Securities Settlement Systems in Poland and the European Union
... A word to the Reader I would like to invite you to read this study, which has been prepared with the cooperation of three institutions, i.e. the National Bank of Poland, the National Depository for Securities (KDPW), and the Warsaw Stock Exchange. Each of those institutions plays a different but ex ...
... A word to the Reader I would like to invite you to read this study, which has been prepared with the cooperation of three institutions, i.e. the National Bank of Poland, the National Depository for Securities (KDPW), and the Warsaw Stock Exchange. Each of those institutions plays a different but ex ...
Commodity-Derivatives
... Until recently global volume in agricultural futures trading was dominated by the Chicago Board of Trade which was the first exchange to trade agricultural futures. Since the early 2000s, however, Chinese exchanges have emerged as centres for trading grains, soya products, and industrial commodities ...
... Until recently global volume in agricultural futures trading was dominated by the Chicago Board of Trade which was the first exchange to trade agricultural futures. Since the early 2000s, however, Chinese exchanges have emerged as centres for trading grains, soya products, and industrial commodities ...
I Should We Fear Derivatives? Rene´ M. Stulz
... through an organized exchange. In 1972, the Chicago Mercantile Exchange started trading futures contracts on currencies. The Chicago Board Options Exchange, where stock options are traded, was founded in 1973. In the late 1970s and early 1980s, the swaps market took off. Swaps and exotic derivatives ...
... through an organized exchange. In 1972, the Chicago Mercantile Exchange started trading futures contracts on currencies. The Chicago Board Options Exchange, where stock options are traded, was founded in 1973. In the late 1970s and early 1980s, the swaps market took off. Swaps and exotic derivatives ...
The Impact of Hidden Liquidity in Limit Order Books
... Many limit order markets use a market design that allows traders to submit hidden liquidity. The option to submit hidden liquidity alongside the visible liquidity makes the strategic interaction between different market participants more complicated and raises a number of questions. To what extent c ...
... Many limit order markets use a market design that allows traders to submit hidden liquidity. The option to submit hidden liquidity alongside the visible liquidity makes the strategic interaction between different market participants more complicated and raises a number of questions. To what extent c ...
Euro-Dollar exchange rate and news
... Exchange and Derivatives Market Activity (p.15, table B.6), at the end of 2010 the Euro-US Dollar exchange rate accounts for 28% of the global foreign exchange market turnover. ...
... Exchange and Derivatives Market Activity (p.15, table B.6), at the end of 2010 the Euro-US Dollar exchange rate accounts for 28% of the global foreign exchange market turnover. ...
Creating the world`s largest interdealer broker
... • reduction of banks’ balance sheet risk; • requirements for improved risk management and transparency in OTC markets; and • FICC trading becoming increasingly electronic. Regulatory changes in recent years continue to be the key driver of market structure for ICAP’s businesses as well as ICAP’s ...
... • reduction of banks’ balance sheet risk; • requirements for improved risk management and transparency in OTC markets; and • FICC trading becoming increasingly electronic. Regulatory changes in recent years continue to be the key driver of market structure for ICAP’s businesses as well as ICAP’s ...
NBER WORKING PAPER SERIES SHOULD WE FEAR DERIVATIVES? Rene M. Stulz
... of Business of the University of Chicago when I wrote this paper. I thank Soehnke Bartram, Jim Hines, Robert Merton, Alan Poteshman, Andrei Shleifer, Timothy Taylor, and Michael Waldman for comments. The views expressed herein are those of the author(s) and not necessarily those of the National Bure ...
... of Business of the University of Chicago when I wrote this paper. I thank Soehnke Bartram, Jim Hines, Robert Merton, Alan Poteshman, Andrei Shleifer, Timothy Taylor, and Michael Waldman for comments. The views expressed herein are those of the author(s) and not necessarily those of the National Bure ...
Arbitrage Opportunities
... advantage of immediacy. With the enormous technological advances in trading tools over recent years, algorithmic trading is widely used in exploiting arbitrage opportunities. These algorithmic trades lead to almost simultaneous exploitation of arbitrage opportunities by large numbers of professional ...
... advantage of immediacy. With the enormous technological advances in trading tools over recent years, algorithmic trading is widely used in exploiting arbitrage opportunities. These algorithmic trades lead to almost simultaneous exploitation of arbitrage opportunities by large numbers of professional ...
Lending-of-last-resort is as lending-of-last
... 2. LOLR and the Eurosystem framework for liquidity provision The words Lender of Last Resort (LOLR) do not appear in any documentation describing the functioning of the Eurosystem. Still, the Eurosystem, as the monetary authority of the euro area, is in charge of managing the liquidity of the bankin ...
... 2. LOLR and the Eurosystem framework for liquidity provision The words Lender of Last Resort (LOLR) do not appear in any documentation describing the functioning of the Eurosystem. Still, the Eurosystem, as the monetary authority of the euro area, is in charge of managing the liquidity of the bankin ...
GFI Group Inc. (Form: 10-K, Received: 03/13/2015
... products to institutional customers in markets for a range of fixed income, financial, equity and commodity instruments. We provide execution services for our institutional wholesale customers by either matching their trading needs with counterparties having reciprocal interests or directing their o ...
... products to institutional customers in markets for a range of fixed income, financial, equity and commodity instruments. We provide execution services for our institutional wholesale customers by either matching their trading needs with counterparties having reciprocal interests or directing their o ...
NBIM DIscussIoN NoTE Momentum in Futures Market
... We start by asking why long-term investors should care about trend-following strategies. Kroencke, Schindler and Schrimpf (2013) quantify the diversification benefits (increase in Sharpe ratio) from adding foreign exchange investment styles (value, momentum and carry) to portfolios consisting of glo ...
... We start by asking why long-term investors should care about trend-following strategies. Kroencke, Schindler and Schrimpf (2013) quantify the diversification benefits (increase in Sharpe ratio) from adding foreign exchange investment styles (value, momentum and carry) to portfolios consisting of glo ...
Speculative Equilibrium with Differences in Higher
... sixth-order beliefs about B’s beliefs. This slight inconsistency between the fifth- and the sixth-order expectations results in yet another round of upward adjustments to price. We now have three upward adjustments by A and three by B. If this slight misspecification persists to higher and higher o ...
... sixth-order beliefs about B’s beliefs. This slight inconsistency between the fifth- and the sixth-order expectations results in yet another round of upward adjustments to price. We now have three upward adjustments by A and three by B. If this slight misspecification persists to higher and higher o ...
Herding Behavior - Evidence from Portuguese Mutual Funds
... For the last two decades, the importance of mutual funds all over the world has increased enormously. In 1950, institutional investors in the US held 6% of the stock market. Today that share represents over 50% of the stock market capitalization (around US dollars 30 trillion) and mutual funds are t ...
... For the last two decades, the importance of mutual funds all over the world has increased enormously. In 1950, institutional investors in the US held 6% of the stock market. Today that share represents over 50% of the stock market capitalization (around US dollars 30 trillion) and mutual funds are t ...
Assessment of the VP settlement system
... nancial Supervisory Authority that Danmarks Nationalbank is responsible for overseeing the securities settlement system.1 The securities settlement system is systemically important. It is central to banks' liquidity management activities, e.g. by affecting their access to credit from Danmarks Nation ...
... nancial Supervisory Authority that Danmarks Nationalbank is responsible for overseeing the securities settlement system.1 The securities settlement system is systemically important. It is central to banks' liquidity management activities, e.g. by affecting their access to credit from Danmarks Nation ...
Do Noise Traders Move Markets?
... be net buyers or net sellers of the same stocks; if, instead, noise traders buy and sell randomly, their trades tend to cancel, rather than reinforce, each other. Third, there must be limits to the ability of rational, well-informed investors to correct mispricing through arbitrage. If these conditi ...
... be net buyers or net sellers of the same stocks; if, instead, noise traders buy and sell randomly, their trades tend to cancel, rather than reinforce, each other. Third, there must be limits to the ability of rational, well-informed investors to correct mispricing through arbitrage. If these conditi ...
Trading and Investment Strategies
... investing experience. Through simulated trading experience, we learned how to invest in different markets and develop strategies for trading them. For example, trading currencies can be a great means for consistent short term returns but requires a lot of time and management, whereas trading equitie ...
... investing experience. Through simulated trading experience, we learned how to invest in different markets and develop strategies for trading them. For example, trading currencies can be a great means for consistent short term returns but requires a lot of time and management, whereas trading equitie ...
Detailed Assessment of Implementation on IOSCO Principles
... Self-regulatory organizations (SRO) are critical components of the regulatory system. The JSE is the primary and secondary market for listed equity securities, financial derivatives, agricultural commodities and a recently developed bond market. In 2009, the Bond Exchange of South Africa (BESA), whi ...
... Self-regulatory organizations (SRO) are critical components of the regulatory system. The JSE is the primary and secondary market for listed equity securities, financial derivatives, agricultural commodities and a recently developed bond market. In 2009, the Bond Exchange of South Africa (BESA), whi ...
THREE ESSAYS ON INVESTMENTS AND CORPORATE
... Manso theorizes that the individual choice of management to innovate is ...
... Manso theorizes that the individual choice of management to innovate is ...
Revisiting The Inadvertent Investment Company
... of the exceptions (as opposed to exemptions) from the definition. An investment pool that trades primarily or exclusively in securities, including many private equity funds, most hedge funds and all mutual funds, is an investment company for purposes of the Company Act and, thus, must comply with th ...
... of the exceptions (as opposed to exemptions) from the definition. An investment pool that trades primarily or exclusively in securities, including many private equity funds, most hedge funds and all mutual funds, is an investment company for purposes of the Company Act and, thus, must comply with th ...
usd/cnh options product information
... EPs are required to submit their requests to HKEX for setting up their order size limits based on their business needs & risk management requirements ...
... EPs are required to submit their requests to HKEX for setting up their order size limits based on their business needs & risk management requirements ...
February 26, 2013 VIA ELECTRONIC MAIL Mr. Gary Barnett
... It is very difficult and extremely time consuming to get information from Underlying Managers regarding the extent of their Underlying Funds’ commodity interest trading if the Underlying Managers themselves are not relying on Regulation 4.5 or Regulation 4.13(a)(3) with respect to those Underlying F ...
... It is very difficult and extremely time consuming to get information from Underlying Managers regarding the extent of their Underlying Funds’ commodity interest trading if the Underlying Managers themselves are not relying on Regulation 4.5 or Regulation 4.13(a)(3) with respect to those Underlying F ...
Corruption`s Impact on Liquidity, Investment
... with corrupt government officials than foreign institutional investors. At medium levels of corruption, local monopolies / cronies can also twist the rules in their favor. Thus, dominance of local monopolies in a moderately corrupt environment can force foreigners out of the market. Lastly, the fore ...
... with corrupt government officials than foreign institutional investors. At medium levels of corruption, local monopolies / cronies can also twist the rules in their favor. Thus, dominance of local monopolies in a moderately corrupt environment can force foreigners out of the market. Lastly, the fore ...
index of defined terms
... SUMMARY Summaries are made up of disclosure requirements known as "Elements". These elements are numbered in Sections A – E (A.1 – E.7). This summary contains all the Elements required to be included in a summary for this type of securities and Issuer. Because some Elements are not required to be ad ...
... SUMMARY Summaries are made up of disclosure requirements known as "Elements". These elements are numbered in Sections A – E (A.1 – E.7). This summary contains all the Elements required to be included in a summary for this type of securities and Issuer. Because some Elements are not required to be ad ...
Chicago Board of Trade (CBOT)
... • Treasury futures contracts are based on a 6% coupon • There are several issues that are deliverable into a Treasury futures contract • Treasury futures prices track the “cheapest to deliver” security, the single instrument that generally stands out as the “cheapest” or most economical to deliver-- ...
... • Treasury futures contracts are based on a 6% coupon • There are several issues that are deliverable into a Treasury futures contract • Treasury futures prices track the “cheapest to deliver” security, the single instrument that generally stands out as the “cheapest” or most economical to deliver-- ...
Endogenous Liquidity and Contagion
... exogenous liquidity trades, rather than liquidity shocks that may give rise to optimal liquidity trades. This is also the case in the models of Kyle (1985) and Glosten and Milgrom (1985) and in much of the ensuing literature on market microstructure. A number of papers, following Diamond and Verecch ...
... exogenous liquidity trades, rather than liquidity shocks that may give rise to optimal liquidity trades. This is also the case in the models of Kyle (1985) and Glosten and Milgrom (1985) and in much of the ensuing literature on market microstructure. A number of papers, following Diamond and Verecch ...
Trading room
A trading room gathers traders operating on financial markets. The trading room is also often called the front office. The terms ""dealing room"" and ""trading floor"" are also used, the latter being inspired from that of an open outcry stock exchange. As open outcry is gradually replaced by electronic trading, the trading room gets the only living place that is emblematic of the financial market. It is also the likeliest place within the financial institution where the most recent technologies are implemented before being disseminated in its other businesses.