Debunking myths about ETF liquidity
... dynamically adjust their supply of shares to match changes in investor demand. This feature enables ETFs to trade at prices that typically closely approximate NAV. ETF creation and redemption is the process by which ETF shares are added to or removed from the secondary market. This process is manage ...
... dynamically adjust their supply of shares to match changes in investor demand. This feature enables ETFs to trade at prices that typically closely approximate NAV. ETF creation and redemption is the process by which ETF shares are added to or removed from the secondary market. This process is manage ...
Trading Rules and Practices
... (1988, 1990), Grammatikos (1989), Boyd and Jagannathan (1994), Michaely and Vila (1995, 1996), and Michaely, Vila, and Wang (1996), among others). ...
... (1988, 1990), Grammatikos (1989), Boyd and Jagannathan (1994), Michaely and Vila (1995, 1996), and Michaely, Vila, and Wang (1996), among others). ...
original article in English
... These shadow banking activities have not only aggravated the indebtedness of the corporate sector but also increased the leverage of the entire financial sector and made it more vulnerable to any potential external shocks. Given that the bulk of these activities are not reflected on financial instit ...
... These shadow banking activities have not only aggravated the indebtedness of the corporate sector but also increased the leverage of the entire financial sector and made it more vulnerable to any potential external shocks. Given that the bulk of these activities are not reflected on financial instit ...
Capturing the Benefits of Illiquidity
... Core Real Estate (CRE) provides strong, steady current income ...
... Core Real Estate (CRE) provides strong, steady current income ...
PSX Investor Guide
... Company (CDC). We shall talk in detail about CDC subsequently. The essential attribute of a market-based tradable investment is that one can sell the investment and get cash for it quickly. ...
... Company (CDC). We shall talk in detail about CDC subsequently. The essential attribute of a market-based tradable investment is that one can sell the investment and get cash for it quickly. ...
market efficiency in baltic stock markets
... with the ability to allocate resources for the most efficient uses is crucial for emerging economies like the Baltics. As a result, it is very significant to increase the knowledge about the Baltic capital markets as these markets are still young and little researched. As it was mentioned in the int ...
... with the ability to allocate resources for the most efficient uses is crucial for emerging economies like the Baltics. As a result, it is very significant to increase the knowledge about the Baltic capital markets as these markets are still young and little researched. As it was mentioned in the int ...
Short Selling IPOs
... after the IPO. Mitchell, Pulvino, and Stafford (2002) provide additional evidence that carveouts are overpriced due to short sale constraints, but introduce the risk of upward price movements as a significant impediment to the profitability of short sales. Finally, Ofek and Richardson (2003) conten ...
... after the IPO. Mitchell, Pulvino, and Stafford (2002) provide additional evidence that carveouts are overpriced due to short sale constraints, but introduce the risk of upward price movements as a significant impediment to the profitability of short sales. Finally, Ofek and Richardson (2003) conten ...
ISE T7 Release 5.0 Market Model.
... In the trading model continuous trading with auctions members may act as Market Makers increasing a security’s liquidity by simultaneously offering to buy and sell, thereby improving the price quality of supported securities. Only traders using the M account can enter quotes. Quotes are entered as p ...
... In the trading model continuous trading with auctions members may act as Market Makers increasing a security’s liquidity by simultaneously offering to buy and sell, thereby improving the price quality of supported securities. Only traders using the M account can enter quotes. Quotes are entered as p ...
whitepaper: future trends in optimization collateral, regulatory capital
... simulations of Potential Future Exposure (PFE) to estimate the exposure on the derivatives trade at given time-periods throughout the trade. Conversely to CVA, there is also Debit Value Adjustment (DVA). This is a positive mark-to-market gain a firm can realise on a derivatives trade when the firm i ...
... simulations of Potential Future Exposure (PFE) to estimate the exposure on the derivatives trade at given time-periods throughout the trade. Conversely to CVA, there is also Debit Value Adjustment (DVA). This is a positive mark-to-market gain a firm can realise on a derivatives trade when the firm i ...
... and sharp recession. In recent years, we noted the growing risk that the real economy could become hostage to the whims and volatility of financial markets. Against this background, UNCTAD has always argued in favour of stronger international monetary and financial governance. A better understanding ...
Stress testing French banks` income subcomponents
... noticeable effect is the disintermediation process accompanied by an increase in the diversity of savings allocation products and the emergence of non-bank financial actors. As the ECB (2000) points out, markets can now perform tasks which were previously reserved for banks. Owing to the inception o ...
... noticeable effect is the disintermediation process accompanied by an increase in the diversity of savings allocation products and the emergence of non-bank financial actors. As the ECB (2000) points out, markets can now perform tasks which were previously reserved for banks. Owing to the inception o ...
The Margin Trading Rules, 2004
... having legal title to securities, and holding such securities in trust for the benefit of another person or entity and owes a fiduciary duty to that beneficiary. ...
... having legal title to securities, and holding such securities in trust for the benefit of another person or entity and owes a fiduciary duty to that beneficiary. ...
WORD
... announce the halting of margin purchase and short sale transactions in those securities; this provision will not apply, however, to securities that are delisted because the issuer undergoes a merger, consolidation, or acquisition or a share conversion. 2. When a securities investment trust enterpris ...
... announce the halting of margin purchase and short sale transactions in those securities; this provision will not apply, however, to securities that are delisted because the issuer undergoes a merger, consolidation, or acquisition or a share conversion. 2. When a securities investment trust enterpris ...
What Makes the Bonding Stick?
... benefit from any two investors who trade securities in prices affected by this information. For any transaction in the secondary market, one investor’s loss is the counterparty’s gain (known as “circularity”). Public shareholders may end up paying for insiders’ misdeeds, while attorneys pocket just ...
... benefit from any two investors who trade securities in prices affected by this information. For any transaction in the secondary market, one investor’s loss is the counterparty’s gain (known as “circularity”). Public shareholders may end up paying for insiders’ misdeeds, while attorneys pocket just ...
Chapter 7
... approach, the bottom-up approach can be used to identify the best companies within these • Bottom-up approach considers micro factors using ratios and other measures of a firm’s financial characteristics and performance ...
... approach, the bottom-up approach can be used to identify the best companies within these • Bottom-up approach considers micro factors using ratios and other measures of a firm’s financial characteristics and performance ...
IN THE MATTER OF Yufeng Zhang – Settlement Accepted
... IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada. Created in 2008 through the consolidation of the Investment Dealers Association of Canada and Market Regulation Services Inc., IIROC sets high qual ...
... IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada. Created in 2008 through the consolidation of the Investment Dealers Association of Canada and Market Regulation Services Inc., IIROC sets high qual ...
Market vs. Residence Principle
... their home market or on the foreign market (an approach similarly discussed in the European Union) – has no significant effects on trading volume or volatility. Thus, it causes practically no distortions on the markets and tax revenues are substantial. When the market principle is applied – i.e., all ...
... their home market or on the foreign market (an approach similarly discussed in the European Union) – has no significant effects on trading volume or volatility. Thus, it causes practically no distortions on the markets and tax revenues are substantial. When the market principle is applied – i.e., all ...
Co-Engineering a Complete Financial Services Infrastructure
... network functions virtualization (NFV), Lucera and Perseus have partnered to create a powerful, agile infrastructure for delivering managed services to financial institutions around the world. Underlying this infrastructure, Intel® architecturebased processors and network components provide a solid ...
... network functions virtualization (NFV), Lucera and Perseus have partnered to create a powerful, agile infrastructure for delivering managed services to financial institutions around the world. Underlying this infrastructure, Intel® architecturebased processors and network components provide a solid ...
“Sell in May and Go Away” Just Won`t Go Away
... weakness of several seasonal anomalies because the full exploitation of such anomalies requires frequent trading. For example, to fully exploit the turn-ofthe-month, Monday, and day-and-night effects, an investor would have to completely turn over a stock portfolio 12 times a year, 52 times a year, ...
... weakness of several seasonal anomalies because the full exploitation of such anomalies requires frequent trading. For example, to fully exploit the turn-ofthe-month, Monday, and day-and-night effects, an investor would have to completely turn over a stock portfolio 12 times a year, 52 times a year, ...
Electronic Market-Makers: Empirical Comparison
... A Myopically Optimizing Market-Maker A Myopically Optimizing MarketMaker uses an algorithm developed by Das in [5]. The key aspect of the algorithm is that the market-maker uses the information conveyed in trades to update its beliefs about the true value of the stock, and then it sets buy/ask price ...
... A Myopically Optimizing Market-Maker A Myopically Optimizing MarketMaker uses an algorithm developed by Das in [5]. The key aspect of the algorithm is that the market-maker uses the information conveyed in trades to update its beliefs about the true value of the stock, and then it sets buy/ask price ...
Benchmarking a Transition Economy Capital Market
... A liquid and efficient stock market is generally accepted to be a key feature a developed economy. As the centrally planned communist nations of Central Europe lacked such infrastructure, financial systems architecture was instrumental to their transition into market economies. Now, after almost 17 ...
... A liquid and efficient stock market is generally accepted to be a key feature a developed economy. As the centrally planned communist nations of Central Europe lacked such infrastructure, financial systems architecture was instrumental to their transition into market economies. Now, after almost 17 ...
... pricing and investment behavior. They focus on the evidence from research of a relationship between investor sentiment and trading behavior. Although there is a significantly negative correlation between autocorrelation and volatility, which they recognize, according to the statistical data measurin ...
Speculative Trading and Stock Prices
... and buy-backs, a common practice that firms use to “arbitrage” the missvaluation of their own stocks, are severely constrained by the restrictive rules imposed by the government. Third, Chinese stock markets were only re-opened in early 1990s after being closed for nearly half a century. Thus, stock ...
... and buy-backs, a common practice that firms use to “arbitrage” the missvaluation of their own stocks, are severely constrained by the restrictive rules imposed by the government. Third, Chinese stock markets were only re-opened in early 1990s after being closed for nearly half a century. Thus, stock ...
Daily RAG Recommendation
... Asian and European equity markets are strong following the sharp reversal in US equities in Friday’s trading session. Having opened lower on the back of poor nonfarm payrolls data, US equities reached their low point at around 3pm London time (& @ 1,883 on Dec futures). The index then closed 60 poin ...
... Asian and European equity markets are strong following the sharp reversal in US equities in Friday’s trading session. Having opened lower on the back of poor nonfarm payrolls data, US equities reached their low point at around 3pm London time (& @ 1,883 on Dec futures). The index then closed 60 poin ...
ch1 -
... • Pure arbitrage; arbitrage is taking advantage of a mispricing between two markets by simultaneously buying and selling the same commodity. Spot futures arbitrage is a common example. • Risk arbitrage; taking advantage of a real or perceived mispricing based on some not happen information; the trad ...
... • Pure arbitrage; arbitrage is taking advantage of a mispricing between two markets by simultaneously buying and selling the same commodity. Spot futures arbitrage is a common example. • Risk arbitrage; taking advantage of a real or perceived mispricing based on some not happen information; the trad ...
Trading room
A trading room gathers traders operating on financial markets. The trading room is also often called the front office. The terms ""dealing room"" and ""trading floor"" are also used, the latter being inspired from that of an open outcry stock exchange. As open outcry is gradually replaced by electronic trading, the trading room gets the only living place that is emblematic of the financial market. It is also the likeliest place within the financial institution where the most recent technologies are implemented before being disseminated in its other businesses.