Derivative Market Operations
... given quantity of the underlying asset at a given price on or before a given date. One can buy and sell each of the contracts. When one buys an option he is said to be having a long position and when one sells he is said to be having a short position. It should be noted that, in the first two types ...
... given quantity of the underlying asset at a given price on or before a given date. One can buy and sell each of the contracts. When one buys an option he is said to be having a long position and when one sells he is said to be having a short position. It should be noted that, in the first two types ...
Margin Requirements, Volatility, and Market Integrity
... The purpose of this study is to assess the state of the margin policy debate using both the direct and indirect evidence that has accumulated since the 1987 Crash. In contrast to earlier literature reviews by France (1991) and Chance (1990), this study will not only discuss more recent evidence, bu ...
... The purpose of this study is to assess the state of the margin policy debate using both the direct and indirect evidence that has accumulated since the 1987 Crash. In contrast to earlier literature reviews by France (1991) and Chance (1990), this study will not only discuss more recent evidence, bu ...
Chapter 2 - Motilal Oswal
... It is a contractual agreement between two parties to buy/sell an underlying asset at a certain future date for a particular price that is pre-decided on the date of contract. Both the contracting parties are committed and are obliged to honour the transaction irrespective of price of the underlying ...
... It is a contractual agreement between two parties to buy/sell an underlying asset at a certain future date for a particular price that is pre-decided on the date of contract. Both the contracting parties are committed and are obliged to honour the transaction irrespective of price of the underlying ...
Investors` Horizons and the Amplification of Market Shocks
... returns after large price drops indicate that investors’ sales are not information driven (see, for instance, Coval and Stafford (2007)). Besides showing that the horizon of the shareholders holding a stock affects price drops and reversals in a robust way, we provide evidence supporting the causal ...
... returns after large price drops indicate that investors’ sales are not information driven (see, for instance, Coval and Stafford (2007)). Besides showing that the horizon of the shareholders holding a stock affects price drops and reversals in a robust way, we provide evidence supporting the causal ...
Li, Yu Qiong
... Canada Inc., an IIROC-regulated firm. Mr. Li is no longer a registrant with an IIROC-regulated firm. ...
... Canada Inc., an IIROC-regulated firm. Mr. Li is no longer a registrant with an IIROC-regulated firm. ...
A Dangerous Obsession - Friends of the Earth
... one of the most pressing challenges facing humanity. The chance of keeping global average temperature increase below the critical threshold is fast slipping away. It requires a peak and decline in global emissions by 2015. Rich developed countries are responsible for three quarters of emissions hist ...
... one of the most pressing challenges facing humanity. The chance of keeping global average temperature increase below the critical threshold is fast slipping away. It requires a peak and decline in global emissions by 2015. Rich developed countries are responsible for three quarters of emissions hist ...
Working Paper Series Short Selling Regulation
... selling a security the seller does not own at the time of the sale.3 The seller goes short with the attempt to later repurchase the security at a lower price. Generally speaking, the short seller bets on the specific stock price to fall. In a “conventional” short sale, the short seller borrows the s ...
... selling a security the seller does not own at the time of the sale.3 The seller goes short with the attempt to later repurchase the security at a lower price. Generally speaking, the short seller bets on the specific stock price to fall. In a “conventional” short sale, the short seller borrows the s ...
What types of investors drive commonality in
... and Viswanathan (2010), estimating the strength of commonality through sensitivity of changes in individual stock liquidity to changes in market liquidity. Second, following methodology by Chordia et al. (2000) we measure commonality in liquidity through the level of explanatory power when regressin ...
... and Viswanathan (2010), estimating the strength of commonality through sensitivity of changes in individual stock liquidity to changes in market liquidity. Second, following methodology by Chordia et al. (2000) we measure commonality in liquidity through the level of explanatory power when regressin ...
Time-Zone Arbitrage in Vanguard International
... track trading strategy performance. The strategy they employed switched capital between a money market account and the mutual fund based on the movement of the futures market, using the S&P for the European funds and Nikkei 225 futures for the Japanese/Pacific funds. For a signal they used (1) the d ...
... track trading strategy performance. The strategy they employed switched capital between a money market account and the mutual fund based on the movement of the futures market, using the S&P for the European funds and Nikkei 225 futures for the Japanese/Pacific funds. For a signal they used (1) the d ...
stock market overreaction and trading volume
... heavy trading in the securities" (p. 69), thus underreaction rather than overreaction may occur for low volume stocks. Therefore, greater overreaction should be present for stocks with high trading volume. On the other hand, studies such as that of Iihara, Kato and Tokunaga (2004) have reported an i ...
... heavy trading in the securities" (p. 69), thus underreaction rather than overreaction may occur for low volume stocks. Therefore, greater overreaction should be present for stocks with high trading volume. On the other hand, studies such as that of Iihara, Kato and Tokunaga (2004) have reported an i ...
Regulation and Market Liquidity - University of British Columbia
... shifted on the merits of regulatory relief, one of the provisions considered for rolling back within Dodd-Frank included the prohibition of proprietary trading on the part of insured banking entities and their affiliates below certain thresholds3 . A balanced view of the potential adverse welfare co ...
... shifted on the merits of regulatory relief, one of the provisions considered for rolling back within Dodd-Frank included the prohibition of proprietary trading on the part of insured banking entities and their affiliates below certain thresholds3 . A balanced view of the potential adverse welfare co ...
Stop-loss orders and price cascades in currency markets
... Though the paper interprets unusual exchange rate behavior near round numbers as the response to clusters of stop-loss and take-profit orders, statistical analysis cannot prove that the connection is causal. To evaluate whether some other factor might explain the unusual behavior, the paper closely ...
... Though the paper interprets unusual exchange rate behavior near round numbers as the response to clusters of stop-loss and take-profit orders, statistical analysis cannot prove that the connection is causal. To evaluate whether some other factor might explain the unusual behavior, the paper closely ...
stop-loss orders and price cascades in currency markets
... Though the paper interprets unusual exchange rate behavior near round numbers as the response to clusters of stop-loss and take-profit orders, statistical analysis cannot prove that the connection is causal. To evaluate whether some other factor might explain the unusual behavior, the paper closely ...
... Though the paper interprets unusual exchange rate behavior near round numbers as the response to clusters of stop-loss and take-profit orders, statistical analysis cannot prove that the connection is causal. To evaluate whether some other factor might explain the unusual behavior, the paper closely ...
The Mirage of Triangular Arbitrage in the Spot Foreign Exchange
... is used. Indicative data seem particularly unsuitable to many market analyses today because banks are now able to provide their clients with automated executable prices through an electronic trading platform and so there is even less incentive for them to make their indicative quotes accurate. Some ...
... is used. Indicative data seem particularly unsuitable to many market analyses today because banks are now able to provide their clients with automated executable prices through an electronic trading platform and so there is even less incentive for them to make their indicative quotes accurate. Some ...
THE MIRAGE OF TRIANGULAR ARBITRAGE IN THE SPOT
... transaction data is used. Indicative data seem particularly unsuitable to many market analyses today because banks are now able to provide their clients with automated executable prices through an electronic trading platform so there is even less incentive for them to make their indicative quotes ac ...
... transaction data is used. Indicative data seem particularly unsuitable to many market analyses today because banks are now able to provide their clients with automated executable prices through an electronic trading platform so there is even less incentive for them to make their indicative quotes ac ...
Frontier Markets
... reform, developing infrastructure, and building platforms and regulations for share trading. 220 years ago the New York Stock Exchange was created under a buttonwood tree in order to facilitate trading amongst brokers in just a handful of listed companies. At the time no one could foresee the United ...
... reform, developing infrastructure, and building platforms and regulations for share trading. 220 years ago the New York Stock Exchange was created under a buttonwood tree in order to facilitate trading amongst brokers in just a handful of listed companies. At the time no one could foresee the United ...
Managed Futures: Portfolio Diversification Opportunities
... As the world’s leading and most diverse derivatives marketplace, CME Group is where the world comes to manage risk. CME Group exchanges offer the widest range of global benchmark products across all major asset classes, including futures and options based on interest rates, equity indexes, foreign ...
... As the world’s leading and most diverse derivatives marketplace, CME Group is where the world comes to manage risk. CME Group exchanges offer the widest range of global benchmark products across all major asset classes, including futures and options based on interest rates, equity indexes, foreign ...
short term patterns
... Outside Bars can be either Bullish or Bearish depending on the direction of the inbound trend. If the inbound price trend is down, then upon identification of an Outside Bar, taking a long position or closing a short position is recommended. Conversely, if the inbound price trend is up, then upon id ...
... Outside Bars can be either Bullish or Bearish depending on the direction of the inbound trend. If the inbound price trend is down, then upon identification of an Outside Bar, taking a long position or closing a short position is recommended. Conversely, if the inbound price trend is up, then upon id ...
2nd Con Doc on NBNI G
... Unlike the methodologies for G-SIBs and G-SIIs developed by the Basel Committee on Banking Supervision (BCBS) and the International Association of Insurance Supervisors (IAIS), 12 respectively, methodologies for identifying NBNI G-SIFIs have to be applicable to a wide range of NBNI financial entitie ...
... Unlike the methodologies for G-SIBs and G-SIIs developed by the Basel Committee on Banking Supervision (BCBS) and the International Association of Insurance Supervisors (IAIS), 12 respectively, methodologies for identifying NBNI G-SIFIs have to be applicable to a wide range of NBNI financial entitie ...
Not so Great Expectations: A Model of Growth and Informational Frictions
... investment productivity during downturns and recoveries. My analysis establishes a link between recessions with …nancial origins and slow recoveries by illustrating how …nancial crises during downturns can delay recoveries by distorting …rm expectations, which depresses real investment and feeds bac ...
... investment productivity during downturns and recoveries. My analysis establishes a link between recessions with …nancial origins and slow recoveries by illustrating how …nancial crises during downturns can delay recoveries by distorting …rm expectations, which depresses real investment and feeds bac ...
WORD
... paragraph 2, subparagraph 4 regarding when no closing price is available on the day of the reverse auction, plus 10 to 20 percent. Article 16 When two or more securities finance enterprises simultaneously engage securities broker(s) to conduct a reverse auction for a given security, a single revers ...
... paragraph 2, subparagraph 4 regarding when no closing price is available on the day of the reverse auction, plus 10 to 20 percent. Article 16 When two or more securities finance enterprises simultaneously engage securities broker(s) to conduct a reverse auction for a given security, a single revers ...
The Financialization of Commodity Markets
... Before we dive into the intensive debate about the effects of financialization, we first review several economic mechanisms through which futures market trading can impact commodity prices. We first describe the standard theory of storage, in which the spread between futures price and spot price ser ...
... Before we dive into the intensive debate about the effects of financialization, we first review several economic mechanisms through which futures market trading can impact commodity prices. We first describe the standard theory of storage, in which the spread between futures price and spot price ser ...
What is an Exchange Traded Fund? How are ETFs bought and sold
... An Exchange Traded Fund (ETF) is a regulated investment product that trades intra-day on ...
... An Exchange Traded Fund (ETF) is a regulated investment product that trades intra-day on ...
Regulatory Notice 14-47
... system clocks. The allowable drift tolerance for mechanical time-stamping devices (e.g., used for time-stamping an order ticket for a manual trade) would remain at one second. FINRA believes that a drift tolerance of 50 milliseconds for computer system clocks is the best option to facilitate surveil ...
... system clocks. The allowable drift tolerance for mechanical time-stamping devices (e.g., used for time-stamping an order ticket for a manual trade) would remain at one second. FINRA believes that a drift tolerance of 50 milliseconds for computer system clocks is the best option to facilitate surveil ...
Repo and Securities Lending - Federal Reserve Bank of New York
... agents. 10 In addition to providing collateral management and settlement services, the clearing banks finance the dealers’ securities during the day under current market practice. 11 The intraday credit exposure results in high concentration risk of the clearing banks vis-à-vis tri-party repo borrow ...
... agents. 10 In addition to providing collateral management and settlement services, the clearing banks finance the dealers’ securities during the day under current market practice. 11 The intraday credit exposure results in high concentration risk of the clearing banks vis-à-vis tri-party repo borrow ...
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.