Antonio Caggia

This article will describe the characteristics and peculiarities of the two programs that allow foreign investors, including individual investors, to have access to Chinese stock markets: Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect. Specifically, the article will examine the Northbound channels used by Hong Kong brokers to buy A-shares and the Southbound channels used by Mainland investors to buy the securities listed on The Stock Exchange of Hong Kong, outlining the common provisions and typical features. Lastly, we will mention the opportunities and benefits that Chinese stock markets offer to global investors in terms of portfolio diversification.

The future has yet to come but you have a right to shape it. We test empirical data on European IRS market to check the truthfulness of this sentence. Comparing expectation on future interest rates implicit in IRS contracts with realizations of Euribor, we argue whether the financial market provides a safe strategy to investors choosing fixed long-term interest rates against floating ones. The development of European financial market has reached a point that allows some preliminary empirical analysis. Time series are long enough to draw some conclusion, although some exogenous shocks that has afflicted the last decades suggest that more data are needed for a deeper quantitative analysis. Yet, the paper provides support to traders hedging their positions on fixed-income markets.

In this article we test empirical data on European IRS market to check the ability to shape the future and arguing whether the financial market provides a safe strategy to investors choosing fixed long-term interest rates against floating ones. Time series are long enough to draw some conclusion, although some exogenous shocks that has afflicted the last decades suggest that more data are needed for a deeper quantitative analysis. Yet, the paper provide support to traders hedging their positions on fixed-income markets.

The aim of this paper is to deepen the study of relationships between the use of compound capitalization/discount formulas and the prohibition of compounding interests in the Italian legislation. To this purpose, we study analytically the consequences of using simple capitalization in the determination of the installment, proving how this approach leads to ambiguous situations, in addition to a greater burden on the debtor with respect to normal depreciation French. The ambiguity, in particular, lies in the non uniqueness of the way of calculating the installment and the related impossibility to choose among different installment plans only according to the APR.

The European Community legislation, embedded into italian regulation, prescribes minimal information banks should provide clients before entering into a loan agreement. Starting from the reading of the sheets of a sample of italian banks, the note explores the effects on the calculation of upstream common interests of two clauses in mortgages with "French style" redemption: the method of calculating the effective rate by which to determine the payment amount and the choice of different frequencies of the installment, keeping constant the interest rate. The aim of this paper is to highlight how these choices may affect the total amount of interests paid, even when, in the second case, TAN and APR are constant. Furthermore it is observed that the practice of declaring the annual rate of funding decomposed into a risk-free rate of reference (normally in compound interest) and a spread (which should represent the risk profile of the borrower) may not help the average customer to fully understand the cost annual rate of interest paid on capital.