the purpose of a financial intermediary is to help channel funds from
Financial intermediary


those who require liquid funds to carry out a desired activity (investors). A financial intermediary is typically an institution that facilitates the channeling of funds between lenders and borrowers indirectly. That is, savers (lenders) give funds to an intermediary institution (such as a bank), and that institution gives those funds to spenders (borrowers). This may be in the form of loans or mortgages. Alternatively, they may lend the money directly via the financial markets, and eliminate the financial intermediary, which is known as
17186595
Financial intermediary


A financial intermediary is an institution or individual that serves as a middleman among diverse parties in order to facilitate financial transactions. Common types include commercial banks, investment banks, stockbrokers, pooled investment funds, and stock exchanges. Financial intermediaries reallocate otherwise uninvested capital to productive enterprises through a variety of debt, equity, or hybrid stakeholding structures. Through the process of financial intermediation, certain assets or liabilities are transformed into different assets or liabilities. As such, financial intermediaries channel funds from people who have surplus capital (savers) to
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Financial market


asset at a large discount. Financial markets attract funds from investors and channel them to corporations—they thus allow corporations to finance their operations and achieve growth. Money markets allow firms to borrow funds on a short term basis, while capital markets allow corporations to gain long-term funding to support expansion (known as maturity transformation). Without financial markets, borrowers would have difficulty finding lenders themselves. Intermediaries such as banks, Investment Banks, and Boutique Investment Banks can help in this process. Banks take deposits from those who
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Financial intermediary


financial disintermediation. In the context of climate finance and development, financial intermediaries generally refer to private sector intermediaries, such as banks, private equity, venture capital funds, leasing companies, insurance and pension funds, and micro-credit providers. Increasingly, international financial institutions provide funding via companies in the financial sector, rather than directly financing projects. The hypothesis of financial intermediaries adopted by mainstream economics offers the following three major functions they are meant to perform: There are two essential advantages from using financial intermediaries: The cost advantages
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Laurence Kotlikoff


which do not borrow to invest in risky assets, but, instead, allows the public to directly choose what risks it wishes to bear by purchasing more or less risky mutual funds. According to Kotlikoff, Limited Purpose Banking keeps banks, insurance companies, hedge funds and other financial corporations from borrowing short and lending long, which leaves the public to pick up the pieces when things go south. Instead, Kotlikoff argues Limited Purpose Banking forces financial intermediaries to limit their activities to their sole legitimate purpose—financial inter-mediation.
19149714
Seedco


company in 2012 now under the name TruFund Financial Services. Seedco operates as both a direct services provider and an intermediary organization, helping community-based organizations expand outreach and secure funding, and is an affiliate of the Acacia Network. Seedco’s major initiatives include: Seedco was founded in 1987 as a community development intermediary with funding from the Ford Foundation to help urban institutions such as universities and hospitals revive their inner cities. By 1997, Seedco had partnerships with 105 institutions and 90 community-based groups in 58 sites nationally.
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Finance capitalism


financial capitalism, financial intermediaries become large concerns, ranging from banks to investment firms. Where deposit banks attract savings and lend out money, while investment banks obtain funds on the interbank market to re-lend for investment purposes, investment firms, by comparison, act on behalf of other concerns, by selling their equities or securities to investors, for investment purposes. The meaning of the term financial capitalism goes beyond the importance of financial intermediation in the modern capitalist economy. It also encompasses the significant influence of the wealth holders on
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Financial intermediary


of supposed "intermediaries" are simply investment funds. Financial intermediaries are meant to bring together those economic agents with surplus funds who want to lend (invest) to those with a shortage of funds who want to borrow. In doing this, they offer the benefits of maturity and risk transformation. Specialist financial intermediaries are ostensibly enjoying a related (cost) advantage in offering financial services, which not only enables them to make profit, but also raises the overall efficiency of the economy. Their existence and services are explained by the
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Direct finance


Direct finance is a method of financing where borrowers borrow funds directly from the financial market without using a third party service, such as a financial intermediary. This is different from indirect financing where a financial intermediary takes the money from the lender with an interest rate and lends it to a borrower with a higher interest rate. Direct financing is usually done by borrowers that sell securities and/or shares to raise money and circumvent the high interest rate of financial intermediary(banks). We may regard transactions as direct finance, even when a financial intermediary
622923
Funding


lenders and taken as loans by borrowers. There are two ways in which the capital can end up at the borrower. The lender can lend the capital to a financial intermediary against interest. These financial intermediaries then reinvest the money against a higher rate. The use of financial intermediaries to finance operations is called indirect finance. A lender can also go the financial markets to directly lend to a borrower. This method is called direct finance. It is used for research, in fields of technology or social science. Research funding can
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Channel conflict


to reach the same set of customers. When this happens, channel conflict is virtually guaranteed. In turn, such conflict almost invariably finds its way back to the manufacturer. This can also be termed as a situation when a producer or supplier bypasses the normal channel of distribution and sells directly to the end user. Selling over the Internet while maintaining a physical distribution network is an example of channel conflict. Elimination of financial intermediaries (banks, brokers) between the suppliers of funds (savers/investors) and the users of
129100
Nigerian Capital Development Fund (NCDF)


The Nigerian Capital Development Fund (NCDF Group) is an independent social investment financial intermediary institution. This hybrid organization was set up mainly to address the challenges of poverty in low income rural communities in Nigeria. The institution mobilizes capital from the public and private sectors to invest in projects, businesses and social enterprises with the intention to generate good financial returns and measurable positive social-environmental impact, as well as act as a champion to help increase awareness and confidence on the advantages of impact investing. Furthermore, NCDF works towards actualizing
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Nicaraguan Democratic Force


they are running a business. Oliver North came into the public spotlight as a result of his participation in the Iran–Contra affair, a political scandal of the late 1980s, in which he claimed partial responsibility for the sale of weapons via intermediaries to Iran, with the profits being channeled to the Contras in Nicaragua. He was reportedly responsible for the establishment of a covert network used for the purposes of aiding the Contras. U.S. funding of the Contras by appropriated funds spent by intelligence agencies had been prohibited by the Boland Amendment
16399899
Re-intermediation


Re-intermediation in banking and finance can be defined as the movement of investment capital from non-bank investments, back into financial intermediaries. This is usually done in efforts to secure depository insurance on the capital, during times of high risk and volatility in market interest rates. Conceptually, reintermediation can be thought of as an answer to disintermediation, which is the movement of investment funds away from financial intermediaries into other investments. Disintermediation occurs naturally, as competition from different financial firms can allow for higher investment yield, which causes
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Investment


metric. Investments are often made indirectly through intermediary financial institutions. These intermediaries include pension funds, banks, and insurance companies. They may pool money received from a number of individual end investors into funds such as investment trusts, unit trusts, SICAVs, etc. to make large-scale investments. Each individual investor holds an indirect or direct claim on the assets purchased, subject to charges levied by the intermediary, which may be large and varied. Approaches to investment sometimes referred to in marketing of collective investments include dollar cost
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Financial system


include banks (public sector or private sector), financial markets, financial instruments, and financial services. Financial systems allow funds to be allocated, invested, or moved between economic sectors. They enable individuals and companies to share the associated risks. Features of financial system s de financial services for members and clients. It is also termed as financial intermediaries because they act as middlemen between the savers and borrowers. Banks are financial intermediaries that lend money to borrowers to generate revenue and accept deposits . They are typically regulated heavily,
20486044
History of the race and intelligence controversy


Shockley's outspoken public statements and lobbying brought him into contact with those running the Pioneer Fund who subsequently, through the intermediary Carleton Putnam, provided financial support for his extensive lobbying activities in this area, reported widely in the press. With the psychologist and segregationist R. Travis Osborne as adviser, he formed the Foundation for Research and Education on Eugenics and Dysgenics (FREED). Although its stated purpose was "solely for scientific and educational purposes related to human population and quality problems," FREED mostly acted as a lobbying agency for
2158084
Comparison of crowdfunding services


Crowdfunding is a process in which individuals or groups pool money and other resources to fund projects initiated by other people or organizations "without standard financial intermediaries." Crowdfunded projects may include creative works, products, nonprofit organizations, supporting entrepreneurship, businesses, or donations for a specific purpose (e.g., to pay for a medical procedure). Crowdfunding usually takes place via an online portal that handles the financial transactions involved and may also provide services such as media hosting, social networking, and facilitating contact with contributors. It has increased
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Market environment


in other countries and includes customers from the previous categories. Partners include marketing intermediaries, financiers, and advertising agencies. Marketing intermediaries refers to resellers, physical distribution firms, marketing services agencies, and financial intermediaries. These are the people that help the company promote, sell, and distribute its products to final buyers. Resellers are those that hold and sell the company's product. They match the distribution to the customers and include places such as Wal-Mart, Target, and Best Buy. Physical distribution firms are places such
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European Bank for Reconstruction and Development


development through support programs. Direct investments in equity range from 5% to 25% stakes and €5 million to €230 million. Smaller projects are financed both directly by the EBRD and through "financial intermediaries". The EBRD website states it has helped finance over 1 million smaller projects by supporting local commercial banks, micro-business banks, equity funds and leasing facilities. To be eligible for EBRD funding, "a project must be located in an EBRD country of operations, have strong commercial prospects, involve significant equity
17168954
NES Financial


's qualified intermediary (QI) status, in-house expertise, and automated technologies help companies administrate 1031 exchange types, including forward, reverse, and like-kind exchange programs. NES Financial solutions are suited for industries, including: Aviation: NES Financial facilitates 1031 exchanges when companies need to sell and replace aircraft. This allows companies to defer taxes and reduce cash outlay on new aircraft. Commercial Real estate: NES Financial provides sectors within the real estate industry the programs to ensure security of funds, regulatory compliance, and
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Interbank lending market


the day. The interbank market allows banks to smooth through such temporary liquidity shortages and reduce 'funding liquidity risk'. Funding liquidity risk captures the inability of a financial intermediary to service its liabilities as they fall due. This type of risk is particularly relevant for banks since their business model involves funding long-term loans through short-term deposits and other liabilities. The healthy functioning of interbank lending markets can help reduce funding liquidity risk because banks can obtain loans in this market quickly and at little cost. When interbank markets
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Financial inclusion


as intermediaries for providing financial and banking services. These intermediaries could be used as business facilitators or business correspondents by commercial banks. The bank asked the commercial banks in different regions to start a 100% financial inclusion campaign on a pilot basis. As a result of the campaign, states or union territories such as Puducherry, Himachal Pradesh and Kerala announced 100% financial inclusion in all their districts. The Indian Reserve Bank vision for 2020 is to open nearly 600 million new customers' accounts and service them through a variety of channels
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Hellenic Financial Stability Fund


The Hellenic Financial Stability Fund (), or HFSF is a Greek special purpose vehicle created to help stabilizing the Greek banking sector inmidst the Greek government-debt crisis. Based in Athens, the HFSF was founded in July 2010 under Law 3864/2010 as a state-owned private legal entity with the purpose to "contribute to the maintenance of the stability of the Greek banking system, for the sake of public interest". It began its operation on 30 September 2010 with the appointment of the members of the fund's Board of
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Hedge fund


to fail", since most are relatively small in terms of the assets they manage and operate with low leverage, thereby limiting the potential harm to the economic system should one of them fail. Formal analysis of hedge fund leverage before and during the 2008 financial crisis suggests that hedge fund leverage is both fairly modest and counter-cyclical to the market leverage of investment banks and the larger financial sector. Hedge fund leverage decreased prior to the financial crisis, even while the leverage of other financial intermediaries continued to increase. Hedge funds
14645261
Bank of Korea


Korea Act and other relevant laws. The Bank of Korea has onus for the operation and management of the nation's payment systems. The Bank provides settlement facilities to financial intermediaries by use of their current accounts with the Bank for final settlement purposes. The Bank operated a real-time gross settlement system for large-value interbank fund transfers, named BOK-Wire, since mid-December 1994. BOK-Wire was renamed BOK-Wire+ in April 2009, when a hybrid system was added to the system with such features
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Merchant services


Merchant services is a broad category of financial services intended for use by businesses. In its most specific use, it usually refers to merchant processing services that enables a business to accept a transaction payment through a secure (encrypted) channel using the customer's credit card or debit card or NFC/RFID enabled device. More generally, the term may include: Merchant service providers work as an intermediary between the bank, a person or organisation wanting to receive funds and the person or organisation looking to purchase goods or services. The
19365318
Ibn al-Khattab


the First Chechen War, Khattab participated in fighting Russian forces and acted as an intermediary financier between foreign Muslim funding sources and the local fighters. To help secure funding and spread the message of resistance, he was frequently accompanied by at least one cameraman. His units were credited with several devastating ambushes on Russian columns in the Chechen mountains. His first action was the October 1995 ambush of a Russian convoy which killed 47 soldiers. Khattab gained early fame and a great notoriety in Russia for his April 1996 ambush of a large armored
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CVECA


" CVECAs are member-based microfinance intermediaries inspired by external technical support. Structurally they lie between informal financial market actors like moneylenders, collectors, and ROSCAs on the one hand, and formal actors like microfinance institutions and banks on the other. Other organizations in this transitional zone in financial market development include self-help groups, ASCAs, rural credit co-operatives, village banks and financial service associations. These small financial intermediaries "grew out of an interest in improving the traditional cooperative model in West Africa" by adapting it
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Indirect finance


Indirect finance is where borrowers borrow funds from the financial market through indirect means, such as through a financial intermediary. This is different from direct financing where there is a direct connection to the financial markets as indicated by the borrower issuing securities directly on the market. Common methods for direct financing include a financial auction (where price of the security is bid upon) or an initial public offering (where the security is sold for a set initial price). This is where the government gives privilege, in the form of reduced
7668239
The Support Center


Assistance and Capital Support. The Support Center offers loans directly as well as through their affiliated credit unions with support from federal and state funding. It focuses on specific loan products that are not easily available through traditional bank services. They are currently offering two programs for small business owners: USDA Intermediary Relending Program (IRP) and NC Small Business Development Loan Program. The Support Center helps its affiliates with publishing white papers, impact studies and surveys that address specific issues that relate directly to CDCUs and other community focused financial service groups
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Economy of Liechtenstein


centre, primarily because it specializes in financial services for foreign entities. The country's low tax rate, loose incorporation and corporate governance rules, and traditions of strict bank secrecy have contributed significantly to the ability of financial intermediaries in Liechtenstein to attract funds from outside the country's borders. The same factors made the country attractive and vulnerable to money launderers, although late 2009 legislation has strengthened regulatory oversight of illicit funds transfers. Liechtenstein has chartered 17 banks, three non-bank financial companies, and 71 public investment companies, as
17920135
Financial contagion


financial architecture. This priority was especially important during the 2007-2008 period, when global economies were under challenge from the U.S. subprime mortgage crisis and European sovereign debt crisis. At the international level, under today's modern financial systems, a complicated web of claims and obligations link the balance sheets of a wide variety of intermediaries, such as hedge funds and banks, into a global financial network. The development of sophisticated financial products, such as credit default swaps and collateralized debt obligations, has complicated the financial regulation. As
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Financial centre


, insurance or financial markets with venues and supporting services for these activities to take place. Participants can include financial intermediaries (such as banks and brokers), institutional investors (such as investment managers, pension funds, insurers, hedge funds), and issuers (such as companies and governments). Trading activity can take place on venues such as exchanges and involve clearing houses, although many transactions take place over-the-counter (OTC), that is directly between participants. Financial centres usually host companies that offer a
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Investor


require degrees and licenses including venture capitalists, hedge fund managers, trust fund managers, accountants, stockbrokers, financial advisors, or even public treasurers. Personal investing on the other hand, has no requirements and is open to all by means of the stock market or by word of mouth requests for money. A financier "will be a specialized financial intermediary in the sense that it has experience in liquidating the type of firm it is lending to". Economist Edmund Phelps has argued that the financier plays a role in directing capital
18464586
Funds transfer pricing


analysis of the overall financial performance of the organization, using fund transfer pricing some business units may be making a loss even though the organization is profitable. As a practical example of implementing a FTP system, an intermediary is created within the organisation usually treasury or central office. All the fund-raising units raise funds from the market at a particular rate and lend the same to the central office at a higher rate. All the lending units borrow the funds from the central office at a particular rate and lend the same to
11043336
Economy of Tuvalu


Level Domain (TLD) also contributes revenue; however, revenue from the sales of stamps have significantly declined in recent years. The Tuvalu Trust Fund was established for the intended purpose of helping to supplement national deficits, underpin economic development, and help the nation achieve greater financial autonomy. The Trust Fund, has contributed roughly (A$79 million) 15% of the annual government budget each year since 1990. With a capital value of about 2.5 times GDP, the Trust Fund provides an important cushion for Tuvalu's volatile income
12005366
Citywire


up of professional fund investors (intermediaries) such as financial advisers, stockbrokers, wealth managers and private bankers. Those in the intermediary asset management industry choose funds on behalf of their clients - individuals and families - looking to grow or preserve their wealth over the medium to long term. It is these professional investors who read the news and commentary published through Citywire's magazines, apps and websites. Citywire publications include: Citywire holds over 60 events a year, bringing together professional investors and asset managers in venues across the globe.
8103310
Venture capital in Poland


repayable financing to innovative companies from the SME sector through financial intermediaries: VC funds or business angels. PFR Ventures manages five funds: PFR Starter, PFR Biznest, PFR Open Innovations (OI), PFR KOFFI and PFR NCBR CVC. The offer of each of them is dedicated to companies at various stages of development: from the pre-seed stage to the growth and expansion phase, and provides for a different amount of financing. Funds earmarked for innovative ventures come from European funds: the Intelligent Development Operational Program 2014-
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Office of Social Innovation and Civic Participation


model leverages private and local resources by investing millions of dollars in experienced grant makers or "intermediaries" that are well-positioned within communities to identify the most capable programs and guide them towards greater impact and strong evidence of success. Such intermediaries then must raise incremental funds 3:1 in order to amplify the power of the federal funds. These organizations – which include venture philanthropies, community development financial institutions (CDFIs), operating foundations and social enterprises – then invest the aggregate capital into high-impact nonprofits that are delivering evidence-
22133438
Financial contagion


limit its exposure to contagion. A better understanding of financial contagion between financial intermediaries, including banking, rating agencies and hedge funds will be conducive to making financial reform in both U.S. and European Countries. For example, financial reformers study how to set up the capital ratio to balance maximizing banks' profit and shielding banks from shocks and contagions. The empirical literature on testing for contagion has focused on increases in the correlation of returns between markets during periods of crisis. Forbes and Rigobon (2002) begin by discussing the current imprecision
22363
Neuberger Berman


and other institutions, as well as high-net-worth individuals and mutual fund investors, both directly and through financial intermediaries and other partners. The firm has a broad range of investment capabilities, which have enabled it to win numerous public strategic partnership mandates, most notably from Teacher Retirement System of Texas and the National Social Security Fund of China. For its private clients, Neuberger Berman also provides financial planning, fiduciary services, and trust services. Known as a firm of investors, the firm has maintained a 97%
2830859
TBC Bank


in TBC Kredit in late 2007. The company was formerly known as SOA Kredit, a non-banking credit organization operating in the Micro and SME (MSME) financial services market in Azerbaijan since 1999. Established in the beginning of 2011, TBC Invest is a wholly owned subsidiary of JSC TBC Bank. It operates in the Israeli market serving as an intermediary between Israeli clients and TBC Bank. As part of the Bank’s social responsibility projects, TBC Bank founded "TBC Fund" to help victims of the 2008 war in
11122004
CFA Council of India


instruments, the institutional and individual investors, the intermediaries (like investment bankers, brokers, bankers, etc.), the financial analysts, the media, the mutual funds, pension funds, hedge funds, the stock exchanges (like Bombay Stock Exchange, National Stock Exchange, etc.), and the regulators like Securities and Exchange Board of India. The various financial instruments like equity, fixed income securities (like bonds), and derivatives (like options, futures, and swaps) have different risks associated with them
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Global financial system


to manage payments imbalances and meet pegging targets, but prohibited from relying on IMF financing to cover particularly short-term capital hemorrhages. While the IMF was instituted to guide members and provide a short-term financing window for recurrent balance of payments deficits, the IBRD was established to serve as a type of financial intermediary for channeling global capital toward long-term investment opportunities and postwar reconstruction projects. The creation of these organizations was a crucial milestone in the evolution of the international financial architecture, and some economists consider it the most
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Distribution (marketing)


actions may be necessary, such as threatening to cut back on margin, or hold back delivery of product. Care must be exercised when considering negative actions as these may fall foul of regulations and can contribute to a public backlash and a public relations disaster. Channel conflict can arise when one intermediary's actions prevent another intermediary from achieving their objectives. Vertical channel conflict occurs between the levels within a channel, and horizontal channel conflict occurs between intermediaries at the same level within a channel. Channel conflict is a perennial problem. There
10085075
Baltic states housing bubble


Lithuania joined other new states into EU. Strong integration with the EU benefits the Baltic States economy as foreign direct investment inflow helps to accelerate the economy especially the financial intermediaries and manufacturing sectors. Following a sharp inflow of cheap foreign credit, banks has been more willing to lend to corporate and household for real estate related activities. In fact, total loans approved for the purpose of housing purchase have been increasing in the Baltic States over the period in between 2000 and 2004. By 2004, the ratio of housing loans to total
10314111
Distribution (marketing)


The firm's marketing department needs to design the most suitable channels for the firm's products, then select appropriate channel members or intermediaries. An organisation may need to train staff of intermediaries and motivate the intermediary to sell the firm's products. The firm should monitor the channel's performance over time and modify the channel to enhance performance. To motivate intermediaries the firm can use positive actions, such as offering higher margins to the intermediary, special deals, premiums and allowances for advertising or display. On the other hand, negative
10085074
Ross Levine


Fund. Levine specializes in international finance, banking regulation, and economic development. Specifically, his research focuses on the links between financial intermediaries and economic growth. He has also examined bank supervision and corruption. He has written extensively on the financial crisis of 2007–2010. In April 2010, he published "An Autopsy of the U.S. Financial System", which investigated the causes of the crisis. He found that while financial institutions played a major role in the system's collapse, regulatory policies during the period from 1996–2006 also contributed to
14553600
Joachim von Amsberg (banker)


Joachim von Amsberg (born June 23, 1964) is a German economist and banker. In February 2016, he was appointed Vice President, Policy and Strategy of the new Asian Infrastructure Investment Bank. Until then, he was Vice President of the World Bank, responsible for Development Finance. He was responsible for the replenishment and stewardship of the International Development Association (IDA — the World Bank’s fund for the poorest), Global Partnership and Trust Fund Operations, trusteeship of financial intermediary funds and innovative financing, and financial management
21201087
How David Beats Goliath: Access to Capital for Contingent-Fee Law Firms


and ease of reading. Jeffrey Isaac Ehrlich of "Advocate Magazine" referred to the book as "a fast-read" that succeeds in "helping lawyers think about the financial challenges they face, instead of just blindly doing what they have been doing." The book has received almost universal acclaim from trade publications. A review from RD Legal Funding noted that the book "does a great job explaining the purpose of legal funding" and "how it can ultimately help the broken model of finance for law firms."
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Channel conflict


funds (borrowers/investees). Disintermediation occurs when inflation rates are high but bank interest rates are stagnant and the bank depositors can get better returns by investing in mutual funds or in securities. Elimination (by the online sources) of the traditional middleman the intermediary between the seller and the buyer (such as an agent, broker, or reseller), or between the source and the recipient of information (such as an agency, official, or gate keeper). There are two types of channel conflicts. Vertical conflict
129101
Lazard


public market financing. Lazard's Sovereign Advisory group advises governments and sovereign entities on policy and financial issues. Lazard's asset management business provides investment management and financial advisory services to institutional clients, financial intermediaries, private clients, and investment vehicles around the world. The firm manages assets on behalf of institutional (corporations, labor unions, public pension funds, endowments, foundations, insurance companies, and banks; and through sub-advisory relationships, mutual fund sponsors, broker-dealers and registered advisors) and individual clients (principally
3344476
Hands on Tzedakah


from other donors and organizations. The initial criteria for funding requires that the project or need meet the parameters of the mission statement. If a program meets these parameters then prior to any substantial program funding, "HOT" engages in a "Hands On" process by researching the program and obtaining and reviewing information on budgets and other financial information, including tax returns and accounting reports. Also, there is a belief that utilizing volunteers is essential. In cases where funds are distributed to individual intermediaries who have developed programs that meet
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Society for Elimination of Rural Poverty


and four drawn from the civil society. The Self Help Group (SHG) movement in India represents an innovative approach to financial intermediation, and combines access to low-cost financial services with a process of self-management and development for the SHG members. SHG members make small regular savings contributions, and use the savings to lend to group members. IKP also establishes SHGs as financial intermediaries between SHG members and banks, which gives the members access to bank loans. Through IKP, SERP works with 4,76,930 Self Help Groups federated
7373904
Government-sponsored enterprise


of U.S. Treasury, federal agency, and government-sponsored enterprise securities. Congress established GSEs to improve the efficiency of capital markets and to overcome market imperfections which prevent funds from moving easily from suppliers of funds to areas of high loan demand. This is primarily done by some form of guarantee that limits the risk of capital losses to those supplying funds. Presently, GSEs primarily act as financial intermediaries to assist lenders and borrowers in housing and agriculture. Fannie Mae and Freddie Mac, the two most prominent GSEs, purchase mortgages and
17888943
Financial contagion


usually the failure of a domestic bank or financial intermediary triggers transmission when it defaults on interbank liabilities and sells assets in a fire sale, thereby undermining confidence in similar banks. An example of this phenomenon is the subsequent turmoil in the United States financial markets. International financial contagion, which happens in both advanced economies and developing economies, is the transmission of financial crisis across financial markets for direct or indirect economies. However, under today's financial system, with the large volume of cash flow, such as hedge fund and cross
22332
Economy of Tuvalu


balance of $1.1 million is held in reserve by the communities). This equates to an average of $55,000 spent per island per year. The Tuvalu Trust Fund was established for the intended purpose of helping to supplement national deficits, underpin economic development, and help the nation achieve greater financial autonomy. The Trust Fund, has contributed roughly (A$79 million) 15% of the annual government budget each year since 1990. With a capital value of about 2.5 times GDP, the Trust Fund provides an important cushion for
12005399
Marketing channel


, efficiency, pricing policy and where it stands among competitors; for example, overall feedback, higher rating, higher demand from customers etc. The best use and help of intermediaries can be applied to start-up businesses and perhaps an established business Brands involved in selling through marketing channels (also commonly known as distribution channels) have relationships with the channel partners (local resellers, retailers, field agents, etc.) that sell their products or services to the end customer. Brands that aim to maximize sales through channel partners
20156331
Office of Financial Institutions


Financial Institutions, who reports to the United States Secretary of the Treasury through the Under Secretary of the Treasury for Domestic Finance. Within the Office of Financial Institutions are: The Office of Financial Institutions Policy (OFIP) develops, analyzes, and coordinates the Department of the Treasury’s policies on legislative and regulatory issues affecting financial institutions, including depository institutions, insurance companies, government sponsored enterprises, securities firms, finance companies, mutual funds, and all other regulated and unregulated financial intermediaries. The office’s principal focus is on issues
687007
Financial sector development


) mobilization and pooling of savings; and (v) promoting the exchange of goods and services. Financial sector development takes place when financial instruments, markets, and intermediaries work together to reduce the costs of information, enforcement and transactions. A solid and well-functioning financial sector is a powerful engine behind economic growth. It generates local savings, which in turn lead to productive investments in local business. Furthermore, effective banks can channel international streams of private remittances. The financial sector therefore provides the rudiments for income-growth
20901221
Financial Market Authority (Liechtenstein)


and drew attention to the demands on supervisory authorities of internationally oriented financial centers have increased, irrespective of the size of a financial center. It also noted that the Government and Parliament have expressly committed themselves to an independent and strong Financial Market Authority." The FMA is responsible for safeguarding the stability of the financial market, protection of clients, prevention of abuse, and the implementation of and compliance with recognized international standards. Its core principles are; The FMA covers the regulation of banks, insurance companies and intermediaries, pensions funds
15011528
American Funds Distributors


American Funds Distributors, LLC sells a large variety of mutual funds. Its funds are sold primarily through financial advisors and intermediaries. It is the third largest mutual fund family, with more than US $1.3 trillion in assets under management. American Funds is a subsidiary of Capital Group. American Funds has been recognized for its high rate of manager ownership, meaning many of the funds’ managers invest their own money in the funds they manage. The firm also uses a multiple-manager approach instead of relying on a single fund
8113960
Retail


relationship markets. The purpose of carrying out relationship marketing is to promote the cohesion and innovation ability of enterprises and maximize the long term interests of enterprises. Another relationship of relationship marketing middlemen is the relationship between market and intermediary in the process of corporate marketing is playing the intermediary role between suppliers and customers, in the current increasingly fierce market competition, more important distribution channels for enterprises, but for retail enterprises, too much sales levels will increase the cost of sales of the enterprise. Therefore, large retail enterprises should realize the
14041794
Embezzlement


Embezzlement is the act of withholding assets for the purpose of conversion (theft) of such assets, by one or more persons to whom the assets were entrusted, either to be held or to be used for specific purposes. Embezzlement is a type of financial fraud. For example, a lawyer might embezzle funds from the trust accounts of their clients; a financial advisor might embezzle the funds of investors; and a husband or a wife might embezzle funds from a bank account jointly held with the spouse. Embezzlement usually is a
689518
NES Financial


NES Financial is a privately held company that provides services for financial transactions. The company focuses its services on 1031 exchanges, EB-5, and escrow, and fund administration. NES Financial is based in San Jose, California and maintains a regional office in Boston. NES Financial was founded in 2005 in Silicon Valley. The company, originally named Nationwide Exchange Services Corporation, tried to set a new industry standard for Qualified intermediaries (QI) facilitated IRC 1031 exchanges. NES Financial developed a proprietary platform, eSTAC, for clients to view
6931502
Social Fund (UK)


applicant's need for particular items. Crisis loans (CLs) are intended to help those who have an urgent financial crisis; for example, in consequence of an emergency or disaster such as a fire or flood. CLs are interest free loans, but unlike BLs, there is no requirement for an applicant to be in receipt of one of the qualifying benefits. The Social Fund Directions make it clear that the overall purpose of CLs is to help meet expenses in an emergency or disaster where there is no other means to prevent
11226779
Distribution (marketing)


are risks that a powerful channel member may coordinate the interests of the channel for personal gain. Channel-switching (not to be confused with zapping or channel surfing on TV) is the action of consumers switching from one type of channel intermediary to a different type of intermediary for their purchases. Examples include switching from brick-and-mortar stores to online catalogues and e-commerce providers; switching from grocery stores to convenience stores or switching from top tier department stores to mass market discount outlets. A number of factors have
10085076
Flash Boys


SEC regulation. Felix Salmon, a financial columnist for Slate Magazine, asserted that the negative impact of high-frequency trading is restricted to "very rich" financial intermediaries, such as hedge funds. He notes that Lewis's story "needs victims" and that he portrays several billionaire characters as victims "by pulling out every rhetorical device he can muster." In a crucial part of the book's narrative, a mutual fund manager named Rich Gates was "shocked" to find out he was paying 0.04% per trade
13980550
Operation Cyclone


Pillsbury, successfully advocated providing Stinger missiles to the Afghan resistance, according to recent books and academic articles. The program relied heavily on the Pakistani President Mohammad Zia ul-Haq, who had a close relationship with Wilson. His Inter-Services Intelligence (ISI) was an intermediary for funds distribution, passing of weapons, military training and financial support to Afghan resistance groups. Along with funding from similar programs from Britain's MI6 and SAS, Saudi Arabia, and the People's Republic of China, the ISI armed and trained
2005725
Convoy Global Holdings


Convoy Global Holdings Limited (, ) is a member of Convoy Financial Group. Through its wholly owned subsidiary, Convoy Financial Services Limited (), the company is an Independent Financial Advisor (IFA) in Hong Kong which provides financial planning services, risk management, retirement planning and estate planning. It is the largest independent insurance and MPF schemes brokerage firm in Hong Kong in terms of number of consultants. Convoy Financial Services Limited is both a member of Professional Insurance Brokers Association and is registered as an Mandatory Provident Fund Corporate Intermediary
1142838
Central Fund of Israel


. The fund also supports Women in Green and Honenu, the "legal rights group" that acted on behalf of the family of Netanel Arami, and which, according to "Haaretz", provides legal defense for "radical right-wing activists". There are financial links between the fund and Im Tirtzu, for whom it is the main channel for donations. The organization was among a number of US groups reported by "The New York Times" as using tax exempt status to help fund the Israeli settlement project
6914194
Stable value fund


the Investment Company Act of 1940, money market funds are important providers of liquidity to financial intermediaries. Stable value funds have outperformed money market funds in every 12-month period since 1985 with similar volatility and risk and slightly less liquidity. A bond fund is a fund that invests in bonds or other debt securities. Bond funds can be contrasted with stock funds and money funds. Bond funds typically pay periodic dividends that include interest payments on the fund's underlying securities plus periodically realized capital appreciation. Bond funds typically pay higher dividends than CDs
16847919
Cost basis


to address the mounting global financial crisis. The Act also had important cost basis ramifications, because Section 403 contained provisions that place significant cost basis-related requirements on brokers and other intermediaries who report their clients’ adjusted cost basis on IRS Form 1099. Under the new legislation, financial intermediaries must report accurate adjusted cost basis information to both investors and the IRS for: Additionally, an intermediary who transfers a client account to another intermediary must provide information necessary for cost basis reporting within 15 days of the account transfer. Financial intermediaries
19588141
Federated Investors


Federated Investors is a financial services company headquartered in Federated Tower in Pittsburgh, Pennsylvania, United States. Founded in 1955 and incorporated on October 18, 1957, the company manages $502.2 billion of customer assets. The corporation offers 130 different types of mutual funds. Federated serves a diverse range of customers, including banks, broker-dealers, trust departments, investment companies, charitable organizations, and pension plans. Equity and fixed income mutual funds are offered both in the U.S. and in Europe through financial intermediaries. Federated offers a
5343559
Social venture capital


available at the early stages of projects where the financial return is too low while Big Society Capital invests social investment intermediaries that carries higher financial risk. However, such funds doesn't indicate free funding, as incubators such as Social Incubators North, a social business incubator provided a repayment interest free loan of £25k to successful applicant. On the other hand, newly launched Non-For-Profit incubator Halcyon Incubator targeting on the social impact that the social ventures deliver, does not require equity in the fellow's venture, but
5843399
Money market fund


A money market fund (also called a money market mutual fund) is an open-ended mutual fund that invests in short-term debt securities such as US Treasury bills and commercial paper. Money market funds are widely (though not necessarily accurately) regarded as being as safe as bank deposits yet providing a higher yield. Regulated in the United States under the Investment Company Act of 1940, and in Europe under Regulation 2017/1131, money market funds are important providers of liquidity to financial intermediaries. Money market funds seek to limit
11115881
History of banking


much as possible as a "one-stop" supplier of both retail and wholesale financial services. The early 2000s were marked by consolidation of existing banks and entrance into the market of other financial intermediaries: non-bank financial institution. Large corporate players were beginning to find their way into the financial service community, offering competition to established banks. The main services offered included insurance, pension, mutual, money market and hedge funds, loans and credits and securities. Indeed, by the end of 2001 the market capitalisation of
13295027
Financial Services Board (South Africa)


Ombud’ and the ‘Office of the PFA’ on the basis of approved budgets. The Offices were part of the same regulatory framework within which the FSB operated, but functioned independently of the FSB, as their sole mandate was to dispose of complaints lodged by consumers of financial services in terms of their respective Acts. The Executive Officer was also the Registrar of Non-banking Financial Institutions. There were four Deputy Executive Officers responsible for supervision of the various industries, namely Financial Advisory and Intermediary Services, Retirement Funds and Friendly
17577132
Electronic trading platform


In finance, an electronic trading platform also known as an online trading platform, is a computer software program that can be used to place orders for financial products over a network with a financial intermediary. Various financial products can be traded by the trading platform, over a communication network with a financial intermediary or directly between the participants or members of the trading platform. This includes products such as stocks, bonds, currencies, commodities, derivatives and others, with a financial intermediary, such as brokers, market makers, Investment banks
807050
Virtus Investment Partners


Market Site on January 5, 2009. Retail products (available to individual investors) include open-end mutual funds, closed-end funds and separately managed accounts. The Virtus Mutual Funds family consists of 58 open-end mutual funds that are distributed primarily through intermediaries, including national and regional broker-dealers, independent broker-dealers and independent financial advisory firms. Virtus' eight closed-end funds are provided by four affiliated managers. The closed-end funds trade on the New York Stock Exchange. Retail separately managed
16642342
Marketing channel


of segments of the market is not enormous, the assortment of goods and products is broad. Ultimately, the significance of intermediaries in distribution business is vital as they help consumers obtain a particular good of a particular brand without unnecessary steps. Thus, mediators play an important role in establishing a correspondence between demand and supply. Wholesalers, like Costco, buy the products from the manufacturer and sell them to the consumer. In this channel, consumers can buy products directly from the wholesaler in bulk. By buying the items in bulk
20156319
Too big to fail


from sophisticated investors and often make complex, risky investments with the funds, speculating either for their own account or on behalf of their investors. They also are "market makers" in that they serve as intermediaries between two investors that wish to take opposite sides of a financial transaction. The Glass-Steagall Act separated investment and depository banking until its repeal in 1999. Prior to 2008, the government did not explicitly guarantee the investor funds, so investment banks were not subject to the same regulations as depository banks and were allowed
8976316
Financial intermediary


of using financial intermediaries include: Various disadvantages have also been noted in the context of climate finance and development finance institutions. These include a lack of transparency, inadequate attention to social and environmental concerns, and a failure to link directly to proven developmental impacts. According to the dominant economic view of monetary operations, the following institutions are or can act as financial intermediaries: According to the alternative view of monetary and banking operations, banks are not intermediaries but "fundamentally money creation" institutions, while the other institutions in the category
17186597
Ecosia


euro (€) and 1.1 seconds to plant a tree. Ecosia uses 80% of its profits (47.1% of its income) from advertising revenue to support tree planting projects, the rest is put into backup reserves for unforeseen circumstances – if these reserves are not used they are channeled back into the company's tree planting fund. The company publishes its monthly financial report on its website. In October 2018, founder Christian Kroll announced that he has given part of his shares over to the Purpose Foundation. As a result
19651416
Non-Registered Intermediary


intermediaries will be operating outside the WIS and in these circumstances they will be non-registered intermediaries. The intermediary should be matched according to their communication specialism, their availability and, if possible, their geographic location. Funding must be agreed on a case-by-case basis as there is no standard procedure in Family Courts. Sometimes the cost of the intermediary is shared by the LAA, the court and the local authority. Sometimes it is funded solely by the court. Some intermediaries have reported a lack of clarity amongst
5052630
Permanent fund


comes from the purpose of the fund: a sum of equity used to permanently generate payments to maintain some financial obligation. Also, a fund can only be classified as a permanent fund if the money is used to report the status of a restricted financial resource. The resource is restricted in the sense that only earnings from the resource are used and not the principal. For example, a fund can be classified as a permanent fund if it is being used to pay for accounting services for a perpetual endowment of a government-
1012561
Distribution (marketing)


, in the international context, by importers. In certain specialist markets, agents or brokers may become involved in the marketing channel. Typical intermediaries involved in distribution include: A firm can design any number of channels they require to reach customers efficiently and effectively. Channels can be distinguished by the number of intermediaries between producer and consumer. If there are no intermediaries then this is known as a "zero-level" distribution system or direct marketing. A "level one" (sometimes called "one-tier") channel
10085071
WNET


Immediately afterwards, channel 13 went off the air again, as the strike continued for nearly two weeks. The striking workers returned WNDT to the air after ten days and on September 28, the labor dispute was settled. However, the station's financial resources were drained, requiring an infusion of cash from the Ford Foundation to help keep the station running. NET originally wanted to merge its operations with WNDT, which would have given the station a direct line of funding as well as make channel 13 NET's flagship station.
21579044
Fusion Asset Management


Credit Relative Value Fund, was one of the first quantitative credit funds in Europe. In 2006 Ilinski set up Fusion Long Volatility Strategy, a protective strategy, which achieved top positions among other multi-strategy funds in the crisis months of 2007-08 and 2010–11 and became the core of the firm's products. In 2009 Fusion launched its own hedge advisory and started offering exotic option-based low-cost hedges to the financial intermediaries, primarily funds of funds. Fusion's products were aimed against large-scale FX moves
2709718
Financial risk modeling


, market risk, and operational risk categories. Many large financial intermediary firms use risk modeling to help portfolio managers assess the amount of capital reserves to maintain, and to help guide their purchases and sales of various classes of financial assets. Formal risk modeling is required under the Basel II proposal for all the major international banking institutions by the various national depository institution regulators. In the past, risk analysis was done qualitatively but now with the advent of powerful computing software, quantitative risk analysis can be done quickly and effortlessly. Modeling
1045094
Re-intermediation


, which established laws that created interest ceilings for all types of deposit accounts at Federally Insured institutions. Regulation Q also prohibited interest-bearing demand deposit accounts, however this piece of the regulation was repealed in the Dodd-Frank Wall Street Reform Act in 2010. The competition from outside money instruments against the maximum savings rate allowed by Regulation Q caused both the creation of countless new financial investment instruments and a mass movement of savings away from federal depositories and into non-bank investments. Withdrawal of funds out federally insured financial intermediaries
12862428
Healthcare in Russia


The insurance companies have failed to develop as active, informed purchasers of health care services. Most are passive intermediaries, making money by simply channelling funds from regional OMS funds to healthcare providers. According to Mark Britnell the constitutional right to healthcare is "blocked by opaque and bureaucratic systems of planning and regulation", reimbursement rates which do not cover providers costs and high levels of informal payment to secure timely access. There is a "mosaic" of federal and state level agencies responsible for managing the public system. Starting 2000,
13515842
Diamond–Dybvig model


liquid accounts which permit them immediate access to their deposits (that is, they value short maturity deposit accounts). The banks in the model act as intermediaries between savers who prefer to deposit in liquid accounts and borrowers who prefer to take out long-maturity loans. Under ordinary circumstances, banks can provide a valuable service by channeling funds from many individual deposits into loans for borrowers. Individual depositors might not be able to make these loans themselves, since they know they may suddenly need immediate access to their funds, whereas the
16089024
London Somalia Conference


the Transitional Federal Government of Somalia's scheduled August 2012 shift from an interim administration to a permanent representative government and underscored the need for an inclusive political process. They also agreed to create a new counter-piracy center and to prosecute kingpins, ransom negotiators and intermediaries. In addition, attendees upheld existing plans to establish a joint financial management board to ensure a transparent dispensation of Somali and donor funds. They also pledged support for Somalia's stable regions, agreeing to form a new fund earmarked for local dispute resolution, job creation
3947604
Ballet Society


School, and five other ballet schools, also received significant funds from Ford Foundation at this time for the same purpose). These grants helped establish a strong foundation and best practices for teaching dance and supporting a merit system that allowed dance schools to recruit the most gifted dancers regardless of financial restrictions. In 1960 Ballet Society raised funds to implement a new program at the New York City Ballet. This program allowed for 3000 underprivileged children to come to a matinee performance of the ballet, meet the dancers and have exposure to live
233245
Southland Academy


of Motivated Students," now part of Southland's parent-teacher organization. Its purpose is to generate funds for the Thomas A. Greene Scholarship Fund, which helps Southland students in financial need. Funds also go to the new Madeline Anne Wildes Scholarship Fund. All students must sign the Southland Academy Honor Code against cheating, lying, stealing, and plagiarism. Southland Academy's discipline policy allows corporal punishment by means of paddling for all boys and young men up to and including grade 12, and girls up to and including grade
13972591
Giuseppe Orsi


report by the "Financial Times" stated that the Naples probe was focusing on Orsi and that Finmeccanica considered Borgogni's charges to be trumped-up and motivated by a desire to bring down Orsi to avenge his dismissal from the firm. Another April 2012 report indicated that Naples prosecutors were gathering evidence in Switzerland about Finmeccanina's bank accounts purporedly opened in that country for the purpose of channeling kickback funds. On 15 October 2012, Orsi’s lawyer said at a news conference that Orsi would resign if the Italian government wished him to
16594401
Workforce development


These partnerships are designed to connect low-income or disadvantaged individuals with employment in jobs that offer the promise of financial stability and significant growth in the industry in the near future. Community involvement is also an important component in building a sector-based strategy. Specifically, the involvement of an intermediary with deep knowledge of the industry is necessary. The intermediary can facilitate partnerships with employers, and help create solutions for both employers and potential employees. Employers will be encouraged to participate in activities such as developing curriculum, creating evaluation and
6578764
Internet


purposes. Kiva pioneered this concept in 2005, offering the first web-based service to publish individual loan profiles for funding. Kiva raises funds for local intermediary microfinance organizations which post stories and updates on behalf of the borrowers. Lenders can contribute as little as $25 to loans of their choice, and receive their money back as borrowers repay. Kiva falls short of being a pure peer-to-peer charity, in that loans are disbursed before being funded by lenders and borrowers do not communicate with lenders themselves. However
14705757