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Exchange Gann Financial Astrology Ebooks
Exchange Gann Financial Astrology Ebooks

... 34,Raphael 1905 : Raphael's Mundane Astrology 35,Rodden Louise : Money−− how to find it with astrology 36,sedgwick phillip:sun in the centre−heliocentric astrology 37,tyler j ross : financial astrology 38,tyl noel : astrology's special measurements 39,winski Norman: energy point trend technique If s ...
Do Noise Traders Move Markets?
Do Noise Traders Move Markets?

... demanding) trades. While the losses of individual investors suggest that their trades might have predictive value, previous studies shed little light on the degree to which these trades will forecast cross-sectional differences in stock returns. Furthermore, the brokerage data analyzed by Odean (199 ...
The conceptual and empirical relationship between gambling
The conceptual and empirical relationship between gambling

... proposed over the years, the following definition is fairly representative “staking money or material goods on an event having an uncertain outcome in the hope of winning additional money and/or material goods” (Williams et al., 2016). There has been less consistency in the definitions proposed for sp ...
Trading and Investment Strategies
Trading and Investment Strategies

... The equity market, also commonly known as the stock market, is a means for companies to raise capital. Companies raise capital through issuing stock. A stock is a share of a company representing part ownership and a claim to the company’s assets and earnings. Furthermore, there are two types of stoc ...
“Too Big to Fail”?
“Too Big to Fail”?

... and reaching levels never seen before. This had the effect to shed light on commodity trading firms and consequently led people to associate the phrase “Too Big to Fail” with those companies. The purpose of this research is thus to establish whether or not commodity trading firms have really become ...
volatility as an asset class
volatility as an asset class

... Volatility Index (VSTOXX), VDAX or VSMI reaching unprecedented levels, reflecting the increasing cost of buying downside protection in the form of options during the market turmoil. It is interesting to note that volatility is more than a mere measure for the level of uncertainty prevailing in finan ...
Expiration Day Effects of the EURO STOXX 50 Index Futures and
Expiration Day Effects of the EURO STOXX 50 Index Futures and

... underlying index. These effects are known in the literature as expiration day effects. Several empirical studies have reported significant volume, price and volatility effects around the expiration of index futures and options. The most common explanations include the unwinding of delta positions as ...
SP170: Did NASDAQ market makers successfully collude to
SP170: Did NASDAQ market makers successfully collude to

... and offers for at least 1000 shares. In addition, trades made through NASDAQ’s small order execution system (SOES, which was mandatory by the SEC after June 1988 as a result of investors’ inability to contact market makers by telephone during the 1987 market crash) could be made at the posted prices ...
Institutional Investors and Stock Market Liquidity
Institutional Investors and Stock Market Liquidity

... Since the Congressional repeal of fixed non-competitive commission rates in 1975, there have been numerous, and sometimes important, regulatory changes in the equity market. To name two: the gradual reduction in the tick size, which allowed tighter spreads as between the quoted bid and ask prices; a ...
Evidence from when-issued transactions
Evidence from when-issued transactions

... Uniform auctions differ from discriminatory auctions in that the winning competitive bidders pay the same price, equal to the lowest winning bid, rather than their bid price. In either format, bidders can submit multiple competitive and noncompetive bids. Competitive bids specify yield and quantity, ...
Is There Price Discovery in Equity Options?
Is There Price Discovery in Equity Options?

... the price disagreement events in our primary sample are potentially profitable opportunities for exchange members. These violations are interesting and informative because they are cases in which it is clear that the option and stock markets disagree about the value of the underlying stock,3 and th ...
1 DETERMINANTS OF VIOLATION OF PUT
1 DETERMINANTS OF VIOLATION OF PUT

... (1979); Gould and Galai (1974)]. Thus, as far as the present study is concerned, the put call parity model developed by Stoll (1969) can be applied to find out whether there exists an arbitrage profit due to violation of put call pricing theorem. Stoll’s model can be extended to incorporate in-the- ...
New Evidence on the Financialization of Commodity Markets*
New Evidence on the Financialization of Commodity Markets*

... trades executed by the CLN issuers are the mechanism by which investors’ demands for commodity exposure get passed to or withdrawn from the futures markets. We find that the underlying futures prices increase on the pricing dates when the hedge trades are executed, and decrease on the determination ...
21 CANDLESTICKS EVERY TRADER SHOULD KNOW
21 CANDLESTICKS EVERY TRADER SHOULD KNOW

... A chart may be thought of as picture of the war between supply and demand. When a stock is moving up, the buyers are in control. There is more demand than supply. Purchasers are eager to acquire the stock and will pay up, hitting the ask price to do so. When a stock is declining, the reverse is tru ...
Note: Broker-dealers are required to disclose any material
Note: Broker-dealers are required to disclose any material

... Note: Broker-dealers are required to disclose any material arrangements with the venues listed in each section below, including, but not limited to, any internalization or payment for order flow arrangements. ...
The Impact of the French Securities Transaction Tax on Market
The Impact of the French Securities Transaction Tax on Market

... the STT has a negative impact on traded volumes, but no statistically significant impact on market volatility. Moreover, they find no consistent evidence that traders avoid the tax by changing their location of trades. Unfortunately, these results are difficult to generalize because the STT in New Y ...
Criminal Complaint
Criminal Complaint

... or about April 2014, SARAO spoofed the market and manipulated the intra-day price for near month E-Mini S&P 500 futures contracts ("E-Minis") on the Chicago ...
Arbitrage Opportunities
Arbitrage Opportunities

... in the FX market is an example of perfect substitutes with convertibility and is not affected by these traditional impediments to arbitrage We explicitly model the process by which arbitrageurs trade upon observing a violation of an arbitrage parity. Each arbitrageur maximizes her trading profits, ...
Celebrating 12th Glorious Years of Servicing Good Morning!!! Have
Celebrating 12th Glorious Years of Servicing Good Morning!!! Have

... All principle, theories, methods, graphics, Charts, Patterns & webzine etc. related to all equities, derivatives & Commodities trade considered in fivewaveprofit.com are only illustrations and should not be regarded as specific advice. There is no any method for trading or investing which has been d ...
How riskless is “riskless” arbitrage?
How riskless is “riskless” arbitrage?

... measures of market illiquidity. These results support the work of Roll, Schwartz and Subrahmanyam (2007), who argue that market liquidity plays a key role in moving prices to eliminate arbitrage opportunities. However, we argue that the economic reason behind this relation, in the case of “riskless ...
Methodology And Assumptions: Liquidity
Methodology And Assumptions: Liquidity

... • A/B of 1.2x or more over the upcoming 12 months. In particular, any upcoming maturities should be manageable. • Positive A-B, even if forecasted EBITDA declines by 15%. • Sufficient covenant headroom for forecasted EBITDA to decline by 15% without the company breaching coverage tests, and debt is ...
Endogenous Liquidity and Contagion
Endogenous Liquidity and Contagion

... connotations, it is a bit odd that more attempts have not been made to analyze and reconcile these various aspects within one equilibrium model. Some well-known attributes of liquidity are depth (the market impact of a trade), breadth (the size of bid-ask spreads, also referred to as tightness), vol ...
A Beginner`s Guide to Indian Commodity Futures Markets
A Beginner`s Guide to Indian Commodity Futures Markets

... It is probably one of the most ancient economic activities and, therefore, it would not be incorrect to state that commodity trading is as old as human civilization. Over the centuries, commodity trading has undergone tremendous changes, from the barter system to spot markets to futures markets. In ...
Sentiment Dynamics and Stock Returns: The Case of
Sentiment Dynamics and Stock Returns: The Case of

... sentiment would contradict this view. Such an argument neglects the additional source of risk introduced by non-fundamental traders via their potentially erratic changes of mood and sentiment-based trading. This source of noise trader risk has been investigated by Black (1986) and DeLong et al. (1 ...
Page 1 of 5 Q1 2017 100.00% 95.64% 3.93% 0.43% 90.72
Page 1 of 5 Q1 2017 100.00% 95.64% 3.93% 0.43% 90.72

... UBS Financial Services Inc. has prepared this report pursuant to a U.S. Securities and Exchange Commission rule requiring all brokerage firms to make publicly available quarterly reports on their order routing practices. The report provides information on the routing of “non-directed orders” – any o ...
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High-frequency trading

High-frequency trading (HFT) is a type of algorithmic trading characterized by high speeds, high turnover rates, and high order-to-trade ratios that leverages high-frequency financial data[1] and electronic trading tools. While there is no single definition of HFT, among its key attributes are highly sophisticated algorithms, specialized order types, co-location, very short-term investment horizons, and high cancellation rates of orders. HFT can be viewed as a primary form of algorithmic trading in finance. Specifically, it is the use of sophisticated technological tools and computer algorithms to rapidly trade securities. HFT uses proprietary trading strategies carried out by computers to move in and out of positions in seconds or fractions of a second. It is estimated that as of 2009, HFT accounted for 60-73% of all US equity trading volume, with that number falling to approximately 50% in 2012.High-frequency traders move in and out of short-term positions at high volumes and high speeds aiming to capture sometimes a fraction of a cent in profit on every trade. HFT firms do not consume significant amounts of capital, accumulate positions or hold their portfolios overnight. As a result, HFT has a potential Sharpe ratio (a measure of reward to risk) tens of times higher than traditional buy-and-hold strategies. High-frequency traders typically compete against other HFTs, rather than long-term investors. HFT firms make up the low margins with incredibly high volumes of trades, frequently numbering in the millions.It has been argued that a core incentive in much of the technological development behind high-frequency trading is essentially front running, in which the varying delays in the propagation of orders is taken advantage of by those who have earlier access to information.A substantial body of research argues that HFT and electronic trading pose new types of challenges to the financial system. Algorithmic and high-frequency traders were both found to have contributed to volatility in the Flash Crash of May 6, 2010, when high-frequency liquidity providers rapidly withdrew from the market. Several European countries have proposed curtailing or banning HFT due to concerns about volatility. Other complaints against HFT include the argument that some HFT firms scrape profits from investors when index funds rebalance their portfolios.
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