• 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
April 24, 2017 - Portfolio Advisory Council
April 24, 2017 - Portfolio Advisory Council

... their affiliates. The information herein has been derived from sources believed to be accurate. Please note - investing involves risk, and past performance is no guarantee of future results. Investments will fluctuate and when redeemed may be worth more or less than when originally invested. This in ...
CDS Trading under MiFID II FAQ
CDS Trading under MiFID II FAQ

... single and competitive market in financial services across all EU member states. The European Commission regards the revision of MiFID as a major part of the continuing structural reforms it considers are needed following the global financial crisis. MiFID II includes requirements for ‘best executio ...
M.I.T. 15.460 Sloan School of Management Financial Engineering
M.I.T. 15.460 Sloan School of Management Financial Engineering

... Financial Engineering Course Description This course provides an introduction to financial engineering. The course covers the following topics: asset pricing theory and its applications, financial optimization, market equilibrium, market frictions, dynamics trading strategies, risk management, and s ...
Chapter1
Chapter1

... *If Ingrid at Chase posts a quote of 125.00-.10 and is called by Taka at Sumitomo who wants to “hit her ask” and have her buy his yen for her dollars, she may wonder if Taka knows something she doesn’t *what private information could Taka have? order flow his bank receives from customers early infor ...
BusAd 551 - Corporate Financial Decisions
BusAd 551 - Corporate Financial Decisions

... – Changes in trends result from changes in supply and demand conditions – Old strategy that can be traced back to the late nineteenth century ...
Stock Market
Stock Market

... • Speculation/Margin buying stocks on credit • Margin Calls – Stockbrokers call in the credit and debt that is owed to the stock market • Black Tuesday – October 29, 1929 the stock market system failed, because no one was able to buy and sell stocks ...
Portfolio Advisory Council, LLC presents:
Portfolio Advisory Council, LLC presents:

... may not be relied on for the purpose of avoiding any Federal tax penalty. This is neither a solicitation nor recommendation to purchase or sell any investment or insurance product or service, and should not be relied upon as such. All market indices discussed are unmanaged and are not illustrative o ...
NSE/CMTR/34693 Date
NSE/CMTR/34693 Date

... standardized lot size for SME Exchange/Platform. In view of the guidelines mentioned in the above circular the Exchange has reviewed the lot size of the security Nandani Creation Limited on SME Platform. The change in the market lot for the security is as follows: Symbol NANDANI ...
During the 10 week period of the stock market simulation, the market
During the 10 week period of the stock market simulation, the market

... commitment to keeping interest rates low for “an extended period of time” has provided for investor confidence which contributed to the dramatic spike in investment that has fueled a large portion of the economic recovery. While the economy is rebounding from the recession, improvements are still co ...
AN ANALYSIS OF GLOBAL HFT REGULATION Motivations, Market
AN ANALYSIS OF GLOBAL HFT REGULATION Motivations, Market

... Empirical evidence shows that HFT reduces trading costs, provides better investment performance for long-term investors, improves liquidity, and offers more flexibility and options for smaller retail investors. ...
Summary Methodology for Manheim Used Vehicle Value Index
Summary Methodology for Manheim Used Vehicle Value Index

... Sample: all Manheim U.S. sales that fall into one of the 20 market classes. (i.e., excludes heavy trucks, motorcycles, etc. Eliminate outliers: calculate average miles and average price for each model year / make / body. For each transaction calculate price and mileage deviation. Outliers are define ...
Market Capitalisation– The overall market capitalisation remained
Market Capitalisation– The overall market capitalisation remained

... return by RBG underpinned the increase in STRI value. Dividend will be payable to RBG shareholders on 25th February 2016. Bid-Offer Spread – FMF maintains the narrowest bid-offer margin spread of $0.10 while PBF maintains the widest bidoffer margin with a spread of $3.00. The Bid to Offer ratio stan ...
- SlideBoom
- SlideBoom

... the broker’s account. Such instruction should reach the DP’s office at least 24 hours before the pay-in, failing which, DP will accept the instruction only at the BO’s risk. ETF An ETF is a basket of securities that is traded on the stock exchange, akin to a stock. So, unlike conventional mutual fun ...
Integrating Markets in Financial Instruments
Integrating Markets in Financial Instruments

... Common Trading System ...
Michael Shulman - AAII
Michael Shulman - AAII

... More and more liquidity in Europe More and more liquidity in China More and more liquidity in Japan Liquidity only serving to prop up assets, not inflation ...
Common Stock: Analysis and Strategy - it
Common Stock: Analysis and Strategy - it

... – Changes in trends result from changes in supply and demand conditions – Old strategy that can be traced back to the late nineteenth century ...
iShares US Treasury Bond 7-10 Year JPY Hedged ETF
iShares US Treasury Bond 7-10 Year JPY Hedged ETF

... - Because ETFs invest in securities whose prices fluctuate, the market price or base value may decrease due to shifts in the underling index or foreign exchange market, fluctuations in the price of constituent securities, bankruptcy or deterioration in the financial conditions of constituent securit ...
November 2013 - Dana Investment Advisors
November 2013 - Dana Investment Advisors

... unemployment, disability and/or food stamps. That is why job creation is so important. Improving job numbers would encourage more people to look for work and make our economy more productive. The Affordable Care Act enters into the employment number also. Employers are wrestling with the consequence ...
Business English -Stock Market Trading Vocabulary
Business English -Stock Market Trading Vocabulary

... Choose the best answer for each one: 1. The stock market has been __________________ for three days straight. fall lower down 2. My stocks are ____________________ 20% this month. high up higher 3. I'm hoping for a 10% _____________________ over the next year. increasing increase increased 4. Tradin ...
Another Year, Another Stock Market Increase
Another Year, Another Stock Market Increase

... indicative of the skill of the advisor. 2. The results portrayed are net of investment advisory fees. A fee of 1.0% per annum was used to calculate the net of fees results. The fee schedule is in Part 2A Form ADV. 3. The results portrayed reflect the reinvestment of dividends and other earnings. ...
September 2010 - Capital Markets Board of Turkey
September 2010 - Capital Markets Board of Turkey

... CMB decision dated July 23, 2010 (the “Decision”) was classifying the stocks traded on the ISE into 3 groups (A, B or C). Some trading rules were differentiated based on this classification. For example, Group B and Group C stocks cannot be subject to margin trading and short sale. The Decision was ...
Lecture 17
Lecture 17

... more in-the-know investors realize stock price is higher than in your sell order, they will buy from you at your price. In an expected value sense, your orders can be filled only in this unfortunate case. • Problem is enhanced by decimal trading. When a specialist has the slightest inkling that ther ...
The OECD Principles as a reference point for good
The OECD Principles as a reference point for good

... challenges with Latin American region • How to get mid-sized companies to list? • How to ensure market conditions with concentrated ownership for effective functioning of cg frameworks? – Balance between regulatory requirements and flexibility to adapt own practices – How to improve board functionin ...
Original Document
Original Document

... • As a type of investment, mutual funds have badly underperform the rest of the market for 20 years. ...
Chapter 11
Chapter 11

... Changes in trends result from changes in supply and demand conditions Old strategy that can be traced back to the ...
< 1 ... 77 78 79 80 81 82 83 84 85 ... 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