Decimalization, trading costs, and information transmission between
... AMEX started to trade in decimals on this date, but their corresponding index futures continued to trade in their original tick sizes. This offers an opportunity to test the impact of changes in tick size empirically. ETFs are index funds or trusts that are listed and traded intraday on an exchange. ...
... AMEX started to trade in decimals on this date, but their corresponding index futures continued to trade in their original tick sizes. This offers an opportunity to test the impact of changes in tick size empirically. ETFs are index funds or trusts that are listed and traded intraday on an exchange. ...
Block trade reporting for OTC derivatives markets, January
... reporting of swaps1 transactions, as well as exemptions to the real-time reporting rules for large notional swap transactions and block trades (referred to collectively as “block trades” throughout this paper). A major challenge facing the CFTC and SEC is balancing the benefits of increased posttrad ...
... reporting of swaps1 transactions, as well as exemptions to the real-time reporting rules for large notional swap transactions and block trades (referred to collectively as “block trades” throughout this paper). A major challenge facing the CFTC and SEC is balancing the benefits of increased posttrad ...
Review of the Market Events of May 6, 2010
... coordinated and were not present at all the markets. Finally, it was noted that in some cases these volatility controls were triggered as stock prices began to recover. There is no evidence of a large scale migration of liquidity to other Canadian marketplaces occurring as the result of the freezes ...
... coordinated and were not present at all the markets. Finally, it was noted that in some cases these volatility controls were triggered as stock prices began to recover. There is no evidence of a large scale migration of liquidity to other Canadian marketplaces occurring as the result of the freezes ...
Long term spread option valuation and hedging
... prices, termed cointegration, which has been little studied by asset pricing researchers. If a cointegration relationship exists between two asset prices the spread should be modelled directly over the long term horizon. Soronow and Morgan (2002) proposed a one factor mean reverting process to model ...
... prices, termed cointegration, which has been little studied by asset pricing researchers. If a cointegration relationship exists between two asset prices the spread should be modelled directly over the long term horizon. Soronow and Morgan (2002) proposed a one factor mean reverting process to model ...
Security Futures
... Owning any asset—be it bushels of wheat, barrels of oil, or shares of stock—involves the risk that price changes during the course of ownership may adversely affect its value. For more than 150 years, licensed and regulated futures exchanges have existed specifically for the purpose of price risk tr ...
... Owning any asset—be it bushels of wheat, barrels of oil, or shares of stock—involves the risk that price changes during the course of ownership may adversely affect its value. For more than 150 years, licensed and regulated futures exchanges have existed specifically for the purpose of price risk tr ...
Pacer ETFs Crosses $1 Billion Threshold
... An investment in the Funds is subject to investment risk, including the possible loss of principal. Pacer ETF shares may be bought and sold on an exchange through a brokerage account. Brokerage commissions and ETF expenses will reduce investment returns. There can be no assurance that an active trad ...
... An investment in the Funds is subject to investment risk, including the possible loss of principal. Pacer ETF shares may be bought and sold on an exchange through a brokerage account. Brokerage commissions and ETF expenses will reduce investment returns. There can be no assurance that an active trad ...
Day Effects in Korean Stock Market
... the price moves more than 3% of the previous day’s closing price for one minute, trading of all futures and options is halted for five minutes. As well, the futures and options markets are automatically halted if the cash stock market is halted. Trading in the stock market is halted for twenty minu ...
... the price moves more than 3% of the previous day’s closing price for one minute, trading of all futures and options is halted for five minutes. As well, the futures and options markets are automatically halted if the cash stock market is halted. Trading in the stock market is halted for twenty minu ...
Zvi NBER WORKING PAPER SERIES
... These papers have been submitted to the University of Chicago Press to be considered for publication in a volmoe tentatively titled, The Changing Roles of Debt and Equity in Financing U.S. Capital Formation, edited by Benjamin Friedman. Copies of these papers may be obtained by sending 1.50 per copy ...
... These papers have been submitted to the University of Chicago Press to be considered for publication in a volmoe tentatively titled, The Changing Roles of Debt and Equity in Financing U.S. Capital Formation, edited by Benjamin Friedman. Copies of these papers may be obtained by sending 1.50 per copy ...
Declaration on the selected option for the annual fee for the
... The list of Attachments required in accordance with the Trading Rules for the Commodity Market of the Polish Power Exchange for the consideration of the Application: The documents required for all the markets the Applicant intends to operate on: 1. The list of commodity brokers employed by the Appl ...
... The list of Attachments required in accordance with the Trading Rules for the Commodity Market of the Polish Power Exchange for the consideration of the Application: The documents required for all the markets the Applicant intends to operate on: 1. The list of commodity brokers employed by the Appl ...
Document
... Risk Warning: CFDs, which are leveraged products, incur a high level of risk and can result in the loss of all your invested capital. Therefore, CFDs may not be suitable for all investors. You should not risk more than you are prepared to lose. Before deciding to trade, please ensure you understand ...
... Risk Warning: CFDs, which are leveraged products, incur a high level of risk and can result in the loss of all your invested capital. Therefore, CFDs may not be suitable for all investors. You should not risk more than you are prepared to lose. Before deciding to trade, please ensure you understand ...
Two Additional Market Vectors ETFs Offered to Qualified
... Market Vectors exchange-traded products have been offered since 2006 and span many asset classes, including equities, fixed income (municipal and international bonds) and currency markets. The Market Vectors family currently totals $20.5B in assets under management as of December 31, 2014, making it ...
... Market Vectors exchange-traded products have been offered since 2006 and span many asset classes, including equities, fixed income (municipal and international bonds) and currency markets. The Market Vectors family currently totals $20.5B in assets under management as of December 31, 2014, making it ...
Reference manual - Index derivatives
... S&P/TSX 60 Index. Pension fund administrators have also adopted this management method. In September 1999, the Montréal Exchange listed futures and options contracts on the S&P/TSX 60 Index. Later, in March 2000, options on the iShares CDN S&P/TSX 60 Fund were introduced. Futures contracts on sector ...
... S&P/TSX 60 Index. Pension fund administrators have also adopted this management method. In September 1999, the Montréal Exchange listed futures and options contracts on the S&P/TSX 60 Index. Later, in March 2000, options on the iShares CDN S&P/TSX 60 Fund were introduced. Futures contracts on sector ...
What is an Exchange Traded Fund? How are ETFs bought and sold
... exposure from an index provider like FTSE. An investor can gain exposure to the performance of ...
... exposure from an index provider like FTSE. An investor can gain exposure to the performance of ...
Bitcoin Comes of Age
... A small group of industry veterans are working on platforms to bring trading and hedging of digital currencies to maturity Need for Regulated Platforms If an institution wants to exchange BTC for fiat currency, whether U.S. dollars, Euro or Yuan, no safe settlement platform exists to protect bot ...
... A small group of industry veterans are working on platforms to bring trading and hedging of digital currencies to maturity Need for Regulated Platforms If an institution wants to exchange BTC for fiat currency, whether U.S. dollars, Euro or Yuan, no safe settlement platform exists to protect bot ...
Before The - Maryland Public Service Commission
... that reduces price risk, while a speculation is one that increases it. Positions in derivatives are ...
... that reduces price risk, while a speculation is one that increases it. Positions in derivatives are ...
Title Is Times New Roman 28 Pt., Line Spacing .9 Lines
... Departments of Morgan Stanley & Co. LLC or Citigroup Global Markets Inc. The views and opinions contained in this material are those of the author(s) and may differ materially from the views and opinions of others at Morgan Stanley Smith Barney LLC or any of its affiliate companies. Past performance ...
... Departments of Morgan Stanley & Co. LLC or Citigroup Global Markets Inc. The views and opinions contained in this material are those of the author(s) and may differ materially from the views and opinions of others at Morgan Stanley Smith Barney LLC or any of its affiliate companies. Past performance ...
Why the Mutual Fund Scandal Matters
... timing, a trader makes rapid, in-and-out trades in a mutual fund. This is not necessarily illegal, but many funds have stated policies, spelled out in their prospectuses and other documents, discouraging or prohibiting the practice. In many instances market timing can operate in exactly the same way ...
... timing, a trader makes rapid, in-and-out trades in a mutual fund. This is not necessarily illegal, but many funds have stated policies, spelled out in their prospectuses and other documents, discouraging or prohibiting the practice. In many instances market timing can operate in exactly the same way ...
Gideon I: the FTC equity strategy
... As promised, FTC’s trend-following fund-of-funds strategy has survived the crisis months on the world markets since 2008 much better in comparison with conventional equity funds. Since February 2009, FTC has been applying an additional longshort overlay in Gideon I. Read this issue of FTC.update to ...
... As promised, FTC’s trend-following fund-of-funds strategy has survived the crisis months on the world markets since 2008 much better in comparison with conventional equity funds. Since February 2009, FTC has been applying an additional longshort overlay in Gideon I. Read this issue of FTC.update to ...
EURO STOXX 50® Total Return Futures
... • Banks often sell structured products such as auto-callables where they in effect buy cancellable longterm puts. If the market goes down this extends likely duration and hence they become short longer forwards. They may wish to hedge by selling the medium to longer term repos. ...
... • Banks often sell structured products such as auto-callables where they in effect buy cancellable longterm puts. If the market goes down this extends likely duration and hence they become short longer forwards. They may wish to hedge by selling the medium to longer term repos. ...
LSEDM - Tariff Schedule - London Stock Exchange Group
... index options and futures as well as 3 single stock options & futures, it will benefit from a further 15% discount on its OBX derivatives trading, adding up to a total of 70% discount (55%+15%), plus a 60% discount of stock option fees. The same rationale applies to discounts on single stock options ...
... index options and futures as well as 3 single stock options & futures, it will benefit from a further 15% discount on its OBX derivatives trading, adding up to a total of 70% discount (55%+15%), plus a 60% discount of stock option fees. The same rationale applies to discounts on single stock options ...
Commodity market
A 'commodity market' is a market that trades in primary rather than manufactured products. Soft commodities are agricultural products such as wheat, coffee, cocoa and sugar. Hard commodities are mined, such as gold and oil. Investors access about 50 major commodity markets worldwide with purely financial transactions increasingly outnumbering physical trades in which goods are delivered. Futures contracts are the oldest way of investing in commodities. Futures are secured by physical assets. Commodity markets can include physical trading and derivatives trading using spot prices, forwards, futures, and options on futures. Farmers have used a simple form of derivative trading in the commodity market for centuries for price risk management.A financial derivative is a financial instrument whose value is derived from a commodity termed an underlier. Derivatives are either exchange-traded or over-the-counter (OTC). An increasing number of derivatives are traded via clearing houses some with Central Counterparty Clearing, which provide clearing and settlement services on a futures exchange, as well as off-exchange in the OTC market.Derivatives such as futures contracts, Swaps (1970s-), Exchange-traded Commodities (ETC) (2003-), forward contracts have become the primary trading instruments in commodity markets. Futures are traded on regulated commodities exchanges. Over-the-counter (OTC) contracts are ""privately negotiated bilateral contracts entered into between the contracting parties directly"".Exchange-traded funds (ETFs) began to feature commodities in 2003. Gold ETFs are based on ""electronic gold"" that does not entail the ownership of physical bullion, with its added costs of insurance and storage in repositories such as the London bullion market. According to the World Gold Council, ETFs allow investors to be exposed to the gold market without the risk of price volatility associated with gold as a physical commodity.