• Study Resource
  • Explore
    • Arts & Humanities
    • Business
    • Engineering & Technology
    • Foreign Language
    • History
    • Math
    • Science
    • Social Science

    Top subcategories

    • Advanced Math
    • Algebra
    • Basic Math
    • Calculus
    • Geometry
    • Linear Algebra
    • Pre-Algebra
    • Pre-Calculus
    • Statistics And Probability
    • Trigonometry
    • other →

    Top subcategories

    • Astronomy
    • Astrophysics
    • Biology
    • Chemistry
    • Earth Science
    • Environmental Science
    • Health Science
    • Physics
    • other →

    Top subcategories

    • Anthropology
    • Law
    • Political Science
    • Psychology
    • Sociology
    • other →

    Top subcategories

    • Accounting
    • Economics
    • Finance
    • Management
    • other →

    Top subcategories

    • Aerospace Engineering
    • Bioengineering
    • Chemical Engineering
    • Civil Engineering
    • Computer Science
    • Electrical Engineering
    • Industrial Engineering
    • Mechanical Engineering
    • Web Design
    • other →

    Top subcategories

    • Architecture
    • Communications
    • English
    • Gender Studies
    • Music
    • Performing Arts
    • Philosophy
    • Religious Studies
    • Writing
    • other →

    Top subcategories

    • Ancient History
    • European History
    • US History
    • World History
    • other →

    Top subcategories

    • Croatian
    • Czech
    • Finnish
    • Greek
    • Hindi
    • Japanese
    • Korean
    • Persian
    • Swedish
    • Turkish
    • other →
 
Profile Documents Logout
Upload
stock comparison - MBA Projects
stock comparison - MBA Projects

... become need of hour, where investor should comprehend the data and understand recent intricacies of online trading. In Indian context, e-trading is relatively new concept, which has yet to gain some significant meaning. In the past, investor had no option to get market information except to contact ...
CESR The Committee of European Securities Regulaters
CESR The Committee of European Securities Regulaters

The hidden risks of going passive
The hidden risks of going passive

... has to its customers under the Financial Services and Markets Act 2000 (as amended from time to time) or any other regulatory system. Reliance should not be placed on the views and information in the document when taking individual investment and/or strategic decisions. Past performance is not a rel ...
Merger Arbitrage & Shareholder Wealth Effects of M&A
Merger Arbitrage & Shareholder Wealth Effects of M&A

... – Target shareholders often prefer to sell immediately and capture most of the takeover premium, rather than wait until deal completion to capture the entire takeover premium. Why? – Arbitrageurs accept deal break risk by buying Target stock, thereby supplying deal break insurance to risk averse Tar ...
Firm Churn on Main Street and Wall Street
Firm Churn on Main Street and Wall Street

... As illustrated in Chart 4, seven of the top 10 most valuable Nasdaq firms in 1976 were financial companies, reflecting the combination of high inflation and financial market innovation in the 1970s that boosted the value of non- ...
Strategic commitment and pricing dynamics
Strategic commitment and pricing dynamics

... detect when product attributes are customised to individual buyers. Secret or complex transaction terms can intensify price competition not only because price matching becomes a less effective deterrent to price cutting behaviour but also because misreading becomes more likely. Firms are more likely ...
Chapter 15 PPP
Chapter 15 PPP

... – Chicago Board of Trade and New York Mercantile also active – 95% of U.S. commodities trade on these three exchanges ...
PDF
PDF

Market Coupling: Key to EU Power Market
Market Coupling: Key to EU Power Market

... Market Coupling: Key to EU Power Market Integration Market coupling is a way of using existing cross capacity efficiently and of creating regional energy markets. Our Expert Panel believe that coupling is a necessary but not sufficient condition for reducing congestion. It works best where there is ...
300% q 3 MTR MQ Find the competitive equilibrium. Calculate the
300% q 3 MTR MQ Find the competitive equilibrium. Calculate the

... With heterogeneous consumers, the profit maximizing tariff and per unit price is found by trial and error. Starting with a $10 price per unit the maximum entry fee that can be charged while still retaining both consumers is equal to the consumer surplus of the marginal consumer, consumer two, which ...
Tender offer approval
Tender offer approval

... PEGAS NONWOVENS SA announces that on 23 January 2017, the Polish supervisory authority, Komisja Nadzoru Finansowego, approved the Tender Offer that the Company submitted on 5 January 2017 in connection with its intention to delist its shares from trading on the Warsaw Stock Exchange. The subject of ...
View this brochure
View this brochure

... convertible bonds and other derivatives requires powerful and robust modeling capabilities. Institutions such as hedge funds, investment banks and asset managers need sophisticated analysis that cover the full range of convertibles to support front and middle office requirements. Effective evaluatio ...
20 Short sales, “overpricing,” liquidity, downward
20 Short sales, “overpricing,” liquidity, downward

... own, a practice called “shorting against the box,” for example in order to create the effective reduction in equity exposure associated with a direct sale, but avoid immediate recognition of capital gains for tax purposes. The additional margin required when shorting against the box is only 5%, accor ...
ASIC CLASS ORDER [CO xx/xxx]
ASIC CLASS ORDER [CO xx/xxx]

... ASIC Market Integrity Rules (Competition) On 29 April 2011, ASIC made the ASIC Market Integrity Rules (Competition), which form part of the regulatory framework for competition between exchange markets. The ASIC Market Integrity Rules (Competition) apply to a Participant or a Market on or through wh ...
PRIMARY MARKET`s PROCEDURE MANUAL BOLSA DE
PRIMARY MARKET`s PROCEDURE MANUAL BOLSA DE

... 5. Blocking of Securities: In order to trade, Primary Issues must be blocked at least one day before the beginning of trading. This prior deposit, whether of physical securities, global securities, macro-titles or dematerialized securities must be done at any Custody and Settlement Center, Transfer ...
TRANSFER PRICE
TRANSFER PRICE

... HEDGING – purchasing insurance against losses because of currency fluctuations, firms make use of “forward contracts” or “swaps” GOVERNMENT INTERVENTION – various nations introduce stabilizing measures into financial systems via selective price controls and price discrimination laws ...
H G I M
H G I M

... exposure to a crisis with derivatives, without having to sell-off the country’s real and primary financial assets. To do this requires (1) creating an index that quantifies the risk in question, (2) instituting a derivative security that can be priced, which pays out when the risk is affecting inves ...
The floating Greeks
The floating Greeks

... The IPO of Tsakos Energy Navigation gives the yahoos, and Barry Parker, something to talk about The mixed fortunes of tanker investors over the past year did not deter those who recently stepped up and bought $95.3m of Tsakos Energy Navigation ("TNP") stock in one of the few IPOs on the New York Sto ...
July 2001 Yochanan Shachmurove*, Uri BenZion**, Paul Klein**, and Joseph Yagil*** *
July 2001 Yochanan Shachmurove*, Uri BenZion**, Paul Klein**, and Joseph Yagil*** *

... The purpose of this study is to examine the efficacy of using technical trading rules in the emerging market of Israel, through the analysis of the Tel-Aviv 25 Index (TA25) and to compare its weak-form market efficiency [as defined in Fama (1970)] to the performance of the S&P 500. Meese and Rogoff ...
1st Assignment - AUEB e
1st Assignment - AUEB e

... 1. Consider a forward contract written on a non-dividend paying asset. Let the current spot price be $45 and the quoted forward price be $46.54. Let the maturity of the contract be 3months and the interest rate for this period is 4.85% per annum. Is there any arbitrage opportunity? 2. An off-market ...
NATIONAL INSTRUMENTS CORP (Form: 4, Received: 05/02/2017
NATIONAL INSTRUMENTS CORP (Form: 4, Received: 05/02/2017

... Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities) 1. Title of ...
Financialization and a New Paradigm for Financial Markets
Financialization and a New Paradigm for Financial Markets

... of potential buyers and sellers.7 For instance, the value of potential future stock dividends may be different for two market participants because one may value near-term returns far more than long-term returns. The best expression of fundamental value is the price generated by the market, but the w ...
Weak-form Market Efficiency of Shanghai Stock Exchange: An
Weak-form Market Efficiency of Shanghai Stock Exchange: An

... This paper investigates the weak-form efficient market hypothesis in Shanghai Stock Exchange using the data from April, 1996 to April, 2002. A set of tests based on the CAPM and another set of tests on the trading strategies are used. We propose the tests of the CAPM on two methodologies, which are ...
Basics with Equity Market Neutral
Basics with Equity Market Neutral

... result, equity market neutral and other equity strategies became what one public fund board member called “the program’s ATM machine” so even managers with a positive track record in 2008 saw redemptions to fill their client’s liquidity needs. What does the aftermath of the 2008 market crisis look l ...
Bid-Ask Spreads for Trading Chinese Stocks Listed on Domestic
Bid-Ask Spreads for Trading Chinese Stocks Listed on Domestic

... China is one of the largest emerging markets in the world that adopts the limit order trading mechanism. In addition to the complicated ownership structure – a consequence a transitional economy – Chinese firms also actively seek to list and raise funds from a variety of overseas markets. This resea ...
< 1 ... 39 40 41 42 43 44 45 46 47 ... 89 >

Algorithmic trading

Algorithmic trading, also called algo trading and blackbox trading, encompasses trading systems that are heavily reliant on complex mathematical formulas and high-speed, computer programs to determine trading strategies. These strategies use electronic platforms to enter trading orders with an algorithm which executes pre-programmed trading instructions accounting for a variety of variables such as timing, price, and volume. Algorithmic trading is widely used by investment banks, pension funds, mutual funds, and other buy-side (investor-driven) institutional traders, to divide large trades into several smaller trades to manage market impact and risk.Algorithmic trading may be used in any investment strategy or trading strategy, including market making, inter-market spreading, arbitrage, or pure speculation (including trend following). The investment decision and implementation may be augmented at any stage with algorithmic support or may operate completely automatically.Many types of algorithmic or automated trading activities can be described as high-frequency trading (HFT), which is a specialized form of algorithmic trading characterized by high turnover and high order-to-trade ratios. As a result, in February 2012, the Commodity Futures Trading Commission (CFTC) formed a special working group that included academics and industry experts to advise the CFTC on how best to define HFT. HFT strategies utilize computers that make elaborate decisions to initiate orders based on information that is received electronically, before human traders are capable of processing the information they observe. Algorithmic trading and HFT have resulted in a dramatic change of the market microstructure, particularly in the way liquidity is provided.Profitability projections by the TABB Group, a financial services industry research firm, for the US equities HFT industry were US$1.3 billion before expenses for 2014, significantly down on the maximum of US$21 billion that the 300 securities firms and hedge funds that then specialized in this type of trading took in profits in 2008, which the authors had then called ""relatively small"" and ""surprisingly modest"" when compared to the market's overall trading volume. In March 2014, Virtu Financial, a high-frequency trading firm, reported that during five years the firm as a whole was profitable on 1,277 out of 1,278 trading days, losing money just one day, empirically demonstrating the law of large numbers benefit of trading thousands to millions of tiny, low-risk and low-edge trades every trading day.A third of all European Union and United States stock trades in 2006 were driven by automatic programs, or algorithms. As of 2009, studies suggested HFT firms accounted for 60-73% of all US equity trading volume, with that number falling to approximately 50% in 2012. In 2006, at the London Stock Exchange, over 40% of all orders were entered by algorithmic traders, with 60% predicted for 2007. American markets and European markets generally have a higher proportion of algorithmic trades than other markets, and estimates for 2008 range as high as an 80% proportion in some markets. Foreign exchange markets also have active algorithmic trading (about 25% of orders in 2006). Futures markets are considered fairly easy to integrate into algorithmic trading, with about 20% of options volume expected to be computer-generated by 2010. Bond markets are moving toward more access to algorithmic traders.Algorithmic trading and HFT have been the subject of much public debate since the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission said in reports that an algorithmic trade entered by a mutual fund company triggered a wave of selling that led to the 2010 Flash Crash. The same reports found HFT strategies may have contributed to subsequent volatility by rapidly pulling liquidity from the market. As a result of these events, the Dow Jones Industrial Average suffered its second largest intraday point swing ever to that date, though prices quickly recovered. (See List of largest daily changes in the Dow Jones Industrial Average.) A July, 2011 report by the International Organization of Securities Commissions (IOSCO), an international body of securities regulators, concluded that while ""algorithms and HFT technology have been used by market participants to manage their trading and risk, their usage was also clearly a contributing factor in the flash crash event of May 6, 2010."" However, other researchers have reached a different conclusion. One 2010 study found that HFT did not significantly alter trading inventory during the Flash Crash. Some algorithmic trading ahead of index fund rebalancing transfers profits from investors.
  • studyres.com © 2025
  • DMCA
  • Privacy
  • Terms
  • Report