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Examining the first stages of Market Performance
Examining the first stages of Market Performance

... undertaken transactions, the size of involved foreign capital and organisational schemes, and most significantly, the emerging markets differ in age. Some emerging financial markets are relatively old (e.g. The Kuala Lumpur Stock Exchange and the Singapore Stock Exchange were formally established as ...
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... government says, the employees could rip off their own firms by arranging for the firms to overpay when they borrowed shares…. The S.E.C., which also filed civil fraud allegations, says the actions brought in $12 million for the traders. This is a $700 million [sic] market, according to calculations ...
PART V - Georgia College & State University
PART V - Georgia College & State University

... Stock Index Futures Example 1 The spot S&P500 index is 1300. Boulder Insurance company plans to purchase a variety of stocks for its stock portfolio in December. It anticipates a large jump in stock market before December. The futures price on the S&P500 index with a December settlement date is 150 ...
How an ETF works - VanEck ETFs Website
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... the ETF units available for trading on ‘ASX’, also known as the ‘secondary market’. All other investors can trade (buy and sell) the ETF units in the Fund with the Market Maker or other investors on ASX throughout each ASX trading day, just like trading shares in ...
FACTSHEET - Altervest Smart Volatility
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... Altervest Smart Volatility is a quantitative absolute return investment strategy that generates alpha through volatility movements. The product’s main objective is long-term capital appreciation with a focus on capital preservation. In order to minimize the frequency and the amplitude of drawdowns, ...
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... further areas to the approach, open to any other new partners (Iberian peninsula, Italy, UK/ireland, Germany, Central Europe, Eastern Europe)  Fits with “Regional Markets” approach as foreseen by European Commission, European Regulatory Forum ...
The Market Microstructure Approach to Foreign Exchange: Looking
The Market Microstructure Approach to Foreign Exchange: Looking

... al. 2012). Retail traders do condition their trades on exchange rate forecasts, but those forecasts appear uninformative because as a group they lose money (Heimer and Simon 2011). Dealers are entirely absent from the standard macroeconomic models. They earn bonuses based on trading profits earned ...
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CSA Staff Notice 11-318: Guidance for Cease Trade Order
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... Orders that ban trading in securities of an issuer generally apply to all the securities of the issuer, including additional CUSIP characters to identify the type of security was not deemed necessary. The CUSIP numbers are automatically retrieved from a list provided by S&P Capital IQ. However, in s ...
The Effect of Stock Market Situation on Investment among Iranian
The Effect of Stock Market Situation on Investment among Iranian

... performance of firms listed in the stock market. For this, 85 firms listed in Tehran Stock Exchange was reviewed for a six-year period (from 2003 to 2008). Finally, regression models were used to test the hypotheses. Results of the study showed that there is a significant and positive relation betwe ...
Look inside a PRE-study booklet
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PowerPoint Presentation - University of Notre Dame
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... of the manager is the same as in JMC, in other words, the trade of the insider is not affected by the competition in the real sector. In a sense, this result represents the fact that the same amount of information is generated with two firms in the market as with one firm. Although, the real signal ...
The Stock Market: What Does it Do and How Has It Performed
The Stock Market: What Does it Do and How Has It Performed

... want to put it into the stock market and use it for my retirement in 30 years. What do you think is the best plan that will provide high returns at a relatively low risk?” What answer would you give? Explain. 2. Microsoft stock rose from less than $10 in 1995 to nearly $100 in early 1999. Microsoft ...
Dismal Decade Offers Cautionary Lessons for Retirees
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... excess of 20% each year from 1995 through 1999. While more modest returns were expected for the next decade, few could have predicted an actual loss in value—it’s only occurred about 5% of the time over rolling 10-year periods since 1926. However, that rarity became reality when 2000–2010 proved one ...
The role of a financial transaction tax in sustainable finance
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... derivatives market to answer this question. Korean taxation on finance – financial income tax, capital gains tax, securities transaction tax Starting in 2013, the government strengthened the tax system and imposed a 14% withholding tax on individuals with an income of less than 20 million KRW. When ...
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... included in the price and the actual readings above or below forecast influence the price. For non-scalping traders, this study still provides useful information because it tells them if the market has overreacted to a large shock or underreacted to a small one, for instance. The only way to discove ...
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Commodity markets (overview)
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... to put in place and the theoretical price is often an upper bound of the traded price. In practice, commodity futures trade often at a substantial discount to their fair value. This premium is referred to as the convenience yield. From an economic point of view, this stems from the fact that the glo ...
Corporate Catastrophes, Stock Returns, and Trading Volume
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... across industries and across the major classes of loss worldwide. STOCK PRICE IMPACT In order to isolate the e€ect of the catastrophe on stock price, it is necessary to rule out the e€ect of other events that may impact stock prices simultaneously. This process involves the estimation of socalled ab ...
Bid-Ask Spreads in OTC Markets
Bid-Ask Spreads in OTC Markets

... January to 20 April, 2012. We focus on the most liquid currency pair, EURUSD, in which daily trading is estimated to be 24% of daily trading worldwide or roughly $500 billion (B.I.S. 2013). The data provide standard information about each trade including the date and time to the second, transaction ...
Day Trading Skill 110523
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... access broker during three months in 2000. They too find these 15 day traders are able to make money on their day trading activities primarily by placing limit orders on electronic crossing networks (ECNs) that are inside the current best quotes offered by NASDAQ dealers. Garvey and Murphy (2005b) f ...
Monthly Seasonality in the New Zealand Stock Market
Monthly Seasonality in the New Zealand Stock Market

... securities, futures, foreign currencies and commodities). Tooke (1824) and Kemmerer (1911) are the two earliest studies on this topic (see Bentzen, 2009). By 2010 more than 150 articles have been published worldwide on this topic, using different data, methods and sample periods in different countri ...
Opportunities Abound… Trading Is The Key!
Opportunities Abound… Trading Is The Key!

... “It’s a rarity when high flyers that have been taken out and shot regain leadership,” said Schatz.  “It’s like waiting for snow in the Caribbean. But we see it all the time.  My advice, when in  doubt… get out and move on. The Lucents, Oracles and Suns may recover to some extent, but  there are plen ...
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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.
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