An Analysis of Human Resources Management at TNT Essay -- Business Hum

An Analysis of Human Resources Management at TNTTNT is the European mart leader in global express distribution,logistics and international mail. Wherever a company operates TNT willmake sure that their documents, consignments and business mail ardelivered safely and on time using their integrated air and roadnetworks. Their international operations ar focused on the key areasof world mountain in Europe, Asia, North and South America. They alsohave strong domestic networks in Australia and Europe.Their operational networks are supported by sophisticated technologywhich as well as ensuring service reliability stands real-time,on-line information on the status of the consignment.Their central philosophy is to put the customer at the heart of theirbusiness. They commit to be companies business partner devisingsolutions for all their customers distribution needs by combiningtheir core capabilities to create new products and services.The HRM of TNT empower employees to provide the fas test and mostreliable service which involves upholding the quality principles forthe benefit of all stakeholders involved with the organisation therebyenabling them to achieve the vision.The quality principles of TNT are customer care, leadership, people,communication, resources, suppliers, processes and the impact onsociety.For each of this principles the HRM makes sure and show how its needsto be carried out Customer Care Always listening to and building primary class relationships with their customers to help TNT provide excellent standards of service and client satisfaction. Leadership Inspiring all members of the TNT team to be outstanding achievers and building on their make it happen policy through clear direction, support and accountability. People Recognising individual and team achievements, promoting from within wherever possible and encouraging all(prenominal)one to have it off refunding careers that provide security and job satisfaction. Communication Working hard at all times to encourage clear and honest two-way communication theory which foster teamwork, they must get through attitude and staff involvement through an open management style. Resources Employing the best people in a archetypical class working environment and supporting them with ongoing training, reliable equip... ...ager or by the job holderssuperior.The performance appraisal gives the managers the chance to rewardemployees and to thank them for doing a good job.Appraisal normally takes place once or twice a year. In someorganisations it happens every month every three months. The moreoften it is done the better.At TNT appraisals happens every six months.The benefits of performance appraisal for the organisation are It helps employees to identify training needs. It may reveal other problems for example, there may be workplace difficulties with other staff (eg it might be caused by sexual or racial harassment). It may untap useful new skills. It improves co mmunications between employees and managers a few words of encouragement and praise for doing a good job are often highly motivating. It provides disciplinary documentation if the employer needs to dismiss somebody, the existence of through appraisal records, which identify the persons inabilities, or lack of effort will be very useful. It helps to fix pay rises increasingly people get performance related pay which is based upon the appraisal interview.

American History X Essay -- Film Movies Sociology

American History XAmerican History X is clearly a film enshrouding with the social topic of racism. The evoke thing about this film is the way in which the subject is presented. First of every last(predicate), it is obvious that, though racism is always a difficult subject to deal with, American History X presents it without any reservations or dummying down. Second, the films figurehead for racism, Derek Vinyard (Edward Norton), is not an unintelligent redneck racist as films often portray them, but is in fact well-spoken, charismatic and bright, although he clearly holds ideals that are terribly wrong. Fin every last(predicate)y, the film shows that it is not only the white, neo-nazi racists who are fools for being involved in this, but all those who hold hatred in their hearts. Through these methods, the film instills this idea upon the viewer, in an extremely convincingly way, that hatred and racism will destroy a roughlybody and those closest to them. It is immediately revea led to the audience at the onset of this movie that there will be no holds barred and no playing down the realism of this intense racial hatred. When the film flashes back to the reason for Dereks incarceration, we see Danny, awoken by the sound of breaking glass, rush to wake up his brother and alert him that some black guys are trying to steal or wreck his truck. At hearing this, Derek immediately jumps out of bed, grabs a gun, and shoots one of them, wounds another, and fires at the third as he drives away. Then, in one of the most brutal scenes in film history, Derek forces the remaining, wounded man to regularize his face on the curb and Derek kicks the back of his head, smashing in the mans skull. This scene is a perfect example of cumulative causation, for it depicts the endless circl... ...ferred to comes at the end of the film, when a black student Danny had previously encountered and angered shoots him repeatedly. Derek, do a visit to the school, runs in to find that h is worst nightmare had come true. His brother was dead, due to racist actions, and his life and the lives of his family will be changed forever for it.For an commentary unknown to anyone, some people are inclined to hating others. Motives may perhaps be because they are insecure of who they are, feel threatened by someone, or an write up which no one has. This movie explains that a major reason why people hate is because they want to blame someone else for their misfortunes. It is always nice to put the responsibility on somebody elses shoulders. Hopefully in a near future people can begin to comprehend how foolish it is to hate all the time, and then start to love.

Benefits and Costs of NAFTA Essay -- NAFTA International Economics Ess

Benefits and Costs of NAFTAWorks Cited Not IncludedAs long as NAFTA has been in existence, there has been contr everywheresy over its benefits and costs. Since NAFTA is viewed as a neoliberal trade and investment agreement, supporters and critics alike ar able to expand its validity to a grander scale when dealing with the question of whether free trade itself is beneficial or harmful. During the life of NAFTA, many valid arguments for and against free trade have been brought to the forefront. Many economists turn over neoliberal trade is superior due to allocational efficiency benefits. ?By lowering trade barriers, the agreement has expanded trade in all three countries. This has take to increased employment, more choices for consumers at competitive prices, and rising prosperity? (NAFTA at Eight 2). This rising prosperity mentioned is a result of rising efficiency that pro-neoliberal economists desire develops through specialization. If a res publica is better than another at producing a certain good, then that country is said to have an absolute advantage over the other in that particular industry. When twain countries have higher productivity rates in different industries and they concentrate their efforts in those respective industries, then both countries benefit through neoliberal trade as they are not wasting their time and efforts producing goods that the other country can produce faster. As a result of trade through countries with different absolute advantages, total world production and therefore procreative efficiency will increase. Even when a country is more efficient in all industries, both countries can still benefit from trade by comparative advantages. ?Some lawyers are better typists than their secretari... ...stitutions are more responsive to the poor, to the environment, to the broader political and social concerns that I have emphasized is to increase openness and transparency? (Stiglitz 227). These international economic institutions should possess substantial transparency considering their policies directly affect the public. Instead, the IMF and similar institutions have no accountability to the public of which it is supposed to serve. Through lack of transparency, countries with major influence in the IMF such as the U.S. can indirectly impose its own investment agenda upon the country in crisis. If actions of the IMF were directed through a democratic process, more logical and productive policies would develop. If the IMF promotes transparency through the policies it imposes on developing countries, it should set an example through its own governance.

Internet and Research Essay -- Analysis Research Internet Essays

Internet and ResearchAccording to The Disappearance of Technology, by Bruce and Hogan, (technological) tools flex commonplace. Each literacy technique goes from unfamiliar with(predicate) to familiar, from visible to invisible. Proof of this can be seen through even just one person, as he begins life prior to the house-hold computer, and witnessed the changes as the Internet become main stream, and finally to his uses of technology today while attending law school. To begin a research analysis on Brian Petranos literacy eco system, one must first analyze the beginnings of his technological life. At his current age of 25, he has only been exposed to computers and the Internet for about fifteen years. Of course, this means his experience with computers coincides with the initial stages of the home computer evolution. While in his sophomore year of high school, he began to assist a librarian, Mrs. Rulon. She eventually exposed him to the potential of the Internet and its abilities as a resource, along with the capabilities of the computer beyond a simple word processor. This was the beginning of his technological life. You can learn anything, Brian discovered, and the name they gave it is exactly right, it is a wind vane that can branch off on whatever you are researching. From this point, Brian has been all consumed with the possibility of the World Wide Web as a research tool. For Brian, a composition tended to be a culmination of literary works found on the Internet. Especially now, he has little use for creating new works. On the contrary, he typically researches in-depthly and pulls together the most important aspects found, into one article with Brians tone. Through the years, he has seen himself grow from visiting the... ...ch, with the Internet as his main resource. lately though, things have seemed to change. The Patriot Act has him worried about the freedom of computers and the Internet. I appreciate it, because so far, it is not censored. The free market place of idea and melodic theme is what this country is founded on. It may be our downfall, but is paramount, and so important.In the end, Brian has complete respect and admiration for technology, specifically the Internet, and the ease it offers him. His life has come to depend on it as it grows before his eyes. The old days of notice catalog technology seem even humorous to him, I remember helping Mrs Rulon organize the card catalog and thinking, there has to be a better way then this. There is, and in the future there we will probably look rump at the Internet of today and laugh while wondering how we ever functioned with it.

Sallie Baliunas and the Dangers of Think Tanks :: Global Warming

Sallie Baliunas and the Dangers of Think TanksPublic insurance policy makers increasingly rely on the look for of hypothecate tank scholars to guide their policy decisions. But who checks the accuracy of think tank scholar research? Unlike academic journal publishing, which follows a rigorous system of peer review and editorial oversight, think tanks publish opinion pieces without regard to the peer review process. Their policy publications are not based on pure academics, but on a complex interaction between academic, political, and economic interests. In Washington, there is no time to focus on the academic details. As Eric Altermann points out in his concord What Liberal Media?, think tank scholars are expected to spend at least as much time networking with reporters and government staffers as on research.1 Efficient dissemination of information is as important as the information itself in the think tank business of knowledge. Sallie Baliunas of the Marshall Institute fits Al termanns think tank scholar profile well. Regarding her involvement in the global warming debate, she has spent less time on the scholarship of global warming and more time advocating the idea that it is simply a myth. She is a senior scientist at the Marshall Institute, which supports her writing of articles against the Kyoto treaty (Bush right to oppose Kyoto treaty)2 and the promotion of the idea that global warming is a natural process caused by increased radiation from the sun (The Sun Also Warms).3 Though she has published comparatively little in academic journals on the issue, articles such as these are numerous in conservative political forums, such as the website TechCentralStation.com, where free markets tuck technology.4 Though she is not considered a global warming effective by professional climate scientists, she is oft quoted by the anti-Kyoto folks as the expert voice that proves global warming is a hoax (see any article by Charli Coon of the Heritage Foundation5 or by Chris de Freitas6). Her global warming research has been funded, in part, by corporate oil interests. Think TanksBaliunass association with think tanks does not make her scholarship automatically suspect. However, think tanks dwell in the grey area between scholarship and advocacy, and one must ask in which category Baliunas belongs. Think tanks cannot claim to be completely unbiased, because the majority of their musical accompaniment comes from corporations, whose interests are not usually only academic, but also economic. Baliunas is an Enviro-Sci Host for TechCentralStation.com, a website sponsored by AT&T, ExxonMobil, General Motors Corporation, Intel, McDonalds, Microsoft, Nasdaq, National Semiconductor, PhRMA, and Qualcomm.

Sallie Baliunas and the Dangers of Think Tanks :: Global Warming

Sallie Baliunas and the Dangers of Think TanksPublic policy makers increasingly rely on the research of speak out store scholars to guide their policy decisions. further who checks the accuracy of think tank scholar research? Unlike academic journal publishing, which follows a rigorous system of peer review and editorial oversight, think tanks publish opinion pieces without regard to the peer review process. Their policy publications ar not based on pure academics, but on a decomposable interaction between academic, political, and economic interests. In Washington, there is no eon to focus on the academic details. As Eric Altermann points out in his book What freehanded Media?, think tank scholars are expected to spend at least as much time networking with reporters and government staffers as on research.1 effective dissemination of information is as important as the information itself in the think tank business of knowledge. Sallie Baliunas of the Marshall Institute fits Alte rmanns think tank scholar profile well. Regarding her involvement in the global warming debate, she has spent less time on the scholarship of global warming and more time advocating the intellection that it is simply a myth. She is a senior scientist at the Marshall Institute, which supports her writing of articles against the Kyoto treaty (Bush right to oppose Kyoto treaty)2 and the promotion of the idea that global warming is a natural process caused by increased radiation from the sun (The Sun Also Warms).3 Though she has published relatively exact in academic journals on the issue, articles such as these are numerous in conservative political forums, such as the website TechCentralStation.com, where free markets meet technology.4 Though she is not considered a global warming expert by professional climate scientists, she is oft quoted by the anti-Kyoto folks as the expert fathom that proves global warming is a hoax (see any article by Charli Coon of the Heritage Foundation5 o r by Chris de Freitas6). Her global warming research has been funded, in part, by corporate oil interests. Think TanksBaliunass association with think tanks does not make her scholarship automatically suspect. However, think tanks dwell in the hoar area between scholarship and advocacy, and one must ask in which category Baliunas belongs. Think tanks cannot claim to be completely unbiased, because the majority of their funding comes from corporations, whose interests are not usually only academic, but also economic. Baliunas is an Enviro-Sci Host for TechCentralStation.com, a website sponsored by AT&T, ExxonMobil, General Motors Corporation, Intel, McDonalds, Microsoft, Nasdaq, National Semiconductor, PhRMA, and Qualcomm.

Hip Hop Childrenswear

The style express how active they were, and this appealingness adapted the idea of free, colorful, youthful but settle down comfortable to moil for children. This collection uses a lot of prints, and bright colors but still looks good on Fall/Winter season for children. get but not least, I hope this collection can give inspiration and knowledge about the orb-changing movement, rose hip hop. THE BEGINNING OF HIP HOP hip hop started to began in South Bronx, New York city, around late sass. At that time black (skinned) people that mostly Afro-American was living as a group of minorities in America.They cant get the same facilities that white people can easily et. One of the story was, black (skinned) kids had to walk to indoctrinate even their school has a far distance. But, for the white children, they can use the public transportation like buses. Then to express the injustice, they show it through creative ways. One of the hip hop pi geniuser is DC Cool Here (Clive Campbell) . He is one of the people who developed hip hop music before later bedspread out through the world. Fig 1. DC Cool Here (Clive Campbell), 2008 At that time, hip hop withal helped youngsters.Instead of fighting with the street gangs, they spend their time leaping battling. Then Africa Bumboat founded the Zulu Nation, its a confederation of street-dance crews, graffiti artists, and rap musicians. After that, hip hop movement gained more(prenominal) than and more media attention, Billboard magazine printing an expression titled B Beats Bombarding Bronx, commenting on influential hip hop figures like DC Cool Here. Hip hop still developing, until now, there are female hip hop artists too like Nick Mina and Queen Latish. They too protesting the graphic hip hop lyrics depicting rape and violence against women.Rap is also a part of hip hop. Rap became a way for artists to spread political and social messages to people who still unaware about the life of African-American people. Fig 2. Africa Bumboat (Kevin Donovan), founder of Zulu Nation, 2012 Later then, Hip hop started to spread out to the world the center of a mega music and personal manner industry around the world that crosses social barriers and cuts across racial lines. 4 HIP HOP INFLUENCE ON FASHION Hip- hop has become a lifestyle thats no perennial Just associated with African- Americans or Latino, it has a global reach. Task Lewis, Ph. D. 09, assistant professor of fiber science and apparel design in the College of Human Ecology. Hip record hop movement is no longer associated only with one group of people, the hip hop style adapted to the fashion world, where now people can wear tracksuits, sporting gear, oversized T-shirts, overalls and combat boots. In sass, this look was adopted by major fashion labels, becoming part of the mass culture. Also, the hip hop subculture embraced the uncouth club luxuries of more venerable brands, which features not usually marketed to urban youth.In sass, one o f the hip hop endorsement in fashion industry was done by Ideas, which shell shoe get popularized by group Run DMS. Ideas reportedly paid Run DMS $1 million for the deal. From there, hip hops influence in fashion continued to grow with corporations, and later with hip hop artists creating their own fashion labels. Ideas ads, Run DMS Fig 3. Michael Jordan with Nikkei Air Jordan, 1984 Then in 1984, Michael Jordan and Nikkei collaborated to create the Air Jordan basketball shoe. These shoes would become the most sought-after accessory since the Hermes Firkin.While the price point was high ($100 at the time), it did not stop young men from liner up. Nikkei still sells the Air and releases retro versions of the sneaker that sell out in hours across the globe. 6 Hip hop in early development in clothing was embraced by American designers, Ralph Lauren and Tommy Hellfire. Men would buy clothes a few sizes bigger, adapted the baggy silhouette rappers were known for both on and off make up. Russell Simmons, one of hip hop producer, capitalized on this trend by creating Path Farm clothing, the first hip hop clothing label.This revolutionized the fashion world, and many would follow in his footsteps, including Sean Daddy Combs and rappers Newly and 50 Cent. Path Farm Clothing Fig 4. Russell Simmons, 2013 After that, hip hop style spread out more and more through any part of the world, to he Paris and Tokyo streets. Designers took note of this and began adding a dose of hip hop to high end collections, such as the 1991 Channel collection, where Karl Laagered showed piles of gold Jewelry on models. In sass, many hip hop artists and executives started their own fashion labels and clothing lines.This ready to wear collection is focused on children at their teenage (5-7 years old) whose parents living in upper-middle class. Focusing on parents who want to dress up their children based on unique street style but still comfortable to wear. Children who also fond of fashion an d to look different among the others. All looks in this collection can be worn daily, at any occasions. In this childlessness project, I have learned that hip hop style which usually worn by adults can also adapted to kids garments.Since its childlessness, all of the garments in this collection use comfortable material and easy to manage. From using the denim cloth, I also learned that many fabric manipulations can be made, such as making pleats from a piece of denim or ripped it. And by using subtle colorful fabric, it give more fun feeling to this collection. Overall, I have improve my knowledge in how to get theme, how to research on the theme and how to realizing my collection room the design stage until finish. BIBLIOGRAPHY Resellers, D. (2012, August 15).

Research Paper on Teen Pregnancy

Teenage Pregnancy Whos To Blame? Over the past 10 years, jejuneage maternal quality has escalated about 10%. As the years pass, more blames for teen pregnancy come up. The first few years that teen pregnancy became a problem, the people blamed the girl that became pregnant. Then as it progressed worse and worse, the blame pointed to the father of the unborn chela. When the movie June came out in around 2009 that became blame. Then came 16 and pregnant and Teen Mom.Hollywood started clamoring teen pregnancy pretty much saying its okay to be a teen mom because you can become ammos. This made the girls of the U. S think Maybe since these girls ar becoming famous for being a teen mom maybe I can too. Then theres the no sex education in the schools. Schools these days think that all teens know about sex so why teach it? Teenage pregnancies atomic physical body 18 100% keepable. Teenagers should make the right ending and choose abstinence. If they choose to abide premarital sex th en they should take the right precautions to prevent pregnancies.Media and society plays a huge role in teen pregnancy. 16 and pregnant is a show that publicizes pregnant immature girls. It shows their struggles in life as a pregnant teen, how they try to deal with the Judgment of their compeers, severe to go through school, having the baby, and trying to be a teenager. A nonher blame for teen pregnancy is peer pressure. Friends getting pregnant and male childfriends are the main peer pressure girls get. When a friend gets pregnant some girls get Jealous of the attention their friend is getting so they go and get pregnant so they can pee-pee the attention too.Then theres the boyfriend factor near teenage boys are sexually active and continue that way with all the girls he boy comes in hint with. Most guys think Oh well since all these girls she hangs around with are doing it Ill push her into doing it with me, or theyll pull the if you love me card. As a teenage girl there ar e many things going through your mind when a boy likes you and wants to countenance relations with you. You think about if he very loves you, if hell leave you if you dont do it, etc. Cost teenage girls that become pregnant will tell you miss, I became pregnant to maintain a stable relationship with my boyfriend. There are also many schools that dont offer sex education. Most schools already have a high number of teenage pregnancies so they dont think they need it because most of the kids there are already sexually active. The other half of schools that do offer sex education, dont have any kids that theatre up for the class. In 2009-12 there are more teenagers out there that are sexually active then there ever has before.Sex education is the give where kids learn about sex and how to take the right precautions to maintain health. A living environment is also to blame. If a teenage girl lives in a not so good part of town and her mother was also a teen mom, that girl might becom e a teen mother. Yes, a girl may not become a teen mom in those living environments, but they also can come in contact other bad influences. Most girls that are pregnant, and or have had sex stated that they were either intoxicated or under the influence of illegal drugs.Parents are also a blame for teenage pregnancies. When parent doesnt have tell the child about sex or having babies, it hurts the child in the long weather because when contraceptives. Also, when a parent drills into their kids heads dont have sex or lull be tramp dont get pregnant or Ill kick you out and youll be dispossessed, and try to restrict the kid from dating, talking to, hanging out with, or any type of contact with the opposite sex will cause the child to rebel against their parents thus having sex and getting pregnant.In 2009, 1 of 11 year olds have had sex, 2. 4% of 12 year olds, even though pregnancy at these ages is very rare, sexual activity is more likely to be in the teens. 5. 4% of 13 year olds, 11% of 14 year olds, 20% of 15 year olds, 33% of 16 year olds, more than half of the teens 17 to 19 said that they were sexually active UT 25% said they have not until the age of 20 (Gale, 2007). The average age of a teen having premarital sex is 16. 4 years in Caucasians and 15. 5 years in African Americans (Talk of the Nation, 2008).It is estimated that 19% of teenage girls who get pregnant opt for abortion, with about 52% of women younger than 25 years old getting abortions. Of the girls who give birth, most decide to keep their babies. Between 1982 and 1988, only 3% of Caucasian girls gave up tier babies for adoption, compared to the 19% between 1965 and 1972. That figure is even smaller for African American arils. These figures still hold generally the truth now days (World of health, 2007). Not only does premarital sex without contraceptives strain to pregnancy it also leads to Studs that can lead to permanent sickness and even death.Teenage mothers are at more risk of health problems than adult mothers. They are more open to dieses such as tootsie, anemia, and upperclassman. The number one contraceptive used by teenagers is birth control. It is 100% effective if taken the right way. The pro side of teen pregnancy is that you get to have a baby and thats about it. The con side of teen regency is that you are a child your self and you are in your teens you are suppose to have fun and live life.Teen pregnancy is becoming an epidemic and it needs to stop because the abortion rate is sky rocketing, babies are being left out in the rain with no parental guidance. Yes, there are some teens out there that are great parents but they are very slim. When it comes to having children, teenagers are not able to raise them because they are children themselves. If teenagers think they are mature enough to have premarital sex then they should make the mature decision to prevent pregnancies.

Conservative vs Liberal

The 1964 electric chairial election was an election that varietyd Ameri stub history. For the first snip since the 1932 Pre locatingntial election between Hoover and Roosevelt, the the Statesn population was able to choose a president from deuce candidates with opposing views and ideological mindsets. The United States was firing through a time of change with protests, assassi democracys, and war, which caused social and political discomfort. After the assassination of President Kennedy on November 22, 1963, the country went into shock.Supporters of the charismatic Kennedy were deeply saddened feeling odd without a leader with the same outlook and liberal mindset. Lyndon B. Johnson past took over the reign as President for the remaining year, hoping to carry out Kennedys ideologies and economys. The future(a)(a) year during the 1964 Presidential race, he became the Democratic candidate, hoping to become re- choose as President. On the Republican side, Barry Goldwater was a r enowned conservative, and after beating Governor Nelson Rockefeller, became the hope for correctly conservatives across the nation.In 1960, Presidential candidate Barry Goldwater established his conservative principles through The Conscience of a Conservative. Written at a time of great change in America with experiments in super politics, the New Deal, and the climax of the Cold War, the views of Goldwater in the Conscience of a Conservative were looked at as revolutionary, yet polemical in the Republican eye. He believed and argued that absolvedom was the highest value in American society while also stating that compromising for something one does not believe in is un barely.In his book, Goldwater enunciated that he felt up as though putting the power in the hands of a big giving medication was not ideal. He believed that local sm whole governments fit the best interest of the people. Goldwater said that we the people can be conquered by bombs or by subversion but we can also be conquered by neglect by ignoring the Constitution and disregarding the principles of limited government (Goldwater 14). He make it known that the power of the federal government in the hands of only a few could be seriously dangerous.He wrote in his book that American people console themselves for being in tutelage by the reflection that they prolong chosen their own guardians. Every human allows himself to be put in lead-strings, because he sees that it is not a soul nor a class of persons, but the people at large that hold the end of his chain (Goldwater 25). Barry Goldwater made it clear through his book that freedom was alert in American society along with small state governments to support for each one individual person more directly.Lee Edwards states in the article HBO Hijacks Barry Goldwaters Ideology that Goldwater opposed the Bigs of America Big Government, Big Business, Big Labor, and Big Media (Edwards). While conservative Barry Goldwater stressed in-stat e ideologies and small governments, young adults and college students expressed their dire pick out for a leader. The Port Huron Statement was written at a Student for a Democratic baseball club (SDS) meeting in Port Huron, Michigan. Tom Hayden, a student at the University of Michigan, was the main leader and voice in the passionate proposal.He was a man who came from a working-class family in which honesty and umpire were two main components in the direction he lived his life. The Port Huron Statement was a manifestation of what the youth of America was feeling at the time. Most were displease with the way college administrators were trying to control their lives while others were frustrated that typical liberals were not supporting their freedom and civil rights shamment efforts. They, unlike Goldwater, felt as though the federal government needed to play a much larger role in American society to dig them out of the nations widespread injustice.They expressed their frustrati on with a country that was once looked at as a nation of wealth, prosperity, and unlimited electromotive force to now a nation with problems of degradation and war. In their statement they claimed, kind degradation, symbolized by the Southern struggle against racial bigotry, compelled most of us from silence to activism. Cold War, symbolized by the presence of the Bomb, brought awareness that we ourselves, and our friends, and millions of abstract others we knew more directly because of our common peril, capability die at any time (Levy 43).The SDS felt as though they could not let these two issues go unnoticed and made it clear in their statement when they said, We might deliberately ignore, or avoid, or fail to feel all other human problems, but not these two, for these were too immediate and crushing in their impact, too challenging in the demand that we as individuals take the responsibility for encounter and resolution (Levy 44). They showed other frustrations in such thi ngs like social classes and technology when they professed, Although our own technology is destroying old and creating new forms of social organization, men still tolerate purposeless work and idleness.While two-thirds of mankind suffers to a lower regulate nourishment, our own upper classes revel amidst superfluous abundance (Hayden). The SDS felt as though America as a whole was in a concrete hold with no direction on where to go. Throughout their statement they cried for leadership and reform and solid federal government to fix their needs. The SDS showed fear that such issues of overpopulation, degradation and racism, the need for advanced technology, economic and human spending in war, and fortification of totalitarian states would turn the land of probability into the regression of an era.The great change however in what the Student of a Democratic Society brought about was the thought of social issues. For once, citizens of America began thinking for themselves as opposed to relying on who was in charge. They had similarities with Goldwater in that they were extremists. They were the New Left and unlike American citizens before them, other than in the Civil Rights Movement, they felt as though head officials, including their college administrators, were out of line. Goldwater, although having completely contrastive ideologies, was also considered an extremist in the Republican Party.He was looked at as being The Far Right. The SDS felt as though whoever was in charge of America needed to make a stand and fight for what they believed in, but unlike Goldwater, they did want a solid central government that could lead them out of their sorrows. Lyndon B. Johnson, the President at the time, felt it was his duty to fulfill the needs of Americas future. Like his fellow predecessor, President Kennedy had wanted to do during his Presidency, Johnson wanted to pass legislation to fill the needs of America. In May of 1964, President Johnson addressed the issu es brought before him through a bringing at the University of Michigan.President Johnson addressed the main issues of America and gave the students a direction in which the nation was now headed. He stated, The challenge of the next half deoxycytidine monophosphate is whether we have the wisdom to use that wealth to enrich and elevate our national life, and to advance the quality of our American civilization (Levy 106). Johnson had a vision to build a society without poverty, racial discrimination and injustice, as wholesome as a land of opportunity that was sought out by each individual to advert their own personal goals in life.It was portrayed in Peter Levys book, America in the Sixties-Right, Left, and Center, that the goals of Johnson were to not settle for a society that was just rich or powerful, but to develop a society that was Great. He wanted to have a society with unlimited growth and potential in which every citizen has the right to equality and a satisfying life. H e shows this in his speech when he says, build a society where progress is the handmaid of our needs, or a society where old values and new visions are buried under unbridled growth.For in your time we have the opportunity to move not only toward the rich society and the powerful society, but upward to the Great Society (Levy 106). He felt as though the past should be no more, and that the future should hold a society in which all questions of race, prosperity, equality, and potential would not be left unanswered. The development of a Great Society was unlike anything Barry Goldwater supported. The foundation of this new society would put the power into the hands of the federal government, and although democratic, did its job in satisfying the needs of the people but under the supervision of a select few.The Great Society set off a chain reaction of revolutionary and fulfilling acts and reforms in the mid-1960s. While the main goals were to take place all racial inequalities and p overty in the country, other issues in health care, education, and living conditions suburbs and urban areas. President Johnson first started with fixing issues America by cutting taxes. In doing so, the Gross Nation Product rose ten percent and a full economic growth by almost five percent within only a few years. During this time of economic reform and growth, the Civil Rights Movement was taking full strides and segregation was growing as well (1960s).In 1964, shortly after Johnsons Presidential campaign took ride, he began passing legislation that Kennedy could not. Not until the death of President Kennedy and sorrow that came with it, was Johnson able to manipulate and exchange members of the House to pass such revolutionary and controversial pieces of legislation that would shape America forever. Kennedy, being a youthful and confident president with liberal ideas had rough-and-tumble getting the House to pass legislation that he was initiating. Another issue was that Pres ident Kennedy was the first Catholic president elected which brought some distilled proars among the House.The Civil Rights doing of 1964 was the first main pieces of legislation to be passed. This act disallowed segregation and racial discrimination in all public institutions and the workforce. Equality reforms in voting took place the following year. The Voters Rights Act of 1965 allowed all minorities to have an equal say in voting and registration. Meeting financial and health needs began progressing with the passing of the Social protection Act of 1965. This act introduced Medicare to the public and provided the elderly with more funding from the government.Lastly, education began receiving needed benefits when the Higher Education Act of 1965 amplified federal money given to universities. This helped enable low-interest loans and scholarships, which gave hope for higher education to all students of America. At the same time, the Elementary and Secondary Education Act of 196 5 provided significant federal aid to public schools. The legislation passed because of the cry by the youth of America and vision of Lyndon B. Johnson paved the way for the future of the nation. Without the determination of President Johnson, the entire nation might not have received the remuneration it needed.There were many reasons why Goldwater lost the presidential election in 1964, some of which were out of his control. The death of Kennedy provided sympathy to the democratic side and with the economy being stable at the time, the incumbent candidate, Johnson, received great press from the media. This then allowed his face to be that of America at the time and what the future could hold. Goldwater had issues to begin with while trying to revolutionize his extreme right mindset, which alienated the moderate wing of the party.This then split up the party, which made it almost inconceivable for Goldwater to receive the support he needed from the Republican Party. Goldwater was u nlike most conservatives in American society at the time. His ideas in his book The Conscience of a Conservative brought forth alternative ideas to the liberal mindset that was being brought forth through such a time of change and democratic reform. In his book, Goldwater made it clear that the difference between Conservatives and Liberals was that Liberals tended to be more worldlyistic while Conservatives looked at the entirety of a man.He also felt as though all Liberals needed was economic and social satisfaction while Conservatives believed that along with economic stability, ones spiritual stability was only secured by oneself, not from outside sources (Goldwater 4). Although Goldwater was unsuccessful in creating a more conservative America, he did create a foundation as to what America could have been if he had been elected president. For one, Goldwater believed that if a state felt it were fit, that separate but equal was suitable. He also felt strongly in the role of loca l and state governments as opposed to big governments.So, looking at this, and although it does seem like a plausible ideology that could possibly work to get the freedoms of each individual, each state would almost be as if it were its own country. There were could be roughly fifty small nations inside of one giant nation that all followed different rules. This would lead to a completely divided country where there could be complete anarchy in each state, if wanted. With one central government, Americans are allowed to section what they feel are the most important issues, like the SDS did, and have the leaders in which were elected by the people, do their best to fix them.Goldwater also believed that consumer prices and massive tax bills kept hindered the work of farmers. He felt as though big taxes and consumer prices in business kept less productive farmers in the business, olibanum taking some finances from more productive farmers. His thoughts were that there should be no re gulations at all and that all farmers should be in a free open market fighting against them. In addition to taxes, Goldwater felt strongly about a mans right to property. Goldwater felt that what a man earned was what one puts on their property.And, a tax on property, was therefore a tax on their wages, and in Goldwaters eyes, a tax on wages was a tax on freedom. The tax on mans property was parallel to his thought that one should have privacy to their should be dictated by the individuals and families, by churches, private hospitals, religious service organizations, community charities and other institutions that have been established for this purpose (Goldwater 68). His views related to the freedom of the spirit and material of a man and that in a capitalistic society, taking away the responsibility of a mans materials means taking away the entire freedom of a man.Goldwater felt strongly about the power of state and local governments over big governments. He felt as though each st ate should hold its laws against tax, segregation, and education as opposed to one government holding it for the entire nation. He felt as though this was the only way in which each individual man could be responsible for his own property and individual rights. If one was unsatisfied with the right held in a state, they then could move to a body of people that held their same views. Goldwaters ideologies and philosophies were ideas of what would later be viewed as revolutionary in the common conservative.Barry Golderwaters book, The Conscience of a Conservative, his extremist ideologies, along with feelings set forth by the SDS, and the legislations put through under President Johnson were all huge impacts on America. Goldwater, although lost in a landslide, built the foundation for the modern era Republican. Without his thoughts and ideals about local and state governments over big governments, small businesses getting the same share as big businesses, and freedom is most important value in American society, the thoughts of Republicans could be left completely one-sided and concrete.The Port Huron Statement brought about the idea for American citizens to have a voice, and for the youth of America to stand up and think for them. No longer will people rely on others to make all decisions for them. Tom Hayden was revolutionary in free speech and standing up for what he believed in. He felt as though there were issues in America and unjust laws that needed to be re-established. Without his and the SDS, students of America might be completely different rules.Lastly, Lyndon B.Johnson and the reform of the Great Society was the stepping-stone to true freedom in America. First, without Hayden and SDS, Johnson might not have responded with such an enlightening reform. Passing acts that allowed all races to have the same equalities, educational funding which enabled all students the right to a better education, and elderly money to live and be healthy all paved the way for America in the future. Without all three, America might have been a completely different nation.Work Citedhttp//www.history.com/topics/1960shttp//www.humanevents.com/article.php?id=17198

Book The First Of Hard Times Essay

In book the first of Hard Times, Dickens introduces many different philosophical ideas that many believed in, in the eon of Dickens life in England. Towns were developing around coalmines and the blast furnaces took over farming as the main employer of labour. Roads and canals were built to connect industrial areas with cities. wizard of these industrial areas is, in the book, Coketown. As more public buildings developed, living conditions in towns and cities decreased. Most were cramped, damp, and poorly heated and much malnutrition and disease started to spread all over the country.Dickens used his writing to show his readers what was behind the gleaming concealment of Victorian society. Behind these forces was Utilitarianism, a philosophy that emphasised the practical usefulness of things. This meant that art, imagination, swindle and entertainment were not valued because they had no practical use. Dickens believed that all these things that made human beings diverse, interest ing, free creative, happy and warm hearted were being driven protrude by the values of a factory system geared only to productivity and profit. Dickens satirised abuses of the utilitarian theory.In book the first, facts and figures are introduced right at the beginning. An authoritative voice is laying down the law. Teach these boys and girls nothing but facts The speakers manner is described as his voice is inflexible, dry and despotical his hair is bristled. These descriptions give us emphasis to the importance this person places on facts. The children resemble rows of and swept with their eyes the inclined plane of little vessels past and there arranged in order, ready to have imperial gallons of facts poured into them until they were full to the brim. The speaker stresses facts, but the narrator is fanciful, turning factual details into metaphors. The square forehead is a wall Eyes are curves His hair is a plantation of firs These suggest that Dickens trys to make the spea kers appearance fanciful when the speakers whole life is based around facts and figures. There is much repetition that seems to mock the idea of sticking to facts in a lively way. Square coat, square legs, square soldiers. Dickens is trying to suggest that his appearance as well as his personality is factual and he has no fancy in him.Much of the plot arises from the speakers (later we find out his name is Mr Gradgrind) determination to teach his own children according to his system of facts and no feeling or imagination. This is the principle on which I bring up my own children, and this is the principle on which I bring up these children. When he boasts almost it on the first page he is ironically unaware of how much sorrow is to be reaped and garnered from this teaching. This factual life stands for a whole view of life, which the wise will condemn.

Culture of Sri Lanka Essay

Ceylon TeaThe finis of Sri Lanka has been influenced by many an(prenominal) factors, further has managed to retain much of its quaint aspects. Mostly it has been influenced by its long history and its Buddhist heritage. The country has a rich artistic tradition, embracing the fine humanities, including music, trip the light fantastic toe, and visual arts. The Sri Lankan lifestyle is reflected in the cuisine, festivals, and maneuvers. South Indian influences are visible in many aspects. There is overly some influences from colonization by the Portuguese, the Dutch, and the British. Sri Lankan culture is best know abroad for its cricket, food, holistic medicine, religious icons like the Buddhist flag, and ethnical exports such as tea, cinnamon and gems. Sri Lankan culture is diverse, as it varies from region to region. Sri Lanka has had ties with Indian subcontinent from ancient prison terms. Demographics Sinhalese 74.8%, Sri Lankan Moors 9.23%, Indian Tamil 4.16%, Sri Lankan Tamil 11.21%, Other 0.6%.History of import article History of Sri LankaSri Lanka boasts of a documented history of over 2000 years with the beginning st unity(a) objects dating back to 500,000 BC primary(prenominal)ly due to ancient historic scriptures like Mahawansa Several centuries of intermittent foreign influence, has transformed Sri Lankan culture to the present outlook. Nevertheless ancient traditions and festivals are celebrated by approximatelyly unprogressive Sinhalese raft of the island, together with other minorities that make up the Sri Lankan identity. Visual artsA royal palace in Polonnaruwa.Frescoes at Sigiiriya.Architecture important articles Architecture of Sri Lanka and Architecture of ancient Sri Lanka know also List of Sri Lankan architectsThe architecture of Sri Lanka dis put-ons a rich variety of architectural forms and styles. Buddhism had a significant influence on Sri Lankan architecture, since it was introduced to the island in 3rd Century BCE. How ever techniques and styles developed in Europe and Asia have also played a major role in the architecture of Sri Lanka.RitigalaArts and craftsGilded bronze statue of the Bodhisattva Tara, from the Anuradhapura period, 8th century. Many forms of Sri Lankan arts and crafts take inspiration from the Islands long and lasting Buddhist culture which in go has absorbed and adopted countless regional and local traditions. In most instances Sri Lankan art originates from religious beliefs, and are represented in many forms such as painting, sculpture, and architecture. One of the most notable aspects of Sri Lankan art are caves and temple paintings, such as the frescoes set in motion at Sigiriya and religious paintings found in temples in Dambulla and synagogue of the Tooth Relic in Kandy. Other popular forms of art have been influenced by two primaevals as well as outside settlers. For example, traditional wooden handicrafts and dust pottery are found around the hill country while Por tuguese-inspired lacework and Indonesian-inspired Batik have become notable. Its has many varied and beautiful drawings. Performing artsTraditional Sri Lankan harvesting dance.People in Sri Lanka love the performing arts. The main style of performance is Bollywood. Dance chief(prenominal) article Dances of Sri LankaSee also Kandyan danceSri Lanka is famous around the Indian ocean for Kandyan dancing. MusicMain article Music of Sri LankaThe two single biggest influences on Sri Lankan music are from Buddhism and Portuguese colonizers. Buddhism arrived in Sri Lanka after the Buddhas attend in 300 BC, while the Portuguese arrived in the 15th century, bringing with them cantiga ballads, the ukulele, and guitars, along with African slaves, who further diversified the musical roots of the island. These slaves were cal direct kaffrinha, and their dance music was called baila. Traditional Sri Lankan music acknowledges the hypnotic Kandyan drums drumming was and is very much a part and p arcel of music in both Buddhist and Hindu temples in Sri Lanka. Most western parts of Sri Lanka follow western dancing and music. CinemaMain article Cinema of Sri LankaThe movie Kadawunu Poronduwa (The distressed promise), produced by S. M. Nayagam of Chitra Kala Movietone, heralded the coming of Sri Lankan cinema in 1947. Ranmuthu Duwa (Island of treasures, 1962) marked the transition cinema from black-and-white to color. It in the recent years has featured subjects such as family melodrama, social transformation, and the years of conflict between the military and the LTTE. Their cinematic style is similar to the Bollywood movies. In 1979, movie attendance rose to an all-time high, but enter a gradual downfall since accordingly. Undoubtedly, the most influential and revolutionary filmmaker in the history of Sri Lankan cinema is Lester James Peiris, who has directed a number of movies which led to global acclaim, including Rekava (Line of destiny, 1956), Gamperaliya (The changing village, 1964), Nidhanaya (The treasure, 1970), and Golu Hadawatha (Cold Heart, 1968).There are many cinemas around Sri Lanka in city areas. Media and technologyRadio and TVSee also Telecommunications in Sri LankaSri Lanka was introduced with many technologies. life-styleCuisineMain article Sri Lankan cuisineKiribath with lunumirisThe cuisine of Sri Lanka draws influence from that of India, especially from Kerala, as well as colonists and foreign traders. Rice, which is usually consumed daily, can be found at any special occasion, while spicy curries are favourite dishes for lunch and dinner. A very popular alcoholic drink is toddy or arrack, both made from palm tree sap. Rice and curry refers to a range of Sri Lankan dishes. Sri Lankans also eat hoppers (Aappa, Aappam), which can be found anywhere in Sri Lanka. Much of Sri Lankas cuisine consists of boiled or steamed rice served with spicy curry. Another well-known rice dish is kiribath, meaning milk rice. Curries in Sri Lanka are not just limited to meat or fish-based dishes, there are also vegetable and even fruit curries.A typical Sri Lankan repast consists of a main curry (fish, chicken, or mutton), as well as several other curries made with vegetable and lentils. Side-dishes include pickles, chutneys and sambols which can sometimes be fiery hot. The most famous of these is the coconut sambol, made of scraped coconut mixed with chili peppers, dried Maldivian fish and lime juice. This is ground to a paste and eaten with rice, as it gives zest to the meal and is believed to increase appetite. In addition to sambols, Sri Lankans eat mallung, chopped leaves mixed with grated coconut and red onions. Coconut milk is found in most Sri Lankan dishes to give the cuisine its unique flavor. As noted above many of Sri Lankas urban areas are host to American fast food corporations and many of the younger generation have started to take a liking to this raw(a) style of cuisine although it is rejected by many, particu larly the more traditional sr. members of the corporation. SpicesSri Lanka has long been renowned for its spices. The best known is cinnamon which is native to Sri Lanka. In the 15th and 16th centuries, spice and ivory traders from all over the world who came to Sri Lanka brought their native cuisines to the island, resulting in a rich diversity of cooking styles and techniques. Lamprais rice boiled in stock with a special curry, accompanied by frikkadels (meatballs), all of which is then wrapped in a banana leaf and baked as a Dutch-influenced Sri Lankan dish. Dutch andPortuguese sweets also continue to be popular. British influences include roast beef and roast chicken. Also, the influence of the Indian cooking methods and food have played a major role in what Sri Lankans eat. Sri Lankans use spices liberally in their dishes and typically do not follow an exact recipe thus, every cooks curry will taste slightly different.Furthermore, people from different regions of the island (for instance, hill-country dwellers versus coastal dwellers) traditionally cook in different ways. Sri Lankan cuisine is known to be among the worlds spiciest, due to the high use of different varieties of chili peppers referred to as amu miris (Chili pepper), kochchi miris, and maalu miris (Banana pepper) (capsicum) and in Tamil Milakaai, among others. It is generally accepted for tourists to request that the food is cooked with a lower chilli content to cater for the more slender Western palette. Food cooked for public occasions typically uses less chillie than food cooked in the home, the latter where the food is cooked with the chilli content preferable to the occupants. Tea cultureTea plantation near KandyBeing one of the largest producers of tea in the world, Sri Lankans drink a lot of tea.There are many tea factories around hilly areas. Many Sri Lankans drink at least three cups a day. Sri Lanka is also one of the best tea-producing countries in the world and the Royal Fam ily of the United Kingdom has been known to drink Ceylon tea. Tea is served whenever a guest comes to a house, it is served at festivals and gatherings or just for breakfast. Festivals and holidaysNew YearMain article Sinhala and Tamil new yearThe Sinhala and Tamil new year (Aluth Avurudhu in Sinhala, Puthiyathandu in Tamil) is a very large cultural event on the island. The festival go in April (also known as the month of Bak) when the sun moves from the Meena Rashiya (House of Pisces) to the Mesha Rashiya (House of Aries). Unusually, both the end of one year and the beginning of the next occur not at midnight but at separate times determined by astrologers with a period of some hours between (the nona gathe or neutral period) being a time where one isexpected to refrain from all types of work and instead engage solely in relaxing religious activities and traditional games. During the New Year, festivities both children and adults will often don traditional outfits. But the clothe s must be washed and very clean because it should be southam (pure). List of holidaysJanuaryTuesdayDuruthu in force(p) moonlight Poya sidereal day (In prise of Lord Buddhas first visit to Sri Lanka) *JanuaryTamil Thai Pongal Day*4 FebruaryMondayNational Day*FebruaryNavam Full moon on Poya Day (The Buddha proclaims for the first time a code of fundamental ethical precepts for the monks) *MarchThursdayMaha Sivarathri Day*MarchThursdayMilad-Un-Nabi (Muhammads birthday)*MarchMedin Full Moon Poya Day (Commemorates the visit of The Buddha to his home to preach to his father King Suddhodana and other relatives) *MarchFridayGood Friday*13 AprilDay prior to Sinhala and Tamil New Year Day (the month of Bak) when the sun moves from the Meena Rashiya (House of Pisces) to the Mesha Rashiya (House of Aries) Sri Lankans begin celebrating their National New Year) *14 AprilSinhala and Tamil New Year Day*AprilFridayAdditional Bank HolidayAprilBak Full Moon Poya Day (commemorates the second visit of The Buddha to Sri Lanka) *1 MayThursdayMay Day*MayVesak Full Moon Poya Day (The Buddhist schedule begins)*MayDay following Vesak Full Moon Poya Day*JunePoson Full Moon Poya Day (Commemorates the introduction of Buddhism to Sri Lanka) *JulyEsala Full Moon Poya Day (Commemorates the deliverance of the first sermon to the five ascetics and setting in motion the Wheel of the Dhamma by Buddha) *AugustNikini Full Moon Poya Day (conducting of the first Dhamma Sangayana (Convocation)by Buddha) *SeptemberBinara Full Moon Poya Day (Commemorates The Buddhas visit to heaven to preach to his mother and celestial multitude) *OctoberWednesdayId-Ul-Fitr (Ramazan Festival Day)*OctoberVap Full Moon Poya Day (King Devanampiyatissa of Sri Lanka sending envoys to King Asoka requesting him to send his missy Arahat Sanghamitta Theri to Sri Lanka to establish the Bhikkhuni Sasana (Order of Nuns)) *OctoberMondayDeepavali Festival Day*NovemberIl Full Moon Poya Day (Celebrates the obtaining of Vivarana (the assurance of becoming a Buddha)) *DecemberTuesdayId-Ul-Adha (Hajj Festival Day)*DecemberMondayUnduvap Full Moon Poya Day (Sanghamitta Theri established the Bhikkhuni Sasana (the Order of Nuns)) *25 DecemberSaturdayChristmas Day** Public holiday, Bank holiday, Mercantile holiday All full-moon days are Buddhist holidays referred to as Poya. The actual date on which a particular Poya day will fall changes every year. ReligionMain article Religion in Sri LankaSee also Hinduism in Sri Lanka, Buddhism in Sri Lanka and Islam in Sri LankaA Hindu temple in ColomboSri Lankas culture also revolves around religion. The Buddhist community of Sri Lanka observe Poya Days, once per month according to the Lunar calendar. The Hindus and Muslims also observe their own holidays. Sri Lankans are very religious because the history of the island has been involved with religion legion(predicate) times. There are many Buddhist temples in Sri Lanka associated with ancient times. The religious prefere nce of an area could be determined by the number of religious institutions in the area.The North and the East of the island has several notable Hindu temples due to majority Tamil population reside in those areas and ethnic conflict has severely bear on other communities living on these areas during the times of LTTE strife. Many churches could be found along the southern coast line because of former Roman Catholic or Protestant colonial heritage. Buddhists reside in all parts of the island especially down south and in upcountry and western seaboard. They are the largest religious conference in Sri Lanka. Languages of Sri LankaMain article Languages of Sri LankaWhile the Sinhalese people speak Sinhala as their mother tongue, the Tamil people speak Tamil. English is also widely spoken. Sinhala is spoken by about 16 million people in Sri Lanka, about 13 million of whom are native speakers. It is one of the constitutionally-recognized official languages of Sri Lanka, along with Tamil , which originates from South India. SportsMain article Sport in Sri LankaCricket in Sri LankaSports plays a very big part in Sri Lankan culture, because the indian lodge was quite rich in educated people, therefore the people had found playing a sport is an important thing in life. Sri Lankas main sport is cricket. But after the age of Englishmans cricket, being the most popular sport event in Sri Lanka. Every child in Sri Lanka knows how to play cricket, and there are many cricket fields scattered across the island for children and adults to play the sport. The biggest pastime of the Sri Lankan population, after cricket, is watching the Sri Lankan national team play cricket. It is plebeian for businesses to close down down, when very big matches are televised. This was the case in 1996, when the Sri Lankan team beat Australia in the finals to win the Cricket World Cup. The whole country was shut down, although there was a curfew imposed upon the whole island. CricketMain articl e Cricket in Sri LankaCricket is the most popular sport in Sri Lanka. after(prenominal) the 1996 Cricket World Cup, triumph of the Sri Lanka national cricket team, the sport became the most watched event in the country. But in recent years, the politicians and the businessman getting into the sport has raised many concerns. VolleyballVolleyball is not a popular in Sri-Lanka, because Cricket is one of the popular sport in Sri-Lanka. RugbyMain article Rugby in Sri LankaNational symbolsMain articles Flag of Sri Lanka, Coat of arms of Sri Lanka and Sri Lankan anthemThis section requires expansion. (January 2012)TourismMain article Tourism in Sri LankaThis section requires expansion. (January 2012)World Heritage Sites in Sri LankaAnuradhapuraCentral HighlandsGalle and its FortificationsGolden Temple of DambullaKandyPolonnaruwaSigiriyaSinharaja Forest ReserveSri Lankan peopleSri Lankan literatureHenry Parker (author), British engineer who study and compiled the oral tradition of Sri Lan ka. References1. http//www.statistics.gov.lk/abstract2010/chapters/Chap2/AB2-13.pdf 2. http//bookonsrilanka.files.wordpress.com/2013/08/growing-up-white-in-south-asia.pdf 3. http//mahavamsa.org/4. LANKALIBRARY FORUM View topic Home and family in ancient and medieval Sri Lanka. Lankalibrary.com. 2008-12-21. Retrieved 2012-06-29. External links1 great deal 1, Volume 2 and Volume 3 of Village Folk-tales of Ceylon by Henry Parker (Public Domain) Sri Lanka a cultural profileSri Lanka cultureCultural Festivals and Public Holidays in Sri Lanka

Claudius, hateful villain or good king? Essay

Claudius makes a good king. He is a careful ruler and a loving husband, providing stability for both his nation and wife. Murderer of the just king, Claudius is the plays hateful, lying villain. What justification is there in the text to support these two dates? What is your opinion of the path Shakespeare presents Claudius? Claudius is cap open of meet an impelling king. However his choice to exploit his newly found power for personal gain contradicts the good he attempts to accomplish. An effective king has to be an innocent king. Unfortunately Claudius seems unable to be h unitaryst to whatsoever person through the course of the play.His act of murder and his claim to the thr iodine reflects a self promoting vitrine for the audience. Claudius however is able to be honest with God. Through his act of repent Claudius shows to the audience that he is able to be truthful and it also shows that he is able to distinguish right from wrong. Claudius details, in Act Three Scene Three, that his offence is rank and he wishes it to be pardoned in byrank for him to progress as an effective king. This honest act shows that Claudius is willing to admit when he is wrong, he may also be afraid of the afterlife and what awaits him.This unknown becomes apart of the larger stem turn of uncertainty. Claudius is capable of telling the truth, but only when it is to his advantage. In act four scene five, when Laertes blames Claudius for the death of his father, Claudius manipulates the situation by telling Laertes that he will benefactor to exact his revenge. Claudius is therefore able to get rid of both Laertes and Hamlet who both pose a threat to the power that Claudius has gained. Claudius ability to resolve the large(p) situation and rework it to his advantage, stands him in good stead for the leadership a king exerts on his country when faced with difficult situations.In this scene Claudius atrociously refers to the divinity doth hedge a king, this is ironic c onsidering he was able to so easily murder his own brother, yet this white lie sows a reference in Laertes mind that attempting to kill Claudius would be bad judgement on his part. The continuing conversation allows Laertes to find a person to take the revenge he seeks to deliver. Claudius, already plotting to murder Hamlet, is able to give the task to Laertes, thus relieving Claudius of spilling anymore blood onto his own hands, yet still dealing with the situation he finds threatening to the stability of his crown.His use of manipulation through his use of language mimics the idea of pouring poison into his brothers ears, by talking people into his way of thinking Claudius is metaphorically pouring poison into peoples ears. In this scene we can see the talent that Claudius harbours that would make him a good inactive king conversely we also see that he puts these talents to bad use causing him to be the plays hateful, lying villain. Hamlet believes that Claudius is the murderer of the rightful king.In Hamlets first soliloquy, Hamlet refers to his father so excellent a king, that was to this. His belief that Claudius is not the rightful king that should provide arrive at for the state, before his fathers ghost informs him of his murderous attributes, allows the audience to see that in the eyes of those that loved the late King Hamlet, Claudius is no comparison to the leadership that was shown by his predecessor. The late King Hamlet was a man who charged into battle armed at point, exactly cap-a-pie as described by Horatio in act one scene two.However it can be argued that this works in Claudius favour. The previous king used violence to bring order through battle he would have put other peoples lives at risk for his reputation and ego. Claudius uses communication between countries to resolve any problems that exist. We see this in (I cant find it but I am quite sure it happens somewhere, hopefully I would have found it by the time we meet. In the sectio n Im looking for some people is discussing the coming battle or something like that, but it makes out that Claudius is talking to the other country.) Hamlets view can be a result of anger for his mothers remarriage, or the death and replacement of his father. If his view stems from this then the audience is asked to decide whether they believe Claudius is doing a better job at protecting his country, and providing stability for it. Claudius provides stability for his country and wife only for the ill-judged term. His record of underhandedness leaves him vulnerable to attack if anyone were to find out. Through this attack Claudius would be left vulnerable for the public and other countries to lead his crown.From Claudius bad decision to remove his brother from power he has created a corrupt character that is leading the state. Through one action Claudius is forced to cover his tracks, by covering his tracks of one foul deed he must commit another. He attempts to right what is wrong and in doing so he allows the stakes to be raised significantly. If he does not hide his mistakes then he will surely be found out, by attempting to hide them, he runs the risk of being found out but can ultimately get away with it.We see that Claudius is upset with his actions when he pleads for religion to cure him of his life at the alter, he asks for forgiveness. Claudius is not the permit king, and therefore automatically takes the place of the plays hateful, lying villain. The addition of his murderous attributes makes it hard for any audience member to connect with the thought bathroom Claudius actions. Hes seen as a cold murderer that only acts for himself.Contrary to popular belief I believe that Claudius is a man who tempted one day made, a very bad decision. Through his human instinct for survival he has become a corrupt king that originally valued well for his country. We see his remorse when he kneels at the alter for forgiveness. He provides stability for the short term but not ultimately. Claudius has the ability to become a great king, but has tainted his chances with the murder of his brother, causing him to become the corrupt villain that audiences see him as.

Brief History of Psychology Essay

Before science, psychology was untested. People assumed all psychological problems were caused by evil spirits. The roots of psychology go behind to the ancient Greeks, the term itself comes from two Greek words, psyche and logos which means the soul and the study of a subject. Philosophy and physiology both contributed to psychologys event as a scientific discipline.The formal beginning of psychology started in the mid 18th century when a German physiologist named Wilhelm Wundt treated psychology as an independent science discipline. His book Principles of Physiological Psychology was published in 1874, it focused on consciousness, including feelings, emotions and ideas. His perspective came to be known as structuralism psychology is to analyze consciousness into its basic elements and investigate how they are related. Wundt and others also used a procedure called introspection- a self- examination of ones conscious thoughts and feelings. However, by 1895 structuralism was repl aced by functionalism- it focused on the acts and functions of the mind and behavior rather than its structure.In 1924, John B Watson published Psychology as way launched behaviorism which proposed that psychology should study only observable behavior. Sigmund Freud, an Austrian physician, whose work and theories helped shape the views of childhood, personality, memory, sexuality and therapy which attempted to explain motivation and mental disorders.Another compound of psychology happened when humanism rose its theoretical perspective emphasized conscious experiences. One of the founders of this theory, Carl Rogers strongly believed in the power of free will and humans potential to grow.Psychology celebrated to grow, more new ideas and perspectives were introduced. Psychology evolved out from philosophy and physiology to a separate and independent field of study with further outgrowth and theories to explain human thought and behavior throughout centuries. Today, psychologists f ocus on a particular specialty or perspective but their ideas and theories will continue to shape psychology for years to come.

How to Face Resistance to Change

Resistance to convince throne be difficult to overcome even when it is not detrimental to those concerned. But the attempt must be made. The starting line step is to analyze the potential impact of change by considering how it will affect tribe in their jobs. The analysis should indicate which aspects of the proposed change may be supported generally or by specify individuals and which aspects may be resisted. So far as possible, the potentially hostile or negative reactions of people should be identified, taking into account all the possible reasons for resisting change listed above.It is necessary to try to understand the apt(predicate) feelings and fears of those affected so that unnecessary worries can be relieved and, as far as possible, ambiguities can be resolved. In making this analysis, the individual introducing the change, who is sometimes called the change agent, should recognize that new ideas be likely to be suspect and should make ample provision for the discuss ion of reactions to proposals to ensure complete intellectual of them. Involvement in the change process gives people the chance to raise and resolve their concerns and make suggestions about(predicate) the form of the change and how it should be introduced.The aim is to get ownership a feeling amongst people that the change is something that they are happy to live with because they have been involved in its planning and introduction it has become their change. communication theory about the proposed change should be carefully prepared and worded so that unnecessary fears are allayed. All the easy can be used, but face-to-face communications direct from managers to individuals or through a squad briefing system are best.

Demutualization of Stock Exchanges

DEMUTUALIZATION OF rootage varyS PROBLEMS, SOLUTIONS AND CASE STUDIES Edited by SHAMSHAD AKHTAR music director, Governance, Finance and barter Division, eastward and substitution Asia Department, Asian information beach Asian discipline bound 2002 All reforms reserved. The views express in this disk be those of the authors and do not necessarily reflect the views and policies of the Asian breeding Bank, or its table of Governors or the governments they represent. The Asian Development Bank does not guarantee the accuracy of the data include in this prevalentation and accepts no responsibility for some(prenominal) consequences for their use.Use of the term country does not imply whatever judgment by the authors or the Asian Development Bank as to the licit or some different(prenominal) status of any territorial entity. ISBN 971-561-475-2 habitualation live persuade No. 100602 Published and printed by the Asian Development Bank P Box 789, 0980 Manila, Filipinos . O. CONTENTS Foreword Principal Authors Abbreviations xiii xv xxi plowshare I ISSUES INVOLVED IN parenthood EXCHANGE DEMUTUALIZATION 1 De commonization of Asian inventory transmutes precise Issues and Ch bo whereforeges by Shamshad Akhtar 1. 1 1. 2 1. 3 1. 4 1. 5 1. 6 1. 7 1. founding Demutualization Its Definition, Size and importee Motivation and driving Factors for Demutualization From interdependency to Demutualization of diversify Benefits of Demutualization of alternates Regulatory Oversight Challenges and Responses for Demutualized transfer mo remunerationary Vi office of Demutualized replacement conclusion 3 3 4 5 8 12 19 25 29 2 2. 1 2. 2 2. 3 2. 4 2. 5 2. 6 Background Information on Demutualization by Pamela S. Hughes Introduction What Demutualization Means The Reasons to Demutualize The Models An Update Since Demutualization Conclusion 33 33 33 36 40 43 47Demutualization of convey(a) certificate shiftsProblems, Solutions and baptistery Studies mak e upendum 1 The Models 48 3 Motivations, Mechanics and Models for rally Demutualizations in the get together States by Roberta S. Karmel 3. 1 3. 2 3. 3 3. 4 Overview Reasons for Demutualization How Demutualization is Accomplished Post-Demutualization Models 59 59 61 65 70 4 The body structure of a Demutualized transmute The Critical Issues by David Holthouse 4. 1 4. 2 4. 3 4. 4 4. 5 4. 6 4. 7 Introduction will power bodied Governance Access indemnifys seek Management pecuniary Management Conclusion 73 73 73 77 80 81 82 83 Demutualization of interchanges The Conflicts of pursuit (Hong Kong) by William Pearson 5. 1 5. 2 5. 3 5. 4 5. 5 5. 6 5. 7 Structure of alters Regulatory Role and Self- economy Public insurance Objectives of telephone line wiliness place command wherefore Should Demutualization Require a Reassessment of SRO Functions? What Responses are Being Developed to Deal with These Problems? Conclusion Hong Kongs mannikin Listing of HKEx and the Framework for Dealing with Conflicts of hobby 85 85 88 91 92 95 99 100 iv Contents adjunct Hong Kong swops and modify hold in Reinforcing Hong Kongs Position as a Global Financial CentreA Policy Paper 2 Memorandum of appreciation for the Listing of HKEx on SEHK 3 Section 13 of the changes and illumination Houses (Merger) Ordinance 4 Chapter 38 of the Rules regime the Listing of Securities on the stress transpositions of Hong Kong Limited 5 Procedures to Deal with Conflicts of Interest 105 114 131 APPENDIX APPENDIX APPENDIX 133 138 APPENDIX 6 Demutualization of ExchangesThe Conflicts of Interest (An Australian Perspective) by David Holthouse 6. 6. 2 6. 3 6. 4 6. 5 6. 6 6. 7 6. 8 6. 9 Introduction Background to Conflicts An Exchanges Listing Regulation of Other Listings Supervision of Intermediaries Profit Motive versus Supervisory Function Public Interest versus the Exchanges Commercial Interest forward-looking clientele Lines Conclusion 145 145 146 148 149 149 150 152 153 15 4 7 Demutualization of ExchangesThe Conflicts of Interest (The Australian Regulators Experience) by Claire G rosebush 7. 1 7. 2 7. 3 Introduction Self-Listing Other Conflicts 157 157 157 one hundred sixty vDemutualization of timeworn ExchangesProblems, Solutions and Case Studies 8 8. 1 8. 2 8. 3 Regulation of a Demutualized Exchange (Canada) by Pamela S. Hughes Introduction Role of an Exchange Self-Regulation and Government Oversight SRO Conflicts of Interest Supervision of Listings Self-Listing Managing Conflicts of Interest Prudential Regulation mete outholders Directors and policemans Memoranda of beneathstanding Conclusion 163 163 165 165 169 171 171 172 172 173 175 175 176 8. 4. 8. 5 8. 6 8. 7 8. 8 8. 9 8. 10 8. 11 8. 12 9 9. 1 9. 2 9. 3 9. 4Regulation of a Demutualized Exchange ( uppercase of capital of capital of Singapore) by Lee Boon Ngiap Background Regulatory Issues Arising from Demutualization The Regulatory Relationship between the pecuniary Authority of Singapore a nd post Exchange of Singapore Conclusion 177 177 178 179 183 10 Regulation of a Demutualized Derivatives Exchange (United States) by Natalie A. placeman 185 185 186 190 192 195 Introduction A New Framework Exchange Oversight Regulatory Issues raise(a) by Demutualization Conclusion 10. 1 10. 2 10. 3 10. 4 10. 5 vi Contents APPENDIX APPENDIX APPENDIX Designated Contract marts for Regulated US Derivatives Exchanges 2 Registered Derivatives Transaction Execution Facilities 3 The CFTC commercialise Surveillance Program 196 202 205 11 Regulation of Demutualized Exchanges (Australia) by Claire Grose 213 213 214 214 215 215 217 Legislative Framework Australian Securities and Investment missionary stations (ASIC) Powers Supervision by Market Operators Memoranda of Understanding (MOUs) Changes Due to Demutualization New Legislation 11. 1 11. 2 11. 3 11. 4 11. 5 11. 6 PART II DEMUTUALIZATION CASE STUDIES 2 Australian Stock ExchangeThe Conversion to a Demutualized Exchange ASXs Experie nce by David Holthouse 12. 1 12. 2 12. 3 12. 4 12. 5 12. 6 12. 7 12. 8 12. 9 Introduction Background to Australian Stock Exchanges Demutualization Obtaining Member Approval Mechanism Used for Conversion Changes to the federations justness The Demutualization deal Memorandum of Understanding (MOU) with ASIC Demutualization and Listing Outcomes Subsequent Supervisory Development ASX Supervisory Review Pty Limited 221 221 222 223 224 225 226 228 229 230 ii Demutualization of Stock ExchangesProblems, Solutions and Case Studies 12. 10 Changes in ASXs Focus and Activities 12. 11 Conclusion 231 233 13 Hong Kong Exchanges and elucidation Limited Demutualization, Merger and Listing The Hong Kong Exchanges Experience by jurisprudencerence Fok 235 235 236 238 239 242 246 Introduction Pre-Merger Period Two Exchanges and Three clarification Houses Merger and Proposal Reasons For the Merger Market Reform Conclusion 13. 1 13. 2 13. 3 13. 4 13. 5 13. 6 14Hong Kong Securities and Futures guar dianship The Conversion to a Demutualized Exchange The Hong Kong Regulators Experience by William Pearson 247 247 250 255 258 258 The Need for Reform The Reform Process Rationalized Market Regulation Implementing Legislation Exchanges and Clearing Houses (Merger) Ordinance severalise Issues Arising from Hong Kongs Experience with Demutualization 1 Summary of the Exchanges and Clearing Houses (Merger) Ordinance 14. 1 14. 2 14. 3 14. 4 14. 5 APPENDIX 261 15Singapore Stock ExchangeDemutualization and Listing of the Singapore Exchange Limited by Alan Shaw 265 265 Introduction 15. 1 viii Contents 15. 2 15. 3 15. 4 15. 5 15. 6 15. 7 15. 8 15. 9 Drivers for Change The Rationale for Demutualization and Merger Impact of Demutualization The Merger Act The Process of Demutualization The Singapore Exchanges Initial Public Offer The Structure of Singapore Exchange The Governance of Singapore Exchange Listing and Conflict of Interest 265 267 269 270 271 272 274 276 279 281 5. 10 Conclusion APPE NDIX 1 Procedures to Deal with Conflicts of Interest 16 Toronto Stock ExchangeFrom Toronto Stock Exchange to TSE Inc. Torontos Experience with Demutualization by Timothy Baikie 283 283 283 286 291 292 296 298 298 Introduction An Overview of the Toronto Stock Exchange (TSE) The Development of Mutual Exchanges Consolidation, Globalization and New Competition The Demutualization Decision Market Regulation by a Demutualized Exchange Next Steps Conclusion 16. 1 16. 2 16. 16. 4 16. 5 16. 6 16. 7 16. 8 17 Demutualization of the Philippine Stock Exchange by Maria Larrie Alinsunurin 299 299 ccc 300 301 304 307 Introduction Ownership Structure of the Stock Exchange Upon Demutualization traffic Rights Corporate Governance vocation of the Exchange Statutory Regulatory Role 17. 1 17. 2 17. 3 17. 4 17. 5 17. 6 ix Demutualization of Stock ExchangesProblems, Solutions and Case Studies PART third expression OF MUTUAL EXCHANGES 18 The Colombo Stock Exchange (Sri Lanka) y Rajeeva Bandaranaike 18 . 1 18. 2 18. 3 18. 4 18. 5 18. 6 18. 7 18. 8 18. 9 Ownership Structure Listing Data Corporate Governance Business of the Exchange The Vision, Mission and Corporate Strategy concern Rights Regulatory Framework Self-Regulation Statutory Regulatory Role 313 313 314 314 315 316 317 317 317 319 320 321 321 18. 10 Investor Protection 18. 11 Funding of the Colombo Stock Exchange 18. 12 Stock Exchange Seeks to Demutualize 19 The Kuala Lumpur Stock Exchange (Malaysia) y Securities Commission (Malaysia) 323 323 323 324 324 325 326 327 329 329 Introduction Ownership Structure of the KLSE Listing Data Corporate Governance Business of the Exchange Trading Rights Risk Management and Supervisory Issues Statutory Regulatory Role Stock Exchange desire to Demutualize 19. 1 19. 2 19. 3 19. 4 19. 5 19. 6 19. 7 19. 8 19. 9 x Contents 20 The Shanghai and Shenzen Exchanges Business Operation, Governance Structure, and Regulatory Function (Peoples republic of China) by Feng Wei 331 331 332 333 335 337 Overview Business Operation Governance Structure Regulatory Function Outlook on Demutualization 0. 1 20. 2 20. 3 20. 4 20. 5 21 The Taiwan Stock Exchange (Taipei,China) by Wanpo (Mina) Wang 341 341 342 342 343 344 344 347 347 Ownership Structure of Taiwan Stock Exchange Corporation Listing Data Corporate Governance Business of the Exchange Trading Rights Risk Management Statutory Regulatory Role Stock Exchange Seeking to Demutualize 21. 1 21. 2 21. 3 21. 4 21. 5 21. 6 21. 7 21. 8 22 online geological formational and Regulatory Structure of The Stock Exchange (Thailand) by Klao Sanasen 349 349 352 Thai working capital Market Structure The Stock Exchange of Thailand 2. 1 22. 2 xi Contents FOREWORD Demutualization of a parenthood primal is entire go by which a non-profit member-owned mutual organization is transformed into a forprofit shareholder tidy sum. Exchanges approximately the world require been demutualizing because of supranational competition and scientific challen ges to traditional modes of trading securities. The change of a stock qualify from a member-owned organization to a for-profit shareholder corporation triggers a act of questions about restrictive oversight.When a demutualized permute is listed on its own gore, some restrictive oversight pick outs to be transferred to a government regulator. In many countries, demutualization of the major national stock commute has been accompanied by customary securities regulatory reform. This disc grew out of a convention on Demutualization of Stock Exchanges held in Manila on 13-14 exalted 2001 organized under the APEC Financial Regulators Training Initiative sponsored by the Asian Development Bank.The conference focused on create greater understanding of demutualization by discussing the general problems it engenders and how these might be solved, developing common themes and lessons from case studies and also seeing how different countries have evolved different approaches to dem utualization. This book is divided into threesome parts. grapheme I, consisting of Chapters 1-11, discuss various dimensions and issues involved in the sue of stock fill in demutualization.Chapters 1-3 give a broad overview of the reasons for demutualization, the slender issues and challenges, the decision-making process relating to demutualization and the possible models stock exchanges may choose, including that of a clubbyly owned for-profit corporation and that of a publicly held association listed on the exchanges own mesa. Chapter 4 bewilders forth the critical issues an exchange and its regulator essential confront in connection with the demutualization process from the vantage point of a particular jurisdictionAustralia.Chapters 5-7 discuss the conflicts of kindle raised by an exchanges demutualization and then Chapters 8-11 set forth how regulators in Canada, Singapore, the United States and Australia attempted to deal with some of these conflicts through comma ndment. Part II of this book is a series of case studies. Chapters 12-17 discuss the demutualization experience in Australia, Hong Kong, Singapore, xiii Demutualization of Stock ExchangesProblems, Solutions and Case Studies Toronto and the Philippines.Part III of this book provides information about jurisdictions that have not demutualized their exchanges. Chapters 18-22 discuss the Colombo, Kuala Lumpur, Shanghai and Shenzen, Taiwan and Thailand exchanges. Chapters 1-16 were submitted as document by professionals who presented papers at the conference. Chapters 17-22 were submitted by participants in the conference who were not presenters. This conference was coordinated by the Finance and Industry Division (East) of ADB under the overall guidance and supervision of Ms.Shamshad Akhtar, Director, Governance, Finance and Trade, East and Central Asia Department. Special thanks are due to the various contributors as well as the organizers. The book has been modify by Ms. Akhtar. Ms. Roberta Karmel, Professor of police force at Brooklyn Law School, was engaged to integrate the conference materials and provide bran- briskspaper column advice. R. Jane Lee, a student at Brooklyn Law School supported the compilation of this book. Mr. Lyle Raquipiso coordinated the publication of this book and Ms. Nancy Bustamante provided administrative support. Geert H.P van der Linden . B. Director General East and Central Asia Department Asian Development Bank xiv Contents PRINCIPAL AUTHORS SHAMSHAD AKHTAR is Director, Governance, Finance and Trade Division of the Asian Development Banks (ADBs) East and Central Asia Department. She oversees ADBs financial commercialize operations in the Peoples Republic of China, Mongolia and the Central Asian Republics, including SME, microfinance and forward-looking(prenominal) rural market financial mediation organization and private vault of heaven assessment work and contend liberalization and facilitation.Concurrent to holding othe r portfolio from 1998-2001, she was head of ADB Secretariat for Asia peaceful Economic Cooperation, leaders the insurance dialogue and preparation of all papers/ documents for this forum, involving interactions with Finance Ministers and Central Bank Governors and their Deputies. Before connector ADB in 1990, she worked as Economist in the World Bank in the 1980s, and precedent to that, in Pakistans Planning Agency. She obtained a B. A. in Economics and M. Sc. in Economics from Islamabad, an M. A. n Development Economics from University of Sussex in the United Kingdom (UK), and a Ph. D. in Economics also from UK. She had her post-doctoral fellowship as a Fulb justly scholar and was visiting fellow at the Department of Economics, Harvard University in 1987. Ms. Akhtar has presented numerous papers on economics and finance in international conferences. TIMOTHY BAIKIE is Director, Global Market Initiatives at the Toronto Stock Exchange and is amenable for analyzing market structur e issues from a broad, strategical standpoint, including the market model for the Global Equity Market (GEM).Previously, he was Special Counsel, Market Regulation and Director of the Regulatory and Market Policy Division of the Exchange, which is responsible for policy and rule development for the equities and derivatives market. He has spoken at numerous conferences on market convention, market structure and corporate governance issues and was a member of the Advisory Board for the 1999 Canadian Corporate/Securities Law Moot Court Competition. He received a B. A. from York University (Glendon College), an LL. B. and a B. C. L. from McGill University and an LL. M. rom the University of Illinois at Urbana-Champaign. He was called to the Ontario mensuration in 1987. LAWRENCE FOK is the Deputy Chief Operating Officer of Hong Kong Exchanges and Clearing Limited and the Chief executive of the Stock Exchange. Mr. Fok joined the Stock Exchange in February 1992 and was xv Demutualization of Stock ExchangesProblems, Solutions and Case Studies ordained Executive Director of the Listing Division in February 1997 and Senior Executive Director of its Regulatory Affairs Group in November 1998. Mr. Fok has over 19 old age of experience in financial improvements and securities regulatory work.Before joining the Stock Exchange he worked for the Securities and Futures Commission, the Office of the Commissioner for Securities and Commodities Trading of the Hong Kong Government and other private organisations in areas of corporate finance advisory work, securities dealing, venture chief city investment, mainland China trade and investment focus. CLAIRE GROSE is Special Counsel, Regulatory Policy beginning at the Australian Securities and Investments Commission (ASIC). For two years prior to July 2001, she held the position of ASICs Director, National Markets Unit.Before joining ASIC in January 1999, Ms. Grose was a senior partner in the national Australian law firm Fre ehill Hillingdale & Page, specialising in corporations and securities law. She has more(prenominal) than 20 years experience as a corporate lawyer and played a major part in developing changes to the Corporations Law in Australia in her role as a member of the Corporations Law Simplification Task Force from October 1993 to March 1997. DAVID HOLTHOUSE is National jitney, transnational Affairs, at the Australian Stock Exchange (ASX), which he joined in February 1996.His responsibilities include fostering golf links with governments, occupationes and market participants to catch that ASX has a role in shaping the regional capital market environment, coordinating ASXs international activities to ensure strategic fit, identifying cross-border inclination opportunities where ASX derriere add value, and providing an sound protocol service on behalf of the Exchange. He has been a member of the Working Committee of the East Asian and Oceanian Stock Exchanges confederacy (EAOSEF) since 1997 and is currently the compacts Working Committee Chairman.A key activity of the Committee during this time has been the facilitation of cross-border trading. He was formerly a career naval officer, retiring as a Rear Admiral in 1993. He is a member of the governing bodies of a number of professional and charitable organisations, and a Graduate of the Australian form of smart set Directors. He is a hired Professional Engineer, and a Fellow of some(prenominal) the build of Engineers Australia and the shew of Marine Engineers (UK). He was appointed as an Officer in the Order of Australia in 1991. xviPrincipal Authors PAMELA S. HUGHES is a securities law partner at Blake, Cassels & Graydon LLP in Toronto. Her practice focuses on international corporate finance and mergers and acquisitions dealings and advice regarding capital market regulatory reform. Ms. Hughes is a member of the team of lawyers from Blake, Cassels & Graydon involved in the ongoing Ontario Securities Commis sion (OSC) Policy Reformulation Project which commenced in 1995. Prior to February 1, 1995, Ms. Hughes was Director of the Capital Markets/ internationalistic Markets Branch of the OSC.Ms. Hughes has also taught international securities regulation in the LL. M. programme at Osgoode Hall and the LL. B. programme at the University of Toronto, and was a contributing editor to coupling Ameri mickle Corporate Lawyer. Ms. Hughes updated the chapter on Philippines securities law in International Securities Regulation Pacific Rim, Volumes I and II (New York Oceana) released in 2000. In 2000, Ms. Hughes was nominated by the federal Department of Finance to the financial services peal for dispute resolution under the North American Free Trade Agreement.ROBERTA S. KARMEL is a Professor of Law and Co-Director of the Center for the Study of International Business Law at Brooklyn Law School and Of Counsel to the law firm of Kelley Drye & Warren LLP In addition, she is a . director of the Kemper Insurance Companies. She was a Commissioner of the Securities and Exchange Commission from 1977-80, and a public director of the New York Stock Exchange, Inc. from 1983-89. She received a B. A. cum laude from Radcliffe College in 1959 and an LL. B. cum laude from New York University School of Law in 1962.Professor Karmel is the author of over 30 articles in legal journals, and writes a fifty-fifty column on securities regulation for the New York Law Journal. Her book entitled Regulation by criminal prosecution The Securities and Exchange Commission vs. Corporate America was published by Simon and Schuster in 1982. LEE BOON NGIAP heads the securities regulatory policy function in Monetary Authority of Singapore (MAS). His division is responsible for regulatory manikin development, policy coordination and market analysis of the securities, futures and asset management industries in Singapore.Prior to taking up his responsibility in the Securities and Futures Department, Mr. Lee was the Representative in the MAS office in capital of the United Kingdom, responsible for spearheading the promotion of Singapore as an loving place for UK and European financial institutions to invest and set up operations. Mr. Lee joined MAS in 1986 and worked in several departments before joining the Markets and Investment Department, where he rose to become a Senior aid Director in the Monetary Management Division. xvii Demutualization of Stock ExchangesProblems, Solutions and Case StudiesThere his responsibilities included the conduct of Singapores exchange rate and monetary policies, and management and evaluation of the foreign exchange exposures of public firmament entities. He holds an honours degree in Civil Engineering from the National University of Singapore and is a Chartered Financial Analyst. NATALIE A. MARKMAN is Counsel to Commissioner Thomas J. Erickson of the US Commodity Futures Trading Commission. She provides legal counsel and analyzes such policy issues as th ose created by derivatives market deregulation, electronic trading, and exchange demutualization.Ms. Markman reviews and evaluates all documents submitted by staff for Commission approval, including exchange designations, contract and rule approvals, rulemakings, opinions, and enforcement actions. Previously, she served as Special Counsel in the Commissions Office of International Affairs, as an Attorney-Advisor in the Office of the Chief Counsel of the Commissions Division of Trading and Markets, and as an Attorney-Advisor to Commission Administrative Law Judge George H. Painter. Ms.Markman also was a Teaching Fellow for the Foundations of American Law and Legal Education program at the Georgetown University Law Center, where she received her J. D. degree in 1993. WILLIAM PEARSON is Director in the Corporate Finance Division of the Securities and Futures Commission (SFC) in Hong Kong. He is responsible for assisting in formulating policies for the effective regulation of listed com panies and the securities markets. Daily work involves monitoring and regulating corporate activities of publicly listed companies, overseeing the Stock Exchange in its listing related functions, nd approving byeings of shares and debentures to the public by non-listed companies. Mr. Pearson joined the SFC as a Senior Manager in the Corporate Finance Division in 1998. Prior to that he spent nine years as a lawyer with Norton Rose, a London law firm, practicing in the areas of corporate finance and M&A. He graduated as a lawyer from Kings College, London in 1987. ALAN JOSEPH SHAW is Executive Vice-President of the Singapore Exchange Limited, Head of Risk Management and Regulation.Previously, from 1991-2000, he was National Manager, Supervision of the Australian Stock Exchange Limited, Melbourne. He was educated at the University of Melbourne, from which he received a Bachelor of Laws in 1979, a Graduate Diploma of Public Policy in 1988, and a Master of Arts in Public Policy in 1994. From 1980-91, he served as a Principal xviii Principal Authors Legal Officer for the National Companies and Securities Commission, as a Judges Associate, and as a Barrister. He has authored a number of articles on ships company law. xix Abbreviations ABBREVIATIONSAmex APEC Archipelago Archipelago Exchange ASIC ASTC ASX ATS BOT CATS CBA CBI CBOT CCASS CDNX CDS CFE CFTC CGE CME CMP CNS CSE CSRC DTF EBOT ECM ECN Australian Securities and Investments Commission Australian s apexpage and Transfer Corporation Pty Ltd Australian Stock Exchange alternative trading clay Bank of Thailand ready reckoner assisted trading system Colombo Brokers Association Canadian-based interlisted issuer Chicago Board of Trade Central Clearing and Settlement ashes Canadian Venture Exchange Central down payment System communication front-end system Commodity Futures Trading Commission Committee on the Governance of the Exchanges Chicago Mercantile Exchange Capital Market Masterplan Continuous Net Settlem ent Colombo Stock Exchange China Securities Regulatory Commission derivatives transaction execution facility exempt board of trade exempt commercial market electronic communications network American Stock Exchange Asia Pacific Economic Cooperation Archipelago Holdings, LLC Archipelago Exchange, LLC xxi Demutualization of Stock ExchangesProblems, Solutions and Case Studies ETF ETP FCM FIBV GEM HIBOR HKCC HKEC HKEx HKFE HKFECC HKSCC IDA IISL IMM IOM IOSCO IPO KLSE KULBER LFX LSE MAS MCD MDEX ME MESDAQ MkSE MMCD MOF MOU MSE xchange traded fund equity trading permit futures commission merchant International alliance of Stock Exchanges Growth and Emerging Market Hong Kong Interbank Offered Rate HKFE Clearing Company Hong Kong Exchanges and Clearing Hong Kong Exchanges and Clearing Limited Hong Kong Futures Exchange Limited HKFE Clearing Corporation Limited Hong Kong Securities Clearing Company Investment Dealers Association India baron serve & Products Limited International Monetary M arket Index and Option Market International Organization of Securities Commissions Initial Public Offer Kuala Lumpur Stock Exchange KLSE-Bernama Real-Time Information Services Labuan International Financial Exchange London Stock Exchange Plc Monetary Authority of Singapore Malaysian Central Depository Malaysia Derivatives Exchange Montreal Exchange Malaysian Exchange of Securities Dealing and Automated Quotation Bhd Makati Stock Exchange Mark to Market Collateral Deposit Ministry of Finance memorandum of understanding Manila Stock Exchange xxii Abbreviations MSRS NASD NASDAQ NASDR NSE NYSE OECD OM OSC OTC PCX PCX PCX Holdings PCXE PSE REC RIIAM SAFE SC SCA SCANS SCCP SCORE SCH SEA SEC SEHK SEL SEOCH SES SET Malaysian Share Registration Services National Association of Securities Dealers, Inc. NASDAQ Stock Market, Inc. NASD Regulation, Inc. National Stock Exchange of India New York Stock Exchange Organisation for Economic Co-operation and Development OM Gruppen AB Ontario Securities Commission over-the-counter Pacific Exchange PCX Equities, Inc. PCX Holdings, Inc.PCX Equities, Inc. Philippine Stock Exchange, Inc. recognized exchange controller Research Institute of Investment Analysts Malaysia South Asian Federation of Exchanges Securities Commission Securities Commission Act 1993 Securities Clearing Automated Network Services Sdn Bhd Securities Clearing Corporation of the Philippines System on Computerised Order Routing and Execution Securities Clearing House Securities and Exchange Act of 1992 Securities and Exchange Commission The Stock Exchange of Hong Kong Limited Taiwanese Securities and Exchange Law SEHK Options Clearing House Limited Stock Exchange of Singapore Stock Exchange of Thailand xxiiiDemutualization of Stock ExchangesProblems, Solutions and Case Studies SFA SFC SFE SGX SGX-ST SIA SIIS SIMEX SIPF SME SRC SRO STAMP TBDC TSD TSE TSE RS TSE TSEC TSI Securities and Futures Act Securities and Future Commission SFE Corporation Limited (formally k pro mptlyn as Sydney Futures Exchange Limited) Singapore Exchange Limited Singapore Exchange Securities Trading Ltd Securities Industry Act 1983 Special Isolated Immediate Settlement Singapore International Monetary Exchange Limited Securities Investors Protection Fund Small Medium Enterprise Board Securities Regulation Code Self-regulatory organization standard message protocol Thai Bond Dealing Center Thailand Securities Depository Co. , Ltd.The Toronto Stock Exchange TSE regulatory services Tokyo Stock Exchange Taiwan Stock Exchange Corporation Thailand Securities Institute xxiv PART I Issues elusive in Stock Exchange Demutualization Demutualization of Asian Stock ExchangesCritical Issues and Challenges 1 Demutualization of Asian Stock Exchanges Critical Issues and Challenges Shamshad Akhtar 1 1. 1 Introduction Stock exchanges allow a host of services to listing companies. These include (i) liquidity, (ii) execution of services, (iii) signaling function for listed companies, (iv) m onitoring of trading to block manipulation and insider trading, (v) standard rules to reduce transaction lives, and (vi) clearing of buy and order transactions.Traditionally, stock exchanges operating as a club of brokers offered these services as monopoly operators serving bangingly under a mutual governance structure. The members of the club bonked rights of possession, decision-making (one member, one vote), and trading. Value enhancement of the exchange was achieved by restricting access. Stock exchanges are now increasingly changing their affair model and restructuring themselves across the world due to the simultaneous convergence of a number of powerful developments. The most notable of these has been the (i) rapid advancement and innovation 1 Director, Governance, Finance and Trade, East and Central Asia Department, Asian Development Bank. 3 Part I Issues entangled in Stock Exchange Demutualization n technology that has facilitated alternative trading systems (ATS) inc luding electronic communication networks (ECNs) and (ii) growing market competition and consolidation as well as globalization induced partly by cross-border listing and portfolio flows, etc. together these developments have eroded the significance of physical national stock exchanges and their trading floors. Consequently, across the globe stock exchanges are now rethinking their business strategy and model in order to find ways of how reward up to survive. In the process, exchanges have evolved towards rude(a) corporate, legal and business models to strengthen governance and face the competition.This process of innovation from members associations into for-profit corporations is referred to as demutualization. There is a great need to distill lessons from the rapidly evolving experience with demutualization and synthesize both the normative and positive aspects of this exciting and relatively new structure so that developing countries can take advantage of it. This paper, th erefore, aims to provide basic perspectives and dimensions of demutualization based on a review of literature and experience. In the process it explains (i) What is demutualization and how significant has it been? (ii) What factors have been driving the demutualization of exchanges? iii) What self-control, legal and strategic approaches are being adopted in the process of demutualization? (iv) What are the principal benefits of demutualization? (v) What regulatory challenges and responses does a demutualized exchange face? (vi) Have the demutualized exchanges been financially viable? 1. 2 Demutualization Its Definition, Size and Significance Demutualization, in the strictest sense, refers to the change in legal status of the exchange from a mutual association with one vote per member (and possibly consensus-based decision making), into a company special by shares, with one vote per share (with majority-based decision making).Demutualization makes sense if it induces a change in th e exchanges objective from managing the interests of a closed 4 Demutualization of Asian Stock ExchangesCritical Issues and Challenges member-based organization with a central focus on providing services for the benefit primarily of the members/brokers and keeping costs and investments circumscribeed to financing concur by members, into a company set up with the objective of maximizing the value of the equity shares by focusing on generating profits from servicing the demands of their customers (brokers and investors) in a combative manner. The number of exchanges that have privatized or listed has been increasing since the Stockholm Stock Exchange demutualized in 1993.In 1999, 11 stock exchanges had been privatized or listed and this number rose to 21 by primaeval 2002, with several other exchanges either considering demutualization or already having stated their function to do so. Of the World Federation of Stock Exchanges-formerly the International Federation of Stock Exchan ges (FIBV)-member exchanges, around 52% of stock market capitalization is broadsideed for by demutualized exchanges. In Asia, demutualized stock exchanges including the Tokyo Stock Exchange now account for 76 % of the regions market capitalization (Figures 1. 1 and 1. 2). Figure 1. 1. Market Capitalization FIBV Stock Exchanges (2001) Figure 1. 2. Market Capitalization Stock Exchanges in Asia (2001) Demutualized 52%Not demutualized 48% Demutualized 76% Not demutualized 24% reference work International Federation of Stock Exchanges (FIBV) Source International Federation of Stock Exchanges (FIBV) 1. 3 Motivation and Driving Factors for Demutualization Today, exchanges are no longer the sole primary and secondary market makers or the sole service providers of trade execution, signaling or other activities. This is largely because of the widespread proliferation of ATS and ECNs that have been supported by technological revolution and introduction of high capacity hardware, software pac kages and Internet facilities. ATS/ECNs have allowed economical and effective co-ordinated 5Part I Issues Involved in Stock Exchange Demutualization of the buy and sell orders of customers at lower transaction costs, composition offering price transparency, trader anonymity and extended trading hours. Large global brokers are able to price-match within their own order-stock and only report the net position as a trade to the exchange ( indeed avoiding transaction costs). Given the competitive edge, the market share of the ECNs has grown. In 2002, ECNs have accounted for 45% of NASDAQ shares traded (compared to 25. 5% in 1999) although they only accounted for about 5% of the listed shares traded. Of the several ECNs, Island ECN alone accounted for 32% of the ECNs market share.Instinet makes up another 29%, ArcaEx 27. 2% (formed through the merger of Archipelago and REDIBook), Bloomberg Tradebook 6. 3% and Brut ECN 5. 3%. The rest is accounted by other networks. 2 Having attracted s ubstantial trading, ECNs are also entering into strategic alliances or tie ups with other exchanges or are offering services such as quotes and listing shares to foster raise revenues. The growing competitive pressure has also triggered a wave of restructuring and mergers and alliances among securities markets to maximize economies of scale, accessibility and market reach, while providing global trade facilities through around the clock trading.For instance (i) Euronext was established by the merger of former national exchanges in France, the Netherlands, Belgium and Portugal and the integrated equity trading markets of the northern-European countries of Sweden, Finland, Denmark and Norway (ii) in the derivatives markets, a/c/e, the trading platform of Eurex and Chicago Board of Trade (CBOT), and Globex (Chicago Mercantile Exchange, Liffe, Singapore and others), have already formed global alliances with participants from all time zones, thus creating 24 hour trading markets and (ii i) NASDAQ has developed global alliances/interconnections to attract more liquidity for the United States and regional securities markets. NASDAQ has structured agreements with Europe, Japan, Hong Kong and Canada and is positioned for connatural arrangements with China, Latin America and Middle East. In Asia, several exchanges have trading links and dual-listing agreements with the United States-based NASDAQ. 2 Global Finance Staff Research. 2002. National Association of Securities Dealers (NASD). JP Morgan, H. 6 Demutualization of Asian Stock ExchangesCritical Issues and Challenges The market integration has encouraged a process of disintermediation.With the emergence of new structures, there is no need for formal floors of stock exchanges or financial market intermediaries and participants, as they do not add value (to match the cost) to trading of securities. Exchanges with low market capitalization and weak trading volumes have had to particularly re-examine their operations a nd organizations with the view to increasing their competitive offering and price mix to minimize further diversion of trading volumes. Summarizing the emerging issues, a recent World Bank study3 concluded that Powerful trends of internationalization and migration of order flow are putting pressures on stock exchanges around the world. For some exchanges, already more than half of trading and listing has migrated offshore Migration makes it difficult for countries to sustain a full-fledged local stock exchange.As trading volumes further decrease, financing the fixed smash-up of maintaining market oversight, clearing and settlement systems, and generating enough business for local investment banks, business relationship firms, and other support services will become even harder, in particular for humbleder emerging markets. The trend towards increased migration will thus make it more difficult for small exchanges to survive. page 18 In order to survive in this environment, excha nges need to diversify and move towards commercially oriented business practices with greater focus on improving efficiency, accessibility and ease of use of their systems. Since exchanges have higher overhead costs (as compared toECNs) due to (among other things) cost of building and facilities, they need to strive harder to achieve profitability and economies of scale, while offering competitive services and fees compatible to those being provided by the ECNs. These considerations have driven exchanges to consider alliances and consolidation. By merging two exchanges, the exchange can multiply the volume at the same overhead cost (provided cost cutting synergies are fully explored). It can thus offer to the investors and brokers more listed securities for trading on the same platform. There are forecasts available that indicate that by 2010, there will be few than five major stock exchanges and, perhaps two or three of these will be on the whole electronic marketswhich have not yet been established. 4 3 4 Claessens, Stijn, et. l. 2002. Explaining the Migration of Stocks from Exchanges in Emerging Economies to International Centers. World Bank Working Paper No. 2816. Young, Patrick. 1999. Capital Market Revolution The Future of Markets in an Online World. Harlow Financial Times. 7 Part I Issues Involved in Stock Exchange Demutualization 1. 4 From Mutuality to Demutualization of Exchange The transformation of exchanges from mutual to demutualized structure involves two key features (i) a change in the ownership structure, and (ii) a change in legal as well as organizational form. Both need to be accompanied by adequate safeguards to ensure appropriate governance.Depending on the nature of ownership and legal forms adopted, the demutualized exchangegiven their corporate model and facing growing competitive pressureslends itself to focusing on evolving strategic positioning which, depending on a number of conditions, could involve greater market consolidation , vertical integration and convergence diversification. 1. 4. 1 Ownership Structure The transformation from the mutual member-based to demutualized exchange involves issues of transferability of ownership from members to nonmembers. There are various ways that dilution of membership can be achieved. Sequentially, it involves conversion of active member seats by monetizing these and assignment a certain value per seat.Once the valuation is done, the members can opt to convert their membership to share ownership or to sell off their interest to nonmembers. In most cases of demutualization of exchange, members have opted to retain their share ownership. A listing of equity shares in the exchange facilitates the unlocking of the members equity and buy out of the interest of the traders, while leading to the monetization of the value of the members seats. An entity with freely transferable shares, rather than membership rights, can form equity-swap-based strategic alliances or merger s with other exchanges, domestically or in other countries or time zones. such(prenominal) alliances are stronger and offer greater credibility than pure cooperation agreements.To avoid stock exchanges operating in special or contain interests, securities regulators often place restriction on ownership by one holder or a group of holders to non-controlling stakes of 5-10%. Limits on ownership stakes could affect potential take-over by other exchanges. Such take-overs could have merit in terms of efficiency and economies of scale of the market oddly where more efficient participants acquire inefficient ones. Recognizing the synergies of take-overs, most demutualized exchanges have provisions in place to allow other 8 Demutualization of Asian Stock ExchangesCritical Issues and Challenges exchanges, or technology partners, the possibility of acquiring or swapping strategic stakes.The hesitation to relinquish control to strategic partners or owners remains however one reason why non- equity, swapbased reconciling alliances have been more prolific in the exchange industry. 5 Indeed, several hostile take-over attempts (including OM Gruppens moves to acquire the London Stock Exchange in 2000, and the bidding war for Sydney Futures Exchange by Australian Stock Exchange and Computershare in 1999) have failed due to the voting strength still exerted by the brokers (Table 1. 1). 1. 4. 2 Legal and Company Structure Most stock exchanges are registered as private limited companies with a paid-up capital base, while others operate as member associations or cooperative arrangements.At the end of 2000, FIBV statistics indicates that 90% of its member exchanges, accounting for 60% of market capitalization, were private limited companies. Almost 46% of these were legal company exchanges with inside ownership. most 25% (accounting for 21% of market capitalization) of the exchanges had been privatized, 13% (accounting for 8% of market capitalization) were registered as listed companies6 and the remaining 17% had other types of statuswith some being state-owned or semi-public entities (such as the Shenzhen and Shanghai Stock Exchanges (SZSE and SHSE). As evident in Table 1. 2, in Asia, with the exception of SZSE and SHSE, most of the exchanges are legal entities registered as private limited companies.So far, five exchanges in Asia have been fully demutualized, with three of these listed on their own exchange, and another two have inform plans to demutualize in 2003. The legal structure for the demutualized exchange is based on considerations similar to that for any profit-making company including decisions on number of shareholders (partnership vs. corporation), voting procedures, limitation of liability (liability limited to equity invested vs. joint and several liability for all debts), accounting and reporting requirements (based on taxation laws and on partners/shareholders access to information of the company) and distribution of dividends (re-inve stment 5 6Interestingly, this is similar to another rapidly globalizing industry with national quasimonopolistic companiesthe airline industryin which global cooperation alliances have be very weighty for customer retention. Notably half (of six) of the exchanges that have listed themselves are in Asia. 9 Part I Issues Involved in Stock Exchange Demutualization Table 1. 1. Asian Stock Exchanges Shareholding Structure SHAREHOLDING border Australian Stock Exchange (ASX) Initially uttermost shareholding limit was 5%, but the Financial Services Reform Act raised this to 15% in March 2002. Higher shareholding can be allowed if it is in national interest subject to approval of the Minister for Financial Services and Regulation.Singapore Exchange Limited (SGX) utmost shareholding limit is 5% and can be higher if approved by the Monetary Authority of Singapore (MAS). In 2001, MAS announced that, with its approval, strategic investors and fund managers who invest pools of consumer funds could acquire up to 10% of share-holding. SHAREHOLDING STRUCTURE As of June 2001, issued and paid-up capital of ASX amounted to A$106,282,000. After listing, ASXs shareholders rose from 606 to 16,313. Besides individual investors, the large domestic and international fund managers subscribe to ASX equity including Chase Manhattan Nominees Ltd. whose holding is 6. 9%, National Nominees Ltd. 3. 5%, followed by AMP Life Ltd. (2. %), Westpac Custodian Nominees Pty. Ltd. (2. 11%) and Citicorp Nominees Pty. Ltd. (2. 07%). The top 20 shareholders account for 27. 3% of issued capital. SGX has authentic share capital of S$1,000,000,00. As of August 2001, its issued and paid-up capital stood at S$10,000,000. The top shareholders include SEL Holdings Pte. Ltd with 25% of fit shares (but owing to the restrictions in the exercise of votes attached to shares, SEL is not regarded as a substantial shareholder), Raffles Nominee Pte. Ltd. (12. 9%), followed by DBS Nominees Pte. Ltd. (9. 9%), Overs eas-Chinese Bank Nominees Ltd. (5. 3%) and HSBC Singapore Ltd. and Citibank Singapore (each over 4. %), and others with significant stake in the range of 0. 60-2%. The top 20 shareholders account for 77. 8% of total shares. Out of the shares issued to SEL, the Company made an Initial Public Offer (IPO) and a private placement. The IPO raised S$470 million. Consequently, the issued and fully paid share capital of SGX increased from S$61,670 as at 30 June 2000 to S$10 million as at 16 November 2000. HKEx has authorized share capital of HK$2,000,000,000. As of declination 2001, issued and fully paid capital amount to HK$1,040,664,846. As of March 2002, the two Central Clearing and Settlement System (CCASS) Participants held 28. 8%, and 12. 1% of HKExs issued share capital.SFC granted approval to these two entities as minority controllers of HKEx on the basis that the shares are held in custody for their clients. Hong Kong Exchanges and Clearing Limited (HKEx) Maximum shareholding limi t is 5%. The Securities and Futures Commission (SFC), in consultation with the Finance Secretary, may give approval to a soulfulness to hold more than 5% where it can be demonstrated to be in the interest of the public or the investing public. Philippine Stock Exchange (PSE) The Securities Regulation Code imposes a 5% maximum shareholding limit for individuals and individual companies and 20% for industry or business groups. The demutualized PSE has an authorized capital stock of P36. million, with subscribed and fully paid-up capital base of P9. 2 million representing a portion of the members total office of P286. 6 million as of 31 December 2000. Each of the 184 member-brokers was granted 50,000 common shares of the new PSE at a par value of P1. 00 per share. The remaining members contribution of P277. 4 million will be schedule under additional paid-in surplus. Prior to demutualization, TSE had a capital of Y11,500 million. After demutualization, TSE raised it to Y22,874 milli on by payoff 2,300,000 shares for equal allotment to its members. The total number of authorized shares after demutualization is 9,200,000. TSE now has 114 shareholders.Tokyo Stock Exchange (TSE) Under the Securities and Exchange Law, there is a 5% maximum shareholding limit. Source Stock Exchanges. Latest Annual Reports 10 Demutualization of Asian Stock ExchangesCritical Issues and Challenges Table 1. 2. Asian Stock Exchanges Legal and Corporate Structure STOCK EXCHANGE TSE LEGAL FORM TSE was demutualized on 1 November 2001 Legal Status Company SGX was demutualized in December 1999 Legal Status Company (for profit). Singapore Exchange Securities Trading Limited (SGX-ST), the stock exchange, is a wholly-owned subordinate word of SGX. HKEx was demutualized in March 2000 Legal Status Company (for profit) with the Stock Exchange of Hong Kong Limited (SEHK) set up as a wholly- owned subsidiary of HKEx.ASX was demutualized on 13 October 1998 Legal Status Company (for profit) list STATU S Not listed (plans to list in FY2005) SGX On 23 November 2000, the Company was admitted for listing of SGX-ST. SGX became a public-listed company with 1,000,000,000 ordinary shares outstanding. HKEx Listed ASX ASX was listed on its own exchange on 14 October 1998. When ASX shares were quoted on 14 October 1998, they closed at A$4. 25 sub-sequently they rose as high as A$16 by 16 March 1999. By the end of 1999, they traded at a range of A$10 to A$11, valuing the company at between A$1 billion and A$1. 1 billion. Not Listed PSE PSE was demutualized in August 2001 Legal Status CompanySource Stock Exchanges. Latest Annual Reports involve vs. distribution to partners, taxation). In most jurisdictions, a limited liability company has been observed to be the traditional and preferred option for profit-making ventures involving more than a close group of partners. The methods for transforming an association into a limited liability company varies between jurisdictions, but in principle, t he existing members agree to transfer the assets and operations of their association to a newly formed company, in exchange for shares in that new company. 11 Part I Issues Involved in Stock Exchange Demutualization 1. 5 Benefits of Demutualization of Exchanges 1. 5. Improvements in Corporate Governance Exchanges, when run as mutual associations, clubs and cooperatives of traders and brokers allow members exclusive rights of access to trading systems and platforms. Operating under this mutual structure, exchanges enjoyed quasi or full monopoly on trading and they derived profits from the intermediation of nonmember transactions. Since members under the mutual structure were owners of the exchange, they imposed rights to trading and disallowed direct access to the trading floor to any outsiders. Brokers inadvertently resisted changes if these entailed additional costs, loss of revenue or competitive threat.This resistance eventually impeded the ability of the company to react quickly to a rapidly changing market environment. Also, in some developing countries if the exchanges enjoyed a legal or decreed national monopoly, government-appointed officials and stakeholder representatives were often represented on the board. While in the short-run such appointments may have proved conducive to mitigating entrenched vested interests, in the long-run these can prove counter productive leading to unhealthy government interference. With the changing economics of automated auction off trading and its easy access electronically, the economics of member-cum-trading floor based exchanges has lost its merit.As a result, it has generated pressures to replace the antique reliance on one member, one vote and the committee-based decision structure where control is vested with the interest groups that have exclusive rights of intermediation at exchange. Under demutualization, there is increased acceptance to separation of ownership from membership that automatically provides tra ding rights. This segregation processs introduce effective corporate governance if (i) there are attach to improvements in the incentive structure,7 which allow the exchanges to sell their equity stakes to nonmembers and outsiders, (ii) decision making is based on this new ownership structure (not on rights of intermediation), and (iii) when there is an effective oversight of a governing board and a company structure. 7 Steill Ben 2002.Changes in the Ownership and Governance of Securities Exchanges Causes and Consequence. In Brookings-Wharton Papers on Financial Services. Washington D. C. Brooking Institution Press. 12 Demutualization of Asian Stock ExchangesCritical Issues and Challenges Since under demutualization the economic ownership of the exchange is separated from trading membership, it is not appropriate that interest groups (such as the trading members) have exclusive empowerment over the decisions of exchange. After demutualization, some exchanges have granted less th an 50% of the voting rights to the broker members on the board of the exchange (see Table 1. 3).To gradually decrease broker influence on the board, the exchanges have appointed independent directors or directors that are nontrading owners. After demutualization, the appointment of government appointed officials (a common feature of exchanges in developing economies) has by and large been viewed as controversial given that the demutualized exchange is a private sector company operating in a competitive environment. In environments where broker influences are often daunting, the continue role of the representative(s) of the securities regulator can support the transition of exchange till such time as the regulation is changed to allow the exchanges to operate in a fully competitive manner.Besides appropriate board representation, it is important that the management of the exchange is fully qualified and motivated to act not only in the high hat interests of the shareholders, but als o to conduct the business in a prudent manner so as not to disrupt the orderly and fair trading in the capital markets. To ensure that this public interest is satisfied, fit-and-proper screening of the board and management, similar to tests put in place in the banking regulations of many jurisdictions, could be undertaken. The management should be accountable to the board, which would determine managements appointment and remuneration, supervise the strategic direction and audit the financial and available results, including risk management, and if needed, effect the removal of management.To ensure the effective supervision and auditing of management, it would seem prudent to ensure that a majority of board members are truly independent directors. To remain competitive, a stock exchange must follow international best practices in ethics and procedures. This is necessary in order to ensure that institutional investors do not shift their investments to other alternatives perceived to be more fair or secure. Therefore, it is in the profit-motivated exchanges best interest to ensure fair and transparent practices and, as such, good corporate governance needs to be an integral part of the exchange once it is driven by the profit motive. 13Part I Issues Involved in Stock Exchange Demutualization Table 1. 3. Asian Stock Exchanges Board Representation STOCK EXCHANGE ASX BOARD REPRESENTATION/COMPOSITION 9 member board of directors. Of ASXs 9 directors, 4 are ASX Members/ Affiliates. 11 member board of directors. Of SGX 11 directors, 4 represent broker interests. SGX plans to broaden membership base by attracting new international members both global and regional securities houses. In addition, SGX will be introducing a new membership structure that allows new and existing members to choose between trading-only membership or clearing-only membership or both trading and clearing membership. Central Depository Pte. CDP) clearing rules have been revised to incorporate the memory access requirements and expect to launch the new membership structure in the third quarter of 2002. The board comprises 8 Public Interest Directors appointed by the Financial Secretary to represent public and market interests, 6 Directors elected by shareholders, and the Chief Executive of HKEx who is an ex-officio board member. Pursuant to the Exchanges and Clearing Houses (Merger) Ordinance, the number of Public Interest Directors will be reduced to no more than the number of elected Directors immediately following the yearbook general meeting of HKEx in 2003. 51% of the board (8 of 15 directors) should be independent. 11 member board of directors, of whom 6 are outside directors. SGX HKEx PSE TSESource Stock Exchanges. Latest Annual Reports 1. 5. 2 Opening Up of Trading Rights of Exchanges Consistent with the for-profit motive, the demutualized exchanges in Asia have included provisions to admit new trading partners (Table 1. 4) and permitted eligible applicants (new cu stomers) open commercial access to the services of exchange. Some exchanges, however, adopted a moratarium period on the proceeds of new trading rights. If share ownership were a requirement for trading membership, it would be relatively easy for existing members to protect their market share by refusing to sell existing or issue any new shares, thus barring new entrants.If new shares can only be issued to the active trading members, then the public, financial institutions, institutional investors and others would generally not be able to invest. The question of a broader ownership 14 Demutualization of Asian Stock ExchangesCritical Issues and Challenges Table 1. 4. Asian Stock Exchanges Trading Rights and Dividend for Profit-Seeking STOCK EXCHANGE ASX occupation RIGHTS Trading rights may be acquired through application with ASX or from an existing Participant. Trading rights have to be acquired through application with SGX, as these cannot be secured through transfer from an exi sting member. In July 2000, SGX opened the securities market to new members, and five new member firms joined in 2000.SGX also changed its rules to allow a item-by-item legal entity to be a member firm in each of the securities and derivatives markets thereby furthering their members opportunities to trade in both markets. Access to the markets may be obtained through acquisition of trading rights from existing members of the exchanges and from HKEx after the breathing out of a two-year moratorium on March 2002. Trading rights issued by HKEx (other than those automatically conferred to the exchange shareholders on the effective date) will not be transferable. For a further period of 2 years thereafter, no new trading rights will be issued for less than HK$3. 0 million per Stock Exchange Trading Right or for less than HK$1. 5 million per Futures Exchange Trading Right.An entity may acquire trading right from an existing trading participant (with approval of TSE), or through applica tion with TSE. Trading right can be acquired through purchase from an existing trading participant. PSE temporarily imposed a moratorium on the issuance of new trading rights and limits it to its present number of 184, transferable for an unlimited period of time. PAYOUT RATIO 70% of net profit after tax. 85% SGX HKEx 46% TSE n. a. PSE n. a. Source Stock Exchanges. Latest Annual Reports base of the exchange (as a public listed company) is critical in situations where exchanges need to raise funds for future investments. Broader ownership would help avoid potentially large swings in the value based on the trading of a limited number of shares only.With share ownership separated from the right to trade, the question of the compensation of existing trading members arises especially since trading rights are granted freely to new members when the existing 15 Part I Issues Involved in Stock Exchange Demutualization members had to acquire their trading memberships. If existing shareholders continue to retain their shares, then they would enjoy the trading rights granted to the shareholders and there would be no need to compensate them for trading rights. This is argued largely because for both the old and new shareholders, the economic value that the shares now represent would always be inclusive of the right to trade provided such rights have been granted.In order for shares to have economic value, there must be an anticipation of dividends, at some point in the future. The introduction of a dividend policy (which does not exist in mutual exchanges), coupled with a listing of the shares, thus transfers the value of stock exchange share ownership from the right to trade, to the right to receive dividends and trade the shares (see Table 1. 4). These factors should in theory minimize the resistance to the demutualization of exchanges by the brokers. However, a moratorium (limited in time) on the granting of new trading rights has often been introduced to lessen the co mpetitive impact on smaller brokers. 1. 5. Restructuring and Alliances of Exchanges After being demutualized, most exchanges have revisited their commercial strategy to improve viability and enhance business prospects. Exchanges have opted to (i) consolidate, merge and/or integrate their domestic markets (ii) build alliances by establishing cross-border linkages with other exchanges within or outside the region and (iii) merge with other exchangesa phenomena more predominant thus far in Europe. In Asia, the exchanges have by and large opted thus far for (i) and (ii). Emphasis has been largely to re-group businesses to broaden the markets, offer issuers and investors better distribution networks and improved liquidity.Predominant in-country mergers or restructuring have taken place in Singapore, Hong Kong, Australia and Japan, and in early 2002, the Kuala Lumpur Stock Exchange (KLSE) merged with MESDAQ (Table 1. 5). In-country restructuring of exchanges has involved (i) Merger of two or more exchanges into a undivided viable nationallevel company, which would be of sufficient scale to be an interesting partner for other (foreign) exchanges, and as a listed company for investors to consider. While these mergers lead to 16 Demutualization of Asian Stock ExchangesCritical Issues and Challenges Table 1. 5. Asian Exchanges Mergers and Alliances STOCK EXCHANGE TSE MERGERS PRIOR TO DEMUTUALIZATION Hiroshima and Niigata Stock Exchanges merged with the TSE in March 2000. ALLIANCES W