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THE PRICING OF SPARK SPREAD CONTINGENT CLAIMS
... supply contracts in 2003 (Däuper & Lokau, 2009) the 2004 EU reports were not satisfactory. In fact, even by 2006 there was no liquid market in which natural gas could be traded (Lohmann, 2006). It was only in 2007 when natural gas contracts started to be traded on the European Energy Exchange in Lei ...
... supply contracts in 2003 (Däuper & Lokau, 2009) the 2004 EU reports were not satisfactory. In fact, even by 2006 there was no liquid market in which natural gas could be traded (Lohmann, 2006). It was only in 2007 when natural gas contracts started to be traded on the European Energy Exchange in Lei ...
New listing package to enhance competitiveness of HK financial
... Decisions of the Listing Committee are subject to appeal to a Listing Policy and Appeals Committee on specified grounds. A Disciplinary Appeals Committee will also be formed to hear appeals against disciplinary decisions. Both appeals committees will consist of two non-executive directors of HKEx an ...
... Decisions of the Listing Committee are subject to appeal to a Listing Policy and Appeals Committee on specified grounds. A Disciplinary Appeals Committee will also be formed to hear appeals against disciplinary decisions. Both appeals committees will consist of two non-executive directors of HKEx an ...
Applying Arc-Flash Detection With Air-Magnetic Circuit Breakers
... It can be argued that the purpose of having a high-speed AFD system is defeated by deliberately delaying the operation of the relay. However, the added time delay is not always in effectthe elements are only delayed when a feeder breaker is being tripped by a protection device. If an arc flash occu ...
... It can be argued that the purpose of having a high-speed AFD system is defeated by deliberately delaying the operation of the relay. However, the added time delay is not always in effectthe elements are only delayed when a feeder breaker is being tripped by a protection device. If an arc flash occu ...
Download attachment
... • According to one estimate, the sukuk investments in 2005 increased by 35% to approximately US$ 9 billion as compared to 2004 (US$ 6.7 billion) • Bahrain was among the first sovereign to issue a Sukuk in the world, providing a new asset class to global financial community. • It is estimated that by ...
... • According to one estimate, the sukuk investments in 2005 increased by 35% to approximately US$ 9 billion as compared to 2004 (US$ 6.7 billion) • Bahrain was among the first sovereign to issue a Sukuk in the world, providing a new asset class to global financial community. • It is estimated that by ...
Building Value to Power Your Exit Strategy
... Run your business like it is a publicly traded business Pay down company debt Network with local and regional industry people (competitors, distributors, peers) Be suspicious of “rules of thumb” valuations Face reality – there are limited all cash buyers out there Buyers do not pay for potential! Bu ...
... Run your business like it is a publicly traded business Pay down company debt Network with local and regional industry people (competitors, distributors, peers) Be suspicious of “rules of thumb” valuations Face reality – there are limited all cash buyers out there Buyers do not pay for potential! Bu ...
the long reach of Georgia-Pacific`s Harmon Associates is beginning
... Georgia-Pacific is a corporate name that most Americans find recognizable, which is why it is also a name that Harmon Associates turns to when striving for economies of scale. Harmon Associates, the scrap paper trading arm of Georgia-Pacific (GP), employs approximately 150 people around the world wh ...
... Georgia-Pacific is a corporate name that most Americans find recognizable, which is why it is also a name that Harmon Associates turns to when striving for economies of scale. Harmon Associates, the scrap paper trading arm of Georgia-Pacific (GP), employs approximately 150 people around the world wh ...
SME Exchanges in Emerging Market Economies
... Developing SME exchanges in emerging market countries (EMCs) is a more difficult challenge, largely because the size of the SMEs is so small. GreTai Securities Market in Taipei and Warsaw Stock Exchange (WSE) NewConnect in Poland have had some success. Others, with significant numbers of SMEs in the ...
... Developing SME exchanges in emerging market countries (EMCs) is a more difficult challenge, largely because the size of the SMEs is so small. GreTai Securities Market in Taipei and Warsaw Stock Exchange (WSE) NewConnect in Poland have had some success. Others, with significant numbers of SMEs in the ...
Study of statistical correlations in intraday and daily financial
... Many complex features, including multi-fractal behaviour, of financial markets have been studied for a long time, and constitute today a collection of empirical “laws”, the so-called “stylized facts” [2]. The questions: “How efficient is the market? To what extent?” have been long debated on by econ ...
... Many complex features, including multi-fractal behaviour, of financial markets have been studied for a long time, and constitute today a collection of empirical “laws”, the so-called “stylized facts” [2]. The questions: “How efficient is the market? To what extent?” have been long debated on by econ ...
ICP_WRC050 Direction to Supply
... Description of the Change Proposal/ Charging Change Proposal, its nature and purpose and (for Change Proposals only) how it is consistent with the Principles and falls within the Objectives noted below, as required under the Draft Market Arrangements Code Section 6.2.1(c). General (Market Terms and ...
... Description of the Change Proposal/ Charging Change Proposal, its nature and purpose and (for Change Proposals only) how it is consistent with the Principles and falls within the Objectives noted below, as required under the Draft Market Arrangements Code Section 6.2.1(c). General (Market Terms and ...
Is There Price Discovery in Equity Options?
... “directional” information about the future level of the underlying stock price that is not yet reflected in stock price quotes? Using a dataset that contains more than three years of “tick-by-tick” trade and quote data for 39 liquid U.S. stocks and options on them, we address this question by focusi ...
... “directional” information about the future level of the underlying stock price that is not yet reflected in stock price quotes? Using a dataset that contains more than three years of “tick-by-tick” trade and quote data for 39 liquid U.S. stocks and options on them, we address this question by focusi ...
Package `maRketSim`
... ## S3 method for class 'cash' duration(x, type="modified", mkt, ...) ## S3 method for class 'bond' duration(x, type="modified", mkt, ...) ## S3 method for class 'portfolio.bond' duration(x, type="modified", mkt, ...) ## S3 method for class 'account' duration(x, type="modified", mkt, ...) ## S3 metho ...
... ## S3 method for class 'cash' duration(x, type="modified", mkt, ...) ## S3 method for class 'bond' duration(x, type="modified", mkt, ...) ## S3 method for class 'portfolio.bond' duration(x, type="modified", mkt, ...) ## S3 method for class 'account' duration(x, type="modified", mkt, ...) ## S3 metho ...
Valuation: Introduction
... liquidate that is held by the stockholders of the firm. Viewed as such, it is a call option on the assets of the firm. The reserves owned by natural resource firms can be viewed as call options on the underlying resource, since the firm can decide whether and how much of the resource to extract from ...
... liquidate that is held by the stockholders of the firm. Viewed as such, it is a call option on the assets of the firm. The reserves owned by natural resource firms can be viewed as call options on the underlying resource, since the firm can decide whether and how much of the resource to extract from ...
2010 Flash Crash
![](https://commons.wikimedia.org/wiki/Special:FilePath/2010_flash_crash.jpg?width=300)
The May 6, 2010, Flash Crash also known as The Crash of 2:45, the 2010 Flash Crash or simply the Flash Crash, was a United States trillion-dollar stock market crash, which started at 2:32 and lasted for approximately 36 minutes. Stock indexes, such as the S&P 500, Dow Jones Industrial Average and Nasdaq 100, collapsed and rebounded very rapidly.The Dow Jones Industrial Average had its biggest intraday point drop (from the opening) up to that point, plunging 998.5 points (about 9%), most within minutes, only to recover a large part of the loss. It was also the second-largest intraday point swing (difference between intraday high and intraday low) up to that point, at 1,010.14 points. The prices of stocks, stock index futures, options and ETFs were volatile, thus trading volume spiked. A CFTC 2014 report described it as one of the most turbulent periods in the history of financial markets.On April 21, 2015, nearly five years after the incident, the U.S. Department of Justice laid ""22 criminal counts, including fraud and market manipulation"" against Navinder Singh Sarao, a trader. Among the charges included was the use of spoofing algorithms; just prior to the Flash Crash, he placed thousands of E-mini S&P 500 stock index futures contracts which he planned on canceling later. These orders amounting to about ""$200 million worth of bets that the market would fall"" were ""replaced or modified 19,000 times"" before they were canceled. Spoofing, layering and front-running are now banned.The Commodity Futures Trading Commission (CFTC) investigation concluded that Sarao ""was at least significantly responsible for the order imbalances"" in the derivatives market which affected stock markets and exacerbated the flash crash. Sarao began his alleged market manipulation in 2009 with commercially available trading software whose code he modified ""so he could rapidly place and cancel orders automatically."" Traders Magazine journalist, John Bates, argued that blaming a 36-year-old small-time trader who worked from his parents' modest stucco house in suburban west London for sparking a trillion-dollar stock market crash is a little bit like blaming lightning for starting a fire"" and that the investigation was lengthened because regulators used ""bicycles to try and catch Ferraris."" Furthermore, he concluded that by April 2015, traders can still manipulate and impact markets in spite of regulators and banks' new, improved monitoring of automated trade systems.As recently as May 2014, a CFTC report concluded that high-frequency traders ""did not cause the Flash Crash, but contributed to it by demanding immediacy ahead of other market participants.""Recent research shows that Flash Crashes are not isolated occurrences, but have occurred quite often over the past century. For instance, Irene Aldridge, the author of High-Frequency Trading: A Practical Guide to Algorithmic Strategies and Trading Systems, 2nd ed., Wiley & Sons, shows that Flash Crashes have been frequent and their causes predictable in market microstructure analysis.