Frontiers in Pension Finance

Forex Trading in Nigeria Forex ist eine kurze Form für die FOReign Währungen Exchange-Markt. Es ist einer der liquidesten Märkte der Welt, während er der größte Finanzmarkt ist (das Tagesdurchschnittsvolumen beträgt nach BIS-Bericht etwa 5,1 Billionen).

Those with a Gold account get one free withdrawal a month. Es ist inflationssicher und hackerdicht.

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Es ist nicht Ökonomie oder globale Finanzierung, die bis zum ersten Mal Forex-Händler. Stattdessen ist ein grundlegender Mangel an Wissen über die Verwendung von Hebelwirkung an der Wurzel der Handelsverluste. Hiers, warum sollten Sie in den Forex-Markt zu bekommen. Wenn man sich als ein Unternehmen, Forex-Handel kann profitabel und lohnend. Finden Sie heraus, was Sie tun müssen, .

Globalisierung und Technologie Fortschritte haben appotunites zu neuen Diensten und Märkten von Anfang dieses Jahrhunderts geschaffen. Die Integration von Kommunikations - und EDV-Systemen hat die Produkt - und Dienstleistungspalette, die Transaktionsrate und das gestiegene Geschäftsvolumen verbessert, wenn es um weltweite Märkte geht und den weltweiten Markt stets verfügbar macht.

HKEx hat seine Netzwerke ständig verbessert und hilft, den Hongkonger Finanzdienstleistungssektor von einer lokal fokussierten Industrie zum globalen Spieler zu ändern, wie es heute ist. Nortel HKEX Fallstudie, Auch wenn die Börsen der wichtigste Markt für die Aktien und Derivate waren es herausgefordert, um seinen Platz zu halten wegen der Fortschritte in der Informationstechnologie haben die Erstellung elektronischer Handelsplattformen vereinfacht. Vor kurzem zeigten die Aktienmärkte einen neuen Trend der elektronischen Kommunikationsnetze ECN und erschlossen erhebliche Handelsvolumina von traditionellen Börsen.

Trading online hat bereits damit begonnen, eine Auswirkung auf die Branche zu machen und mehr Investor-Teilnehmer begannen, nach niedrigeren Kosten und besseren Dienstleistungen von den Maklerfirmen zu fordern.

Georgina Lee, Aufgrund der oben erwähnten Herausforderungen an das alte System der Börse von HKEx musste eine Lösung gesucht werden, die Handels-, Abwicklungs - und Clearingprozesse in einer offenen Handelsarchitektur konsolidiert und sich stärker mit anderen konkurrenzfähig macht Austausch. McNurlin et al, , S. Es hat auch ermöglicht, investierende Teilnehmer zu bieten Online-Aktienbestellung und Ergebnisanzeige.

Frühere Versionen davon haben einen bewährten Rekord für den Betrieb des Kassamarktes in einer effizienten und zuverlässigen Weise. Abbildung 1 Die Eingangsrate der Aufträge, die über das Open Gateway gesendet werden können, wird durch einen Drosselmechanismus gesteuert und die Teilnehmer können die erforderliche Anzahl von Drosseln von HKEx entsprechend ihrem Auftragsflussbedarf abonnieren.

Mit diesem Zugriffsmechanismus können Exchange-Teilnehmer proprietäre Handels-Workstations nutzen, die auf ihre betrieblichen Anforderungen zugeschnitten sind. Es verfügt über einen Server, der eine lokale Verbindung mit mehreren Handels-Workstations für die Auftragserteilung und Auftragsverwaltung durch mehrere Händler unterhält. Dazu gehören 40 interne Mitarbeiter aus verschiedenen Abteilungen, Berater und Brokerfirmen.

Accenture das führende IT-Beratungsunternehmen entwarf die Architektur und verwaltete den Benutzer, der Verkostungen akzeptierte.

Accenture - Client-Erfolge, n. Damit wurde sichergestellt, dass die Entwicklung und die Lieferung des Projektes auf dem richtigen Weg ist. Sie führten drei Systemexperimente durch, die alle Teile der Systemarchitektur abdecken. Erstens wurde ein Einzelkomponenten-Test auf jeder Komponente des Systems durchgeführt, bis er die erforderlichen Leistungswerte erreicht hatte. Es könnte jegliche Zusammenschaltungsprobleme zwischen den einzelnen Komponenten identifizieren.

Und drittens die Integrationstests, die die End-to-End-Prozesse testen. Mindestens 40 Prozent des Projekts wurden für die Prüfung gewidmet.

Als diese Lösungen entwickelt wurden, hatten verschiedene Anbieter unterschiedliche Annahmen über die Interkonnektivität ihrer Lösungen gemacht. Diese Testphrase war genauso wichtig, wie sie bei Integrationstests mehr als Fehler entdecken könnte. Mit umfangreichen Tests hat HKEx dafür gesorgt, dass sie alles liefern, ohne das System zu destabilisieren. Es gab genügend Zeitintervalle zwischen den einzelnen Schichten, um den Migrationsprozess zu überwachen, bevor er zur nächsten Schicht überging.

In der letzten Phase, die die Funktionalität Schicht ist, wurden neue Trading-Funktionen eingeführt, um die Handelspartner und Makler, so dass sie über ausreichende Kenntnisse verfügen, um ihre Operationen durchführen und moderate den Migrationsprozess.

Obwohl es ein reibungsloser Übergang vom alten System zum neuen System war, wurde es detailliert und in einem mehrstufigen Plan organisiert. Alles andere wurde in den folgenden Phasen eingesetzt. Dadurch wurden technische Probleme oder Systemfehler minimiert, da sie diese identifizieren und diese auch während der Migration korrigieren konnten. Dies half ihnen, sich Märkten zu öffnen, die sich in verschiedenen Zeitzonen wie Nordamerika und Europa befinden.

HKEx ist der Herausforderung gewachsen, indem sie ihr eigenes System entwickelt hat, das die Anforderungen ihrer Investoren und Maklerfirmen erfüllen kann. Sogar haben sie die anfänglichen Ziele erreicht, die sie noch die Aufrechterhaltung der Wettbewerbsfähigkeit, der Leistungsfähigkeit und der Fähigkeit benötigen, die globalen Marktstandards in der Zukunft zu behalten, um ihre Position beizubehalten. Naked Leerverkauf ist verboten und kurze Verkaufsaufträge müssen richtig markiert werden.

Weitere Informationen finden Sie hier. Auktionsmechanismen HKEx hat eine Voreröffnungssitzung, die hier im Detail beschrieben wird, die wie folgt läuft: Ein im Zusammenhang mit einer Verkleinerung geänderter Auktionsauftrag hat keinen Einfluss auf die zeitliche Priorität des ursprünglichen Auktionsauftrages. Order Matching Period Während der Order Matching Period wird die automatische Bestellabwicklung der Auktionsaufträge durchgeführt und keine Bestellung in das System eingegeben, geändert oder storniert.

Sperrfrist Während der Sperrfrist ist das System statisch für den Übergang von der Voreröffnungssitzung zu der fortlaufenden Handelssitzung, und keine Bestellung wird in das System eingegeben, geändert oder storniert. Hong Kong Exchange hat keine Schlussauktion. Der Schlusskurs einer Aktie wird bestimmt, indem der Median der 5 Nennpreise in der letzten Minute des kontinuierlichen Handelssitzes genommen wird.

Nominaler Preis Zusätzliche Informationen Hinweis: Die Pre-Opening-Sitzung besteht aus vier verschiedenen Perioden wie folgt: Aufträge werden im HKEx-Handelssystem akkumuliert. Aufträge können geändert oder storniert werden. Keine Eingabe, Änderung oder Stornierung von Aufträgen.

Der endgültige indikative Gleichgewichtspreis IEP wird als Marktöffnungspreis für die entsprechende Sicherheit verwendet. An dem die maximale Anzahl von Aktien gehandelt werden kann. Market Order kann nur in der Continuous Trading Session platziert und bearbeitet werden 9: Sie können Ihre Bestellung jederzeit ändern oder stornieren. Daher werden Ihre Stornierungs - oder Änderungswünsche während dieser Zeit um 9: Nicht ausgefüllte Aufträge werden weiterhin als Limit Orders auf dem Markt verarbeitet, bis sie am Good-till-Datum, das Sie angegeben haben, ausgefüllt, annulliert oder abgelaufen sind.

Ganztägiger Handel Halbtags Frading Ausstehende Aufträge können auch während dieses Zeitraums geändert oder storniert werden. In diesem Zeitraum können Auktionstexte und Auktionlimitaufträge eingegeben werden. Jedoch müssen die Preise für neue Höchstgebote bei der Auktion zwischen dem niedrigsten und dem höchsten Gebot liegen, das am Ende des Auftragseingangszeitraums d.

Das CAS wird in zwei Phasen eingeführt. Vorbehaltlich einer Überprüfung der Phase 1 wird Phase 2 vorläufig alle Beteiligungspapiere und Fonds umfassen. Market Order können nur in der Continuous Trading Session platziert und bearbeitet werden.

Aufträge, die am Ende des Tages verfallen sollten, verfallen. Good Till Date-Aufträge, die noch nicht abgelaufen sind, werden auf den nächsten Handelstag vorgetragen.

Der Volatilitätskontrollmechanismus wurde entwickelt, um extreme Preisvolatilität von Handelsvorfällen wie einem Blitzabsturz und Algorithmusfehlern zu vermeiden und systemische Risiken aus der Interoperabilität von Wertpapieren und Derivatemärkten zu behandeln.

Dies stellt ein Fenster zur Verfügung, das es den Marktteilnehmern ermöglicht, ihre Strategien gegebenenfalls neu zu bewerten. Es hilft auch, einen geordneten Markt bei volatilen Marktsituationen wiederherzustellen. Mai gab es 81 solcher Aktien an der Börse von Hong Kong gelistet zu decken. Maximum von einem Trigger in der Morgensitzung und einer am Nachmittag für jedes Instrument, um Marktunterbrechung zu minimieren.

Während des Abkühlungszeitraums ist der Handel innerhalb eines vordefinierten Preisbandes erlaubt. Ein IEP wird während der Voreröffnungssitzung berechnet und dient als Marktöffnungspreis für die entsprechende Sicherheit.

Sowohl IEP als auch IEV werden kontinuierlich neu berechnet und aktualisiert, jedes Mal wenn ein neuer Auftrag während des Auftragseingangszeitraums der Voreröffnungssitzung eingegeben wird. MetaTrader 5 MetaTrader 5,,. MetaTrader 5 , Forex , Deutsch:. Über unsere Signale Binäre Optionen sind einfach Investitionen, die Sie auf der Grundlage, ob der aktuelle Preis eines Vermögenswertes steigen oder fallen durch die Ablaufzeit zu machen. Der Grund binäre Optionen sind so beliebt ist wegen ihrer erstaunlichen Auszahlung Beträge.

Sie können bis zu 75 Ihrer Investition auf jeden Gewinnhandel zu generieren. Unsere Signale wurden über Jahre entwickelt und getestet und stehen nun mit einem Expert Advisor automatisiert zur Verfügung. Der zusätzliche Vorteil der Verwendung von Metatrader-Charts ist, dass der Anleger mehrere Konten zu einem beliebigen Zeitpunkt verwalten kann.

Diese kostenlose Software kann bei den meisten Forex Broker gefunden werden. Hier ist ein Blick auf, was ein Metatrader-Diagramm aussieht. Jede Weise sind beide nützliche Werkzeuge, die im Devisenhandel und im binären Optionen Sektor verwendet werden.

Es gibt zahlreiche MetaTrader Broker, durch die man gehen und herunterladen können diese Software. Dieses Tool bietet dem Finanzmarktinvestor die effektivste Möglichkeit, den Markt zu analysieren. MetaTrader-Charts können das Währungspaar, das der Anleger handelt, auf der Schnittstelle in Echtzeit anzeigen lassen. Auf diese Weise kann der Investor rechtzeitige Entscheidungen in Bezug auf, was zu verkaufen oder zu kaufen auf dem binären Optionen Markt zu machen.

MetaTrader-Charts bieten den Anlegern Möglichkeiten, den Fortschritt von Währungspaaren, in denen Anlagen getätigt wurden, zu überwachen und zu analysieren. Unabhängig von der Tages - oder Nachtzeit zeigen diese Charts weiterhin die Faktoren, die diese Investitionen beeinflussen und damit Investitionsmöglichkeiten bieten.

MetaTrader-Charts können von binären Optionshändlern verwendet werden, um ihnen zu helfen, Entscheidungen zu treffen, die darauf basieren, ob der Kurs ihrer zugrunde liegenden Vermögenswerte nach oben oder nach unten geht. Dies ist besonders wichtig in Bezug auf das Leben dieses bestimmten Handels. Die Binäroptionshändler können aktiviert werden, um die Prognosen ihrer Optionen oder den Näherungswert ihrer zugrundeliegenden Vermögenswerte im Voraus zu kennen, nachdem der Termin für diesen spezifischen Handel erreicht wurde.

MetaTrader-Charts bieten somit eine Möglichkeit, diese Ziele mit einer höheren Genauigkeit zu erreichen. Dies liegt daran, diese Diagramme können helfen, mit Preisvorhersage über einen Zeitraum von Zeit. Der Investor oder Händler kann analysieren diese Charts für die Währungspaare sie handeln und schlüssig bestimmen, was die gesamte Trends werden. Oder Sie sind nur ein Anfänger, der sich um ein oder zwei der Plattformen gekümmert hat, wird sich eines klar und deutlich herausstellen: Charts sind die Hauptstütze der technischen Analyse auf dem binären Optionsmarkt.

Ohne Charts gäbe es keine Analyse von Vermögenswerten für Handelsmöglichkeiten, und ohne Analyse würde der Trader im Wesentlichen spielen. Es ist wichtig für den Händler zu wissen, wo Zugriff auf Charting-Tools für die Handelsanalyse, da diese den Händler mit Informationen für eine informierte Handelsentscheidung beim Handel binärer Optionen Vermögenswerte.

In diesem Stück werden wir einige Orte, wo Händler können Charting-Tools, um die Märkte zu analysieren und Handel profitabel zu identifizieren. Chartquellen Chartquellen sind von zwei Typen: Diese Diagramme bieten in der Regel nicht viel Flexibilität in Bezug auf Interaktivität und die Werkzeuge, die mit ihnen verwendet werden können.

Für die Zwecke des binären Optionshandels wird es nicht empfohlen, Online-Charts zu verwenden. Sie sind die besten für die Zwecke der Analyse von Vermögenswerten für binary Optionshandel, da sie kommen mit vielen Tools, die die Ergebnisse der Analyse zu erweitern.

Sie sind die empfohlene Diagrammsoftware für die Binäroptionsanalyse. Es gibt einige, die kostenlos sind, aber erfordern einige bezahlte Plug-Ins zu arbeiten, und es gibt diejenigen, die in einem kompletten Paket, das für bezahlt werden müssen. Einige dieser Charting-Quellen für herunterladbare Forex-Charts, die für binäre verwendet werden Optionen-Analyse sind wie folgt: A Forex Charts Widget v1.

Der Benutzer hat die Möglichkeit, den Zeitrahmen zu wählen und eine Reihe von Indikatoren, die mit dem Plug-in kommen. Allerdings gibt es einige erwähnenswert aufgrund der Tatsache, dass sie eine umfassendere Asset-Basis, die den binären Optionen Asset-Index entspricht. Praktisch alles, was Sie für das Charting benötigen, finden Sie auf diesen Plattformen.

Diese Signale können dann auf die MT4-Plattformen exportiert werden. Interactive Brokers hat eine der umfangreichsten Charting-Plattformen für die technische Analyse. Das Paket kommt auf Kosten.

Benutzer müssen ihre Verwendung zu einem Preis von 69 pro Monat abonnieren. Diese Software ist nicht herunterladbar, sondern ist eine Java-fähige web-basierte Anwendung, die es Benutzern ermöglicht, zwischen grundlegenden Diagrammen und erweiterten Diagrammen zu wechseln. Die Diagramme haben auch eine web-basierte Version. Händler können mehrere Zeitrahmen verwenden, die von einer Minute bis zu einem Monat reichen. F Kostenlose Aktiencharts Nuff sagte. Klicken Sie hier für freie Aktiendiagramme.

Es ist bis zu dem Händler zu entscheiden, welche zu verwenden, basierend auf Kosten, Benutzerfreundlichkeit und andere Parameter auf Geschmack zugeschnitten. Oder gar nicht, wenn die Option aus dem Geld ausläuft. Eine binäre Option automatisch ausübt, dh der Optionsinhaber hat nicht die Wahl, den zugrunde liegenden Vermögenswert zu kaufen oder zu verkaufen.

Während eine binäre Option hat besondere Merkmale und Bedingungen, wie bereits erwähnt. Umgekehrt sind Vanille-Optionen in der Regel geregelt und an wichtigen Börsen gehandelt. Zum Beispiel kann eine binäre Option Handelsplattform verlangen, dass der Investor eine Summe Geld einzahlen, um die Option zu erwerben. Wenn die Option ausläuft out-of-the-money, was bedeutet, der Investor wählte den falschen Vorschlag, kann die Handelsplattform die gesamte Höhe der hinterlegten Geld ohne Rückerstattung zur Verfügung gestellt.

Ein Investor ist bullisch und fühlt, dass die wirtschaftlichen Daten um 8: Der Investor kauft eine binäre Call-Option für Was macht es mehr Besonderes, dass es frei zu verwenden ist und jeder kann es ohne einen einzigen Pfennig zu verwenden. Wenn Aktien - und Finanzdiagrammprogramme betroffen sind, konzentriert sich die Mehrheit des Charting-Programms nicht auf Kernfragen und die Dienstleistungen sind nicht in der Lage, mit der neuesten Technologie Schritt zu halten.

Im Gegensatz zu vielen Aktien-Charting-Programme, ist tradingview überhaupt nicht auf herkömmliche Technologien wie Silverlight, Flash oder Java basiert. Die modernen Gadgets sind nicht kompatibel mit alten Technologien und das ist, wo das Problem entsteht. Der Bereich für Charting und Werkzeuge in tradingview sind ziemlich ähnlich zu den meisten der Charting-Programme, wo Werkzeuge und links und oben auf der Charting-Bereich befindet.

Tagespreise werden in Echtzeit aktualisiert. Diese Preisbereiche werden in Form einer horizontalen Folie angezeigt. Dieses Widget ist ziemlich beeindruckend, da die Benutzer die neuesten Preisklassen in Form eines Schiebereglers anzeigen können. Benutzer können dieses Widget anpassen, um Updates, die sie anzeigen möchten, zu integrieren. Es gibt ein weiteres attraktives Feature namens das Konversation-Widget, das ziemlich nützlich ist, wenn der Benutzer die Diagramme für lange Zeiträume überprüfen muss.

Sie können dann nutzen dieses Widget zu chatten mit anderen professionellen Händler und Investoren, die das gleiche Werkzeug sind. In der unteren Symbolleiste befinden sich wenige Schaltflächen, mit denen Sie Diagramme speichern und starten können. Eine andere bemerkenswerte Eigenschaft ist die Taste für Publish Idee. Nach dem Betätigen der Schaltfläche können Benutzer ihr vollständiges Diagramm in der Tradingansicht veröffentlichen.

Dieses veröffentlichte Diagramm kann von anderen Experten innerhalb der Berufsgemeinschaft angesehen werden und Meinungen können über den Handel und die Investition geteilt werden. Dieses Merkmal ist sehr ansprechend, da es ein soziales Element der Plattform hinzufügt, mit der Händler und Investoren Ideen und Meinungen teilen und neue Verbindungen und Kontakte in der Branche herstellen können.

Tradingview kommt mit einer starken Unterstützung, die Benutzer zu lernen, über neue Updates Features hinzugefügt Zeit zu Zeit hilft. Was ist angezogen von den Nutzern sind die Social-Media-Integration und Publishing-Option, die es dem Benutzer ermöglicht, mit anderen Fachleuten auf dem Markt zu interagieren und ihre Gutachten und Beratung. Benutzer können verschiedene verschiedene Werkzeuge in den Diagrammen hinzufügen, um Vergleiche herzustellen.

Tradingview ist mit Abstand die meisten vertrauenswürdigen Finanz-und Aktien Charting-Plattform verfügbar online. FreesStockCharts Review Freestockcharts, die früher als bestfreecharts bekannt ist, gilt als eine der zuverlässigsten und Top-Qualität Aktien Charting-Software bis heute sein. Abgesehen davon, dass unzuverlässige Mehrheit der Aktien Chart Dienstleistungen sind teuer.

Diese Software zum Auschecken Aktienkurse haben sich veraltet, wie viele neue modifizierte und High-Tech-Dienstleistungen gestartet wurden. Freestockcharts hat eine Datenbank mit mehr als Aktien gefüllt.

Freestockcharts ist eine browserbasierte Aktiendiagrammsoftware, die direkt im Computer-Webbrowser arbeitet. Die Software muss nicht heruntergeladen, installiert und aktualisiert werden. Menschen müssen nur ihren Browser zu öffnen und starten Sie mit freestockchartsservice online ohne Probleme.

Mit freestockscharts können Benutzer auf ihre eigene Watch-List und Konfigurationen in Bezug auf Charts über das Internet zugreifen, während sie zu Hause sitzen. Benutzer müssen sich für ein kostenloses Konto zu ändern und anzupassen, die Einstellungen nach ihren Bedürfnissen und nach, dass ein Benutzer alle seine Updates automatisch gespeichert zu registrieren.

Wenn Benutzer versuchen, spezifische Indikatoren für ein bestimmtes Diagramm hinzuzufügen, werden diese Trendlinien und Indikatoren gespeichert. Freestockcharts ermöglichen es den Benutzern, ihre Diagramme von jedem beliebigen Gerät aus der ganzen Welt anzusehen. Neben Diagrammen können auch Watchlisten von jedem Gerät aus aufgerufen werden und es ist nicht nötig, sich auf demselben Gerät anzumelden, mit dem Sie die Einstellungen gespeichert haben.

Sämtliche gespeicherten Charts und Listen können aufgerufen werden, da sie auf einem Server gespeichert werden und lediglich ein Computer, Tablet oder Smartphone mit einer funktionierenden Internetverbindung für den Zugriff auf das Konto und die gespeicherten Daten benötigt wird. The FAQ section is extremely detailed and can answer a great many questions that one may have about IQoption policies and services. Live chat is available in the trading room as is offered in the following languages: Every single process including withdrawals, deposits and payment choices are easily accessible via the same control interface that is available immediately after logging into your account.

There are lists detailing which amounts are available for deposit for which account type and, as previously mentioned in our IQoption review. The withdrawal process is very similar to this and only takes a few clicks to complete.

Users select the withdraw service and amount and then submit their request. Those with the Real IQoption account should see their withdrawal amount in 3 business days max, while VIP users will have their funds within 24 hours. For withdrawal, users can use credit card. WebMOney, Qiwi, Yandex or wire to receive their funds. The credit cards accept for both deposits and withdrawals are Maestro and Visa.

For net wallets, these include: While deposits are generally free, there may be a 5 free for credit cards and as high as 50 for bank wire for withdrawal. The minimum withdrawal however is only Users are able tack their trading, transaction and operating history in their control panel. IQ Option Europe Ltd, the company behind the brokerage, was extremely helpful and polite during our review of IQoption.

We have found out that Banc de Binary is closed. We recommend choosing one of our top binary option brokers instead: Try also Binary Option Robot if you are looking for automated binary trading. As it was founded in , Banc de Binary is one of the oldest binary options brokers in existence. Under , they are also registered with the Financial Conduct Authority and are governed by other such regulatory bodies from various countries. We must inform our readers to avoid any confusion that there are two different websites for Banc de Binary.

Bancdebinary is under the authority of Ash Ltd and its affiliate, under domain Sofia , Sofia District, Bulgaria. Their trading address of Ash Ltd: Box , VC - Kingstown, St. If you are outside of the European Union. Which site you will lend one depends on where you are located. The details are the same including licensing information, business address and so forth.

This is a step towards regulation in European subsidiaries. However, we learned from a respected Financial B2B website, that banc de binary is having problem with the US authorities. The issue between the US and Banc de Binary has since been resolved and is now in the past. Banc de Binary is now regulated and has partnered with the Liverpool Football Club.

However the amounts of complaints are overwhelming and cannot be ignored. The majority of complaints are centered on loss of money and their aggressive sales tactics.

This therefore makes having a direct answer to Is this a scam rather challenging. It all depends on whom you ask. As we stated previously, the issues with the US are now in the past. So the short answer is that Banc de Binary is not a scam it is of the most reliable brokers in the business.

Did You Know The Banc de Binary website does provide a lot more information about binary options trading than most other brokers. In my opinion, having this complex educational material handy is a plus.

Keeping in mind that when I say complex I am stating that this is in comparison to the majority of other mainstream brokers, not educational and informative sites such as ours Is it Worth It to Open Account with Banc de Binary My first impression of the Banc de Binary website is that it is quite organized and easy to use not too much information squeezed together on one page. Upon pursuing their platform. You dont have to download any software as everything can easily be accessed online.

This is one of the benefits of a Spot Option powered trading system. However, I noticed that the 91 return is few and far between. However, this is good for sales and marketing the platform. The average appears to be a steady 72, which is the norm for binary options trading. Banc de Binary does offer different account types, meaning you will acquire more benefits as you deposit higher funds. The lower-end account is the Bronze account.

The initial deposit is EUR. The next level is the Silver account which requires a minimum deposit of 2, EUR and finally the Gold account in which the minimum deposit is 5, EUR. At one time Banc de Binary did offer a VIP account which had excellent benefits but honestly, I have noticed that most other brokers offer those same features with standard accounts with a lesser deposit. Once your deposit exceeds , you will be treated like royalty. You will be assigned a personal assistant to book your appointment, place your calls, place orders for online gifts and promotions and so forth.

They will also assist you if you need access to a specific guest list or even tickets to an event that are sold out. It seems very glamorous, but honestly, if we want to keep it real, not everyone really has , to invest in binary options trading.

This being said, my honest opinion is that Banc de Binary is basing their clientele on the high rollers as the benefits they offer to regular traders arent all that appealing. If you are able to invest upwards of tens or even hundreds of thousands of dollars trading binary options, then Banc de Binary is an excellent outlet.

However, if you are the average trader, I would look for another platform which is more suited to your personal needs and finances, such as Option Robot or IQ Option. The VIP account is called the Lion Premium account, on which eligibility is a deposit of at least 10, Euro They do not provide the benefits on the website and quite understandably, I did not invest this sum so I cannot offer you any insights as to the level of services provided with this account.

Banc De Binary Interview with the Experts on Strategies Banc De Binary Complaints We are constantly on the lookout for scam or fraud alerts, and complaints regarding binary options trading platforms, brokers and auto bots by performing a simple internet search such as one you could easily do on your laptop.

We did not find many complaints during our search for Banc de Binary. The best advice we can offer our readers is to use caution when selecting a binary options trading broker and only trade with trustworthy brokers from 7 Binary Options. Banc De Binary Bonus Banc de Binary has changed the structure of their bonus so that now it is completely under the discretion of the Account Executive.

Bonuses are still offered as high as but I was unable to locate the exact turnover guidelines anywhere on their website meaning we do not know the amount you need to trade before you are able to make a withdrawal.

As you may be aware, we are of the opinion that large bonus create more issues than actual benefits. The main reason is that you are unable to receive the bonus until you reach the specified turnover amount. This of course means the higher the bonus the more the trading volume necessary to be able to make a withdrawal.

A plus side to this is that traders are not required to accept the bonus. The bonus is at this time only offered to those who have a Gold account or higher. It is usually processed within 5 working days by Banc de Binary but it can take longer depending on the withdrawal method of your choice until you actually see the funds in your account.

Banc de Binary does not charge a fee for withdrawals, but your individual bank or other payment service may have their own set fee. The average time for withdrawals is 7 business days. This can take additional time depending on your method which is normally business days for bank wire, 2 to 5 business days for creditdebit and Skrill can either be instantaneously or within 24 hours.

Banc De Binary Extras Banc de Binary offers a Free ZuluTrade feature which is a popular social trading platform on which you can follow professional and successful traders in reference to their Zulu Rank and profitloss margin. Banc de Binary offers their website in 10 different languages. This Spot Option 2. Number of assets and expiry times: Banc de Binary offers a variety of trading assets including 23 indices, 8 commodities.

Since our last visit, we noticed an increase in these numbers, especially in the number of stocks now offered. All of the standard expiry times apply including One Touch, 60 seconds trading and even an Option Builder which allows the trader to choose their own expiry time. As of August , there is now a new asset category called Synthetic which offers 13 pairs. In this instance you would pit stock vs another stock, indices vs another indices or a commodity vs another commodity and so forth.

This is commonly referred to as Pairs Trading. Commissions, Support and Effective Return: While Banc de Binary doesnt charge for deposits or withdrawals, there may be some costs that occur with bank transfers or other withdrawal methods. I found their customer support service to very polite and helpful, however, there can be improvement with their response time.

According to Banc de Binary, their return rate can reach as high as 91, but as I previously mentioned, this is few and far between and I have yet to see an asset that offered this rate. The average seems to be 72 and some assets often reach as high as Deposits, Payments and Bonuses: The payments from Banc de Binary to the customer will be applied to the same source from which they originated i.

The bonus structure has recently changed. The bonus is still available but will be determined by your individual Account Executive. The required turnover amount necessary to make a withdrawal is not listed anywhere on the Banc de Binary website so we can ascertain that this is also to be determined by your Account Executive. You have the ability to accept or refuse any of the bonuses offered by Banc de Binary. Website Extras In my opinion the educational materials offered on the Banc de Binary website are a bit more complex than I have seen on other trading platforms.

They do provide a link to ZuluTrade. Banc de Binary SpotOption platform is now offering the ability to change time frames as well as candlestick charts. Finpari Review Finpari is controlled by two companies: At the moment, we havent heard any critical complaints of the broker, so we can only assume that Finpari is not a scam. Editors Note As they are built on the SpotOption platform, it might bode well on their behalf. SpotOption is a reliable platform that does offer a lot of good features.

Finpari is based in Seychelles, which means they are willing to accept traders from almost any country, which is more than is allowed as per CySEC regulations. This makes them a prime choice for international traders. Binary Options Trading with Finpari Is it recommended to open an Account with Finpari It is not unusual for traders to sign with Finpari as many brokers prefer to register in countries such as Seychelles as they are banking friendly and thus can avoid the stricter standards set in place by organisations such as CySEC.

This can often be a warning sign of a fraudulent broker, but we did not find anything to support that this may be the case with Finpari as they appear to be simply another broker out to attract new investors. As previously stated they are a SpotOption broker so this means that they offer a full-line of features. They do not offer CFD or Forex trading. Their expiry times are good and include 30, 60 and Second options. Their long-term expiry times include end of day, intra-day, tomorrow, next week, end of week, end of the month and so forth up to 6 months which is available on some of the more common assets.

The Ladder Options trade similar to overunder options and offer increased payouts and strikes. One touch options include increased payouts up to and are available on weekends.

The standard payout on callput trades average about Screenshot Finpari Features User Friendliness: The FinPari platform is extremely user friendly. I can honestly say this as SpotOption platform is my personal favourite. It has most of the features offered on standard SpotOption platforms and is very easy to navigate.

However, I have to deduct a few points as a result of the false information about their regulations and over-the-top marketing on the main page of the website. Number Of Assets And Expiry: Finpari does offer a wide list of assets as well as a variety of expiry times and quite a few options for exotic trades. They do not offer range but it is not necessary with the Ladders. However, this is not outstanding reason to sign with FinPari as you can find these features elsewhere.

Commissions, Support and Effective Returns: This broker does not require any commission, but they do have a withdrawal fee for wire transfers. Their support is decent but rather pushy when it comes to sales pressure, so keep this in mind.

Their educational section is so-so, not a lot to offer, but the videos are pretty food. The effect return on Finpari is on par with the SpotOption standard, which is up to and higher for One Touch and Ladder, 85 on callput and somewhat lover for shortterm 60seconds trading. Deposit, Payment And Bonus: The required minimum deposit is the standard with binary options brokers: I always recommend using eWallet whenever it is feasible. Finpari does accept Neteller.

Skrill and others as well. Payments are made to the same account on which they were deposited however, there is no limit for credit cards. Bonuses are offered in the form of one-time only deposit bonuses up to or risk free trading. The terms are a bit misleading. In one section it says turnover deposit is only 3X , yet in another it says up to 20X. Regardless of bonus, every deposit must be turned over at least one time in order to make a withdrawal. SpotOption goes above and beyond when it comes to extras as opposed to the average hum-drum trading platform.

This includes Ladder options which offer a great deal of flexibility as well as increased payouts. They also offer Spot Follow, which is similar to iFollow which is essentially the copy trading platform that is offered by SpotOption and supported by ZuluTrade Technology. Is 24Option a Scam 24Option was regulated in with CySec and therefore is not a scam operation in any way, shape or form. Under the authority of CySec, any money that is exchanged with this platform is secure.

The fact that they are a regulated system is the primary reason that 24Option was added to the official list of non-scam brokers. However, this does not necessarily that they do not have some issues. Even regulated brokers can have their cons. Fortunately, these regularity reasons are not the only factor that contributed to 24Option making our list of non-scam systems.

They are well-renowned for their user friendly interface and the trading system itself, as well as the overall platform navigation is outstanding. It is very easy to trade with this system and the live charts provided by 24Option are easily accessed simply by clicking on the asset itself. For those who wish to further examine any asset, they simply have to click on the asset tab to open a small pop up with information from sources such as Yahoo There is no need to leave the site to do research.

These factors, as well as many others, are one of the reasons that 24Option is one of the best binary options brokers around.

They have made great strides toward improvement since they originated such as redesigning the platform itself, increasing the number of assets and keeping up to date with the latest technology and data. They seem to make it their priority to strive to be the best of the best when it comes to binary options trading. Why We Recommend 24Option While some binary options brokers turn out to be scams, there are many that are legit, but in fact, 24Option is one of the few brokers that are held in high esteem.

I can dismiss any suspicion of fraud thanks to their CySec licensing. Their superior customer service and professional and attractive trading platform makes them a popular and respected broker in the world of binary options trading. The only small drawback of 24Option is that they no longer serve residents of the US due to EU regulations. This is good news for EU clients, but a bitter disappointment for those who reside in the US. Also, since the company has registered with CySec, their average return has decreased by 2.

However, the licensing itself is a major plus. Despite this, they still have returns as high as 88 so this still bodes well for traders. Do I recommend opening an Account with 24Option Since their origin 24Option has strived to greatly improve their already innovative, fully-online based platform.

They consistently provide traders with the necessary and easiest tools to assist them with their trading. They also have an outstanding user-interface, as well as other great features. Note that we have stated earlier in this review that their user-interface. The main premise behind 24Options trading platform that makes them stand out from other trading platforms is that their assets are arranged from shortest expiry time to the longest ie: When you highlight the HighLow tab, you will notice the assets are listed according to their expiry times.

The shortest are listed first and the latter tend to expire at the end of the trading day. Of course, traders have the ability to click the same tab and select the stocks or indices tab with the desire to only view specific assets. In each category, there are over available assets and again they are arranged from the shortest to longest expiry times. Overall, in my opinion these platforms are much easier to use than the others.

Once you are familiar with the TechFinancials platform you will discover that it a preferable solution for the majority of investors i. In my opinion, the aforementioned investors are the high risk type as opposed to the more conservative traders. Both of these, however, will be well-pleased with the In-the-Money-Return feature, as there lies the possibility of 88 in-the-money as well as closing a trade prior to the expiry time to secure a winning profit. Remember, that there is the possibility that a trader can lose their entire investment, as with any financial trading.

However, these high return rates are what make 24Option one of the leading brokers in the world of binary options. The downside of this is that the minimum investment is rather high the average is 24 for the majority of trading assets. However, unlike other brokers, the minimum investment varies according to the individual assets. This could be a bit discouraging to novice traders. Fortunately, 24Option does provide a demo account so new traders can practice trading with virtual money before investing live.

Another negative for newbies is that their minimum deposit is slightly high at I tend to prefer those brokers with lower deposit fees, but with 24Option I feel the slightly higher investment is worth it as they are regulated and licensed so therefore they can be trusted. They were already a top-notch, highly respectable brokerage, but this partnership is purely an added bonus.

So if youre a fan of both soccer and binary options trading, this is the platform for you. Also, for those who like tennis, 24Option and Boris Becker are currently offering a competition in which you have the chance to win grand in USD. You should take advantage of this offer now, as it will not be around forever. Keep in mind, as always, that investors do risk the chance of losing their all of their money Their outstanding customer service makes 24Option a welcome home for the binary options trader, in addition to the fact that they are licensed with CySEC, an advantage unto itself.

To spice things up, they also over prize money, up to , for weekly top traders 24Option Broker Complaints Let 7 Binary Options do the research so you dont have to I constantly search the internet for broker complaints to bring the results directly to our loyal readers.

As unbelievable as it may seem, we could not find even one substantial complaint about this broker in our search. I did notice an active online discussion concerning 24option in forums, comments sections and Complaint and Review Center.

Our team is monitoring and checking these. I personally feel that the negative feedbacks concerning the withdrawal process were not legitimate complaints. These complaints are typical from disgruntled traders and do not always reflect the truth. The sincere complaints were in fact resolved by the company itself so I can honestly say that there are no major complaints concerning 24Option.

Earned bonuses, however are able to be used fully in both trading and as a withdrawal. However, at 7binaryoptions, we are not concerned with this issue.

Our main focus is that major concern in binary options: As a rule, for obvious reasons, few brokers cause an issue with deposits, however quite a few brokers have issues when it comes to withdrawing your funds.

A plus with 24Option is that there is no limit to the withdrawal amount, as we often see with other platforms. The average time before you see your funds is three to seven business days. Skrill will have lower fees and also will make the process quicker. Those with VIP accounts do not have to pay a withdrawal fee, which is outstanding.

However, you must remember to send proper documentation as specified under regulation before you can request a withdrawal. But here at 7binaryoptions, we try to think outside the box. This section will highlight those features that are unique with 24Option and what sets them apart from other brokers.

The Extras that we found appealing with 24Option are as follows: This is a plus of which most traders are not aware. Screenshot 24Option Features User Friendliness: As a completely based web-tech platform, there is no need to download any software with 24Option. They have the best looking website we have seen thus far as the gold letters on the black background is both sophisticated and contemporary.

Just above each asset, is live information and other chats with just a simple click. Both the Glossary and FAQ sections are current and complete.

The website is available in 18 languages including German, Arabic, Spanish, et al. The variety of assets is wide and the expiry times are outstanding as they allow the traders to choose from as little as 60 seconds to as much as end of the dayweekmonth.

Commissions, Support and Effective return: There is no charge for investors for their initial deposit or purchase options. The first withdrawal is free as well. There is a 30 charge for wire transfers for withdrawals. Those with a Gold account get one free withdrawal a month.

However, all withdrawals are free for those with Platinum accounts. Customer support is available with a total of 21 international phone numbers including French, Spanish, Italian, English and more. They can also be reached via email. The Live Chat feature on 24Option was extremely polite and quick to respond. Their effective return rate is amongst the highest in the binary options trading market with an 82 return on most of the major currencies and in the money.

As always, we need to remind our readers that there is always a risk that you can lose all of your capital as a result of trading binary options as with any other type of financial investing. They do not offer an Out-of-Money refund but they offer the ability to close your position 2 minutes after purchase or up to 5 minutes before the expiry time. Deposit, Payment and Bonus: The minimum deposit with 24Option is average: Deposits can be made with Cash-U, Skrill, creditdebit card, wire transfer, et al.

Generally, withdrawals can be made via the same process. There is a minimum of for wire withdrawals. However there is no minimum withdrawal via Skrill. There are usually up to bonus offers with 24Options and they do occasionally offer amazing promotions and specials for both new and registered clients. As one of the most innovative trading platforms, 24Option offers a good number of additional and unique features.

The strength of their signals varies and provides information as to the most likely direction of the asset. However, the expiry time is determined by the trader. With the exception of Highlow trades, they offer two additional means of trading: Secondly, they offer a Boundary Option with 75 return rate via winning trade.

However, despite being a newbie in a sea of established brokers, they have managed to recruit some of the most talented financial experts from around the globe.

This means that they have a plethora of financial experience under their belt. Due to this, they have quickly become one of the most trusted and respected brokers worldwide. In their mission statement, Option Financial Market promises to guide their clients to successful binary options trading by helping them to reach their full trading potential.

They can do so thanks to a vast offering of various types of trading accounts that cater to a wide variety of investors, an exceptional and innovative trading platform, excellent and informative educational tools and resources and a wide array of assets. In addition, they maintain close ties with their traders and analysts. OptionFM also supports automated trading. FM Account Features OptionFM has recently revamped and upgraded their website which now features a more distinguished trading system and super sleek design as well as the confidence that their traders are able to invest on a safe and secure trading environment.

One of the main advantages in trading with OFM is that they regularly offer bonuses for their clients based on their account level. These bonuses are a plus as they enable traders to be able to get a head-start in their trading experience. Traders are empowered by these bonuses to participate fully in OFMs list of plus tradable assets in order to earn a more substantial profit. Per a conversation with OptionFMs customer service via live chat.

It is recommended that you familiarise yourself with the terms and conditions of said bonus before accepting. Both new and experienced traders alike are able to find their place in the seven different account types offered by Option Financial Markets.

As an added feature, OFM does not charge any commissions or fees for trades, for any account level. This broker easily caters to the various trading preferences and needs of their clients with their wide selection of account options. FM Trading Software One of the first things that traders will notice after opening an account with Option Financial Markets is that they offer a uniquely diverse selection of well over global assets.

Combined with the three trading methods offered on their SpotOption powered platform, traders can easily make informed and profitable trades on both short term and long term positions. OFM does not charge any fees or commission on these individual trades. When utilising the classic Binary Options trading mode with which the majority of traders are most familiar, it is entirely possible to earn substantially large profits within a short period of time.

Traders need only to decide with which asset they wish to trade, their desired expiry time, the direction in which they think they trade will go, and the amount of their investment. This straightforward method of trading is extremely popular as it very easy to maneuver. The Long Term Trading Mode is ideal for those who envision long-term trading with a certain market area.

OFM offers excellent expiry times in this mode that can go as long as nine months from the time one has selected the Call or Put. The fact that OFM offers both short term and long term trading gives traders ample opportunity to maximise their trading potential and enhance their trading portfolios. It is similar to the both of the aforementioned modes in that a trader is able to choose the direction of an asset prior to the expiry. However, the previous modes often require traders to wait hours, days or even months before revealing the result of their trade, the 60 Second Mode offers traders expiry times of 30 or 60 seconds as well as other expiry times.

This enables the trader to almost immediately receive confirmation as to whether their trades are in or out of the money. It is rare to find a broker that offers returns quicker than this. FM Support Information As their stamina as a broker has grown, so has their reputation for enabling success for their clients through superior personal customer support that specially caters to each clients special needs and desires.

Financial integration in Europe, the creation of the European Monetary Union, and the accompanying Maastricht convergence criteria, have reduced interest rates in the Euro zone, leading to lower expected future returns on Table 4. We therefore reduce the historically estimated return expectation for the European bonds by 1 per cent. The optimal investment and contribution policy for the partially funded public plan is obtained from running a Monte Carlo simulation with 10 iterations over the year projection horizon.

To identify the optimal investment and contribution policy for the pension plan, we assume that the objective of the plan sponsor is to minimize the worst-case cost of running the plan. More formally, total pension costs are calculated as the sum of regular contributions RCt and supplementary contributions SCt made by the plan sponsor in period t.

Depending on the set-up, these plan costs may or may not be reduced by the withdrawals Wt of excess funds. Therefore, the Conditional Value at Risk is a coherent risk measure with respect to the axioms developed by Artzner et al. Second, from the perspective of numerical portfolios optimization, CVaR is better behaved than VaR because of its convexity with respect to decision variables Rockafellar and Uryasev, Results reported in Panel 1 of Table 4.

Additionally, two ways to dispose of pension surplus are modelled. Columns 1—3 permit the pension manager to withdraw plan assets exceeding per cent of the PBO reduced by the penalty factor ; 69 1. Asset mix 3 Withdrawals credited 1. Supplementary contributions required in case of funding ratio i. Before evaluating the optimal asset investment policy, we assess two polar cases, namely a per cent bond investment case, and a per cent equity case. By comparison, if the plan were to invest fully in equity which we recognize is highly unlikely in the case of a public pension , there is enormous upside as well as downside potential.

However, this impressive upside potential comes at the price of substantially enhanced capital market risk that could easily drive the funding situation to unacceptable levels. In column 3 we depict the optimal investment strategy given the contribution rate, which in rows 1 and 2 consists of 30 per cent equities and 70 per cent bonds. The fund is paid Accordingly, a pension fund invested 30 per cent in equities and 70 per cent in bonds yields an expected gross return of 6. With a return volatility of 8.

The possibility of contribution holidays as well as withdrawals steadily increases through time, while the risk of supplementary contributions required by the solvency rule diminishes. The worst case exposure is also well-controlled. If excess withdrawals are not credited to the account, managerial incentives to overendow the plan are greatly reduced.

Here, the only incentive for risking supplementary contributions caused by underfunding is the opportunity to enjoy reduced contribution rates or even contribution holidays if the funding ratio should exceed per cent. Columns 4—6 of Table 4. By contrast, the optimal investment strategy now requires that only 24 per cent of the funds must be held in equities row 1, column 6 , which is 6 percentage points less than when withdrawals are credited.

Clearly, having a capped upside potential makes return-driven investment less attractive. At the same time, not rewarding risk taking curtails worries about having to make supplementary contributions. The impact on total plan costs given the optimal investment strategy can again be seen in Panel 1.

On the other hand, if regular contributions are too low, this could require high future supplementary contributions if the plan becomes underfunded. Accordingly, a balance must be found across these interests.

Given a contribution rate of Yet there is some room for the pension plan manager to tap the full risk budget, if he can change both the asset allocation and the regular contribution rate. To obtain this solution, we vary the equity weights and the contribution rate between 0 and From a formal perspective, we use the same objective function as equation 4.

Here we observe the structural interrelation between the rate of regular contributions CR and the optimal equity exposure for a given risk budget measured by the 5 per cent Conditional Value at Risk of total pension costs. This curve is U-shaped. If a higher regular contribution rate is preferred, the equity exposure can either be reduced or increased.

For example, a contribution rate of This can be explained as follows: By contrast, a more bond-oriented investment policy provides more stable expected investment returns over time, and therefore a relatively low risk of supplementary contributions. Minimum Intermediate Maximum return reg.

Consistent with our objective function Formula 4. Starting with an This, however, comes at the price of meagre possible withdrawals rows 8 and 9 and a lower chance of contribution holidays. Next we examine what would happen if the hope was to make only a minimum regular contribution — an option that might be favoured by politicians with a relatively near-term time horizon.

Column 2 sets the German public sector reform 75 contribution rate at only Worst-case supplementary contributions are about 25 per cent higher, compared to the maximum return case column 4 , while at the same time expected withdrawals only amount to about 60 per cent row 8. Alternatively, we examine the results from maintaining a regular contribution rate of Column 3 shows an intermediate case, which seeks to balance the interest of both groups. Here current taxpayers only have to pay regular contributions of 15 per cent, and the portfolio is held 43 per cent in equities.

Reducing the discount rate from 3 to 1. This requires 29 per cent of plan funds being held in equities and 71 per cent in bonds. This substantial underfunding represents a commensurate liability that is not, to date, recognized as explicit taxpayer obligations. We show that annual contribution rates of around 19 per cent of payroll would be consistent with a traditional actuarial valuation assuming a discount rate of 3 per cent.

We illustrate that the optimal pension fund investment strategy given this contribution rate consists of 30 per cent equities and 70 per cent in bonds. Compared with the deterministic case, this funding and investment policy mix reduces expected costs substantially, and the worst-case exposure is also well controlled.

In one interesting case, current taxpayers are asked to pay regular contributions of only 15 per cent, and the portfolio is held 43 per cent in equities. Our research should be of broad interest to employees as well as taxpayers, insofar as many civil servant pensions in Europe are underfunded or even totally unfunded.

For the German case, it would be useful to assess all state and Federal Government public sector pension liabilities following methodology such as that presented here. Furthermore, we have shown that, under plausible assumptions, as the shortfalls are gradually funded, the assets could be sensibly invested to reduce expected burdens on future workers and retirees. In ongoing work, we are evaluating additional aspects of the optimal investment scenario.

Civil servants are also exempt from unemployment insurance and the state pays a certain fraction of health expenses of civil servants and their families ranging from 50 to 85 per cent, depending on family status and number of children ; see Börsch-Supan and Wilke Another pathway to retirement for civil servants is disability, which we do not focus on in the present study.

If disabled while on duty, payments are based on the salary projected to regular retirement. Subject to the regular maximum replacement rate, the civil servant is additionally credited one-third of the regular accrual he would have received up to the age of 60; the replacement rate is then increased by 20 per cent.

Altogether, the disability pension comes to at least two-thirds but cannot exceed In this instance, the state will pay to the social security programme an amount equal to the forgone employer contributions to social security for that employee. These numbers include only federal and state civil servants, but not the approximately active and retired civil servants who worked for former state-owned but now privatized enterprises, such as the German national railway and federal mail Bundesministerium des Innern, For reasons of anonymity, information on top-level civil servants as well as judges and state attorneys were omitted.

Smaller cohorts, such as those within the lower service level, were grouped into larger units. As a result, observed low turnover is in line with the general aim of a generous DB-pension plan, that is, to retain public sector employees in their jobs. This market is currently not well developed for government bonds especially those with long durations which supports the assumption of a real interest rate of 3 per cent. See also Albrecht et al.

We deliberately do not consider a strategy whereby the investment weights and contribution rates are optimized dynamically over time, for example by using a dynamic optimization framework.

While from a theoretical vantage point this might yield better results, here we argue that political decision-makers may be unable to implement this in practice. Utkus eds , Restructuring Retirement Risks, Oxford: Oxford University Press, pp. Blake, David , Pension Finance, Chichester: University of Chicago Press, pp. Mitchell and Edwin C. Hustead eds , Pensions in the Public Sector, Philadelphia: University of Pennsylvania Press, pp.

Haley and Sylvester J. Schieber , Fundamentals of Private Pensions, Oxford: Wolfsdorf, Kurt , Versicherungsmathematik — Teil 1: First, it roughly sketches the history and describes the characteristics of civil servant pensions in Germany and the Federal State of Hesse. What is remarkable is the severe penalty for job mobility: The contribution rates are invested in a combination of stocks and bonds.

Thirdly, the authors try to determine, with a stochastic simulation model, an optimal asset allocation given the average contribution rate or simultaneously to determine asset allocation and contribution rate, given the risk budget. The horizon of the study is 50 years; after that, the fund is terminated and assets and liabilities are transferred to a private insurer.

The objective function of the pension fund is to minimize the 80 German public sector reform 81 conditional value at risk at the 5 per cent level in terms of the present value of the total plan cost.

We consider this document a clear policy paper. From an academic perspective, however, there are some serious shortcomings in this study. The authors should also show the results from a sensitivity analysis of the most important variables and parameters. Our general remarks and critiques include the following: We acknowledge the fact that the chapter should be focused, but it is worthwhile to mention at least other options for pension reform. Pension reform could also consider the discussion on risk sharing, particularly in situations where the solvency position is under pressure.

This relates pension reform to discussions about intergenerational solidarity. A transparent and explicit pension contract on risk sharing between the current and future participants seems a necessary condition for the long-term sustainability of the pension deal.

Since the chapter already applies a contribution rate ladder, it might be interesting to extend the risk sharing with an indexation ladder. Furthermore, the chapter could refer to the discussion in academic literature and Netspar papers with respect to optimal pension contracts and risk-sharing arrangements.

Furthermore, the choice of this function is not very well founded in the chapter is this the behaviour of politicians? The objective function solely focuses on the downside risks and does not take explicitly into account the averages and risks.

Finally — in our view — optimal decisions cannot be derived by value functions but need a utility function. This study is not really an exercise in asset and liability management. In our opinion the ALM analysis would improve by using stochastic interest rates. This would make the asset liability perspective more explicit and in line with the fair value frameworks such as the Financial Assessment Framework in the Dutch Pension Act.

The liabilities then move more consistently with the stochastic bond returns, and this opens the discussion on the duration mismatch policy and interest rate hedging. The authors take a simple I. Campbell, Chan and Viceira With relatively stable populations and capital inputs over recent decades, the increase in labour productivity has clearly been the single-largest contribution to economic growth in the developed world.

Population aging will increase this importance even more since the relative size of the labour force will decline. With a declining quantity of labour, future growth will have to be generated from the quality of labour. At the same time, the proportion of the workforce aged 55 or over will more than double between now and , rising from approximately 12 per cent to almost a quarter of all employees. There are two reasons for this.

This dominance is exacerbated by a second trend, namely the increase in retirement age currently introduced in many countries in order to stabilize public and private pension schemes.

Labour productivity of older works will therefore be an increasing component of total labour productivity. For both reasons, there is an increasing academic and practical interest in understanding the relation between age and the productivity of employees. This lack of knowledge is in stark contrast to the prevailing prejudice that older workers are less productive. Indeed, still to date the human resources policy generally adopted by companies aims at lowering the age of the workforce through early retirement models — a policy that is bolstered by the statutory rules of the public pension systems.

After setting up the conceptual framework, it begins by providing a brief summary of the research to date. Some existing studies measure the productivity of individuals. We contend that, in a modern society where division of labour is optimized, labour productivity is as much a result of the interactions between younger and older employees as it is of the isolated performance of an individual worker. Other studies compare labour productivity at the company level.

This is much more in the spirit of modern production organization. This chapter therefore presents empirical results using a new approach to measuring productivity which works on the middle ground between single individuals and entire companies, namely work teams which produce a standardized product. The chapter is also intended to shift somewhat the focus in the aging debate.

Public debates have primarily focused on the consequences for the pay-as-you-go social security systems: Since these structural changes are happening right now, labour productivity-enhancing policies need to be addressed right now as well.

Finally, while this chapter is written by economists and focuses on the economics of labour productivity, we would also like to stress the psychological aspects. One of the areas where people gain a feeling of self-worth and a reason for living is from the perception that they are needed at their place of work and make a contribution to value creation. On the other hand, however, there is evidence from sociology and psychology to indicate that the experience gained with age leads to an increase in productivity up to a certain age.

While it seems inescapable that this will happen eventually, it is obviously very important to know whether this age is, on average, more likely to be 45 or 60, in particular as far as labour market policies are concerned. Others, such as further education or workplace design and organization, are not. Our second key question regards the determinants of an earlier or later peak of productivity.

This relates to our understanding of labour productivity. In a modern society where the division of labour is one domain of optimization, productivity at work is due less to an individual person and is more likely to be achieved in cooperation with work colleagues.

For instance, it is conceivable that the right mix of younger and older employees is required for high productivity in all age brackets. Our empirical framework therefore puts more emphasis on the composition of work teams age composition, experience composition, gender composition and so on than individual traits.

The contribution to value creation that is demonstrated in the team has to date hardly been taken into account. Accordingly, occupational medicine has collected a large body of evidence on these biological markers. The response of the human body at work and the maximum amount of oxygen that can be absorbed is decisive for physical performance.

The maximum amount of oxygen that can be absorbed increases up to the age of around 20 to 25 and after that it decreases Ilmarinen, Medical research has produced a host of evidence that the performance of the entire human system for processing information degenerates. A deterioration in the accuracy of assessments and the speed of perception of signals that act on a person from outside are among the most important changes Ilmarinen and Tempel, Skills such as agility, powers of deduction, coordination of cognitive processes and accuracy degenerate with age.

This explains a great deal of the large heterogeneity observed in work performance. Farr, Tesluk and Klein as well as Maier invalidate another frequent prejudice. According to their empirical research, older employees are just as creative, willing to make decisions and motivated as younger employees. Such measures can prevent illnesses and maintain good performance with age.

Last but not least, measures to promote good health play an important role. These measures include, for 88 Frontiers in pension finance instance, selective changes to duty rosters, stress management programmes, health check-ups and therapeutic exercise programmes, which have been shown to improve performance at work and reduce absences from work Ell, As has already been emphasized, age-related variations in performance are not uniform but vary strongly from individual to individual.

Another set of studies has investigated salaries as a measure of productivity since economic theory equates wages with marginal productivity. When looking at the salaries of employees in sales, a reversed U-shaped curve is found, similar to Figure 5. Salaries in the clerical lines of business exhibited a steadily increasing trend with age. Lazear, , most pronounced, for example, in public services. Unit of observation is a shift eight hours of a work team, consisting of about 12 workers on average, usually ranging from 10 to Our data set has about 50 of such observations, carried out in and We took great care in using a measure of labour productivity that is not confounded by product heterogeneity.

As production in this plant takes the form of team work on an assembly line, both output of production a standard set of trucks and speed of production the speed with which the assembly line moves are perfectly standardized: They are then assigned to the responsible work teams. In addition to the number of errors, we also use information on their severity. The error data are matched with the personnel data. It should be stressed that the daily characteristics of the teams vary considerably, giving us the necessary variation for our statistical analyses.

The personnel data include the age, sex, educational status and nationality of the team members as well as how long they have worked for the company. We generate our results by plotting the number of errors vertical axis against the average age, the average experience, and other characteristics of the work team horizontal axis. It should be stressed again that the horizontal axis does not represent individual workers but entire work teams.

In concrete terms, experience that is, length of service at this plant is normalized to be zero. Comparing two points on the horizontal axis hence means that, for example, we juxtapose a work team that has an average age of 48 with a work team that has an 90 Frontiers in pension finance 0.

Neither team has any experience. We are tempted to conclude that labour productivity falls as the typical worker in the team grows older. For instance, a work team employed by the plant for an average of 25 years which has the same age as a work team with zero years of experience with the plant would make less than half of the errors of the inexperienced team.

It is, however, impossible to gain experience: Hence, both Figure 5. This is depicted in Figure 5. Teams of every average age are about equally productive. At one extreme, all members will have exactly the same age.

Agerelated heterogeneity is zero. At the other extreme, all ages are equally represented, from very young to very old. In this assembly plant, this is not the case. Mixed-age teams make considerably more errors and are therefore less productive than teams with a homogeneous age structure. While the majority of workers in the plant are male We began with a brief survey of the literature.

We now explore a unique data set that combines data on errors occurring in the production process of a large car manufacturer with detailed information on the personal characteristics of workers responsible for the errors. This set-up is ideally suited for our topic, for two reasons: Where the degree of age heterogeneity is 1, all age groups 15—25 years, 25—35 years, etc. In contrast, with 0 all members of the team belong to the same age group.

Our results may come as a surprise since they run against two common prejudices. Our results hold in this assembly line factory of trucks in Germany. It is therefore a case study rather than a study of the universal truth. Another caveat concerns sample selectivity. We observe those older workers who are still in the factory. Less productive workers may have taken early retirement on the various generous schemes available in Germany, often encouraged by the plant management.

In future research, we will investigate this sample selectivity further, and we plan to perform similar studies in other sectors, including the service sector. We also thank Melanie Gräsle and Verena Arendt who did an excellent job in preparing the data.

It would not have been possible to carry out this project without the superb support we received from our contacts in the Human Resources, Production and Quality Management Departments as well as from the plant management and Works Council. Betriebliche Gesundheitsförderung für älterwerdende Arbeitnehmer, Gamburg: Tesluk and Stephanie R. Labour productivity in an aging society 95 Hellerstein, J. Demographie und Erwerbsarbeit, Stuttgart: Herausforderung für Wirtschaft und Gesellschaft, Berlin: Lehr, Ursula , Psychologie des Alterns, Wiebelsheim: Gesund bis zur Rente.

Konzepte gesundheits- und alternsgerechter Arbeits- und Personalpolitik, Stuttgart: Alter und Erwerbsarbeit in rechtlicher, arbeits- und sozialwissenschaftlicher Sicht, Frankfurt: Verlag der Österreichischen Akademie der Wissenschaften. Therefore it uses productivity observations of car assembly teams with a diversity of composition in, among other things, age.

The authors have a huge and unique data set of a German car manufacturer at hand, so that this study contributes substantially to the literature on this topic. In addition, the composition of the teams appears to be important: This is quite surprising as one might expect that a mixture of experienced and old with vital and young workers would be optimal.

All in all, it is a very relevant chapter, which I have read with great interest. It contains a clear presentation of an original approach to unique data, and provides convincing and robust results. Note that many service industry jobs depend strongly on information technology, so that human capital in that sector tends to depreciate more rapidly.

Hence, the value of experience is often more limited than in the manufacturing industry. The chapter does not provide a direct link to pensions. However, the major suggestion of this study is that, from an economic point of view, not necessarily supported by the employees, we might delay retirement as older workers remain productive and, further, in that case we could pay them accordingly. In that light, I consider the fact that this chapter studies the current age composition of the workers as a practical shortcoming.

After all, elderly people in the critical years from age 55 to 65 are heavily underrepresented, as is made clear in Figure 5. This uniform distribution of productivity across all ages is indeed quite remarkable. It raises the question of what would happen if classes with older workers were to be included in the analyses. Note that the future retirement age for Germany has recently been set at 68 years. In any case, one expects a fall in productivity after a certain age limit, as the fall in vitality will cancel out experience.

In this light an alternative and maybe a more interesting research approach for thinking about pension reform would be to provide the optimal average retirement age, for instance, based on an agedependent decline in productivity if any: It is all back to front: This pension will provide an adequate replacement income for the remaining life of the plan member and possibly also his or her partner and removes the risk that the member outlives his or her resources.

A welldesigned plan will therefore be designed from back to front, that is, from desired output to required inputs. A well-designed plan will also ensure that, at each stage in the delivery process, appropriate incentives are given to those delivering key services.

There are six critical issues in the design of DC plans: An important problem facing plan members is not only that plan charges can be substantial, but also that charging structures can be complex and disguised and this provides a potential source of confusion.

Charges based on contributions: Charges based on asset values: If charges are extracted prior to the delivery of the service to which they relate, they are said to be front-loaded; if they are extracted afterwards, they are said to be back-loaded. Front-loaded charges do not tend to provide the best incentive for providers to deliver good service. Value of the fund at the end of period t; t will take the value 0 at the start of the plan and T at the end of the last period of contribution.

Contribution made in period t. Policy fee for the period. This is assumed to be uprated at the rate of i per cent per annum for example, i might be related to the rate of change in the consumer price index. Fund management fee expressed as a proportion. This is assumed to be paid annually on the fee date and to be proportionate to the value of the fund at that date.

Allocation of contributions to units, adjusted for levies on any capital units and any loyalty bonuses expressed as a proportion. Policy set-up fee, paid at the start of the plan. Annuitized value of any set-up fee e. The value of the fund in period t is then given by the following iterative equation: All other terms are related to charges. The conventional approach is to calculate the reduction in yield RiY resulting from the charges.

The reduction in yield is calculated as: For year plans, the RiY lay in the range 0. SPPs originally had a maximum RiY of 1 per cent equivalent to Money Management October Under pressure from the pensions industry, the government increased the charge cap in to 1. The reduction in contributions is calculated as: The RiC is Similarly, the total compounded charge as a percentage of terminal fund value rises from Even the new SPPs, with their original maximum charge of 1 per cent of fund value, imply a RiC of One illustration of this relates to the treatment of paid-up plans or PUPs , highlighted by Slade At present, only 15 per cent of plan holders take transfer values; the rest leave PUPs with the original provider.

The regulator requires that pension plans disclose only transfer values and full maturity values. There is no obligation to quote PUP maturity values, and few providers do so. However, PUP maturity values, which, in principle, should be related to transfer values, can turn out to be poor value for money, because the original providers can continue to extract charges similar to those that they would have done had the plan remained active.

For example, Slade discusses the case of a particular insurance company which quotes the highest transfer value amongst 12 leading providers, but ranks twelfth for its PUP maturity value quote. It appears that some plans quote high transfer values to attract business, knowing that only 15 per cent of those plan members not going to full term are likely to take transfers, while the remaining 85 per cent end up with low PUP maturity values.

Another example of hidden charges comes from a survey of European fund management fees by Towers Perrin The three key charges are for asset management, broking that is, transaction execution and custody. There are also charges for reporting, accounting and performance measurement. Some fund managers report the asset management fee as some proportion of the value of the net assets under management only after deducting the broking and custody fee.

Some fund managers justify this on the grounds that both the portfolio transactions and the safe keeping are conducted by a third party independent of the fund manager, typically the global custodian. Yet other fund managers add a commission to third party fees before passing them through. The lack of transparency can also lead to incentive problems.

Brokerage fees are related to turnover which provides an incentive to churn that is, overtrade the portfolio; this is especially so if the transactions are executed by an in-house broker and the brokerage fee is hidden from the client. Some fund managers, in contrast, use discount brokers to reduce the cost to the client. Some clients impose turnover limits to reduce costs. As a consequence, charges tend to be very high and this reduces the net terminal value of the fund available for paying pensions.

PIA , Table 1. However, the one-year rates indicate a small improvement in the persistency rate of plans arranged by company representatives since and a small decline in that for plans arranged by IFAs.

Nevertheless, although only four years of data are available, the table suggests that very few personal pension plan members are likely to maintain their membership of the plan long enough to build up an adequate pension. The industry average persistency rate over 25 years was estimated to be just 16 per cent.

These expressions indicate that the LARiY rises with higher average takes and falls with higher persistency. So strong persistency means that lower LARiYs are needed to achieve the same average take. The second panel of Table 6. Lapses have a remarkable impact on charging measures: Some may argue that low persistency is a matter for the plan member alone and clearly there are many individuals who do not have the commitment to maintain contributions for the full term of the plan.

But low persistency is as much an indicator of a bad product that was initially missold and subsequently followed by poor aftersales service. It also depends on the investment strategy pursued. The more conservative the investment strategy, the lower the anticipated return on investments and the higher the planned level of contributions the accruing fund will require in order to deliver a particular pension level in retirement. The less conservative the strategy, the greater the asset risk and the more volatile the contribution pattern if a desired pension target is to be achieved.

There is also a bigger risk that the target pension will fail to be achieved.