Market liquidity and volume around earnings
... announcements, management and analysts’ forecasts, 10-K filings, and other summaries of detailed financial accounting statistics. For convenience, however, we imagine these disclosures to be specifically earnings announcements throughout the remainder of the paper. In our model some market participa ...
... announcements, management and analysts’ forecasts, 10-K filings, and other summaries of detailed financial accounting statistics. For convenience, however, we imagine these disclosures to be specifically earnings announcements throughout the remainder of the paper. In our model some market participa ...
A Guide to Understanding Opportunities and Risks in Futures Trading
... places of buyers and sellers of an everexpanding list of products that includes financial instruments such as U.S.Treasury bonds, stock indexes, and foreign currencies as well as traditional agricultural commodities, metals, and petroleum products. There is also active trading in options on futures ...
... places of buyers and sellers of an everexpanding list of products that includes financial instruments such as U.S.Treasury bonds, stock indexes, and foreign currencies as well as traditional agricultural commodities, metals, and petroleum products. There is also active trading in options on futures ...
VALUE -OR iE NTED iN VESTMENTMANAGEMENT Fox Asset
... Fox offers four general categories of investment strategies: equity, fixed income, balanced and growth and income. Listed below are certain material risks that apply to strategies in each of these categories. The material risks described below for each category of investment strategy are not compreh ...
... Fox offers four general categories of investment strategies: equity, fixed income, balanced and growth and income. Listed below are certain material risks that apply to strategies in each of these categories. The material risks described below for each category of investment strategy are not compreh ...
Decimalization and market liquidity
... liquidity, since the trade can be executed at a narrower spread. For institutional investors making large trades, however, the lower depth may imply that a large trade must travel through several prices before being fulfilled, and thus decimalization may not necessarily have led to better execution ...
... liquidity, since the trade can be executed at a narrower spread. For institutional investors making large trades, however, the lower depth may imply that a large trade must travel through several prices before being fulfilled, and thus decimalization may not necessarily have led to better execution ...
“Too Big to Fail”?
... trading firms have really become “Too Big to Fail” and if they should be regarded as such in terms of legislations. The first part of this paper will define what “Too Big to Fail” is and how it became what it is today. The second part takes a closer look to the legislative side of the systemic risk ...
... trading firms have really become “Too Big to Fail” and if they should be regarded as such in terms of legislations. The first part of this paper will define what “Too Big to Fail” is and how it became what it is today. The second part takes a closer look to the legislative side of the systemic risk ...
CBOE Holdings, Inc. Annual Report 2012 40 Years of Innovation
... we hosted our first RMC Europe in September. We are planning a second RMC Europe in 2013 and expect, in time, this version will become as popular as its U.S. counterpart. The company also looks to expand its customer base through targeted business development efforts where we s ...
... we hosted our first RMC Europe in September. We are planning a second RMC Europe in 2013 and expect, in time, this version will become as popular as its U.S. counterpart. The company also looks to expand its customer base through targeted business development efforts where we s ...
IF140818CADE Customer Technical Support Group Contact Details
... Vendors (DV)) in order to test their applications before they are approved to go live in Production. This team, based in Amsterdam and Paris, has a deep understanding of all Euronext products, market behaviours, kinematics and interactions of members’ applications on Euronext trading platforms. The ...
... Vendors (DV)) in order to test their applications before they are approved to go live in Production. This team, based in Amsterdam and Paris, has a deep understanding of all Euronext products, market behaviours, kinematics and interactions of members’ applications on Euronext trading platforms. The ...
Tick Size Constraints, Market Structure, and Liquidity First Draft
... two examples of this general economic principle. HFT is a form of queuing through which traders with high speed capacity can move to the front of the queue at a constrained price. Taker/maker fees make it possible to bypass tick-size regulations, allowing traders to quote at sub-penny levels. We fi ...
... two examples of this general economic principle. HFT is a form of queuing through which traders with high speed capacity can move to the front of the queue at a constrained price. Taker/maker fees make it possible to bypass tick-size regulations, allowing traders to quote at sub-penny levels. We fi ...
derivatives - Borsa İstanbul
... Trades executed in the Market are subject to portfolio based margining method. Standard Portfolio Analysis of Risk (SPAN) algorithm is used for portfolio based margining. Therefore the amount of required margin while trading in will also depend on other positions in your portfolio. ...
... Trades executed in the Market are subject to portfolio based margining method. Standard Portfolio Analysis of Risk (SPAN) algorithm is used for portfolio based margining. Therefore the amount of required margin while trading in will also depend on other positions in your portfolio. ...
SAST - SA Legg Mason BW Large Cap Value
... or investments, the Portfolio could be required to sell securities or to invest cash at a time when it is not advantageous to do so. Active Trading Risk. The Portfolio may engage in frequent trading of securities to achieve its investment goal. Active trading may result in high portfolio turnover an ...
... or investments, the Portfolio could be required to sell securities or to invest cash at a time when it is not advantageous to do so. Active Trading Risk. The Portfolio may engage in frequent trading of securities to achieve its investment goal. Active trading may result in high portfolio turnover an ...
Make and Take Fees in the US Equity Market
... k where k > i. If a rival increases its fee, the nominal fee remains unchanged while the relativeto-rivals fee on an exchange decreases, since its fee has become increasingly more attractive compared to its rivals’ fee. Analogously, if a rival decreases its fee, the relative-to-rivals fee on an exch ...
... k where k > i. If a rival increases its fee, the nominal fee remains unchanged while the relativeto-rivals fee on an exchange decreases, since its fee has become increasingly more attractive compared to its rivals’ fee. Analogously, if a rival decreases its fee, the relative-to-rivals fee on an exch ...
Strategic Informed Trades, Diversification, and Expected Returns*
... expected returns are lower when the large trader, and therefore all traders, learn nothing beyond their prior beliefs based on public information. This contrasts with the case of perfectly competitive informed investors, where the introduction of private information reduces expected returns. We also ...
... expected returns are lower when the large trader, and therefore all traders, learn nothing beyond their prior beliefs based on public information. This contrasts with the case of perfectly competitive informed investors, where the introduction of private information reduces expected returns. We also ...
Time-Varying Arrival Rates of Informed and Uninformed Trades
... orders arrive from both informed and uninformed traders, and market observers can infer new information regarding the value of the asset from the composition and existence of trades. Thus, market parameters such as volume, volatility, market depth, and liquidity are all linked in the sense that each ...
... orders arrive from both informed and uninformed traders, and market observers can infer new information regarding the value of the asset from the composition and existence of trades. Thus, market parameters such as volume, volatility, market depth, and liquidity are all linked in the sense that each ...
OTC Derivatives Presentation
... – A cash settled OTC derivative between two counterparties to exchange two streams of cash flows – Fundamental purpose is to change character of an asset or liability on one persons’ balance sheet without liquidating that asset or liability – Usually subject to ISDA documentation including master ag ...
... – A cash settled OTC derivative between two counterparties to exchange two streams of cash flows – Fundamental purpose is to change character of an asset or liability on one persons’ balance sheet without liquidating that asset or liability – Usually subject to ISDA documentation including master ag ...
Economic Value of Stock Return Forecasts: An
... strategy. An extended version based on this paper with the application on the UK stock returns has also been done by Pesaran and Timmermann (2000). The investors, in these papers, commonly switch their portfolios between one stock market portfolio and a shortterm treasury bill in their local develop ...
... strategy. An extended version based on this paper with the application on the UK stock returns has also been done by Pesaran and Timmermann (2000). The investors, in these papers, commonly switch their portfolios between one stock market portfolio and a shortterm treasury bill in their local develop ...
ANZ EMERGING MARKETS FOREIGN EXCHANGE GUIDE
... Our goal to be a super regional bank is about creating new opportunities for our clients through our global products and services. Our foreign exchange capabilities extend across the full product suite: from FX spot, forward and options products in all major investment-grade currencies, to a compreh ...
... Our goal to be a super regional bank is about creating new opportunities for our clients through our global products and services. Our foreign exchange capabilities extend across the full product suite: from FX spot, forward and options products in all major investment-grade currencies, to a compreh ...
Are banks still special when there is a secondary market for loans?
... market for loans typically includes two broad categories, the first is the primary or syndicated loan market, in which portions of a loan are placed with a number of banks, often in conjunction with, and as part of, the loan origination process (usually referred to as the sale of participations). Th ...
... market for loans typically includes two broad categories, the first is the primary or syndicated loan market, in which portions of a loan are placed with a number of banks, often in conjunction with, and as part of, the loan origination process (usually referred to as the sale of participations). Th ...
Form 19b-4 - NASDAQTrader.com
... Rule 1033, Bids and Offers – Premium, would apply to U.S. dollar-settled options on the New Currencies as well as to the existing U.S. dollar-settled options on the British pound and the Euro. Pursuant to Rule 1033(b)(ii)(A), bids and offers are to be expressed in terms of U.S. dollars per unit of t ...
... Rule 1033, Bids and Offers – Premium, would apply to U.S. dollar-settled options on the New Currencies as well as to the existing U.S. dollar-settled options on the British pound and the Euro. Pursuant to Rule 1033(b)(ii)(A), bids and offers are to be expressed in terms of U.S. dollars per unit of t ...
WHAT YOU NEED TO KNOW ABOUT THE EU
... NFC used in the SFTR is broader than under EMIR as it extends to non-EU entities (third country entities or TCEs) that would be FCs/NFCs (as appropriate) if they were in the EU. This is because EU branches of these entities are in scope for SFTR, and for the Reuse Obligation these entities will be i ...
... NFC used in the SFTR is broader than under EMIR as it extends to non-EU entities (third country entities or TCEs) that would be FCs/NFCs (as appropriate) if they were in the EU. This is because EU branches of these entities are in scope for SFTR, and for the Reuse Obligation these entities will be i ...
Option Trading, Reference Prices, and Volatility Kelley Bergsma
... days, where option turnover is used for weighting to be more reflective of option trader framing. In the spirit of Barber and Odean (2008), we use International Securities Exchange (ISE) data to calculate the sell-buy imbalance as close sell volume-open buy volume and de-trend the series by subtrac ...
... days, where option turnover is used for weighting to be more reflective of option trader framing. In the spirit of Barber and Odean (2008), we use International Securities Exchange (ISE) data to calculate the sell-buy imbalance as close sell volume-open buy volume and de-trend the series by subtrac ...
The Single Electricity Market (SEM) Proposed High Level Design
... The nature of product markets differ from one country to another because the laws, the trading arrangements, the taxation system, the organisation of distribution, the degree of market concentration, consumer preferences, and so on are different. These are all artificial differences and over time ma ...
... The nature of product markets differ from one country to another because the laws, the trading arrangements, the taxation system, the organisation of distribution, the degree of market concentration, consumer preferences, and so on are different. These are all artificial differences and over time ma ...
The Canadian Fixed Income Market Report
... provides an overview of the main market participants, primary market issuance, secondary market trading and posttrade transparency, as well as a brief comparison of fixed income markets in other regions. The fixed income market in Canada was approximately $2 trillion in size (as of December 2014, pa ...
... provides an overview of the main market participants, primary market issuance, secondary market trading and posttrade transparency, as well as a brief comparison of fixed income markets in other regions. The fixed income market in Canada was approximately $2 trillion in size (as of December 2014, pa ...
Mastering The Markets
... fact that the average trader doesn’t understand what drives the markets either! Many traders are quite happy to blindly follow mechanical systems, based on mathematical formulas that have been back-tested over 25 years of data to ‘prove’ the system’s predictive capacity. However, most of these trade ...
... fact that the average trader doesn’t understand what drives the markets either! Many traders are quite happy to blindly follow mechanical systems, based on mathematical formulas that have been back-tested over 25 years of data to ‘prove’ the system’s predictive capacity. However, most of these trade ...
The Bear Stearns Companies Inc.
... statements and other information required by the Securities Exchange Act of 1934, as amended (“Exchange Act”), with the Securities and Exchange Commission (“SEC”). You may read and copy any document the Company files at the SEC’s public reference room located at 100 F Street, NE, Room 1580, Washingt ...
... statements and other information required by the Securities Exchange Act of 1934, as amended (“Exchange Act”), with the Securities and Exchange Commission (“SEC”). You may read and copy any document the Company files at the SEC’s public reference room located at 100 F Street, NE, Room 1580, Washingt ...
Short selling around the world with applications to the S…
... transactions costs. On the other hand, if the stock had gone up to $10, the investor would have lost $3 per share.4 ...
... transactions costs. On the other hand, if the stock had gone up to $10, the investor would have lost $3 per share.4 ...
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.