![Appendix 5](http://s1.studyres.com/store/data/021760023_1-b71d83a0a5707ba87f3d738e1ec29291-300x300.png)
Appendix 5
... Rules, the Companies (Winding Up and Miscellaneous Provisions) Ordinance, the Securities and Futures (Stock Market Listing) Rules and any other applicable legislation has been included therein or, if the final version has not yet been submitted (or reviewed), will be included therein before it is so ...
... Rules, the Companies (Winding Up and Miscellaneous Provisions) Ordinance, the Securities and Futures (Stock Market Listing) Rules and any other applicable legislation has been included therein or, if the final version has not yet been submitted (or reviewed), will be included therein before it is so ...
Concentrated Positions - RiverFront Investment Group
... being able to achieve their long-term goals. We believe the outsized risks that these positions bring to investment portfolios are rarely worth the tax savings an investor hopes to recognize by holding them. With the long-term capital gains tax rate near historically low levels, and the market (as m ...
... being able to achieve their long-term goals. We believe the outsized risks that these positions bring to investment portfolios are rarely worth the tax savings an investor hopes to recognize by holding them. With the long-term capital gains tax rate near historically low levels, and the market (as m ...
Glued to the TV: Distracted Retail Investors and Stock Market Liquidity
... intraday TAQ data) as the standard deviation of five-minute returns during the day. Again we find a drop of about 3% in the bottom terciles, which dissipates monotonically as we move away from stocks with high levels of retail ownership. In summary, among stocks owned predominantly by individual inv ...
... intraday TAQ data) as the standard deviation of five-minute returns during the day. Again we find a drop of about 3% in the bottom terciles, which dissipates monotonically as we move away from stocks with high levels of retail ownership. In summary, among stocks owned predominantly by individual inv ...
Document
... (continued) • For the formula to be true it is important that the index represent an investment asset • In other words, changes in the index must correspond to changes in the value of a tradable portfolio • The Nikkei index viewed as a dollar number does not represent an investment asset Options, Fu ...
... (continued) • For the formula to be true it is important that the index represent an investment asset • In other words, changes in the index must correspond to changes in the value of a tradable portfolio • The Nikkei index viewed as a dollar number does not represent an investment asset Options, Fu ...
authorisation to purchase and hold own shares, in accordance with
... price and the reserve available for this purpose; b) the ordinary shares may be purchased at a minimum unit price of 1.00 euro (one euro, zero cents) and at a maximum price of not more than 10% above the average of the reference price for the three days the Stock Exchange is open prior to the transa ...
... price and the reserve available for this purpose; b) the ordinary shares may be purchased at a minimum unit price of 1.00 euro (one euro, zero cents) and at a maximum price of not more than 10% above the average of the reference price for the three days the Stock Exchange is open prior to the transa ...
Instructions - Creative Financial Solutions
... Our short answer to both questions right now is, no. Overall our outlook for stocks has not improved, and, if anything, given the sharp run-up in stock prices, which implies lower future returns over our five-year tactical horizon, we are getting closer to reducing our U.S. equity exposure than we a ...
... Our short answer to both questions right now is, no. Overall our outlook for stocks has not improved, and, if anything, given the sharp run-up in stock prices, which implies lower future returns over our five-year tactical horizon, we are getting closer to reducing our U.S. equity exposure than we a ...
MARKET STRUCTURE AND INSIDER TRADING
... the market maker sets two (interrelated) coefficients in the price function, one for each signal. They show that the output decision of the firm is influenced by the insiders stock trade. It is also shown that the informational content of the stock trade, as in JMJ, is less than Kyle and is a functi ...
... the market maker sets two (interrelated) coefficients in the price function, one for each signal. They show that the output decision of the firm is influenced by the insiders stock trade. It is also shown that the informational content of the stock trade, as in JMJ, is less than Kyle and is a functi ...
Geometric Brownian Motion
... payoff therefore cannot be negative. Because the payoff cannot be negative, there must be a cost to obtain a stock option. The profit is the difference between the payoff and the price paid. Another difference in stock options and forward contracts is that (real-world) stock options can be exercised ...
... payoff therefore cannot be negative. Because the payoff cannot be negative, there must be a cost to obtain a stock option. The profit is the difference between the payoff and the price paid. Another difference in stock options and forward contracts is that (real-world) stock options can be exercised ...
Disclosure and communication policy
... Media relations and public statements Media relations and communications are the responsibility of the Chair, the CEO and Managing Director. On matters relating to the Board or to corporate and governance, the Chair is generally the spokesperson and on general business and financial matters, the CEO ...
... Media relations and public statements Media relations and communications are the responsibility of the Chair, the CEO and Managing Director. On matters relating to the Board or to corporate and governance, the Chair is generally the spokesperson and on general business and financial matters, the CEO ...
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.