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b)

Demonstrate an up to date understanding of the major trade agreements and common markets and, on the basis of contemporary circumstances, advise on their policy and strategic implications for a given business.[3]

c)

Discuss the objectives of the World Trade Organisation.[2]

d)

Discuss the role of international financial institutions within the context of a globalised economy, with particular attention to the International Monetary Fund, the Bank of International Settlements, The World Bank and the principal Central Banks (the Fed, Bank of England, European Central Bank and the Bank of Japan).[2]

e)

Assess the role of the international financial markets with respect to the management of global debt, the financial development of the emerging economies and the maintenance of global financial stability.[2]

READING LIST

2.

Financial engineering and emerging derivative products

Demonstrate awareness, and discuss the significance to the firm, of latest derivative products with particular emphasis on the risks in derivative trading and the application of the following in their management:[2]

  • i)

    Value at Risk

  • ii)

    Scenario analysis

  • iii)

    Stress testing

Demonstrate an awareness of new developments in the macroeconomic environment, establishing their impact upon the firm, and advising on the appropriate response to those developments both internally and externally [2]

3.

Developments in international trade and finance

2.

Strategic business and financial planning for multinationals

a)

Advise on the development of a financial planning framework for a multinational taking into account:[3] i) Compliance with national governance requirements (for example the LSE requirements for admission for trading) ii) The mobility of capital across borders and national limitations on remittances and transfer pricing. iii) The pattern of economic and other risk exposures in the different national markets iv) Agency issues in the central coordination of overseas operations and the balancing of local financial autonomy with effective central control.

G

EMERGING ISSUES

1.

Developments in world financial markets

ACCA’s official publishers:

BPP Professional Education Contact number: +44(0)20 8740 2222 Website: www.bpp.com/acca

Kaplan Publishing Foulks Lynch Contact number: +44(0)118 989 0629 Website: www.kaplanfoulkslynch.com

Additional reading:

Accountancy Tuition Centre (ATC) International Contact number: +44(0)141 880 6469 Website: www.atc-global.com

Stern, Joel, M., and Chew, Donald, H., (2003) The Revolution in Corporate Finance, 4e, Blackwell Publishing ISBN 1-40510-781-2

Buckley, Adrian, Multinational Finance, 5e, FT Prentice Hall ISBN 0-27368209-1

Demonstrate awareness, and discuss the significance to the firm, of latest developments in the world financial markets with particular reference to the removal of barriers to the free movement of capital and the international regulations on money laundering [2]

Chisholm, Andrew, M., An Introduction to Capital Markets – products, strategies and participants, Wiley Finance ISBN 0-471-49866-1

161

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