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The impact of dark trading and visible fragmentation on market quality
... Finally, our paper is related to the literature on algorithmic trading,6 i.e. the use of computer programs to manage and execute trades in electronic limit order books. Algorithmic trading has strongly increased over time, and has drastically affected the trading environment (Hendershott and Riordan ...
... Finally, our paper is related to the literature on algorithmic trading,6 i.e. the use of computer programs to manage and execute trades in electronic limit order books. Algorithmic trading has strongly increased over time, and has drastically affected the trading environment (Hendershott and Riordan ...
Deterrence - Investor Voice, Securities Regulation in Canada
... trading on various markets around the world for over a decade. Economists define insider trading broadly as trading on inside information, being material facts or changes that have not been publicly disclosed through a media report or other official means of general dissemination. It is difficult, h ...
... trading on various markets around the world for over a decade. Economists define insider trading broadly as trading on inside information, being material facts or changes that have not been publicly disclosed through a media report or other official means of general dissemination. It is difficult, h ...
Addressing Market Liquidity
... fund long-term investments, returns of which were tied to the value of their domestic currencies. In 1997, what had started as a currency crisis in Thailand quickly developed into a financial and economic crisis, and spread to other countries in the region. Currencies and asset prices in most countr ...
... fund long-term investments, returns of which were tied to the value of their domestic currencies. In 1997, what had started as a currency crisis in Thailand quickly developed into a financial and economic crisis, and spread to other countries in the region. Currencies and asset prices in most countr ...
The Link between IPO Underpricing and Trading Volume: Evidence
... volume long ago while examining other aspects of IPOs. In most cases, however, the evidence is for the first week after the IPO. Regarding the trading activity, the first few weeks after an IPO are atypical. For example, a temporarily high trading activity is observed during this period for all IPOs ...
... volume long ago while examining other aspects of IPOs. In most cases, however, the evidence is for the first week after the IPO. Regarding the trading activity, the first few weeks after an IPO are atypical. For example, a temporarily high trading activity is observed during this period for all IPOs ...
Financial Statement Analysis and Security Valuation
... The effective interest rate is the internal rate of return or yield to maturity at the time of issue. Under the effective interest rate method, the interest expense for a period is calculated as the effective interest rate times the bonds’ book value at the beginning of the period. Thus, under this ...
... The effective interest rate is the internal rate of return or yield to maturity at the time of issue. Under the effective interest rate method, the interest expense for a period is calculated as the effective interest rate times the bonds’ book value at the beginning of the period. Thus, under this ...
Reuters services in response to MiFID
... data held on you or no longer wish to receive information about developments in Reuters Group products and services, such as free trials or events or you wish to change your preferred method of receiving a communication, please email [email protected] writing “Personal Details” in the subj ...
... data held on you or no longer wish to receive information about developments in Reuters Group products and services, such as free trials or events or you wish to change your preferred method of receiving a communication, please email [email protected] writing “Personal Details” in the subj ...
Market Quality and Contagion in Fragmented Markets
... obvious how one can infer the overall quality of a market from the spreads or volumes of individual securities. Usually this involves picking a few assets that are deemed representative of the market as a whole. Furthermore, since identical assets, or more generally payoffs, may not exist on multipl ...
... obvious how one can infer the overall quality of a market from the spreads or volumes of individual securities. Usually this involves picking a few assets that are deemed representative of the market as a whole. Furthermore, since identical assets, or more generally payoffs, may not exist on multipl ...
The Welfare Cost of Business Cycles with
... The model setup closely follows that in Chien, Cole, and Lustig (2011). The novel feature of their model is the imposition of restrictions on the menu of assets that households are able to trade, which defines the trading technology a household owns. These restrictions are imposed exogenously to cap ...
... The model setup closely follows that in Chien, Cole, and Lustig (2011). The novel feature of their model is the imposition of restrictions on the menu of assets that households are able to trade, which defines the trading technology a household owns. These restrictions are imposed exogenously to cap ...
Financial Market Infrastructure Ordinance
... Essential services are deemed to be services that are necessary for the continuation of important business processes, in particular in the areas of liquidity management, treasury, risk management, master data administration and accounting, personnel, information technology, and legal and compliance. ...
... Essential services are deemed to be services that are necessary for the continuation of important business processes, in particular in the areas of liquidity management, treasury, risk management, master data administration and accounting, personnel, information technology, and legal and compliance. ...
Low Risk- Hight Propabilities Trading Strategies 1
... more upside or downside or could they be hedging? The answers to these questions will help you determine if the trade is speculation or a hedge. This will keep you from trading against the institution when you actually want to trade with them. Risk, Reward, and Breakeven: Once the direction of the t ...
... more upside or downside or could they be hedging? The answers to these questions will help you determine if the trade is speculation or a hedge. This will keep you from trading against the institution when you actually want to trade with them. Risk, Reward, and Breakeven: Once the direction of the t ...
analysis of problematics related to the stock market in albania
... geographical distribution of the listed companies. These exchanges provide facilities for local companies not large enough in terms of less stringent requirements and also, sometimes, list firms listed in national stock exchanges as well, in order to give the local brokers access to these securities ...
... geographical distribution of the listed companies. These exchanges provide facilities for local companies not large enough in terms of less stringent requirements and also, sometimes, list firms listed in national stock exchanges as well, in order to give the local brokers access to these securities ...
The effects of short-selling public disclosure regimes on equity markets
... decrease in trading volumes, while both the US and UK control groups experienced increases in trading volumes. Importantly, this indicates that when short-selling liquidity comes out of equity markets it does not return as liquidity on the long side. –– Bid-ask spreads for the UK test group widened ...
... decrease in trading volumes, while both the US and UK control groups experienced increases in trading volumes. Importantly, this indicates that when short-selling liquidity comes out of equity markets it does not return as liquidity on the long side. –– Bid-ask spreads for the UK test group widened ...
Non-collateralised Structured Products Launch
... MCE Trades” means subject to such modification and amendment prescribed by the Stock Exchange from time to time, (a) in the case where the Mandatory Call Event occurs during a continuous trading session, all trades in the CBBCs concluded via automatching or manually after the time of the occurrence ...
... MCE Trades” means subject to such modification and amendment prescribed by the Stock Exchange from time to time, (a) in the case where the Mandatory Call Event occurs during a continuous trading session, all trades in the CBBCs concluded via automatching or manually after the time of the occurrence ...
The Market for OTC Derivatives
... the equilibrium price dispersion across different bilateral trades. These motivations result in entry patterns corroborated by empirical evidence: small-sized banks cannot spread the fixed entry cost over many traders, and choose not to enter. Medium-sized banks only find it optimal to enter the ma ...
... the equilibrium price dispersion across different bilateral trades. These motivations result in entry patterns corroborated by empirical evidence: small-sized banks cannot spread the fixed entry cost over many traders, and choose not to enter. Medium-sized banks only find it optimal to enter the ma ...
The Trading Behavior of Institutions and Individuals in Chinese
... firms. Given the large scale of trading records, it is impossible for and also, as we understand, is not the policy of SHSE to provide all trading information to their subscribers. Our sample therefore contains daily detailed records of 77.12 million trades of A shares initiated by 7.24 million ins ...
... firms. Given the large scale of trading records, it is impossible for and also, as we understand, is not the policy of SHSE to provide all trading information to their subscribers. Our sample therefore contains daily detailed records of 77.12 million trades of A shares initiated by 7.24 million ins ...
High-performing credit specialist pVe keeps a wary eye on
... lenty of European-based credit and structured credit managers racked up very impressive performance in last year’s generally buoyant market conditions, with more than a few making returns of 50% or more in a banner year for the credit asset class as a whole. But not many of them also managed to post ...
... lenty of European-based credit and structured credit managers racked up very impressive performance in last year’s generally buoyant market conditions, with more than a few making returns of 50% or more in a banner year for the credit asset class as a whole. But not many of them also managed to post ...
Locals, foreigners, and multi-market trading of equities: Intraday
... order. Specifically, we know whether each order is associated with a foreigner (almost certainly an institution), a Thai institution, a member of the stock exchange, or a Thai individual. Locals may benefit from better access to information about local companies, while foreign institutional investors ...
... order. Specifically, we know whether each order is associated with a foreigner (almost certainly an institution), a Thai institution, a member of the stock exchange, or a Thai individual. Locals may benefit from better access to information about local companies, while foreign institutional investors ...
Moneysupermarket has a forecast dividend yield of over
... the long-term value of Moneysupermarket. In any event there is likely to be a boost to demand due to the UK's economic recovery. In the long-term Moneysupermarket is well placed to benefit from the online sales growth of financial products. The Travelsupermarket website also has good potential and b ...
... the long-term value of Moneysupermarket. In any event there is likely to be a boost to demand due to the UK's economic recovery. In the long-term Moneysupermarket is well placed to benefit from the online sales growth of financial products. The Travelsupermarket website also has good potential and b ...
Capital Commitment and Illiquidity in Corporate Bonds
... Reserve, stated “It’s not clear whether there is or is not a problem” (with liquidity in bond markets), and added that “it’s a question that needs further study.” Our goal in this paper is to provide a comprehensive analysis of liquidity in the corporate bond markets in the years since 2002. In add ...
... Reserve, stated “It’s not clear whether there is or is not a problem” (with liquidity in bond markets), and added that “it’s a question that needs further study.” Our goal in this paper is to provide a comprehensive analysis of liquidity in the corporate bond markets in the years since 2002. In add ...
Price Volatility, Trading Activity and Market Depth
... Taiwan Stock Index Futures (MSCITX), which contains 77 large capitalization stocks on the Taiwan stock exchange. Moreover, the TAIFEX offers the Taiwan Stock Exchange Capitalization Weighted Stock Index Futures (TX), which includes all of the stocks6 listed on the Taiwan Stock Exchange (TSE). Subseq ...
... Taiwan Stock Index Futures (MSCITX), which contains 77 large capitalization stocks on the Taiwan stock exchange. Moreover, the TAIFEX offers the Taiwan Stock Exchange Capitalization Weighted Stock Index Futures (TX), which includes all of the stocks6 listed on the Taiwan Stock Exchange (TSE). Subseq ...
TAKEOVER BIDS AND CAPITAL MARKET EFFICIENCY 89
... Note that bids are announced in the national press, so participants have a whole trading day to assess the information and react accordingly. It can be also expected − specifically on the Czech stock market − that a new owner intending to delist shares or squeeze out minority shareholders will offer ...
... Note that bids are announced in the national press, so participants have a whole trading day to assess the information and react accordingly. It can be also expected − specifically on the Czech stock market − that a new owner intending to delist shares or squeeze out minority shareholders will offer ...
Investment banking
... which are not traded via a central limit order book on an exchange (like companies’ shares on the London Stock Exchange), but instead rely on investors contacting market makers for quotes. Investment banks provide these trading services to a range of clients in the financial sector, which are often ...
... which are not traded via a central limit order book on an exchange (like companies’ shares on the London Stock Exchange), but instead rely on investors contacting market makers for quotes. Investment banks provide these trading services to a range of clients in the financial sector, which are often ...
High frequency trading: assessing the impact on market
... little to no over-night positions. This minimum inventory position characteristic adds some insight to the core business model used by those that engage in HFT. HFT traders realise profits from small deviations in prices across hundreds if not thousands of transactions throughout the day. It is ther ...
... little to no over-night positions. This minimum inventory position characteristic adds some insight to the core business model used by those that engage in HFT. HFT traders realise profits from small deviations in prices across hundreds if not thousands of transactions throughout the day. It is ther ...
an analysis of investor`s confidence and risk taking aptitude from the
... single stock futures and stock index options and the third largest in the stock index futures category. As their numbers have exploded, it has become increasingly more important to understand the minds, motivations, and decision-making styles of individual investors. The derivatives trading in India ...
... single stock futures and stock index options and the third largest in the stock index futures category. As their numbers have exploded, it has become increasingly more important to understand the minds, motivations, and decision-making styles of individual investors. The derivatives trading in India ...
The Dark Side of Trading - The University of Chicago Booth School
... factors, however, that confound this prediction. For example, the large presence of what is collectively known as noise traders can lead prices away from fundamentals, whiplashing them in temporary swings and reversals (Campbell, Grossman, and Wang 1993). The interplay of these two opposing forces ...
... factors, however, that confound this prediction. For example, the large presence of what is collectively known as noise traders can lead prices away from fundamentals, whiplashing them in temporary swings and reversals (Campbell, Grossman, and Wang 1993). The interplay of these two opposing forces ...
Trading room
![](https://commons.wikimedia.org/wiki/Special:FilePath/RVS_Handelsraum.jpg?width=300)
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.