for the DEALS network is Gattaca Mail Server as it is full featured and 100 % compatible to existing standard (Cahillet al. 2012). It can be used as an internal server also as a server for reception or sending e-mails to others mail servers in the Internet or to main mail server in the organization. Alternate Mail Server Application The alternative Mail server application for DEALS to merge the IT assets of the four buildings and to run the business operations successfully is Citadel. It is an e-mail system that can be implemented with DELL Network operating system as Users of Citadel/UX systems also have available to them a web-based user interface which employs Ajax style functionality to allow application-like interaction with the system (Carvalho 2012). Recommendations and Hardware Requirements Scope The purpose of this document is to identify the requirements of the Hardware requirements for each server role. The Hardware requirements analysis provides generic functionality across multiple embedded hardware platforms. This generic functionality can be selectively changed by user code, thus providing application specific software. This document will provide a complete set of identified hardware and each roles that will be installed in favor of the particular hardware for the entire DEALS network infrastructure.The major benefit to this is that offices utilizing the same hardware will only contain thespecificserver roles. Hardware canbe interchanged without effecting how the program logically functions. If the hardware is supported by the roles, a user will be able to utilize the server functionalities using one specific set of hardware and port it to another set just by changing minor configuration and settings. The final goal of this section is to provide enough flexibility to a llow for support of multiple hardware components by differentmanufacturers. Overview The solution for DEALS network setup provides an abundance of features that range from abstracting the hardware from a users application to keeping memory requirements to a minimum. Since this solution is targeted towards embedded solutions, optimizationmust be in the forefront. The deployment of Network operating system in DEALS will require anyone of the following steps: Installation: It is the basic concept of getting the new operating system on the hardware. Specifically, a clean installation requires deleting the previous operating system. Upgrade: It means moving from the existing operating system to Windows Server 2012 R2, while staying on the same hardware (Matoset al. 2012). Even while staying on the same hardware, some server roles might require specific steps to ensure a smooth upgrade. Migration: It means moving from the existing operating system to Windows Server 2012 R2 by transferring to a different set of hardware (Knight et al. 2012). Migration, which might vary considerably depending on the server roles that have been installed. Mapping of Each Role to Physical Server The server roles that can be implemented to Windows Server 2012 are: Active Directory Domain Services (AD DS) Application Server DHCP Server DNS Server Web Server (IIS) Windows Deployment Services (WDS) The below mentioned roles can be implemented in DELL Network operating system: File Services Network Policy and Access Services Print Services Identification of Usable Existing Hardware The existing hardware that can be used for this project to setup DEALS Network Infrastructure: DELL OptiPlex 745s, DELL OptiPlex 780s HP4200dtn Laser Printer Cisco 837 ADSL Modem/Router Identification of Usable Existing Hardware with Upgrades The following existing hardware can be upgraded for utilization in the DEALS Network Infrastructure setup: HP4200dtn Laser Printer Cisco 837 ADSL Modem/Router CISCO Catalyst 2900 XL Switch Identification of Recommended New hardware details The recommended hardware details for installing the server roles are presented in the table as below: Component Minimum Requirement Recommended Sever Roles Processor 1.4 GHz 2 GHz or faster Active Directory Certificate Services (AD CS) Active Directory Domain Services (AD DS) Application Server DHCP Server DNS Server Memory 512 MB RAM 2 GB RAM or greater Available Disk Space 32 GB 40 GB or greater Optical Drive DVD-ROM drive DVD-ROM drive Component Minimum Requirement Sever Roles Processor 1.2 GHz Fax Server File Services Network Policy and Access Services Print Services Terminal Services Web Server (IIS) Memory 256 MB RAM Available Disk Space 32 GB Optical Drive DVD-ROM drive Component Minimum Requirement Recommended Sever Roles CPU speed 1.4 GHz 64-bit processor Quad-core, 2GHz Active Directory Federation Services (AD FS) Active Directory Rights Management Services (AD RMS) Windows Deployment Services (WDS) Memory 512 MB RAM 4GB Available Disk Space 32 GB 100GB Identification of New Alternative Hardware Details Component Minimum Requirement Microsoft Recommended Processor 1.4 GHz 2 GHz or faster Memory 512 MB RAM 2 GB RAM or greater Available Disk Space 32 GB 40 GB or greater Optical Drive DVD-ROM drive DVD-ROM drive Display Super VGA (800x600) monitor XGA (1024x768) monitor Server Hardware Details Existing/New DELL PowerEdge 2800s Make DELL Model PowerEdge 2800s Specifications Processor 800 MHz Cache Memory 1 MB RAM 12 GB DDR SDRAM HDD 73 GB Roles Hosted File Services Network Policy and Access Services Print Services Peripheral Hardware Details Existing/New Cisco 837 ADSL Modem/Router Make Cisco Model 837 ADSL Modem Specifications Cable SOHO/800 series router modem cable, Blue light console cable (RJ-45 2 DB-9) Authentication Method CHAP PAP, RADIUS, SSH2 protocol, TACACS+. RAM 80 MB Software Cisco Security Device Manager 2.0 Roles Hosted Active Directory Domain Services (AD DS) Application Server DHCP Server DNS Server References Burakowski, W., Tarasiuk, H., Beben, A. and Danilewicz, G., 2012, August. Virtualized network infrastructure supporting co-existence of Parallel Internets. In Software Engineering, Artificial Intelligence, Networking and Parallel Distributed Computing (SNPD), 2012 13th ACIS International Conference on (pp. 679-684). IEEE. Cahill, J.M., Miron, T.C., Antonoff, L.N. and Livingston, S.L., Microsoft Corporation, 2012. Automatically managing system downtime in a computer network. U.S. Patent 8,181,071. Carvalho, L., 2012. Windows server 2012 Hyper-V cookbook. Packt Publishing Ltd. Channegowda, M., Nejabati, R. and Simeonidou, D., 2013. Software-defined optical networks technology and infrastructure: Enabling software-defined optical network operations [Invited]. Journal of Optical Communications and Networking, 5(10), pp.A274-A282. Dean, T., 2012. Network+ guide to networks. Cengage Learning. Develder, C., Buysse, J., Dhoedt, B. and Jaumard, B., 2014. Joint dimensioning of server and network infrastructure for resilient optical grids/clouds. IEEE/ACM Transactions on Networking (TON), 22(5), pp.1591-1606. Dobrilovic, D., Jevtic, V., Stojanov, Z. and Odadzic, B., 2012, September. Usability of virtual network laboratory in engineering education and computer network course. In Interactive Collaborative Learning (ICL), 2012 15th International Conference on (pp. 1-6). IEEE. Doerr, B., Owens, K.R. and Yung, J.C., Centurylink Intellectual Property Llc, 2015. Provisioning virtual private data centers. U.S. Patent 9,059,933. El-Shimi, A., Kalach, R., Kumar, A., Ottean, A., Li, J. and Sengupta, S., 2012. Primary data deduplicationlarge scale study and system design. In Presented as part of the 2012 USENIX Annual Technical Conference (USENIX ATC 12) (pp. 285-296). Ferrari, A., Russo, M. and Webb, C., 2012. Microsoft SQL Server 2012 Analysis Services: The BISM Tabular Model. Pearson Education. Knight, B., Veerman, E., Moss, J.M., Davis, M. and Rock, C., 2012. Professional Microsoft SQL Server 2012 Integration Services. John Wiley Sons. Liu, L., Chu, R., Zhu, Y., Zhang, P. and Wang, L., 2012, April. DMSS: a dynamic memory scheduling system in server consolidation environments. In Object/Component/Service-Oriented Real-Time Distributed Computing Workshops (ISORCW), 2012 15th IEEE International Symposium on (pp. 70-75). IEEE. Lu, H., Arora, N., Zhang, H., Lumezanu, C., Rhee, J. and Jiang, G., 2013, December. Hybnet: Network manager for a hybrid network infrastructure. In Proceedings of the Industrial Track of the 13th ACM/IFIP/USENIX International Middleware Conference (p. 6). ACM. Lundqvist, L., Mattsson, L.G. and Kim, T.J. eds., 2012. Network infrastructure and the urban environment: advances in spatial systems modelling. Springer Science Business Media. Matos, R.D.S., Maciel, P.R., Machida, F., Kim, D.S. and Trivedi, K.S., 2012. Sensitivity analysis of server virtualized system availability. IEEE Transactions on Reliability, 61(4), pp.994-1006. Mistry, R. and Seenarine, S., 2012. Microsoft SQL Server 2012 Management and Administration. Sams Publishing. Mueller, C., Lederer, S. and Timmerer, C., 2012, November. A proxy effect analyis and fair adatpation algorithm for multiple competing dynamic adaptive streaming over HTTP clients. In Visual Communications and Image Processing (VCIP), 2012 IEEE (pp. 1-6). IEEE. Shah, Z.H., 2013. Windows Server 2012 Hyper-V: Deploying the Hyper-V Enterprise Server Virtualization Platform. Packt Publishing Ltd. Stanek, W., 2013. Windows Server 2012 inside out. Pearson Education. Tate, J., Beck, P., Ibarra, H.H., Kumaravel, S. and Miklas, L., 2016. Introduction to storage area networks. IBM Redbooks. Vleugels, K. and Peeters, R., Omega Sub Holdings, Inc., 2013. Apparatus and method for integrating short-range wireless personal area networks for a wireless local area network infrastructure. U.S. Patent 8,599,814. Vleugels, K. and Peeters, R., Ozmo, Inc., 2012. Apparatus and method for integrating short-range wireless personal area networks for a wireless local area network infrastructure. U.S. Patent 8,165,102. Wright, P., Sun, Y.L., Harmer, T., Keenan, A., Stewart, A. and Perrott, R., 2012. A constraints-based resource discovery model for multi-provider cloud environments. Journal of cloud computing: advances, systems and applications, 1(1), p.1. Zhang, Y., Wang, L. and Sun, W., 2013. Trust system design optimization in smart grid network infrastructure. IEEE Transactions on Smart Grid, 4(1), pp.184-195.

The Speckled Band Essay Example

The Speckled Band Essay Read ‘The Speckled Band’ by A. Conan. Doyle and ‘The Monkey’s Paw’ by W. W. Jacobs. Discuss how the authors create tension and discuss the devices Used to mislead the reader.  Ã¢â‚¬ËœThe Speckled Band’ by A. Conan. Doyle and ‘The Monkey’s Paw’ by W. W. Jacobs are two very different stories; ‘The Speckled Band’ follows the ‘murder mystery’ line whereas ‘The Monkey’s Paw’ is based more around horror genre. This means that they will create tension and mislead the reader in completely different ways. In this essay I am going to explore how the two authors do this, and compare their methods for doing so. Arthur Conan Doyle creates tension in many ways. At the beginning of ‘The Speckled Band’, he creates tension by showing the effects of this dreadful crime on the characters. We are told Sherlock is usually a ‘late riser’, however, because of this new case, his routine was broken because at a quarter-past seven, Watson awakes to find Sherlock Holmes, fully dressed, standing by the side of his bed. Helen Stoner, the client who sought Holmes’ services as a detective, when speaking to Sherlock and Watson, was shivering, not from the cold as one would first assume, but from fear. The way she says â€Å"It is not cold which makes me shiver. It is fear, Mr. Holmes. It is terror,† creates tension because she first says what does not make her shiver as if holding off telling them, and then, using short sentences, she repeats the two words, ‘it is’. These two events evoke tension because these events are directly linked to this one case whic h at this point, we still do not know about. We will write a custom essay sample on The Speckled Band specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on The Speckled Band specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on The Speckled Band specifically for you FOR ONLY $16.38 $13.9/page Hire Writer The location of this suspicious death, the austere house of Stake Moran which â€Å"was of grey, lichen-blotched stone, with a high central portion and two curving wings, like the claws of a crab.† Only three people live in this spooky house. It seems rather odd that in this grand manor house only three people live. Everyone can empathise with the fact that being alone in a large house is incredibly scary, so, you feel scared for these three people, and this then creates tension. The mysterious Dr. Roylott, having spent a lot of time in India, lets a cheetah and a baboon roam the house. This strange assortment of animals creates tension as it seems strange that such a vicious animal (the cheetah) would be allowed to roam the house. And on top of this all the rooms are barred, â€Å"the windows were blocked by old-fashioned shutters with broad iron bars. The chimney is wide, but is barred up by four large staples. This creates tension and portrays the rooms as cells, trapping them. It is a sinister thought that these three people are trapped within this house which has a cheetah and a baboon roaming around. Arthur Doyle creates tension by using scary and sinister adjectives, such as â€Å"a long drawn catlike whine† or â€Å"there darted what seemed to be a hideous and distorted child, who threw itself upon the grass with writhing limbs. On the night of Julia’s death, the weather was wild, â€Å"the wind was howling outside, and the rain was beating and splashing against the windows†. The adjectives used in this description of the weather creates the most horrific images and evokes tension because you can just imagine how scared they must be, locked up in this macabre house. In ‘The Monkey’s Paw’ there are only 4 main characters; the mother and father who live in their isolated house with their son, and a sergeant-major. This is a major difference as characters play a huge role in ‘The Speckled Band’.  William Jacobs creates tension by using sinister images, and sudden actions. Just like in â€Å"The Speckled Band†, the weather plays a huge part in the tone of the particular part of the novel and the tension created. This story starts off with the father and the son playing chess. This in itself evokes tension because we hear of the disastrous weather, â€Å"The night was cold and wet. Path’s a bog, and the road’s a torrent,† and yet these two characters are calmly playing chess, ignoring the sombre weather. He also creates tension by using sudden actions and short sentences. For instance, tension is immediately created when Sergeant Morris came out of the night into the house, his ‘heavy footsteps came toward the door, as the gate banged to loudly’. This gives him a mysterious aura  Short sentences also add to the tension of the story, â€Å"The paw!† she cried wildly. â€Å"The monkey’s paw!†. Not only adding tension, this then reminds us of Julia’s dying words in ‘The Speckled Band’, â€Å"It was the band! The speckled band!† It is interesting that in both the stories, the mystery in each is completely based on the title. The author also uses portent to hint what is going to happen. â€Å"[Herbert] sat alone in the darkness, gazing at the dying fire, and seeing faces in it. The last face was so horrible and so simian that he gazed at it in amazement. His hand grasped the monkey’s paw, and with a little shiver he wiped his hand on his coat†. This could be hinting to the bad things that are going to happen to him. These sinister faces create tension and adds to the mysterious air surrounding the paw. Another possible hint to the bad things ahead is that when the sergeant was describing the paw, he said,â€Å" It had a spell put on it by an old fakir. He wanted to show that fate ruled people’s lives, and that those who interfered with it did so to their sorrow†. This last sentence was a possible sign for the terrible events ahead. The Speckled Band Essay Example The Speckled Band Paper During his time in Calcutta, exotic animals, particular species being sent to Stoke Moran, fascinated Dr Roylott. For the duration of Holmes investigation, a cheetah and baboon roam around the Manor House. Dr Roylott also allows Gypsies to wander freely over his grounds. Both these factors create tension for the reader, encouraging them to read more of this mystery. The reader is intrigued to discover if the cheetah, baboon and gypsies have a part to play in Helen Stoners horror, and also the murder of her twin sister. And if so, then what it was they did. The reader is also captivated by the description of Dr Roylott, when he meets with Sherlock Holmes. A huge man is illustrated to the reader, with a hunting crop swinging in his hand and a resemblance to a fierce old bird of prey. Together, these create tension between Dr Roylott and the reader. The link to a predator suggests he is strong, and aggressive. With the description of him including the hunting crop and the bird of prey, the image of Dr Roylott is of a hunting, un-human like man, of a dark, mysterious past. The mystery is discovered in the picture of ruin, Stoke Moran, located in Surrey. We will write a custom essay sample on The Speckled Band specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on The Speckled Band specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on The Speckled Band specifically for you FOR ONLY $16.38 $13.9/page Hire Writer The manor house is portrayed as a suspicious, dark, threatening house, by the use of Conan Doyles simile two curving wings like those of a crab. Crabs claws are strong and they have the potential to harm. Therefore the simile used implies that Stoke Moran is a dubious, shady house, situated in the middle of nowhere, with darkness surrounding it. The late at night and early morning setting of the discovery of the secret, adds to the suspense for the reader. All was dark in the direction of the Manor House. Through the darkness, things can come out of hidden places and alarm people in the area. For example, while Sherlock Holmes and Watson are walking on Manor House grounds, a hideous and distorted child surprises them, and the reader, by jolting out of the bushes. The reader is intrigued to find out what this distorted child is, and within a few minutes of meeting this creature, the reader is reminded that roaming the ground is a Baboon. Conan Doyles technique of using darkness throughout The Speckled Band creates tension, and this appears to the readers senses. The imagery of the distorted child affects the readers sight, as they become more aware of their surroundings. The cat-like whine appears the readers sound sense, as the reader can hear things, but they cannot see them, and this would make the reader nervous. Therefore they are encouraged to read further on. The things, such as chill wind, affect the readers touch sense. The blustery weather builds more suspense as it implies the image of a cold, dark, windy night. Almost as though something bad is about to happen. All of the senses are appealed to, and therefore the readers are able to feel more involved and believe they are included in the mystery. The Speckled Band Essay Example The Speckled Band Paper The similarities of Lamb to the Slaughter and The Speckled Band are evident throughout both stories, although some are found deep beneath the surface, hidden well by their authors, but delve deep into the worlds of Mary Maloney and Sherlock Holmes and the answers are provided, clear as day. The characters in both Lamb to the slaughter and The speckled band are portrayed by the authors of each story respectively as, in Mary Maloneys case in Lamb to the slaughter as an easy target, a very passive woman and in actual fact this is far from the actual truth, as she is a murderer. Whilst The speckled band plays centre stage for Sherlock Holmes, who acts out his role of typical detective with the trademark pipe, cap and magnifying glass props included (although Holmes is excused as this stereotype is one he helped build). Its these stereotypes that build the structure of the short stories, Maloneys of shock and disbelief over what she is capable of doing and covering up, this shows a character immensely diverse from the readers first impression of Mrs Maloney; Her skin for this was her sixth month with child had acquired a wonderful translucent quality, the mouth was soft, and the eyes, with their new placid look, seemed larger, darker than before. This backs up Maloneys first impression of being the ironic typical victim of the story, the emphasis on the size of Marys eyes show innocence and a sense of being nai ve on the soon-to-be widow. Holmes not only helps along the idea of being a typical detective by appearance alone, his actions, observations and language fuels this also. We will write a custom essay sample on The Speckled Band specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on The Speckled Band specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on The Speckled Band specifically for you FOR ONLY $16.38 $13.9/page Hire Writer He picks up on the slightest of clues and possibilities of the case, giving an accurate prediction early on in the story, backing up and adding depth to the Sherlock Holmes character. Sir Arthur Conan Doyle does this well and successfully makes the famous detective shine. I had come to an entirely erroneous conclusion, which shows, my dear Watson, how dangerous it always is to reason from insufficient data. This quotation is echoed from Sherlocks conclusion of the case, once solved, as always Holmes simplified and explained how he arrived at yet another infamous Sherlock Holmes victory, not only for Watson, but for the reader. Note the intellectual language used by Holmes. This is not a show. It is how he truly speaks, this aswell as the reference to unimaginable leads from the beginning of the story, which aided Holmes in solving the case, shows what a sharp and educated man he really is, along with his ability to deal with the venomous snake who appeared in the story, showing courage and strength. This gives Holmes the rightfully acquired typical detective stereotype adopted by him in The Speckled Band. The settings in both Lamb to the slaughter and The Speckled Band play a major role of significance to both stories respectively. Lamb to the slaughters setting gives a sense of warmth and security, a homely background with Mary Maloney and husband at the forefront. This setting adds to the emotions felt when the unexpected murder occurs, from one extreme to the next. At first the radiant mother-to-be is awaiting the arrival of her loving husband then shifts to the desperate cover up of his death and deceit of the investigating police. It really does make the story that much better, in that it plays with your emotions and puts that unpredictable spin on Mary Maloneys character.

Word Choice Immigration, Emigration and Migration

Word Choice Immigration, Emigration and Migration Word Choice: Immigration, Emigration and Migration Although closely related, immigration, emigration and migration have distinct meanings that you need to understand. This will ensure you can use them effectively in your writing. All three words describe the movement of people (and sometimes animals) from one place to another. However, the correct word to use depends on the situation. Learn more about their usage below. Immigration (Arriving) Immigration is the act of entering or arriving in a new country of residence. It would be used in a sentence like this: Jesse’s family originally immigrated to America in 1621. Emigration (Leaving) The word emigration refers to leaving one country and moving somewhere else. Emigration, like immigration, is usually a permanent, rather than a temporary, move. We would use emigration in a sentence like this: Jesse’s ancestors emigrated from England aboard the Mayflower. Don’t forget that immigration is spelled with a double m, while emigration only has one! Migration (Movement) Migration is the movement of people or animals from one location to another. This covers movement in general, whether leaving or arriving. When migration describes the movement of animals, it is usually from a cold location to a warmer one during winter. We would use it in a sentence like this: American buffalo migrate large distances to find fresh pasture. The same journey can be described using all three words, dependent upon the point of view. To continue the example above, we could say that Jesse’s ancestors migrated when they emigrated from England and immigrated to America. If you would like further advice about word choice or academic writing, the professionals at Proofed can help you today!

Wassily Kandinsky and Surrealism Assignment Example | Topics and Well Written Essays - 500 words

Wassily Kandinsky and Surrealism - Assignment Example The paper "Wassily Kandinsky and Surrealism" explores the art of Wassily Kandinsky. Despite his interest in art, he pursued law and economics as suggested by his parents. As a well-educated man, he chose to pursue Art and experiment with his obsession for colors. This paper will discuss how Kandinsky developed a unique style and explored abstract art as well as highlight some of the artists that he influenced. Worth noting is the fact that the painting was a spiritual thing for Kandinsky and he intended to use it to convey different levels of human emotions. He sought to use abstract forms and colors to explore different cultures and physical boundaries. In his view, abstract art was of critical importance in the expression of inner necessity. Kandinsky associated musical sounds with the potential to evoke different emotions in listeners. Therefore, he wanted to develop an art that could trigger similar emotions to his audience. He wanted to develop object-free art that had a spiritu al connection and a direct allusion to different emotions. Worth noting is the fact that his ability to create object free paintings with a strong allusion to different human emotions defined his unique style. Kandinsky had his first experience of object-free art in an exhibition that he attended and developed a close in this form of art. Kandinsky worked closely with other artists, who influenced him in different ways. For example, one of his close friends was Paul Klee with whom he shared artistic ideas.

Contract Law Research Paper Example | Topics and Well Written Essays - 1000 words

Contract Law - Research Paper Example The court substantiates the value of a breach thereby punishing the offending party depending on the specific breach. A contract has various components created systematically with the view to protecting the interests of both parties as the discussion below shows. According to the contract law in the country, a contract consists of three specific elements. The three are an offer, acceptance and the competent person. An offer refers to the proposition by an individual who requires a particular service of a product. Such a person, known as the â€Å"offeror† approaches another who can undertake the duties with the offer. The â€Å"offeree† considers the terms of the request before deciding either to accept or to decline. As stated earlier, entry into a contract is normally voluntary (Bainbridge, 2012). The process of analyzing the content of the offer is known as consideration. Additionally, consideration refers to a valuable substance the two parties exchange in the transaction. Both parties must offer something of value such as money, servive or a product to validate the agreement. The â€Å"offeree† considers the details of the offer and often engages the â€Å"offeror† in a revision exercise in order to make the terms friendly to both parties. Acceptance therefore refers to the admission by the â€Å"offeree† to undertake the tasks as proposed by the offer. This way, both the â€Å"offeror† and the â€Å"offeree† become legally bound to the contract and must therefore meet their obligations as stated in the contract. The two parties constitute the â€Å"competent persons† described above. The three elements described above require effective evidence, which often occur in writing. However, two parties can enter a contract verbally by expressing their interests in working with each other. Intention is an equally important feature to consider especially in verbal agreements. Just as the name suggests, intention refers to the probable reasons for behaving in a

Macroeconomics Interview Assignment Essay Example | Topics and Well Written Essays - 1000 words

Macroeconomics Interview Assignment - Essay Example as a set of actions and conditions that were fundamental attributes of a financial crisis and ensuing recession, which become evident and visible in 2008. Some of the actions or factors that contributed to this crisis of rise and fall of housing costs are attributed of the securities held by the financial institutions. The ensuing years leading to the crisis, the United States had received large sums of money in terms of foreign loans from fast developing economies such as Asia and other oil manufacturing nations (Rao, and Sisodiya, 11). The huge inflow of foreign funds and low U.s rates of interest between 2002 and 2004 is attributed to the volatile milieu characterised by easy credit conditions. This environment is immensely attributed to the housing and credit bubbles. However, the immediate cause of the subprime crisis was the bursting of the US’s housing bubble. The bubble peaked between 2005 and 2006. The crisis was characterized by an increase in subprime mortgage negligence and foreclosure, and the consequent decrease of securities that were guaranteed by the said mortgages. The mortgages included the mortgage-backed securities (MBS) and the collateralized debt obligations (CDO). The securities offered attractive incentives and rates of return in the beginning; nonetheless, the abnormally low credit factor eventually resulted to substantial defaults (Rao, and Sisodiya, 27). Fundamentally, the crisis is connected to numerous factors; however, the primary ones include the inability of homeowners to submit the mortgage payments due to predatory lending and speculation factors. Other factors include high level of personal and corporate debts, poor monetary and housing policy, global imbalances and inapt government regulation, which aimed at expanding homeownership. It is imperative to note that, the MBS, CDO and credit default swap caused the disproportionate housing debt. For the case of the home sellers and business people, the increase and sharp fall of

Government Bond Market in Nigeria

Government Bond Market in Nigeria CHAPTER 1 Background Finance plays an increasingly important role in economic growth and development of nations around the world. These roles are in many different forms, they include but not limited to channelling savings towards investment. The level of sophistication of a financial system is important and to a large extent determines the overall level of overall growth and development of that economy. The financial system contributes to economic growth performance through several mechanisms and channels à ¢Ã¢â€š ¬Ã¢â‚¬Å" mobilising savings, allocating funds to their most productive uses, monitoring productive uses i.e. investments, transferring and sharing risk (see World Bank (2001)). In modern economies, disruptions in the flow of credit from the financial system to businesses within the economy are detrimental to economic growth and can lead to a general slowdown in the level economic activities. This in turn can lead to unemployment; drop in consumer spending, consumer and industrial economic con fidence levels and ultimately a general slowdown in the economy. Capital account liberalisation in many countries and increasing levels of regional integration and globalisation add an international dimension to the flow of investments and capital around the world. These have made the transfer of funds and investment easy and accessible from one country to another. Investments and capital can be transferred around the world with fewer restrictions as barriers are being removed due to increasing impact of globalization. Since the start of the global financial crisis in 2008, the focus has increasingly been on the roles of the banking sector and the capital market in most economies. The global financial crisis caused a massive flight to safety with investor divesting from currencies, equities markets and other risky assets to the sovereign bond markets which are perceived as safe haven. Investor in major economies divested from perceived risky assets to markets where their investments are relatively safe and guaranteed. This shows one of the significance of sovereign bond market as an investment option for investors in times of crisis and how it can help to minimize the occurrence of such crisis. According to Arteta (2005), there have been many banking crises over the years in many developing countries which were very costly due to the fact that they tend to obstruct the free operations of financial intermediaries, affecting industries and the real economy. Crises can block the normal flow of credit and loans from banks to firms. The dominance of bank intermediation and the general underdevelopment of capital markets (especially the bond markets) in many developing countries aggravate the susceptibility of the real economy to episodes of banking problems. It follows that having additional sources of domestic external finance would allow firms to better withstand episodes of financial distress. By allowing firms to raise funds issuing debt securities, the existence of deep and liquid domestic capital markets would complement the availability of bank finance. By patronising this capital market option, firms would also help to deepen and broaden the market. Well diversified financial systems would lead to more efficient allocation of resources especially capital, where firms can issue bonds in domestic markets. This would enable the firms to ease maturity mismatches in their balance sheets. Thus, bond markets would lessen the effect of waning bank credit flows on firmsà ¢Ã¢â€š ¬Ã¢â€ž ¢ financing requests during periods of banking crises. Bond market has major importance in any economy but more so in emerging economy where savings and investment opportunities are inadequate. Financial sector development (more importantly for capital market) begins with the development of a sovereign bond market in many emerging economies. This is common, not only because governments are mostly the biggest domestic borrowers with the best credit ratings but also because of how their actions and inactions affect the overall level of economic development. There have been significant changes politically, economically and socially in many developing economies particularly in Africa. The financial crises of 1997-1998 (in Asia and Russia) have pointed out how vulnerable economies are when over dependent on foreign capital or banking system (Fabella and Madhur, 2003). In many emerging economies in Africa, recently there have been changes in organizational and regulatory framework of capital markets. These countries are re-strategizing in order to broaden their capital market and investors base as well as tap into the new sources of funding such as bond markets. (Brownridge, 1998). Currently, the domestic bond markets in most African economies where they exist are narrow and largely undeveloped compared to the banking system and the equity market. There are many rationales for developing a domestic bond market especially for emerging economies. First, developing a bond market will help the government to finance fiscal deficits which was done previously by forcing local banks to hold government paper, usually to meet demanding reserve and liquidity requirements. Secondly, according to Frankel (1993) in the absence of a bond market it would be difficult to sterilize large long-term capital inflows for infrastructural development. This was a difficult challenge for several central banks during the early 1990s when they had only short-term debt instruments. Sterilization that relies entirely on issuing short-term securities tends to drive up short-term interest rates while bond issuance help to minimise this risk. Thirdly, to generate a yield curve which could serve as a benchmark for investors and borrowers in the financial markets. This enables the market participants to derive the market interest rate that reflect the opportunity cost of fund at each maturity. Also, Sokoler (2002), bond market increases the competitiveness and efficiency of the financial system, which might have been dominated by few banks before the introduction of bond market. However, the effectiveness of the bond market as an alternative source of financing depends essentially on there not being a high co-movement between bank lending, bond and equity financing in a domestic setting, and the absence of contagion in the international capital markets more importantly for countries with open accounts. Bond market debt financing is necessary for developmental projects and infrastructures like electricity generation, transmission and distribution, the fuel energy sector, transportation, telecommunication, etc. 1.2 Purpose of the Study The goal is to provide a detailed review of the progress and prospects for the development of the government bond market in Nigeria with a view to identifying how the market can be broadened and deepened from both the demand and supply sides. The supply side includes the issuers of debt securities like federal government, sub-sovereigns and corporations. The demand side of the market is made up of institutional investors like banks, pension fund administrators, foreign investors, hedge funds and high net worth individuals as well as retail investors. The paper would also examine how the issuers on the supply side can take advantage of the relatively cheap sources of funding in the market against conventional funding methods as well as how the creation of alternative investment options would affect the demand side. Also, the roles and impacts of financial intermediators who facilitate the smooth operations of the market, and the perceived benefits for them (especially primary dealers) would be examined and finally the benefits for the Nigerian economy should the market be further deepened and broaden. Research Method In an attempt to provide an in-depth, objective and balanced perspective on the development of the Nigeria bond market, this project write-up draws conclusions from the various research papers and information supplied by other authors on the development on bond markets in other emerging market economies. The main factors behind the recent development of the Nigerian bond market would be explained in details by analysing information and statistics on the market. This involves the analysis of major macro-economic changes in Nigeria, pension reform, changes in debt management strategies, consolidation exercise in the banking industry etc. Statistical information provided in the dissertation have not been tested and are quoted verbatim. Outline of the Dissertation An outline of the remaining chapters is presented below: Chapter 2 reviews relevant literature on the development of bond markets especially the importance which establishes the foundation of the dissertation. The chapter also considers the main factors, trends and forces that have contributed to the development of bond market in other emerging market countries with an in-depth look at Asian and Russian markets. Chapter 3 takes a detailed look at the timeline of bond market development in Nigeria, structure, regulatory framework, regulators, the main drivers behind the growth of the market as well as the make-up of the demand and supply sides.. Chapter 4 seeks to identify and adapt the lesson in other parts of the world and concludes with the recommendations for broadening and further development of the Nigerian bond market. Chapter 5 will again highlights the importance of the study; it concludes with an overview of the recent developments in the Nigeria bond market and considers the new challenges that would emerge going forward. Chapter Two Literature Review on the development of the bond market. 2.1 Introduction This chapter reviews the literature on domestic bond market development in several emerging economies. From this review critical success factors that are prerequisite to the development of the domestic bond market will be determined. Information has been gathered by reviewing reports from government agencies, investment analystsà ¢Ã¢â€š ¬Ã¢â€ž ¢ reports, reports by the World Bank, the International Monetary Fund, African Development Bank, Asian Development Bank, Bank for International Settlement, the Emerging Markets Committee of the International Organization of Securities Commission and other bond market associations and debt management agencies. 2.2 The Development of bond markets in Emerging Markets This section examines the challenges and issues concerning domestic bond market development in many emerging markets as well as prerequisites for an efficient, broad and deep domestic bond market. There are several factors to consider. First, the financial crisis that happened between 1997-1998 reminded most policy makers around the world of the over-reliance of many emerging market economies on their respective domestic banking systems as a source of funding. Secondly, information on bond markets in emerging markets especially in sub-Saharan Africa is not readily available when compared to other developed markets or even other domestic market segments notably the equity market. 2.3 Rationale for developing a domestic bond market After the Asian and Russian financial crises of 1997-1998 many researchers have advocated for the development of domestic bond market as an alternative source of financing not only in the crisis-hit countries but for all emerging market economies where obvious shortcomings are prevalent. The following is a summary of the major arguments put forward: an alternative source of domestic debt finance fiscal deficit financing broadening and deepening of capital markets efficient risks pricing aids smooth operation of monetary policy etc. 2.3.1 An alternative source of domestic debt finance Witherell (2003) argued that bond markets reduce the over-dependence on bank credit for debt financing and that these markets also reduce the susceptibility of the economy to the risk of banking system failure. Banking crisis can have negative and adverse effects on the economy as a whole because firms and industries would find themselves credit constrained and be forced to jettison new investment spending, leading to a drop in aggregate demand through the multiplier effect. Harewood (2000) also opined that deep and efficient bond market enable firms to gain access to an alternative source of debt financing which could help banks in times of crisis to recapitalise through securitization by issuing bonds backed by non-performing loans. 2.3.2 Fiscal deficit financing Khalid (2007) argued that the benefits of developing domestic bond markets are both macroeconomic and microeconomic in nature. Within the macroeconomic perspective, the primary importance of the government bond market is to provide a channel for the financing of fiscal deficits. This is arguably the most important benefit for emerging market economies with historically large fiscal deficits and the failure of other possible sources of financing the fiscal deficits which are compelling governments to borrow from domestic markets. In addition, several countries both developed and developing have faced the need to finance very large extraordinary and unusual expenditure which are of long-term nature. The finance required for bank restructuring and long-term support for industries have been one recent example in many emerging markets. 2.3.3 Lower cost of borrowing IOSCO (2002) identified that governments and firms can enjoy lower cost of debt capital in the bank markets compared to high charges and rates offered on bank loans. This is achieved through the process of bank disintermediation which allows direct access to investors, thus removing the à ¢Ã¢â€š ¬Ã…“middlemanà ¢Ã¢â€š ¬? and related costs. Also, the issuer may tailor its asset and liability profile to minimise the risk of currency and maturity mismatch thus reducing the weighted cost of capital. 2.3.4 Broadening the capital market Debt market development helps to diversify the capital markets, reducing over-dependence on banks and susceptibility within the banking system which is positive for the entire economy at large. The bond market has provided avenues for financial engineering and innovations which have broaden the financial system in general (Akhtar 2007). A well-functioning bond market provides with investment options across a wider range of instruments including sovereign, sub-sovereign, corporate bonds and securitized obligations such as mortgage backed securities and collaterized debt obligations. The wide range of investment alternatives allows investors to make optimal asset allocation decisions. This is particularly important for investor like life insurance companies and pension fund administrators because the bond market facilitates better management of the maturity structure of their balance sheets. 2.3.5 Efficient pricing of credit risks Bond markets create cost-effective and competitive capital markets by generating market yield and interest rates that reflect the opportunity cost of capital at each tenor and maturity. This is necessary for efficient and financing decisions. Herring and Chatusripitak (2000) further stated that without a developed bond market, firms and investors would lack a clear measure of opportunity cost of funds. This may lead to mispricing of funds as was evident in late 1990s in many dynamic Asian economies suggesting that the internal discount rate may have often been too low because returns on investment fell sharply. IOSCO (2002) suggests banksà ¢Ã¢â€š ¬Ã¢â€ž ¢ interest rates are not always competitively determined so may not always reflect the true opportunity cost of funds. This is because big banks could always agree to fix rates. 2.3.6 Aids smooth operation of monetary policy The debt market is increasingly more important for the operation of monetary policy. Monetary policy now relies not only on a well functioning money market but also increasingly on indirect instruments of control like the bond market. Moreover, yields in the long-term bond market show expectations of likely macroeconomic developments and about market reactions to monetary policy moves by market regulators. 2.3.7 Promotion of financial stability The bond market provides an alternative source of funding to equity and banking financing, this alternative source enhances the stability of the financial market as a whole and efficient allocation of credit. This was evident after the Asian financial crisis the weak banking sector provided an impetus to the development of bond markets in several emerging markets. By diversifying funding sources, firms can adjust their borrowing between the banks and the debt markets (Hameed, 2007). IOSCO (2002) added that where there is no corporate bond market, a significant ratio of debt funding for corporations would come from the banking sector. By doing this, banks would assume a considerable amount of risk mainly due to the maturity mismatch between liquid short-term liabilities (deposits) and relatively long-term assets (loans). Banks cannot transfer credit risk to depositors. Herring and Chatusripitak (2000) concluded that in emerging markets where few banks dominate and account for bulk of lending activity, there is a concentration of credit risk with the banking sector. This leads to an increasing level of systemic risk in an economy. In summary, the existence of a well-functioning bond market ensures that risks are efficiently diversified within the financial system. 2.3.8 Sterilization of large capital inflows Frankel (1993), for any economy to grow and develop there is a need to sterilise large capital inflows. This was a particularly difficult challenge and difficult for several central banks in emerging economies during the first half of the 1990s. In the absence of well developed bond markets, the central bank has only short-term debt instruments at its disposal in conducting open market operations and raise fund for governments to finance developmental projects. Sterilisation that relies exclusively on issuing paper tends to drive up short-term interest rate and crowding-out effect. This risks biasing the structure of inflows towards the short end. Sterilisation through the sale of bonds reduces such risk. 2.4 Basic prerequisites for successful development of government debt markets The development of bond markets must be seen as a continuous, progressive and dynamic process in which macroeconomic and political stability are necessary to building an efficient market. Also, the credibility of the government as an issuer of debt securities must be established. World Bank (2001) noted that à ¢Ã¢â€š ¬Ã…“the prerequisites for establishing an efficient and deep government domestic currency debt market include a credible and stable government, sound fiscal and monetary policies, effective legal, tax and regulatory infrastructure, smooth and secure settlement arrangements, and a liberalised financial system with competing intermediaries. Where these basics are lacking or very weak, priority should be given to adopting and implementing stable and credible macroeconomic policy framework, reforming and liberalising in different areasà ¢Ã¢â€š ¬?. All these factors point to the creation of an enabling environment. Domestic as well as foreign investors will be unwilling to purchase government securities, especially medium- and long-term instruments when there are expectations of high inflation, large devaluations, or high risks of default like Greece recently. It is important that governments work toward macroeconomic policy framework that promotes credible commitment to prudent and sustainable fiscal policies and stable monetary conditions. Such actions will cut government funding costs over the medium to long term, as the risk premium embedded in rates and yields on government securities drop. Inflationary expectations will have impact on longer-term nominal government securities yields and affect not only government borrowing costs, but also, in countries with unstable monetary and fiscal environment, the governmentà ¢Ã¢â€š ¬Ã¢â€ž ¢s ability to extend the yield curve beyond very short maturities. Thus a credible commitment from government to contain inflation is crucial for government securities market development. The ability to attract foreign investors to a countryà ¢Ã¢â€š ¬Ã¢â€ž ¢s debt market is to a large extent determined by the exchange rate and capital account policies of the country. Foreign investors have a major role to play in the development of government debt markets and in hastening development of the necessary infrastructure by injecting new competition into otherwise dull markets. Foreign investors will compare the yield on domestic debt with those of international markets. They will consider the default risk and the risk of exchange rate volatility. Exchange rate, capital account policies when combined with monetary and fiscal policies can affect each of these risks, and inappropriate policies can result in increased interest rate and exchange rate volatility. Such volatility impedes development of government securities issues with long maturities and can harm secondary market liquidity when there are no derivatives or complementary markets that investors can use to hedge ag ainst the risk of price movements. The soundness of the banking system also has important implications for development of the government debt market. Investor concerns about the health and soundness of the banking system will negatively affect the ability of the government to roll over or issue new debt. Furthermore, lack of financially healthy intermediaries will cause secondary market illiquidity and inefficiency. A banking system in crisis will further impede development of a government debt market and cause significant liquidity shortages. This is because important associated markets such as those for interbank and repurchase agreement transactions are unlikely to function properly. Although the challenges involved in providing the necessary macroeconomic and financial framework are enormous, these should not deter authorities. This is because the potential benefits to the government and the economy are considerable. In its role as both regulator and primary issuer, the government is a central player in the debt market. The central bank, in implementing monetary policy, will also influence market structure and inevitably market development. Given the involvement of several government agencies and entities in the process of market development, they should interact with the private sector and other market participants as this may be a useful tool to spearhead market development efforts. Harwood (2000) adds that à ¢Ã¢â€š ¬Ã…“Market participants need to evaluate the critical success factors to determine which ones constrain their marketà ¢Ã¢â€š ¬Ã¢â€ž ¢s growth and how to deal with them. Market development will be accelerated if regulators who are interested in market development work closely with market participants to identify problems and solutions with other regulators to persuade them to address problems and solutions and with other regulators to persuade them to address problems under their control.à ¢Ã¢â€š ¬? Although, there is no one size fits all framework to build a market, emerging markets should try to learn from one anotherà ¢Ã¢â€š ¬Ã¢â€ž ¢s experiences for guidance on how to develop from à ¢Ã¢â€š ¬Ã…“emergingà ¢Ã¢â€š ¬? to à ¢Ã¢â€š ¬Ã…“emergedà ¢Ã¢â€š ¬? and on what works best in what type of environment. Harwood (2000) concludes that participation in the market cannot be forced, but it can be encouraged by an enabling environment. It can also be discouraged by à ¢Ã¢â€š ¬Ã…“unablingà ¢Ã¢â€š ¬? environment. 2.5 Government securities issuance strategy and market access The process of debt issuance is an important factor in debt market development. For the market to develop, transparency and credibility of the process must be built although they take time. A market-oriented government funding strategy is an essential foundation for the growth and development of a debt market. The strategy involves the adherence to basic market principles of broad market access and transparency, a commitment to finance budget deficits through the market, and a proactive and continuous approach in developing the necessary regulatory framework to support market development. World Bank (2001,a), à ¢Ã¢â€š ¬Ã…“governments need to improve market access and transparency by providing high-quality information about debt structure, funding needs and debt management strategies to market participants and public at large. They must solicit investorsà ¢Ã¢â€š ¬Ã¢â€ž ¢ views on the current strategy and plans for change. In this way, the government will better understand the source of demand for its instruments and have the ability to act to remove barriers obstructing investment in them.à ¢Ã¢â€š ¬? World Bank (2001,b) further states that à ¢Ã¢â€š ¬Ã…“a sound and prudent debt management operation is also central to the governmentà ¢Ã¢â€š ¬Ã¢â€ž ¢s credibility as an issuerà ¢Ã¢â€š ¬?. Having clear debt management objectives, proper coordination between debt management objectives, prudent risk management and effective institutional frameworks are essential components of sound debt management. As part of developing and maintaining a well-functioning government securities market, authorities will have to provide clear and timely information about the structure and nature of fiscal deficits and public debt as well as other Treasury operations. The information also include but not limited to amortization schedule, issuing calendar, description of outstanding securities, schedule for buybacks or re-openings where relevant, and Treasury cash balances. 2.6 Government securities instruments and yield curve One of the essential benefits of a well-functioning government securities market is to develop a set of benchmark securities. By concentrating new issues of government securities in a relatively limited number of popular, standard maturities, governments can reduce their issuing cost and boost liquidity in those maturities. Markets, in turn, can use those liquid issues as convenient benchmarks for the pricing of a range of other financial instruments. In addition, spreading the relatively few benchmark issues across a fairly wide range of maturities and tenors is generally regarded as building a à ¢Ã¢â€š ¬Ã…“benchmark yield curveà ¢Ã¢â€š ¬?. This can help to facilitate more accurate market pricing of financial instruments across a similar maturity spectrum. 2.7 Investor base for government securities Governments in many emerging market relied on captive sources of funding whereby financial institutions are required to purchase and hold government securities, often at below-market interest rates. However, this system of raising funds is fast diminishing in many of these countries. Instead, countries are developing a diversified investor base for their government securities. Investors in developed government debt market can range from small-scale retail investor to and foreign institutional investors. A diversified investor base for debt securities is necessary to high liquidity, stable demand and reasonable spread in the market. A heterogeneous investor base with different background, time horizons, expectations, risk preferences, and trading motives ensures active trading, creating high liquidity. 2.7.1 Commercial and Investment Banks Commercial and investment banks serve as both sales agentsà ¢Ã¢â€š ¬Ã¢â€ž ¢ usually primary dealers and investors in government securities in many developing economies. Banks provide valuable source of demand and liquidity for government securities market by providing two-way quotes for other investors 2.7.2 Contractual savings sector This group consist of life insurance companies and pension fund administrators contractual. This sector is a major player in the fixed income securities markets, as it provides a stable source of long-term demand. This is because of the long-term nature of funds that the sector controls. The sectorà ¢Ã¢â€š ¬Ã¢â€ž ¢s demand for fixed-interest, low-credit-risk products also provides an important basis on which to develop standardized, securitized products such as mortgage bonds. Pension funds and life insurance companies are usually required to invest a large portion of their assets in so-called gilt-edged assets. This has helped to make this sector prominent in the government securities market. 2.7.3 Collective investment funds Collective investment funds, such as mutual and hedge funds, unit trust scheme etc can play an important role in the development of the government securities market, especially the shorter-term segments of the market because of the nature of funds that they manage. They offer retail and other investor alternative investment option other than investing in bank products. This helps to induce more competition in this part of the financial sector, and can be a cost-effective way for the government to reach retail investors. These collective investment funds that are established domestically or offshore help to deepen the securities market and should be allowed participate actively in the market.. 2.7.4 Retail investors Retail investors are a source of stable demand to the government securities market which could be crucial in times of high volatility. Demand from retail investors can help to cushion the impact of sales by institutional and foreign investors. In order to develop a diversified investor base for government securities the needs of retail investors should be incorporated into the overall strategy of market development. 2.7.5 Foreign investors Foreign investors are important source of demand and innovation to national capital markets, including government securities markets. They have received much attention in both mature markets and developing countries because of issues like regulation, capital flight, entry and exit barriers, etc. They have contributed positively to the development of government securities market in several countries through the positive pressure they place on the quality and services of intermediaries and their emphasis on sound, safe and robust market infrastructure. Foreign investors could be in many forms like emerging markets funds, such as some hedge funds and other specialized closed and open-end country or emerging-market funds. They also include crossover investors, such as pension funds and insurance companies not as dedicated to investing in a particular region or even country, and other more specialized investors like distressed asset funds, private capital fund etc. 2.8 Other bond markets 2.8.1 Introduction Various studies have been carried on bond market development in different parts of the world. For example Batten and Fetherston (2003) for Asian economies, Sylla (2001), World Bank and International Monetary Fund (2001), etc. BIS (2002) also reviews the experience of many emerging economies in the development of debt markets. The review shows to varying degrees the three main factors that delayed the development of bond market in most emerging economies namely: a bank-centered financial system, opaque corporate governance and borrowing in low interest rate currencies. This section will look at the experience of other bond markets both developed and developing; draw reasonable lessons on how emerging markets can deepen and broaden their domestic markets and increase efficiency. 2.8.2 Bond market development in Asia Murphy, Auster and Dean (2007) note that on July 2, 1997 the Thai baht devalued against the US dollar, the first in a series of collapses that have collectively become known as the Asian financial crisis. The crisis had many causes which highlighted the need to have effectively functioning domestic capital markets. The crisis showed the apparent risk of the absence of diversification with the over-dependence on short maturities, banks an Government Bond Market in Nigeria Government Bond Market in Nigeria CHAPTER 1 Background Finance plays an increasingly important role in economic growth and development of nations around the world. These roles are in many different forms, they include but not limited to channelling savings towards investment. The level of sophistication of a financial system is important and to a large extent determines the overall level of overall growth and development of that economy. The financial system contributes to economic growth performance through several mechanisms and channels à ¢Ã¢â€š ¬Ã¢â‚¬Å" mobilising savings, allocating funds to their most productive uses, monitoring productive uses i.e. investments, transferring and sharing risk (see World Bank (2001)). In modern economies, disruptions in the flow of credit from the financial system to businesses within the economy are detrimental to economic growth and can lead to a general slowdown in the level economic activities. This in turn can lead to unemployment; drop in consumer spending, consumer and industrial economic con fidence levels and ultimately a general slowdown in the economy. Capital account liberalisation in many countries and increasing levels of regional integration and globalisation add an international dimension to the flow of investments and capital around the world. These have made the transfer of funds and investment easy and accessible from one country to another. Investments and capital can be transferred around the world with fewer restrictions as barriers are being removed due to increasing impact of globalization. Since the start of the global financial crisis in 2008, the focus has increasingly been on the roles of the banking sector and the capital market in most economies. The global financial crisis caused a massive flight to safety with investor divesting from currencies, equities markets and other risky assets to the sovereign bond markets which are perceived as safe haven. Investor in major economies divested from perceived risky assets to markets where their investments are relatively safe and guaranteed. This shows one of the significance of sovereign bond market as an investment option for investors in times of crisis and how it can help to minimize the occurrence of such crisis. According to Arteta (2005), there have been many banking crises over the years in many developing countries which were very costly due to the fact that they tend to obstruct the free operations of financial intermediaries, affecting industries and the real economy. Crises can block the normal flow of credit and loans from banks to firms. The dominance of bank intermediation and the general underdevelopment of capital markets (especially the bond markets) in many developing countries aggravate the susceptibility of the real economy to episodes of banking problems. It follows that having additional sources of domestic external finance would allow firms to better withstand episodes of financial distress. By allowing firms to raise funds issuing debt securities, the existence of deep and liquid domestic capital markets would complement the availability of bank finance. By patronising this capital market option, firms would also help to deepen and broaden the market. Well diversified financial systems would lead to more efficient allocation of resources especially capital, where firms can issue bonds in domestic markets. This would enable the firms to ease maturity mismatches in their balance sheets. Thus, bond markets would lessen the effect of waning bank credit flows on firmsà ¢Ã¢â€š ¬Ã¢â€ž ¢ financing requests during periods of banking crises. Bond market has major importance in any economy but more so in emerging economy where savings and investment opportunities are inadequate. Financial sector development (more importantly for capital market) begins with the development of a sovereign bond market in many emerging economies. This is common, not only because governments are mostly the biggest domestic borrowers with the best credit ratings but also because of how their actions and inactions affect the overall level of economic development. There have been significant changes politically, economically and socially in many developing economies particularly in Africa. The financial crises of 1997-1998 (in Asia and Russia) have pointed out how vulnerable economies are when over dependent on foreign capital or banking system (Fabella and Madhur, 2003). In many emerging economies in Africa, recently there have been changes in organizational and regulatory framework of capital markets. These countries are re-strategizing in order to broaden their capital market and investors base as well as tap into the new sources of funding such as bond markets. (Brownridge, 1998). Currently, the domestic bond markets in most African economies where they exist are narrow and largely undeveloped compared to the banking system and the equity market. There are many rationales for developing a domestic bond market especially for emerging economies. First, developing a bond market will help the government to finance fiscal deficits which was done previously by forcing local banks to hold government paper, usually to meet demanding reserve and liquidity requirements. Secondly, according to Frankel (1993) in the absence of a bond market it would be difficult to sterilize large long-term capital inflows for infrastructural development. This was a difficult challenge for several central banks during the early 1990s when they had only short-term debt instruments. Sterilization that relies entirely on issuing short-term securities tends to drive up short-term interest rates while bond issuance help to minimise this risk. Thirdly, to generate a yield curve which could serve as a benchmark for investors and borrowers in the financial markets. This enables the market participants to derive the market interest rate that reflect the opportunity cost of fund at each maturity. Also, Sokoler (2002), bond market increases the competitiveness and efficiency of the financial system, which might have been dominated by few banks before the introduction of bond market. However, the effectiveness of the bond market as an alternative source of financing depends essentially on there not being a high co-movement between bank lending, bond and equity financing in a domestic setting, and the absence of contagion in the international capital markets more importantly for countries with open accounts. Bond market debt financing is necessary for developmental projects and infrastructures like electricity generation, transmission and distribution, the fuel energy sector, transportation, telecommunication, etc. 1.2 Purpose of the Study The goal is to provide a detailed review of the progress and prospects for the development of the government bond market in Nigeria with a view to identifying how the market can be broadened and deepened from both the demand and supply sides. The supply side includes the issuers of debt securities like federal government, sub-sovereigns and corporations. The demand side of the market is made up of institutional investors like banks, pension fund administrators, foreign investors, hedge funds and high net worth individuals as well as retail investors. The paper would also examine how the issuers on the supply side can take advantage of the relatively cheap sources of funding in the market against conventional funding methods as well as how the creation of alternative investment options would affect the demand side. Also, the roles and impacts of financial intermediators who facilitate the smooth operations of the market, and the perceived benefits for them (especially primary dealers) would be examined and finally the benefits for the Nigerian economy should the market be further deepened and broaden. Research Method In an attempt to provide an in-depth, objective and balanced perspective on the development of the Nigeria bond market, this project write-up draws conclusions from the various research papers and information supplied by other authors on the development on bond markets in other emerging market economies. The main factors behind the recent development of the Nigerian bond market would be explained in details by analysing information and statistics on the market. This involves the analysis of major macro-economic changes in Nigeria, pension reform, changes in debt management strategies, consolidation exercise in the banking industry etc. Statistical information provided in the dissertation have not been tested and are quoted verbatim. Outline of the Dissertation An outline of the remaining chapters is presented below: Chapter 2 reviews relevant literature on the development of bond markets especially the importance which establishes the foundation of the dissertation. The chapter also considers the main factors, trends and forces that have contributed to the development of bond market in other emerging market countries with an in-depth look at Asian and Russian markets. Chapter 3 takes a detailed look at the timeline of bond market development in Nigeria, structure, regulatory framework, regulators, the main drivers behind the growth of the market as well as the make-up of the demand and supply sides.. Chapter 4 seeks to identify and adapt the lesson in other parts of the world and concludes with the recommendations for broadening and further development of the Nigerian bond market. Chapter 5 will again highlights the importance of the study; it concludes with an overview of the recent developments in the Nigeria bond market and considers the new challenges that would emerge going forward. Chapter Two Literature Review on the development of the bond market. 2.1 Introduction This chapter reviews the literature on domestic bond market development in several emerging economies. From this review critical success factors that are prerequisite to the development of the domestic bond market will be determined. Information has been gathered by reviewing reports from government agencies, investment analystsà ¢Ã¢â€š ¬Ã¢â€ž ¢ reports, reports by the World Bank, the International Monetary Fund, African Development Bank, Asian Development Bank, Bank for International Settlement, the Emerging Markets Committee of the International Organization of Securities Commission and other bond market associations and debt management agencies. 2.2 The Development of bond markets in Emerging Markets This section examines the challenges and issues concerning domestic bond market development in many emerging markets as well as prerequisites for an efficient, broad and deep domestic bond market. There are several factors to consider. First, the financial crisis that happened between 1997-1998 reminded most policy makers around the world of the over-reliance of many emerging market economies on their respective domestic banking systems as a source of funding. Secondly, information on bond markets in emerging markets especially in sub-Saharan Africa is not readily available when compared to other developed markets or even other domestic market segments notably the equity market. 2.3 Rationale for developing a domestic bond market After the Asian and Russian financial crises of 1997-1998 many researchers have advocated for the development of domestic bond market as an alternative source of financing not only in the crisis-hit countries but for all emerging market economies where obvious shortcomings are prevalent. The following is a summary of the major arguments put forward: an alternative source of domestic debt finance fiscal deficit financing broadening and deepening of capital markets efficient risks pricing aids smooth operation of monetary policy etc. 2.3.1 An alternative source of domestic debt finance Witherell (2003) argued that bond markets reduce the over-dependence on bank credit for debt financing and that these markets also reduce the susceptibility of the economy to the risk of banking system failure. Banking crisis can have negative and adverse effects on the economy as a whole because firms and industries would find themselves credit constrained and be forced to jettison new investment spending, leading to a drop in aggregate demand through the multiplier effect. Harewood (2000) also opined that deep and efficient bond market enable firms to gain access to an alternative source of debt financing which could help banks in times of crisis to recapitalise through securitization by issuing bonds backed by non-performing loans. 2.3.2 Fiscal deficit financing Khalid (2007) argued that the benefits of developing domestic bond markets are both macroeconomic and microeconomic in nature. Within the macroeconomic perspective, the primary importance of the government bond market is to provide a channel for the financing of fiscal deficits. This is arguably the most important benefit for emerging market economies with historically large fiscal deficits and the failure of other possible sources of financing the fiscal deficits which are compelling governments to borrow from domestic markets. In addition, several countries both developed and developing have faced the need to finance very large extraordinary and unusual expenditure which are of long-term nature. The finance required for bank restructuring and long-term support for industries have been one recent example in many emerging markets. 2.3.3 Lower cost of borrowing IOSCO (2002) identified that governments and firms can enjoy lower cost of debt capital in the bank markets compared to high charges and rates offered on bank loans. This is achieved through the process of bank disintermediation which allows direct access to investors, thus removing the à ¢Ã¢â€š ¬Ã…“middlemanà ¢Ã¢â€š ¬? and related costs. Also, the issuer may tailor its asset and liability profile to minimise the risk of currency and maturity mismatch thus reducing the weighted cost of capital. 2.3.4 Broadening the capital market Debt market development helps to diversify the capital markets, reducing over-dependence on banks and susceptibility within the banking system which is positive for the entire economy at large. The bond market has provided avenues for financial engineering and innovations which have broaden the financial system in general (Akhtar 2007). A well-functioning bond market provides with investment options across a wider range of instruments including sovereign, sub-sovereign, corporate bonds and securitized obligations such as mortgage backed securities and collaterized debt obligations. The wide range of investment alternatives allows investors to make optimal asset allocation decisions. This is particularly important for investor like life insurance companies and pension fund administrators because the bond market facilitates better management of the maturity structure of their balance sheets. 2.3.5 Efficient pricing of credit risks Bond markets create cost-effective and competitive capital markets by generating market yield and interest rates that reflect the opportunity cost of capital at each tenor and maturity. This is necessary for efficient and financing decisions. Herring and Chatusripitak (2000) further stated that without a developed bond market, firms and investors would lack a clear measure of opportunity cost of funds. This may lead to mispricing of funds as was evident in late 1990s in many dynamic Asian economies suggesting that the internal discount rate may have often been too low because returns on investment fell sharply. IOSCO (2002) suggests banksà ¢Ã¢â€š ¬Ã¢â€ž ¢ interest rates are not always competitively determined so may not always reflect the true opportunity cost of funds. This is because big banks could always agree to fix rates. 2.3.6 Aids smooth operation of monetary policy The debt market is increasingly more important for the operation of monetary policy. Monetary policy now relies not only on a well functioning money market but also increasingly on indirect instruments of control like the bond market. Moreover, yields in the long-term bond market show expectations of likely macroeconomic developments and about market reactions to monetary policy moves by market regulators. 2.3.7 Promotion of financial stability The bond market provides an alternative source of funding to equity and banking financing, this alternative source enhances the stability of the financial market as a whole and efficient allocation of credit. This was evident after the Asian financial crisis the weak banking sector provided an impetus to the development of bond markets in several emerging markets. By diversifying funding sources, firms can adjust their borrowing between the banks and the debt markets (Hameed, 2007). IOSCO (2002) added that where there is no corporate bond market, a significant ratio of debt funding for corporations would come from the banking sector. By doing this, banks would assume a considerable amount of risk mainly due to the maturity mismatch between liquid short-term liabilities (deposits) and relatively long-term assets (loans). Banks cannot transfer credit risk to depositors. Herring and Chatusripitak (2000) concluded that in emerging markets where few banks dominate and account for bulk of lending activity, there is a concentration of credit risk with the banking sector. This leads to an increasing level of systemic risk in an economy. In summary, the existence of a well-functioning bond market ensures that risks are efficiently diversified within the financial system. 2.3.8 Sterilization of large capital inflows Frankel (1993), for any economy to grow and develop there is a need to sterilise large capital inflows. This was a particularly difficult challenge and difficult for several central banks in emerging economies during the first half of the 1990s. In the absence of well developed bond markets, the central bank has only short-term debt instruments at its disposal in conducting open market operations and raise fund for governments to finance developmental projects. Sterilisation that relies exclusively on issuing paper tends to drive up short-term interest rate and crowding-out effect. This risks biasing the structure of inflows towards the short end. Sterilisation through the sale of bonds reduces such risk. 2.4 Basic prerequisites for successful development of government debt markets The development of bond markets must be seen as a continuous, progressive and dynamic process in which macroeconomic and political stability are necessary to building an efficient market. Also, the credibility of the government as an issuer of debt securities must be established. World Bank (2001) noted that à ¢Ã¢â€š ¬Ã…“the prerequisites for establishing an efficient and deep government domestic currency debt market include a credible and stable government, sound fiscal and monetary policies, effective legal, tax and regulatory infrastructure, smooth and secure settlement arrangements, and a liberalised financial system with competing intermediaries. Where these basics are lacking or very weak, priority should be given to adopting and implementing stable and credible macroeconomic policy framework, reforming and liberalising in different areasà ¢Ã¢â€š ¬?. All these factors point to the creation of an enabling environment. Domestic as well as foreign investors will be unwilling to purchase government securities, especially medium- and long-term instruments when there are expectations of high inflation, large devaluations, or high risks of default like Greece recently. It is important that governments work toward macroeconomic policy framework that promotes credible commitment to prudent and sustainable fiscal policies and stable monetary conditions. Such actions will cut government funding costs over the medium to long term, as the risk premium embedded in rates and yields on government securities drop. Inflationary expectations will have impact on longer-term nominal government securities yields and affect not only government borrowing costs, but also, in countries with unstable monetary and fiscal environment, the governmentà ¢Ã¢â€š ¬Ã¢â€ž ¢s ability to extend the yield curve beyond very short maturities. Thus a credible commitment from government to contain inflation is crucial for government securities market development. The ability to attract foreign investors to a countryà ¢Ã¢â€š ¬Ã¢â€ž ¢s debt market is to a large extent determined by the exchange rate and capital account policies of the country. Foreign investors have a major role to play in the development of government debt markets and in hastening development of the necessary infrastructure by injecting new competition into otherwise dull markets. Foreign investors will compare the yield on domestic debt with those of international markets. They will consider the default risk and the risk of exchange rate volatility. Exchange rate, capital account policies when combined with monetary and fiscal policies can affect each of these risks, and inappropriate policies can result in increased interest rate and exchange rate volatility. Such volatility impedes development of government securities issues with long maturities and can harm secondary market liquidity when there are no derivatives or complementary markets that investors can use to hedge ag ainst the risk of price movements. The soundness of the banking system also has important implications for development of the government debt market. Investor concerns about the health and soundness of the banking system will negatively affect the ability of the government to roll over or issue new debt. Furthermore, lack of financially healthy intermediaries will cause secondary market illiquidity and inefficiency. A banking system in crisis will further impede development of a government debt market and cause significant liquidity shortages. This is because important associated markets such as those for interbank and repurchase agreement transactions are unlikely to function properly. Although the challenges involved in providing the necessary macroeconomic and financial framework are enormous, these should not deter authorities. This is because the potential benefits to the government and the economy are considerable. In its role as both regulator and primary issuer, the government is a central player in the debt market. The central bank, in implementing monetary policy, will also influence market structure and inevitably market development. Given the involvement of several government agencies and entities in the process of market development, they should interact with the private sector and other market participants as this may be a useful tool to spearhead market development efforts. Harwood (2000) adds that à ¢Ã¢â€š ¬Ã…“Market participants need to evaluate the critical success factors to determine which ones constrain their marketà ¢Ã¢â€š ¬Ã¢â€ž ¢s growth and how to deal with them. Market development will be accelerated if regulators who are interested in market development work closely with market participants to identify problems and solutions with other regulators to persuade them to address problems and solutions and with other regulators to persuade them to address problems under their control.à ¢Ã¢â€š ¬? Although, there is no one size fits all framework to build a market, emerging markets should try to learn from one anotherà ¢Ã¢â€š ¬Ã¢â€ž ¢s experiences for guidance on how to develop from à ¢Ã¢â€š ¬Ã…“emergingà ¢Ã¢â€š ¬? to à ¢Ã¢â€š ¬Ã…“emergedà ¢Ã¢â€š ¬? and on what works best in what type of environment. Harwood (2000) concludes that participation in the market cannot be forced, but it can be encouraged by an enabling environment. It can also be discouraged by à ¢Ã¢â€š ¬Ã…“unablingà ¢Ã¢â€š ¬? environment. 2.5 Government securities issuance strategy and market access The process of debt issuance is an important factor in debt market development. For the market to develop, transparency and credibility of the process must be built although they take time. A market-oriented government funding strategy is an essential foundation for the growth and development of a debt market. The strategy involves the adherence to basic market principles of broad market access and transparency, a commitment to finance budget deficits through the market, and a proactive and continuous approach in developing the necessary regulatory framework to support market development. World Bank (2001,a), à ¢Ã¢â€š ¬Ã…“governments need to improve market access and transparency by providing high-quality information about debt structure, funding needs and debt management strategies to market participants and public at large. They must solicit investorsà ¢Ã¢â€š ¬Ã¢â€ž ¢ views on the current strategy and plans for change. In this way, the government will better understand the source of demand for its instruments and have the ability to act to remove barriers obstructing investment in them.à ¢Ã¢â€š ¬? World Bank (2001,b) further states that à ¢Ã¢â€š ¬Ã…“a sound and prudent debt management operation is also central to the governmentà ¢Ã¢â€š ¬Ã¢â€ž ¢s credibility as an issuerà ¢Ã¢â€š ¬?. Having clear debt management objectives, proper coordination between debt management objectives, prudent risk management and effective institutional frameworks are essential components of sound debt management. As part of developing and maintaining a well-functioning government securities market, authorities will have to provide clear and timely information about the structure and nature of fiscal deficits and public debt as well as other Treasury operations. The information also include but not limited to amortization schedule, issuing calendar, description of outstanding securities, schedule for buybacks or re-openings where relevant, and Treasury cash balances. 2.6 Government securities instruments and yield curve One of the essential benefits of a well-functioning government securities market is to develop a set of benchmark securities. By concentrating new issues of government securities in a relatively limited number of popular, standard maturities, governments can reduce their issuing cost and boost liquidity in those maturities. Markets, in turn, can use those liquid issues as convenient benchmarks for the pricing of a range of other financial instruments. In addition, spreading the relatively few benchmark issues across a fairly wide range of maturities and tenors is generally regarded as building a à ¢Ã¢â€š ¬Ã…“benchmark yield curveà ¢Ã¢â€š ¬?. This can help to facilitate more accurate market pricing of financial instruments across a similar maturity spectrum. 2.7 Investor base for government securities Governments in many emerging market relied on captive sources of funding whereby financial institutions are required to purchase and hold government securities, often at below-market interest rates. However, this system of raising funds is fast diminishing in many of these countries. Instead, countries are developing a diversified investor base for their government securities. Investors in developed government debt market can range from small-scale retail investor to and foreign institutional investors. A diversified investor base for debt securities is necessary to high liquidity, stable demand and reasonable spread in the market. A heterogeneous investor base with different background, time horizons, expectations, risk preferences, and trading motives ensures active trading, creating high liquidity. 2.7.1 Commercial and Investment Banks Commercial and investment banks serve as both sales agentsà ¢Ã¢â€š ¬Ã¢â€ž ¢ usually primary dealers and investors in government securities in many developing economies. Banks provide valuable source of demand and liquidity for government securities market by providing two-way quotes for other investors 2.7.2 Contractual savings sector This group consist of life insurance companies and pension fund administrators contractual. This sector is a major player in the fixed income securities markets, as it provides a stable source of long-term demand. This is because of the long-term nature of funds that the sector controls. The sectorà ¢Ã¢â€š ¬Ã¢â€ž ¢s demand for fixed-interest, low-credit-risk products also provides an important basis on which to develop standardized, securitized products such as mortgage bonds. Pension funds and life insurance companies are usually required to invest a large portion of their assets in so-called gilt-edged assets. This has helped to make this sector prominent in the government securities market. 2.7.3 Collective investment funds Collective investment funds, such as mutual and hedge funds, unit trust scheme etc can play an important role in the development of the government securities market, especially the shorter-term segments of the market because of the nature of funds that they manage. They offer retail and other investor alternative investment option other than investing in bank products. This helps to induce more competition in this part of the financial sector, and can be a cost-effective way for the government to reach retail investors. These collective investment funds that are established domestically or offshore help to deepen the securities market and should be allowed participate actively in the market.. 2.7.4 Retail investors Retail investors are a source of stable demand to the government securities market which could be crucial in times of high volatility. Demand from retail investors can help to cushion the impact of sales by institutional and foreign investors. In order to develop a diversified investor base for government securities the needs of retail investors should be incorporated into the overall strategy of market development. 2.7.5 Foreign investors Foreign investors are important source of demand and innovation to national capital markets, including government securities markets. They have received much attention in both mature markets and developing countries because of issues like regulation, capital flight, entry and exit barriers, etc. They have contributed positively to the development of government securities market in several countries through the positive pressure they place on the quality and services of intermediaries and their emphasis on sound, safe and robust market infrastructure. Foreign investors could be in many forms like emerging markets funds, such as some hedge funds and other specialized closed and open-end country or emerging-market funds. They also include crossover investors, such as pension funds and insurance companies not as dedicated to investing in a particular region or even country, and other more specialized investors like distressed asset funds, private capital fund etc. 2.8 Other bond markets 2.8.1 Introduction Various studies have been carried on bond market development in different parts of the world. For example Batten and Fetherston (2003) for Asian economies, Sylla (2001), World Bank and International Monetary Fund (2001), etc. BIS (2002) also reviews the experience of many emerging economies in the development of debt markets. The review shows to varying degrees the three main factors that delayed the development of bond market in most emerging economies namely: a bank-centered financial system, opaque corporate governance and borrowing in low interest rate currencies. This section will look at the experience of other bond markets both developed and developing; draw reasonable lessons on how emerging markets can deepen and broaden their domestic markets and increase efficiency. 2.8.2 Bond market development in Asia Murphy, Auster and Dean (2007) note that on July 2, 1997 the Thai baht devalued against the US dollar, the first in a series of collapses that have collectively become known as the Asian financial crisis. The crisis had many causes which highlighted the need to have effectively functioning domestic capital markets. The crisis showed the apparent risk of the absence of diversification with the over-dependence on short maturities, banks an