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...physically recognisable: they are better described as networks of trading relationships between dealers. Moreover, unlike exchanges, OTC markets are not subject to strict regulation about the quantity and quality of the assets traded, and all the contracts are bilateral, i.e. only between two parties. Given these characteristics, OTC markets lack transparency compared to...

...physical and social framework in which citizens live and work. This money is raised and spent collectively. It reduces the need for private expenditure. Without it, the costs of health, education and much of the infrastructure on which we depend for the smooth running of our lives would have to be funded entirely from private individuals and organisations. Our society...

...physically located in the same place team members may also be separated by time zones technology is used to aid communication. A frequently used description of a virtual team provided by Fleming and Hailstrom (2006, p. 7) is ‘working together apart’. One implication of these different definitions is that it is always worth checking exactly what is meant if you are...

...physical and biological headings used to analyse environmental conditions (European Commission). A reservoir behind a dam reduces the chances of flooding downstream from the dam, although reducing the water flow to prevent flooding places a constraint on the amount of electricity that can be generated. At the same time, a large reservoir increases the amount of gases...