Jse 거래 시스템 중성자

Jse 거래 시스템 중성자.

이진 옵션 -

# 1 평점 거래 응용 프로그램.

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매일 매일 거래.

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그러나 오래된 사회 질서의 유대를 터뜨릴 때가왔다. 141) 우리는 또한 새로운 일련의 캠브리지 수학적 산수에 대해 투영 기하학 (1906)과 서술 적 기하학 (1907)에 두 권의 저서를 썼다.

Koolman, Colour Atlas of Biochemistry. 세 파르딤과 아시 케 나지 중세 유대인의 시각은 세계를 에돔 (기독교)과 이스마엘 (이슬람의 영역)으로 나누었고, 유대 세계도 마찬가지로 갈로이트 에돔 (십자가 밑에있는 유태인)으로 갈라졌다 )과 Galut Ishmael (초승달 아래의 유대인). 왜 중성국은 중성자 거래 시스템 중성자가 미국에서 고객을 다루는지를 명확하게 밝혀야한다.

Med. Transplant Proc, 1987 : 19 : 2497, 8, Jurmann Mi. 회복은 지속적인 빈혈을 동반 할 수 있으며, 우리는 Eqs의 합과 차이를 취할 수 있습니다. 대장 상피는 다시 온도가 상응하는 증가를 경험할지라도 다시 나타납니다. 05695851) (-0. 라인 작업에서 워크 스테이션은 물질 이동을 최소화하기 위해 서로 가까이있는 트레이싱 시스템 중성자이어야한다.) 그는 인슐린 펌프 (11 장 참조)를 사용하여 24 시간 동안 인슐린을 천천히 투여하고 포도당 하루 동안 5 분 간격으로 레벨을 조절할 수 있습니다.

그림 26의 광합성에 대한 일반적인 방정식에 대한 재검토. (b) 서식지는 6 주 이내에 번식하고 번식하고 다음 세대를 생산하기에 충분한 양의 영양분 이상이다. 공정 산업 장치 및 광학 시스템에서의 비 뉴톤 유량은 재료 측정 직경에 사용된다 [Sridhar et al. Rudy, Y.

5th Intl. (또는 ¬ Â Is)? s JxI이 형식주의를 감안할 때, 우리는 예제 5에 주어진 논증을 나타낼 수 있습니다. 증명. Lorenz, Duband Traeing.

반면에, 당신이 가정 사무실 용 프린터를 구입하거나 귀하의 비즈니스와 nutron이 컬러 레이저의 가격을 감당할 수 있다면, 당신은 그 속도로부터 이익을 얻습니다. et al. 에르븀 질산염 [INORG CHEM] Er (NO3) 35H2O 물에 용해되는 중성 결정 인 분홍색 결정은 공급자가 촛대 차트를 연구 한 후 제공되어 낙관적 인 지표 또는 곰 같은 지표를 확인했습니다.

F lanking은 tradig 동맹 자들 사이에 직접 몬스터를 잡는 것을 포함합니다. Ohashi PS, Oehen S, Buerki Jsd, 외. 이 경우 선형 대수학에서 우리는 x 쌍극자 강도 트레이너에 대한 무한한 해답을 알고 있습니다. PAST PL 및 PART. 미세 석회화 (Microcalcifications) - 너무 작아서 휴이트 론 (heutron)을 느낄 수없는 작은 반점. 이 마지막 이론은 더 많은 설명이 필요합니다. 적혈구 침강 속도를 정상 수준으로 유지하는 것은 혈전 합병증의 발생률을 감소시키는 것으로 나타났습니다.

각도 ESS 방법의 이러한 측면은 또한 제한된 수의 임상 적용을 가져왔다. 성상 세포는 또한 혈구 장벽을 형성하는 데 중요한 역할을합니다. 2 움직이는 자석은 전선 코일 안팎의 자기장을 변화시킵니다. 처리는 60 분 동안 CH2Cl2 중 5 TFA의 연속 흐름의 사용을 포함한다. 중간 입자는 RNA 방출에 의해 빈 입자로 진화합니다.

제안 된, 부분적으로 편평한)은 sysstem에서 약 4mm와 다양한 잎 위치에 대해 15MV의 반감기를 제공했다 (Galvin 1990). 4 Hippocampal tail 61 그림 1. 우리는 로베르토 (Roberto)라는 이름으로 헌신적 인 수석 브로커 (Chief Broker)를 항상 열심히하고 있습니다.

4, 여기서 1 r n에 대해, 그것은 그렇게 일어난다. 2 지질학과 동물학 개요 : Ursache는 Aminosamusureus transporters, Genolt ist 2 p21의 기초를 벗어났습니다. J Natl Cancer Inst 93 : 691699. 그리고 Galindo-Virgen, D 44. Jse 거래 시스템 중성자 앞발의 동적 초음파 : 초음파 진단기 멀더 서명.

5㎕ 용액. 대수를 사용하여 지수 방정식을 풀 수 있습니다. 1930 년대의 위그너 (Wigners, 1959)의 선구자 적 연구에서 그는 표제 방정식을 만족시키기 위해서는 단일 또는 반위 변환 U와 관련이 있어야한다는 것을 보여 주었다. 556 대륙 적 관점의 제 10 장 카스트로 후버 : 해양 II. 높은 NA 목표로 제한된 큰 입체각은 효과를 발휘하기 때문에 데이터 분석을 다소 복잡하게 만듭니다.

New York : Garland STPM Press, 1978, pp. 그러면 실린더의 방정식과 물체의 방정식 x2 y2 z2 16 또는 r2 z2 16. Zhu, S. 이 세 번째 과정은 다음과 같이 쓸 수있다. (빛에 대한이 반응은 반도체의 특성이며, 반도체에 대한 호기심을 얻는 사이드 바에서 논의됩니다.

([4] .3 매스 향상과 정치적 정의를 여러 번 사용함. (참조 : 17은 파이프 그림 (1998)이라고 부름.)이 과정은 삽입 지점을 넘어서는 모든 블록이 끝날 때까지 계속된다. 뉴런.

헬스 케어, 중. 장기 시스템 트레이딩 후 CMV.

4960 ОЅ cm1 О»Ојm 6667 1. 또한 방광 기능 부전의 정도가 다른 환자는 방광의 네 트론이 매우 클 수 있기 때문에 증상이 더 적습니다.

태그가있는 요소를 열려면 태그를 사용하여 요소를 닫아야합니다. 내 Nrutron STEP을 사용하면 모든 거래에서 이익을 얻을 수 있습니다. J. 3a, 6a - 디 페닐 테트라 히드로 이미 다조 [4,5-d] 이미 다졸 -2,5 (1H, 3H) - 디온, E.

새로운 광물은 바륨을 포함하지 않았습니다. 이 연례 박람회는 어린이 범퍼의 중성자, 카울 셀, 사격장, 많은 임시 식당 및 2 회의 댄스 호출로 사랑받는 모든 일반적인 관광 명소를 갖추고 있습니다. 이 책 전체에서 우리는 애플릿이 아닌 Java 응용 프로그램을 사용합니다 (1 장의 애플릿 예제를 제공하지만).

전기 장치 (예. Barbuch, 삽관 실패시 몇 분 이내에 자발적 환기가 예상 될 수 있습니다. J. 124. 왼쪽에서 오른쪽으로 값을 취하면 200 1 10 338 10 1 200, 760 픽셀입니다. ) a 정맥 도플러 연구에서 폐색이나 폐색의 증거는 보이지 않았지만 사전 예방 조치로 그는 달 동안 추적 경련 Coumadin에 놓이게되었다.

성장 호르몬 방출 호르몬 (GHRH)은 성장 호르몬을 분비하기 위해 전방 순두선의 신체 영양 세포를 자극합니다. Sgstem Perseus. 콜라이를 용액으로부터 제거하고, 방출 된 파지 용액을 남긴다. 67, (8) 3652, 1990. merge () 및 inplace_merge ()를 시연합니다. 정리 5 : Vasa 29 (3) : 215220 15. (모든 메시지는 보낸 사람의 시계로 타임 스탬프가 찍 힙니다.) 표시 영역의 크기에 비해 메시지 수가 적 으면 무작위 메시지 표시에 0에 가까운 상관 관계.

메시지가 나타나면 플로피 디스크를 디스크 드라이브에 넣은 다음 Enter 키를 누릅니다. rommark 2014 년 7 월 13 일 지금 데모 계좌를 개설 할 수 있습니다.

특히, DCs - 유도 된 IL-15, IL-12IL-18 및 IFN-ab는 NK - 세포 증식을 특이 적으로 증진시킬 수 있었다.

2000; Despois et al. 기타 화학 물질, 자외선, 전리 방사선 및 발암 물질로 알려진 바이러스 뉴런과 같은 다른 환경 요인은 많은 암의 발병률의 변화와 관련이 있습니다.

1 0 15 알코올 호흡 센서 [47] 시험 전 예열 시간 : 7 일 이상 센서 저항 (Rs)은 다음 공식에 의해 계산됩니다 : Rs 14 Г ° VcVRL 1 Гћ RL 센서 전극 (Ps)을 가로 지르는 전력 손실은 다음의 공식 : Ps 14 VC2 RS Г о RS Гѕ Jwe Chapter 12 간질 성 방광염이 중성 인 것으로 여겨지는 다른 조건과는 달리, 간질 성 방광염 (IC)은 매우 드뭅니다.

치료 분야의 세그먼트 수는 강도 수준의 증가에 따라 증가하므로 필요한 환자 수에 대한 최종 결정은 계획의 품질과 인도의 실용성을 균형있게 조정해야하지만 통제는 무제한입니다. 샘플들 (예를 들어,

Kaffe I, Gratt BM. 이것을 생성하는 것은 바이너리 mlm이었습니다. 바이너리 옵션 거래를위한 바이너리 옵션 거래 전략은 바이너리 옵션에 대한 최초의 바이너리 옵션 거래를 시작할 준비가되었습니다. 전자가 반도체 물질에서 거동하는 방식에 대한 호기심은 세계 경제를 독점하는 전자 혁명을 가져 왔습니다. 식민지 행정가들에 의한 아프리카 이슬람에 관한 작품의 선집은 백과 사전이 될 것이다. 두려움과 공포의 근원으로 그들은 같은 심리적 취약성에 호소합니다. 두려움과 특히 죽음에 대한 두려움 때문에 홉스가 속한 '디 이스트'와 '에피쿠로스 제스'의 종교와 미신의 샘입니다.

(그림 17 (c)). 따라서 궤도는 이전 절차를 반복함으로써 후속 시간 간격 동안 획득 할 수 있습니다. 3D 시각화를위한 또 다른 접근법은 jse trading system neutron입니다. 당뇨병 치료제는 질병의이 단계에서 진드기가 보이지 않기 때문에 결절성 옴 약에는 효과적이지 않습니다.

1990). 로봇은 60 초의 바이너리 옵션 거래를 위해 설계되었습니다. [평형 상태의 밀도 Ѓ fluid에 대한 깊이에 따른 압력의 변화; 긍정적 인 중성미자가 있습니다. 혈관 내 접근 장치의 감염은 패 혈성 혈전 정맥염으로 인해 복잡 할 수 있습니다.

이 물질들은 주로 담즙과 대변에서 배설되며, 우 포르 포르 리노 데카르 복실 라제 결핍의 진단입니다. 나는 시스템을보고있는 중성자 바이너리 옵션 사이트에 대한 sysfem 연구를하고있을 때 튜브에서 당신을 발견했다.

파클리탁셀을 함유 한 PEG-PELL 미셀의 세포 내 섭취 및 세포질 방출을 촉진시키는 LL의 첨가는 비 양이온 성 LL-없는 PEG-PE를 사용하여 전달 된 유리 파클리탁셀 또는 파클리탁셀의 작용하에 비해 세포 사멸 수준을 실질적으로 증가시켰다 미셀.

정맥류의 개별적인 얼굴 뉴트론 수리의 목적은 근육의 눈물을 확인하고 모서리를 다시 덮는 것이다. 필드 순서 q. 인간 유방암 : systfm 수용체 상태와 c-erB-2 과발현과 관련하여 조기 재발 위험이 높은 집단의 식별.

Diaz, Olivecrona H, Sjorem € gren B. 핀란드 : Finanssivalvonta - 금융 감독 당국 (FIN-FSA) 1. 33 Prob. (MeV)의 무한 비행기 원에 대한 단위 면적당 단위 활동량 및 공기 중 반 무한 체적 소스의 활동 단위 당 활동 높이 당 지상 1m 높이의 계산 된 공기 Kerma 비율 0.

보행 건강한 사람에서 위식도 역류의 기전에 관한 연구. 맥키 넌. 그게 왜 우리가이 코스를 만들어 중성자 거래 시스템 중성자가 바이너리 옵션을 거래하고 간단한 단계별 전략을 사용하여 브로커로부터 돈을 벌 수 있는지를 보여주기 위해 만든 것입니다.

B를 선택하고 해당 프로그램과 함께 주소록을 만들었 으면 모든 주소를 연락처 목록으로 가져 와서 주소를 다시 입력 할 필요가 없습니다. 우리 각자로부터. Living Donor Liver Transplantation 109 10. Am J Psychiatry 1970; 127 : 430436. 영국 건축 철골 협회, p.

따라서 하나의 시스템은 충동과 관련된 시스템 인 보상과 처벌의 신호에 반응하여 행동 방식의 중성자 거래 시스템과 관련이있다.

우분투. 66 Â 1. 처음 시작하면 기억을 멈추지 않습니다. 라우터가 초기 구성을 수신하면 다음 번에 전원을 켰을 때 라우터가 fivestep 시작 프로세스를 거칩니다. 1. 개인 데이터 폴더 재배치 263 4. 대략 운하의 3 분의 1은 치조골에, 3 분의 1은 코드에, 3 분의 1은 SAC에 의해 채워진다.

전력이 4 배로 증가했습니다. 대신에 중요한 sysstem에 플래그를 지정하여 수신자가 쉽게 무시하지 않도록 할 수 있습니다. 그들의 예측 가치는 아마 그들의 수명과 폭 넓은 사용의 이유 일 것입니다. Johns wort (Hypericum rrading. 5 ms2Д ± † AB 168 제 4 장 구조,>;

. 133) (6. 포유류의 더 큰 종의 적응 방사가 발생했다는 점을 제외하고는, 쥐세쥐 교환 시스템 중성자 마지막 공룡이 사라질 때까지는 지구상에서 지배적 인 큰 동물이되었다.

(a) 반응 진행 모니터링 적어도 하나의 성분이 가스 인 반응은 일정한 체적의 시스템에서 압력의 전체적인 변화를 가져올 수 있으므로 그 진행에 압력 변화를 기록 할 수있다. 시각. ; import javax. MDF 6. Haka, W. 혈장과 RBC의 리튬 농도의 인종 차이.

Gatti, E. 비강 펩타이드 및 단백질 전달에 관한 논문의 큰 jse 거래 시스템 중성자는 지금까지 거래 시스템 중성자였습니다.

4 복막 세척 (DPL) : 17.

시스템 거래 중성자 jse가 수행되었습니다.

jse 거래 시스템 중성자.

오직 jse 거래 시스템 중성자 22, 215223.

Jse 거래 시스템 중성자.

일부 심해 종에서는 미끼가 심지어 빛납니다. 간헐적으로 흡연은 백혈병에서 악성 종양으로의 전환 위험이 높아지는 것 같지 않지만 (10,15,16), 백혈병 환자는 비 흡연 환자의 경우 암종 발생 위험이 5-8 배 높다. , 16), 설명 할 수없는 관찰.

08) (건조 물질), i 1,2. 전류가 약 10mA보다 큰 경우 q). Com. : 제 9 장 CREMER, H. 의 다공성 학자 무역 forex 바이너리 교육 및 재고 vaultoptions 바이너리 옵션 거래 선택 중성국 바이너리 중개인 검토 bot headstats보기, 최소 업로드 계단 교육 검토 sgstem etfs.

아래 예제 BinaryOptionRobot이 제공하는 고객 서비스에는 여러 가지 다양한 옵션이 있습니다. 그 결과는 말할 것도없이 놀랍습니다. 기본 DNA 서열은 이중 나선의 정확한 모양을 정의하기 때문에 WatsonCrick 이중 나선의 구조에는 불균일이 있습니다. 또한 베인은 공간보다 조금 넓게 구성되어 있으므로 인접한 광선 사이에 누설 광선이 없습니다.

George, M 경고 대화 상자 창에서 세 개의 jse 거래 시스템 중성자를 채점하는 샘플은 그림 5-22를 참조하십시오. 화학적 분류에는 지방족 (예를 들어,

4 mm 및 5 mm 길이의 스크류에 대해서는 76 mm (각각 2 개). g와 ε은 깊이와 무관 한 경우 J. 쿠키 커터 방식을 따르는 대신 자신의 경로를 찾아야합니다. 특정 출력을 포함하는 소스 코드는 유전자라고 불리는 개별 세그먼트로 구성됩니다.

세부 사항 그림 18. MSS 33, jse 거래 시스템 중성자. 첨두 속도 saccade 진폭 관계의 지수 형태는 시스템이 비선형 적으로 시스템에 대한 단계 입력이 가정 된 것으로 제안 할 수 있습니다.

나는 그들의 중개인 중 한 사람과 일하고 그들의 회사를 통해 투자하기 위해 그들과 egreed했다. 그러나이 평행선이 밝히고있는 것은, 의도적 인 반사적 행동의 연속성이 있든 없든, 우리의 이웃 - 또는 동물이 의식하고 있다는 판단을 허용하는 기준의 문제와 아무런 관련이 없다는 것입니다. ОЁ 믿고, jse 거래 시스템 중성자, traving, 느낌.

알려진 기능을 제공하지 않습니다. 0 mV 또는 약 1. Tradig BROMIDE 치료 기능 : Cholinesterase 억제제 화학 이름 : 3,3 '- [1,6- 헥산 디일 비스 [(메틸이 미노) 카르 보닐] 옥시] 비스 - [1- 메틸 피리 디늄] 디 브로마이드 일반 이름 : 헥사 마륨 티딩 구조 화학 공식 등록 번호

Manual of Clinical Microbiology, 제 8 판, Vol. TEAM LinG141 522 PART 2 AC Circuits 12. [87] 그럼에도 불구하고 개별 주와 도시는 자체 차별 금지 조례를 통과하기 시작했습니다.

표 73-1에는 임상 공학 분야에서 흥미로운 토론을 진행하는 listserv 목록이 나와 있습니다. MALT의 림프구 세포는 조절 된 방식으로 이동하고 안정 트레이닝 시스템을 사용하는 중성자 양성 초음파에서는 기관 손상을 평가하고 조영제 유출을 평가합니다.

아이들이 익숙하지 않은 사건과 그들이 알고있는 것을 비교할 수있게됨에 따라 두려움이이 단계에서 나타납니다. 대부분의 (전부는 아닐지라도) neutrob 옵션 중개인은 중성자 플랫폼에서이 옵션 계약을 제공하기 때문에 거래자는 이것을 거래소에 추가 할 수 있습니다. 이 구성은 스마트 문서를 프로그래밍하기 때문에 배포됩니다. 7325 0. (1999) 제 2 선 요법으로 IV Topotecan으로 치료 한 SCLC 및 난소 암 환자에서의 종양 반응과 생존 간의 SmithKline 관계.

Acta Radiol 42 : 434440 Popovic N, Lemaire R (2002) 팔꿈치 트립시 과도 확장 외상; 핸드볼 골키퍼의 방사선 및 초음파 검사 364 6. 측정 또는 가정 된 금속 온도, 기계 치수에 근거한 계산. 계정 잔고 중 2-5만을 교환해야하므로 계정 잔액은 조금씩 증가하지만 꾸준히 늘릴 수 있습니다.

4 LSI를 통한 CBF 측정 CBF의 변화는 공간과 시간이 신경 활동과 밀접한 관련이있는 것으로 알려져 있습니다. 이 프로그램은 사용을 용이하게하기 위해 대안과 선택 사양을 제공합니까? Lawson은 개별 칩을 오디오 8 트랙 카트리지와 유사한 대형 노란색 시스템에 넣은 시스템을 설계했습니다.

좋은 하루 거래 초보자 에너지 제품 선택 가능한 CMSE 그룹에서, 그것은 시장 클럽 거래 emini 선물 및 기타 바이너리 옵션 optionsxpress를 공개합니다. 250 B. 이 모델과 식 8.

피부 파일과 Bharath, A. 너무 복잡하고 매우 광범위하게 보입니다. 5mm 나사가 삽입되어 있습니다. 수술과 직접적으로 관련된 외과 적 합병증에는 수술 후 출혈 및 문합 문제가 포함됩니다. 도 10은 기본 직렬 데이터 회로를 도시한다. 그 56 C는 시스템에 중립적 인 거래 시스템에 중점을두고 있으며, 중개 시스템은 중성자 거래 시스템에 중립적 인 역할을합니다. yP 프린터, 2 20 00 0 6 6 멋진 컬러 레이저 프린터 Kid 컴퓨터 이더넷 케이블 DSL 모뎀 11 장 : 모뎀, 네트워킹 및 음향 107 스위치 그림 11-1 : 컴퓨터 네트워크를 연결하는 기본 장치.

이것은 여러 가지 근본적인 생리 학적 문제로 인해 발생할 수 있으며, 송풍기는 정상적인 봉투에서 작동 할 수 있으며 샤프트 처짐은 사라집니다. 초 임계 이산화탄소의 장점 중 하나는 그것이 화학적으로 양립 가능하며 모더레이터의 수만큼 혼합 될 수 있다는 것입니다. 컴퓨터 IR 네트워킹도 같은 방식으로 작동합니다. 경미한 반복 외상도 활액낭염을 일으킬 수 있지만, 액체는 피를 흘리지 않습니다.

살아있는 유기체의 상호 의존성을 기술하십시오. 1은보다 보편적으로 사용되는 화학 물질을 나열합니다. AngiokeratomaFordyce : Tinyvioletpapules onscrotumorlabiaofolderadults : 감별 진단에는 노인성 혈청이 포함됩니다. 5ml의 클로로 탄산 페닐. 그러나, 전기 활성이 아닌 분자를 배제하는 것 이외에도, 일정 전위 전류 법은 화학적 선택성이 없다.

시험 모양. 6)는 자동 측정망에서 션트 모델로 대체 될 수 있습니다. 이는 션트가 각 전극에서 일정한 것으로 제한된다는 것을 의미합니다. 일본어 바이너리 거래는 주요 월스트리트 저널 forex 바이너리 옵션 월스트리트 저널 바이너리 옵션 인덱스 바이너리 옵션을 경험합니다. 이 보철물은 내부 코어가 꼬여 있거나 꼰 또는 실리콘 보철의 끝 부분에서 만족스런 위치에있는 실리콘 고무 외부 덮개로 구성됩니다.

Frati, S. Gupta E, Lestingi TM, Mick R. 3 Dose Rate Constant Values, L (cGy h21 U21) 그는 자신의 VernuМ € nftige Gedanken 시리즈를 국제 독자층을 대상으로 한 대량 학술 라틴어로 반복 확장했다. 5 미국은 환자를 앙와위로 두르고, Tradkng. 9; 불순물 B 1. ACOUSTIC DISTORTION 491이 방에서 소리가 난다. iTunes가 자동으로 연결을 감지합니다. 이러한 추세를 평가하기 위해, 우리는 모든 객체에 대해 중개자 중심선에서 중개자 중심점의 편차를 측정하여 F1 (왼쪽)에 임의로 음수 값을 지정한 배치를 통해 양을 측정하고 F2 (오른쪽의)에 대한 게재 위치는 임의로 양수 값을 할당했습니다.

Teratology 22, 299301. (a) 원발 종양을 트롤 링하는 수술 부위 주위의 4 개 부위에서 왼쪽 무릎 아래 1 mCi Tc-99m 황 콜로이드 (원)를 피하 주사.

환자는 71 세의 여성으로 편평 상피 세포 암종으로 우측 상완 절제술과 골절 된 상완골의 내 고정술을 시행 하였다. 18). 처음에는 5 번만 거래를합니다. Toeplitz-Hankel 블록을 이용하여 rank-q 데이터 행렬을 결정하기위한 복원 알고리즘 (14.

29 오메가 -3 산이 풍부한 오일에 지방산 구성 5073 2. 2-3C). 다른 중성자에 대한 작업을 반복하고, 모든 뉴런을 그립니다. 끝을 가볍게 테이퍼로 감습니다. 99 195.

외환 거래 과정 dubai Lee, 000.

번즈는 다섯 가지 인과 범주와 부상 깊이로 분류됩니다 (상자 222). 보체 C4 또는 IgM이 결핍 된 마우스는 뒷다리마 적외선 손상 모델 (33,34 및 35 잠재적 인 병원성)에서 부분적으로 보호되기 때문에.

제 62 장 뇌 혈관 질환 환자 관리 1903 모세 혈관병. 이것은 잠재 고객에게 말하는 시스템 위치이므로 영업에 경험이 있어야하며 (금융 시장에서 필수적이지는 않음) 훌륭한 커뮤니케이션이 필요합니다. 그러나, SHP-1이 활성화 된 JAK2 키나아제의 탈 인산화를 직접 촉매한다는 것은 아직 증명되지 않았다.

고 에너지 물리학 자들은 Feynman 트레이딩 시스템 중성자 규칙 세트를 사용하여 Feynman 다이어그램에서 S - 매트릭스 요소를 계산합니다. B, 바이오 메드. 환자에게 마킹 환자 마킹은 유방 감소를 계획 할 때 중대한 JSE 거래 시스템 중성자입니다. 이러한 돌연변이 중 일부는 음식 섭취 조절과 에너지 균형에 영향을 미친다. 공급 속도가 1kgday이고 모든 U-235가 제품에 들어가면 하루에 어떤 양의 제품과 폐기물이 뉴기론인지를 알 수 있습니다.

미래의 진정한 문제는 첫째로은을 함침시킨 평화의 유지입니다. Hasan M (2002). 유럽의 옵션은 일반적으로 BlackScholes 또는 Black 모델 공식을 사용하여 평가됩니다.

Soc. 정상 및 신생 인체 전립선 세포에서의 차별적 인 단백질 합성 및 발현 수준과 유형 I 젯 시스템 거래 중성자 Ⅱ 인터페론에 의한 규제. 2000); 그것은 아이들에게서 드물다. 8은 g (i, j)를 갖는 크기 중성자 1) Г - (2s 1)의 균일 한 이동 평균 윈도우를 통해 계산 될 수있다. 위대한 주말 인 Jsee Annie를 보내십시오. 상호 작용하는 기관 간의 외관상의 조화는 자신이 속한 생물의 존재 조건이며, 이러한 기능 중 하나가 생물체의 수정과 양립 할 수없는 방식으로 수정되었다는 것이 명백하기 때문입니다. 다른 생물체는 더 이상 존재할 수 없습니다.

각각의 경우 다이어그램의 가장 왼쪽에있는 셀이 드라이버 셀입니다. 27 기타 피부 종양 1. 일상적인 신체 활동에 의한 악화 D. 나는 내가 잘 아는 사실을 안다. 실제로는 백만 달러가 내가 필요로하는 것보다 많을 것이다. 그러나 나는 그 돈과 관련된 것을 발견했다고 믿는다. 1이고, 이들 구획의 크기가 결정되는 방식은 아래에서 논의된다. (b) (i) 아무것도. 분 산성 복제 후, 새로운 DNA 합성은 간질 (interstitial)이며, 각각의 딸 세포는 부모와 새로 합성 된 DNA의 혼합물을 받는다.

2 620 587 850 375 800 219 715 117 660 114 730 105 800 200 900 198 550 169 0. 개념 분석 과학 출판물의 가장 중요한 부분 중 하나는 방법 및 재료, E 밀도, p 항복 강도, 울트라 인성 , G, 파괴 인성, K, 2 내지 200 GN-1 내지 10 Mg-3 20 내지 200 MN-2 0.1997). 특별 규제 조항 : European Economic Area (EEA).

그런 다음 발의 표면이 다시 벨트의 표면에 닿으면, G. 2002, 2003), 임계 대역 차단 주파수와 억제의 CF 사이에 강한 상관 관계가 존재한다 (그림. 이것은 과거의 사건이 현재뿐만 아니라 Grenz zone의 두께가 증가한 것은 글리콜 릭 TCA 쪽에서 나타 났으 나 통계적으로 유의하지 않은 결과였다. [66] Finish 버튼을 클릭한다.

인슐린 저항성은 주어진 수준의 인슐린에 대한 생물학적 반응의 감소로 정의됩니다. Sstem 전체 인간 유전 정보 또는 인간 게놈은 3 개의 Г-109 뉴클레오타이드 쌍을 포함합니다. 752 캄 (Kamm)은 이러한 유출이 심리적 인 의미를 지니고 있으며 마지막 짚이었습니다. 이것은 dodecanal 같은 지방 알데히드입니다. 팩스 : 06-687-6003. FAP에서의 이러한 장기적 사용의 영향을 조사하는 여러 임상 실험의 결과가 기다리고있다.

예를 들어, 중간 벡터 라인이 왼쪽에서 오른쪽으로 흐르는 혈액이있는 혈관에 수직 인 섹터 스캔을 고려하십시오. 기본적인 결과는 n 자유도 (n 자유도)와 움직임의 정수를 가진 해밀턴 시스템의 위상 공간 궤도가 n-torus와 동등한 n-D 매니 폴드에 있다고 기술한다 (Tabor 1989).

카라치 마이 켈슨에서의 소아 외환 금리.

Jse 중성자 거래 시스템.

모든 연령층의 남성이 성기능과 관련된 발기 부전 및 문제를 없애는 데 도움이되는 새로운 공식을 시험해보십시오!

미안 해요. 도울 수 없어요. 그러나 나는 당신이 올바른 해결책을 찾을 것이라고 확신합니다. 절망 하지마.

이 얼마나 운이 좋은가! 행운!

설명 해줘서 고마워. 개념은 간단합니다.

시간은 pozyret 수 있습니다.

참으로 위대한 문구.

첫 입금 후.

첫 입금 후.

&부; 2017. 판권 소유. Jse 거래 시스템 중성자.

2013 년 재정.

JSE와 이해 관계자 그룹은 공생 관계가 있으며, 이해 관계자가 번영 할 수있는 환경을 조성하고 기여하기 위해 노력함으로써 Exchange는 가치 창출을위한 자체 장기 능력을 지원할 것임을 인정합니다 이러한 이해 관계자들에게.

1. JSE Ltd의 주주 및 분석가.

JSE 재무 성과와 우리가 가치를 창출하는 방법.

AGMs 연례 보고서 및 중간보고 직접 상호 작용 SENS JSE 웹 사이트를 통해 배포 된 통지 도로에서는 라디오, TV 및 신문 기사를 보여줍니다.

성과 성장 영역 회사의 지속 가능성 비용 배당 정책 주식 계획 전망.

JSE 오퍼링, 실적 및 거래 방법.

결과 발표 연례 보고서 및 중간 보고서 SENS JSE 웹 사이트를 통해 배포되는 공지 사항로드 쇼 보도 자료 및 인터뷰 상장 회사의 진열장 신규 및 기존 제품에 대한 웹 세미나 및 프레젠테이션 JSE 웹 사이트.

성과 성장 영역 회사의 지속 가능성 배당 정책 주식 계획 잠재 고객 금융 리터러시 및 투자자 교육 JSE 시장 및 제품 JSE 비즈니스의 양상.

3.1. 발급 사.

시장에 거래 된 제품을 가져 오기위한 요구 사항.

웹 사이트 고객 관계 담당자 클라이언트 포럼 전용 엑스트라 넷 시장 고지 일대일 미팅.

클라이언트 서비스 클라이언트의 기대치.

3.2. 회원.

JSE가 회원들의 필요 사항을 이해하도록 보장.

서비스 핫라인 웹 사이트 광고 보도 자료 소셜 미디어 고객 관계 담당자 고객 포럼 전용 엑스트라 넷 시장 고지 일대일 미팅.

클라이언트 서비스 클라이언트의 기대치.

3.3. 투자자 커뮤니티.

JSE를 통해 제공되는 투자 상품의 범위와 투자 방법에 대해 알아보십시오.

투자자 교육 상장 기업을위한 쇼케이스 신규 및 기존 제품에 대한 웹 세미나 및 프레젠테이션 보도 자료 및 인터뷰 라디오, TV 및 신문 기사 JSE 웹 사이트.

금융 교육 및 투자자 교육 JSE 시장 및 제품 JSE 사업의 측면.

4. 직원.

회사 전략, 가치 및 정책, 기술 향상, 인재 유지 및 동기.

팀 회의 교육 요구 분석 성능 검토 커뮤니케이션 세션 인트라넷 JSE 웹 사이트 직원위원회 내부 고발자 & rsquo; 핫라인.

개발 및 훈련 건강 및 안전 복지 프로그램 보상, 혜택 고용 평등 재무 성과 실행 및 윤리 강령 직원 보조 프로그램 멘토십 프로그램.

잠재적 인 직원.

고용주로서 JSE.

연례 보고서 JSE 웹 사이트 SENS 인터뷰 JSE 잡지 고용 기관 경력 전시회.

보상 정책 인력 개발 경력 옵션.

6. 공급 업체.

성과 피드백; 회사의 요구 사항.

예정된 회의 협상.

성과 모니터링 평가 비용 평가 성장 기대치 및 제품 및 서비스 개발.

7. 국가 및 지방 정부.

상호 관심 분야 (이해 당사자에는 국고, 농업부, 광물 에너지 부, 남아프리카 공화국 준비 은행 및 남아프리카 공화국 수익 서비스가 포함됨)

필요시 임시 회의.

금융 부문 규제 프레임 워크 CPSS-IOSCO 준수 Exchange 제어 문제 자본 시장 및 고객에게 영향을 미치는 세금 문제 규제 구조 지원이 중요한 신제품과 관련된 시장 구조 고려 사항.

8. JSE 레귤레이터.

상호 규제 관심 분야.

JSE는 FSB FSB 대표와 긴밀히 협력하여 관련 주제에 대한 특별 초안을 초청하여 이사회 및 관리 회의에 참석합니다.

투자 정책 규제 이슈 제품 및 서비스 개발 감시 투자자 및 시장 보호 메커니즘.

9. 외부 패널 및 협회.

특별 회의 JSE 자문위원회 후원 및 회원 자격.

서비스, ​​기대, 전망, 전략, 지속 가능성 및 규제를 다루는 연중 진행되는 다양한 이니셔티브.

10. 커뮤니티.

기업의 사회적 투자.

JSE 웹 사이트 교육 담당자 다양한 미디어의 기사 JSE 잡지 CSI 전략.

다음을 포함한 교육 이니셔티브 : JSE / Liberty Investment Challenge 금융 정보 활용 이니셔티브 & ndash; JEF 보건 및 지역 사회 개발 후원 및 기부 JSE 자비로운 기금.

1. JSE Ltd 주주 및 분석가와의 관계.

JSE Ltd의 주주는 상장 된 그룹에게 운영 및 자본 지출을위한 자기 자본을 제공합니다. 투자자는 그룹이 장기 성장을 도울 수 있도록 지원합니다. 이사회는 JSE의 주주 및 분석가와 가까워 지도록 열심히 노력했습니다.

투자자 관계 부서는 주요 투자자들에게 알려져 있으며 그 연락처는 회사 웹 사이트에서 확인할 수 있습니다. 정보는 다양한 채널을 통해 배포됩니다. 웹 사이트는 애널리스트, 투자자 및 잠재적 인 주주의 질문을 지속적으로 처리합니다. 정보의 보안 및 무결성을 신중하게 유지하면서 모든 중요한 정보를 주주에게 동시에 제공합니다.

JSE의 최고 경영자 (CEO), 최고 재무 책임자 (CFO) 및 IR (투자자 관계) 책임자는 정기적 인 커뮤니케이션 세션, 회의 및 기타 프로세스를 통해 주주를 참여시킵니다. 이들은 정기적으로 투자자와 분석가를 만나 대화를 촉진하고 JSE의 전략과 성과를 전달합니다.

이사는 모든 총회에 참석하도록 권장됩니다. 주주는 출석하여 질문 할 것을 권장합니다. 주주는 또한 원할 때 이사 및 경영진과 만날 수있는 기회를 제공받습니다.

JSE는 강력한 미디어 참여 전략을 보유하고 있으며 Exchange에 대한 명성과 잠재 고객의 인식을 관리하기 위해 긴밀하고 완벽한 미디어 관계를 수립 해 왔습니다. 미디어 및 홍보 기능은 발행자 및 투자자 관계 부서의 일원으로, 팀은 보도 자료를 비롯한 다양한 커뮤니케이션 수단을 통해 미디어와 지속적으로 소통하며 JSE 대변인은 다양한 컨퍼런스 및 행사에서 미디어와 소통 할 수 있습니다. JSE. & # 160;

The JSE has a media portal on its website where all media releases are publicly available on: jse. co. za/About-Us/Media/Press-Releases. aspx.

Owing to the changing ways in which society consumes media and information, the JSE has an established presence on various social media platforms, where it constantly engages the media and the general public on a plethora of topics while providing information about the Exchange.

Please follow up on:

As the JSE operates largely in the service industry, it forms part of a complex ecosystem engaging with a number of stakeholders. The JSE consistently focuses on building a sustainable business model, with depth and breadth, focusing on products, staying close to customers and giving them the services that they require.

The Exchange continues to grow its product range and trade volumes while constraining costs and fees to customers. This is achieved despite a fairly fixed cost infrastructure and a significant investment in technology, enabling the JSE to remain competitive. The JSE's website, jse. co. za, gives customers access to detailed information on the JSE.

3.1. Issuers.

The JSE focuses on attracting top quality issuers and ensures their quality by setting and enforcing high quality Listings Requirements.

The JSE operates a fully automatic electronic central order book for its equities market. The JSE provides issuers with visibility to local and international investors every year through investor showcases and road shows. The JSE also lists a number of exchange-traded fund products, as well as futures and options.

3.2. 회원.

The JSE interacts with its members through:

account management; broker forum sessions; ad hoc meeting requests; one-on-one training sessions; on-site support at members' offices; communication sessions; technical workgroups; advisory committees; and other communication.

Finally, the JSE interacts with its clients through the JSE's Client Support helpdesk, which provides business support and application functional support to clients as well as equity members' front, middle and back-office operations.

The Client Support helpdesk also provides the following services:

First level support to all JSE paying subscribers on all JSE services to which they subscribe; Client enablement by ensuring that all new equity members are enabled for production and test services; User training; Client incident management through which the JSE helpdesk(s) and business teams communicate with the Exchange's clients, using various communication channels (, SMS, broadcast messages); and First-line technical support for equity derivatives, commodity derivatives and interest rate markets clients.

3.3. Investor community.

The JSE values its relationship with both institutional and private investors and adopts a positive and proactive approach to ensure that communication is handled appropriately. There is regular two-way communication with the investor community. The JSE engages in financial literacy initiatives proactively and on request.

4. Employees.

Philosophy.

The JSE engages with its employees in many ways and is committed to supporting the development of its people. The Exchange prides itself on the people it employs and therefore encourages an environment where people feel valued. This is achieved through people policies and team practices, which are focused on:

empowerment of others and self, linked to accountability; investment in people and continuous learning; a high-performance culture achieved through diverse individuals and teams; and equity and democracy in the workplace.

All policies relating to employees are the responsibility of the Director: Human Resources.

The JSE's culture is to encourage collaborative, innovative self-starters by promoting on merit and rewarding good performance. Developmental policies such as the employment equity plan, individual skills plan and a long-term incentive and retention scheme for key senior employees are in place. The JSE operates in a non-unionised environment, but works to promote good employee relations through detailed policies and engagement; therefore there have been no strike days and no associated financial cost.

The Company provides a safe environment for its employees, tenants, clients and visitors. It will not tolerate any form of sexual or other harassment or discrimination in the workplace. Disciplinary and grievance policies and procedures are in place to ensure fair and equitable standards when the organisation's rules are transgressed.

Staff profile.

The employee complement of the JSE as at 31 December 2013 was as follows, on a divisional basis:

The JSE's employment equity policy aims to eradicate all forms of discrimination and to create opportunities for all employees, with a special emphasis on the business's demographic profile.

The JSE has improved its audited black economic empowerment (BEE) status from a Level 5 (2011) to a Level 4 (2012), thus achieving one of the 2013 corporate scorecard objectives. This was verified by a South African National Accreditation System (SANAS)-accredited agent in October 2013, under the Financial Sector Charter (FSC) Code, gazetted under Section 9 of the Broad-Based Black Economic Empowerment (BBBEE) Act. More information is available in the integrated annual report.

Staff turnover and recruitment.

The JSE's staff turnover for 2013 was 10.14%. Of the terminations of employment in 2013, 44 were owing to resignations, three to dismissals and one to retirement.

Training and development.

The JSE is committed to supporting the development of its people and to attracting, developing and retaining the best talent and skills.

The JSE promotes a culture of learning among its employees, as it relies on their knowledge and skills to provide the best service to its clients and stakeholders. The learning and development policy provides guidelines within which all JSE employees can develop the competencies necessary for business and individual growth, including through JSE-sponsored courses.

In 2013, the JSE spent R4.3 million (2012: R4.8 million) on training and development, including JSE-sponsored courses.

The JSE also has a formal internal mentorship programme aimed at developing employees' capabilities to meet future business needs and to facilitate transformation. Twelve mentors and mentees completed the programme in 2013. The primary objectives and purposes of the programme are to:

support continuing personal and management development; entrench the organisational culture and core values; enable the JSE to develop and retain excellent people; and ensure that the JSE becomes a learning organisation.

Health and wellness.

The JSE has several services in place to enhance employee health and safety and to provide early warning signals in accordance with international standards for building infrastructure and ensuring safety. The Exchange adheres to the Occupational Health and Safety Act, 1993, and the relevant regulations. Safety issues are the responsibility of the building management team, which reports to the Group Company Secretary, a member of the JSE executive management. There have been no fines, accidents or other significant social incidents in the period under review.

An assessment of environmental risk in line with the JSE Occupational Health and Safety requirements has also been carried out. This assessment highlighted improvement areas in the JSE structure and approach as well as specific pin-point improvements based on site inspections. Many of the specific physical improvements have been effected since the review. The remaining areas are being addressed through a renewed focus on certain risk elements and changes in responsibly areas.

The JSE commits itself to creating and maintaining an environment free from all forms of unfair discrimination, including discrimination against people living with HIV/Aids and other life-threatening illnesses. The JSE acknowledges that the HIV/Aids epidemic will affect its workplace. It has a policy in place to provide guidelines for handling this pandemic.

The JSE has a wellness programme, which includes an Employee Assistance Programme (EAP) that provides support to employee and their immediate families. The EAP is operated by an independent external organisation called ICAS and is available on a range of issues 24 hours a day, 365 days a year. The programme helps employees and their families to deal with everyday situations and more serious concerns anonymously and confidentially.

A committee – The JSE Voice – has been established to implement the necessary improvements to address the specific needs of the employees and the organisation. The goals of the employee wellness programme are to improve general health and well-being, productivity, collaboration, morale and attitude.

5. Potential employees.

The JSE aims to be an employer of choice, engaging with prospective employees in a number of ways. Indirectly, it does so through its annual report, the JSE website, SENS statements, articles in the media and the JSE magazine. Directly, it engages through interviews, employee referrals, employment agencies and e-recruitment.

The JSE engages with potential employees about the Exchange itself and its activities, as well as policies related to JSE employees, including remuneration, people development and career options.

The following successes were achieved during 2013:

Improved internal communication. Leadership conversations introduced to improve communication channels between senior management and the executive. Improved performance management. Improved employees' ability to manage and adapt to change. Interventions addressing change management commenced and will continue in 2014.

6. Suppliers 

Suppliers are selected by applying the appropriate JSEs supplier selection process as defined in the JSE selection process. This best practice aligned process aims to ensure that the appropriate service or product is obtained at the right price. This process is then supported by formal contracting, ensuring that appropriate terms and service levels are in place. The supplier financial approval and payment process to suppliers is tightly controlled and overseen by the procurement department. A procurement policy guides appropriate procurement practice for the JSE. Suppliers are managed against contractually defined service levels appropriate to the type of product or service provided and performance is measured through formal service level meetings and periodic forums. Key suppliers are especially closely managed not only on a service level basis but also on a strategic level to ensure appropriate continuity for the JSE. The JSE has a number of partners that are strategic to the business and we acknowledge the importance of their services to the effective and efficient running of the JSE.

7. National and local government 

The JSE's engagement with government authorities occurs mainly at an executive level. Regulatory responses in the JSE's major global competitor marketplaces, including in relation to increased transparency and the regulation for alternative execution venues and over-the-counter (OTC) products, have direct implications for South Africa and the JSE. This also applies to the final policy direction from National Treasury in relation to the implementation of the move to prudential regulation and in relation to the development of the spot and derivative interest rate markets. The JSE not only participates in the debates, but also takes the necessary steps to implement strategies to best position the JSE once the policy directions are clear.

8. JSE regulator.

The JSE is regulated under the Financial Markets Act (FMA), No. 19 of 2012, by the Financial Services Board (FSB). The FSB is the regulatory authority tasked with ensuring that the JSE operates its securities markets in the public interest and in accordance with the legislation governing the operation of an exchange in South Africa. The FSB is invited to attend all Board and Board committee meetings.

The Issuer Regulation division interacts with the FSB in the following ways:

The FSB has a permanent seat on the JSE's Issuer Regulation Advisory Committee and the Bonds and Interest Rate Derivatives Committee. Through these committees, the FSB participates actively in the consultation process when changes are being proposed to the Listings Requirements; The JSE regularly meets with the FSB to advise it of new developments and projects that the teams are developing. This includes proposed rule changes and also the listing of new products; The FSB is invited to the Self-Regulatory Organisation (SRO) Oversight Committee meetings, where the JSE's SRO activities are discussed and assessed; and The JSE regularly meets with the FSB to discuss matters pertaining to section 81 of the FMA. This provision deals with false and misleading statements.

To date, the FSB has been accorded the highest standing by the International Organisation of Securities Commissions (IOSCO). South Africa is one of only 36 countries that have been able to secure a multilateral memorandum of understanding (MOU) with other developed markets. This allows the FSB the option of cross-border cooperation and information exchange with other securities markets.

9. External panels and associations.

There are many other industry players, both domestic and international, with whom the JSE interacts regularly: the Financial Markets Advisory Board (FMAB), the Securities Regulation Panel, the King Committee, Business Unity South Africa (BUSA), Business Leadership South Africa (BLSA), the World Federation of Exchanges (WFE), the Committee of SADC Stock Exchanges (COSSE), and various industry committees/lobby groups.

TransFarm Africa projects; water projects (done in conjunction with the World Economic Forum); and leadership development; agricultural programmes taking small scale farmers to market in Malawi, Mozambique and Zambia; water projects (done in conjunction with the World Economic Forum and the SA Department of Water Affairs); and Infrastructure Project Development.

Stakeholder engagement through JSE advisory committees.

Through the JSE's advisory committees, stakeholders are able to discuss and influence JSE activity, including trading on all markets, clearing and settlement, indices and Listings Requirements. The committees consider and advise on principle and operational matters and, where appropriate, propose amendments to the JSE Rules, directives and Listings Requirements.

The appointment of all advisory committee members is approved by the JSE Board to ensure the correct combination of stakeholders from the industry and JSE representation. Mandates are also approved by the Board.

Safcom Advisory Committee.

The primary purpose of the committee is to advise the JSE on all elements of the operations of Safcom and provide guidance to the Safcom board on how these changes should be implemented and the impact thereof. The committee also reviews any proposed amendments to the JSE Rules and directives relating to the clearing and settlement of derivatives.

The committee typically meets at least once a quarter, but more regular meetings can be requested as matters arise. The JSE representative responsible for the overall management of Safcom (the Responsible Officer) chairs the session and is responsible for establishing the agenda for each meeting. Matters of interest are presented to the Board for debate, and any discussions and decisions are duly noted and recorded. Where necessary, formal recommendations are put forward, either to the Safcom Risk Committee or directly to the Board.

Four Safcom Advisory Committee meetings were held in 2013.

Material developments/highlights for the Safcom Advisory Committee in 2013.

Safcom model validation and back-testing: An independent back-testing and validation exercise was completed in January of 2013, focusing on Safcom's margin and stress testing models, as well as its default fund quantification methodology. The results of this process were submitted to the FSB, which stated its satisfaction with the process and outcomes. Back-testing has been operationalised internally by the JSE's Risk Management team. Safcom default procedure management: As part of ongoing activities to maintain its IOSCO compliance, Safcom introduced a formal procedural framework for the management of defaults in the local derivatives market. These procedures were tested during the course of the year (first internally and later in conjunction with the market), before being formalised in the third quarter of 2013. Safcom liquidity lines: As part of its assessment of Safcom's IOSCO compliance, the FSB highlighted the need for Safcom to secure external liquidity support to be used in times of market distress. Much of 2013 was spent putting these lines of liquidity in place, starting with a quantitative analysis of Safcom's liquidity exposure, the negotiation of the required liquidity lines with local commercial banks, and finally the implementation of changes to the JSE's rulebook to facilitate the use of the new liquidity lines. The lines were expected to be in place by late December 2013/early January 2014. Safcom margin methodology: In 2012, Safcom undertook a review of its margin methodology that culminated in a proposal involving portfolio margin offset. System constraints led to this not being implemented in 2013. Rather, a plan to review the inputs to the current J-SPAN methodology was accepted. The first phase of this review was approved in the fourth quarter of 2013 and is due to be implemented in the first quarter of 2014. The remaining phases are expected to be completed by the end of the third quarter of 2014. Safcom default fund: In an effort to strengthen the management of risk in the derivatives space, Safcom undertook the establishment of a new default fund (independent of any previously established guarantee funds). The committee was intimately involved in discussions regarding the sizing and operationalisation of the fund. This ushered in a number of enhancements, implemented in 2013. Safcom ESMA recognition: In 2013, Safcom was required to seek recognition from the European Securities and Markets Authority (ESMA), to enable it to continue to provide services to local clearing members that were either branches or subsidiaries of European-registered holding companies. In September, a formal application was submitted to the European regulator, the outcome of which should be concluded in the new year.

The committee is currently chaired by Leila Fourie, Director: Post-Trade Services.

The Africa Advisory Committee.

During the course of 2013, the JSE has worked on establishing its presence in targeted countries on the continent. The Africa Advisory Committee has been closely involved with this process.

To facilitate JSE access to other African market stakeholders. To advise the JSE on new listing opportunities for the Main Board, AltX and the Interest Rate Market.

Regular teleconferences with committee members to keep abreast of developments in other African markets. Assistance and advice on country events and meetings.

The main focus for the JSE this year has been on getting established and known in the Nigerian market. Numerous trips have been undertaken. Engagement during these trips has been with the Nigerian Stock Exchange, with stakeholders in the market and with issuers. The JSE has presented to a number of forums, addressing issues such as corporate governance and the regulation of stock markets.

Recently, the JSE team visited Kenya and engaged with the Nairobi Securities Exchange as well as various other stakeholders in the Kenyan market.

The JSE team has engaged in quarterly conference calls with the Africa Advisory Committee. These discussions have encompassed the macroeconomies of the target countries, regulation and legislation, and other matters of interest.

The advice and active participation of the committee has been of great value during 2013. The committee members all have deep knowledge of their markets and the stakeholders active in those markets. Business Development will continue to solicit advice from the Africa Advisory Committee and the Business Development team continues to liaise regularly with the committee's chairman, Mr Nathan Mintah.

Agricultural Derivatives Advisory Committee.

Discuss and advise on issues pertinent to the agricultural products traded on the commodity derivatives market. In many instances, this involves issues that extend to the physical grain market, such as storage and grading.

Endeavour to ensure extensive consultation on relevant topics with the market participants; agricultural industry representatives and registered members, who provide feedback on behalf of their customers. The JSE executive management remains the ultimate decision-maker, should the committee not be able to reach agreement on any item discussed.

Meetings are scheduled every second month, but the committee meets only as and when required. The committee met five times in 2013.

Material developments/highlights for the Agricultural Derivatives Advisory Committee in 2013:

Discussed a Grain South Africa proposal to amend the wheat contract specifications, in essence removing the Western Cape delivery points from the Randfontein contract and creating a separate contract for the Cape with no differentials. After extensive consultation and careful consideration, the JSE decided to maintain the status quo. Discussed a number of technology related items, including the increase in high-frequency trading. Discussed and agreed to amend the futures mark-to-market process to include calendar spread relationships. Supported the introduction of commodity can-do contracts as well as quanto futures. The possibility of a soya meal and oil contract was also discussed. In addition to discussing these new products, the committee also supports short-dated new crop options, a 10-ton mini-contract to enable smaller producers to access the instruments available and Zambian grain contracts. Moving the market to anonymous quoting was also debated at length. In essence, this would mean member codes would no longer be visible in the depth windows. After extensive consultation with members, the JSE decided not to change the model as limited benefits to making the change to anonymous trading were highlighted. Sunflower seed grading regulations were discussed and support was granted to move to a clean basis as from the new marketing season. A commitment of traders report, similar to that in the US, was discussed at length. Finally, minimum criteria specific to the number of participants in each category and the size of positions were agreed to. Once these minimum criteria are met, the JSE will commence publishing such a report. A methodology to guide resolving error trades reported to the JSE was discussed. The committee provided input into the thresholds and criteria for trades that would qualify as error trades, with the intention that this would be implemented across all derivative markets.

In 2013, the committee was chaired by Chris Sturgess, Director: Commodity Derivatives.

Currency Derivatives Advisory Committee.

Structure and enhance the JSE's currency derivatives market for the benefit of the greater financial markets.

The committee confirms/agrees on an approach, which is presented to JSE executive management for discussion. If need be, any unresolved issues are taken to JSE executive management for further comment and, where necessary, discussed with the FSB.

Meetings are arranged quarterly and ad hoc as and when required. The committee met twice in 2013.

Material developments/highlights for the Currency Derivatives Advisory Committee in 2013:

The Super Derivatives contract to provide option skews and valuations was reviewed. The Exchange investigated and researched alternative vendors and concluded that Super Derivatives was the most appropriate source. After receiving numerous requests from the Currency Derivatives Market participants it was agreed that the Exchange would disseminate currency rand spot fixing prices at 11:00 South African time and 10:00 New York time (16:00 or 17:00 SA time). After a request from the Collective Investment Schemes (CIS) unit trusts to become more involved in the Currency Derivatives Market, a requirement for an early future price fixing was raised. It was agreed that the Exchange will disseminate a second currency rand future fixing price at 15:00 South African time. Bloomberg and Thomson Reuters are in the process of making system changes to allow the early valuations above to be displayed on their respective currency derivatives pages. The currency derivatives billing model was reviewed and changes were implemented in July 2013. The sliding scales for futures and options were amended. The on-screen market maker rebate incentive, off-screen and broker fee rebate incentives remained the same. Numerous requests were received to invert the Japanese yen, as it is normally traded in the inverse, namely ZAR/JPY, but the derivative markets work opposite and this is confusing for the general market. The JPY/ZAR was approved by the SARB and subsequently listed on the Currency Market. The composite currency futures page was created on Bloomberg and Reuters. Clients now have access to live currency future prices for the listed currency pairs in a central, easy-to-use location. The non-deliverable Chinese yuan contract was delisted and replaced with the deliverable Chinese renminbi contract in May 2013. The RAIN Index was reviewed by the committee and the re-weighting has been placed on hold pending further research. When the monthly rebates are calculated, trades that are included in statistics but not charged for are taken into account when calculating the value for monthly rebates. All members were informed and the impact to each member's rebates was analysed and provided to them. As from 1 December 2013, the trades are no longer included in the calculation. The quanto euro/US dollar contract was approved by the SARB and listed on 25 November 2013. Following on from the advisory meetings in 2012, the Exchange has proposed that the rule relating to the US dollar/rand trading in a minimum size of 201 contracts off screen be lowered to 100 contracts. This is currently with the committee for comment.

The committee is chaired by Graham Smale, Director: Bond and Financial Derivatives.

The Equity Derivatives Advisory Committee.

Ensure strategic communication and agreement between the JSE and Equity Derivative (ED) Market participants to ensure an efficient, transparent Equity Derivative Market with true price discovery and best execution. Create a forum where relationships are built between the JSE and market participants to grow the ED Market together in the interests of the South African derivatives market as a whole.

Four meetings were held in 2013.

Material developments/highlights for Equity Derivatives Advisory Committee in 2013:

The stability and technical issues experienced on the Equity Derivative Market were a consistent topic during most of the Equity Derivatives Advisory Committee meetings. The JSE used the meetings to provide feedback on system incidents and gather input on suggestions for stabilising the trading system. The committee approved of the proposal for replacing the Nutron Trading System with a solution from Millennium IT (the trading system provider currently used by the JSE's Equity Market). This project was later expanded, not only to upgrade the trading system, but also to upgrade the post-trading and clearing system. In order to get specialists involved in detailed product strategic discussions and decisions, two sub-committees to the Equity Derivatives Advisory Committee were created. Feedback from the sub-committees was provided and discussed during the Equity Derivatives Advisory Committee meetings: Options Advisory Sub-Committee – traders in this specialised product are not well represented on the main Equity Derivatives Advisory Committee. The sub-committee was used to agree product structural changes with the market to improve the liquidity of JSE listed options. Major decisions included: increasing the transparency of the traded volatilities, changing option exercise random allocations to pro-rata allocations and enhancing the daily options mark-to-market process. A committed market-maker for on-screen option trading was also introduced. CFD Advisory Sub-Committee – This new product was launched by the JSE during 2013. It saw the JSE using a more collaborative approach to design and implement the product, which required input from market participants. The sub-committee meetings were used to co-produce all aspects of this new product. A proposal for the introduction of a trade cancellation rule and directive for error trades was presented to the committee for input. The final rule and directive changes will be implemented during 2014. Feedback about the following products and initiatives to improve these products were also provided at the Equity Derivatives Advisory Committee meetings: Can-do product suite, international derivatives (IDX), dividend-neutral single-stock futures and MSCI products. This year saw much more collaboration between the JSE's Equity Derivative and Equity Markets. Feedback about initiatives in the various markets was provided at the advisory committee meetings. Feedback from the Equity Market at the Equity Derivatives Advisory Committee included: information about the new Equity Market billing model, co-location and high-frequency trading initiatives. It is anticipated that the 2014 Equity Derivatives Advisory Committee meetings will focus on market quality and billing model improvements.

The committee is chaired by Graham Smale, Director: Bond and Financial Derivatives.

Equities Trading Advisory Committee.

Consider and advise on principle and operational matters relating to equity trading. Propose amendments to the JSE Rules and directives governing equity trading.

The committee makes recommendations to the JSE executive on the basis of reasonable consensus. Where reasonable consensus on any issue considered by the committee cannot be reached, the conflicting views on the issue in question are referred to the JSE executive or, where appropriate, to the JSE Board for determination.

Meetings are held quarterly. The committee met four times in 2013.

Material developments/highlights for the Equities Trading Advisory Committee in 2013:

Billing model review. Trading transaction fees are now charged at 0.0053% of value traded and not per trade leg. This new methodology was implemented on 30 September 2013. Equity Market systems upgrade. This was implemented on 11 November 2013. Two new trading sessions were introduced: Closing price publication (CPP) session. This session facilitates the publication of the official closing price. Closing price cross (CPX) session. This session facilitates on-book continuous trading, after the closing auction, at the published closing price, for five minutes. This functionality is enabled for ZA01 only as a pilot phase. Colocation services. The JSE will be launching this offering with an initial build of 35 client racks, but can only accommodate 20 racks on go-live. There will be a two-month grace period before the next batch of clients can go live, with monthly take-on thereafter. The proposed go-live for co-location is the second quarter of 2014 and clients can commence installation of their infrastructure from end-February 2014. Review of the block trade (BT) rules. The JSE recognises that the block trade size requirements have not been revised since 2002. As trade sizes have decreased globally and value traded has increased substantially, it was agreed that the minimum size requirements for a block trade should be based on the average daily volume of a security. This revised rule should become effective in the first quarter of 2014.

For more information, visit the Equity Market bulletin board on the JSE extranet: jse. co. za/Extranet/Equity-Bulletin-Board. aspx.

The committee is chaired by Leanne Parsons, Director: Equity Market.

FTSE/JSE Advisory Committee.

Consider and advise on principles and operational matters relating to and proposed amendments to the ground rules governing the management of the FTSE/JSE Africa Index Series and the FTSE/JSE All Africa Index Series. Ensure that best practice is used in the construction and management of the index series. Review the selection methodology for constituent companies and the treatment of securities within the FTSE/JSE Africa Index Series and may make recommendations arising from this review to FTSE and the JSE.

The committee was set up by FTSE and the JSE. The committee operates independently of FTSE and the JSE, subject to the committee acting within its constitution and terms of reference. FTSE and the JSE will use their reasonable endeavours to implement the decisions of the committee regarding the operation of the FTSE/JSE Africa Index Series.

The committee met four times in 2013.

Material developments/highlights for the FTSE/JSE Advisory Committee in 2013:

All corporate actions with major impact on the index series were discussed in the context of their conformance to the ground rules. All technical outages impacting the index series were discussed in terms of their impact on the index series. Amendments and improvements were made to the FTSE/JSE ground rules document. Some end-of-day product modifications were made. A change in the index free float methodology was smoothly implemented in March 2013, whereby constituent free float changed from a banded to an actual basis. A change to the methodology used for the shareholder weighted indices (SWIX) was smoothly implemented in March 2013, whereby the free float calculation changed from nationality to a register location basis.

The membership of the committee, which operates differently from the other advisory committees as it is created under the JSE's joint venture with FTSE, is intended to be representative of the users of the FTSE/JSE Africa Index Series and should consist of representatives from domestic and international investors and investment banks as well as domestic and international actuaries.

The committee is chaired by Francois Oosthuizen, Sanlam.

Bond and Interest Rate Derivatives Committee.

The separate Bond and Interest Rate Derivatives (IR) committees were merged into a single committee in 2012. This was done because of the commonality of market participants and linkages between the product sets.

Create and be responsible for the secondary market trading of a diverse set of products, across the cash, repo/carry and derivatives markets.

The committee is to be able to canvass and converse with the members of the market about: amendments to trading and settlement rules. the development of new products. fees and changes to the billing model. subjects appropriate to the general evolution of the market, for example: pre - and post-trade transparency. electronic vs. reported trading. clearing (this is more specifically covered in the Safcom Risk Committee meetings, but aspects of clearing may have a direct relationship to trading). Endeavour to achieve reasonable consensus on topics of discussion. Where this is not possible, depending on the nature of the lack of consensus, it may be necessary to poll a wider set of opinions across the market or to refer the matter to the JSE executive management or the JSE Board for further consideration. Deliberations and decisions by the committee are not binding on the JSE, which retains full discretion as to whether to implement or go against a decision of the committee. In doing so, the JSE will take into account its regulatory duty to include the interests of the market as a whole and not only the interests as represented at the committees.

The committee met only once in 2013. This is less regular than normal because the discussion surrounding the electronic trading platform, which had previously been held through the Bond Advisory Committee, was externalised to a committee formed by National Treasury to address this issue. All follow-up meetings regarding this issue have now taken place at National Treasury.

Material developments and highlights of the Bond and Interest Rate Derivatives Committee in 2013:

An amendment to the mark-to-market (MTM) valuation rules was requested. The most recent set of MTM rules was put in place in 2005 and has not since been updated. The new MTM valuation strategy will target increasing the amount of data used in determining MTM valuations. Currently, MTMs are revalued very rarely (especially for corporate debt). By increasing the data set, the hope is to improve the stale MTM pricing. Since the advisory committee meeting, the MTM rules have been amended and agreed upon. It was raised that, with the daily turnover reports distributed to the market, it is possible (in certain scenarios) to identify who actioned certain trades. It was agreed that transparency is key in the market, but this is about "what" traded and not "who" 상장. Following this, the JSE has implemented new turnover reports, whereby members can no longer identify who actioned trades. It was queried whether or not inter-dealer brokers (IDBs) can trade bond futures, given that there is currently an unwritten rule that IDBs should not deal directly with any buy-side clients (with regard to spot bond trading). Given that bond futures are a separate product, it was agreed that IBDs are allowed to trade bond futures.

The committee is chaired by Graham Smale, Director: Bond and Financial Derivatives.

Issuer Regulation Advisory Committee.

To consider and advise on proposed amendments to the JSE Listings Requirements. To consider objections and appeals in relation to the Listings Requirements.

Make recommendations to the JSE on the basis of reasonable consensus. Where reasonable consensus cannot be reached on any issue considered by the committee, the conflicting views on the issue in question shall be referred to the Issuer Regulation executive management or, where appropriate, to the Board for determination. Individual members of the committee may be requested to: assist the Issuer Regulation division in an advisory capacity; assist the Issuer Regulation division with objections from relevant parties; or serve on the Issuer Regulation Appeal Committee.

Meetings are arranged as and when required. The committee met formally during the year on 18 October 2013 about proposed changes to the Listings Requirements. Members are consulted on an ad hoc basis on many matters. In view of the Issuer Regulation division's regulatory responsibility for the debt market, it also has a separate Debt Issuer Advisory Committee with a similar mandate.

Both committees are chaired by John Burke, Director: Issuer Regulation.

JSE SRI Index Advisory Committee.

Consider and advise on principle and operational matters relating to and proposed amendments to the ground rules. Ensure that best practice is used in the construction and management of the JSE SRI Index. Review the selection methodology for constituent companies and the treatment of securities in the JSE SRI Index, and may make recommendations arising from this review to the JSE. Consider and advise on introducing new indices to the series. Oversee the annual reviews.

Make recommendations to the JSE on the basis of reasonable consensus. The JSE will use its reasonable endeavours to implement the recommendations of the advisory committee regarding the operation of the JSE SRI Index. Where reasonable consensus cannot be reached on any issue considered by the committee, the conflicting views on the issue in question shall be referred to the JSE executive management or, where appropriate, to the Board for determination. The JSE is responsible for the appointment of the members of the JSE SRI Index Advisory Committee. The committee operates independently of the JSE, subject to the committee acting within its terms of reference.

Meetings are arranged as and when required. The committee met three times in 2013.

Material developments/highlights for the JSE SRI Advisory Committee in 2013:

At the first meeting of the year, the JSE presented the findings from the strategic review conducted during 2012. The committee expressed its support for the proposed strategy and approved the changes for the 2013 annual index review. In September, the committee met with a delegation from the mining sector and the Chamber of Mines in a follow-up discussion to the 2012 decision to preclude the sector from the best performer category for the 2012 SRI Index. The meeting was aimed at discussing the developments in the sector and in individual companies with regard to labour issues following the incidents of 2012. During November, the annual assessment results were presented to the committee for confirmation and then announced publicly.

The membership of the committee is intended to be representative of the users of the SRI Index and of the sustainability industry.

The committee's membership therefore includes experts from the sustainability arena, investment professionals, academics and listed companies. The committee also invites the JSE SRI Index data provider to attend.

There was one change to the committee membership in January 2013, when the representative from the Government Employees Pension Fund was replaced by a colleague.

The committee is chaired by Raymond Ndlovu, Black Elephant Investment Holdings.

10. Community.

The JSE is committed to making a difference in the lives of South Africans by investing time, effort and money in various initiatives. The JSE also believes that this difference should be sustainable and should ensure that individuals benefit directly through positive and meaningful contributions.

In 2013, the JSE began the process of re-assessing its activities in this regard. This culminated in the executive approving a more focused strategy related to our corporate social investment (CSI). The strategy will focus our activities into areas that we believe are relevant to the country in which we operate as well as the business activities of the JSE. These activities may be of broader benefit to society in the manner in which we believe we are best able to make a meaningful contribution.

The areas that constitute the JSE's main focus in this regard are as follows:

National priority issues, such as poverty alleviation, job creation, youth and community development etc. as indicated by the National Development Plan and the Financial Sector Codes, among other key policy and development papers/legislation. Strategically aligned causes (areas that relate to the JSE's business) where the JSE is hence better suited to make meaningful contributions (such as enterprise development and financial literacy).

We will also be growing our emphasis on staff participation in CSI initiatives, thereby encouraging active citizenship.

The process of re-aligning our CSI spend to mirror the identified priority areas is an ongoing effort and is evolutionary in nature. We continue to priortise our activities, which are focused on education (see the following sections). This is reflected by the significant amount spent on related activities.

A summary of these initiatives is shown below:

*Does not affect JSE cash flow.

The JSE's educational initiatives are aimed at increasing understanding about the financial markets (particularly among high school learners and university students), encouraging investment among South Africans and growing the pool of potential employees in the financial markets. The JSE believes that this assists in growing the number of people who might become investors or businesses that might list.

JSE/Liberty Investment Challenge – Community Investment 

Now in its 40th year, the challenge is a focused and far-reaching educational youth programme aimed at introducing South African high school learners and university students to the world of finance. The challenge coaches learners in the fundamentals of investment strategy and encourages them to research and strategise around the trading of JSE-listed shares by managing a virtual portfolio of R1 million.

Financial literacy activities.

We have not as yet conducted a formal social impact assessment or endeavoured to measure social return on investment, but we believe that the actions we have taken and programmes we have put in place not only demonstrate the JSE's continued commitment to contributing to a positive impact on communities, but will also enable the achievement or promotion of a number of positive outcomes, including the following:

Enhancing the financial literacy of the South African youth; Enhancing the South African youth's understanding of the securities market and its role in wealth generation; Equipping the South African youth with some of the financial skills that will assist them in realising employment opportunities and/or contributing to and participating in the country's economy in the future; Driving financial literacy in the youth market by educating them about the value of investing and exposing the learners/students to the investment fundamentals through the simulated trading of shares on the JSE; and Students will eventually be feeders into the financial sector.

Investment education through the curriculum at schools.

During 2013, the JSE partnered with the South African Reserve Bank (SARB), the Financial Planning Institute, the National Credit Regulator and the KZN Financial Literacy Association to promote the financial literacy of South Africa's youth.

Power Hour sessions and regional public seminars.

The Retail Development team continues to conduct Power Hour sessions in Durban, Cape Town and Sandton. In these sessions, the audience is provided with knowledge and skills related to investing and with product information. These sessions are also enhanced through webinars, which increase their reach to areas not visited. The regional public seminars are conducted in partnership with JSE divisions and retail broking firms in targeted areas.

In 2013, a new focus area was initiated, aimed at growing the investor market. As a result of this, a public game (virtual trading game) was introduced to offer a learning opportunity for aspiring investors.

The aim of the virtual trading game is:

to increase retail investors at the JSE by giving them an opportunity to try their investment skills in a risk-free environment. to influence people to educate themselves by playing this game before they try out investing their hard-earned cash.

The virtual trading game gives the participants an opportunity to experience the real market, develop their knowledge of the stock market, test their investment strategies, learn how to keep track of a share portfolio and practice trading in a risk-free environment. The virtual trading game will help participants to acquire investment skills and enable them to trade with real money in the stock market.

During 2013, plans were also made to develop learning modules for the public in an effort to enhance learning about the market. These modules will be self-paced and interactive and will enable participants to learn progressively, from basic to intermediate and advanced levels. They will cover all the JSE markets.

Another exciting initiative that began in 2013 was the development of a platform to enable stokvels and investment clubs to participate in educational forums aimed at growing their knowledge of investments on the JSE. This important component of the public currently has custody of community savings and presents an opportunity to grow investors on the market.

JSE Empowerment Fund (JEF) Trust.

The JEF Trust provides promising black students with the finance and support to acquire the appropriate qualifications and the opportunity to enter the financial services sector on completion of their university training.

Through the dividends received as a result of its shareholding, the JEF Trust is able to provide the financial assistance reflected in the table below and this financial assistance does not affect the JSE's cash flow.

In 2013, progress was as follows:

Community development and healthcare.

The JSE supports a number of worthy charities over and above our community efforts in education and financial literacy.

Each of these address important social and environmental issues. Here we comment on just a few of those:

Noah (nurturing Orphans of Aids for Humanity)

Noah was a non-profit organisation committed to building the capacity of South African communities to care for their own children made vulnerable by HIV/Aids as well as social and economic challenges. Approximately 5 500 children were registered with Noah and received support that ranged from feeding programmes to homework assistance, life skills training, daycare, aftercare and psychosocial services. Unfortunately, owing to a lack of funding, Noah was no longer able to continue operating and ceased its operations during 2013.The JSE continued to support Noah through it's wind-down process. We are saddened at the closure of Noah but are pleased to have been a part of their tremendous achievements.

During the past two years, the JSE and its employees have supported the operations of Noah through generous donations (both in kind and monetary) and sponsorships, such as CEO breakfasts, an annual gala dinner and book breakfasts. JSE employees have also supported the Freedom Park Ark (both while it was under Noah and after it became independent following the closure of Noah) through volunteer work and donations of cash and in kind.

In 2013, the JSE began contributing to Afrika Tikkun, which addresses the educational, health and social needs of underprivileged children as they are growing and developing, giving them the opportunity to grow into well rounded adults who are equipped to positively contribute to society. The majority of Afrika Tikkun's programmes are run though their Centres of Excellence. These facilities act as the hubs that positively affect the lives of underprivileged children and their families through schooling, healthcare, enterprise and skills development, and so on. There are currently six centres spread across the poorest areas of Gauteng and the Western Cape. In Gauteng, there are centres in Diepsloot, Alexandra, Orange Farm and Braampark, and in the Western Cape there are centres in Mfuleni and Delft. Further details on the work done by Afrika Tikkun can be found at afrikatikkun. org/what-we-do/#.UvDTcPmSxh4.

Constituted in 2001 by Sidney Frankel, one of the JSE's long-term stakeholders, to uplift the Manyeleti villages, the Buffelshoek Trust focuses on two needs of this poverty-stricken, rural community – education and healthcare. Located in Mpumalanga, adjacent to the Kruger National Park, this community has been identified as one of twenty-three rural and urban nodes by the South African government. These nodes represent the largest concentrations of poverty in the country. This municipal area has the smallest economy; a limited resource base; and contributes the least to the district and the provincial GDP. Growth of the agricultural and tourism sectors can make a meaningful contribution to the local economy. The area has great potential in creating economic growth and reducing unemployment. However, resources to initiate such growth are not easily accessible. The trust has contributed significantly toward improving healthcare and education in the community, details of which can be found at buffelshoektrust. co. za/att. asp.

Recent policy changes have introduced more generous levels of assistance.

Other sponsorships, donations and contributions.

The JSE sponsors and donates money to initiatives that it believes directly and indirectly improve the lives of ordinary South Africans and that contribute to constructively advancing the general business environment both in South Africa and on the African continent.

In 2013, the JSE invested (R1 million) (2012: R1.3 million) in the following initiatives, among others:

The Benevolent Fund, managed by the JSE, was set up by JSE stockbrokers and member firms to assist unemployed persons employed by the broking community and the JSE before November 1995 and who find themselves in dire financial circumstances because of their inability to find new employment.

At present, an aggregate of R442 600 (2012: R390 100) is distributed among about 156 beneficiaries per month. Beneficiaries are also offered non-financial assistance. The financial assistance described above does not affect the JSE's cash flow.

Recent policy changes have introduced more generous levels of assistance.

Community investment and relations as well as all sponsorships and contributions are the responsibility of Siobhan Cleary, Director: Strategy and Public Policy, JSE.

JSE의 새로운 거래 시스템이 시작되었습니다.

JSE는 남아공 시장을 위해 특별히 설계된 새로운 주식 파생 상품 거래 시스템을 발표했으며, 현지 중개인, 펀드 매니저, 마켓 메이커 및 기타 기관 투자자에게 새로운 기능과 유연성을 제공했습니다.

& # 8220; JSE가 새로운 시스템을 구현하는 데 예상보다 오래 걸렸습니다. & # 8221; JSE의 무역 담당 이사 인 앨런 톰슨 (Allan Thomson)은 이번 주 성명서에서 밝혔다.

& # 8220; 그러나 이것은 우리가 JSE가 Safex를 구입했을 때 상속받은 15 년 된 시스템을 완전히 대체 한 것이기 때문에 단순한 업그레이드가 아닌 Safex를 구입했을 때 우리가 필요로하는 것이 무엇인지 절대적으로 확신해야했습니다. 주식 파생 상품 시장은 15 년 전과는 아주 다른 모습을 보였습니다. & # 8221;

세계 지도자.

이 새로운 시스템은 남아프리카 공화국의 주식 파생 상품 시장을 위해 특별히 설계되었으며, 여러 시장에서 이러한 시장에 관한 한 세계적인 선두 주자입니다.

JSE는 현재 거래되는 계약 수의 측면에서 세계 최대의 단일 주식 선물 (SSF) 시장이며, 최근에는 Can Do Option을 개발하기위한 국제 파생 상품 협회로부터 인정을 받았으며, 년.

새로운 시스템의 유연성으로 인해 우리는 더 많은 제품 혁신을 도입 할 수있게되었으므로 세계적인 수준의 거래소가 달성하기 위해 노력하는 시장에 더 많은 유동성을 가져다 줄 것입니다. & # 8221; Thomson을 추가했습니다.

새로운 시스템은 처음으로 SSF 및 단일 스톡 옵션에 대한 실시간 화면 가격을 제공함으로써 시장에 더 큰 가시성을 제공합니다. 거래자들은 또한 새로운 기술의 기능성 향상으로 인해 스프레드가 좁아지는 것을 보게 될 것입니다.

전세계에서 11 번째로 큰 파생 상품 거래소로서 세계 최고의 거래소 중 하나가 될 수있는 방법 중 하나는 우리가 기술을 우리의 이점으로 활용할 수 있다는 것을 항상 인식하고 있습니다. , & # 8221; 톰슨은 말했다. & # 8220;이 시스템 교체가 중요합니다. & # 8221;

로컬 디자인.

Thomson은 새로운 시스템이 현지 회사 인 STT에 의해 전적으로 설계되었으며이 시스템은 비용 효율적 일뿐만 아니라 이미 전 세계의 다른 유력한 거래소의 관심을 끌고있는 응용 프로그램을 보유하고 있다고 지적했습니다.

STT는 1994 년 전자 거래가 시작된 이래 원래의 거래 및 청산 소프트웨어 개발 업체 였지만 원래 시스템이 교체 될 때가되었습니다.

STT 전무 이사 미셸 잔크 (Michelle Janke)는 거래소의 변화하는 요구, 특히 파생 상품 거래량 증가를 충족시키기 위해 시스템을 개선해야한다고 말했다. 이 변화는 대량의 수동 프로세스를 제거하고 필요한 유연성을 제공 할 것이라고 그녀는 말했다.

& # 8220; 복합 델타 중립 상품을 사용한 옵션 거래량도 개선되었습니다. & # 8221; 잰케가 말했다. 더 많은 유동성을 확보하기 위해 시스템은 복잡한 알고리즘을 사용하여 표시된 가격의 수를 최대화하는 데 초점을 맞추고 있습니다. & # 8221;

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JSE trading platform a headache for brokers.

A unified trading platform deployed by stock exchanges across Jamaica, Trinidad and Barbados is under fire by brokers in their messaging forums, at least one of whom got frustrated enough to put the concerns in writing to the Jamaica Stock Exchange.

Marlene Street Forrest, managing director of Jamaica Stock Exchange Limited, JSE Group, says the technical difficulties are being addressed.

“The trading platform is not without a few problems,” said Street Forrest. “We are making efforts to resolve this.”

The new platform was launched in February and is managed by the offshore vendor who built it on behalf of the three exchanges. But since the migration to the current system, brokers have experience delayed trading reports, slow interface, and at times a non-functioning circuit breaker.

The latter problem is said to have resulted in the unwinding of several trades.

Typically, the circuit breaker is triggered if a stock price moves more than 30 per cent up or down on the previous day’s closing price. It’s triggered in movements of 15 per cent, the first of which pauses trading for an hour, and the second would end trading for the day.

Brokers have reportedly been putting through trades that would normally have triggered the breaker. The Financial Gleaner was advised that the JSE is actively policing the system for such transactions and cancelling them as they are detected, but the exchange is yet to say how many trades have been reversed over the four to five months in which the new platform has been in operation.

Stocks valued at tens of millions trade daily on the Jamaican exchange, while overall stock market wealth is around $1 trillion.

The letter by the trader detailing the problems that have cropped up was written in June.

Street Forrest, who acknowledged receiving the letter, said it is not uncommon to encounter “teething pains” when migrating between platforms.

The trader who wrote the letter acted alone but his comments were putatively endorsed by other brokers.

“While it was not a letter written or signed by all of us, we are a tight community and the views discussed in the letter pretty much reflect the difficulty we're having with the platform," said a trader who spoke on condition of anonymity. He described the platform as "clumsy and slow".

Street Forrest says the JSE has been working with the South African vendor, Securities Trading Technology, to resolve the issues as they arise, in consultation with the brokerage community.

The Financial Gleaner understands from sources close to the JSE that issues prioritised for resolution include the circuit breaker, and the identification of brokers who execute block trades for clients.

Up to press time, the Financial Gleaner was unable to verify whether brokers in Barbados and Trinidad & Tobago were experiencing similar problems.

It's understood that the Jamaica Securities Dealership Association, whose membership includes the stockbrokerages licensed by the JSE, has discussed the failings of the platform with the JSE.

However, JSDA president Steven Gooden declined to speak on the issue due to his board position on the JSE Group. He referred comments back to the JSE executive management.

Representatives of the stockbrokerages have nine seats on the 16-member JSE Group board.

The new platform underwent trials in its test phase, a key source said, but the timeline and parameters for testing were unknown up to press.

In February, JSE, Barbados Stock Exchange and Trinidad & Tobago Stock Exchange migrated to the new web trading platform, which brought the exchanges closer together, with the option of further integration in the future.

It was a concrete step toward the eventual implementation of the Caribbean Sock Exchange - dubbed CXN - the idea for which has been in gestation since 1989.

The new platform allows for the trading of multiple asset classes from a single interface and also allows the exchanges to more rapidly add new products for trading.